Investment Rating - The report assigns a "Buy" rating for the company, Midea Group [2][4]. Core Insights - Midea Group reported a revenue of 373.71 billion RMB for 2023, representing a year-over-year increase of 8.1%. The net profit attributable to shareholders was 33.72 billion RMB, up 14.1% year-over-year [2][4]. - The company has proposed a cash dividend of 30 RMB per 10 shares, which translates to a dividend yield of approximately 4.7% based on the previous closing price [2]. - The company's gross margin improved significantly in 2023, with an overall gross margin of 26.8%, an increase of 2.2 percentage points year-over-year, driven by a decline in raw material prices [2][3]. Summary by Sections Company Overview - Midea Group operates in the home appliance industry, with a current A-share price of 63.67 RMB as of March 27, 2024, and a target price of 76 RMB [1][2]. - The company has a market capitalization of 435.27 billion RMB and a total share count of approximately 6.97 billion shares [1]. Financial Performance - In Q4 2023, Midea Group achieved a revenue of 81.33 billion RMB, reflecting a year-over-year growth of 10.0%, with a net profit of 6.0 billion RMB, up 18.1% [2]. - The air conditioning segment generated revenue of 161.1 billion RMB, a 7.0% increase year-over-year, while the consumer electronics segment saw revenue of 134.7 billion RMB, up 7.5% [2][3]. - The robotics and automation segment experienced a robust growth of 24.5%, with revenue reaching 37.3 billion RMB [2]. Future Projections - The report forecasts net profits for 2024, 2025, and 2026 to be 39.06 billion RMB, 44.05 billion RMB, and 49.11 billion RMB, respectively, with year-over-year growth rates of 15.8%, 12.8%, and 11.5% [3][4]. - Earnings per share (EPS) are projected to be 5.6 RMB, 6.3 RMB, and 7.0 RMB for the same years, with corresponding price-to-earnings (P/E) ratios of 11X, 10X, and 9X [3][4].

Investment Rating - The investment rating for the company is "Trading Buy" [4][7]. Core Insights - The company reported a revenue of 29.136 billion RMB for 2023, a year-on-year increase of 2.48%, while the net profit attributable to shareholders was 5.651 billion RMB, a decrease of 10.34% year-on-year [4][5]. - In Q4 2023, the company achieved a revenue of 8.745 billion RMB, representing a year-on-year increase of 25.77% and a quarter-on-quarter increase of 19.48%. The net profit for the same quarter was 1.760 billion RMB, showing a year-on-year increase of 89.25% [4][6]. - The company has multiple projects that commenced production in 2023, contributing to revenue growth, although the decline in product prices has negatively impacted gross margins [5][6]. Company Overview - The company operates in the chemical industry, with a focus on olefin products (48.6% of revenue), coking products (38.7%), and fine chemicals (12.7%) [2]. - The current A-share price is 15.60 RMB, with a target price set at 17.90 RMB [1][2]. Financial Performance - The company’s polyethylene sales reached 830,000 tons in 2023, up 18% year-on-year, while polypropylene sales increased by 14% to 750,000 tons. Coking sales also rose by 12% to 6.98 million tons [5][6]. - The average price for polyethylene was 7,084 RMB/ton (down 19% year-on-year), and for polypropylene, it was 6,759 RMB/ton (down 23% year-on-year) [5][6]. - The gross margin for 2023 decreased by 2.47 percentage points to 30.40% due to falling product prices [5]. Future Outlook - The company is in a rapid capacity expansion phase, with new projects expected to significantly increase production capacity. The total olefin production capacity is projected to double from 2.1 million tons to 5.1 million tons per year [7]. - Profit forecasts for 2024, 2025, and 2026 are adjusted to 7.881 billion RMB, 13.273 billion RMB, and 14.823 billion RMB respectively, indicating year-on-year growth of 39%, 68%, and 12% [7][8].

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年03月22日 东阿阿胶(000423.SZ) buy 买进 王睿哲 C0062@capital.com.tw 目标价(元) 71 净利持续快速恢复，期待Q1旺季高增 结论及建议： 公司基本信息 产业别 医药生物  公司业绩：公司发布年报，2023年实现营收47.2亿元,YOY+16.7%,录得归 A股价(2024/3/21) 58.99 深证成指(2024/3/21) 9682.51 母净利润11.5元，同比增长47.6%；扣非后归母净利润10.8亿元，同比增 股价12个月高/低 62/43.81 长54.7%，EPS为1.79元/股，公司业绩处于业绩预告范围的中位偏上，符 总发行股数(百万) 643.98 A股数(百万) 643.98 合我们的预期。分季度来看，23Q4单季度实现营收12.9亿元，YOY+29.3%, A市值(亿元) 379.88 录得归母净利润3.7亿元，同比+37.5%，扣非后归母净利润3.8亿元，同比 主要股东 华润东阿阿胶 有限公司 +54.4%。 (23.50%) 每股净值(元) ...

Compa n y U pda te Ch in a Re sea rch Dep t . 2024年3月22日 光线传媒 (300251.SZ) 首次评级 Buy 买进 何利超 H70529@capital.com.tw 目标价(元) 12 2023年扭亏为盈，关注今年《哪咤之魔童闹海》等潜在爆款 公司基本资讯 事件： 产业别 传媒 公司2023年业绩实现扭亏为盈，预计取得归属于上市公司股东的净利润 A股价(2024/3/22) 10.58 4.1-5.1亿，扣非后净利润3.82-4.82亿元。 深证成指(2024/3/22) 9565.56 我们认为2024年处于公司产品大年，春节档期间的主投电影《第二十条》 股价12个月高/低 12.07/6.5 总发行股数(百万) 2933.61 表现优异，累计票房已超过24亿元，后续有望上映有望上映50亿票房爆款的《哪 A股数(百万) 2787.22 咤之魔童降世》续作《哪咤之魔童闹海》，此外还有多个动画电影将在2024 A市值(亿元) 294.89 年上线。首次覆盖，给予“买进”评级。 主要股东 光线控股有限  2023年电影市场快速复苏，带动公司业绩显著好转： ...

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年03月21日 国药股份(600511.SH) Buy 买进 王睿哲 C0062@capital.com.tw 23Q4业绩回升好于预期 目标价(元) 39元 结论与建议： 公司基本信息 产业别 医药生物  公司业绩：公司发布年报，2023年实现营业收入497.0亿元，YOY+9.2%， A股价(2024/3/20) 29.68 录得归母净利润21.5亿元，YOY+9.3%，扣非后归母净利润YOY+9.5%，经 上证指数(2024/3/20) 3079.69 股价12个月高/低 43.89/26.58 营活动现金流27.3亿元,YOY+13.8%,回款继续向好。其中Q4单季度营收 总发行股数(百万) 754.50 131.7亿元，YOY+20.2%，录得归母净利润6.9亿元,YOY+28.4%，单季度 A股数(百万) 553.35 恢复显著。整体来看，公司业绩好于我们的预期。 A市值(亿元) 164.23 主要股东 国药控股股份有  分红预案：公司拟每10股派发现金股利8.54元（含税），以昨日收盘 限公司 ...

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年03月21日 爱美客（300896.SZ） BUY 买进 顾向君 H70420@capital.com.tw 当家产品增长良好，多线布局产品储备充分 目标价(元) 388 结论与建议： 公司基本资讯 产业别 医药生物 业绩概要： A股价(2024/3/21) 334.88 公司公告全年实现营收28.7亿，同比增48%，录得净利润18.6亿，同比 深证成指(2024/3/21) 9682.51 股价12个月高/低 588.75/263.21 增47.1%，毛利率同比提升0.25pcts至95.09%；4Q实现营收约7亿，同比增 总发行股数(百万) 216.36 55.6%，录得净利润4.4亿，同比增59%，毛利率同比下降1.19pcts至94.45%。 A股数(百万) 149.24 A市值(亿元) 499.76 4Q业绩落于此前预告中游。 主要股东 简军(31.05%) 分红方案：每10股派发现金股利23.23元，资本公积每10股转增4股 每股净值(元) 29.34 股价/账面净值 11.41 点评： 一个月 ...

Compa n y U pda te Ch in a Re sea rch Dep t . m 2 024年3月19日 福耀玻璃 (600660.SH/03606.HK) Buy 买进 沈嘉婕 H70455@capital.com.tw 2023年业绩稳健增长，产能扩张加速，建议“买进” 目标价(元) RMB 55.8 结论与建议： 公司基本资讯 公司发布2023年年报，实现营业收入331.6亿元，YOY+18%,录得净利润 产业别 汽车 A股价(2024/3/19) 42.35 56.3亿，YOY+18.4%（扣非后净利润55.3亿，YOY+18.5%），折合EPS为2.16 上证指数(2024/3/19) 3062.76 元，业绩符合预期。 股价12个月高/低 46.48/31.71 总发行股数(百万) 2609.74 随着汽车行业向着电动化和智能化演变，公司加快开发智能化玻璃产品， A股数(百万) 2002.99 产品附加值增长空间大；公司积极扩张产能，随着中国车企加速出海，公司 A市值(亿元) 848.26 全球市占率有望稳步提升。我们预计公司2024/2025/2026年的净利润将分别达 主要股东 ...

大陸房地産行業月度資料點評： 1-2月房地産銷售跌幅擴大 群益金鼎證券 研究員 沈嘉婕 2024/3/19 1-2月房地産銷售降幅擴大 ...

Compa n y U pda te Ch in a Res ear ch De p t . 2024年03月19日 万华化学(600309.SH) Buy 买进 费倩然 H70507@capital.com.tw 新产能投放驱动业绩增长，看好盈利持续修复 目标价(元) 98 事件：公司发布2023年年报，全年实现营收1753.61亿元，yoy+5.92%；归母 公司基本资讯 净利润168.14亿元，yoy+3.57%，与业绩快报一致。Q4单季实现营收428.07亿 产业别 化工 元，yoy+21.80%,qoq-4.72%；归母净利润41.11亿元，yoy+56.58%，qoq-0.76%。 A股价(2024/3/18) 78.99 上证指数(2024/3/18) 3084.93 此外，公司公布2023年利润分配方案，计划每10股派16.25元，股息率为2.06% 股价12个月高/低 99.78/66.78 点评：新产能投放推动销量增长，在主营产品价格下滑背景下，公司以量补 总发行股数(百万) 3139.75 价，仍维持全年营收业绩同比提升。Q4淡季业绩环比微降，公司盈利韧性凸 A股数(百万) 3139.7 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for potential price appreciation [9][11]. Core Insights - The company has made significant technological advancements in its robotic platform, enhancing product competitiveness through a multi-CPU architecture and deep integration with AI models, which supports advanced applications like intelligent programming and image tracking [1]. - The recent government initiative to promote large-scale equipment upgrades is expected to benefit the company's machine tool and robotics business, aligning with the broader industry trend towards modernization and increased digitalization [11]. - The company is positioned to capitalize on the urgent demand for high-end machine tools in China, particularly in the five-axis CNC machine segment, which has shown substantial growth in orders and shipments [12]. Financial Summary - The projected net profits for 2023, 2024, and 2025 are RMB 181 million, RMB 242 million, and RMB 327 million, reflecting year-on-year growth rates of 13.44%, 33.73%, and 34.86% respectively [10]. - Earnings per share (EPS) for the same years are forecasted to be RMB 0.43, RMB 0.57, and RMB 0.77, with corresponding price-to-earnings (P/E) ratios of 15.23, 33.73, and 34.86 [10]. - The company's revenue is expected to grow from RMB 4.668 billion in 2023 to RMB 5.367 billion in 2025, with operating profit projected to increase significantly during the same period [16]. Market Position - The company operates primarily in the machinery and equipment sector, with a diverse product portfolio that includes smart energy management systems (61.8%), industrial robots (19.5%), injection molding machines (9.5%), and CNC machine tools (6.4%) [5]. - The current stock price is RMB 14.29, with a market capitalization of RMB 4.076 billion, and the stock has shown a 43.8% increase over the past month [5].