Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [3][5]. Core Insights - The company has demonstrated steady revenue growth, achieving an operating income of 4.013 billion yuan in 2023, a year-on-year increase of 24.12%, and a net profit attributable to shareholders of 666 million yuan, up 29.60% from the previous year [2][5]. - The growth trajectory continued into the first quarter of 2024, with operating income reaching 978 million yuan, reflecting a 5.09% year-on-year increase, and a net profit of 156 million yuan, up 3.75% [2]. - All business segments are experiencing growth, with the cataract business showing the most significant increase, generating 987 million yuan in revenue, a 31.38% year-on-year growth [2]. - The company's overall gross margin slightly improved to 49.03% in 2023, with the cataract and posterior segment projects seeing increases in gross margin of 5.68% and 3.60%, respectively [2]. - The strategic focus on "internal growth + external mergers and acquisitions" is evident, with the company expanding its network of optical centers to 60 by the end of 2023, and plans to acquire 200 centers in the coming years [2][3]. Financial Projections - The company forecasts operating revenues of 4.732 billion yuan, 5.674 billion yuan, and 6.876 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 707 million yuan, 867 million yuan, and 1.153 billion yuan [5][6]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.84 yuan, 1.03 yuan, and 1.37 yuan, respectively, with price-to-earnings (P/E) ratios of 28.00, 22.85, and 17.17 [5][6].

[ 信Ta 息bl 技e_ 术T 行itl 业e] 动 态点评 行 业 研 陆家嘴论坛召开，聚焦科技创新与资本 究 挖掘价值 投资成长 / 市场高质量发展 信 [Table_Rank] 息 技 强于大市 （维持） 术 2024 年 06 月 19 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：方科 券 [Table_Summary] 研 【事项】 证书编号：S1160522040001 究 证券分析师：向心韵 报  2024陆家嘴论坛于2024年6月19日至20日召开。本次陆家嘴论坛 告 证书编号：S1160523100001 共有8场全体大会，其中议题之一为“科技创新与资本市场高质量发 联系人：童心怡 展”，旨在通过制度创新，突破体制机制约束，发挥科技与资本的协 电话：021-23586757 同效应，形成“科技-产业-金融”良性循环。 [相 T对 a指 bl数 e表 _现 Pi cQuote] 【评论】 2.28% -6.57%  政策持续助力科技企业发展。2023年6月，国务院常务会议审议通过 -15.42% ...

[ 电Ta 子bl 设e_ 备T 行itl 业e] 专 题研究 行 业 研 新型显示系列报告之二：OLED周期复苏 究 挖掘价值 投资成长 / 与国产替代双机遇 电 [Table_Rank] 子 设 强于大市 （维持） 备 2024 年 06 月 19 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：周旭辉 券 [Table_Summary] 研 【投资要点】 证书编号：S1160521050001 究 联系人：袁泽生 报  OLED显示技术持续进步，供需和竞争格局优化。OLED显示在性能上 告 电话：021-23586475 优于LCD，同时生产成本和材料寿命也在技术进步下得到改善，得到 应用的领域越来越多。OLED面板主要应用市场是智能手机，渗透率已 [相 T对 a指 bl数 e表 _现 Pi cQuote] 超过50%，在智能穿戴、车载、移动电脑等领域也展现出成长潜力。 中韩厂商在OLED产能上占据主导地位，中国厂商正迎头赶上，市场 2.28% -4.75% 份额逐渐增加。由于产业对资金和技术水平要求高，行业壁垒显著， -11.78% 不断有企业退出，行业集中度提升，竞争格局 ...

T[ 2024 年 06 月 18 日 【风险提示】 挖掘价值投资成长 图表 17: 美联储点阵图和货币市场认为年内两次降息概率偏大 ............................................................................................. 10 图表 20: 2019-2024 年 4 月日本车企新注册汽车销量（辆） | --- | --- | |---------------------------------------------------------------------------------|-------| | | | | A 股市场概览 1. | | | 1.1 市场涨跌概览 . | | | 1.2 资金流向概览 | | | 1.3 沪深融资融券情况 | | | 全球 宏观 日历 . 2. | | | 2.1. 核心 CPI 回落，低通胀格局延续 | | | 2.2. 金融"挤水分"进行中, 金融数据短期波动……………………………………………………………………………………………… 9 | | | 2.3. 美 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [6][11]. Core Viewpoints - The company is focused on consolidating and enhancing its global leadership position in flat electromagnetic wire, while also actively expanding into superconducting and other forward-looking businesses. The strong demand from downstream sectors and the company's capacity expansion are expected to drive rapid growth in its electromagnetic wire business [6]. - The company achieved overseas sales of 413 million RMB in 2023, representing a year-on-year increase of 25.68%, primarily through direct exports of flat electromagnetic wire to various international markets [2][6]. Summary by Relevant Sections Company Strategy - The company has established a wholly-owned subsidiary, Wuxi Tongli International Trade Co., Ltd., with an investment of 10 million RMB to enhance the competitiveness of its flat electromagnetic wire products [4][10]. Financial Projections - The company forecasts net profits for 2024, 2025, and 2026 to be 619 million RMB, 731 million RMB, and 860 million RMB respectively, with year-on-year growth rates of 18.38%, 18.08%, and 17.66% [6][7]. - Revenue projections for the same period are 17.52 billion RMB in 2024, 19.80 billion RMB in 2025, and 22.28 billion RMB in 2026, with growth rates of 14.58%, 13.01%, and 12.52% respectively [7]. Capacity Expansion - By the end of 2023, the company's electromagnetic wire production capacity reached 95,000 tons per year. The company is also expanding its production capacity for transformer wires and specialized flat electromagnetic wires for electric vehicles [10].

[ 信Ta 息bl 技e_ 术T 行itl 业e] 动 态点评 行 业 研 究 数据要素政策密集出台催化产业落地 挖掘价值 投资成长 / 信 [Table_Rank] 息 技 强于大市 （维持） 术 2024 年 06 月 17 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：方科 券 [Table_Summary] 研 【事项】 证书编号：S1160522040001 究 联系人：童心怡 报  2024年6月11日，商务部等九部门发布《关于拓展跨境电商出口推 告 电话：021-23586757 进海外仓建设的意见》。提升跨境数据管理和服务水平。在符合法律 法规要求、确保安全的前提下，促进和规范数据跨境流动，允许跨境 [相 T对 a指 bl数 e表 _现 Pi cQuote] 电商、跨境支付等应用场景数据有序自由流动。鼓励跨境电商、海外 仓企业依法依规利用数据赋能产业链上下游，增强生产企业柔性化供 8.07% -1.14% 应能力。 -10.35% -19.57% -28.78%6/17 8/17 10/17 12/17 2/17 4/17 -38.00% 【评论】 ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the electronic devices industry [3]. Core Insights - Major chip manufacturers like Samsung and Broadcom are optimistic about the AI market, with Samsung projecting its AI chip foundry sales to be 1.8 times last year's figures and a fourfold increase in customer numbers by 2028 [2]. - Broadcom has raised its annual revenue forecast for AI chips by 10%, expecting to reach $11 billion in 2024, up from a previous estimate of $10 billion [2]. - NVIDIA is accelerating its chip release cycle from a two-year to an annual update, with its new Blackwell architecture showing a 1000-fold increase in AI computing power compared to its 2016 Pascal architecture [2]. - The report highlights the growing importance of AI chips in consumer devices, suggesting a significant expansion in the AI market driven by advancements in AI models [5]. Summary by Sections Industry Dynamics - Samsung and Broadcom are positioning AI as a key growth driver, reflecting the substantial impact of AI on the chip industry [5]. - The report notes that the global AI landscape is rapidly evolving, with AI models being deployed more widely, which will enhance the market for AI chips in consumer electronics [5]. Market Opportunities - The report suggests focusing on domestic communication industry segments, recommending specific companies for investment: 1. Optical modules: New Yisheng 2. Connectors: Dingtong Technology 3. RF front-end modules: Kangxi Communication 4. Edge computing: Guanghe Tong 5. Intelligent computing services: Runze Technology [5].

资料来源：Choice 宏观-全球经济日历，东方财富证券研究所，数据截至 2024-5-12 敬请阅读本报告正文后各项声明 [Table_yemei] 策略周报 出口产品以价换量，利润空间或承压。2023 年 5 月以来，我国出口价格 指数连续 11 个月位于 100 以下，反映出口商品价格水平持续下行。2024 年 4 月份，出口价格指数、出口数量指数分别为 95.6 和 109.8，出口商品保持量 增价跌格局。 9 2.2.欧洲央行率先降息，将三大利率均下调 25 个基点 通胀水平仍处于高位，降息或主要处于稳增长防风险考量。在最新欧洲 央行声明中，欧洲央行上调了 2024 年和 2025 年的通胀预测，预计 2024 年通 胀率为 2.5%，2025 年为 2.2%，2026 年为 1.9%，此前 3 月份声明的预期分别 为 2.3%、2.0%、1.9%。同时，欧洲央行上调 2024 年 GDP 增速预期，预计 2024 年 GDP 增速为 0.9%，较 3 月份的预测高 0.3 个百分点。 敬请阅读本报告正文后各项声明 策略周报 科学和技术服务业新增就业 3.2 万人。同时，所有私人非农就业人员的平均 ...

Investment Rating - The report upgrades the investment rating to "Buy" [3] Core Views - The company is positioned as a small giant in the domestic hydraulic components sector, driven by dual engines of "construction machinery + photovoltaic" [1][12] - The company's revenue from the planetary gearbox business is expected to grow significantly due to increasing photovoltaic installations and market penetration [6][12] - The company has diversified its business, reducing reliance on hydraulic components, with other business segments growing from 3.47% in 2021 to 38.49% in 2023 [20] Summary by Sections Company Overview - The company has over 20 years of expertise in the hydraulic components sector, establishing itself as a key player [22] - The company has initiated a diversification strategy since 2021, focusing on the planetary gearbox business after acquiring Jiangyin Shangchi [20][76] Hydraulic Components Market - The hydraulic industry is expected to recover as the construction machinery sector approaches a bottoming out phase, with multiple factors likely to catalyze marginal improvements [41][87] - The hydraulic market in China has been expanding, with construction machinery being the primary application area, accounting for 60.38% of the market in 2022 [44] Planetary Gearbox Business - The company has positioned itself as a rare player in the photovoltaic tracking support gearbox market, with significant growth potential driven by increasing installations and market share [12][76] - The planetary gearbox business is projected to achieve revenues of 371 million, 444 million, and 478 million yuan from 2024 to 2026, maintaining a gross margin of 40% [10] Financial Projections - The company forecasts revenues of 806.31 million yuan in 2023, with a growth rate of -10.05%, followed by a recovery with a 33.81% growth rate in 2024 [7] - The net profit attributable to the parent company is expected to reach 101.69 million yuan in 2023, with a significant increase of 50.47% in 2024 [7] Market Position and Strategy - The company has established a strong market position in the hydraulic components sector, with a focus on expanding its overseas market presence through strategic investments [57][38] - The company aims to leverage its partnerships with leading construction machinery manufacturers to enhance its market share and customer loyalty [97]

[ 医Ta 药bl 生e_ 物T 行it 业le 专] 题研究 行 业 研 究 电生理：澎湃蓝海赛道，增量空间广阔 挖掘价值 投资成长 / 医 [Table_Rank] 药 生 强于大市 （维持） 物 2024 年 05 月 27 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：何玮 券 [Table_Summary] 研 【投资要点】 证书编号：S1160517110001 究 联系人：殷明伦 报  行业关键技术突破瓶颈，术式治疗地位攀升，拓宽蓝海市场增量空间。 告 电话：（+86）18936221690 心血管疾病下的心律失常潜在需求庞大，据弗若斯特沙利文数据，我 国心律失常患者在3000万人以上，预计2025年房颤、室上速、室速 [相 T对 a指 bl数 e表 _现 Pi cQuote] 患病人数将分别达 2266.63 万、355.11 万、274.93 万人。随着临床 证据的不断积累丰富，导管消融术凭借创口小、有效性和安全性高、 1.29% -4.54% 并发症少、手术时间短等优势在临床中迅速推广，弥补了药物治疗效 -10.38% 果有限、外科治疗手术风险高的不足。赛道技 ...