Investment Rating - The report assigns a rating of "Accumulate" for the company [3]. Core Insights - The company benefited from the recovery of orders from American clients and growth in European orders, leading to impressive performance in Q1 2024 [2][14]. - In 2023, the company achieved a revenue of 5.058 billion, a year-on-year increase of 0.96%, with a gross margin of 17.6%, up 0.12% year-on-year [2]. - The decline in net profit attributable to the parent company was 49.04%, amounting to 122 million, primarily due to delays in orders and ongoing construction of the U.S. base [2][6]. - The company has established long-term partnerships with major clients in the photovoltaic and connector sectors, including NEXTracker, Huawei, and Foxconn [5][6]. Financial Summary - Revenue projections for 2024-2026 are 7.388 billion, 8.908 billion, and 10.764 billion respectively, with growth rates of 46.06%, 20.57%, and 20.83% [7]. - The net profit attributable to the parent company is expected to reach 283 million, 379 million, and 496 million for the same period, with growth rates of 131.65%, 33.85%, and 30.90% respectively [7]. - The company’s EBITDA for 2024-2026 is projected at 627 million, 755 million, and 915 million respectively [7]. - The P/E ratio is forecasted to decrease from 51.61 in 2023 to 25.51 in 2024, and further down to 14.56 by 2026 [7].

Investment Rating - The investment rating for the company is "Accumulate" [3]. Core Insights - The company reported a significant improvement in Q1 2024 performance, with revenue of 200 million yuan, a year-on-year increase of 60.33%, and a net profit of 16 million yuan, a year-on-year increase of 764.90% [1]. - The nickel powder price cycle is turning favorable, indicating a potential profit inflection point for the company [1]. - The demand for high-end MLCC products is expected to rise, which may enhance the sales proportion of high-end nickel powder products [1]. Financial Performance Summary - In 2023, the company achieved a revenue of 689 million yuan, a decrease of 7.72% year-on-year, and a net profit of -32 million yuan [1][5]. - For 2024, the projected revenues are 917 million yuan, with a growth rate of 33.16%, and a net profit of 88 million yuan, reflecting a growth rate of 372.83% [5]. - The company's gross margin for 2023 was 15.04%, down 21.73 percentage points year-on-year, while the gross margin for Q1 2024 improved to 18.79% [1][5]. Sales and Inventory Insights - The company sold 1,045.17 tons of MLCC nickel powder in 2023, a year-on-year increase of 6.43% [1]. - As of Q1 2024, the company's inventory decreased to 396 million yuan, down 111 million yuan from the peak in 2023 [1]. Business Segment Performance - The silver-coated copper powder business achieved significant sales in 2023, with a revenue of 5.5 million yuan from approximately 22.41 tons sold [1]. - The rapid increase in silver prices, surpassing 8,000 yuan/kg, is expected to drive demand for silver-coated copper as a cost-reduction measure in photovoltaic products [1].

[商Ta贸bl零e_售Ti行tle业] 专题研究 行 业 研 美妆行业系列报告（一）：欧莱雅百年 究 挖掘价值 投资成长 / 美业，多品牌集团成长史 商 [Table_Rank] 贸 强于大市 零 （维持） 售 2024 年 05 月 17 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 券 [Table_Summary] 证券分析师：高博文 研 【投资要点】 证书编号：S1160521080001 究 证券分析师：陈子怡 报  全球最大的化妆品公司，业绩和估值的双重验证。欧莱雅创立于1909 告 证书编号：S1160522070002 年，1963 年在巴黎证券交易所上市，是全球最大的化妆品公司。从 联系人：班红敏 2000-2023 年销售收入从 126.7 亿上升至 411.8 亿欧元，CAGR 为 电话：021-23586475 5.3%；期间股价涨幅518%，CAGR为8.24%，同期CAC40、SBF120 指数分别上涨 36%和 51%。欧莱雅的成长不仅验证全球消费品牛股 [相 T对 a指 bl数 e表 _P现 i cQuote] 辈出潜力，也彰显出美业的长坡厚雪及公司优秀的多品 ...

行 [ 国Ta 防bl 与e_ 装T 备it 行le 业] 专题研究 业 研 低空经济专题（一）：政策加速落地， 究 挖掘价值 投资成长 国 / 低空经济腾飞在即 防 [Table_Rank] 与 强于大市 （维持） 装 备 2024 年 05 月 14 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：曲一平 [Table_Summary] 券 【投资要点】 证书编号：S1160522060001 研 究 联系人：陈然 报  低空经济：多领域、跨行业、全链条。低空经济一般是指在垂直高度 电话：021-23586458 告 1000米以下、根据实际需要延伸至不超过3000米的低空空域范围内， 联系人：李嘉文 以民用有人驾驶和无人驾驶航空器为载体，以载人、载货及其他作业 电话：021-23586458 等多场景低空飞行活动为牵引，带动相关领域融合发展的综合性经济 业态。低空经济涉及民用、警用和军用等多个领域，横贯一二三产业， [相 T对 a指 bl数 e表 _现 Pi cQuote] 涵盖上中下游整个发展链条，具有“多领域、跨行业、全链条”特点， 已不是一个单纯从事民事飞行服务的经济形 ...

T[ [Table_Title] 策略周报 稳地产政策对于A股正向作用即将凸显 2024 年 05 月 22 日 策略周报 正文目录 | --- | |---------------------------------------------------------------------------------| | | | 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. 供给端政策发力,工业生产保持较快增速……………………………………………………………………………………………… 8 | | 2.2. 房地产托底态度明确,下行态势放缓可期. | | 2.3. 社零增速回落,消费弱修复格局延续 | | 全球财经 大事概览 3. | | 3. 1 超长期特别国债 5 月 17 日起发行 | | 3.2 动力电池回收产业或迎千亿市场:2023年我国退役动力电池超 58 万吨 12 | | 3.3 谷歌推出 Gemini 大模型轻量化版本 1.5Flash, 开源模型 Gemma2 登场 ...

Investment Rating - The report maintains an "Add" rating for the company, indicating a positive outlook for its stock performance relative to the market index [27]. Core Insights - The company reported a robust financial performance in 2023, with total revenue reaching 11.904 billion yuan, a year-on-year increase of 26.03%. The net profit attributable to shareholders was 4.827 billion yuan, up 73.02% year-on-year [15][20]. - In Q1 2024, the company achieved revenue of 2.730 billion yuan, reflecting a 6.02% year-on-year growth, and a net profit of 1.040 billion yuan, which is a 10.50% increase compared to the same period last year [15]. - The company plans to distribute a cash dividend of 3.30 yuan per 10 shares for 2023, totaling 4.766 billion yuan, with a proposed cash dividend cap of 80% of net profit for the first half of 2024 [15]. Summary by Sections Financial Performance - In 2023, the company achieved a gross margin of 65.48%, an increase of 5.77 percentage points year-on-year, and a net profit margin of 40.32%, up 10.20 percentage points [16][26]. - The company’s operating expenses as a percentage of revenue decreased to 22.14%, down 2.76 percentage points year-on-year [26]. Business Growth - The core business showed steady growth, particularly in the daily consumer goods sector, with advertising revenue from building media reaching 11.119 billion yuan, a 25.28% increase year-on-year. Cinema media revenue surged by 43.10% to 769 million yuan due to a rapid recovery in the film market [15]. - The company is expanding its media points systematically, with a total of 1.116 million elevator TV media units as of Q1 2024, a 28.6% increase from the end of 2022. The number of overseas media points grew by 43.9% [15]. Future Projections - The company’s revenue is projected to grow to 13.842 billion yuan in 2024, 14.401 billion yuan in 2025, and 13.067 billion yuan in 2026. The net profit attributable to shareholders is expected to reach 5.412 billion yuan in 2024, 5.853 billion yuan in 2025, and 6.169 billion yuan in 2026 [20][27].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [2] Core Insights - The company reported significant growth in both revenue and net profit for 2023 and Q1 2024, with 2023 revenue reaching 7.214 billion yuan, a year-on-year increase of 48.20%, and a net profit of 337 million yuan, up 11.45% [1] - In Q1 2024, the company achieved revenue of 2.032 billion yuan, a year-on-year increase of 53.12%, and a net profit of 130 million yuan, showing a substantial growth of 143.82% [1] - The company has a strong order backlog in the photovoltaic sector, with contracts amounting to 3.281 billion yuan as of March 31, 2024, representing a 99.57% increase from the beginning of 2023 [1] - Research and development expenses have been consistently high, with 2023 and Q1 2024 R&D expenditures of 457 million yuan and 105 million yuan, respectively, reflecting year-on-year growth of 71.96% and 55.89% [1] Summary by Sections Financial Performance - The company expects revenues of 10.570 billion yuan, 11.522 billion yuan, and 12.588 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 551 million yuan, 686 million yuan, and 895 million yuan [5] - The projected EPS for the same years is 0.88 yuan, 1.10 yuan, and 1.44 yuan, with P/E ratios of 16, 13, and 10 times [5] Market Position - The company is a leader in perovskite equipment, having developed various technologies for the production of perovskite solar cells, including PVD, ALD, and evaporation techniques [1] - The company has established a comprehensive supply capability for perovskite production lines, covering the entire process from solution preparation to equipment for cell fabrication [1] Cost Management - The company's total expenses have been decreasing as a percentage of revenue, with Q1 2024 total expenses accounting for 6.25% of revenue, down 2.72 percentage points year-on-year [1] - The company demonstrates strong cost control capabilities, contributing to its profitability [1]

T [ [Table_Title] 策略月报 策 略 研 究 5月行业轮动配置建议 挖掘价值 投资成长 / Ａ 股 策 [东Ta方ble财_A富uth证or券] 研究所 略 2024 年 05 月 07 日 证券分析师：陈鼎 / 证书编号：S1160522110002 证 券 [【Tab策le_S略umma观ry] 点】 电话：021-23586470 研 究 报 告  2024年4月，A股全行业（中信一级行业口径）的中位数回报为0.44%， [相Ta关ble研_R究epo rts] 基本仍属于窄幅震荡。涨幅前 5 名的行业为家电（7.90%）、银行 《政策面继续向好，A股做多情绪 （4.79%）、基础化工（4.57%）、综合金融（3.03%）、有色金属（3.02%）。 持续恢复》 回报率排名靠后的5个行业为综合（-7.69%）、传媒（-5.69%）、消费 2024.04.30 者服务（-5.33%）、房地产（-3.78%）、计算机（-3.04%）。近一半的 《短期市场情绪得到基本面保 行业单月录得负回报。风格方面，大盘强于小盘，价值强于成长。 障，节前有望交投相对企稳》  2024年前4个月，我们的推荐 ...