Investment Rating - The investment rating for the company is "Buy" [3]. Core Views - The company reported a revenue of 3.524 billion yuan, an increase of 49% year-on-year, and a net profit attributable to shareholders of 1.452 billion yuan, up 44.9% [2]. - The company has a strong focus on expanding its cosmetic product line and advancing the approval process for injectable products [2]. - The company maintains a high dividend payout ratio of 61%, with a final dividend of 0.44 yuan per share and a special dividend of 0.45 yuan per share [2]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 35.24 billion yuan (+49%) and a net profit of 14.52 billion yuan (+44.9%) [2]. - Adjusted net profit, excluding share-based payments, was 14.69 billion yuan (+39%) [2]. - The gross margin was 83.6% (-0.8 percentage points), primarily due to the increased proportion of lower-margin cosmetic products [2]. - The net profit margin was 41.2% (-1.2 percentage points) [2]. Product Segments - The "Kefumei" brand saw a revenue increase of 73%, contributing approximately 80% of total revenue [2]. - The "Kailijin" brand experienced a slight decline in revenue by 0.3%, attributed to brand positioning and product strategy adjustments [2]. - The company is actively developing four new skin rejuvenation products and has a broad application space for collagen injectables [2]. Sales Channels - Direct-to-consumer (DTC) sales continued to grow, with DTC online revenue reaching 21.5 billion yuan (+77.5%), accounting for 61% of total revenue [2]. - The company has established a distribution network covering approximately 1,500 public hospitals, 2,500 private clinics, 6,000 chain pharmacies, and 650 CS/KA stores [2]. Future Projections - The company is projected to achieve revenues of 45.9 billion yuan, 57.5 billion yuan, and 69.9 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 30.4%, 25.1%, and 21.6% [6]. - Net profit is expected to grow by 23.8%, 18.9%, and 17.8% for the same years, with corresponding EPS of 1.81, 2.15, and 2.53 yuan [6].

] y r t s u d n I _ e l b a T [ [ 时Ta 代bl 电e_ 气T （itl 6e 8] 8 187）2023年财报点评 公 轨交业务稳步复苏， 司 研 新兴装备业务突飞猛进 挖掘价值 投资成长 究 / [Table_Rank] 买入 交 （维持） 运 设 2024 年 04 月 02 日 备 / 证 [东Ta方bl财e_富Au证th券or研] 究所 券 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：周旭辉 研 究 证书编号：S1160521050001 报 联系人：付丹蕾 告  公司盈利能力稳步向上。2023年，公司实现营业收入 217.99亿元， 电话：021-23586316 同比+20.88%；实现归母净利润31.06亿元，同比+21.51%；实现扣非 [相T对ab指le数_P表ic现Qu ote] 归母净利润 25.95 亿元，同比+29.89%。Q4 公司实现营业收入 77.04 亿元，同/环比+7.62%/+39.43%；实现归母净利润10.52亿元，同/环 9.01% 比+5.98%/+17.10%。分业务来看，2023年公司轨交装备业务实现129. ...

Investment Rating - Buy (Maintained) [2] Core Views - The company achieved revenue of 372.04 billion yuan in 2023, a YoY increase of 8.18%, and non-GAAP net profit attributable to the parent company of 32.98 billion yuan, a YoY increase of 15.26% [1] - The company's ToB business accelerated growth, with HVAC/consumer appliances/robotics, automation systems, and other manufacturing revenues of 161.11/124.69/37.26 billion yuan, YoY increases of 6.95%/7.51%/24.49% respectively [1] - Domestic and overseas revenues increased by 9.87% and 5.79% YoY respectively, while online and offline revenues increased by 13.7% and 6.81% YoY respectively [1] - The "COLMO + Toshiba" dual high-end brand strategy achieved a retail sales growth of over 20% in 2023 [1] - The company strengthened its global presence and self-brand building, with significant sales growth in North America and EMEA regions [1] - The company's operating cash flow increased significantly to 57.90 billion yuan, a YoY increase of 67.07%, and contract liabilities increased by 49.38% to 41.77 billion yuan [1] - The company announced a cash dividend of 30 yuan per 10 shares, with a total cash dividend of 20.76 billion yuan and a dividend payout ratio of 61.57% [2] - The company launched a 2024 equity incentive plan, targeting a weighted average ROE of no less than 18%, 18%, 17%, and 16.5% from 2024 to 2027 respectively [2] Financial Forecasts - The company's revenue is expected to be 399.62/429.41/458.22 billion yuan in 2024/2025/2026, with net profit attributable to the parent company of 37.72/42.31/45.62 billion yuan, and EPS of 5.41/6.07/6.55 yuan [5] - The company's PE ratios are expected to be 11.93/10.64/9.87 times in 2024/2025/2026, and PB ratios are expected to be 2.24/1.85/1.56 times [5] - The company's EV/EBITDA ratios are expected to be 8.67/7.16/5.99 times in 2024/2025/2026 [6] Business Performance - The company's operating cash flow was 57.90 billion yuan in 2023, a YoY increase of 67.07%, while investment cash flow was -31.22 billion yuan, a YoY increase of 177.10 billion yuan [1] - The company's contract liabilities were 41.77 billion yuan at the end of 2023, a YoY increase of 49.38% [1] - The company's total assets were 486.04 billion yuan in 2023, with total liabilities of 311.74 billion yuan and equity attributable to the parent company of 162.88 billion yuan [8] - The company's ROE was 20.70% in 2023, with a net profit margin of 9.07% and a gross profit margin of 26.49% [8]

敬请阅读本报告正文后各项声明 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | ...

] y r t s u d n I _ e l b a T [ [ 生Ta 益bl 科e_ 技T （itl 6e 0] 0 183）2023年报点评 公 23年需求疲软业绩承压，24年周期有望 司 研 触底回升，关注AI及封装领域进展 挖掘价值 投资成长 究 / [Table_Rank] 增持 电 （维持） 子 设 2024 年 04 月 01 日 备 / [东Ta方bl财e_富Au证th券or研] 究所 证 [【Ta投bl资e_要Su点mm】ar y] 券 证券分析师：邹杰 研 究 证书编号：S1160523010001 报  需求疲软，行业竞争激烈，公司业绩短期承压。2023年公司实现营业 联系人：刘琦 告 收入165.86亿元，同比下滑7.93%，实现归母净利润11.64亿元，同 电话：021-23586475 比下滑23.96%，实现扣非归母净利润10.92亿元，同比下滑23.57%。 [相T对ab指le数_P表ic现Qu ote] 2023年市场供需不平衡，行业竞争较为激烈，对覆铜板、PCB产品价 格产生较大影响，进而公司整体业绩承压，同时子公司生益电子东城 7.43% 1.24% 四期项目投产并 ...

证券分析师：高博文 证书编号：S1160521080001 证券分析师：陈子怡 证书编号：S1160522070002 联系人：刘雪莹 电话：021-23586475 开始显现》 资料来源：Choice，东方财富证券研究所 盈利预测 行业竞争加剧； 政策监管风险。 东方财富证券股份有限公司（以下简称"本公司"）具有中国证监会核准的证券投资咨询业务资格 分析师申明： 作者具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，保证报告所采用的数据均来 自合规渠道，分析逻辑基于作者的职业理解，本报告清晰准确地反映了作者的研究观点，力求独立、客观和 公正，结论不受任何第三方的授意或影响，特此声明。 投资建议的评级标准： 报告中投资建议所涉及的评级分为股票评级和行业评级（另有说明的除外）。评级标准为报告发布日后3到12 个月内的相对市场表现，也即：以报告发布日后的3到12个月内的公司股价（或行业指数）相对同期相关证 券市场代表性指数的涨跌幅作为基准。其中：A股市场以沪深300指数为基准；新三板市场以三板成指（针对 协议转让标的）或三板做市指数（针对做市转让标的）为基准；香港市场以恒生指数为基准；美国市场以标 ...

Group 1 - The A-share market is expected to maintain a structural recovery trend in the second quarter of 2024, with a focus on the TMT technology sector as the core investment theme [6][18]. - The real estate market is experiencing significant downward pressure, with first-tier cities seeing a 6.3% year-on-year decline in second-hand housing prices as of February 2024, indicating a need for stronger policy support to stabilize the market [19][6]. - The government has set a growth target of around 5% in its work report, emphasizing the development of "new quality productivity" [35]. Group 2 - Aotewei (688516) is positioned as a leader in photovoltaic string welding machines, with a platform layout expected to break through its own bottlenecks [5]. - Jingjia Micro (300474) continues to invest in GPU research and development, expanding its presence in both specialized and general markets, with a planned fundraising of 3.974 billion yuan for high-performance GPU chip development [7]. - Jingda Co., Ltd. (600577) is expected to benefit from the growing demand for 800V flat wires as new electric vehicle models are launched, with a projected increase in market penetration from 0 to 1 [5].

] y r t s u d n I _ e l b a T [ [ 天Ta 赐bl 材e_ 料T （itl 0e 0] 2 709）2023年报点评 公 司 行业竞争加剧，市占率不断提升 研 挖掘价值 投资成长 究 / [Table_Rank] 增持 有 （维持） 色 金 2024 年 03 月 29 日 属 / [东Ta方bl财e_富Au证th券or研] 究所 证 券 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：周旭辉 研 究 证书编号：S1160521050001 报 证券分析师：李京波 告  2024年3月26日，公司发布2023年年报。公司23年实现营业收入 证书编号：S1160522120001 154.05 亿元，同比下降 30.97%，实现归母净利润 18.91 亿元，同比 联系人：李京波 下降66.92%。23Q4实现营业收入32.81亿元，同比变化-44.29%，环 电话：13127673698 比降低20.71%，实现归母净利润1.39亿元，同比变化-89.74%，环比 [相T对ab指le数_P表ic现Qu ote] 降低 70.02%。费用率方面，公司 23年销售费用率/ ...

积极发展智算业务，规划算力规模 8000P左右 规划上架 500 台全球先进的高端智能算力设备，算力规模 8000P 左右。 近日公司与苏州市大数据集团全资控股的苏州算力科技有限公司在 江苏省苏州市吴中区签署《战略合作框架协议》。由公司控股子公司 苏州瑞盈智算科技联合苏州市大数据集团，在吴中区政府支持下，建 设苏州市人工智能（太湖）算力中心，该算力中心由迈信林子公司苏 州瑞盈智算科技投资建设，苏州算力科技协助瑞盈智算进行算力资源 池的建设、运维、运营，双方在数字政府、数字金融、数字医疗、生 物信息等领域也会开展合作，打造全链条的算力生态产业体系。其中 苏州瑞盈智算科技是 24 年 3 月 13 日由上海瑞盈智算科技工商变更而 来，苏州瑞盈智算科技注册资本 1.68 亿，迈信林持有 51%股权，纳入 合并报表范围，瑞盈智算着重于采购和部署高性能的 GPU 智算服务器， 通过高效合理的算力调度，基于"算力运营"的云端软硬件及网络架 构，打造的综合智算服务体系，以算力服务器租赁和设备销售来满足 国内 GPU 算力需求，而苏州算力科技是苏州市大数据集团全资组建的 市属二级国有企业，主要是统筹全市算力资源，抢先配置区域 ...

Investment Rating - Maintain "Overweight" rating [3] Core Views - Xiaomi Group achieved revenue of 270.97 billion yuan in 2023, a year-on-year decrease of 3.24%, with Q4 revenue of 73.244 billion yuan, a year-on-year increase of 10.9% [2] - Net profit attributable to the parent company in 2023 was 17.475 billion yuan, a year-on-year increase of 606.34%, with Q4 net profit of 4.727 billion yuan, a year-on-year increase of 50.02% [2] - The company's global smartphone market share reached 12.8% in 2023, maintaining its position in the top three globally for three consecutive years [2] - Xiaomi's high-end strategy showed significant progress in 2023, with a 16.9% market share in the RMB 4,000-6,000 price segment in mainland China, an increase of 9.2 percentage points year-on-year [2] - The company's AIoT platform connected 739 million IoT devices by the end of 2023, a year-on-year increase of 25.5% [2] - Internet service revenue grew by 6.3% year-on-year in 2023, with advertising revenue reaching 20.5 billion yuan, a year-on-year increase of 11.2% [2] - Xiaomi announced a strategic upgrade to the "Human x Car x Home" ecosystem and launched the Xiaomi HyperOS, with the Xiaomi SU7 series positioning as a C-class high-performance eco-tech sedan [2] Financial Performance - Smartphone business gross margin improved to 14.6% in 2023, up 5.6 percentage points year-on-year [2] - IoT and lifestyle products gross margin reached 16.3%, up 1.9 percentage points year-on-year [2] - Internet business gross margin was 74.2%, up 2.4 percentage points year-on-year [2] - The company repurchased 126.6 million shares in 2023, totaling HK$1.5 billion [2] - Revenue forecast for 2024/2025/2026 is 294.919/316.801/340.272 billion yuan, with net profit attributable to the parent company expected to be 18.553/19.897/21.809 billion yuan [5] Market Position and Strategy - Xiaomi's high-end smartphone shipments accounted for over 20% of total smartphone shipments in mainland China in 2023 [2] - The company achieved significant market share growth in the Middle East, Latin America, and Africa, with increases of 1.3%, 1.2%, and 2.4% respectively [2] - Xiaomi ranked third in tablet shipments and second in wearable wristband devices in mainland China in 2023 [2] - The new Xiaomi smartphone smart factory, with an annual capacity of 10 million units, officially started production in February 2024 [2] Future Outlook - Xiaomi's strategic focus on the "Human x Car x Home" ecosystem is expected to open new growth opportunities [5] - The company's high-end strategy and technological innovation are likely to drive further market share gains and profitability improvements [5]