【投资建议】 宏观经济缓慢复苏，公司业绩有望保持稳步增长。我们预计公司 2023-2025 年收入分别为 20.65/26.71/33.12 亿元，归母净利润分别为 2.09/2.69/3.53 亿元， 对应 EPS 分别为 0.48/0.60/0.78 元，2023-2025 年 PE 分别为 28.83/23.23/17.68 倍。给予"增持"评级。 盈利预测 | --- | --- | --- | --- | --- | |-----------------------------------|---------|---------|-------------------------|---------| | [Table_FinanceInfo 项目\年度 ] | | | 2022A 2023E 2024E 2025E | | | 营业收入（百万元） | 1462.03 | 2065.21 | 2671.09 | 3312.26 | | 增长率 (%) | 31.59% | 41.26% | 29.34% | 24.00% | | EBITDA （百万元） | 165.30 | 262.31 | 32 ...

Investment Rating - The report maintains an "Outperform" rating for the electronic equipment industry [4]. Core Insights - The report emphasizes that going global is essential for Chinese electronic companies to become world-class enterprises, especially in the context of insufficient domestic demand. Successful overseas ventures can reshape the competitive landscape and yield significant returns [1]. - The electronic industry benefits from global supply chain division, with China holding competitive advantages in consumer electronics, PCB, panels, and chip design and testing. Expanding overseas can boost revenue and profit, reflecting positively on return rates [1]. - The experiences of Japan and South Korea in the electronic sector provide valuable lessons for China, as both countries faced limited domestic demand and successfully promoted overseas expansion, leading to the emergence of leading global companies [1]. Summary by Sections 1. Historical Context and Future Opportunities - The electronic industry has a high proportion of overseas revenue, with 25.6% of companies having over 50% of their revenue from abroad as of 2022. The competitive advantage is primarily in downstream segments of the supply chain [9]. - The relationship between overseas revenue and return rates indicates that companies with higher overseas revenue ratios have shown better performance, especially during market fluctuations [10][11]. - The overseas revenue is a significant growth driver for electronic companies, with 85% of listed companies experiencing revenue growth from 2019 to 2022, particularly those with higher overseas revenue ratios [13][14]. 2. Lessons from Japan and South Korea - Japan's experience in the 1980s and 1990s, characterized by limited domestic demand and a focus on exports, offers insights for China. Key strategies included leveraging semiconductor materials and equipment advantages, targeting emerging markets, and upgrading from low to high-profit segments [15][16]. - South Korea's emphasis on innovation and internationalization has allowed its electronic companies to become global leaders, establishing extensive production networks and enhancing capabilities through cross-border mergers and acquisitions [1]. 3. Key Companies to Watch - The report suggests focusing on several companies that are well-positioned for overseas expansion, including: - Transsion Holdings, a leading brand in emerging markets for mobile phones - Kangguan Technology, driven by smart TVs and interactive displays - Absen, known for its international marketing services in commercial displays - Anker Innovations, which excels in online channels overseas - Chanzhan Optoelectronics, leveraging acquisitions for business expansion - Zhaoyi Innovation, benefiting from automotive storage and MCU markets - Huadian Technology, a PCB supplier poised to gain from AI server demand [2].

] y r t s u d n I _ e l b a T [ [ 宁Ta 德bl 时e_ 代T （itl 3e 0] 0 750）2023年报点评 公 司 盈利能力改善，龙头地位稳固 研 挖掘价值 投资成长 究 / [Table_Rank] 增持 电 （维持） 气 设 2024 年 03 月 18 日 备 / [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15日，公司发布2023年年报。公司23年实现营业收入 证书编号：S1160522120001 4009.17 亿元，同比增长 22.01%，实现归母净利润 441.21 亿元，同 联系人：李京波 比增长43.58%。23Q4实现营业收入1062.40亿元，同比变化-10.16%， 电话：13127673698 环比增长+0.77%，实现归母净利润 129.76 亿元，同比变化-1.23%， [相T对ab指le数_P表ic现Qu ote] 环比增长+24.43%。费用率方面，公司23年销 ...

Group 1 - The ChiNext 50, ChiNext Composite, and ChiNext Index performed well this week, with increases of 5.09%, 4.54%, and 4.25% respectively [2] - The top five performing sectors this week were Automotive (6.09%), Food and Beverage (5.12%), Nonferrous Metals (5.08%), Environmental Protection (4.8%), and Retail (4.72%) [2] - The sectors with the largest declines were Coal (-7.24%), Oil and Petrochemicals (-2.6%), Household Appliances (-1.41%), Banking (-1.39%), and Utilities (-1.25%) [2] Group 2 - The concept sectors with the highest net inflows this week included Baijiu (27.47 billion), Super Capacitors (11.83 billion), Super Brands (10 billion), Lithium Extraction from Salt Lakes (8.61 billion), and Automotive Disassembly (7.76 billion) [2] - Northbound capital recorded a net purchase of 32.82 billion this week, with the top three net inflows being Chang'an Automobile (1.628 billion), Wuliangye (1.328 billion), and Tigermed (773 million) [2] - Margin trading saw a net inflow of 23.38 billion, with a total margin balance of 1,519.071 billion as of March 14 [11] Group 3 - The People's Bank of China conducted a 130 billion 7-day reverse repurchase operation and a 3,870 billion Medium-term Lending Facility (MLF) operation, maintaining the rates at 1.8% and 2.5% respectively [43] - The M2 balance reached 299.56 trillion, with a year-on-year growth of 8.7% [34] - The total social financing scale reached 385.72 trillion, with a year-on-year growth of 9% [34] Group 4 - The China Securities Regulatory Commission (CSRC) issued four documents aimed at enhancing the quality of the capital market, including stricter regulations on IPOs and increased oversight of listed companies [58] - The CSRC emphasized the need to improve the quality of listed companies and proposed measures to combat financial fraud and enhance cash dividend regulations [59] - The new regulations are expected to slow down the pace of new stock issuances as the market adjusts to the stricter standards [58]

] y r t s u d n I _ e l b a T [ [ 名Ta 创bl 优e_ 品T （itl 0e 9] 8 96.HK）FY24Q2财报点评 公 司 研 海外收入再创季度新高，直营+TOP TOY 究 驱动利润上行 挖掘价值 投资成长 / 商 [Table_Rank] 贸 增持 （首次） 零 售 2024 年 03 月 15 日 / 证 券 [东Ta方bl财e_富Au证th券or研] 究所 研 究 [【Tab投le_资Sum要ma点ry] 】 证券分析师：高博文 报 证书编号：S1160521080001 告  公司公布 FY24Q2（即 23Q4）业绩。23Q4 公司实现收入 38.41 亿元 证券分析师：陈子怡 （+54%）；经调整净利润6.61亿元（+77%）。 证书编号：S1160522070002 联系人：班红敏  海外直营及 TOP TOY 加速拓展，推动盈利能力大幅提升。 23Q4①毛 电话：021-23586475 [相Ta对b指le数_P表ic现Qu ote] 利率：43.1%（+3.1pct），主要系MINISO海外直营市场毛利率提升， TOP TOY 产品结构优化。② ...

Core Insights - The report highlights that the real estate sector is showing signs of recovery due to government support, with significant financing initiatives for major developers like Vanke [5] - The report indicates that the financial support for the real estate sector is gradually materializing, with new regulations allowing banks to issue loans for operational properties to help alleviate liquidity pressures [5][8] - The report notes that the sales performance of the top 100 real estate companies has significantly declined, with a 60% year-on-year drop in sales amounting to 185.86 billion yuan in February 2024 [5] Summary by Sections Real Estate Market Dynamics - The report discusses the historical context of real estate recoveries, emphasizing that first-tier cities play a crucial role, accounting for over 25% of China's total real estate market value [8] - In January 2024, first-tier cities saw a year-on-year increase in new residential sales prices by 2.1%, while second-tier cities experienced a decline of 1.1% [8] - The report highlights that third-tier cities are facing the most significant challenges, with new residential prices dropping by 3.8% [8] Government Policies and Support - The report suggests that mortgage rates will be a key adjustment point, with potential further reductions expected to ease the burden on existing loans and stimulate consumption [8] - It recommends tax relief measures for second-hand housing transactions and adjustments to purchase restrictions in first-tier cities to support new residents [8] - The report emphasizes the need for stronger government support for real estate companies, including the issuance of special government bonds to ensure liquidity and support the completion of housing projects [8]

[Table_Title] 有方科技（688159）动态点评 2024 年 03 月 13 日 国产化自主可控存储灾备市场空间大，未来三年保持较高增速。数据 存储灾备业务是云基础设施设备业务的重要组成部分，2023 年公司公 告了携手合作伙伴共同开发国产化自主可控的存储服务器产品，也进 入了国产存储标准目录。在错综复杂的国际形势、积极的政策支持、 持续增长的市场需求等多重因素的影响下，国产化自主可控的存储灾 备市场有较大的发展空间，未来三年也会保持着较高的增速。公司具 有产品技术、整合资源能力优势，管理团队技术出身，通过联合研发 以及对外收购存储灾备的技术团队快速完成技术基础搭建。公司在存 储灾备业务主要提供高性能存储软硬件产品。由于数据中心或智算中 心需要同时采购算力和存储，而政策变化导致算力成为稀缺资源，通 过算力可带动公司自身存储灾备业务的发展。公司的"云-管-端"架 构聚焦于重庆、长沙、西安等二线城市进行深耕，能够满足政府统筹 统建需求，降低数智城市建设运营成本，通过物联网运管服平台横向 打通数据壁垒并为数据统一纳管和共建共享提供有力抓手，未来通过 运营服务模式获得长期收益。 [Table_Rank] ...

[ 家Ta 电bl 行e_ 业Ti 2t 0l 2e 4] 年 二季度投资策略 行 业 研 看好以旧换新行业催化,外销持续增收 挖掘价值 投资成长 究 / [Table_Rank] 家 强于大市 电 （维持） / 2024 年 03 月 13 日 证 [东Ta方bl财e_富Au证th券or研] 究所 券 证券分析师：高博文 研 [Table_Summary] 究 【投资要点】 证书编号：S1160521080001 报 联系人：班红敏 告  内需来看，宏观经济稳中向好，增速回归，在基本面支撑下消费内需 电话：021-23586475 有望持续恢复。地产方面仍面临较大压力，亟待进一步政策刺激，家 电以旧换新政策将利好家电需求的进一步释放。 [相 T对 a指 bl数 e表 _现 Pi cQuote]  海外方面，海外需求较为旺盛。北美渠道商 2023 年底完成去库存， 2024年有望迎来新一轮补库周期，外销有望持续提振。长期来看，2024 12.95% 6.39% 年出口将持续快速增长，利好我国家电龙头企业海外市场份额的提 -0.17% 升。长期看好自有品牌出海，主要集中在白电、黑电及清洁电器子板 -6.73 ...

] y r t s u d n I _ e l b a T [ [ 景Ta 嘉bl 微e_ （Ti 3t 0l 0e 4] 7 4）动态点评 公 司 研 高性能智算模块推出，拓宽AI相关市场 究 业务 挖掘价值 投资成长 / 电 [Table_Rank] 子 增持 （维持） 设 备 2024 年 03 月 13 日 / 证 券 [东Ta方bl财e_富Au证th券or研] 究所 研 究 [【Tab事le_项Sum】ma ry] 证券分析师：方科 报 证书编号：S1160522040001 告 电话：021-23586361  3月12日公司公告“景宏”系列高性能智算模块及整机产品研发成功， 此类产品面向AI训练、AI推理、科学计算等应用领域，支持INT8、 [相T对ab指le数_P表ic现Qu ote] FP16、FP32、FP64等混合精度运算，支持全新的多卡互联技术进行算 80.02% 力扩展，适配国内外主流 CPU、操作系统及服务器厂商，能支持当前 55.76% 主流的计算生态、深度学习框架和算法模型库，大幅缩短用户适配验 31.50% 证周期。 7.24% -17.02% -41.28%3/12 5/ ...

[ 电Ta 气bl 设e_ 备T 行itl 业e] 动 态点评 行 业 研 究 eVTOL从0到1产业趋势确定 挖掘价值 投资成长 / 电 [Table_Rank] 气 强于大市 设 （维持） 备 2024 年 03 月 12 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 【事项】 证书编号：S1160521050001 究 证券分析师：李京波 报  概念：eVTOL是Electric Vertical Take-off and Landing的简称， 告 证书编号：S1160522120001 中文名为电动垂直起降飞行器。优势：智能技术应用、起降方便、电 证券分析师：方科 气化、低噪音、低排放、巡航效率高、保障要求低、更加便捷安全。 证书编号：S1160522040001 应用区域：城市内部、城郊及城际范围内，无缝衔接城市地面公共交 通与轨道交通。应用场景：取代直升机大部分用途，拓展低空旅游、 [相 T对 a指 bl数 e表 _现 Pi cQuote] 空中物流、消防救援、医疗救助等更多应用场景。 4.91%  政策落地+产业推 ...