工业富联(601138) /消费电子 /公司深度研究报告 / 2024.06.08 全球 AI 服务器龙头，深度受益 AI 需求增长 证券研究报告 投资评级:增持(首次) 核心观点 ❖ 工业富联：全球领先的新形态电子设备产品智能制造服务提供商。公司 基本数据 2024-06-07 拥有云计算、通讯及移动网络设备和工业互联网三大业务板块，致力打造全球 收盘价(元) 24.53 流通股本(亿股) 198.35 新制造生态系统中的“超级纽带”。2018年公司上市，自上市以来，公司依托 每股净资产(元) 7.32 于数字经济新基建的发展机遇，推动“高端智能制造+工业互联网”的核心业 总股本(亿股) 198.64 务高质量发展，实现产品技术的持续创新，公司业绩稳步增长。2023 年公司 最近12月市场表现 收入4763.40亿元，2018-2023年CAGR=2.78%。 ❖ 云计算：全球服务器ODM龙头，受益AI需求增长。AI浪潮下，AI服 工业富联 沪深300 务器需求快速增长。据Trendforce数据，2024年全球AI服务器出货量将达到 上证指数 消费电子 53% 167万台，同比+38%。公司是全球领先的服 ...

轻工制造 /行业投资策略周报 /2024.06.09 家具出口延续改善，关注政策效果释放 证券研究报告 投资评级:看好(维持) 轻工行业周报 最近12月市场表现 核心观点  本周行情回顾：本周（2024.6.3-2024.6.7）申万轻工指数收报1849.48点，周 轻工制造 沪深300 涨跌幅为-5.76%，跑输沪深300指数5.60pct，在31个申万一级行业中排名第 7% 30。本周轻工制造细分板块普跌，家居用品/包装印刷/文娱用品/造纸分别- 1% 5.15%/-5.46%/-6.15%/-6.84%。 -6% -13%  宽松基调延续，关注政策效果释放。近日，南昌市宣布取消首套和二套住 -19% 房贷款利率下限，首套首付调至15%，山东胶州宣布团购人员购买首套房首付 -26% 款可按50%缴纳，余下可缓交1-2年。继“517”地产新政后，全国多城市陆 续落地执行，上海为首个率先降首付、调整贷款利率下限的一线城市，深圳、 广州于5月28日官宣落地降首付降利率政策，一线城市中已有三城跟进。降 分析师 吕明璋 SAC证书编号：S0160523030001 低住房贷款首付比有助于降低购房门槛和购房成本， ...

图9.公司毛利率水平逐步回升 数据来源：Wind，财通证券研究所 15.80% 12.26% 17.73% 14.45% 10.91% -4.48% -5.07% -1.86% 9.34% 24.74% -10.00% -5.00% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 数据来源：佰维存储 2023 年报，财通证券研究所 数据来源：Wind，财通证券研究所 谨请参阅尾页重要声明及财通证券股票和行业评级标准 8 2023 年，由于智能手机等下游需求不振，公司主力业务之一的嵌入式存储营收与 毛利率出现下滑；但得益于公司业务拓展，消费级存储模组业务规模稳步扩张， 毛利率逆势上升，有力提振了公司 2023 年的业绩。 2.2 PC 存储: B 与 C 端双管齐下 公司的 PC 存储产品包括固态硬盘、内存条,主要应用于电竞主机、台式机、笔记 本电脑、一体机等领域。其中，针对企业客户（PC 品牌商、PC OEM、装机商等 PC ...

分析师 马骏 SAC 证书编号：S0160523080004 majun@ctsec.com ❖ 对各国出口普遍续升。从 5 月同比增速来看，对主要经济体出口在低基数 影响下上行明显，对东盟（25.4%）、拉丁美洲（19%）和俄罗斯（-1.1%）出口 增速较上月上行超 10 个百分点。从出口增速拉动值来看，主要贸易伙伴对我 国出口拉动均继续小幅扩大，其中东盟拉动较上月增加近 2 个百分点，拉丁美 洲和"其他"国家对我国出口拉动值均上升超 1 个百分点，"其他"国家主要包括 一带一路国家以及部分中亚国家，指向我国出口长期受益"一带一路"、中非合 作论坛等合作机制。 ❖ 风险提示：国内经济复苏不及预期，欧美需求回落超预期，发展中国家需求 不及预期，进出口政策变动。 | --- | |--------------------------------------------| | | | 图表目录 | | 图 1. 我国出口和进口同比增速（%） | | 图 2. 代表性出口商品量价拆分情况（％） | | 图 3. 主要经济体对我国出口增速的拉动（%）. | | 图 4. 代表性出口商品出口金额同比增速（%）. | | ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [1]. Core Viewpoints - The low-altitude economy is expected to grow significantly, with the eVTOL market projected to reach 142.7 billion yuan by 2030, driven by government policies and industry advancements [2][36]. - The dual drivers of policy and industry are anticipated to enhance the market scale of the low-altitude economy, with a potential total market size of 2 trillion yuan [2]. - The report highlights the high technical barriers in the eVTOL sector, indicating that various segments still have significant growth potential [2]. Summary by Sections 1. Definition and Composition of Low-Altitude Economy - The low-altitude economy relies on low-altitude airspace and encompasses various commercial scenarios, including general aviation, aerial tourism, and logistics [10][12]. - It consists of four main components: low-altitude infrastructure, low-altitude aircraft manufacturing, low-altitude operation services, and low-altitude flight assurance [17][25]. 2. Policy and Industry Resonance - Recent top-level policies have been introduced to support the low-altitude economy, with an expansion of subsidy ranges expected [34][39]. - The government has set clear goals for the development of the low-altitude economy, with significant policy backing from both national and local levels [36][37]. 3. Market Space and Growth Potential - The eVTOL market is projected to reach 142.7 billion yuan by 2030, driven by factors such as cost efficiency and the maturity of autonomous driving technology [2][19]. - The report emphasizes the need for improved low-altitude infrastructure to support the anticipated growth in eVTOL and other low-altitude operations [19][23]. 4. Investment Opportunities - The report suggests focusing on eVTOL manufacturers like EHang and XPeng, as well as battery manufacturers such as CATL and Guoxuan High-Tech, which are expected to benefit from technological advancements [2][3]. - It identifies key players in various segments, including operation service providers and communication navigation firms, as potential investment opportunities [2][3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][45]. Core Insights - The company is a leader in coal mine information technology, actively expanding into chemical and non-coal mining markets, with new robotic products being developed and applied in various scenarios [18][29]. - Revenue growth is projected to be steady, with forecasts of 1.301 billion, 1.671 billion, and 2.152 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 286 million, 383 million, and 495 million yuan [6][30]. - The company has a strong understanding of mining scenarios and is well-positioned to benefit from the ongoing trend towards automation and intelligent mining solutions [29][66]. Summary by Sections 1. Company Overview - The company has developed a comprehensive product system covering intelligent mining communication, monitoring, centralized control, and equipment support, establishing solid partnerships with major coal mining enterprises [51][28]. - It aims to create a unified data network for mining operations, enhancing efficiency and safety [51]. 2. Market Trends - The report highlights the accelerating pace of coal mine automation driven by policy support, with a target for 60% of coal mining capacity to be automated by 2026 [66][66]. - The labor force in coal mining is declining, necessitating the adoption of automation and unmanned technologies [66][66]. 3. Financial Performance - The company has shown a compound annual growth rate (CAGR) of 37.38% in revenue from 2018 to 2023, with a revenue of 1.008 billion yuan in 2023 [20][30]. - The operating cash flow has significantly improved, reaching 248 million yuan in 2023, indicating a strong recovery in cash flow management [21][61]. 4. Product Development - The company is actively developing new robotic products for inspection and transportation, with applications expected to expand into decision-making and execution scenarios [29][35]. - Current products include intelligent inspection and transportation robots, which have already been deployed in various mining environments [29][35]. 5. Competitive Position - The company is positioned as a leading player in the coal mine information technology sector, with a strong competitive edge due to its comprehensive understanding of mining operations and technology [18][29]. - The report compares the company's price-to-earnings (PE) ratio favorably against peers, suggesting a potential for growth and investment appeal [6][30].

长城汽车(601633) /乘用车 /公司点评 /2024.06.06 总销量同比下滑，坦克品牌销量同比增速较高 证券研究报告 投资评级:增持(维持) 核心观点 ❖ 事件：公司发布5月销量公告，公司2024年5月总销量为9.1万辆，同比减 基本数据 2024-06-05 少9.5%，1-5月总销量为46.2万辆，同比增长11.42%。其中5月新能源汽车 收盘价(元) 25.45 流通股本(亿股) 84.87 销量为2.5万辆，同比增长3.8%，1-5月新能源车销量为10.6万辆，同比增长 每股净资产(元) 8.36 59.67%。5月海外销售3.4万辆，同比增长37.2%，1-5月海外销售16.3万辆， 总股本(亿股) 85.42 同比增长65.18%。 最近12月市场表现 ❖ 坦克品牌销量同比增速较高：哈弗 5 月销售新车 47066 辆，同比减少 长城汽车 沪深300 15.35%，1-5月，哈弗累计销量252099辆，同比提升7.86%；WEY品牌5月 上证指数 34% 销售新车2862辆，1-5月累计销量16928辆，同比增长46.59%；坦克5月销 24% 售 20326 辆，同比增长 94.90% ...

吉利汽车(00175) /汽车 /公司点评 /2024.06.06 高价值产品加速上新，国际化竞争力稳步提升 证券研究报告 投资评级:增持(维持) 核心观点 ❖ 事件：公司公告2024年5月销量情况。5月销量16.1万辆，环比增长5%， 基本数据 2024-06-05 同比增长38%。5月新能源销量5.9万辆，环比增长14%，同比增长146%， 收盘价(港元) 9.83 流通股本(亿股) 100.63 渗透率37%，其中5月 BEV销量3.4万辆，同比+63%，5月PHEV销量2.4 每股净资产(港元) 7.27 万辆，同比+741%。5月出口3.7万辆，同比+68%。 总股本(亿股) 100.63 ❖ 高价值产品加速上新，国际化竞争力稳步提升：分品牌看，吉利品牌5月 最近12月市场表现 销量12.0万辆，环比增长2%，同比增长30%，其中银河系列5月销量1.4万 辆，环比增长12%；中国星高端系列5月销量3.1万辆，累计销量突破100万 吉利汽车 恒生指数 汽车 辆。领克品牌5月销量2.2万辆，环比增长16%，同比增长50%。极氪品牌5 19% 月销量1.9万辆，同比增长115%。全新Perface海外首次 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3][6]. Core Views - The company's thermal control PI film is under pressure, while the electrical and electronic PI films are performing well. The revenue from thermal control PI films has decreased by 43.09% year-on-year due to significant price reductions by competitors. In contrast, revenues from electrical PI films and electronic PI films have increased by 28.86% and 19.37% respectively, indicating structural growth. The company is also increasing R&D investments to promote the development of polyimide materials for flexible displays, new energy applications, integrated circuit packaging, and aerospace applications [5][6]. Financial Projections - The company is expected to achieve operating revenues of 389 million, 619 million, and 731 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 5 million, 43 million, and 70 million yuan. The projected PE ratios are 357.57, 42.63, and 26.24 for the same years [6][19]. Recent Developments - The company is advancing its fundraising projects, with the construction of a 1600-ton project in Jiaxing nearly completed. Two production lines are expected to be operational by September 2023, with further lines undergoing testing and expected to start trial production by December 2023. This project is anticipated to drive future growth for the company [15][19]. Joint Venture - The company has announced a joint venture with Kailin Chemical, focusing on advanced materials, including polyimide. The registered capital for the joint venture is 20 million yuan, with both companies contributing equally [14].

基础化工 / 行业投资策略周报 /2024.06.04 化工行业周报 证券研究报告 投资评级:看好(维持) 百龙创园投产结晶糖项目，原油价格上涨 最近12月市场表现 核心观点 ❖ 本周行情：本周市场综合指数整体下行，上证综指报收 3086.81，本周下跌 基础化工 沪深300 上证指数 0.07%，深证指数本周下跌 0.64%，A 股指数下跌 0.06%；其中化工板块下跌 5% 0.47%。 -2% -9% ❖ 化工公司行情：本周涨幅前五的股票为：杨帆新材（+85.86%）、双象股份 -15% （+32.84%）、裕兴股份（+30.88%）、同益股份（+19.07%）、恒光股份（+16.95%）。 -22% 本周跌幅前五的股票为：永悦科技（-22.67%）、亿利洁能（-22.45%）、正丹股 -29% 份（-21.97%）、新纶新材（-21.05%）、江天化学（-18.72%）。 ❖ 化工品行情：本周涨幅前五的化工品为：液氯、顺酐、维生素D3、正丁醛、 分析师 毕春晖 SAC证书编号：S0160522070001 混合C5山东；本周跌幅前五的化工品为：甲酸、亚硝酸钠华中、裂解C5、水 bich@ctsec.c ...