证券研究报告 公司点评 萤石网络(688475.SH) 计算机｜ 计算机设备 海外市场快速增长， 盈利质量稳健提升 2024年 04月 16日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 买入 主营收入(亿元) 43.06 48. 40 55.23 62.01 69.49 归母净利润(亿元) 3.33 5.63 6.78 7.93 9.44 评级变动 首次 每股收益（元） 0.59 1.00 1.21 1.41 1.68 交易数据 每股净资产（元） 8.64 9.36 10.36 11.53 12.93 当前价格（元） 47.09 P/E 79.53 47.05 39.06 33.40 28.06 52周价格区间（元） 37.61-56.05 P/B 5.45 5.03 4.54 4.08 3.64 总市值（百万） 26488.20 资料来源：iFinD，财信证券 流通市值（百万） 13614.90 总股本（万股） 56250.00 投资要点： 流通股（万股） 28912.50  事件：根据公司发布的2023年年报和 2024年一季报，2023公司实现 营业总收入 48.40 ...

Investment Rating - The report assigns a rating of "Buy" to the company [1] Core Views - The company has shown significant improvement in profitability, with a 42.2% year-on-year revenue growth in Q1 2024, reaching 3.96 billion yuan, and an 84.5% increase in net profit attributable to shareholders, amounting to 380 million yuan [3][4] - The gross margin for Q1 2024 was 25.2%, an increase of 2.1 percentage points year-on-year, indicating enhanced profitability [4] - The company is focusing on the development of packaging substrates, with R&D expenses rising by 103.6% year-on-year to 338 million yuan, reflecting a commitment to innovation and growth [4] - The establishment of a factory in Thailand is expected to help the company seize overseas opportunities, with an estimated investment of 1.27 billion yuan [4] Financial Summary - The company's main revenue for 2022 was 13.992 billion yuan, with projections of 16.172 billion yuan for 2024 and 20.728 billion yuan for 2026 [3][7] - The net profit attributable to shareholders is projected to be 1.728 billion yuan in 2024, increasing to 2.346 billion yuan by 2026 [3][7] - Earnings per share (EPS) are expected to rise from 2.73 yuan in 2023 to 4.57 yuan in 2026 [3][7] - The price-to-earnings (P/E) ratio is projected to decrease from 32.63 in 2023 to 19.45 in 2026, indicating potential for value appreciation [3][7]

证券研究报告 此报告仅供内部客户参考 请务必阅读正文之后的免责条款部分 | --- | |------------------| | | | | | 1 A 股行情回顾. | | 2 策略点评 . | | 3 行业数据 | | 4 市场估值水平 . | | 5 市场资金跟踪 | | 6 风险提示 | 此报告仅供内部客户参考 策略报告 | --- | --- | --- | --- | --- | |-----------|-----------------|------------|------------|------------| | 名称 | 周五收盘价 | 当周涨跌幅 | 当月涨跌幅 | 当年涨跌幅 | | 上证 50 | 2,430.58 2.38% | | 0.65% | 4.49% | | 沪深 300 | 3,541.66 1.89% | | 0.12% | 3.22% | | 中证 100 | 3,386.94 1.82% | | 0.39% | 3.80% | | 上证综指 | 3,065.26 1.52% | | 0.79% | 3.04% | | 中证 500 | 5,314.87 0 ...

据新华社消息，彭博社本周根据国际货币基金组织（IMF）最新经济预测数据进行的计算显示，2024 年到 2029 年，在全球新增经济活动中，中国占比将达到 21%左右，七国集团占比 20%，而美国占比接近 12%。总体而言，未来 5 年全球经济增长的 75%预计将集中在 20 个国家，其中中国、印度、美国和印度尼西亚四国将贡献全球经济增长的一 半以上。 据新华社消息，为更好地服务科技创新，促进新质生产力发展，证监会制定了《资本市场服务科技企业高水平发 展的十六项措施》，从上市融资、并购重组、债券发行、私募投资等全方位提出支持性举措。证监会的十六项措施主 要包括建立融资"绿色通道"、支持科技型企业股权融资、加强债券市场的精准支持、完善支持科技创新的配套制度 等四方面内容。一是建立融资"绿色通道"。加强与有关部门政策协同，精准识别科技型企业，健全"绿色通道"机 制，优先支持突破关键核心技术的科技型企业在资本市场融资。二是支持科技型企业股权融资。统筹发挥各板块功能， 支持科技型企业首发上市、再融资、并购重组和境外上市，引导私募股权创投基金投向科技创新领域。完善科技型企 业股权激励的方式、对象和实施程序。三是加强债券市 ...

杨甫 分析师 执业证书编号:S0530517110001 yangfu@hnchasing.com 周艺晗 研究助理 zhouyihan96@hnchasing.com 相关报告 机械设备｜ 通用设备 公司持续保持研发优势， 2023 年公司完成国产五轴激光切割数控系 统首台首套试用及国产替代批量配套。通过公司不断中高端数控系统 核心技术国产化，公司在国产高端系统市场占有率已近 50%，是行业 内的国产龙头企业。目前公司部分数控系统在性能和功能上已经达到 了海外企业的水平，叠加国内机床顺周期、设备更新推进以及国产替 代需求驱动，期待公司产品增长放量。 条动力电池装备智能产线； 2023 年华数锦明也在国际市场取得历史 性突破，获得超过 5 亿元的出口订单，逐步打开了国际影响力。（2） 公司机器人业务。2023 年公司机器人订单确认收入 3.0 亿元，期末在 手订单 1.2 亿元。公司大负载系列产品线持续扩增，工业机器人最高 可实现重载 360kg，性能指标可与国际一线品牌媲美，已批量应用于 汽车主机厂、光伏、锂电、储能等行业头部企业。2023 年公司机器人 与智能产线板块毛利率为 26.9%，同比下降 2.1 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a global leader in battery technology, holding a 36.8% market share in the power battery market for seven consecutive years, with a profit margin that has rebounded despite industry challenges [6][10] - The company has significantly increased its R&D investment, reaching 18.35% growth in 2023, which has helped maintain its technological edge and product innovation [6][30] - The establishment of the "CATL inside" brand is enhancing consumer trust and becoming a key factor in electric vehicle purchasing decisions [6][45][49] - The company is focused on creating a robust manufacturing system with high reliability and low defect rates, supported by extensive quality control measures [6][53] Summary by Sections 1. Global Battery Leader - The company has a strong historical foundation, originating from ATL and has established significant partnerships with major automotive manufacturers [11][12] - The company has a stable shareholding structure, with experienced management leading its operations [12][14] - Financially, the company has shown strong cash flow and profitability, with a revenue of 400.92 billion yuan in 2023, a 22.01% increase year-on-year [21][26] 2. Technological Leadership and Brand Advantage - The company has invested over 528 billion yuan in R&D since 2016, significantly outpacing competitors [30][33] - New product launches, including sodium-ion batteries and the innovative Kirin battery, demonstrate the company's commitment to technological advancement [36][39] - The company has established a strong brand presence in the high-end market, achieving over 60% market share in high-end electric vehicles [45] 3. Integrated Global Layout and Extreme Manufacturing - The company has developed a comprehensive supply chain strategy, ensuring the availability and cost control of essential raw materials [50][52] - The company operates three "lighthouse factories," recognized for their advanced manufacturing capabilities and quality control systems [53]

证券研究报告 公司点评 完美世界(002624.SZ) 传媒｜ 游戏Ⅱ 研发周期导致 23 年业绩承压，后 续新品上线有望推动业绩增长 2024年 04月 17日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 买入 主营收入(百万元) 7,670.40 7,790.72 8,432.56 9,010.47 9,538.77 归母净利润(百万元) 1,377.19 491.48 847.86 972.80 1,038.97 评级变动 维持 每股收益（元） 0.71 0.25 0.44 0.50 0.54 交易数据 每股净资产（元） 4.72 4.62 4.08 3.46 2.81 当前价格（元） 9.86 P/E 13.89 38.92 22.56 19.66 18.41 52周价格区间（元） 9.00-22.91 P/B 2.09 2.14 2.42 2.85 3.51 总市值（百万） 19128.09 资料来源：iFinD，财信证券 流通市值（百万） 18017.73 总股本（万股） 193996.90 投资要点： 流通股（万股） 182735.60  事件：公司发布 202 ...

上证指数 -1.56 4.18 -9.92 行业配置及主题跟踪报告 ——大类资产跟踪周报（04.08-04.12） 2024 年 04 月 16 日 -22% -12% -2% 8% 2023-012023-022023-032023-042023-052023-062023-072023-082023-092023-102023-112023-122024-012024-022024-032024-04 上证指数 沪深300 % 1M 3M 12M 证券研究报告 美 CPI反复风险升温，国内"国九条"重磅发布 核心摘要 权益市场：A股方面，CPI及出口小幅低于预期，"国九条"重磅发 布。宏观经济方面，上周多项3月宏观经济数据公布，整体表明经 济仍处于温和修复区间。通胀方面，3月CPI同比录得0.1%，前值 0.7%。出口方面，2024 年 3 月我国出口同比增速大幅下行至- 7.5%，前值 7.1%。剔除基数效应后，出口两年复合增速为 1.2%， 较前值上行 2.1 个百分点。社融方面，3月新增社融 4.87万亿元， 市场预期4.11万亿元，存量社融增速则回落至8.7%。周五盘后国务 院发布新的"国九条"政 ...

证券研究报告 | --- | --- | --- | --- | --- | --- | |---------------------------------------|-----------|-----------------|----------|--------|-----------------------------------------------------------------------------------------------| | | | | | | 晨会纪要 晨会纪要 | | | 2024 年 | 04 月 | 18 日 | | | | 市场数据 | | | | | 晨会聚焦 | | 指数名称 | | 收盘 | 涨跌 | % | 一、财信研究观点 | | 上证指数 | | 3071.38 | 2.14 | | 【市场策略】 A 股主要指数普涨，微盘股集体走高 | | 深证成指 | | 9381.77 | 2.48 | | | | 创业板指 | | 1797.31 | 2.11 | | 【基金研究】基金数据日跟踪 | | 科创 50 | | 750.89 | 2.42 | | ...

Group 1 - The report highlights the joint notification from the National Financial Regulatory Administration, Ministry of Industry and Information Technology, and National Development and Reform Commission, emphasizing the need for financial support for high-quality development in the manufacturing sector [1] - The notification calls for optimizing the credit structure for the manufacturing industry, requiring financial institutions to set specific credit plans and enhance the proportion of medium to long-term loans for manufacturing [1] Group 2 - Deep South Circuit (002916.SZ) reported a 84.5% year-on-year increase in net profit attributable to shareholders for Q1 2024, reaching 3.8 billion yuan [2][23] - The company achieved a revenue of 39.6 billion yuan in Q1 2024, marking a 42.2% increase compared to the previous year, driven by strong demand in AI and automotive sectors [23] - The gross margin for Q1 2024 was reported at 25.2%, an increase of 2.1 percentage points year-on-year, indicating improved profitability [23] Group 3 - Huahai Pharmaceutical (600521.SH) expects a net profit of 260 to 286 million yuan for Q1 2024, representing a growth of 50% to 60% year-on-year [24][47] - The company faced challenges in 2023, with a net profit decline of 29.25% due to increased competition and price drops in the raw material sector [24] Group 4 - The report indicates that 19 listed banks in China saw a 30.7% year-on-year increase in personal operating loans for 2023, reflecting a strong support for small and micro enterprises [44][45] - The total operating loan scale for these banks reached approximately 5.67 trillion yuan by the end of 2023, with significant contributions from major state-owned banks [45]