Investment Rating - The report maintains an "Accumulate" rating for the company [2]. Core Insights - The company benefited from the recovery of overseas demand, network upgrades, and growth in vehicle networking, leading to improved profitability and effective cost control. In Q1 2024, the company achieved revenue of 212 million yuan, a year-on-year increase of 20.49%, and a net profit attributable to the parent company of 35 million yuan, up 83.06% year-on-year. This growth was partly driven by the upgrade from 2G to 4G networks and the continuous growth of vehicle networking products [1][10]. Summary by Sections Financial Performance - In Q1 2024, the company reported a comprehensive gross margin of 40.87%, an increase of 0.48% year-on-year, benefiting from self-developed modules replacing outsourced components and an increase in high-margin orders. The sales expense ratio, management expense ratio, and R&D expense ratio were 7.66%, 5.03%, and 13.29%, respectively, all showing a decrease compared to the same period last year [1][10]. Product Development - The company launched 18 new products in 2023, including the GL530MG, which won the 2023 IoTEvolution Asset Tracking Solution Award. New products in the smart connection field include high-performance industrial routers and a 4G smart driving recorder, CV200, which features advanced AI vision and multi-sensor fusion algorithms [1][10]. Market Outlook - The IoT industry is expected to maintain steady and rapid growth, with AIoT and e-Bike products, as well as industrial routers, likely to drive development. The number of cellular IoT users in China reached 2.332 billion by the end of 2023, with a net increase of 488 million users throughout the year [9][10]. The global IoT market is projected to grow from $483.28 billion in 2022 to $2.27042 trillion by 2028, with a compound annual growth rate of 29.4% [9].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company is undergoing a significant equity optimization with the second-largest shareholder, Germany's Weikaw, transferring its entire 11.62% stake at a price of 2.81 CNY per share, which is only about 7% below the current market price of 3.00 CNY [2][3]. - The company has shown strong financial performance, with Q1 2024 revenue reaching 832 million CNY, a year-on-year increase of 7.9%, and a net profit of 110 million CNY, up 82% compared to the previous year [3]. - The company is a leading player in the automotive exterior and surface treatment sector, with a diverse product range and advanced manufacturing technologies [4]. Financial Summary - For the years 2024 to 2026, the company is projected to achieve revenues of 3.68 billion CNY, 3.72 billion CNY, and 3.75 billion CNY, with year-on-year growth rates of 2.2%, 1.0%, and 1.0% respectively [17]. - The net profit attributable to the parent company is expected to be 530 million CNY, 560 million CNY, and 573 million CNY for the same years, reflecting growth rates of 5.7%, 5.1%, and 2.4% [17]. - The company’s valuation is projected at 8.5, 8.1, and 7.9 times PE for the years 2024, 2025, and 2026 respectively [17]. Company Overview - The company specializes in automotive interior and exterior decorative parts, utilizing materials such as aluminum alloy, stainless steel, cold-rolled and galvanized steel, plastic, and rubber [4]. - It employs various advanced manufacturing and surface treatment processes, including aluminum alloy casting, extrusion, and multiple coating technologies, positioning itself as a leader in the domestic market [4]. - The company has established partnerships with major automotive manufacturers, including FAW-Volkswagen, BMW Brilliance, and BYD, among others [4].

[Table_Title] 宏观经济点评 物价低增长格局未变——5月物价数据 点评 据国家统计局数据，2024 年 5 月份，全国居民消费价格指数（CPI） 同比增长 0.3%，增速较 4 月持平，环比增长-0.1%；全国工业生产者 出厂价格指数（PPI）同比增长-1.4%，降幅较 4 月份月收窄 1.1 个百 分点，环比增长 0.2%。 ]yrtsudnI_elbaT[ 2024 年 06 月 17 日 [Table_ 【事项Summary 】] 【评论】 核心 CPI 持续下行，国内供强需弱矛盾依然突出。5 月份 CPI 同比增 速继续保持在低位，其中食品价格降幅有所收窄，非食品价格增速回 落。食品价格回升主要受益于生猪库存持续去化，猪肉对 CPI 由负向 拖累转向正向拉动。非食品方面，受到居民端需求不足影响，五一长 假并未对出行旅游消费形成充分提振，相关商品和服务价格环比由较 大下降；同时，汽车、家电等大宗消费供强需弱，价格继续走低。 低基数和全球铜铝价格上涨支撑 PPI 上行，年内降幅有望在 1%以内。 二季度以来，受海外产能下降影响，全球铜、铝等金属价格大幅走高， 有色金属、黑色金属等相关行业工业品 ...

[ 电Ta 气bl 设e_ 备T 行itl 业e] 动 态点评 行 业 研 究 绿电绿氢占比提升，绿色生产力显现 挖掘价值 投资成长 / 电 [Table_Rank] 气 设 强于大市 （维持） 备 2024 年 06 月 17 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：朱晋潇 报  据国家发改委6月7日资料，国家发展改革委等部门印发钢铁、炼油、 告 证书编号：S1160522070001 合成氨、水泥4个行业节能降碳专项行动计划，推动以可再生能源替 电话：021-23586740 代煤制氢，提高绿氢利用比例，引导合成氨企业通过购买绿电绿证等 方式，逐步实现高比例绿电使用。  近日，工信部发布《国家工业和信息化领域节能降碳技术装备推荐目 [相 T对 a指 bl数 e表 _现 Pi cQuote] 录（2024年版）》，涉及“氢能制取及利用技术”共计15个类目。 8% 0% 【评论】 -8% -17% ...

[ 信Ta 息bl 技e_ 术T 行itl 业e] 动 态点评 行 业 研 究 数据要素政策密集出台催化产业落地 挖掘价值 投资成长 / 信 [Table_Rank] 息 技 强于大市 （维持） 术 2024 年 06 月 17 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：方科 券 [Table_Summary] 研 【事项】 证书编号：S1160522040001 究 联系人：童心怡 报  2024年6月11日，商务部等九部门发布《关于拓展跨境电商出口推 告 电话：021-23586757 进海外仓建设的意见》。提升跨境数据管理和服务水平。在符合法律 法规要求、确保安全的前提下，促进和规范数据跨境流动，允许跨境 [相 T对 a指 bl数 e表 _现 Pi cQuote] 电商、跨境支付等应用场景数据有序自由流动。鼓励跨境电商、海外 仓企业依法依规利用数据赋能产业链上下游，增强生产企业柔性化供 8.07% -1.14% 应能力。 -10.35% -19.57% -28.78%6/17 8/17 10/17 12/17 2/17 4/17 -38.00% 【评论】 ...

[ 电Ta 子bl 设e_ 备T 行itl 业e] 动 态点评 行 业 研 究 多家芯片厂露雄心，全球AI景气持续 挖掘价值 投资成长 / 电 [Table_Rank] 子 设 强于大市 （维持） 备 2024 年 06 月 14 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：方科 券 [Table_Summary] 研 【事项】 证书编号：S1160522040001 究 证券分析师：马行川 报  三星、博通给出积极展望。1）6月12日，在美国硅谷举办的“三星 告 证书编号：S1160524040002 晶圆代工论坛 2024”上，AI 芯片成为本次论坛的核心议题。三星展 联系人：刘琦 望今年其 AI 芯片代工销售额将是去年的 1.8 倍，客户数量将比去年 电话：021-23586475 增加 1 倍；到 2028 年，其 AI 芯片代工客户数量将比 2023 年增加 4 倍，代工销售额将比 2023 年增加 9 倍。2）同日，博通将 AI 芯片年 [相 T对 a指 bl数 e表 _现 Pi cQuote] 度营收预期上调 10%，并宣布进行股票拆分。该公司预期 2024 年与 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company [15]. Core Views - The company has shown steady revenue growth, with a 2023 revenue of 1.908 billion, up 17.44% year-on-year, and a net profit of 217 million, up 27.76% year-on-year [2][17]. - The traditional oil pump products' revenue share is decreasing, while the share of new energy vehicle components is increasing, indicating a strategic shift towards more innovative products [2][4]. - The company is well-positioned to benefit from the automotive industry's trends towards energy efficiency and electrification, with significant market opportunities for its electronic pump products [4][22]. Financial Performance - In Q1 2024, the company achieved a revenue of 465 million, a year-on-year increase of 14.59%, and a net profit of 45 million, up 25.76% year-on-year [2]. - Revenue projections for 2024, 2025, and 2026 are 2.407 billion, 2.890 billion, and 3.381 billion respectively, with corresponding net profits of 256 million, 324 million, and 389 million [11][17]. - The company's EBITDA is expected to grow from 361.83 million in 2023 to 606.88 million by 2026 [11]. Business Segments - The company's product portfolio includes oil pumps, water pumps, transmission oil pumps, and components for electric vehicles, indicating a diverse business model [5]. - The share of traditional oil pump products in revenue has decreased from 60.47% in 2021 to 50.05% in 2023, while new energy vehicle components now account for 20.66% of revenue [2][4]. Market Trends - The automotive industry's focus on energy conservation and cost reduction is driving demand for the company's innovative products, such as the variable displacement oil pump, which improves engine performance and reduces fuel consumption [4]. - The company has established relationships with major clients, including BYD and Cummins, which positions it well for future growth in the electronic pump market [4][22].

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company is positioned to benefit from the upcoming implementation of new energy vehicle inspection standards, which is expected to drive significant growth in its inspection equipment business [8] - The establishment of a wholly-owned subsidiary and partnerships for vehicle inspection services indicate the company's commitment to expanding its operational footprint in the vehicle inspection market [4][7] - The company aims to transition from a single revenue stream from inspections to a diversified income model by linking vehicle inspection services with the aftermarket ecosystem through its "Mati Smart Platform" [7] Summary by Sections Company Developments - The company has established a wholly-owned subsidiary, Shenzhen Anche Intelligent Co., Ltd., focusing on AI public service platform technology consulting and data services [4] - The company has formed a joint venture for vehicle inspection services, enhancing its operational capabilities in the inspection sector [4] Market Position and Strategy - The company is a major provider of comprehensive solutions in the vehicle inspection field, with its products already in trial operation at inspection stations [4] - The company has established 32 service outlets, positioning itself for effective nationwide market coverage once policies are implemented [4] Financial Projections - The company is projected to achieve revenues of 586 million, 969 million, and 1.15 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 63 million, 104 million, and 175 million yuan [8] - The report anticipates a significant increase in earnings per share (EPS) from 0.27 yuan in 2024 to 0.76 yuan in 2026, reflecting a positive growth trajectory [8] Industry Context - The vehicle inspection industry is characterized by low concentration and varying levels of standardization, presenting opportunities for the company to enhance operational efficiency through chain operations [7] - The company is actively expanding its vehicle inspection service market presence, addressing industry pain points such as complex inspection processes and lengthy procedures [7]

] y r t s u d n I _ e l b a T [ [ 鹏Ta 鼎bl 控e_ 股T （itl 0e 0] 2 938）动态点评 公 司 研 M4、M5营收快速增长，大客户AI赋能终 究 端给予公司长期增长动能 挖掘价值 投资成长 / 电 [Table_Rank] 子 增持 （维持） 设 备 2024 年 06 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：周旭辉 报 证书编号：S1160521050001 告 联系人：刘琦  近期，公司发布2024年4月和5月营业收入简报，4月和5月分别实 电话：021-23586475 现营业收入22.00/21.22亿元，同比分别+52.21%/+23.61%。 [相Ta对b指le数_P表ic现Qu ote] 【评论】 32.45% 19.66% 6.86%  Q2以来收入快速增长。公司 4、5月的营业收入实现较快增长，通讯 -5.93% 用板和消费电子用板方面增长的主要原因是去年 Q2低基数，今年 Q2 -18.73% 大客户各产品线由于促销、新品发布等因素影响 ...

[Table_yemei] 策略周报 敬请阅读本报告正文后各项声明 敬请阅读本报告正文后各项声明 敬请阅读本报告正文后各项声明 敬请阅读本报告正文后各项声明 2.2.欧洲央行率先降息，将三大利率均下调 25 个基点 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------|-------|-------|-----------------|-------|-------|---------------------------------------------------------------------------------|---------| | MEETING DATE \| 375-400 | | | 400-425 425-450 | | | CME FEDWATCH TOOL - CONDITIONAL MEETING PROBABILITIES \n450-475 475-500 500-525 | 525-550 | | 6/12/2024 | | 0.0% | 0.0% | 0.0% | 0 ...