[Table_Title] 策略月报 2024 年 06 月 03 日 2024 年 5 月，A 股全行业（中信一级行业口径）的中位数回报为-1.36%， 走势偏弱。涨幅前 5 名的行业为煤炭（6.34%）、房地产（5.91%）、农 林牧渔（4.57%）、银行（2.96%）、交通运输（2.91%）。回报率排名靠 后的 5 个行业为传媒（-7.53%）、计算机（-6.81%）、综合金融（-6.37%）、 通信（-5.65%）、综合（-4.47%）。风格方面，大盘仍然显著强于小盘， 价值显著强于成长。因此大盘价值风格继续占优。 2024 年前 5 个月，我们的推荐组合的累计收益率为 2.78%，相较行业 等权组合的累计超额收益率为 4.21 个百分点。 结合市场环境特点，我们在 2024 年 6 月推荐配置的行业是：家电、 食品饮料、石油石化、煤炭、银行、非银行金融、有色金属。 测试结果基于有限的历史数据和量化模型，模型可能存在过拟合风 险，不能保证对样本外的数据做出有效判断。 [Table_Author] 东方财富证券研究所 | --- | --- | |------------------------|--- ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [3]. Core Insights - The company reported a revenue of 11.785 billion yuan in Q1 2024, representing a year-on-year growth of 8.45%, and a net profit of 513 million yuan, up 29.87% year-on-year. The comprehensive gross margin was 15.04%, a slight decline of 0.79% compared to the previous year [2]. - The company is actively introducing strategic investors to enhance its marine energy development, with a total financing target of up to 3 billion yuan for its marine energy segment [2]. - The company has successfully acquired a controlling stake in PTVoksel, strengthening its local capabilities in Indonesia's power sector and enhancing its competitiveness in international markets [2]. - The company is also engaged in share buybacks to motivate employees and support long-term growth [2]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 47.622 billion yuan, a year-on-year increase of 2.49%, and a net profit of 2.154 billion yuan, up 35.77% year-on-year. The comprehensive gross margin improved to 15.3%, an increase of 1.13% [3]. - The company generated a net cash flow from operations of 1.857 billion yuan in 2023, compared to 855 million yuan in the previous year [3]. Strategic Developments - The company is focusing on global expansion, particularly through the acquisition of PTVoksel, which enhances its capabilities in the Indonesian market [2]. - The company is also developing a complete offshore wind power system solution, with ongoing projects in various international markets [6]. Market Outlook - The offshore wind power industry in China is expected to experience a small peak in installations, with projected growth in capacity in 2024 and 2025 [8]. - The company aims to become a leading provider of information and energy interconnection solutions globally, with a focus on new-generation communication technologies and core product development [9]. Future Projections - The company is projected to achieve revenues of 53.367 billion yuan, 60.090 billion yuan, and 68.114 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 2.742 billion yuan, 3.137 billion yuan, and 3.706 billion yuan [10].

Investment Rating - The report assigns an "Accumulate" rating for the company [5]. Core Insights - In Q1 2024, the company achieved revenue of 617 million, a year-on-year increase of 20%, and a net profit attributable to shareholders of 100 million, up 30% year-on-year [1]. - The company maintains a gross margin of 58.8%, slightly down by 0.37% year-on-year, with sales expense ratio, management expense ratio, and R&D expense ratio at 18.48%, 7.86%, and 17.42% respectively [1]. - The company aims for a net profit of 560 million in 2024, representing a growth of approximately 25% compared to the previous year [1]. - The company is focused on R&D investments in high-precision navigation components, industry-specific intelligent robots, and technologies compatible with the BeiDou-3 system [1][10]. Financial Performance Summary - For the year 2023, the company reported revenue of 2.678 billion, a 19.77% increase year-on-year, and a net profit of 449 million, up 24.32% year-on-year [4]. - The gross margin for 2023 was 57.77%, an increase of 1.12% year-on-year, with a net cash flow from operations of 445 million [4]. - The company’s revenue from overseas markets reached 719.09 million, a growth of 47.51%, while domestic revenue was 1.959 billion, up 12.04% [4]. - The company expects revenue growth rates of 26.18%, 28.56%, and 29.08% for 2024, 2025, and 2026 respectively [11]. Business Segment Performance - In 2023, the company’s resource and public utility segment achieved revenue of 1 billion, a growth of 41.29%, while the robotics and autonomous driving segment saw revenue of 159 million, up 61.64% [4]. - The company has launched several innovative products, including high-precision receivers and software that enhance measurement efficiency and data quality [4][8]. - The agricultural machinery automatic driving products have seen a doubling in domestic sales, indicating significant growth potential in this area [8]. Future Projections - The company is projected to achieve revenues of 3.379 billion, 4.344 billion, and 5.608 billion for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 576 million, 744 million, and 965 million [11]. - The report anticipates a PE ratio of 28.10, 21.76, and 16.79 for the years 2024, 2025, and 2026 respectively [11].

| --- | --- | |----------------------------------------------|---------------------| | | | | 证券分析师：周旭辉 | | | 证书编号： S1160521050001 | | | 联系人：唐硕 | | | 电话： 021-23586475 | | | [Table_PicQuote] 相对指数表现 | | | 15.52% 2.17% | | | -11.17% -24.52% 5/28 7/28 9/28 -37.86% | 11/28 1/28 3/28 | [Table_Rank] 增持（维持） 2023.11.23 【投资建议】 ]yrtsudnI_elbaT[ 公 司 研 究 / 有 色 金 属/ 证 券 研 究 报 告 待发》 [Table_Title] 博迁新材（605376）2023年报&2024年一季报点评 镍粉顺价周期来临，24Q1业绩大幅改善 2024 年 05 月 28 日 [【投资要点】 Table_Summary] 公司发布 2023 年报&2024 年一季报，24Q1 业绩大幅改善。202 ...

Investment Rating - The report gives a rating of "Accumulate" for the company [6]. Core Views - The company has optimized its channel layout and upgraded its products in response to a complex market environment, achieving a revenue of 5.058 billion with a year-on-year increase of 0.96% in 2023. However, the net profit attributable to the parent company decreased by 49.04% to 122 million due to delays in orders from U.S. clients and ongoing construction of its U.S. base [1][19]. - In Q1 2024, the company reported a revenue of 1.528 billion, a significant year-on-year increase of 63%, and a net profit of 86 million, up 456% compared to the previous year. The growth was attributed to the recovery of U.S. customer orders and an increase in European customer orders [5][19]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 5.058 billion, with a gross margin of 17.6%, and a net profit of 122 million, down 49.04% year-on-year. The company’s contract liabilities increased to 257 million from 176 million in the previous year [1]. - For Q1 2024, the company reported a revenue of 1.528 billion, with a gross margin of 17.8%. The net cash flow from operations was 7 million, a recovery from a negative cash flow of 33 million in the same period last year [5]. Business Segments - The company’s photovoltaic bracket business saw a revenue increase of approximately 90%, while the connector business grew by about 20% in Q1 2024. Key clients in the photovoltaic sector include NEXTracker and Trina Solar, while major clients in the connector business include Huawei and ZTE [5][19]. - The company is a leader in the high-speed connector market, focusing on 5G and 6G communications, with products like 5GSFP and SFP+ series connectors already in mass production [15][19]. Future Projections - The company is expected to achieve revenues of 7.389 billion, 8.908 billion, and 10.764 billion for the years 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is projected to be 283 million, 379 million, and 496 million for the same years [9][19].

Investment Rating - The report maintains an "Accumulate" rating for the company [17]. Core Viewpoints - The company is actively developing edge AI and intelligent robotics, showcasing its capabilities at industry events and launching platforms to enhance AI applications [1]. - The first quarter of 2024 saw the company achieve record-high revenues and net profits, indicating strong operational performance and growth potential [2]. - The company is focusing on high-margin vertical markets such as automotive, FWA, and PC, which have clear competitive landscapes and high entry barriers [2]. Summary by Sections Financial Performance - In Q1 2024, the company reported revenue of 2.123 billion, a year-on-year increase of 17.11% and a quarter-on-quarter increase of 17.81%, marking a historical quarterly high [2]. - The net profit attributable to the parent company for Q1 2024 was 174 million, reflecting a year-on-year growth of 27.35% and a quarter-on-quarter growth of 70.61%, also a historical high [2]. - The comprehensive gross margin for Q1 2024 was 21.52%, up 0.64% year-on-year, influenced by a favorable shipment structure [2]. Market Position and Strategy - The company is positioned as a leading provider of wireless communication modules and solutions, with a diverse product range that supports various industries in their digital transformation [23]. - The company aims to enhance its R&D investment in computing power and AI products, which are becoming crucial trends in the industry, to improve competitiveness and market share [23]. - The report highlights the company's strong market position in vertical sectors, which are expected to drive future growth [2][23]. Industry Outlook - The global IoT module market is anticipated to recover in the second half of 2024, driven by increasing demand in smart metering, POS, and automotive sectors [7]. - The automotive sector is expected to see significant growth in connected vehicles, with projections indicating that by 2030, nearly all new vehicles sold will feature pre-installed 5G connectivity [7].

…… | --- | --- | |----------------------------------------------------------------------|-------| | | | | | | | 图表 19: 美国名义家庭支出波动（%） | | | 图表 20: 美国具体项目大额消费的家庭比例（%）. | | | 图表 21: 美国家庭未来 1 年及 5 年期房价变化预期(%) . | | | 图表 22: 美国租房者预期未来购买住房概率（%）. | | | 图表 23: 国家空域基础分类示意图 | | | 围表 24：低空经济三大戴体………………………………………………………………………………………………………… 15 | | 教清阅读本报告正文后各项声明 2 敬请阅读本报告正文后各项声明 -1350.00 -1150.00 -950.00 -750.00 -550.00 -350.00 -150.00 50.00 公用事业(申万)煤炭(申万)农林牧渔(申万)综合(申万)美容护理(申万)钢铁(申万)纺织服饰(申万)环保(申万)石油石化(申万)建筑材料(申万)商贸零售(申万)家用电 ...

[ 医Ta 药bl 生e_ 物T 行itl 业e] 专 题研究 行 业 研 究 电生理：澎湃蓝海赛道，增量空间广阔 挖掘价值 投资成长 / 医 [Table_Rank] 药 生 强于大市 （维持） 物 2024 年 05 月 27 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：何玮 券 [Table_Summary] 研 【投资要点】 证书编号：S1160517110001 究 联系人：殷明伦 报  行业关键技术突破瓶颈，术式治疗地位攀升，拓宽蓝海市场增量空间。 告 电话：（+86）18936221690 心血管疾病下的心律失常潜在需求庞大，据弗若斯特沙利文数据，我 国心律失常患者在3000万人以上，预计2025年房颤、室上速、室速 [相 T对 a指 bl数 e表 _现 Pi cQuote] 患病人数将分别达 2266.63 万、355.11 万、274.93 万人。随着临床 证据的不断积累丰富，导管消融术凭借创口小、有效性和安全性高、 1.29% -4.54% 并发症少、手术时间短等优势在临床中迅速推广，弥补了药物治疗效 -10.38% 果有限、外科治疗手术风险高的不足。赛道技 ...

| --- | --- | --- | --- | --- | --- | |-------|----------------------------------|----------|-------------------------|----------|----------| | | [Table_FinanceInfo 项目\年度 ] | | 2023A 2024E 2025E 2026E | | | | | 营业收入（百万元） | 23302.87 | 29475.75 | 29962.46 | 31021.17 | | | (%) | 10.75% | 26.49% | 1.65% | 3.53% | | | （百万元） | 981.43 | 2466.38 | 3181.92 | 3589.26 | | | 归属母公司净利润（百万 | 489.10 | 1262.53 | 1881.97 | 2227.76 | | | (%) | 11.20% | 158.13% | 49.06% | 18.37% | | | | | | | | | ) | 股 | 0.41 | 1.05 | 1.57 | 1 ...

]yrtsudnI_elbaT[ 2023.05.22 2024 年 05 月 20 日 公司发布 2024 年一季度财报。 游戏业务优化调整，流水回归正增长。报告期内，公司增值服务业务 实现营业收入 786.29 亿元，同比下降 0.89%。游戏业务方面，国际游 戏市场受益于 Supercell 旗下游戏《荒野乱斗》的日活跃用户数和流水 同比增长分别超两倍和四倍，公司在国际游戏市场总流水同比增长 34%，营业收入同比增长 3%至 136 亿元（剔除汇率影响同比保持稳定）； 国内游戏市场，《王者荣耀》《和平精英》在三月流水实现同比正增长， 《金铲铲之战》《穿越火线手游》《暗区突围》等游戏一季度流水也创下 新高，报告期内，本土游戏总流水实现同比 3%的正增长，但受 2023 年 春节期间高基数，以及收入递延的影响，本土游戏实现营业收入同比下 滑 2%至 345 亿元。社交网络业务方面，受益于视频号直播和小游戏服 务费增长，以及《繁花》《与凤行》等优质内容和原声带带动长视频和 音乐付费会员同比分别增长 8%和 20%，部分抵消了音乐和游戏直播业务 下滑的影响，报告期内共实现营收 305 亿元，同比下滑 2%。 长 ...