行 业 研 究 [Table_Reportdate] 2024年04月01日 [table_invest] [美Tabl国e_NAewIT芯itle] 片出口管制再度升级，小米 标配 行 SU7配置优异成绩亮眼 业 周 ——电子行业周报2024/3/25-2024/3/31 报 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 方霁 S0630523060001 fangji@longone.com.cn 电 ➢ 电子板块观点：美国再度升级对华AI芯片和半导体设备出口管制，促使我国进一步加快 联系人 子 自主芯片的研发和生产，提高核心技术和供应链的自主可控能力；小米正式发布SU7系 蔡望颋 cwt@longone.com.cn 列车型，采用2颗NVIDIA DRIVE Orin，算力达508TOPS。当前电子行业供需处于底部 平衡回暖阶段，行业估值处于历史低位，2024Q2投资机遇依然较大，建议关注AI芯片及 [table_stockTrend] 20% 光模块、周期筑底、国产替代、工控及汽车电子四大投资主线。 15% 10% ➢ 美国再度升级对华AI芯片和半导体设备出口管制， ...

行 业 研 究 [Table_Reportdate] 2024年4月1日 [table_invest] [安Tabl踏e_N体ewT育itle]2023年业绩增长超预期，FILA 标配 行 品牌量利齐升 业 周 ——纺织服饰行业周报（2024/3/25-2024/3/31） 报 [table_main] [证Ta券b分le析_A师uthors] 投资要点： 谢建斌 S0630522020001 xjb@longone.com.cn 纺 联系人  本周观点：安踏体育2023年业绩增长超预期，FILA品牌量利齐升。3月26日，公司公布2023 织 龚理 年度业绩，实现收入623.56亿元，归母净利润102.36亿元，分别同比+16.2%/+34.9%，其 服 gongli@longone.com.cn 中2023H2实现收入327.11亿元，归母净利润54.88亿元，分别同比+18.1%/+37.1%。FILA 饰 品牌强势增长（同比+16.6%，占比达到40.3%），DTC转型引领增长（同比+24.2%）。 [table_stockTrend] 毛利率带动经营溢利率大幅优化，集团整体/安踏品牌/FILA品牌毛 ...

行 业 研 究 [Table_Reportdate] 2024年04月01日 [table_invest] [关Tabl注e_N业ewT绩itle] 边际变化趋势，布局新的投资 超配 行 机会 业 ——医药生物行业周报（2024/03/25-2024/03/31） 周 报 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 杜永宏 S0630522040001 dyh@longone.com.cn ➢ 市场表现： 医 证券分析师 药 伍可心 S0630522120001 上周（3月25日至3月29日）医药生物板块整体下跌2.33%，在申万31个行业中排第25 生 wkx@longone.com.cn 位，跑输沪深300指数2.12个百分点。年初至今，医药生物板块整体下跌12.08%，在申万 联系人 物 31个行业中排倒数第1位，跑输沪深300指数15.18个百分点。当前，医药生物板块PE估值 林子超 为25.3倍，处于历史低位水平，相对于沪深300的估值溢价为124%。上周子板块，仅医药 lzc@longone.com.cn 商业上涨0.56%，其余均下跌，跌幅前三的是医疗器械、 ...

Investment Rating - The industry investment rating is "Overweight" [7][33]. Core Viewpoints - The recent push for equipment upgrades is expected to boost demand for general equipment, particularly in the machine tool sector, driven by government policies and the need for advanced manufacturing capabilities [7][14]. - The machine tool industry is experiencing a cautious purchasing trend among downstream enterprises, with overall revenue declining by 10.3% in 2023, while exports show a positive trend [15][17]. - The report highlights the importance of innovation and market-driven strategies in the equipment upgrade process, with a focus on energy efficiency and smart technology [7][14]. Summary by Sections 1. Equipment Upgrade Plans - Several provinces are actively promoting equipment upgrade policies, with Jiangsu Province planning a total interest subsidy loan scale of no more than 30 billion yuan for 2024 [7][13]. - Shandong Province aims to implement around 12,000 technical transformation projects in 2024, driving an estimated 900 billion yuan in industrial investment [7][13]. - The new round of equipment upgrades is expected to focus on energy efficiency and smart technology, with specific attention to domestic substitution in certain sectors [7][14]. 2. Machine Tool Industry Tracking - The machine tool industry reported a total revenue of 1.1 trillion yuan in 2023, a decrease of 10.3% year-on-year, with profits down by 35.8% [15]. - The trade surplus in the machine tool sector reached 9.79 billion USD in 2023, with exports increasing by 1.2% [15][17]. - The report indicates that the export value of machine tools in January-February 2024 increased by 14.0% year-on-year, while imports slightly decreased [17]. 3. Key Company Performance - Haitan Precision achieved a revenue of 3.323 billion yuan in 2023, a year-on-year increase of 4.59%, with a net profit of 609 million yuan, up 17.06% [18][20]. - The company reported a significant increase in overseas revenue, which grew by 76.06% to 594 million yuan, while domestic revenue saw a decline [20][23]. - Haitan Precision's gross profit margin improved to 29.94%, reflecting successful product upgrades and overseas expansion efforts [23]. 4. Industry Dynamics - The report notes that major companies like Zoomlion and LiuGong have shown revenue growth in 2023, indicating a positive trend in the construction machinery sector [25][27]. - The overall market for construction machinery remains competitive, with companies focusing on global expansion and digitalization strategies [25][27]. 5. Market Review - The mechanical equipment sector underperformed compared to the broader market, with a decline of 0.96% in the recent week, while engineering machinery showed positive growth [29].

Investment Rating - The report maintains a "Buy" rating for the company [5][21]. Core Insights - The company demonstrated a steady increase in profitability, with a gross margin of 22.36% in 2023, up by 0.26 percentage points year-on-year. The gross margins for automotive electronics and precision die-casting businesses increased by 0.77, 0.15, and 0.03 percentage points, while one segment saw a decrease of 5.58 percentage points [4]. - The company reported a total revenue of 7.137 billion yuan in 2023, representing a year-on-year growth of 27%, and a net profit attributable to shareholders of 465 million yuan, up 22% year-on-year. In Q4 2023, revenue reached 2.34 billion yuan, a 44% increase year-on-year, with net profit growing by 48% to 167 million yuan [21][22]. Summary by Sections Financial Performance - The company’s revenue for 2024-2026 is projected to be 8.814 billion yuan, 10.596 billion yuan, and 12.609 billion yuan, respectively. The net profit attributable to shareholders is expected to be 639 million yuan, 802 million yuan, and 1.005 billion yuan for the same period [5][24]. - The earnings per share (EPS) are forecasted to be 1.22 yuan, 1.53 yuan, and 1.92 yuan for 2024, 2025, and 2026, respectively [5][24]. Business Segments - The automotive electronics and precision die-casting sectors continue to drive growth, with significant revenue contributions of 4.826 billion yuan and 1.660 billion yuan, respectively, in 2023. The automotive electronics segment saw a 29% year-on-year increase [11][22]. - The company is expanding its product line in the smart cockpit sector, enhancing its leadership position. New products include cockpit domain controllers and large OLED displays, with successful collaborations with major automotive manufacturers [22]. Strategic Developments - The company is investing in a new production base in Changxing to enhance its capabilities in the Yangtze River Delta region, aiming to produce 3 million automotive parts annually starting in 2024 [12]. - The company has secured multiple projects related to automotive intelligence components, benefiting from the trend towards smart vehicles [12].

Investment Rating - The report assigns an "Overweight" rating to the food and beverage industry, indicating a positive outlook for the sector in the near term [3]. Core Insights - The food and beverage sector experienced a decline of 0.56% last week, underperforming the CSI 300 index by 0.35 percentage points, ranking 15th among 31 first-level sectors [10]. - The snack sub-sector showed strong performance with a 7.62% increase, highlighting the resilience and growth potential in this area [10]. - Key companies such as Salted Fish and Three Squirrels reported significant revenue growth, with Salted Fish's revenue increasing by 42.22% and net profit by 67.76% in 2023 [5]. Summary by Sections 1. Market Performance - The food and beverage sector's performance was below the market average, with notable individual stock movements, including Salted Fish and Three Squirrels leading in gains [10]. - The top five gainers included Salted Fish (up 14.1%), Three Squirrels (up 13.8%), and others, while the biggest losers were Jinzi Ham and Shuanghui Development [10]. 2. Key Product Insights - **Baijiu (Chinese liquor)**: Entering a consumption off-season, but overall sales are better than expected. Key brands like Luzhou Laojiao and Wuliangye are focusing on consumer engagement and digital marketing strategies [4]. - **Snacks**: Continued expansion by leading companies, with Salted Fish and Jin Zai Food showing strong performance. The snack market is expected to benefit from channel growth and brand effects [5]. - **Frozen Foods**: Increased regulatory scrutiny on prepared dishes, which may impact market dynamics. Companies with strong production and channel advantages are recommended [5]. - **Dairy Products**: Benefiting from falling raw milk prices, with a shift towards high-end products and direct-to-consumer channels [5]. 3. Company Dynamics - Salted Fish reported a net profit of 506 million yuan in 2023, with a forecasted growth of 34.48%-52.41% in Q1 2024 [33]. - Three Squirrels achieved a net profit of 220 million yuan in 2023, marking a 36.85% increase [33]. - Other companies like Qingdao Beer and Huayi Food also reported positive earnings growth, indicating a robust performance across the sector [37].

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年03月15日 [晨会纪要 Table_NewTitle] 20240315 [证券分析师： Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 联系人： 张晶磊 zjlei@longone.com.cn [table_main] 重点推荐 ➢ 1.AI大模型风起云涌，半导体与光模块长期受益——半导体行业深度报告（十） ➢ 2.存款增量与结构再平衡——存款形势研究（三） 财经要闻 ➢ 1. 央行：聚焦保持稳健的货币政策灵活适度、精准有效。 ➢ 2. 发改委：合理界定优质企业标准。 ➢ 3. 美国2月PPI超预期。 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 | --- | --- | |------------------------------------------------------------------------|-------| | | | | | | | 正文目录 | | | | | ...

行 业 研 究 [Table_Reportdate] 2024年04月01日 [table_invest] [ATabeles_NtehwTeitlFe] ill中文名官宣，巨子生物业绩表 标配 行 现亮眼 业 ——美容护理行业周报(2024/3/25-2024/3/29) 周 报 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 任晓帆 S0630522070001 rxf@longone.com.cn ➢ 市场表现：（1）美容护理板块：本周沪深300指数下跌0.21%，申万美容护理指数下跌 美 [table_stockTrend] 0.93%，行业跑输大盘0.72pcts，涨幅在全部申万一级行业中第19位。（2）个股方面：本 容 15% 周板块涨幅前五的个股分别为水羊股份（8.28%）、百亚股份（3.81%）、爱美客（2.02%）、 护 4% 诺邦股份（1.93%）、倍加洁（1.79%）；本周板块跌幅前五的个股分别为福瑞达（-10.88%）、 理 -7% 力合科创（-8.85%）、名臣健康（-8.69%）、*ST美谷（-5.48%）、登康口腔（-4.66%）。 -19% - ...

行 业 研 究 [Table_Reportdate] 2024年04月01日 [table_invest] [磐Tabl石e_N首ewT发itle] 阿维塔，工商储装机动力渐强 标配 行 ——电池及储能行业周报（2024/03/25-2024/03/31） 业 [table_main] 周 [证Ta券b分le析_A师u thors] 投资要点： 报 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn ➢ 市场表现：本周（3/25-3/31）申万电池板块整体上涨0.24%，跑赢沪深300指数0.45个百 联系人 分点。主力净流入前五为鹏辉能源、格林美、天赐材料、当升科技、德方纳米；净流出前 张帆远 电 zfy@longone.com.cn 五为德业股份、盛弘股份、安孚科技、阳光电源、亿华通-U。 力 联系人 设 ➢ 电池板块 赵敏敏 备 zmmin@longone.com.cn （1）磐石首发阿维塔，行业需求向好。宁德时代和阿维塔推出磐石高安全滑板底盘的新 与 能源品牌，磐石是基于CIIC一体化智能底盘和CTC技术，实现车型碰撞能量吸收超80%， 新 [t 1a 5%ble_ ...

行 业 研 究 [Table_Reportdate] 2024年04月01日 [table_invest] [1Ta-b2le_月New风Title电] 新增装机规模高增，电池、组 标配 行 件盈利边际变化 业 ——新能源电力行业周报（2024/03/25-2024/03/31） 周 报 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn ➢ 市场表现： 电 证券分析师 力 王珏人 S0630523100001 本周（03/25-03/29）申万光伏设备板块下跌2.78%，跑输沪深300指数2.57个百分点， 设 wjr@longone.com.cn 申万风电设备板块下跌3.15%，跑输沪深300指数2.94个百分点。本周光伏板块涨幅前 联系人 备 三个股为：石英股份、高测股份、福莱特，跌幅前三个股为ST中利、海优新材、快可电 付天赋 与 子。本周风电板块涨幅前三个股为：时代新材、中环海陆、日月股份，跌幅前三个股为 ftfu@longone.com.cn 新 海力风电、大金重工、金雷股份。 能 ...