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策略研究 2024.06.09 | --- | --- | --- | --- | --- | --- | --- | |--------------|---------------------|----------------|---------------------------------------------------------------------------------------------------|----------------------------------|---------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

大家好欢迎参加方正计算机华为鸿蒙投资机会全梳理目前所有参会者均处于静音状态下面开始播免责声明声明完毕后主持人可直接开始发言 本次会议席面向方正证券的专业投资机构客户或收邀客户第三方专家发言内容仅代表其个人观点所有信息或观点不构成投资建议根据监管规定会议不得交流敏感内幕信息未经方正证券事先书面许可任何机构或个人严禁录音、制作纪要、转发、转载、传播、复制、编辑、修改等涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持 谢谢 下面有请主演人发言各位投资者大家晚上好然后呢特别感谢大家今晚来参加我们的电话会议然后今天主要是和各位领导来梳理一下就是说我们对于鸿蒙爱心器的一个观点就包括可能最近也和那个产业链的公司有比较多的交流 所以总体来看就是今年上半年就是我们看到鸿蒙的进展还是比较积极的就包括在这个就是上半年发布了这个HarmonyOS Next的这个内测版本包括这个首台的IPC也在这个就是春季发布会进行了一个亮相 下半年总体的投资节奏我们觉得总体的催化还是特别多的首先就是我们下周的华为开发者大会大家普遍预期最大的预期点还是在于HarmonyOS Next这周 这个版本的更新就是我们大家一直想要那个期盼的这个纯血 ...

Group 1: Establishment of the "Kote" Valuation System - The establishment of the "Kote" valuation system is a necessary requirement for developing new productive forces[1] - The "Kote" system promotes a high-level strategy of technological self-reliance and strength[2] - The "Kote" system reflects the political and people-oriented nature of the capital market[3] - The "Kote" system is essential for coordinating development and security needs[4] Group 2: Valuation of Chinese Technology Enterprises - The "Kote" system urgently needs to reshape the undervalued valuations of Chinese technology enterprises[5] - The "Kote" and "Zhongte" systems function as a dual-driven mechanism, with "Zhongte" acting as a stabilizer and "Kote" as a leader[6] - The current valuation methods show that Chinese technology companies are significantly undervalued compared to their U.S. counterparts, with total market capitalization ratios of 32% for China versus 46% for the U.S.[48] - The "Kote" system aims to provide a scientific and reasonable valuation for high-tech enterprises, encouraging innovation and investment[47]

The meeting is ready to start.Please remain on the line. 本次会议请面向方证证券的专业投资机构客户或收邀客户第三方专家发言内容仅代表其个人观点所有信息或观点不构成投资建议根据监管规定会议部的交流敏感内幕信息未经方证证券事先书面许可任何机构或个人严禁录音制作纪要转发转载传播复制编辑修改等涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持谢谢 各位投资朋友晚上好欢迎参加方正策略周末策略谈科特谷憧憬现实电话会议我是本次电话会议的主讲人方正策略首席分析师曹柳龙周末策略谈是方正策略团队每周交流最新观点的平台我们将长期提供优质内容欢迎各位投资朋友持续关注 那么四月底至今科技行情以来反弹市场从然对于科技行情持续的关注那么市场是否会迎来中特股以后的科特股行情科特股的目的到底是什么又有哪些行业需要被特股那么对此我们的主要观点如下首先第一点 对于科特沽我们认为需要保持持续的关注但同时呢也需要多一些耐心去年的中特沽行情中特沽提出至今那么央国际的引力能力任性带动中特沽行情持续演绎至今那么与中特沽相对应的我们在3月10号科特沽新制生产力突围报告当中率先提出了科特沽的概念 ...

本次会议前面向方正证券的专业投资机构客户或收邀客户第三方专家发言内容仅代表其个人观点所有信息或观点不构成投资建议根据监管规定会议部的交流敏感内幕信息未经方正证券事先书面许可任何机构或个人严禁录音、制作纪要、转发、转载、传播、复制、编辑、修改等涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持 谢谢 各位投资的大家好我是方证宏光的江嘉伟今天跟大家这个主要汇报一下刚公布的这个五月的美国的飞龙数据那这一次的飞龙数据的话其实就一个数据特别的超预期就是这个新增的飞龙就业这一次的新增飞龙就业的人数呢是27.2万人比预期的18万人是高出了四倍的这个预测的标本差的 但是呢其余的数据其实我们看见的都是偏弱的第一个的话就是前值就上四月的数据是从17.5万进一步的下修到了16.5万前两期的这个数据的话是累计往下修正的1.5万的另外一方面虽然这个居民企业部门的就业比较好但是居民部门的就业是非常糟糕的 这一次居民部门的就业是减少了40.8万人的 那这也导致说就业率是从60.24下跌到了60.05同时你这个失业率是从3.86上升到了3.96的那45日的话其实就是四个点的这个失业率所以这个居民调查的CPS的这么一个报告和企业调查的 ...

感谢大家参加本次会议会议即将开始请稍后Thanks for your participationThe meeting is ready to startPlease remain on the line 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后大家好欢迎参加风筝军工积极配置军工迎接行业反转目前所有参会者已经处于静音状态下面开始播报面子声明声明播报完毕后主持人可直接开始发言 本次会议是面向方证证券的专业投资机构客户或收邀客户第三方专家发言内容仅代表其个人观点所有信息或观点不构成投资建议根据监管规定会议部的交流敏感内幕信息未经方证证券事先书面许可任何机构或个人严禁录音注册纪要转发转载传播复制编辑修改等涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持谢谢 各位投资者晚上好我是方舟宁军工联系首席刘明阳继4月中旬军工的这一波反弹之后近期整个军工的趋势仍然是在一个反弹的这样一个趋势中我们也是在五一后开始跟市场去积极 ...

大家好 欢迎参加方证交运航运周论第七期 中转港拥堵验证此前提示的供应链系统性紊乱出现端倪6月金股重点推荐中原海控目前所有参会者均处于静音状态下面开始播面的声明声明完毕后主持人可直接开始发言本次会议席面向方证证券的专业投资机构客户或收邀客户第三方专家发言内容仅代表其个人观点所有信息或观点不构成投资建议根据监管规定 会一步的交流敏感内幕信息未经方正证券事先书面许可任何机构或个人严禁录音、制作纪要转发、转载、传播、复制、编辑、修改等涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持 谢谢各位领导 大家早上好我是方正交运的分析师周五飞那么欢迎大家收听我们今天的航运专题电话会 那么我们第七期的这个航运之后论专题汇报我们依旧还是重点汇报一下集运以及说这个邮运板块那么最近我们可以看到整个集运板块有明显的上涨我们在鸿海事件以来持续跟踪关注并且推荐的这个核心标的中原海控应该说也有个比较不错的这个表现那么我们也是列为了这个六月的金股那么首先我们还是想强调一下我们方针交易团队去年底以来的这个观点就是目前在整个供应链上增的这个环境下 要重视航运物流的稀缺性资产的配置机会那么重点推荐的集运包括说游运板块那么游运的稀缺性来自于船 ...

本次会议是面向方证证券的专业投资机构客户或受邀客户第三方专家发言内容仅代表其个人观点所有信息或观点不构成投资建议根据监管规定会一步地交流敏感内幕信息未经方证证券事先书面许可任何机构或个人严禁录音、制作纪要、转发、转载、传播、复制、编辑、修改等涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持 谢谢 各位投资者大家好欢迎参加本周的总量周周谈我是方证宏观录者这周我们跟大家交流一下五月的pmi数据所反映出来的国内基本面走弱的原因 那么首先二季度经济走弱其实是过去几年经常常见的一个事情那么我们把今年二季度跟去年二季度做了一个对比发现无论是基本面走弱的一个幅度还是原因其实都有很大的差异总体来看呢今年二季度我们看到四月五月虽然说 是在经济是在走弱的但是回落幅度比去年同期要小得多我们从制造业服务业和建筑业的PMI来看去年从三月到五月累计下降的幅度制造业跟服务业的PMI都是3.1个点然后建筑业的PMI是下了7.4个点那么今年同期呢回落的幅度我们看一下其实都没有超过两个点 是比去年明显要小的多所以这两个月基本面确实有在回落哈但是回落的幅度是远远的小于去年的那么我们再来看一下呃宏观基本面走弱的一个原因总结来说今年是更多的 ...

Investment Rating - The report gives a "Strong Buy" rating for the company, marking the first coverage [1][2] Core Views - The company is a leading domestic semiconductor process control equipment manufacturer, breaking the monopoly of international players in the quality control equipment market [1] - The company has achieved significant breakthroughs in new products, with its equipment performance comparable to international competitors [1] - The company's revenue and net profit have shown strong growth, with 2023 revenue reaching 8 9 billion yuan, a 75% YoY increase, and net profit reaching 1 4 billion yuan, a 1072% YoY increase [1] - The company has a robust R&D pipeline, with multiple new products making progress and expanding its product line [1] Financial Performance - In 2023, the company achieved revenue of 8 91 billion yuan, a 74 95% YoY increase, and net profit of 1 4 billion yuan, a 1072 38% YoY increase [31] - For Q1 2024, the company achieved revenue of 2 36 billion yuan, a 45 6% YoY increase, and net profit of 0 34 billion yuan, a 9 16% YoY increase [31] - The company's revenue from inspection equipment in 2023 was 6 54 billion yuan, a 69 87% YoY increase, while revenue from metrology equipment was 2 22 billion yuan, an 88 14% YoY increase [32] - The company's gross margin for inspection equipment in 2023 was 57 17%, and for metrology equipment, it was 38 79% [33] Industry Overview - The global process control equipment market was valued at approximately 12 7 billion USD in 2023, with metrology demand around 1 8 billion USD and inspection demand around 7 billion USD [1] - The process control market accounts for about 12 3% of the total semiconductor equipment market, with continuous demand for upgrades as process nodes shrink and 3D stacking advances [1] - The global semiconductor inspection and metrology equipment market was valued at 12 8 3 billion USD in 2023, with a CAGR of 13 2% from 2016 to 2023 [69] Product and Technology - The company has developed nine core technologies, including optical inspection, big data algorithms, and automation control software, achieving breakthroughs in sensitivity, repeatability, and throughput [1] - As of 2023, the company has delivered nearly 300 inspection equipment units and 200 metrology equipment units, covering over 100 and 50 customer production lines, respectively [1] - The company's products include inspection equipment (e g , defect detection) and metrology equipment (e g , 3D profile measurement, film thickness measurement) [26][27] - The company has 482 patents, including 111 invention patents, 348 utility model patents, and 5 design patents, along with 18 software copyrights [36] Market Position and Competition - The global process control market is dominated by international players like KLA, which holds over 50% market share in China's metrology and inspection market [1] - The company has successfully entered the supply chains of major domestic semiconductor manufacturers, including SMIC, Yangtze Memory, and Silan Microelectronics [23] - The company's inspection and metrology equipment performance is comparable to international competitors, with ongoing R&D efforts to expand its product line [1] Future Outlook - The company is expected to achieve revenue of 13 3 billion yuan in 2024, 19 1 billion yuan in 2025, and 26 1 billion yuan in 2026, with net profit of 2 2 billion yuan, 3 4 billion yuan, and 5 2 billion yuan, respectively [1] - The company's PEG ratio for 2024, 2025, and 2026 is projected to be 1 37X, 0 87X, and 0 63X, respectively, indicating strong growth potential [1]