[Table_Main] 行业研究|工业| 资本货物 证 券研究报告 资本货物行业研究报告 2024年06月17日 [Table_Invest] [Ta低ble空_Tit经le] 济未来已来，eVTOL 扶摇而上 推荐|首次 ——eVTOL 行业深度报告 [报Ta告ble要_S点um：m ary] [过Ta去bl一e_年Pic市Q场uo行te]情  eVTOL是低空经济重要载体，发展前景广阔 7% eVTOL（电动垂直起降飞行器），是低空经济载体的一种创新形式， -2% 具有安全、环保、低成本、高效率等优势，主要应用于低空旅游、日 -10% 常通勤、空中物流、消防救援、医疗救助等场景，从技术路线看，包 -19% 括多旋翼、复合翼、倾旋翼等方案。根据保时捷管理咨询预计，2024 -27% 年将成为全球 eVTOL商业化运营元年，到2030年，在保守、中性、 6/13 9/12 12/12 3/12 6/11 乐观的预期下，中国eVTOL市场规模分别为250、500、900亿元人 资本货物 沪深300 民币，相应的，在中性预期下，中国 eVTOL 市场规模占全球 25%份 资料来源：Wind 额，即全球市场规模 ...

Investment Rating - The report recommends an "Accumulate" rating for the company, HaiTe High-Tech (002023) [2]. Core Views - The company is advancing its "three-in-one" layout steadily, with a recovery in downstream demand driving performance improvement. HaiTe High-Tech is a high-tech enterprise focusing on high-end core equipment development and support, high-performance integrated circuit design and manufacturing, and aviation engineering technology and services. It is the first private aviation equipment development and technical service company in China and the only private aviation engineering technical service enterprise with various certifications [2][3]. - The recovery of the civil aviation industry has boosted the demand for aviation engineering services, and the company is actively expanding its market presence. The company has signed agreements for aircraft modification projects and is developing new production lines to enhance its service capabilities [3][10]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 1.053 billion yuan, a year-on-year increase of 15.81%. The net profit attributable to shareholders was 47 million yuan, a significant increase of 263.21% compared to the previous year, driven by increased deliveries of aviation seats and major project completions in training systems [3][16]. - The company’s expenses showed a favorable trend, with a total expense ratio of 28.03% in 2023. The sales expense ratio was 1.49%, up by 0.09 percentage points year-on-year, while R&D expenses decreased by 28.20% due to some projects meeting capitalization criteria [3][16]. Business Segments - The aviation engineering technology and services segment generated 756 million yuan in revenue, a year-on-year increase of 12.91%, accounting for 71.80% of total revenue. The gross margin for this segment was 38.93%, slightly up by 0.12 percentage points [3][20]. - The high-end core equipment development and manufacturing segment reported revenue of 239 million yuan, a year-on-year increase of 25.65%, representing 22.72% of total revenue [3][20]. Future Outlook - The company is expected to maintain rapid growth in performance, with projected net profits of 78.4 million yuan, 119.1 million yuan, and 174 million yuan for 2024, 2025, and 2026, respectively. Corresponding EPS is expected to be 0.11, 0.16, and 0.23 yuan per share [2][16]. - The company is actively involved in various R&D projects, including those related to eVTOL and UAV technologies, which are anticipated to contribute to future revenue growth [10][12].

[Table_Main] 行业研究|信息技 术|技术硬件与设备 证 券研究报告 技术硬件与设备行业研 2024年06月17日 究报告 [Table_Invest] [ATapblpe_lTeit leI]n telligence 将带动 iPhone 换机需求 推荐|首次 [报Ta告ble要_S点um：m ary] [过Ta去bl一e_年Pic市Q场uo行te]情 苹果将强化AI功能在其生态应用的落地，也印证了市场关于苹果 3% 本次WWDC的几个预期：1）苹果正式推出Apple Intelligence，不同 -6% 于其他竞争对手的地方在于苹果强调的AI不是人工智能，而是个人智 -15% 能（personal intelligence），在运算方式上，采用端侧算力+私有云端 -24% 算力相结合的方式。2）全新的Siri升级。Siri能够开始理解用户的自 -34% 然语言，并具备情境感，还可以“读懂”用户iPhone的操作界面，更 6/16 9/15 12/15 3/15 6/14 好的处理用户需求。当苹果自带模型无法解决用户需求时，可在用户 技术硬件与设备 沪深300 同意下连接 Chatgpt-4o。 ...

Economic Development - Anhui Province's GDP has risen from 14th in the nation in 2010 to 10th in 2022, achieving a leap of three trillion yuan levels[69] - In Q1 2024, Anhui's GDP reached 1.13 trillion yuan, maintaining a positive growth trend[70] - The province's fixed asset investment accounted for over 85% of GDP, consistently higher than the national average[81] Technological Innovation - Anhui has established 13 major scientific facilities, positioning itself at the forefront of quantum technology and fusion energy[76] - The province's high-tech industry R&D investment has grown significantly, with a 24.4% increase in high-tech industry investment in 2023[81] - Effective invention patents in Anhui have maintained a rapid growth rate of around 20%[97] Industry Growth - The new energy vehicle industry produced 868,000 units in 2023, ranking 4th nationally and accounting for approximately 25% of the country's total exports[121] - Strategic emerging industries in Anhui have seen a cumulative annual growth rate of 19.8% from 2012 to 2023[118] - The province's high-tech product exports have experienced an annual growth rate of 24.6% from 2012 to 2021, significantly contributing to overall export growth[118] Investment and Infrastructure - Anhui's public budget revenue increased from 318.3 billion yuan in 2019 to 393.9 billion yuan in 2023, with a year-on-year growth of 9.7%[84] - The province has attracted over 2,300 billion yuan in various funds, establishing a "fund jungle" to support industrial development[16]

[Table_Main] 行 业研究|电信服务 证 券研究报告 电信服务行业周报 2024年06月16日 [Table_Invest] [Table_Title] 推荐|维持 博通 24FYQ2 业绩高增，重视光的新一轮催化 ——通信行业周报 [过T去ab一le年_P市ic场Qu行ot情e] [Table_Summary] 报告要点：  市场整体行情及通信细分板块行情回顾 沪深300 通信(申万) 周行情：本周（2024.06.11-2024.06.14）上证综指回调 0.61%，深 10% 证成指回调0.04%，创业板上涨0.58%。本周申万通信上涨6.01%。 0% -10% 考虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业 -20% 发展，我们给予通信及电子行业“推荐”评级。 -30% 细分行业：本周（2024.06.11-2024.06.14）通信板块三级子行业 -40%6/16 9/16 12/16 3/16 6/16 中，通信网络设备及器件上涨幅度最高，涨幅为 10.63%，通信线缆 资料来源：Wind，国元证券研究所 及配套上涨幅度最低，涨幅为2.43%，本周各细分板块主要呈 ...

Investment Rating - The report maintains a "Buy" rating for Oriental Wealth (300059 SZ) due to its growth potential in the internet service platform sector and the healthy development of China's capital market [5] Core Views - Oriental Wealth's Choice Smart Financial Terminal 8 0 version has been officially launched, featuring AI-powered functionalities that enhance investment research efficiency and decision-making [2][3] - The terminal leverages a self-developed financial large model, "Miaoxiang," which is built on trillions of financial data points and offers leading capabilities in security and professionalism [3] - The 8 0 version introduces seven intelligent scenarios, including AI search, AI Q&A, AI report summarization, and AI bond trading assistant, aiming to address user pain points and improve research efficiency [4] Financial Projections - The company's revenue is projected to grow from 11 816 38 million yuan in 2024 to 13 252 33 million yuan in 2026, with a compound annual growth rate (CAGR) of 6 63% to 5 64% [5][10] - Net profit attributable to the parent company is expected to increase from 8 852 29 million yuan in 2024 to 10 157 51 million yuan in 2026, with a CAGR of 8 04% to 6 83% [5][10] - Earnings per share (EPS) are forecasted to rise from 0 56 yuan in 2024 to 0 64 yuan in 2026, with a corresponding P/E ratio decreasing from 22 00 to 19 18 [5][10] Business Highlights - The Choice Smart Financial Terminal 8 0 version supports multiple operating systems, including Windows, Mac OS, and domestic Linux, providing seamless cross-platform and cross-system intelligent interaction [3] - The terminal's AI capabilities include intelligent search, real-time data tracking, and report summarization, which significantly improve the efficiency of investment research and decision-making [4] - The bond-related AI functionalities, such as AI bond information and AI bond trading assistant, offer real-time updates and structured non-standard quotation information, enhancing trading opportunities [4] Market Position - Oriental Wealth is a rare internet service platform in China, with significant growth potential as the capital market continues to develop [5] - The company's financial data coverage and real-time service capabilities are industry-leading, providing a competitive edge in the financial information service sector [3]

[Table_Title] 宏观研究报告 证券研究报告 猪羊牛价格分化，可能是消费降级的微观佐证。 在这个结构下，CPI 不会有太大的上升空间，但消费本身又不是一个快 变量，也就是相应地，CPI 短时的下降空间也非常有限，无论对政策决策还是 资产配置来说，CPI 的影响都不大。 PPI 的向上一跃也许不具备可持续性，值得注意的是，全球的信用投放开 始收缩，这和中日的信用投放问题及美元的升值有关，而这些因素存在一定 的持续性，也就是说，有可能这一轮商品的上涨周期浅尝辄止。 流动性梗阻问题依然萦绕，贷款余额及狭义社融的增长速度继续下滑， 且这种资产负债表的衰退已经开始对全球的商品表现施加影响，现在的问题 已经不是外围的周期拖住国内宏观周期的问题，而是流动性问题可能会把全 球的库存周期往下压。 资产风格面临微妙切换，一旦商品下行，全球的周期都会切换到衰退周 期之中，这首先会导致全球央行的放水更为顺畅，一则美国的降息也许在年 内能够看到，二则中国的货币政策已经开始明显变宽，比如 R007 已经回落 到 2022Q3 以来的最低。 这映射到资本市场上就是风险偏好的下降，近期债市一枝独秀，表现显 著优于 A 股、商品等风 ...

Core Insights - The report indicates that upstream inflation may be nearing a turning point, with food prices showing significant variability, particularly in meat prices. Pork prices have increased by 4.6% year-on-year, while beef and lamb prices have decreased by 12.9% and 7.5% respectively, with lamb prices hitting historical lows [1] - The shift in consumer demand from beef and lamb to pork reflects a micro-level consumption downgrade, which has mitigated some inflationary pressures caused by supply issues [1] - The current pig cycle appears to be stabilizing, with the pig feed ratio remaining steady between 4.6 and 4.8, and the rate of reduction in breeding sows also slowing down. This suggests limited upward pressure on the Consumer Price Index (CPI) from the pig cycle [1] - The Producer Price Index (PPI) rose to -1.4% year-on-year in May, indicating a recovery in upstream prices, which is more pronounced than in midstream and downstream sectors. This price increase may have financial attributes driving it [1] Industry Analysis - The report highlights that the current environment of credit contraction in China and Japan, along with the appreciation of the US dollar, is negatively impacting inflation [15] - The global liquidity turning point is approaching, with concerns that commodity prices may return to a downward trend due to credit bottlenecks in non-US countries [15] - The report suggests that while the export and overseas market conditions remain favorable, industries such as semiconductors may benefit, but inflation cycles could limit the potential of new energy vehicles even with export advantages [15]

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected stock price increase of over 20% in the next six months compared to the Shanghai Composite Index [7]. Core Insights - The company is a leading domestic player in the blood purification equipment sector, with a comprehensive coverage of the entire blood dialysis industry chain. It is positioned to benefit from the growing demand in the blood purification market, particularly in China, where the penetration rate of dialysis treatment remains low compared to developed countries [10][27][141]. - The company has shown rapid revenue and net profit growth, with projected revenues of 7.85 billion, 10.15 billion, and 12.93 billion yuan for 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 1.96 billion, 2.62 billion, and 3.39 billion yuan for the same years [145][146]. - The company has successfully established a chain of blood dialysis centers, enhancing its service capabilities and market presence. This strategic move is expected to support long-term growth in the blood purification service market [153]. Summary by Sections 1. Company Overview - The company has been dedicated to the research and development of blood purification technology since its establishment in 2001, achieving a full range of products in the blood purification equipment field [23][141]. - It has developed a complete ecosystem for blood purification, integrating equipment, consumables, medical services, and information management systems [23][141]. 2. Market Growth Potential - The global blood purification market is expected to maintain steady growth, with the Chinese market showing significant potential due to low treatment penetration rates. The number of patients receiving dialysis treatment in China is significantly lower than in developed countries [27][72]. - The company is positioned to capitalize on the trend of domestic brands replacing foreign brands in the blood purification equipment market, with a notable increase in market share [27][86]. 3. Financial Projections - The company forecasts revenue growth rates of 13.78%, 29.25%, and 27.43% for the years 2024, 2025, and 2026, respectively. The projected earnings per share (EPS) are 0.61, 0.82, and 1.05 for the same years [145][146]. - The report highlights a significant increase in the company's gross margin and net margin, indicating improved profitability [46][141]. 4. Competitive Position - The company has achieved a leading position in the domestic market for blood purification equipment, with a strong focus on research and development to enhance its product offerings [27][141]. - It has successfully completed the registration of multiple medical device certifications for its self-developed blood purification consumables, ensuring a comprehensive product line [114][141].

[Table_Main] 公司研究|信息技术|半导体与半导体生产 设备 证券研究报告 晶盛机电(300316)公司首次覆盖 2024年06月12日 报告 [Ta长 ble_晶 Title设 ] 备龙头公司，设备+材料共驱发展 [Table_买Inves入t] |首次评级 [报Ta告ble要_S点um mary] [当Ta前b价le_：T a rgetPric3e1]. 42元 公司为光伏单晶炉龙头，目前围绕硅、蓝宝石、碳化硅三大半导体材 料进行设备和材料的业务布局。在关键设备方面，公司布局了全自动晶体 目 标期限： 6 个月 [基Ta本bl数e_据Ba se] 生长设备、晶体晶片加工设备、晶片分选检测设备等，并主要面向光伏领 52周最高/最低价（元）： 70.9 / 29.95 域和半导体领域客户。在材料业务方面，公司布局碳化硅衬底、蓝宝石 A股流通股（百万股）： 1231.56 等，并进军金刚线、石英坩埚等核心耗材。 A股总股本（百万股）： 1309.53 光伏设备领域，公司主要提供210大尺寸设备，硅片双寡头之一的TCL 流通市值（百万元）： 38695.47 中环是最重要客户。一方面公司顺应 N 型技术 ...