表 1：[Table_Title] 宏观研究报告 证券研究报告 2024 年 04 月 20 日 GUOYUAN SECURITIES CO.,LTD. | --- | --- | --- | --- | |-------|---------------------------------------------------|-------|----------------------------------------------------| | | | | | | | 投资评级说明: | | | | | (1) 公司评级定义 | | (2) 行业评级定义 | | 买入 | 预计未来 6个月内,股价涨跌幅优于上证指数 20%以上 | 推荐 | 預計未来6个月内,行业指数表现优于市场输数 10%以上 | | 培持 | 预计未来 6个月内,股价涨跌幅优于上证指数 5-20%之间 | 中性 | 预计未来 6个月内,行业指数表现介于市场指数土10%之间 | | 将有 | 预计未来 6个月内,股价涨跌幅介于上证指数土5%之间 | 国进 | 预计未来 6个月内,行业指数表现劣于市场指数 10%以上 | | 卖出 | ...

[Table_PicStock 主要市场走势图] 分析师声明 本周关注： 投资建议： 宏观与大类资产周报：几个核心问题 股债商近来是齐涨的，在缺乏统一的流动性共识的情况下，各个市场交 易的主线应各有不同，就国内而言，金融线索和实体线索的指向出现了背离， 这可能是各个市场交易逻辑截然不同的根源。 具体而言，大规模设备更新推高了近期的实体数据，但从金融数据来看， 企业并未积极扩张其资产负债表，看似背离的背后，实则是景气的实体数据 没太改变企业的远期预期，这就导致银行体系存有大量剩余流动性的同时， 存量资金在加快流转。这时，看起来很多资产都形成了微妙的平衡，实际上， 几乎所有资产在沿照自身方向的交易上，持续性都有待考量。 在这种现状之下，我们想谈谈几个核心问题： 1）实体经济表现好，对股票市场来说绝不是全部。业绩是慢变量，估值才是 快变量，估值依赖于对企业未来成长的预期，如果企业的资产负债表都在收 缩，说明企业这种预期是缺失的，那市场的估值也相应存在压力，从这一点 看，如果缺少流动性，股市很难戴维斯双击； 2）债市跌不动的原因，是因为这一轮债市的上涨是有根基的，这和 2016 年 的债牛截然不同。大量流动性剩余是当 ...

Investment Rating - The report recommends an "Accumulate" rating for the company with a target price of 15.28 yuan [4][10]. Core Insights - The company is a global leader in high-performance rare earth permanent magnet materials, with significant growth in production and sales, particularly in the clean energy and energy-saving sectors [2][3]. - The global consumption of high-performance rare earth permanent magnets has increased from 47,500 tons in 2018 to 102,500 tons in 2023, with a compound annual growth rate (CAGR) of approximately 16.6%. It is expected to reach 227,100 tons by 2028, with a CAGR of 17.2% from 2023 to 2028 [2]. - The company’s total production of high-performance rare earth permanent magnet materials in 2023 was 15,154 tons, a year-on-year increase of 18.52%, while total sales reached 15,122 tons, up 25.60% year-on-year [2][3]. Summary by Sections Market Demand and Growth - High-performance rare earth permanent magnets are essential in clean energy and energy-saving applications, saving up to 15% to 20% energy compared to traditional motors. The demand is expected to continue growing due to government initiatives promoting equipment upgrades and recycling [2][3]. Company Performance - In the new energy vehicle sector, the company’s products are used by the top 10 global manufacturers for drive motors, contributing to a revenue of 3.303 billion yuan in 2023, a 14.33% increase year-on-year. In the energy-saving variable frequency air conditioning sector, the revenue reached 1.324 billion yuan [3][4]. - The company’s overall revenue in 2023 was 6.688 billion yuan, a decrease of 6.66% year-on-year, with a net profit of 564 million yuan, down 19.78% year-on-year [2][10]. Technological Advancements - The company has developed a comprehensive technology system centered on grain boundary penetration technology, which enhances product performance while reducing the use of heavy rare earth materials [4][8]. - In 2023, the company produced 13,226 tons of high-performance rare earth permanent magnet materials using this technology, representing 87.28% of total production, a 32.72% increase year-on-year [8][9]. Strategic Planning - The company plans to establish production bases in Ganzhou, Baotou, and Ningbo, aiming for a production capacity of 40,000 tons of high-performance rare earth permanent magnet materials by 2025 [8][10]. - The company is also investing in a new production line in Mexico, which will enhance its competitiveness in the humanoid robot and new energy vehicle sectors [8]. Financial Projections - The company’s projected net profits for 2024, 2025, and 2026 are 731 million yuan, 959 million yuan, and 1.15 billion yuan, respectively, with corresponding earnings per share of 0.54 yuan, 0.71 yuan, and 0.86 yuan [10][12].

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 沪电股份(002463)公司点评报告 2024年04月17日 [高Tab端le_TiPtleC] B 领先供应商，AI 需求为新增长极 [Table_Inves 买t] 入|上调 ——沪电股份（002463）2023年年报及 2024 年 Q1预告点评 事[T件ab：le_ Summary] [ Table_TargetPr ice] 3月26日，沪电股份发布2023年年度报告及2024年第一季度业绩预告。 2023 年，公司实现营业收入 89.38 亿元，同比增长 7.23%；归母净利润为 [基Ta本bl数e_据Ba se] 15.13亿元，同比11.09%。2024年第一季度，公司预计实现归母净利润4.6- 52周最高/最低价（元）： 33.01 / 17.94 5.2亿，同比增长129.66%-159.62%；扣非后归母净利润4.44-5.04亿，同 A股流通股（百万股）： 1910.80 比增长143.31%-176.18%。 A股总股本（百万股）： 1912.00 点评： 流通市值（百万元）： 56903.56  高速高层 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the Shanghai Composite Index by more than 20% in the next six months [4][23]. Core Insights - The company achieved significant revenue and profit growth in 2023, with total revenue reaching 672.24 million yuan, a year-on-year increase of 49.08%, and net profit attributable to shareholders of 219.45 million yuan, up 97.95% year-on-year [7][13]. - The company's strategy focused on large clients has proven effective, leading to a substantial increase in order volume and brand influence [4][8]. - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 213 million yuan, which represents 96.85% of the net profit for the year [7]. Financial Performance - The company's core business, management training, generated revenue of 595 million yuan, accounting for 88.56% of total revenue, with a gross margin of 82.16%, an increase of 1.73 percentage points year-on-year [8]. - The company has a strong order backlog, with contract liabilities amounting to 958 million yuan, a year-on-year increase of 24.90%, indicating a solid foundation for future performance [8]. - The report forecasts net profits for 2024-2026 to be 284 million, 345 million, and 431 million yuan, respectively, with corresponding EPS of 2.40, 2.92, and 3.65 yuan per share [4][13]. Cost Management - The company effectively controlled its expenses, with sales, management, and R&D expense ratios decreasing to 26.52%, 13.58%, and 4.33%, respectively, compared to the previous year [7]. Market Position - The company has established deep partnerships with over 240 large clients, including industry leaders, enhancing its market position and brand recognition [8]. - The introduction of new courses and continuous iteration of existing offerings have strengthened the company's competitive advantage in the management training sector [8].

浙江仙通(603239)公司点评报告 2024 年 04 月 17 日 [Table_Summary] 事件： 公司发布 2023 年年报与 2024 年第一季度报告，业绩符合我们预期。2023 年实现营收 10.66 亿元，同比+13.81%；实现归母净利润 1.51 亿元，同比 +19.68%；实现扣非归母净利润 1.47 亿元，同比+24.14%。2023 年 Q4 实 现营收 3.32 亿元，同比+14.54%，环比+19.10%；实现归母净利润 0.54 亿 元，同比+53.68%，环比+25.21%；实现扣非归母净利润 0.53 亿元，同比 +64.11%，环比+24.24%。2024 年 Q1 实现营收 2.70 亿元，同比+20.44%， 环比-18.69%；实现归母净利润 0.52 亿元，同比+71.03%，环比-3.93%； 实现扣非归母净利润 0.51 亿元，同比+70.59%，环比-3.21%。 项目储备丰富，持续开拓新能源高端业务线 报告期内，公司近年来持续开拓的新能源高端产品线均迎来收获期，其中欧 式导槽方面获得大众、上汽等多个畅销车型定点，无边框密封条项目获得智 界 S7、S9、 ...

[Table_Main] 公司研究|材料|材料Ⅱ 证券研究报告 鼎龙股份(300054)公司点评报告 2024年04月16日 [利Tab润le_端Title短] 期承压，看好新业务放量推动盈利改善 [Table_Inves 买t] 入|上调 ——鼎龙股份(300054) 2023 年年度报告点评 [事Ta件ble：_S ummary] [[基TTaa本bbll数ee__据BTaa rsgee]t Price] 4 月 9 日，鼎龙股份发布 2023 年度报告。报告期内，公司实现营业收入 52周最高/最低价（元）： 29.9 / 16.36 26.67亿元，同比下降2%（若剔除珠海天硌出表影响，公司营业收入与上 A股流通股（百万股）： 735.62 年同期基本持平）；归属于上市公司股东的净利润 2.22 亿元，同比下降 A股总股本（百万股）： 945.73 43.08%。其中，Q4公司实现营业收入7.95亿元，同比增长3.72%，环比 流通市值（百万元）： 15028.78 增长11.42%；归母净利润0.46亿元。 总市值（百万元）： 19321.29 点评； [过Ta去bl一e_年Pic股Q价uo走te]势 ...

——朗新集团(300682.SZ)2023 年年度报告点评 能源行业数字化转型持续深入，公司专注电网相关领域 能源互联网业务方面，公司的生活缴费业务累计服务表计用户数超过 4.5 亿 户，日活跃用户数超过 1400 万户，连接的公共服务缴费机构超过 6200 家， 保持增长趋势和市场领先地位。"新电途"聚合充电平台业务保持高速发展， 截止 2023 年末，平台充电设备覆盖量超过 110 万，平台注册用户数超 1100 万，2023 年聚合充电量达 40 亿度，同比实现翻倍增长，公用充电市占率 进一步提高。2023 年"新电途"经营亏损对上市公司净利润的影响约 9000 万元，营销补贴效率不断提升。公司紧抓"车能路云"产业新机遇，成功中 标武汉东湖项目，为客户提供综合交通管理平台建设、智慧化泊车改造、智 能充电桩系统建设以及社区停车场数据管理等服务，在基于此项目打造标 杆案例的同时正在拓展多个省市的市场。公司虚拟电厂业务取得高速发展， 光伏云平台新接入分布式光伏电站约 14 万座、容量约 4GW。 对少数集团客户依赖的风险；经营业绩季节性波动风险；业务和技术创新带 来的成本费用上升风险；劳动力成本上升风险。 资 ...

Core Viewpoints - The report emphasizes the need for a boost in midstream production in the short term [4][18][23] Economic Indicators - The Shanghai Composite Index is at 3019.47, while the Shenzhen Component Index stands at 9228.23, and the ChiNext Index is at 1762.88 [9][16][10] - The CPI for March shows a year-on-year increase of 0.1% and a month-on-month decrease of 1.0%, while the PPI has decreased by 2.8% year-on-year and 0.1% month-on-month [22] Consumer Behavior - Post-Spring Festival, the CPI drop exceeded seasonal changes, indicating potential short-term consumption volatility [18] - Per capita tourism spending has surpassed 2019 levels, suggesting a shift towards holiday consumption [18] Production and Demand Analysis - Current micro data, such as operating rates in midstream chemical sectors, indicate weaker performance compared to previous years, with high furnace operating rates at around 78%, down from 84% last year [23] - The report notes that while real estate demand has declined, stabilization in the real estate market may alleviate negative impacts on midstream steel and coal sectors [23] - The rise in non-ferrous metal prices is attributed to increases in precious and industrial metal prices, although short-term demand is not expected to change significantly [23]

[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04月15日 [TabMlea_rTvitlee]l l:AI 基础设施将加速，Intel Gaudi 发布 [Table_Inves推t] 荐|维持 ——通信行业周报 报告要点： [Table_Summary]  市场整体行情及通信细分板块行情回顾 [过Ta去b一le年_P市ic场Q行uo情te ] 周行情：本周（2024.04.08-2024.04.12）上证综指回调 1.62%，深 沪深300 通信(申万) 证成指回调3.32%，创业板回调4.21%。本周申万通信回调1.28%。 24% 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 14% 发展，我们给予通信行业“推荐”评级。 4% 细分行业方面：本周（2024.04.08-2024.04.12）通信板块三级子行 -6% 业中，通信网络设备及器件上涨幅度最高，涨幅为1.39%，通信工程 -16% 及服务回调幅度最高，跌幅为5.85%，本周各细分板块主要呈回调趋 -26% 势。 4/14 7/14 10/14 1/14 4/14 个股方面：本周 ...