[Table_TargetPrice] [Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 富士达(835640)公司点评报告 2024 年 04 月 01 日 [Table_Title] 深耕射频同轴连接器，卫星等新领域增长可期 ——富士达（835640.BJ）2023 年度报告点评 [Table_Summary] 事件： 3 月 16 日，富士达发布 2023 年年度报告。报告期内，公司实现营业收入 8.15 亿元，同比 0.82%；归母净利润 1.46 亿元，同比 2.34%；扣非归母净 利润 1.33 亿元，同比 0.35%。其中，单 Q4 公司实现营业收入 1.52 亿元， 同比-14.49%；归母净利润 0.28 亿元，同比 3.36%。 点评： 民用通信+商业卫星+防务等多领域突破，技术储备丰富、成果显著 民用通信领域，公司在多个低成本连接方向上进行了设计、材料、工艺的深 入研究，同时围绕华为、中兴等大型通讯厂商的需求，提升了响应速度。宇 航领域，公司开发了多款应用于商业卫星的低成本、高可靠互联产品，形成 了全套商业卫星用射频连接解决方案，并通过商星市场的提前布局与能力 ...

假设 3：据公司公告，华龙一号、美国 AP1000 单机组核岛阀门价值量约 2 亿元，俄 罗斯 VVER1200 约 3 亿。 | --- | --- | --- | --- | |----------------------------------|-------|---------------|-------------------| | 华龙一号 | | 美国 AP1000 | 俄罗斯 VVER1200 | | 每千瓦造价（万 / 千瓦） | 1.6 | 2 | 2 | | 单台机组装机容量（万千瓦） | 120 | 120 | 120 | | 单台机组投资总额（亿元） | 192 | 240 | 240 | | 单台机组核岛阀门价值量（亿元） | 2 | 2 | 3 | | 单台机组非核岛阀门价值量（亿元） | 1.7 | 1.7 | 2.55 | | 单台机组阀门总价值量（亿元） | 3.7 | 3.7 | 5.55 | | 单台机组阀门价值量占比（ % ） | 1.93% | 1.54% | 2.31% | 我们以华龙一号机组为例（阀门价值量按 2%计），进一步测算核电阀门市场规模： 假设 2：据 ...

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 [22][29]. Core Insights - The company reported a revenue of 4.185 billion yuan in 2023, a year-on-year decrease of 19.02%, primarily due to the natural decline in revenue from key products such as "Wandao Mobile Game" and "Yinian Xiaoyao (Mainland Version)" [22][23]. - The net profit attributable to the parent company was 1.125 billion yuan, down 22.98% year-on-year, with adjusted net profit at 1.169 billion yuan, reflecting a 21.35% decline [22][23]. - The company is focusing on a "small steps, fast running" strategy, emphasizing stable long-term operations of core products and expanding its self-developed game portfolio [23][32]. Financial Performance - In 2023, the company’s sales, management, and R&D expense ratios were 26.94%, 7.53%, and 16.23%, respectively, with R&D expenses increasing by 3.22 percentage points year-on-year [22][23]. - The company had 855 R&D personnel by the end of 2023, accounting for 59.09% of its workforce [22][23]. - The forecast for net profit attributable to the parent company for 2024-2026 is 1.090 billion, 1.230 billion, and 1.316 billion yuan, respectively, with corresponding EPS of 15.13, 17.07, and 18.26 yuan [23][26]. Product Development and Market Strategy - The company’s core long-term products are performing steadily, with "Wandao" and "Yinian Xiaoyao" achieving significant rankings in the iOS game sales charts [32]. - The self-developed product matrix is expanding, with several new games set to launch in 2024, including "Zuiqiang Chengbao" and "Zhangjian Chuanqi" [32]. - The company is actively exploring overseas markets and has a rich pipeline of new games, including both self-developed and agency titles [32].

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 重庆啤酒(600132)公司点评报告 2024年03月31日 [Table_T华itle东] 区潜力充足，大麦价连续回落 [Table_Inves 买t] 入|维持 ——重庆啤酒 2023 年报点评 [报Ta告ble要_S点um：m ary] [ Table_TargetPr ice]  事件 公司公告2023年报。2023年，公司实现总营收148.15亿元（+5.53%），归母 净利 13.37 亿元（+5.78%），扣非归母净利 13.14 亿元（+6.45%）。23Q4 单 [基Ta本bl数e_据Ba se] 季，公司实现总营收17.86亿元（-3.76%），归母净利-0.07亿元（-109.23%）， 扣非归母净利-0.13 亿元（-117.73%）。公司每股拟发放现金红利 2.80 元（含 52周最高/最低价（元）： 127.9 / 53.96 税），分红率为101.39%。 A股流通股（百万股）： 483.97  啤酒产品持续量价齐升，南区保持较快增长 1）公司啤酒产品持续量价齐升。2023年，公司啤酒总销量为299 ...

Investment Rating - The report maintains a "Buy" rating for companies involved in the humanoid robot industry [10]. Core Insights - The humanoid robot industry is expected to see significant advancements in hardware and software, with a focus on reducing costs through mass production. The timeline for mass production is anticipated between 2024 and 2025, with the potential for earlier deployment due to rapid AI advancements [3][5][19]. - Domestic manufacturers are prioritizing hardware breakthroughs, while international firms are focusing on algorithm iterations. The market for humanoid robots is projected to expand significantly, with potential sales reaching millions of units at prices below $20,000 [13][23]. Summary by Sections 1. Hardware and Algorithm Development - Humanoid robots are expected to replace complex human movements, with significant market potential as highlighted by Elon Musk's projections of millions of units sold at under $20,000 [13][19]. - Current hardware solutions are largely defined, with key components available commercially, while software and algorithms still require improvement to meet consumer demands for "embodied intelligence" [3][19]. 2. Domestic vs. International Focus - Domestic manufacturers are advancing demo models with a focus on hardware and motion performance, with commercial production expected in the next two years. Notable products include Walker X, Unitree H1, and Fourier GR-1, with prices anticipated to remain within several hundred thousand RMB [3][23][25]. - International firms are slower in commercializing their products, with a focus on industrial applications. Companies like Digit and Tesla plan to deliver their humanoid robots by 2025, with varying price points and application scenarios [4][23]. 3. Investment Opportunities in Components - Key investment opportunities are identified in the actuator and sensing components of humanoid robots. The demand for frameless torque motors is expected to grow, with recommendations to focus on companies like Step Science [5][19]. - In the sensing layer, visual technologies such as TOF and multi-view systems are highlighted, with six-dimensional force sensors presenting significant investment value [5][19].

Investment Rating - The report gives a "Buy" rating for Hengshuai Co Ltd (300969) [8] Core Views - Hengshuai is a leading domestic supplier of automotive motor technology solutions, focusing on micro motors and related products since its establishment in 2001 [1] - The company has strategically divided its business into four units: motor business, electric module business, driving vision cleaning system, and thermal management system business [1] - With the trend of intelligent and new energy vehicles, the number of micro motors used per vehicle and their value are expected to increase annually, with the domestic automotive micro motor market projected to reach 42.47 billion yuan by 2026, with a CAGR of 6.8% from 2020 to 2026 [1] - The company has successfully developed various motor products, particularly in the tailgate motor segment, and has expanded its customer base significantly [1] - Hengshuai has proactively developed active perception cleaning systems for ADAS sensors, which are expected to benefit from the trend of automotive intelligence [1] Business Segments Motor Business - The motor business is the fastest-growing segment, with a CAGR of 68.7% from 2019 to 2022 [45] - As of Q3 2023, the motor business contributed 263.79 million yuan in revenue, accounting for 40.3% of total revenue [45] - The company has developed a range of motor products, including tailgate motors, fan motors, and ABS motors, with a focus on upgrading from single motor components to integrated systems [104] Cleaning System Business - The cleaning system business includes products such as cleaning pumps, cleaning systems, and ADAS sensor cleaning systems [46] - As of Q3 2023, the cleaning system and cleaning pump businesses contributed 185.04 million yuan and 147.95 million yuan in revenue, accounting for 28.3% and 22.6% of total revenue, respectively [46] - The company has a strong presence in the domestic market and is expanding its overseas production capacity, with plans to build 34.41 million sets of fluid-related products, which are expected to generate over 380 million yuan in revenue upon full production [1] Thermal Management System Business - The thermal management system business includes products such as cooling manifolds and electronic circulation pumps [21] - The company has achieved a breakthrough in cooling manifold products and is continuing to develop technologies and products in the thermal management system field [21] Market Opportunities - The ADAS cleaning system market is in its early stages of penetration, with significant growth potential as intelligent driving technologies become more widespread [130] - The global automotive cleaning system market is expected to grow from 10.65 billion USD in 2020 to 13.3 billion USD by 2027, with China's market share increasing to 18.8% [108] - Hengshuai has proactively developed active perception cleaning systems for ADAS sensors, which are expected to benefit from the trend of automotive intelligence [1] Financial Projections - The company is expected to achieve net profits attributable to the parent company of 205 million yuan, 272 million yuan, and 338 million yuan in 2023, 2024, and 2025, respectively [1] - The corresponding PE ratios are estimated at 32.81x, 24.80x, and 19.94x based on the latest stock price [1] - Revenue is projected to grow from 738.75 million yuan in 2023 to 1.57 billion yuan in 2025, with a CAGR of 30.4% from 2023 to 2025 [120] Capacity Expansion - The company has planned and started construction on motor and actuator assembly projects totaling 17.6 million sets, which are expected to contribute over 450 million yuan in revenue upon full production [1] - For fluid-related products, the company has planned and started construction on projects totaling 34.41 million sets, including overseas production capacity in the US and Thailand, which are expected to generate over 380 million yuan in revenue upon full production [1]

[Table_Main] 公司研究|光伏|光伏电池片制造 证券研究报告 钧达股份(002865)公司首次覆盖 报告 2024 年 03 月 29 日 [Table_Invest] 增持|首次推荐 [Table_Title] N 型未来星辰大海，业务出海放量可期 图 21：美国本土电池片产能落地情况预测（单位：GW） 0 10 20 30 40 50 60 2024E 2025E 2026E 规划产能 预计落地产能 资料来源：Wood Mackenzie，国元证券研究所 海外电池片需求旺盛，出口占比不断提升。受限于硅料、硅片环节重资产的特性以及 电池片环节的技术壁垒，海外厂商投资主要围绕组件环节，因此对国内电池片的需求 长期存在且伴随着组件制造产能的提升渐趋旺盛。海外出口结构来看，根据 CPIA 统 计，2023 年硅片、电池、组件出口量分别为 70.3GW/39.3GW/211.7GW，同比增长 93.6%、65.5%、37.9%，电池片出口量呈递增趋势。受海外产能崛起和贸易政策的 影响，该变化趋势或将延续，国内电池环节有望持续受益出海链条。 图 22：光伏各环节出口量 0 20 40 60 80 100 1 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company achieved steady growth in 2023, with total revenue reaching 7.281 billion yuan, a year-on-year increase of 11.98%, and a net profit attributable to shareholders of 1.424 billion yuan, up 30.50% year-on-year [4]. - The company successfully adapted all major products to the new technology environment, aiding over 70 financial institutions in upgrading their core business systems [5]. - The company has significantly increased its R&D investment, totaling 2.661 billion yuan, which accounts for 36.55% of its revenue, reflecting a 13.42% year-on-year growth [6]. Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 74.85%, an improvement over the past two years, maintaining market leadership and product competitiveness [4]. - The company’s operating income for 2024-2026 is projected to be 8.247 billion, 9.243 billion, and 10.221 billion yuan, respectively, with net profits expected to be 1.718 billion, 1.963 billion, and 2.189 billion yuan [7][11]. Product Development - Key products have been successfully launched, with the O45 product achieving further maturity and completion of projects for leading fund and asset management companies [5]. - The company’s SaaS business and data services have experienced rapid growth, contributing to its overall performance [5]. Research and Development - The company has invested heavily in R&D, with 9,535 technical personnel making up 72.3% of its workforce, focusing on developing advanced financial models and platforms [6]. - The LightGPT financial model was released for public testing, showcasing the company's commitment to innovation in the financial IT sector [6].

Monetary Policy Insights - The central banks of the US, Japan, and Europe can purchase government bonds in the secondary market to supply cost-free funds, while China's central bank lacks this tool due to a large pool of statutory reserve funds[4][21]. - If the central bank were to purchase government bonds directly, it could significantly increase the upper limit of monetary easing, indicating a commitment to continued liquidity support despite current constraints[4][42]. Economic Indicators - The current policy interest rates still have considerable room for reduction, suggesting that the monetary policy is not yet at a standstill[4][8]. - The stock and commodity markets may not sustain trading based on central bank bond purchases, but the bond market will likely remain stable, as the impact is primarily a matter of the slope of monetary easing[4][24]. Asset Performance - Gold prices continue to reach historical highs, with an increasing proportion of its pricing attributed to its safe-haven characteristics, indicating a positive outlook for future performance[4][13]. - The real estate sector is expected to see favorable policies soon, but changes in expectations will take time, warranting a cautious approach to related investments[4][13]. Market Data - The ChiNext Index stands at 1818.20, while the Shenzhen Component Index is at 9400.85, and the Shanghai Composite Index is at 3041.17, reflecting current market conditions[2][17][33]. - The current reserve requirement ratios for large and small deposit-taking financial institutions are critical indicators of liquidity in the banking system[4][7].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 15.87 CNY per share [45]. Core Viewpoints - The company is positioned as a leading innovative biopharmaceutical enterprise focusing on recombinant protein drugs and microbiome preparations, aiming to become a high-quality biopharmaceutical leader serving global patients [42]. - The company has successfully established a relatively complete overseas commercial system, achieving a historical high in overseas revenue of 160 million CNY in 2022, representing a 61.5% increase [44]. - The company’s three major products have successfully participated in centralized procurement, which helps mitigate future price reduction risks [43][50]. Summary by Sections Company Overview - The company, founded in 1997, specializes in the research, production, and sales of recombinant protein drugs and microbiome preparations, focusing on various therapeutic areas including antiviral, oncology, and immune diseases [75]. - The core management team has extensive industry experience, with key executives having over 10 years in the pharmaceutical sector [76]. Financial Performance - The company’s revenue from 2018 to 2022 showed a compound annual growth rate (CAGR) of approximately 7.2%, with a projected revenue of 1.25 billion CNY in 2023, a decrease of 4.32% from the previous year [10][53]. - The company reported a net profit loss in 2022, primarily due to high R&D investments and increased sales expenses [10][53]. Product Portfolio - The main revenue sources are four key products: Epoetin (recombinant human erythropoietin), Interferon α1b, Granulocyte Colony-Stimulating Factor, and a probiotic product [14]. - Epoetin has seen significant market growth, with revenue increasing from less than 440 million CNY in 2018 to over 720 million CNY in 2022, achieving a CAGR of 13.5% [36]. Market Expansion - The company has a strong presence in emerging markets, achieving 100% coverage in countries with populations over 100 million and among the top 30 GDP-ranked emerging markets [44]. - The company is expected to accelerate revenue growth in overseas markets, with projected revenue increases of 11.87% and 38.76% in 2024 and 2025, respectively [45]. R&D Investment - The company has been increasing its R&D investment, with a focus on innovative drug development, which is expected to enhance profitability in the long term [30][86]. - Several R&D projects are entering critical clinical stages, indicating a robust pipeline for future growth [45].