2024年06月06日 行业研究●证券研究报告 通信 行业快报 星舰引领商业航天再上新台阶，催动国内产业 投资评级 领先大市-B维持 加速出海 首选股票 评级 688523.SH 航天环宇 增持-B 投资要点 002115.SZ 三维通信 增持-B 300762.SZ 上海瀚讯 增持-B 事件：当地时间6月6日，SpaceX新一代重型运载火箭“星舰”以及飞船集成系 301517.SZ 陕西华达 增持-B 统进行第四次试射，经过66分钟的飞行，星舰最终成功地溅落在印度洋，发射任 300342.SZ 天银机电 增持-B 务取得圆满成功。 001270.SZ 铖昌科技 增持-B 002465.SZ 海格通信 增持-B 星舰成功引领火箭发射再上新台阶，策勉国内商业航天加速追赶。“星舰”由 一年行业表现 美国SpaceX公司研制，总高度121米，直径9米，它由两部分组成，底部是 第一级“超级重型”助推器，配备33台“猛禽”发动机；顶部是飞船船舱，可 重复利用。当前，SpaceX已形成了集卫星研制、火箭发射、地面站建造和卫星 运维于一体的产业链，避免了庞大的供应链、传统的设计、叠加的外包订单等高 成本环节，通过开展拼车 ...

就是参赛了大部分的股东大会包括高端酒的茅台包括次高端的粉酒以及说是地产酒里面的古井、猴子、银架之类的这样的一些企业我们截止到目前对白酒整体股东大会的反馈分为两个部分首先第一点 最前面的话应该就是先做一个整体感受的一个分享然后再一个的话就是从高端酒然后到地产酒然后再到次高端给大家做一个分享然后第三部分的话就是结合我们之前的一些思考跟研究给出现在的投资建议首先的话就是纪念这个白酒股东大会整体的一个感受 就是去年同期我们也是去参加了大部分酒企的这个股东大会整体感受下来的话就是今年白酒股东大会参与人数跟热度的话是相较去年是有一个小幅的一个下降当然的话这里面是除个别的酒企除外就比如说像茅台 因为他这个是里面是今年刚换了新的董事长然后再一个的话就是茅台今年这个股东大会的报名审核制度也是发生了变化往年的话是只允许一家机构去一个人现在的话今年的话是逐步去放开了这样的一个 所以茅台的话也是创了19年以来参会人数的一个历史新高除此之外其他的一些旧起的舞动大会的话我们从直观感受上已经说是 比起说是拿了一些数据来看都是比往年参加的人数是略少的然后第二点感受的话就是各大酒企对24年的一个战略规划跟23年也是有了一定的变化就是23年整体 ...

半导体IC设计当前怎么看？240606华金_原文 2024年06月06日 22:10 发言人1 00:00 大家好，欢迎参加华星电子半导体IC设计。当前怎么看？ 发言人2 00:05 目前所有参会者均处于静音状态。本次会议为华金证券客户开发设计，在任何情形下都不构成对会议参 加者的投资建议。敬请会议参加者充分了解各类投资风险，根据自身情况自主做出投资决策，并自行承 担投资风险。 发言人2 00:24 本次会议内容的知识产权仅为华金证券所有，未经华金证券事先书面许可，任何机构和或个人不得以任 何形式转发、翻版、复制、发布或引用会议全部或部分内容，亦不得从未经华金证券书面授权的任何机 构、个人或其运营的媒体平台接收、翻版、复制或引用会你的全部或部分内容，不得制作会议纪要对外 发送。擅自制作会议纪要引起不当传播的，后果自负。版权所有，违者必究。 发言人1 01:01 好的，各位投资者，大家晚上好，我是华晶电子团队的分析师王海伟。这一期我们继续给大家汇报一 下IC设计相关的一些观点。我在这里首先对我们上周的一个汇报再做一个总结。因为当前我们对于先进 封装这一块还是做重非常重要的一个推荐。我们总结一下，就是说在玻璃基板 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for future performance [3][5]. Core Insights - The company is one of the earliest entrants in the satellite navigation and positioning (GNSS) field in China, with a comprehensive industrial layout and deep technical reserves. It is expected to benefit from the increasing application of the BeiDou system [3][21]. - Revenue projections for 2024-2026 are estimated at 1.898 billion, 2.186 billion, and 2.629 billion yuan, representing year-on-year growth rates of 5.3%, 15.2%, and 20.3% respectively. The net profit attributable to the parent company is forecasted to be 0.04 billion, 0.84 billion, and 1.08 billion yuan, with significant growth in 2025 [3][23]. - The company plans to enhance its marketing efforts and R&D investments to boost its proprietary brand sales and product upgrades, particularly in the low-altitude economy sector [2][3]. Financial Data and Valuation - In 2023, the company achieved operating revenue of 1.802 billion yuan, a decrease of 6.31% year-on-year, while net profit attributable to the parent company was 478 million yuan, a significant increase of 298.77% [5][23]. - The first quarter of 2024 saw a revenue of 267 million yuan, down 31.98% year-on-year, with a net loss of 33.276 million yuan, a decrease of 87.23% [5][23]. - The company’s gross margin is projected to improve from 39.64% in 2024 to 41.05% in 2026, reflecting operational efficiency [8][23]. Product Segment Forecast - The BeiDou high-precision business is expected to generate revenues of 730 million, 850 million, and 1.02 billion yuan from 2024 to 2026, with a stable gross margin around 49.1% [9]. - The BeiDou mobile internet business is projected to achieve revenues of 730 million, 830 million, and 1 billion yuan over the same period, with gross margins increasing from 28.8% to 31.6% [9]. - The spatial information service segment is anticipated to generate revenues of 260 million, 300 million, and 360 million yuan, with gross margins improving from 27.8% to 30.4% [9].

446 云通讯资源。公司的国际云通信业务在技术产品和平台创新方面以及行业资质认证 与合作方面竞争优势明显，公司的云通信平台为客户提供了多元化的触达通道，这 种策略不仅确保了客户信息的高到达率，而且提高了客户的运营效率和用户体验， 使得梦网国际的服务更具吸引力。 财务数据与估值 http://www.huajinsc.cn/ 2 / 6 请务必阅读正文之后的免责条款部分 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|----------|-----------|-------------------|--------|-----------------------|--------|-------|-----------------|-------| | 证券代码 | 证券简称 | 收盘价/元 | 总市值/ 亿 \n 元 | 2024E | 营业收入/亿元 \n2025E | 2026E | 2024E | PS/倍 \n 2025E | 2026E | | 300634.SZ | 彩讯股份 | 17.48 ...

Investment Rating - The report suggests that the power semiconductor sector is currently at a historical valuation bottom, indicating potential investment opportunities in leading domestic companies [7]. Core Insights - Domestic power semiconductor manufacturers are increasingly participating in global competition, with significant improvements in technology and product offerings, leading to a narrowing gap with international leaders [7]. - The market share of domestic power semiconductor companies is approximately 21%, with a long-term potential for replacement and growth as the global market is expected to reach $35.865 billion (approximately 260 billion yuan) by 2026 [7]. - The report highlights that 2024 will be a pivotal year for the domestic SiC MOSFET market, with increasing production capacity and a focus on performance, reliability, and supply stability [7]. Summary by Sections Global Competition and Market Dynamics - Domestic manufacturers have transitioned from slowly catching up to gradually leading in specific areas, establishing strong competitive advantages in the diode and IGBT module sectors [7]. - The report notes that the supply landscape for automotive IGBT modules is stabilizing, with leading suppliers gaining market share due to their reliability and performance [7]. Investment Recommendations - The report recommends focusing on companies such as Yangjie Technology, Sijia Semiconductor, Huazhong Microelectronics, and others, which are well-positioned to benefit from the ongoing market dynamics and technological advancements [7]. Market Trends and Projections - The report anticipates a gradual recovery in demand, with domestic companies expected to capture a larger market share as they enhance their product offerings and expand into overseas markets [7]. - The growth of AI servers is expected to provide additional opportunities for domestic MOSFET manufacturers, further driving market expansion [7].

证券研究报告 分立器件/行业深度报告 领先大市-A（首次） 走进“芯”时代系列之八十“功率半导”深度分析 “功率半导”铸全球竞争护城河，产品格局看“底部”机遇 分析师： 孙远峰 S0910522120001 分析师： 王海维 S0910523020005 ...

2024年06月04日 行业研究●证券研究报告 电气设备 行业快报 能源局发文强调新能源消纳，电网投资增速可 投资评级 领先大市-A维持 期 首选股票 评级 事件点评 一年行业表现 6月4日，国家能源局印发《关于做好新能源消纳工作 保障新能源高质量发展 的通知》，就新能源利用率、消纳以及配套电网的推进工作给出有关要求。根据 文件，保障新能源高质量发展，需要优化完善新能源消纳政策措施，夯实基础、 巩固成果、改革创新，以高质量消纳工作促进新能源供给消纳体系建设。《通知》 提出4项重点任务： 一、加快推进新能源配套电网项目建设。加强规划管理，分别对500千伏及以上、 500千伏以下配套电网项目及配电网的规划管理工作提出改进要求。明确为国家布 局的大型风电光伏基地、流域水风光一体化基地等重点项目开辟纳规“绿色通道”。 资料来源：聚源 加快项目建设，各级能源主管部门会同电网企业建立已纳入规划的新能源配套电网 升幅% 1M 3M 12M 项目清单，在确保安全的前提下加快推进前期、核准和建设工作；要求优化接网流 相对收益 3.37 2.7 0.38 程，电网企业要主动为新能源接入电网提供服务，简化审核环节。 绝对收益 3 ...

2024年06月04日 行业研究●证券研究报告 传媒 行业快报 微短剧新规生效，助力优质内容稳健发展 投资评级 领先大市-A维持 首选股票 评级 投资要点 热点事件：6月1日，微短剧管理新规定正式实施生效，对微短剧实行“分类分 一年行业表现 层审核”，并设立了多项清晰的机制和标准。新规有助于提高行政管理效率和效 果，在源头上确保内容生产质量。6月2日下午，由周星驰出品的首部短剧《金 猪玉叶》正式在抖音播出。正值新规发行，影视大咖作品首秀或拉高创作门槛， 赋能微短剧产业高质量发展。 微短剧新规正式施行，分层管理有望保障高质量产出。新规要求落实行业监管 责任、属地管理责任、平台主体责任，对微短剧实行“分类分层审核”，总投资 额达到100万元及以上的“重点微短剧”由国家广电总局统一备案公示管理； 总投资额度在30万元（含）—100万元之间且非重点推荐的“普通微短剧”由 资料来源：聚源 省级广电部门进行规划备案审核和完成片审查；总投资额低于30万元且非重点 升幅% 1M 3M 12M 推荐的“其他微短剧”由播出或为其引流、推送的网络视听平台履行内容管理的 相对收益 -8.68 -16.05 -25.71 职责，负 ...

Investment Rating - The report assigns an "Add-B" rating to the company, indicating a positive outlook for investment in the next six months [20][18]. Core Views - The company is expected to benefit from the structural increase in demand for nylon, with significant growth projected in revenue and net profit from 2024 to 2026 [20][24]. - The company focuses on the production and sales of nylon 6 chips and plans to expand into nylon 66 products, which will support revenue growth [20][24]. Financial Forecasts and Business Breakdown - Revenue projections for the company are as follows: 2024 at 69.90 billion, 2025 at 88.45 billion, and 2026 at 104.05 billion, reflecting year-on-year growth rates of 16.1%, 26.5%, and 17.6% respectively [20][21]. - Net profit forecasts are 2.85 billion for 2024, 3.80 billion for 2025, and 4.86 billion for 2026, with growth rates of 44.9%, 33.2%, and 28.1% respectively [20][21]. - The gross margin is expected to improve from 7.72% in 2024 to 8.46% in 2026 [20][21]. - The company’s nylon chip revenue is projected to be 69.85 billion in 2024, 88.40 billion in 2025, and 104.00 billion in 2026, with corresponding gross margins of 7.72%, 8.08%, and 8.46% [12][23]. Valuation Comparison - The company’s projected P/E ratios are 12.3x for 2024, 9.3x for 2025, and 7.2x for 2026, which are lower than the average P/E ratios of comparable companies in the industry [24][20]. - The average P/E ratios for comparable companies are 16.2x for 2024, 12.0x for 2025, and 10.0x for 2026, indicating that the company is currently undervalued [24][20].