Investment Rating - The report maintains a "Buy-A" rating for the company, with a target price of 1,653.20 CNY [13][17]. Core Views - The company aims for a revenue growth target of 15% for 2024, indicating a strong performance outlook [17]. - The new chairman, with extensive experience in the liquor industry, is expected to lead the company towards stable and sustainable development [17]. - The report predicts revenue growth rates of 15.4%, 16.1%, and 17.1% for 2024, 2025, and 2026 respectively, with net profit growth rates of 16.9%, 17.6%, and 17.9% for the same years [17]. Financial Data and Valuation - Revenue (in million CNY) is projected to increase from 150,560 in 2023 to 236,138 in 2026, with a year-on-year growth rate of 18.0% in 2023 and 17.1% in 2026 [2]. - Net profit (in million CNY) is expected to rise from 74,734 in 2023 to 121,184 in 2026, with a year-on-year growth rate of 19.2% in 2023 and 17.9% in 2026 [2]. - The gross margin is projected to remain stable around 92% across the forecast period [2]. - Earnings per share (EPS) are forecasted to grow from 59.49 in 2023 to 96.47 in 2026 [2]. - The price-to-earnings (P/E) ratio is expected to decrease from 27.6 in 2023 to 17.0 in 2026, indicating a potentially attractive valuation [2]. Strategic Insights - The company emphasizes the importance of maintaining its core competitiveness, which includes quality, brand, craftsmanship, environment, and culture [13]. - The chairman highlighted the need for shareholder understanding and support, as well as the importance of talent attraction and innovation for future growth [13]. - The report suggests that the current phase of strategic execution will lead to improvements in sales and financial performance over the next few years [16].

Investment Rating - The report maintains an "Accumulate-A" rating for the company, indicating a positive outlook for future performance [14][26]. Core Views - The company has secured significant verification orders from key domestic clients and is in the process of establishing cooperation intentions with several other important clients, with some already entering the configuration confirmation and business process stages [2]. - The company launched the fully automated SiC wafer splitting machine KS-S200-2H1L in March 2024, expanding its product offerings in the small-size equipment market and successfully entering the wafer splitting field [3]. - The company reported strong new order intake in Q2 2024, with production, delivery, and acceptance plans aligning with expectations [14]. Financial Performance - In 2023, the company achieved revenue of 1.717 billion yuan, a year-on-year increase of 23.98%, and a net profit attributable to shareholders of 251 million yuan, up 25.21% year-on-year [14]. - The gross profit margin for 2023 was 42.53%, an increase of 4.13 percentage points compared to the previous year [14]. - The company’s order backlog at the end of 2023 was approximately 2.2 billion yuan (including tax) [14]. Product Segmentation - In 2023, revenue from photoresist coating and developing equipment reached 1.066 billion yuan, growing by 40.80% year-on-year, while single-wafer wet processing equipment generated 600 million yuan, up 9.09% year-on-year [14]. - The company is the only domestic provider of mass-production photoresist coating and developing machines, having completed full coverage for 28nm and above process nodes, with ongoing validation for below 28nm processes [14]. - The company has made significant progress in sales of new machines for high-end NTD negative photoresist and SOC coating [14]. Future Outlook - The company expects revenue for 2024 to be 2.163 billion yuan, with a growth rate of 26.0%, and net profit attributable to shareholders to reach 329 million yuan, reflecting a growth rate of 31.3% [14][15]. - The report anticipates a recovery in the advanced packaging sector in 2024, with the company benefiting from increased production capacity in the 2.5D advanced packaging market [13][14].

Investment Rating - The report maintains an investment rating of "Outperform" with expectations of returns exceeding the CSI 300 Index by more than 10% over the next six months [3]. Core Insights - NVIDIA's next-generation AI platform "Rubin" is set to integrate HBM4 memory, with a planned release in 2026, marking a significant upgrade in storage capabilities [1]. - The Blackwell chip has commenced production, with the enhanced Blackwell Ultra GPU expected in 2025, while the Rubin architecture will feature in future data center GPUs [1]. - Major memory manufacturers, including Micron, SK Hynix, and Samsung, are accelerating the production of HBM3E and advancing HBM4 development, indicating a robust demand for high-bandwidth memory in AI applications [1][2]. Summary by Sections Investment Highlights - NVIDIA's H200, based on the Hopper architecture, was released in 2023, featuring 141GB capacity and 4.8TB/s bandwidth [1]. - The Blackwell GPU, equipped with 192GB capacity and 8TB/s bandwidth, has begun production [1]. - The upcoming Rubin GPU will utilize 8 HBM4 chips, while the Rubin Ultra will integrate 12 HBM4 chips, marking NVIDIA's first use of 12 chips in AI semiconductor products [1]. Industry Trends - The HBM industry is experiencing rapid iterations, driven by AI chip manufacturers like NVIDIA, which is expected to create new demand and upgrade the supply chain [2]. - Samsung's HBM4 research indicates a maximum bandwidth of 2TB/s with 48GB capacity through 16-layer stacking, planned for release in 2025 [2]. - Investment opportunities in the HBM supply chain include companies involved in packaging, equipment, and materials, such as Tongfu Microelectronics and Changdian Technology [2].

2024年06月03日 行业研究●证券研究报告 传媒 行业快报 头部厂商发布应用，国内 生态逐步完善 AI 投资评级 领先大市-A维持 投资要点 首选股票 评级 事件：近日，腾讯基于混元大模型发布AI助手-腾讯元宝。其核心特色围绕AI 效率工具与AI特色应用，聚焦工作和生活提效。 一年行业表现 大模型更新与C端应用协同发展。腾讯元宝针对细分化场景推出特定功能：面 向工作效率场景，提供AI搜索、AI总结、AI写作能力；面向日常生活场景， 玩法更加丰富，提供口语陪练、超能翻译官、百变AI头像等多个特色AI应 用。同时推出涵盖工作、娱乐、效率、学习、角色五大类，共计 76款智能 体。腾讯元宝发展基础：混元底层模型持续迭代，2023年9月版本至目前版 本，模型效果提升50%。目前混元模型已拓展至万亿级参数规模，在国内率先 采用混合专家模型(MoE)结构。生文能力：腾讯提供hunyuan-pro、hunyuan- standard、hunyuan-lite等多种尺寸的模型服务，通过腾讯云对外开放，适配 更多样化的客户需求。hunyuan-standard支持32k与256k长文模型，其中 256k具备超长文本处理能 ...

Investment Rating - The report assigns a "Buy" rating, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [48]. Core Insights - The company is a global leader in BOPA film production, possessing an integrated production capability across the entire supply chain. Following the acquisition of Changsu Industry in December 2019, the company has expanded its operations into the downstream film industry, achieving a BOPA film production capacity of nearly 120,000 tons per year, with a global market demand of approximately 500,000 tons in 2023 [7][8]. - The company is a major domestic supplier of nylon layers for PHA lithium battery films, which are expected to benefit from the growth in the electric vehicle and energy storage sectors. The aluminum-plastic film market in China is projected to grow from 6.05 billion yuan in 2020 to 10.96 billion yuan in 2023, with a compound annual growth rate (CAGR) of 21.90% [8]. - The company has developed EHA fresh-keeping films to meet the growing demand for food preservation in rapidly expanding segments such as prepared dishes and short-shelf-life foods. The market for prepared dishes in China was valued at 345.9 billion yuan in 2021, with an expected CAGR of 25.39% from 2021 to 2026 [9]. Financial Performance - The company reported revenues of 1.994 billion yuan, 2.297 billion yuan, and 2.352 billion yuan for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 24.45%, 15.21%, and 2.41% [46]. - The net profit attributable to the parent company was 298 million yuan, 285 million yuan, and 206 million yuan for the same years, with year-over-year changes of 42.52%, -4.34%, and -27.73% [46]. - In Q1 2024, the company achieved a revenue of 564 million yuan, a year-on-year increase of 18.66%, while the net profit attributable to the parent company was 55 million yuan, a decrease of 16.81% [12]. Industry Overview - The BOPA film industry is experiencing rapid growth, with global demand increasing from 271,300 tons in 2016 to 381,600 tons in 2020, representing a CAGR of 8.91%. It is projected to reach 579,000 tons by 2025, with a CAGR of 8.37% [32]. - In China, BOPA film demand grew from 104,500 tons in 2016 to 173,600 tons in 2020, with a CAGR of 13.53%. It is expected to reach 304,500 tons by 2025 [32]. Competitive Position - The company has established itself as a key player in the BOPA film market, with a market share of 20% globally and 36% domestically in the functional BOPA film segment from 2021 to 2023 [7]. - Compared to industry peers, the company's revenue scale and sales gross margin are below the industry average, with an average revenue of 4.778 billion yuan and a gross margin of 20.12% [13][25].

2024年06月02日 行业研究●证券研究报告 食品饮料 行业周报 茅台股东大会稳健积极，安徽渠道调研淡季平 投资评级 同步大市-A维持 稳 首选股票 评级 投资要点 600519.SH 贵州茅台 买入-A 行情回顾：上周食品饮料（申万）行业整体下跌2.26%，在31个子行业中排名 603369.SH 今世缘 买入-B 第26位，跑输上证综指2.2pct，跑输创业板指1.52pct。二级（申万）子板块 603198.SH 迎驾贡酒 买入-B 对比，上周子板块中非白酒、休闲食品表现较差，跌幅分别为3.51%、2.56%， 三级子行业均下跌，其中调味发酵品跌幅相对较少，下跌1.19%，啤酒为三级 一年行业表现 子行业中表现较差，下跌3.88%。 上周大事： 上周我们参加了贵州茅台、古井贡酒股东大会，以及走访了合肥、六安烟酒店， 就产品成交价、各品牌竞争态势与终端销售情况进行了沟通和更新，具体反馈 如下： （1）贵州茅台：24年目标15%增速不变，行业龙头行稳致远。公司召开2023 资料来源：聚源 年度股东大会，本次股东大会参会人数超过1700人，创下2019年以来参会历 史人数最高记录。会上，张德芹董事长用《 ...

2024年06月02日 行业研究●证券研究报告 传媒 行业快报 影视产业持续回暖，关注档期潜在爆款 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：据猫眼专业版，截止至6月1日21时，2024年六一档总票房1.83 一年行业表现 亿，进入影史六一档票房榜前三。13部影片定档端午，创历年同期新高。据灯 塔专业版，截至6月2日14时24分，2024端午档新片预售&点映票房突破7000 万。截至5月31日，已有61部影片定档暑期档。大小档期连创佳绩，影视产 业稳健复苏；优质佳作接踵而至，有望延续观影热潮。 六一档期跻身同期前三，火热开启暑期档。据猫眼专业版，截止至6月1日21 时，2024年六一档总票房1.83亿，进入影史六一档票房榜前三。六一单日票房 TOP5分别是《哆啦A梦：大雄的地球交响乐》、《加菲猫家族》、《末路狂花 钱》、《扫黑·决不放弃》、《潜艇总动员：寻龙》。其中，《哆啦A梦》系 资料来源：聚源 列电影第6次成为六一档票房冠军。基于经典IP的动画剧场版高度契合六一， 升幅% 1M 3M 12M 为孩子和家庭带来欢乐。此前，多个档期均有优质动画电影表现优异：清明档票 相对收益 -6. ...

新殷专题 | --- | --- | |----------------------------------------------------------------------------------------|---------------------------------------------| | 2024 年 06 月 02 日 \n新股板块整体交投活跃度回暖，短期建议继续关注新股次新 | 策略类●证券研究报告 \n新股专题 | | 投资要点 | 李蕙 | | 新股周观点：近端新股此前连续走强的示范效应开始显现，上周新股整体市场交投 | 分析师 SAC 执业证书编号： S0910519100001 | | 热度从底部回升，有事件或预期重大事件驱动的相对高人气主题板块更是纷纷活 | lihui1@huajinsc.cn | | 跃；依然倾向于认为短期或已进入新股活跃期，建议继续保持新股次新板块关注。 | 相关报告 | | （ 1 ） IPO 发行审议环节有重大突破， 5 月 31 日上交所当天召开的上市委审议会议 | 近端新股连续走强，或带动新股板块关注度 | | 通过了科创板拟 IPO 企业 ...

= http://www.huajinsc.cn/ 1 / 13 请务必阅读正文之后的免责条款部分 内容目录 图表目录 2 / 13 科学分析长期国债收益率的合理区间 从基础层来看，当前长期国债收益率处于深度偏低区间，大幅低于经济潜在增速和长期核 心 CPI 对应的利率水平，半年多以来缺口显著扩大。2023 年下半年以来，实际经济增速小幅企 稳并小幅回升，核心 CPI 通胀地位稳定，基础层定价逻辑指向 10 年国债收益率应趋于稳定。但 从实际情况来看，10 年国债收益率从 2023 年 6 月的 2.63%左右，小幅反弹至 10 月的 2.69%左 右之后即逆转为下行，且今年以来下行加速，继 2023 年 12 月降至 2.56%左右之后，至 2024 年 3-5 月间持续围绕 2.30%左右低位中枢窄幅波动。这一方面显示出债券市场投资者对于中长期 经济增长的潜在趋势展望较之最近几个季度的实际 GDP 增速数据更加谨慎，另一方面也显示叠 加层的中短期定价逻辑在当前阶段可能处于支配性低位。 图 2：长期国债收益率近期数月与基础层定价逻辑对应趋势差距扩大 http://www.huajinsc.cn/ 4 / 1 ...

内容目录 图表目录 http://www.huajinsc.cn/ 从基础层来看，当前长期国债收益率处于深度偏低区间，大幅低于经济潜在增速和长期核 心 CPI 对应的利率水平，半年多以来缺口显著扩大。2023 年下半年以来，实际经济增速小幅企 稳并小幅回升，核心 CPI 通胀地位稳定，基础层定价逻辑指向 10 年国债收益率应趋于稳定。但 从实际情况来看，10 年国债收益率从 2023 年 6 月的 2.63%左右，小幅反弹至 10 月的 2.69%左 右之后即逆转为下行，且今年以来下行加速，继 2023 年 12 月降至 2.56%左右之后，至 2024 年 3-5 月间持续围绕 2.30%左右低位中枢窄幅波动。这一方面显示出债券市场投资者对于中长期 经济增长的潜在趋势展望较之最近几个季度的实际 GDP 增速数据更加谨慎，另一方面也显示叠 加层的中短期定价逻辑在当前阶段可能处于支配性低位。 资料来源：CEIC，华金证券研究所 图 3：本轮地产放松，央行并未大量投放流动性（单位：%） 资料来源：CEIC，华金证券研究所 http://www.huajinsc.cn/ 5 / 13 请务必阅读正文之后的免责条款部 ...