交易数据 总股本（百万股） 407.66 甬矽电子（688362.SH） 公司快报 投资评级 增持-A(维持) 股价(2024-05-29) 20.67 元 流通市值（百万元） 5,693.03 12 个月价格区间 41.30/16.86 深入布局多维异构研发及产业化，带动尖端先进 事件点评 拟使用 9 亿元用于多维异构先进封装技术研发及产业化项目，达产后形成相关先进 多维异构封装为突破晶圆制程桎梏重要途径，在高算力芯片领域优势显著。长期以 数据中心/汽车/AI 带动芯片需求持续上涨，带动芯片封装新增量。在集成电路芯片 应用市场，高算力应用芯片如高性能服务器（HPC）和自动驾驶（ADAS）已逐渐 取代手机和个人电脑，成为下个阶段半导体行业持续增长的主要驱动力。以台积电 相关报告 甬矽电子：Q3 营收环比显著增长，打造 "Bumping + CP + FC + FT"一站式交付能 力-华金证券+电子+甬矽电子+公司快报 2023.10.31 数据来源：聚源、华金证券研究所 投资建议：鉴于当前半导体市场复苏进度，我们调整对公司原有业绩预期。预计 2024 年 至 2026 年 营 业 收 入 由 原 来 的 28 ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the cultural and tourism industry, indicating an expected investment return exceeding 10% over the next six months compared to the CSI 300 index [1]. Core Viewpoints - Recent policy initiatives from the National Development and Reform Commission and other departments aim to stimulate the development of the cultural and tourism industry through eight key tasks, including upgrading sightseeing facilities and enhancing smart tourism [1]. - The cultural and tourism market is expected to continue its recovery, surpassing pre-pandemic levels, supported by stable economic growth in China, with a GDP of 12.6 trillion yuan in 2023, reflecting a 5.2% increase year-on-year [1]. - User engagement in travel-related apps has shown significant growth, with flight services, travel tools, and hotel services experiencing year-on-year increases of 37.1%, 35.4%, and 20.7%, respectively [1]. - The report highlights a trend of destination selection becoming more value-driven and relaxed, with a close connection to entertainment and consumer culture [1]. - The domestic film industry is on an upward trajectory, with total box office revenue reaching 54.915 billion yuan in 2023, a year-on-year increase of 83.5% [1]. Summary by Sections Policy Impact - The report outlines eight major tasks proposed by the government to enhance the cultural and tourism sector, which include upgrading various facilities and promoting high-tech initiatives [1]. Market Performance - The cultural and tourism market is projected to grow beyond pre-pandemic levels, driven by a robust economy and increasing user engagement in travel-related applications [1]. User Engagement - Data from QuestMobile indicates substantial growth in user numbers for travel-related apps, with significant year-on-year increases across various sectors [1]. Film Industry Growth - The report notes a significant recovery in the film industry, with a notable increase in box office revenue and the number of cinema screens, indicating a positive market outlook [1]. Investment Recommendations - The report suggests focusing on key companies in the cultural and tourism sector, including Huayi Brothers, Hengdian Film, Bona Film, and Wanda Film, among others, as potential investment opportunities [1].

2024年05月28日 行业研究●证券研究报告 半导体 行业快报 涨价叠加供需改善推动，存储市场加速回暖 投资评级 领先大市-A维持 投资要点 一年行业表现 在涨价叠加供需改善的推动下，24Q1存储原厂业绩表现亮眼。随着原厂产能转向 高附加值产品和需求复苏，利基存储市场有望加速回暖。此外，存储芯片或将成为 国家大基金三期的重点投资对象，相关产业链有望受益。 弱需求致短期现货市场承压，AI手机/AIPC存储容量提升拉动存储需求 具体看本周存储价格（截至5月28日11：00），根据CFM数据，1）FlashWafer： 本周FlashWafer价格维持不变。2）DDR：DDR416Gb3200/eTT和8GbeTT 价格小幅下跌。3）渠道市场：渠道市场仍处于去库存阶段，本周渠道内存价格 下调，降幅在4%~5%；渠道SSD价格持平。4）行业市场：小单询单有所增加， 资料来源：聚源 但大单依然较少，市场普遍谨慎观望，按需备货灵活应对，本周行业SSD价格 升幅% 1M 3M 12M 维持不变，行业内存小幅下跌。5）嵌入式：原厂稀缺资源供应持续紧张， 相对收益 -2.7 -10.35 -20.71 eMCP/LPDDR ...

Investment Rating - The report assigns an "Accumulate-A" rating to the company, indicating a positive outlook for future performance [1][9]. Core Views - The company is positioned as a global leader in the PCB industry, benefiting from the AI technology revolution and the transformation of the automotive sector, which is expected to create new growth opportunities in PCB demand and pricing [1][9]. - The company has established a comprehensive one-stop service platform for PCB products, maintaining a competitive edge in the communications electronics and consumer electronics markets [1][2]. Financial Performance and Projections - In 2023, the company achieved revenue of 32.066 billion yuan and a net profit of 3.287 billion yuan, with significant contributions from communication boards and consumer electronics [1][3]. - Revenue projections for 2024 to 2026 are 35.153 billion yuan, 39.178 billion yuan, and 43.570 billion yuan, respectively, with growth rates of 9.6%, 11.5%, and 11.2% [2][8]. - The net profit forecasts for the same period are 3.832 billion yuan, 4.436 billion yuan, and 4.942 billion yuan, with growth rates of 16.6%, 15.8%, and 11.4% [2][8]. Market Trends and Opportunities - The report highlights the expected growth in the automotive PCB market, driven by the rise of electric and smart vehicles, with a projected increase in demand for automotive PCBs by 50% from 2022 to 2028 [1][6]. - The consumer electronics sector is anticipated to recover, supported by innovations in AI-driven products, with a compound annual growth rate of 5.1% expected from 2023 to 2028 [5][6]. Competitive Positioning - The company has maintained its status as the largest PCB manufacturer globally for seven consecutive years, with a diverse product line that includes FPC, HDI, and Mini LED boards [1][2]. - The company is actively expanding its production capacity in various regions, including Thailand and India, to meet growing global demand [1][2]. Valuation Metrics - The report provides a valuation with projected P/E ratios of 17.6, 15.2, and 13.6 for 2024, 2025, and 2026, respectively, reflecting the company's strong market position and growth potential [2][8].

| --- | --- | |-----------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------| | 2024 年 05 月 27 日 \n可选消费营收推动利润修复，如何延续？ \n工业企业利润点评（2024.4） | 宏观类 ● 证券研究报告 \n事件点评 \n分析师 秦泰 SAC 执业证书编号： S0910523080002 | | 投资要点 | qintai@huajinsc.cn | | 制造业营收大幅改善推动 4 月工业企业利润向好，展望后续我们关注当前趋势的可 | 报告联系人 周欣然 | | 持续性。 4 月工业企业利润累计同比 4.3% 与上月持平；单月同比 4.0%从 3 月的短 | zhouxinran@huajinsc.cn | | 暂低位显著回升 7.5 个百分点，但仍处于 2023 ...

2024年05月26日 行业研究●证券研究报告 食品饮料 行业周报 茅台批价波动不改长期趋势，饮料旺季来临重 投资评级 同步大市-A维持 视配置机会 首选股票 评级 投资要点 行情回顾：上周食品饮料（申万）行业下跌2.73%，在31个子行业中排名第8 位，跑输上证综指0.67pct，跑输创业板指0.25pct。二级（申万）子板块对比， 上周除饮料乳品外各板块均有不同程度下跌，休闲食品跌幅最大，下跌5.18%， 一年行业表现 饮料乳品则上涨0.95%。三级子行业中乳品涨幅领先，上涨1.84%，其余子板 块均有所下跌，零食表现最差，下跌5.22%。 上周大事： 茅台批价波动，黎明前的黑暗。本周茅台批价（24散飞）首次跌破2500元至 2495元，继4月10日跌至2505元后批价再次下跌，跌破茅台经销商盈亏平衡 线。茅台批价下跌主要原因有：一是近期巽风放量375毫升，而且经销商到货 比较多，二是市场淡季消费疲软。复盘12-15年白酒调整期，我们认为当下类 资料来源：聚源 似于14-15年，处于黎明前的黑暗时期。后续随着政策推出，行业及板块将迎 升幅% 1M 3M 12M 来新一波上行期。 相对收益 -1.45 ...

2024年05月26日 行业研究●证券研究报告 传媒 行业快报 “数据要素×”稳步推进，持续关注数字建设 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： 5月25日，第七届数字中国建设峰会在福州闭幕。峰会共对接签约 一年行业表现 数字经济项目421个、总投资2030亿元，涵盖数字产业、数字化转型、新基建 等领域。会议期间，24家数据交易机构在国家数据局的推动下联合发布《数据 交易机构互认互通倡议》，旨在提高数据流通和交易效率，降低合规流通和交易 成本，激发数据要素市场活力。 政策赋能，加速推进数字建设一体化。据《数据交易机构互认互通倡议》（以 下简称《倡议》），数据交易机构将在未来一段时间内推进数据产品“一地上架， 全国互认”；数据需求“一地提出，全国响应”；数据交易“一套标准，全国共 通”；参与主体“一地注册，全国互信”，推动构建统一开放、活跃高效的数据 资料来源：聚源 要素市场。推行《倡议》有望促进数据交易机构产品互认、需求互动、标准互通、 升幅% 1M 3M 12M 主体互信，在合规流通使用中激活数据要素价值，加速数字经济发展。 相对收益 -4.25 -11.84 -15.65  ...

Investment Rating - The report gives a "Buy-A" recommendation for the company, indicating a positive outlook for investment over the next six months [3][8]. Core Viewpoints - The company is a leading player in the video security chip market, with a comprehensive product line and ongoing technological upgrades. It is expected to achieve revenue of CNY 2.48 billion, CNY 2.97 billion, and CNY 3.55 billion for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22.7%, 19.7%, and 19.7% [3][8]. - The projected net profit attributable to the parent company is CNY 272 million, CNY 417 million, and CNY 578 million for the same years, with growth rates of 32.6%, 53.6%, and 38.5% [3][8]. Financial Data and Valuation - The company is expected to achieve revenue in the smart security segment of CNY 1.80 billion, CNY 2.16 billion, and CNY 2.60 billion for 2024-2026, with growth rates of 25.0%, 20.0%, and 20.0% [6][22]. - The gross margin for the smart security business is projected to improve to 37.0%, 38.0%, and 39.0% over the same period [6][22]. - In the smart vehicle segment, revenue is expected to reach CNY 215 million, CNY 258 million, and CNY 310 million, with growth rates of 15.0%, 20.0%, and 20.0% [6][22]. - The overall revenue for the company is projected to be CNY 2.48 billion, CNY 2.97 billion, and CNY 3.55 billion for 2024-2026, with corresponding gross margins of 37.6%, 38.4%, and 39.1% [20][27]. Competitive Positioning - The company holds significant market shares in various segments, including 36.5% in the global IPC SoC market and 38.7% in the global NVR SoC market as of 2021, ranking first in both categories [17][19]. - In the video intercom sector, the company has a 51.8% market share in the global USB video conferencing camera chip market, also ranking first [17][19]. - The company is positioned in the mid-range of valuations compared to four comparable companies, indicating a competitive standing in the market [8][23].

大家好欢迎参加华经通信脉动电子播第二十三期英伟达业绩超预期大模型价格战开启电话会议下面开始播报名字声明声明播报完毕后主持人可直接开始发言 本次会议为华经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 本次会议内容的知识产权仅为华经证券所有未经华经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经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、复制或引用会议的全部或部分内容 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 违者必究好的 各位投资人晚上好我是华监证券通信分析师李鸿涛很高兴我们能够再次相聚脉动电磁波这个晚上的投资交流这个 我们这几周一直在推算力算力这块的话我们核心的观点就是现在确实一步一步在验证第一个就是说整个算力的相应的核心公司比如说国外是英伟达国内映射的是中基叙创新一胜等等这块的话它的业绩都会有很强的爆发中国的相应公司在QE 的那个季报和那个年报都已经体现了我们在此就不做赘述了然后呢第二个观点的话就是训练侧向推理侧 ...

又到了我们每周的聚焦一刻的电话会议的时间本周我们给大家分享两个内容一个就是关于市场的走势第二个就是关于行业的配置方向这一周市场的表现应该说是比较弱的应该是低于我们的预期的我们之前一直就是有一个观点觉得目前 特别是地产政策放松之后整体市场应该是正当变强那本周呢出现了一个意外的一个差池就是我国对台湾的一个军演为台的这个军演那这个东西对市场的影响还是比较大的所以本周出现了比较明显的超我们预期的这个调整 ...