Investment Rating - The report maintains a "Buy-A" rating for the company [2] Core Viewpoints - The company is a leading private oriented silicon steel manufacturer in China, ranking third in national production and first among private enterprises, with a production of 125,900 tons in 2023, a year-on-year increase of 13.25% [4] - The transformer business remains robust, with a production of 11,332,500 kVA in 2023, a year-on-year increase of 32.90%, marking a historical high [4] - The company benefits from the rising prices of high-grade silicon steel and increasing demand, with a significant project for high-end magnetic materials entering the commissioning phase [4] - The company’s revenue from the transformer business reached 1.353 billion yuan in 2023, up 88.52% year-on-year, with a gross margin of 15.32% [4] Summary by Sections Company Overview - The company has been deeply engaged in the power distribution and control equipment sector for 30 years, with a rich product line and a strong technological foundation [10] - It is the only company in China that integrates upstream raw materials with downstream services in the transformer manufacturing sector [10] Business Segments - The main products include power transformers and oriented silicon steel, with the latter's contribution to revenue steadily increasing, reaching 53% in 2021 before dropping to 47.57% in 2023 due to price declines [26] - The company’s revenue has grown from 571 million yuan in 2017 to 2.718 billion yuan in 2023, with a compound annual growth rate of 34.64% [26] Financial Performance - The company’s net profit for 2023 was 235 million yuan, a decrease of 21.31% year-on-year due to falling silicon steel prices [26] - The gross margin for the company was 17.36% in 2023, down 2.94 percentage points from the previous year [30] Market Trends - The global demand for transformers is expected to grow significantly due to the aging infrastructure and the need for upgrades in developed economies [49][62] - The company is well-positioned to benefit from the increasing investments in power grid infrastructure, particularly in the context of energy transition and the new power system development in China [87][88]

Investment Rating - The investment rating for the company is "Accumulate-A" [1] Core Views - The company achieved a revenue of 1.206 billion yuan in 2023, representing a year-on-year growth of 4.64%, and a net profit attributable to shareholders of 180 million yuan, up 19.55% year-on-year [1] - In Q1 2024, the company reported a revenue of 312 million yuan, a year-on-year increase of 40.65%, with a net profit of 55 million yuan, marking a significant growth of 96.04% year-on-year [1] - The automotive electronics and consumer electronics sectors are the main sources of revenue, with automotive electronics contributing 633 million yuan, accounting for 52.49% of total revenue [1] - The company is positioned to benefit from the ongoing electrification and intelligence trends in the automotive industry, providing core components and drive solutions [1] Financial Performance Summary - Revenue projections for 2024 to 2026 are 1.569 billion yuan (30.1% growth), 2.052 billion yuan (30.8% growth), and 2.589 billion yuan (26.2% growth) respectively [14] - Net profit forecasts for the same period are 231 million yuan (28.6% growth), 305 million yuan (31.6% growth), and 397 million yuan (30.3% growth) [14] - The company maintains a gross margin of approximately 29% and a net margin that is expected to improve to 15.3% by 2026 [3][14] Market Trends and Opportunities - The global VR market is projected to recover, with an expected sales volume of 8.44 million units in 2024, a 12% increase from 2023 [2] - The company is actively involved in the XR and smart home sectors, with products entering the Vision Pro, which is anticipated to accelerate growth in these areas [1][2] - The automotive electronics market is expected to continue growing, driven by increasing demand for electric and intelligent vehicles [1][14]

Investment Rating - The industry investment rating is maintained as "Leading the Market - A" [1] Core Viewpoints - Major model providers have announced significant price reductions, which are expected to expand the market and lower user costs for both B-end and C-end applications, accelerating the explosion of AI applications [1] - The price of the API input for Alibaba Cloud's Qwen-Long model has dropped by 97% to 0.0005 yuan per thousand tokens, making it approximately 1/400 of the GPT-4 price [1] - The report suggests that the rapid price cuts by leading model companies are likely to drive the application end's growth and further reduce content costs, empowering both B-end smart industries and C-end creators [1] Summary by Sections Investment Highlights - On May 21, Alibaba Cloud announced a significant price cut for its Qwen-Long model, while Baidu made its two main models free of charge [1] - The price of the pro-32k inference input for ByteDance's Volcano Engine model is 0.0008 yuan per thousand tokens, which is 99.3% cheaper than the industry average [1] - The report anticipates that public cloud and API will become the mainstream way for enterprises to use large models, with expected exponential growth in API call volumes [1] Market Performance - The industry is projected to perform 20% better than the CSI 300 index in the coming year [1] - The report indicates a 0% change in the market performance for the current period, with a forecasted decline of 20% in the next quarter [1] Analyst Insights - The report emphasizes that the ability to adapt, perform, and price effectively will determine which algorithm teams will dominate the edge AI field in the coming years [1] - The rapid advancements in domestic large model teams are highlighted, with examples of companies like OpenAI and Google leading in parameter scale [1]

Investment Rating - The report maintains an investment rating of "Leading the Market" for the industry, indicating an expected investment return exceeding the CSI 300 Index by more than 10% over the next six months [1]. Core Viewpoints - Major model providers have announced significant price reductions, which are expected to expand the market and lower usage costs for both B-end and C-end users, accelerating the explosion of AI applications [1]. - The price of the API input for Alibaba Cloud's Qwen-Long model has dropped to 0.0005 yuan per 1,000 tokens, a decrease of 97%, making it approximately 1/400 of the GPT-4 price [1]. - The report highlights that the reduction in costs for large models is likely to drive down content production costs and empower various sectors, including B-end smart industries and C-end creative fields [1]. Summary by Sections Investment Highlights - On May 21, Alibaba Cloud announced a price cut for its Qwen-Long model, while Baidu declared its main models free of charge, indicating a trend towards lower costs in the industry [1]. - The report notes that the input price for Qwen-Long's API has decreased significantly, which is expected to lead to a massive increase in API call volumes in the future [1]. Market Dynamics - The report emphasizes that the recent price cuts by leading model companies are likely to stimulate application growth and reduce costs in content production, benefiting both B-end and C-end users [1]. - The report suggests that the ability to adapt, perform, and price effectively will determine which algorithm teams will dominate the edge AI field in the coming years [1]. Investment Recommendations - The report recommends focusing on companies such as Tencent Holdings, Meitu, and others, as the rapid iteration of edge AI and price reductions from major model providers are expected to accelerate the formation of economies of scale in AI applications [1].

2024年05月21日 行业研究●证券研究报告 传媒 行业快报 月游戏版号发布， 改编引领游戏热潮 5 IP 投资评级 领先大市-A维持 首选股票 评级 投资要点 事件： 5月20日，国家新闻出版署公布5月份国产网络游戏审批信息，共有 一年行业表现 96款游戏过审，其中39款为移动休闲益智游戏，6款移动、PC双端游戏。 游戏版号持续增长，各品类游戏逐步丰富。目前情况：2024年累计发放国产网 络游戏版号524个、进口版号46个。IP改编游戏逐步成为趋势：5月游戏版号 中，包括国漫IP改编《不良人：九幽玄天》、《非人哉王牌员工》、《遮天： 凡尘一叶》，动画电影IP改编《功夫熊猫：神龙大侠》，动漫游戏IP《我叫 MT：口袋守卫战》等。部分游戏大厂获得版号：三七互娱（《四季城与多米糯》）、 灵犀互动（《神探诡事录》）、恺英网络（《百工灵》）、雷霆互动（《搏击双 城：重构》）等。其中，《百工灵》以中华传统手工艺为主题动漫游戏IP，《百 资料来源：聚源 工灵》动画也将在今年内正式播出。《百工灵》手游是基于《百工灵》IP改编 升幅% 1M 3M 12M 的模拟经营类游戏 相对收益 -1.5 -7.61 -16.29 ...

| --- | --- | --- | --- | |--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|----------------------------------------| | 2024 年 \n投资要点 | 05 月 21 日 \n万达轴承（ 920002.BJ ） | | 公司研究●证券研究报告 \n新股覆盖研究 | | 周二（5 | 月 21 日）有一只北交所新股"万达轴承"申购，发行价格为 20.74 元， | 交易数据 | | | | 若全额行使超额配售选择权则发行后市盈率为 14.33 倍（以 2023 年扣除非经常性 | 总市值（百万元） | | | | 损益后归属于母公司股东净利润计算）。 | 流通市值（百万元） | | | | 万达轴承（ ...

2024年05月20日 行业研究●证券研究报告 半导体 行业动态分析 带动终端回暖，尖端先进封测需求增长强劲 AI 投资评级 领先大市-A维持 投资要点 首选股票 评级 24全年营收有望逐季增长，下半年表现优于上半年。（1）日月光：一季度为电 子产品淡季，受限于电子产品季节性（淡旺季）影响，公司所处行业整体需求环 比下降；2024Q1公司实现营收41.30亿美元，同比增长1.46%；毛利率为15.7%， 一年行业表现 净利率为5.7%；关键设备利用率仍处相对较低水平，平均约为60%。（2）安 靠：2024Q1公司营收为13.66亿美元（先进产品10.70亿美元，主流产品2.96 亿美元），同比下降7.20%，毛利率为14.8%，多个下游应用领域出现积极复 苏迹象，从全年角度看，24Q1将为安靠营收与产能利用率低点。（3）力成科 技：2024Q1公司营收为5.70亿美元，同比增长16.44%，毛利率为17.5%，环 比下降3.00pcts，主要是营收减少产能利用率下降所致。（4）长电科技：24Q1 营收/归母净利润同比实现双位数增长，2024Q1公司营收实现68.42亿元，同 比增长16.75%，归母净利润实 ...

2024年05月20日 行业研究●证券研究报告 半导体 行业动态分析 带动终端回暖，尖端先进封测需求增长强劲 AI 投资评级 领先大市-A维持 投资要点 首选股票 评级 24全年营收有望逐季增长，下半年表现优于上半年。（1）日月光：一季度为电 子产品淡季，受限于电子产品季节性（淡旺季）影响，公司所处行业整体需求环 比下降；2024Q1公司实现营收41.30亿美元，同比增长1.46%；毛利率为15.7%， 一年行业表现 净利率为5.7%；关键设备利用率仍处相对较低水平，平均约为60%。（2）安 靠：2024Q1公司营收为13.66亿美元（先进产品10.70亿美元，主流产品2.96 亿美元），同比下降7.20%，毛利率为14.8%，多个下游应用领域出现积极复 苏迹象，从全年角度看，24Q1将为安靠营收与产能利用率低点。（3）力成科 技：2024Q1公司营收为5.70亿美元，同比增长16.44%，毛利率为17.5%，环 比下降3.00pcts，主要是营收减少产能利用率下降所致。（4）长电科技：24Q1 营收/归母净利润同比实现双位数增长，2024Q1公司营收实现68.42亿元，同 比增长16.75%，归母净利润实 ...

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反全所有 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这个晚上能够相聚在我们脉动电磁波我们这期的话主要给各位领导解读一下就是周的 本周的观点然后重点解读一下算了一下中美最近的话一些新的变化以及新的变化带来的投资机会的变化这周的话就是通信这块的话涨幅还是比较好的通信涨的是0.41然后同期上证指数下跌了0.02然后在总体上看起来其实好像是通静还是比较好的但是这块的话我们就觉得 因为前期的话通信也有波动然后呢整体上还是处于波动的范围内波动范围内的话就是整个就是前一段时间有那个出海的逻辑然后还有一个就是就是两会的那个新兴战略新兴产业的逻辑然后呢这 ...

数据来源：聚源、华金证券研究所 华 发 集 团 旗 下 企 http://www.huajinsc.cn/ 1 / 7 请务必阅读正文之后的免责条款部分 | --- | --- | --- | --- | --- | --- | |---------------------|-------|-------|-------|-------|-------| | 会计年度 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 (百万元) | 4,527 | 3,529 | 4,582 | 5,495 | 6,317 | | YoY(%) | -14.0 | -22.0 | 29.8 | 19.9 | 15.0 | | 归母净利润(百万元 ) | 335 | 194 | 417 | 547 | 631 | | YoY(%) | -32.9 | -41.9 | 114.4 | 31.3 | 15.2 | | 毛利率 (%) | 26.5 | 23.3 | 25.3 | 25.3 | 25.3 | | EPS(摊薄/ 元 ) | 0.20 | 0.12 | 0.25 | 0. ...