Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry, emphasizing the resilience of leading companies due to their strong brand power and channel advantages [1][16]. Core Viewpoints - The food and beverage industry is experiencing a recovery in consumption, with leading companies showing strong performance. The report suggests focusing on industry leaders with predictable earnings in the short term, while maintaining a positive outlook for long-term investment value [1][16]. - The report highlights the impressive financial performance of Kweichow Moutai, which reported a total revenue of 150.56 billion yuan in 2023, a year-on-year increase of 18.0%, and a net profit of 74.73 billion yuan, up 19.2% year-on-year. The company plans to achieve a revenue growth of around 15% in 2024 and will distribute a record high cash dividend of approximately 38.79 billion yuan [1][15][16]. Summary by Sections Industry Overview - The food and beverage sector is showing signs of recovery, with a focus on high-end liquor brands such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao, which are expected to perform well due to their strong market positions [1][16]. - The report notes that the beer industry is also expected to recover, driven by the introduction of mid-to-high-end products and a decrease in barley costs [17]. Key Financial Metrics - Kweichow Moutai's total revenue for 2023 was 150.56 billion yuan, with a net profit of 74.73 billion yuan, both showing significant year-on-year growth [1][15]. - The report indicates that the company plans to invest 6.179 billion yuan in fixed assets in 2024, further solidifying its growth strategy [1][16]. Stock Performance - The report mentions the stock performance of various companies within the sector, with Kweichow Moutai's stock price at 1,715.11 yuan as of April 3, 2024, and a projected earnings per share (EPS) of 70.05 yuan for 2024 [18]. - Other notable stocks include Wuliangye at 154.60 yuan and Luzhou Laojiao at 192.57 yuan, with respective projected EPS of 8.83 yuan and 11.06 yuan for 2024 [18]. Market Trends - The report emphasizes the importance of consumer income levels and confidence as key factors influencing the industry's performance. It suggests that the recovery of business scenarios will be crucial as the industry enters a seasonal slowdown [1][16]. - The report also highlights the ongoing trend of premiumization in the liquor market, with high-end products continuing to drive sales growth [1][16].

证券研究报告 计算机报告日期：2024年 4月8 日 基座与垂类大模型协同效应凸显，关注 AI 产业生态 ———计算机行业周报 华龙证券研究所 摘要：  近期，海内外大模型及AI应用持续迭代，AI应用更加聚焦效率提升， 投资评级：推荐（维持） 预期AI应用及多模态大模型将迎来密集催化。维持计算机行业“推荐” 评级。 最近一年走势  2024年4月3日，通义灵码正式上线通义千问APP，免费向全民开放， 能够支持用户在手机上写代码、读代码、学习编程技能。通义灵码是 一种 AI 编程工具，它熟练掌握 Java、Python、Go、JavaScript、 TypeScript、C/C++、C# 等 200 多种编程语言，可帮助程序员提升超 10%的开发效率。另外，通义灵码也在供阿里内部使用。我们认为当前 AI应用主要聚焦效率提升，在编程、内容制作等领域具有较强落地确 定性。  2024年4月1日，昆仑万维宣布将于4月17日正式发布天工大模型 相对沪深 300走势 2024/4/3（%） 3.0。据昆仑万维官方，天工3.0采用4千亿级参数MoE混合专家模型， 表现 1m 3m 12m 沪深300 0.8 5.4 ...

Market Overview - The market experienced a downward trend with major indices closing lower, particularly the ChiNext Index which fell by 1.08% [4][14] - The total trading volume in the Shanghai and Shenzhen markets was 917.9 billion, a decrease of 49.7 billion from the previous trading day [3] Stock Performance - Notable stocks that hit the daily limit include Zhongrun Resources, which rose by 10.11%, and Xiaocheng Technology, which surged by 20.04% [10][14] - The sectors that performed well included gold, non-ferrous metals, oil and gas, and coal, while sectors like Sora concept, flying cars, and multi-modal AI saw declines [15] Northbound Capital Flow - Northbound funds recorded a net sell of 2.275 billion, with the Shanghai Stock Connect seeing a net sell of 1.596 billion and the Shenzhen Stock Connect a net sell of 0.679 billion [6] Advanced Packaging Industry Insights - AMD is testing glass substrate samples from several major semiconductor substrate companies, planning to integrate this advanced substrate technology into semiconductor manufacturing by 2025-2026 [8][9] - The demand for high computing power is driving the evolution of packaging methods, with the market for advanced packaging technologies like 2.5D/3D and Chiplet expanding [9] - Glass substrates are expected to significantly improve electrical and mechanical performance compared to organic substrates, making them a key direction for future advanced packaging development [9]

证券研究报告 汽车行业 报告日期：2024年04月 03日 量价齐升拉动营收增长，新能源 出海转型成果可期 + ——长城汽车（601633.SH）年报点评 华龙证券研究所 事件： 3月29日，长城汽车发布2023年报：公司2023年实现营收1732.1 投资评级：买入（首次覆盖） 亿元，同比+26.1%，实现归母净利润 70.2 亿元，同比-15.1%，实现 最近一年走势 扣非后归母净利润48.3亿元，同比+8.0%；2023Q4 实现营收537.1亿 元，同比+41.9%，实现归母净利润 20.3 亿元，同比+1818.2%，实现 扣非后归母净利润10.3亿元，同比+652.0%。 观点：  2023年单车售价同比+8.9%，量价齐升拉动营收增长。2023年公 司整车业务实现量价齐升，营收同比增长26.1%。2023年整车销 量同比+15.8%至123万辆，其中新能源汽车销量同比+99%至26 万辆，占比达21.3%，同比提升9pct。单车均价同比+8.9%至14.1 万元/辆，其中2023Q4单车均价14.6万元/辆，同环比+2.6%/2.0%， 主要系高端品牌销量占比提升，2023Q4 坦克+魏牌销量 ...

证券研究报告 电子 报告日期：2024年04月 03日 周期下行业绩暂承压，先进封装产能持续扩大 ——华天科技（002185.SZ）2023 年报点评报告 华龙证券研究所 事件： 2024 年 4 月 2 日，公司发布 2023 年年报：2023 年，公司实现营 投资评级：增持（首次覆盖） 业收入112.98亿元，同比下降5.1%；实现归母净利润2.26亿元，同比 最近一年走势 下降69.98%。 观点：  半导体周期下行拖累业绩，年内非经常性损益变动较多。2023年， 全球半导体仍处下行周期，公司所在集成电路封测行业产品价格下 滑较多，公司经营业绩同比下降。报告期内，公司集成电路业务收 入占比仍超 99%，为公司核心业务，共完成集成电路封装 469.29 亿只，同比增长11.95%，晶圆级集成电路封装127.3万平片，同比 下降 8.38%，公司实现营业收入 112.98 亿元，同比下降 5.1%。受 主要产品价格下滑影响，公司集成电路业务毛利率9.16%，较去年 下滑8.1pct，导致归母净利润下滑69.98%至2.26亿元。分季度看， 市场数据 公司一至四季度实现营收分别为22.39/28.5/29. ...

光刻胶 财联社资讯获悉，近日，九峰山实验室、华中科技大学组成联合研究团队，依托九峰山实验室工艺平台，支持华 中科技大学团队研究"双非离子型光酸协同增强响应的化学放大光刻胶"技术。这一具有自主知识产权的光刻胶体系 已在产线上完成了初步工艺验证，并同步完成了各项技术指标的检测优化，实现了从技术开发到成果转化的全链条打 通。 光刻胶按下游应用领域可分为 PCB、LCD/OLED 面板和半导体光刻胶，与光刻胶配套试剂一起在光刻工艺中作为耗 材。其中半导体光刻胶壁垒最高，市场增速高于整体光刻胶市场增速。根据 SEMI 数据，2022 年全球半导体光刻胶市 场规模为 26.4 亿美元，同比增长 6.82%；大陆半导体光刻胶市场规模为 5.93 亿美元，同比增长 20.47%，增速远高于 全球半导体光刻胶市场。 二、重点新闻 三、涨停复盘 以上信息由华龙证券整理公布，报告版权属华龙证券股份有限公司所有。本内参所载相关数据和信息来源于万得终端和公开资料，不 构成具体投资建议，仅供投资者参考。据此操作，风险自负。本内参风险等级为中风险，适合稳健型以上投资者参考（所涉及创业板 股票适合积极型及以上投资者参考）。 - 3 - 20 ...

028-05 本报告版权归华龙证券股份有限公司所有，未经书面许可任何机构和个人不得以任何形式翻版、复 制、刊登。任何人使用本报告，视为同意以上声明。引用本报告必须注明出处"华龙证券"，且不能对 本报告作出有悖本意的删除或修改。 华龙证券研究所 | --- | --- | --- | |-----------------------------------|--------------------------------|------------------------------| | 北京 | 兰州 | 上海 | | 地址：北京市东城区安定门外大 | 地址：兰州市城关区东岗西路 638 | 地址：上海市浦东新区浦东大道 | | 街 189 号天鸿宝景大厦 F1 层华龙 | 号甘肃文化大厦 21 楼 | 720 号 11 楼 | | 证券 | 邮编：730030 | 邮编：200000 | | 邮编：100033 | 电话：0931-4635761 | | 40 40 图 4: PMI 生产与新订单% =产需共口(右轴) -PHI:生产 -PMI:新订单 58 3.0 56 2.5 54 2.0 1.5 \5 ...

证 券研究报告 y 化工 报告日期：2024年4月1日 原油价格高位震荡背景下，煤化工标的成本效益凸显 ———化工行业周报 华龙证券研究所 摘要： 投资评级：推荐（维持） ➢ 原油：本周WTI原油期货价格为83.17美元/桶，周环比+2.59%；布伦特 原油期货价格为87.48美元/桶，周环比+1.98%，俄罗斯和乌克兰能源设 施遭受袭击，中东地区停火前景减弱，美国在线钻探油井数量减少，引 最近一年走势 发了市场对全球石油供应的担忧，推动油价的上涨。 ➢ 聚氨酯：本周国内聚合MDI市场价格弱势下行，供给端部分企业装置停 沪深300指数 化工(申万) 车检修或低负运行；需求端推动不及预期，社会库存释放，后续等待管 30% 25% 道、板材行业陆续启动，市场将缓慢推动。 20% 15% ➢ 聚酯化纤：本周PA66价格周环比+1.09%，同比+10.71%，成本端，己二 10% 5% 0% 酸供应稳定充裕，短期市场或低位震荡，原料己二胺4月执行价格上调 -5% -10% 1500元/吨至26500元/吨，成本面支撑较强,但终端市场需求偏弱，下游 -15% -20% 多按需采购，聚合企业产能利用率不高，企业成本面压力 ...

Investment Rating - The investment rating for the company is "Buy" with initial coverage [1]. Core Views - The company achieved a revenue of 602.32 billion yuan in 2023, representing a year-on-year increase of 42.0%, and a net profit attributable to shareholders of 30.04 billion yuan, up 80.7% year-on-year [3][4]. - The strong performance is attributed to scale production, a decrease in lithium carbonate prices, and significant government subsidies, which contributed to a gross margin of 20.2%, an increase of 3.2 percentage points year-on-year [4]. - The company is expected to benefit from product high-endization and globalization, with projected net profits for 2024-2026 at 39.90 billion, 50.46 billion, and 57.95 billion yuan respectively, corresponding to P/E ratios of 14.8, 11.7, and 10.2 [6][7]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 180.04 billion yuan, a year-on-year increase of 15.1%, and a net profit of 8.67 billion yuan, up 18.6% year-on-year [3]. - The company’s single-vehicle profit increased by 9.9% year-on-year to 0.91 million yuan, demonstrating strong profitability despite price reductions [5]. Market Expansion - The company’s overseas sales of new energy passenger vehicles increased by 134% year-on-year to 59,500 units in January-February 2024, indicating significant growth in international markets [5]. - The company has entered multiple international markets, including Japan and Germany, and is expanding into Greece with new vehicle launches [5]. Production Capacity - The company is enhancing its global production capacity with new factories in Thailand and Brazil, expected to commence operations in Q3 2024 and H2 2024 respectively, which will support its international sales growth [5].

证券研究报告 非银金融 报告日期：2024 年 3月 30日 资管规模快速扩张 外延并购望提升公司综合实力 ——国联证券（601456.SH）2023 年年报点评 事件： 华龙证券研究所  国联证券发布2023年报。2023年实现营收29.6亿元，同比增长 投资评级：买入（首次覆盖） 12.7%，归母净利润6.7亿元，同比下降12.5%，加权平均ROE 为3.89%，同比减少0.73pct，公司分红率为59.9%，DPS 为0.142 最近一年走势 元。 核心观点：  并表提振下，资管业务收入与规模协同增加。资管业务净收入 4.43亿元，同比增加128.54%，主要系完成对国联基金并表。资 管规模 1172.93 亿元，同比增加 14.94%，国联基金资产管理规 市场数据 2024年3月29日 模1488亿，非货AUM1016 亿元，行业排名第44位。 601456.SH 当前价（元） 11.31  投行收入逆市增加，并购望提升业务规模。投行业务净收入4.89 总市值（亿元） 320.2 亿元，同比增加2.47%。全年IPO 规模合计23.68 亿元，同比下 流通市值（亿元） 270.2 降1.33%， ...