首款 Transformer 专用芯片 Sohu 亮相,10 倍于 B200 速度成为最快 AI 芯片 —计算机行业周报 推荐(维持) 投资要点 分析师:宝幼琛 S1050521110002 baoyc@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 计算机(申万) -5.3 -16.1 -35.6 沪深 300 -4.2 -2.1 -9.4 市场表现 -50 -40 -30 -20 -10 0 10 (%) 计算机 沪深300 资料来源:Wind,华鑫证券研究 相关研究 1 、 《 计 算 机 行 业 周 报 : 华 为 HarmonyOSNEXT 强势亮相,"纯血鸿 蒙"有望重塑 AI 操作系统市场格 局》2024-06-23 2、《计算机行业周报:AMD 公布 MI325X 同台竞技英伟达,"年更" 预示 AI 芯片竞争趋于白热化》 2024-06-16 3、《计算机行业动态研究报告:车 路一体化项目接连启动,智慧交通 市场有望提质增速》2024-06-11 ▌算力:算力租赁价格平稳,Transformer ASIC 芯 片 Sohu 计算速度超 B200 10 倍 本周算力租赁价格环比 ...

2024 年 06 月 30 日 坚持良性发展基调,全力以赴完成全年目标 —泸州老窖(000568.SZ)公司事件点评报告 买入(维持) 事件 分析师:孙山山 S1050521110005 sunss@cfsc.com.cn | 基本数据 | 2024-06-28 | |---------------------|---------------| | 当前股价(元) | 143.49 | | 总市值(亿元) | 2112 | | 总股本(百万股) | 1472 | | 流通股本(百万股) | 1467 | | 52 周价格范围(元) | 143.49-244.97 | 日均成交额(百万元) 1379.18 市场表现 -40 -30 -20 -10 0 10 20 (%) 泸州老窖 沪深300 资料来源:Wind,华鑫证券研究 相关研究 1、《泸州老窖(000568):Q1 业绩 超预期,品牌势能延续》2024-04- 28 2、《泸州老窖(000568):业绩符 合预期,高增态势延续》2023-10- 30 3、《泸州老窖(000568):业绩超 预期,趋势持续向好》2023-08-29 2024 年 06 ...

Investment Rating - The report maintains a "Buy" investment rating for Wuliangye [4] Core Views - The company is focusing on five key areas to achieve stable growth and enhance its market position, emphasizing quality, brand, market presence, and systematic governance [3][4] - The company has demonstrated consistent double-digit growth in revenue and profit over the past eight years, with net profit and tax contributions exceeding 30 billion in 2023 [2][3] Summary by Relevant Sections Financial Performance - The company achieved a revenue of 83.27 billion in 2023, with a projected growth rate of 12.6% for the same year and expected revenues of 92.36 billion, 102.74 billion, and 114.59 billion for 2024, 2025, and 2026 respectively [5][6] - The net profit for 2023 was 30.21 billion, with projections of 33.96 billion, 38.46 billion, and 43.77 billion for the following three years, reflecting a growth rate of 13.2% in 2023 and 12.4% in 2024 [5][6] Earnings Forecast - The expected EPS for 2024, 2025, and 2026 are 8.75, 9.91, and 11.28 respectively, with corresponding PE ratios of 15, 13, and 11 [4][6] Market Strategy - The company is enhancing its product matrix to meet diverse market demands, focusing on both quality and quantity to drive high-quality development [3][4] - The brand is actively participating in various forums and events to increase its visibility and market presence [2][3] Operational Efficiency - The company is committed to improving its cash dividends and increasing returns to investors, with a focus on modern management practices to ensure high-quality development [3][4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][4]. Core Insights - The company has achieved significant revenue growth, with a reported revenue of 891 million yuan in 2023, representing a year-on-year increase of 74.95% [2][4]. - The introduction of an AI-driven yield management system has enhanced the production line capabilities, integrating quality control equipment with intelligent software [2][4]. - The company plans to utilize 308 million yuan from its oversubscription of the IPO to expand its high-end semiconductor quality control equipment industrialization project [3][4]. Revenue and Profit Forecast - Revenue projections for 2024, 2025, and 2026 are 1.313 billion yuan, 1.829 billion yuan, and 2.465 billion yuan, respectively, with corresponding EPS of 0.63 yuan, 0.94 yuan, and 1.36 yuan [4][5]. - The company is expected to maintain a strong growth trajectory, with revenue growth rates of 47.4%, 39.3%, and 34.8% for the forecasted years [5][6]. Financial Performance - The net profit attributable to the parent company is forecasted to increase significantly, from 140 million yuan in 2023 to 435 million yuan in 2026, reflecting a growth rate of 1095.1% in 2023 [5][6]. - The company's return on equity (ROE) is projected to rise from 5.8% in 2023 to 13.4% in 2026, indicating improved profitability [5][6].

Investment Rating - The report initiates coverage with a "Buy" investment rating, with target prices of 0.60 and 0.72 CNY, corresponding to PE ratios of 16.8, 13.8, and 11.6 times [2][10]. Core Insights - The company is a leading supplier of high-voltage isolation switches in China, focusing on power transmission and transformation equipment, with a strong market position in the State Grid projects [10]. - The company achieved a revenue of 254 million CNY in Q1 2024, representing a year-on-year growth of 11.62%, and a net profit of 30 million CNY, up 45.66% year-on-year, indicating robust performance [10]. - The company aims to expand its market presence beyond the State Grid, targeting Southern Power Grid and exploring overseas markets to diversify its customer base [10]. - The company has successfully bid for high-voltage products, including 550kV GIS, indicating its capability to meet higher voltage requirements and expand its product offerings [10]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 1.86 billion CNY, 2.26 billion CNY, and 2.70 billion CNY, respectively, with corresponding EPS of 0.49 CNY, 0.60 CNY, and 0.72 CNY [22]. - The company is expected to maintain a strong growth trajectory, with revenue growth rates of 24.7%, 21.6%, and 19.0% for the next three years [22]. - The net profit is projected to grow significantly, with estimates of 306 million CNY, 372 million CNY, and 444 million CNY for the same period, reflecting growth rates of 77.0%, 21.5%, and 19.4% [22].

证 券 研 究 报 告 行业 专题报告 跨越带宽增长极限,HBM赋能AI新纪元 HBM专题报告 推荐 维持 投资评级: ( ) 2024年06月28日 报告日期: ◼ 分析师:毛正 ◼ SAC编号:S1050521120001 ◼ 联系人:张璐 ◼ SAC编号:S1050123120019 投 资 要 点 AI时代存储新需求催生HBM,海内外供需缺口扩大蓝海广阔 随着人工智能的兴起,对高算力和带宽的需求推动了存储的发展。相较于传统的DRAM,HBM技术采用垂直堆叠DDR芯片 与GPU封装实现高带宽、低延迟和低功耗,突破了传统内存的限制,适应AI时代的新需求。目前全球市场由海力士、三星 和美光主导,中国厂商如武汉新芯、长鑫存储和华为也在积极推进HBM国产化,市场供需缺口仍持续扩大,DRAM涨价周 期叠加AI驱动下,HBM价格预计继续上涨,市场规模预计在2024年达到约70亿美金。 TSV、混合键合、EMC占据产业链价值高地 HBM的生产涉及TSV、凸点制造、堆叠工序。其中,TSV是HBM生产流程中最核心的工艺,也是价值量占比最高的工艺环 节;凸点制造将随着未来间距缩小走向混合键合,是HBM未来的发展趋势;EMC ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the upcoming year [22][35]. Core Insights - The aviation industry is experiencing a rapid recovery, leading to increased demand for airport equipment procurement [22]. - The company holds a leading market share in airport equipment, with over 50% market share in some key products, and is expanding its overseas market presence significantly [22][22]. - The company's revenue is projected to grow significantly, with estimates of 30.33 billion, 37.07 billion, and 44.89 billion yuan for the years 2024, 2025, and 2026 respectively [22][22]. Financial Projections - Main revenue (in million yuan) is forecasted to be 2,404 in 2023, increasing to 3,033 in 2024, 3,707 in 2025, and 4,489 in 2026, reflecting growth rates of 2.5%, 26.1%, 22.3%, and 21.1% respectively [9]. - Net profit attributable to shareholders (in million yuan) is expected to recover from a loss of 126 in 2023 to 307 in 2024, 416 in 2025, and 529 in 2026, with growth rates of -47.6%, 144.5%, 35.5%, and 27.1% respectively [9]. - The diluted earnings per share (in yuan) is projected to rise from 0.24 in 2023 to 0.58 in 2024, 0.78 in 2025, and 1.00 in 2026 [9]. Market Position and Strategy - The company is the only global player capable of providing all ground support equipment for a single airport, which enhances its competitive advantage [22]. - The overseas revenue share has increased from 1.34% in 2021 to 13.45% in 2023, driven by improvements in product performance and quality [22]. - The company is focusing on expanding its market share by strengthening sales promotions with major airlines and airports [22].

Investment Rating - The report maintains a "Buy" rating for Changhong High-Tech (605008.SH) [2][4] Core Views - Changhong High-Tech is a leading enterprise in the thermoplastic elastomer (TPES) sector, with a current annual production capacity of 195,000 tons, ranking third in the country [2] - The company's revenue for Q1 2024 reached 771 million yuan, a year-on-year increase of 105.36%, with a net profit attributable to shareholders of 42 million yuan, up 88.42% year-on-year [2] - The growth in revenue is attributed to the expansion of product categories and the temporary shutdown of subsidiaries for technical upgrades [2] - The company is actively expanding its product applications, including shoes, toys, and cables, and is the second domestic company with industrialization capabilities for SEPS products [2] Summary by Sections Sales and Financial Performance - The report forecasts revenues of 2.3 billion yuan in 2024, 2.83 billion yuan in 2025, and 3.54 billion yuan in 2026, with corresponding EPS of 0.33, 0.52, and 0.79 yuan [4][5] - The projected growth rates for revenue are 62.5% in 2024, 23.1% in 2025, and 24.9% in 2026 [5][6] Product Development and Expansion - The company is investing approximately 11.5 billion yuan in a new acrylic acid industrial park project in Guangdong, which will enhance its product structure and economic benefits [2] - The project will be developed in two phases, with the first phase involving an investment of 600 million yuan to establish production lines for 50,000 tons/year of acrylic acid and 50,000 tons/year of acrylic ester [2] Market Position and Competitive Advantage - TPES products are characterized by being non-toxic, recyclable, and serve as effective substitutes for traditional rubber products [2] - The company has developed a comprehensive product coverage in the PBAR/PBT, black masterbatch/carbon black, and calcium carbonate industries [2]

理想、问界稳居中国新势力品牌 6 月周销量前 二,豪华品牌周销量呈增长趋势 推荐(维持) 投资要点 分析师:林子健 S1050523090001 linzj@cfsc.com.cn 联系人:谢孟津 S1050123110012 xiemj@cfsc.com.cn | 行业相对表现 | | | | |----------------|------|------|------| | 表现 | 1M | 3M | 12M | | 汽车(申万 ) | -0.7 | -3.6 | -4.6 | | 沪深 300 | -4.1 | -1.7 | -9.9 | 市场表现 -25 -20 -15 -10 -5 0 5 10 (%) 汽车 沪深300 资料来源:Wind,华鑫证券研究 相关研究 1、《汽车行业周报:多品牌多 SKU 助力车企扩大潜在市场空间,盘古 大模型推动人形机器人应用落地》 2024-06-23 2、《汽车行业周报:特斯拉召开 2024 年股东大会,5 月乘用车销量 发布,欧盟将对中国出海电动车征 收关税》2024-06-17 3、《汽车行业深度报告:从特斯拉 视角,看智能驾驶研究框架 ---智能驾驶系列研 ...

鸿蒙智行月交付首次突破 4 万辆,问界品牌进一 步稳固中国高端新势力品牌地位 推荐(维持) 投资要点 分析师:林子健 S1050523090001 linzj@cfsc.com.cn 联系人:谢孟津 S1050123110012 xiemj@cfsc.com.cn | 行业相对表现 | | | | |----------------|------|------|------| | 表现 | 1M | 3M | 12M | | 汽车(申万 ) | -0.7 | -3.6 | -4.6 | | 沪深 300 | -4.1 | -1.7 | -9.9 | 市场表现 -25 -20 -15 -10 -5 0 5 10 (%) 汽车 沪深300 资料来源:Wind,华鑫证券研究 相关研究 1、《汽车行业周报:多品牌多 SKU 助力车企扩大潜在市场空间,盘古 大模型推动人形机器人应用落地》 2024-06-23 2、《汽车行业周报:特斯拉召开 2024 年股东大会,5 月乘用车销量 发布,欧盟将对中国出海电动车征 收关税》2024-06-17 3、《汽车行业深度报告:从特斯拉 视角,看智能驾驶研究框架 ---智能驾驶系列 ...