证 券 2024 年 06 月 16 日 研 究 美国通胀不及预期，贵金属价格获支撑 报 告 —有色金属行业周报 推荐(维持) 投资要点 分析师：傅鸿浩 S1050521120004 ▌黄金：美国通胀不及预期，贵金属价格获支撑 fuhh@cfsc.com.cn 数据方面，美国 5 月 CPI 不及预期。 美国 5月 CPI同比今值 分析师：杜飞 S1050523070001 3.3%，预期 3.4%，前值 3.4%；环比今值 0%，预期 0.1%， dufei2@cfsc.com.cn 前值 0.3%。分项来看，5月能源商品价格同比 2.1%，高于 4 行业相对表现 月的 1.1%。但是食品项目价格同比 2.1%，低于 4 月的 2.2%。此外，住房租金价格同比为 5.4%，也持续处于下行 表现 1M 3M 12M 通道。 有色金属(申万) -6.8 -1.6 -4.0 沪深300 -2 .7 -0.8 -10.6 美联储继续保持利率不变，符合市场预期。决议声明不再说 市场表现 降通胀缺乏进一步进展，改称取得适度的进一步进展，声明 继续重申要对通胀降至 2%更有信心才会降息。点阵图显示本 (%) 有色金属 沪 ...

告 投资要点 截至 6 月 14 日，北证共 249 家上市公司分属 33 个 Wind 三级行业。本周 33 个三级行业中共 26 个行业本周录得上 涨，其中涨幅最高的 3 个行业分别为：电脑与外围设备行 业（+5.78%）、软件行业（+5.59%）和信息技术服务行业 （+4.80%）。 ▌ 北证本周领涨标的 ▌ 北证行业梳理 券 研 最近一年大盘走势 -25 -20 -15 -10 -5 0 5 (%) 沪深300 请阅读最后一页重要免责声明 2 图表目录 证券研究报告 资料来源：Wind，华鑫证券研究 请阅读最后一页重要免责声明 4 25 证 北证指数缩量上涨，成交萎缩背景下呈现题材映 射行情 指数点位：本周华鑫北证综指报收 671.62 点，周内上涨 1.91%，北证 50 指数报收 744.96 点，周内上涨 1.55%，同期 沪深 300 指数下跌 0.91%。成交额：本周北交所每日成交额 分别为 24.46/23.28/26.31/27.61 亿元，周内日均成交额为 25.42 亿，相比上周日均成交额 31.01 亿减少 18.05%。估 值：截至 6 月 14 日，北证 A 股在剔除负值后得到 ...

证 券 2024 年 06 月 16 日 研 究 苹果 WWDC2024 开启 AI 新篇章，华为开发者大会 报 2024 预告 告 —电子行业周报 推荐(维持) 投资要点 分析师：毛正 S1050521120001 ▌ 上周回顾 maozheng@cfsc.com.cn 6 月 10 日-6 月 14 日当周， 申万一级行业大部分处于下跌状 分析师：吕卓阳 S1050523060001 态。其中电子行业上涨 1.93%，位列第 2 位。估值前三的行 lvzy@cfsc.com.cn 业为电子、国防军工、计算机，电子行业市盈率为 55.56， 行业相对表现 位列第1位。 表现 1M 3M 12M 电子行业细分板块比较，6 月 10 日-6 月 14 日当周，电子行 电子(申万) 4.9 -0.3 -12.0 业细分板块处大部分于上涨态势。估值方面，数字芯片设 沪深300 -2 .7 -0.8 -10.6 计、半导体材料、模拟芯片设计估值水平位列前三，半导体 市场表现 设备、LED估值排名本周第四、五位。 (%) 电子 沪深300 ▌ 苹果 WWDC2024 开启 AI 新篇章：携手 OpenAI， 10 iO ...

图表 21：一二级行业景气度指标趋势全景图 图表 23: 一级行业四维全景图 电力及公用事业 通信 传媒 机械 28 银行 计算机 非银行会账 电子 结指标（由下至右上依次排名市 家电 国防军工 纺织服装 电力设备及新能源 医药 消费者服务 字字字体 建筑 汽车 轻工制造 交通运输 石满石化 基础化工 建材 食品饮料 有色金属 房地产 娱关 农林牧渔 o o 20 25 10 景气度 (由左至右依次排名高) 30 在露证券 CHINA FORTUNE SEC 华鑫证券 8 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------|-------|---------------|-------------------------------|----------------------|- ...

Investment Rating - The report gives a "Buy" rating for the company, with a predicted stock price increase of over 20% relative to the market index [12][13] Core Views - The company's Q1 2024 net profit attributable to parent company was 184 million yuan, up 77.27% YoY, and adjusted net profit was 173 million yuan, up 78.84% YoY [3] - The company is implementing a share repurchase plan, using 100-120 million yuan of its own funds to buy back shares, with 13.565 million shares repurchased by May 31, 2024, accounting for 1.08% of total shares [3] - The company's high-speed communication cable products have achieved stable mass production of 400G and 800G, and are in the sampling stage for 224G single-channel products with major customers like Amphenol [4] - The company's revenue is expected to grow from 6.694 billion yuan in 2024 to 9.490 billion yuan in 2026, with EPS increasing from 0.66 yuan to 0.96 yuan [4] Business Segments Electronics - The company holds a significant market share in China's heat shrinkable materials industry, with breakthroughs in high-end sectors like new energy, medical, and aviation [13] - It has developed new products like 150℃ double-wall tubes, upgraded FEP medical heat shrink tubes, and MT series polyolefin/fluororesin medical heat shrink tubes [13] Power Products - The company has made progress in ultra-high voltage cable accessories, with 330kV and 500kV products passing pre-qualification tests [13] - Its 66kV offshore wind power separable connector series has passed certification, benefiting from China's nuclear power development trend [13] Wire Products - Subsidiary Loting Zhilian has advanced 67Hz network analyzers and has completed development of 800G high-speed communication cables [13] - Its high-speed communication cable products have reached international advanced levels, serving major clients like Amphenol, Volex, Molex, TE Connectivity, and Luxshare [13] New Energy Products - The company holds over 60% market share in China's national standard DC charging guns [13] - Its high-power liquid-cooled charging guns (1000A/1000V) have achieved the largest charging power in China, with growing orders from clients like Teld, Kehua, and Sinexcel [13] Financial Performance - 2023 revenue was 5.723 billion yuan, up 7.61% YoY, with net profit attributable to parent company of 700 million yuan, up 13.97% YoY [15] - Gross margin improved to 32.63% in 2023, with electronics and power products showing margin increases due to R&D investment and cost reductions [15] - 2024-2026 revenue is forecasted to grow at 17.0%, 18.2%, and 19.9% respectively, with net profit growth of 19.2%, 20.4%, and 20.2% [17][19] - ROE is expected to increase from 12.8% in 2023 to 14.8% in 2026 [20]

Investment Rating - Buy (Maintained) [1] Core Views - The company has introduced an equity incentive plan, setting clear performance targets for 2024-2027, with net profit growth expected to reach 219.9%/267.9%/323.1% compared to 2023 [5] - The company's strategic focus on high-quality businesses, particularly in the new energy sector, has shown significant progress, with the 180 flat wire motor three-in-one electric drive platform achieving mass production [6] - The company's performance in Q1 2024 has reversed its previous困境, with revenue increasing by 19.6% YoY and non-GAAP net profit surging by 157.0% YoY [7] - The company is a leader in the wheel hub bearing market, with strong growth potential in overseas markets, particularly in the aftermarket segment [10] - The company is one of the few domestic companies with independent development capabilities for HDM products, holding a significant market share both domestically and globally [11] - The company is expanding into new business areas, such as ball screw products, with expected mass production by the end of 2024 [14] Strategic Focus and Business Integration - The company has strategically integrated its powertrain business, focusing on new energy electric drive systems while phasing out its transmission business [6] - The 180 flat wire motor three-in-one electric drive platform has been successfully mass-produced, with a monthly output of approximately 10,000 units, primarily supporting the Wuling Bingo series [6] - The company's wheel hub bearing business has shown strong growth, with a production capacity of 18 million units annually and a leading position in the domestic market [10] - The company's HDM products are supplied to major automakers and Tier 1 suppliers, with a significant presence in both domestic and international markets [11] Financial Performance and Projections - In 2023, the company achieved revenue of 4.14 billion yuan, a slight decrease of 1.1% YoY, but non-GAAP net profit increased by 12.5% YoY to 78 million yuan [5] - In Q1 2024, the company's revenue reached 1.06 billion yuan, a 19.6% YoY increase, with non-GAAP net profit surging by 157.0% YoY to 73 million yuan [5] - The company's gross margin in Q1 2024 improved to 21.0%, up 1.5 percentage points YoY, driven by the scale-up of its electric drive business [7] - The company's operating expense ratio in Q1 2024 decreased by 3.0 percentage points YoY to 12.6%, reflecting improved cost control [7] - The company's revenue is projected to grow to 4.77 billion yuan in 2024, with EPS expected to reach 0.75 yuan, and the current stock price implies a PE ratio of 13.9x [17] Market Position and Growth Potential - The company is a leader in the wheel hub bearing market, with a strong presence in both domestic and international markets, particularly in the aftermarket segment [10] - The company's HDM products hold a significant market share, with a global market share of 11.5% in 2018 and a domestic market share of 27.7%, ranking first in China [11] - The company is expanding into new business areas, such as ball screw products, with expected mass production by the end of 2024, targeting applications in braking, steering, and robotics [14] Equity Incentive Plan - The company has introduced an equity incentive plan, granting a total of 17.17 million restricted shares, representing 4.28% of the company's total share capital [15] - The plan sets performance targets for 2024-2026, with net profit growth expected to reach 219.9%/267.9%/323.1% compared to 2023 [15] - The plan aims to align the interests of management and core employees with the company's long-term growth objectives [15]

证 券 研 究 报 告 行业周报 新能源车销量持续高增，欧盟加征电车关税靴子落地 新能源汽车行业周报 投资评级： 推 荐 （ 维 持 ） ...

证 券 2024 年 06 月 16 日 研 究 茅台批价波动影响情绪，看好后市白酒估值修复 报 告 —食品饮料行业周报 推荐(维持) 投资要点 分析师：孙山山 S1050521110005 ▌ 一周新闻速递 sunss@cfsc.com.cn 行业新闻： 1）抖音 5 月酒类高端产品销售额占 38.57%。2） 分析师：廖望州 S1050523100001 全国新增注册烟酒店 18 万家。3）宜宾发展白酒等产业新质 liaowz@cfsc.com.cn 生产力。 联系人：肖燕南 S1050123060024 公司新闻：1）贵州茅台：贵州茅台换帅完成工商变更。2）五 xiaoyn@cfsc.com.cn 粮液：五粮液获超 5 亿元增持。3）洋河股份：洋河申请注册 行业相对表现 “蛇来运转”商标。 表现 1M 3M 12M 食品饮料(申万) -9.2 -9.6 -21.0 沪深300 -2 .7 -0.8 -10.6 ▌投资观点 市场表现 当前我们仍维持之前子板块推荐顺序：白酒>啤酒>休闲食品= (%) 食品饮料 沪深300 软饮料>速冻食品>调味品>乳制品。 5 白酒板块：据渠道反馈，端午前后整体白酒动销反馈 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the AI sector, including iFlytek (002230.SZ), Taiji (002368.SZ), and Jinqiao Information (603918.SH) [8][41]. Core Insights - The AI sector is witnessing a significant shift towards edge AI, as highlighted by Apple's launch of the Apple Intelligence system, which integrates various intelligent generation models for enhanced user experience [7][22]. - AMD's upcoming Instinct MI325X chip is set to outperform NVIDIA's H200 in several performance metrics, indicating a competitive landscape in AI chip development [4][16]. - The report emphasizes the growing demand for AI computing power, driven by advancements in edge AI applications and the need for enhanced processing capabilities [7][41]. Summary by Sections 1. Computing Power Dynamics - The rental prices for computing power remain stable, with AMD's Instinct product line updates aligning with NVIDIA's offerings [4][12]. - AMD's MI325X chip will feature a memory capacity of 288GB and a bandwidth of 6TB/s, significantly surpassing NVIDIA's H200 in memory size and performance metrics [16][17]. 2. AI Application Dynamics - Apple's Apple Intelligence system, launched on June 10, 2024, marks the beginning of a new era for edge AI, designed to enhance user interaction and task efficiency [22][27]. - The system utilizes a language model with approximately 3 billion parameters, optimized for both device and cloud processing [22][23]. 3. AI Financing Trends - Mistral AI secured $640 million in Series B funding, positioning itself as a leading player in the large language model space, while Cognigy raised $100 million to enhance its AI customer service capabilities [6][33]. 4. Market Review - The AI computing index and AI application index both experienced gains, with notable increases in specific companies within the sector [35][41]. 5. Investment Recommendations - The report suggests focusing on companies that are central to AI development, particularly those involved in edge AI and hardware supply chains, as these areas are expected to see accelerated growth [7][41].

证 券 2024 年 06 月 16 日 研 究 迎暑假季 以 IP 为支点撬动需求增量 报 告 —传媒行业周报 推荐(维持) 投资要点 分析师：朱珠 S1050521110001 ▌ 本周观点更新 zhuzhu@cfsc.com.cn 2024 年上半年看，Sora 推出带动 AI 应用板块热度，6 月底 分析师：于越 S1050522080001 Apple 的 Vision Pro 入华有望带动 MR 应用板块热度。传媒 yvyue@cfsc.com.cn 板块有望受益于 6-8 月暑假季拉动的需求新增量。第一维 行业相对表现 度，可关注暑假档驱动的电影院线板块（横店影视、万达电 影、博纳影业、奥飞娱乐、光线传媒等为代表）；第二维 表现 1M 3M 12M 度，可关注以 IP 为支点撬动的 MR 应用板块（风语筑、力盛 传媒(申万) -9.0 -15.6 -38.1 沪深300 -3 .2 -0.6 -8.3 体育、蓝色光标等为代表）；第三维度，暑假季拉动的文娱 消费，如积木玩具、卡牌、展览、体育赛事、综艺、剧集、 市场表现 动漫等（姚记科技、顺网科技、风语筑、奥飞娱乐、力盛体 (%) 传媒 沪深300 ...