Investment Rating - The report assigns a "Buy" rating to the company based on its strong competitive advantages and growth prospects in the lead-acid battery sector [25][39]. Core Insights - The company achieved a revenue of 14.079 billion yuan in 2023, representing a year-over-year increase of 4.87%, and a net profit attributable to shareholders of 572 million yuan, up 21.79% year-over-year [6][16]. - The lead-acid battery business has shown stable growth, with a revenue of 10.88 billion yuan in 2023, reflecting a year-over-year increase of 7.8%. The company is expected to benefit from growth in domestic and overseas markets [16][40]. - The company is also making progress in its low-voltage lithium battery segment, which is anticipated to contribute positively to earnings as the penetration of new energy vehicles increases [42]. Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 3.454 billion yuan, a year-over-year increase of 4.84%, and a net profit of 156 million yuan, down 4.86% year-over-year. However, the net profit excluding non-recurring items grew by 35.44% to 168 million yuan [54]. - The gross margin for the lead-acid battery business improved to 20.34% in 2023, up 0.8 percentage points year-over-year, driven by better sales structure and increased contribution from high-margin markets [6][16]. Market Position and Strategy - The company has a leading position in the domestic lead-acid battery market, supported by its technological, channel, and brand advantages developed over 40 years [16]. - The company is expanding its international operations and has established an international business unit to optimize its global strategy, indicating significant growth potential in overseas markets [16][25]. Future Projections - The company forecasts net profits of 772 million yuan, 934 million yuan, and 1.11 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.66 yuan, 0.80 yuan, and 0.95 yuan [25][56]. - The report anticipates a revenue growth rate of 14.4% in 2024, followed by 12.0% in 2025 and 10.6% in 2026, indicating a robust growth trajectory [18][25].

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2024 年 05 月 16 日 略 究 分析师：严凯文 S1050516080001 yankw@cfsc.com.cn 最近一年大盘走势 -25 -20 -15 -10 -5 0 5 (%) 沪深300 --鑫融讯 截至 05 月 15 日，融资余额报 14964.71 亿元，较前一交易日 减少 16.46 亿元；融券余额报 392.44 亿元，较前一交易日减 少 2.75 亿元；融资融券余额 15357.15 亿元，较前一交易日 减少 19.22 亿元。 ▌ 主题追踪 1、电力主题：夏季用电高峰即将来临，电力需求上升，根据 中电联发布的《2024 年一季度全国电力供需形势分析预测报 告》，预计 2024 年迎峰度夏期间全国电力供需形势总体紧平 衡。4 月 29 日，根据国家能源局举行新闻发布会上的介绍， 今年以来，电力消费延续快速增长态势，一季度全社会用电 量 2.34 万亿千瓦时。预计今年度夏期间，全国用电负荷还将 快速增长，最高负荷同比增长超过 1 亿千瓦，电力保供面临 着一定压力。综合研判，今年迎峰度夏期间，全国电力供应 总体有保障，局部地区高峰时段可能存在电力供应紧张的情 况，主要是内蒙古以及华 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2]. Core Views - The company is well-positioned as a leader in the wind power industry, with significant growth potential in both new and existing markets. The forecasted revenues for 2024, 2025, and 2026 are expected to be 1.525 billion, 1.972 billion, and 2.491 billion yuan respectively, with corresponding EPS of 1.95, 2.58, and 3.33 yuan [2][9]. Summary by Sections Company Overview - The company, established in 2005 and listed in 2021, specializes in high-altitude safety equipment and services, with a revenue share of 98.02% from the wind power sector in 2023 [5][33]. Market Potential - The market for high-altitude safety equipment is driven by both incremental and stock market demands. The total market capacity for wind power high-altitude equipment in 2024 is estimated to be approximately 10.63 billion yuan [2][59]. Financial Performance - The company's revenue and net profit have shown steady growth, with a CAGR of 30.84% and 28.87% respectively from 2012 to 2023. The revenue for 2023 reached 1.105 billion yuan, reflecting a year-on-year growth of 38.17% [52][41]. Product Development - The company is continuously innovating, with a focus on new product development in both wind power and non-wind power sectors. The introduction of new products like the large-load gear rack lift is aligned with the trend of larger wind turbines [33][22]. Competitive Position - The company holds a dominant market share of approximately 70% in the domestic wind power sector and about 30% in the European market for lifting equipment. Its strong market position is supported by high barriers to entry and stringent certification requirements [5][13].

证 券 2024 年 05 月 15 日 研 究 刻蚀设备营收显著提升，研发项目持续推进 报 告 —中微公司（688012.SH）公司事件点评报告 买入(维持) 事件 分析师：毛正 S1050521120001 中微公司发布 2024 年第一季度报告：2024 年一季度公司实 maozheng@cfsc.com.cn 现营业收入 16.05 亿元，同比增长 31.23%；实现归母净利润 联系人：张璐 S1050123120019 2.49 亿元，同比下降 9.53%；实现扣非归母净利润 2.63 亿 zhanglu2@cfsc.com.cn 元，同比增长 15.40%。 基本数据 2024-05-15 投资要点 当前股价（元） 129.84 总市值（亿元） 805 ▌ Q1 营收同比增长，刻蚀设备营收显著提升 总股本（百万股） 620 2024 年一季度公司营业收入为 16.05 亿元，同比增长 流通股本（百万股） 620 31.23%。公司的刻蚀设备在国内外持续获得更多客户的认 52周价格范围（元） 111.5-175.3 可，针对先进逻辑和存储器件制造中关键刻蚀工艺的高端产 日均成交额（百万元） 1031 ...

证 2024 年 05 月 15 日 研 告 表现 1M 3M 12M 电池(申万) -0.4 13.4 -29.7 沪深 300 3.0 8.7 -8.5 行 业 研 究 究 报 锂电终局技术，产业加速落地 —固态电池行业专题报告 推荐(维持) 投资要点 分析师：黎江涛 S1050521120002 lijt@cfsc.com.cn 联系人：潘子扬 S1050122090009 panzy@cfsc.com.cn 行业相对表现 市场表现 (%) 电池 沪深300 -50 -40 -30 -20 -10 10 0 资料来源：Wind，华鑫证券研究 相关研究 1、《新能源汽车行业周报：年报季 接近尾声，汽车以旧换新政策印 发》2024-04-29 2、《新能源汽车行业周报：小米汽 车订单火爆，低空经济政策频出》 2024-03-31 3、《新能源汽车行业周报：小米汽 车发布在即，关注供应链投资机 会》2024-03-24 ▌ 安全及高能量密度，固态电池优势尽显 新能源汽车行业快速发展，但安全事故频发，能量密度瓶颈 呈现，是亟待解决的核心问题。固态电池以固态电解质替代 易燃的电解液，可实现电池本征安全，同时兼容更 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's Q1 2024 performance exceeded expectations, driven by a recovery in demand and the launch of new products, achieving a record quarterly revenue of 405 million, representing a year-over-year increase of 98.52% and a quarter-over-quarter increase of 12.50% [2][6] - The gross margin improved to 31.8%, up 9.64 percentage points year-over-year and 4.03 percentage points quarter-over-quarter, indicating a significant enhancement in profitability [2][6] - The growth in revenue is attributed to the recovery in downstream consumer electronics demand, effective market share expansion strategies, and a reduction in asset impairment losses [2][6] Summary by Sections Financial Performance - In Q1 2024, the company reported a net profit of 50 million, a year-over-year increase of 277.41% but a quarter-over-quarter decrease of 5.66% [2] - The adjusted net profit was 62 million, reflecting a year-over-year increase of 232.99% and a quarter-over-quarter increase of 34.78% [2] Market Outlook - The report anticipates continued growth in profitability due to ongoing recovery in consumer electronics demand and deeper market penetration in automotive and industrial control sectors [2][6] - The company is expected to maintain an upward trend in profitability as it optimizes its product and customer structure [2][6] Revenue Forecast - The company is projected to achieve revenues of 1.527 billion, 1.896 billion, and 2.351 billion for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 2.02, 3.26, and 4.39 [6][8] - The revenue growth rates are forecasted at 35.5% for 2024, 24.2% for 2025, and 24.0% for 2026 [8] Strategic Initiatives - The company is implementing a "Storage+" strategy to expand into microcontroller and analog chip markets, leveraging its technology advantages in the storage sector [5] - The introduction of new MCU products and the development of optical stabilization products are expected to enhance the company's competitive edge in the camera module market [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock with expected returns exceeding 20% over the next 12 months [13]. Core Insights - The company reported a significant revenue increase of 98.52% year-over-year (YOY) in Q1 2024, achieving a total revenue of 405 million yuan, marking the highest quarterly revenue since its listing [13]. - The gross margin improved to 31.8%, up by 9.64 percentage points YOY, reflecting enhanced profitability driven by recovering demand in consumer electronics and effective market expansion strategies [13]. - The company is actively diversifying its product lines, particularly in the "Storage+" strategy, which includes microcontrollers (MCUs) and analog chips, aiming to capture higher value markets [16]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a net profit of 50 million yuan, a substantial increase of 277.41% YOY, although it saw a quarter-over-quarter (QOQ) decline of 5.66% [13]. - The company forecasts revenues of 1.527 billion yuan for 2024, with a growth rate of 35.5%, and expects to reach 2.351 billion yuan by 2026 [19]. Market Dynamics - The recovery in downstream consumer electronics demand is a key driver for the company's revenue growth, alongside a strategic focus on expanding market share in automotive and industrial control sectors [13][15]. - The company has successfully launched new products in the NOR Flash segment, with a cumulative shipment exceeding 3 billion units, and is enhancing its presence in the automotive electronics market [15]. Product Development - The company is advancing its NOR Flash product line, with new high-capacity products entering mass production, and is also focusing on the certification of its EEPROM products for industrial control applications [15][16]. - The introduction of ARM Cortex-M based MCUs and analog chips is expected to create new growth avenues, leveraging the company's existing technological advantages [16].

证 券 2024 年 05 月 14 日 研 究 氯化钾尿素等涨幅居前，建议继续关注涤纶长 报 丝、轮胎行业和农化板块 告 —基础化工行业周报 推荐(维持) 投资要点 分析师：张伟保 S1050523110001 ▌氯化钾尿素等涨幅居前，TDI苯胺等跌幅较大 zhangwb@cfsc.com.cn 周环比涨幅较大的产品：合成氨（安徽昊源，6.56%），氯化 联系人：刘韩 S1050122080022 钾（青海盐湖 95%，5.75%），合成氨（江苏新沂， liuhan@cfsc.com.cn 4.92%），醋酸（华东地区，4.15%），萤石粉-湿粉（华东地 行业相对表现 区，3.42%），尿素（四川美丰(小颗粒)，3.10%），天然橡 胶（马来 20 号标胶 SMR20，2.82%），轻质纯碱（华东地 表现 1M 3M 12M 基础化工(申万) 5.2 17.6 -7.0 区，2.77%），液化气（长岭炼化，2.66%），丁酮（华东， 沪深300 5 .4 8.9 -6.9 2.38%）。 市场表现 周环比跌幅较大的产品：乙烯（东南亚 CFR，-2.97%），二 (%) 基础化工 沪深300 甲苯（东南亚 F ...

Investment Rating - The report maintains an "Accumulate" rating for Yongxin Optical (603297.SH) [2] Core Views - The company achieved a revenue of 854 million yuan in 2023, a year-on-year increase of 3.02%, and a net profit attributable to shareholders of 235 million yuan, a decrease of 15.64%. In Q1 2024, the company reported a revenue of 216 million yuan, a year-on-year increase of 14.74%, and a net profit of 46 million yuan, a decrease of 3.85% [2][4] - The barcode scanning business is gradually recovering, supported by equipment updates and overseas opportunities. The company has received orders from major players in the barcode scanning field, with mass production expected to begin in the second half of 2024 [2][3] - The company is actively responding to the demand for domestic high-end equipment replacement, with high-end microscopes showing rapid growth. The revenue from the NEXCOPE series of high-end optical microscopes has increased from 4 million yuan in 2018 to nearly 140 million yuan in 2023, with a compound annual growth rate exceeding 100% [2][3] Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 216 million yuan, a year-on-year increase of 14.74%, and a net profit of 40 million yuan, a year-on-year increase of 27.09%. The revenue for 2024 is projected to be 1.148 billion yuan, with a growth rate of 34.4% [2][4] - The company forecasts revenues of 1.505 billion yuan in 2025 and 1.921 billion yuan in 2026, with corresponding EPS of 2.70 yuan, 3.54 yuan, and 4.46 yuan respectively [4][10] Business Development - The company is focusing on the laser radar optical components business and accelerating the launch of new medical optical products. In 2023, the revenue from the laser radar business exceeded 90 million yuan, a year-on-year increase of over 50% [3][4] - In the medical optical sector, the company achieved a revenue of 63 million yuan in 2023, maintaining steady growth by supplying optical components to major medical device companies [3][4] Market Position - The company has established deep partnerships with leading enterprises in the laser radar field and is expanding its medical optical business through joint ventures, such as the establishment of S-FIDA in Japan, focusing on high-end ophthalmic medical equipment [3][4]