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Investment Rating - The report maintains a "Buy" rating for the company [26]. Core Views - The company has shown significant growth in net profit, with a year-on-year increase of 54.06% in Q1 2024, reaching a net profit of 1.00 billion yuan [28]. - The company is expanding its customer base in emerging fields such as SGT-MOSFET, photovoltaic energy storage, and AI servers, which are expected to enhance profitability [10][30]. - The forecast for the company's revenue from 2024 to 2026 is projected to be 18.48 billion yuan, 22.78 billion yuan, and 29.63 billion yuan respectively, with EPS expected to be 1.40 yuan, 1.81 yuan, and 2.20 yuan [31]. Summary by Sections Financial Performance - In Q1 2024, the company achieved an operating income of 372 million yuan, a slight decrease of 0.53% year-on-year, while net profit increased significantly [28]. - The company's main revenue for 2023 is projected at 1,477 million yuan, with a forecasted growth rate of 25.1% for 2024 [13]. Market Position and Strategy - The company is actively collaborating with leading clients in the photovoltaic energy storage sector and enhancing its product development to maintain its leading position in the domestic IGBT market [12]. - The SGT-MOSFET product line has seen robust sales, with revenue reaching 546 million yuan in 2023, and the company is expanding its market share in the automotive and AI server sectors [29]. Future Outlook - The report anticipates a recovery in photovoltaic energy storage demand in 2024, which is expected to positively impact the company's performance [12][30]. - The AI server market is projected to grow significantly, with the company positioned to benefit from this trend through its product offerings [31].

证 证券研究报告 ▌ 电子组介绍 相关证券市场代表性指数说明：A 股市场以沪深 300 指数为基准；新三板市场 以三板成指（针对协议转让标的）或三板做市指数（针对做市转让标的）为基 准；香港市场以恒生指数为基准；美国市场以道琼斯指数为基准。 究 | --- | --- | --- | --- | --- | |----------------------|-------------------------|---------|--------|-------| | 预测指标 | 2023A 2024E 2025E 2026E | | | | | 主营收入（百万元） | 2,391 | 3,040 | 3,859 | 4,638 | | 增长率（%） | 9.8% | 27.1% | 27.0% | 20.2% | | 归母净利润（百万元） | -93 | 100 | 249 | 423 | | 增长率（%） | -167.6% | -207.4% | 148.3% | 69.9% | | 摊薄每股收益（元） | -0.23 | 0.25 | 0.61 | 1.04 | | ROE（% ） | -2.3% | ...

证 2024 年 05 月 08 日 报 司 究 告 证券研究报告 ▌二期项目产能逐步释放，强劲赋能先进封装 ▌ 盈利预测 ▌ 风险提示 | --- | --- | --- | --- | --- | |----------------------|-------------------------|---------|--------|-------| | 预测指标 | 2023A 2024E 2025E 2026E | | | | | 主营收入（百万元） | 2,391 | 3,040 | 3,859 | 4,638 | | 增长率（%） | 9.8% | 27.1% | 27.0% | 20.2% | | 归母净利润（百万元） | -93 | 100 | 249 | 423 | | 增长率（%） | -167.6% | -207.4% | 148.3% | 69.9% | | 摊薄每股收益（元） | -0.23 | 0.25 | 0.61 | 1.04 | | ROE（% ） | -2.3% | 2.5% | 5.8% | 9.0% | 请阅读最后一页重要免责声明 2 | --- | --- | --- ...

证 券 2024 年 05 月 07 日 研 究 新品贡献增量收入，费投加大利润部分承压 报 告 —饮料行业 2023 年及 2024 年一季度总结 推荐(维持) 投资要点 分析师：孙山山 S1050521110005 ▌软饮料：营收稳增，利润释放 sunss@cfsc.com.cn 分析师：廖望州 S1050523100001 业绩端：2023 年软饮料行业总营收/归母净利润分别为 liaowz@cfsc.com.cn 334.44/60.08 亿元，分别同比+18.31%/+25.39%，其中，东 联系人：肖燕南 S1050123060024 鹏饮料/百润股份/欢乐家/佳禾食品/香飘飘营收分别同增 xiaoyn@cfsc.com.cn 32.42%/25.85%/20.47%/17.04%/15.90%，取得双位数增长， 业绩表现突出。利润方面，2023 年软饮料行业销售费用率/ 行业相对表现 管理费用率分别为 15.25%/3.53%，分别同比+0.22pct/- 表现 1M 3M 12M 0.06pct，费用整体优化效果较好。2024Q1 软饮料行业销售 饮料乳品(申万) 4.1 6.3 -5.0 费 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [4][9]. Core Insights - The company has shown stable operational health with a significant increase in R&D investment, particularly in the development of large models, which is expected to drive future growth [4][8]. - The company reported a revenue of 19.65 billion yuan in 2023, a year-on-year increase of 4.41%, and a net profit attributable to shareholders of 657 million yuan, up 17.12% year-on-year [3][4]. - In Q1 2024, the company achieved a revenue of 3.646 billion yuan, representing a year-on-year growth of 26.27%, but reported a net loss of 300 million yuan, which is a deterioration compared to the previous year [3][4]. Summary by Sections Financial Performance - In 2023, the company’s revenue was 196.50 billion yuan, with a net profit of 6.57 billion yuan, while the net profit after deducting non-recurring items was 1.18 billion yuan, down 71.74% year-on-year [3][4]. - The company’s gross margin was 42.66%, an increase of 1.83 percentage points year-on-year, and the net profit margin was 3.12%, up 0.47 percentage points year-on-year [4][11]. - For 2024, the company is projected to generate revenues of 238.34 billion yuan, with net profits expected to grow significantly in the following years [9][11]. R&D and Technological Advancements - The company has been focusing 70% of its R&D efforts on enhancing its foundational model capabilities, with 50% of its R&D budget allocated to maintaining its leading position in large model development [7][8]. - The launch of the "Starfire" large model has positioned the company as a leader in the domestic market, with performance metrics surpassing those of competitors like GPT-4Turbo [7][8]. Business Development and Market Position - The company has seen a significant increase in its AI ecosystem, with 167.6 thousand new developer teams joining its platform, marking a 229% year-on-year growth [8]. - Collaborations with major enterprises such as Chery Automobile and China Mobile have led to the development of industry-specific applications, enhancing the company's market presence [8].

Investment Rating - The report maintains an "Accumulate" investment rating for the company [2] Core Views - The company has shown a significant recovery in Q1 2024, achieving a revenue of 1.289 billion yuan, a year-on-year increase of 51.13%, and a net profit attributable to shareholders of 30.16 million yuan, marking a turnaround from losses [2][3] - The decline in 2023 revenue to 4.697 billion yuan, a decrease of 20.97% year-on-year, was primarily due to geopolitical factors, global inflation, and a slowdown in consumer electronics demand [2][3] - The company is expanding its high-pixel product offerings, with successful mass production of 13 million, 16 million, and 32 million pixel mobile CIS products, enhancing its market share in the high-end segment [2][3] - The transition to a Fab-lite model has strengthened the company's product competitiveness, with plans for a more efficient internal product development model [4] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 4.697 billion yuan and a net profit of 48 million yuan, reflecting a significant decline in profitability [5] - For 2024, the revenue is projected to reach 6.439 billion yuan, with a growth rate of 37.1%, and net profit expected to increase to 265 million yuan, a growth rate of 449.5% [5][7] Product Development - The company is set to launch AMOLED display driver IC products, which are anticipated to drive future growth [3] - The introduction of high-pixel products is supported by the latest FPPI patented technology, enhancing the company's competitive edge in the smartphone market [2][3] Strategic Initiatives - The company has initiated a share buyback program to incentivize core talent, with 3.9054 million shares repurchased, representing 0.1502% of total shares [4] - A restricted stock incentive plan was announced, focusing on revenue from products with specifications of 13 million pixels and above, demonstrating the company's commitment to high-end CIS products [4]

本次会议在任何情形下都不构成对会议参加者的投资建议华新证券不对任何人因使用会议内容而引致的任何损失承担任何责任 未经华欣证券事先书面许可任何机构或个人严禁以任何形式将会内容和相关信息对外公布转发转载传播复制编辑修改解读等涉嫌违反上述情形的本公司保留追究其法律责任的权利 好的 谢谢小秘书 各位下午好我是华尽传媒的珠珠那今天欢迎大家参加我们的会议那今天非常荣幸邀请到的是风尚文化300860公司的领导李勇总以及嘉志总来答一解惑那咱们今天的会议直接进入到问答环节参会的领导们如果有任何问题欢迎文字留言提问那接下来我们就直接进入到问答环节 李总和佳芝总能听得见吗喂小秘书麻烦外汇一下李永总掉线了稍等一下 好的联系上了李总了吗 好的好的 林总现在在线了吗 佳芝总在吗在线了在线了好的好的那因为丰盛文化在亚运会期间关注度非常高公司在新的技术端也是做了很多的案例分享那接下来我们就直接进入到问答环节那我的第一个问题就是关于公司的主业现在来看的话就大型的文艺活动和文旅演艺那现在已经步入到了2024年 能不能有请领导跟我们分享一下目前整个主页端的一个进展是怎么样的因为文旅你在23年在后疫情之下还是恢复比较好的那这个部分在24年有没有可能 ...

证 券 2024 年 05 月 07 日 研 究 收入持续增长，基本面拐点进一步明确 报 告 —天岳先进（688234.SH）公司事件点评报告 买入(维持) 事件 分析师：吕卓阳 S1050523060001 天岳先进发布 2023 年年报以及 2024 年一季报：2023 年公司 lvzy@cfsc.com.cn 实现营收 12.51 亿元，同比增长 199.90%；归母净利润亏损 0.46 亿元，亏损幅度同比收窄。2024 年第一季度，公司实现 营收 4.26 亿元，同比增长 120.66%；实现归母净利润 0.46 亿元，同比扭亏。 基本数据 2024-05-07 当前股价（元） 56.91 投资要点 总市值（亿元） 245 总股本（百万股） 430 ▌ 产能释放进度超预期，临港工厂一期产能规划提 流通股本（百万股） 264 前实现 52周价格范围（元） 42.6-82.29 日均成交额（百万元） 173.41 2023 年公司产能持续提升，济南工厂稳步推进，临港工厂顺 利开启交付并加快产能爬坡，已提前实现 2026 年 30 万片导 市场表现 电性衬底的产能规划，将继续推进二期产能建设。受益于电 (% ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][8] Core Views - The company has achieved significant growth in both its mining services and resource development sectors, with a notable increase in revenue and profit margins [4][5][8] - The mining services segment has shown steady progress, with successful projects both domestically and internationally, contributing to a substantial portion of the company's revenue [4][5] - The copper segment is emerging as a new growth engine, with ongoing projects in the Democratic Republic of Congo expected to enhance production and sales [5][6] - The phosphate mining project has commenced production, with plans for further output increases in the coming year [7][8] Summary by Sections Basic Data - Current stock price is 52.61 CNY, with a total market capitalization of 32.5 billion CNY and total shares outstanding of 618 million [1][2] Market Performance - The company reported a 38.18% year-on-year increase in revenue for 2023, reaching 7.399 billion CNY, and a 68.74% increase in net profit, totaling 1.031 billion CNY [3][4] Investment Highlights - The mining services segment achieved a total excavation volume of 4.5858 million cubic meters in 2023, exceeding planned targets [4] - The copper segment produced approximately 9,777.49 tons of copper concentrate in 2023, with plans to increase production to around 10,000 tons in 2024 [5][6] - The phosphate project in Guizhou has met its production targets, with plans to further enhance output in 2024 [7] Profit Forecast - Revenue projections for 2024-2026 are 10.377 billion CNY, 13.240 billion CNY, and 14.905 billion CNY respectively, with net profits expected to be 1.707 billion CNY, 2.457 billion CNY, and 2.907 billion CNY [8][10]