证 券 2024 年 05 月 06 日 研 究 一季度业绩亮眼，布局机器人打造第二成长曲线 报 告 —科达利（002850.SZ）公司事件点评报告 买入(维持) 事件 分析师：黎江涛 S1050521120002 科达利发布公告： lijt@cfsc.com.cn 1）发布 2023 年报：实现营收 105.11 亿元/yoy+21.47%，实 联系人：潘子扬 S1050122090009 现归母净利润 12.01 亿元/yoy+33.47%，实现扣非归母净 panzy@cfsc.com.cn 利润 11.58亿元/yoy+37.12%； 基本数据 2024-05-06 2）发布 2024 年一季报：实现营收 25.09 亿元/yoy+7.84%， 当前股价（元） 102.25 实现归母净利润 3.09 亿元/yoy+27.76%，实现扣非归母净 总市值（亿元） 276 利润 2.95亿元/yoy+27.07%； 总股本（百万股） 270 3）拟与台湾盟立、台湾盟英共同成立子公司深圳科盟，开展 流通股本（百万股） 192 人形机器人关键组件等业务。 52周价格范围（元） 58.03-146.33 日均成交额 ...

证 券 2024 年 05 月 06 日 研 究 OpenAI 有望于近期发布 ChatGPT 搜索引擎，AI 报 应用前景可期 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 跨行业比较，4 月 29 日-5 月 3 日当周，申万一级行业大 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 部分处于上涨状态。其中电子行业上涨 1.91%，位列第 10 位。估值前三的行业为综合、计算机、国防军工，电子行业 行业相对表现 市盈率为 24.12，位列第14位。 表现 1M 3M 12M 电子(申万) -0.1 18.2 -7.9 电子行业细分板块比较，4 月 29 日-5 月 3 日当周，电子 沪深300 1 .0 8.8 -10.3 行业细分板块大部分处于上涨状态。估值方面，模拟芯片设 市场表现 计、数字芯片设计、LED 估值水平位列前三，光学元件、半 (%) 电子 沪深300 导体材料估值排名本周第四、五位。 20 10 ▌ 多方位消息证实 OpenAI 将发布 ChatGPT 搜索引 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [27] Core Views - The company has shown strong growth in its core business areas, including smart meters, photovoltaic (PV) technology, and energy storage solutions, with significant market expansion both domestically and internationally [8][29] - The company achieved a revenue of 6.872 billion yuan in 2023, representing a year-on-year growth of 39%, and a net profit of 1.031 billion yuan, up 20% year-on-year [24] - The company is expected to continue its growth trajectory, with projected revenues of 10.079 billion yuan in 2024 and 13.024 billion yuan in 2025, alongside an increase in net profit [12][29] Summary by Sections Smart Meter Business - In 2023, the company won bids for smart meters worth 6.26 billion yuan from State Grid and 2.99 billion yuan from Southern Grid, while also expanding its market share in Europe and Asia [8] - The company has established a strong presence in the Central and Eastern European markets, achieving over 30% market share in Poland [8] Photovoltaic Technology - The company's high-efficiency N-type TOPCon photovoltaic cell production base has successfully completed its first phase with a capacity of 6GW [9] - The company has signed multiple operation and maintenance contracts, with a total installed capacity exceeding 12GW, marking a 50% year-on-year growth in operational capacity [9] Energy Storage Solutions - The company has seen a significant increase in its energy storage revenue, growing over 2.5 times, with system deliveries exceeding 2GWh [9][29] - The company has established a joint venture for lithium iron phosphate battery production, achieving full production capacity of 10GWh [29] Financial Projections - The company forecasts revenues of 10.079 billion yuan in 2024, 13.024 billion yuan in 2025, and 15.662 billion yuan in 2026, with corresponding net profits of 1.184 billion yuan, 1.421 billion yuan, and 1.660 billion yuan respectively [12][29] - The projected earnings per share (EPS) are expected to rise from 0.50 yuan in 2023 to 0.81 yuan in 2026 [12][29]

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company's revenue faced short-term pressure in 2023 but showed significant improvement in Q1 2024 [2] - The company is strengthening its core technologies and expanding its product categories [2] - The company's performance is expected to continue improving in 2024 due to growing demand in AI, high-performance computing, and new energy vehicles, as well as a recovery in the consumer electronics market [2] Financial Performance - In 2023, the company achieved revenue of RMB 2.616 billion, a YoY decrease of 17.94%, and net profit attributable to shareholders of RMB 281 million, a YoY decrease of 67.86% [2] - In Q1 2024, the company achieved revenue of RMB 729 million, a YoY increase of 42.03%, and net profit attributable to shareholders of RMB 54.38 million, a YoY increase of 80.04% [2] - The company's R&D investment in 2023 was RMB 737 million, accounting for 28.18% of revenue, a YoY increase of 17.78% [3] Product and Technology - The company has strong independent R&D capabilities and innovation, with 72.72% of employees being R&D personnel [3] - In 2023, the company applied for 230 new patents and launched over 900 new products with independent intellectual property rights [3] - The company's new products include high-precision voltage references, ultra-low insertion loss high-isolation high-bandwidth dual-channel differential analog switches, and high-efficiency DC/DC buck chips with ultra-fast transient response [3] Market and Industry - The global semiconductor industry was in a downturn in 2023, with weak demand and slowing sales, but some segments like new energy vehicles showed growth [2] - The company's main business is the R&D and sales of analog integrated circuits, which have stable growth and strong anti-cyclical capabilities [2] Strategic Partnerships - The company maintains stable and continuous strategic cooperation with major suppliers, including TSMC for wafer manufacturing and top global packaging and testing companies like JCET, Tongfu Microelectronics, and Huatian Technology [4] - The company is building an integrated circuit testing center in Jiangyin, Jiangsu Province, which will undertake part of the testing business upon completion [4] Financial Forecast - The company's revenue is forecasted to be RMB 3.235 billion, RMB 4.022 billion, and RMB 4.906 billion for 2024, 2025, and 2026, respectively [5] - EPS is forecasted to be RMB 0.98, RMB 1.57, and RMB 2.05 for 2024, 2025, and 2026, respectively [5] - The current stock price corresponds to a PE ratio of 78.4x, 48.8x, and 37.6x for 2024, 2025, and 2026, respectively [5] Key Financial Metrics - The company's gross margin was 49.6% in 2023 and is expected to be 45.4%, 48.5%, and 48.1% in 2024, 2025, and 2026, respectively [7] - The net profit margin was 10.3% in 2023 and is expected to be 14.0%, 18.1%, and 19.2% in 2024, 2025, and 2026, respectively [7] - ROE was 7.3% in 2023 and is expected to be 10.8%, 15.1%, and 16.7% in 2024, 2025, and 2026, respectively [7]

证 司 究 究 ▌产品加速迭代，助力份额提升 预 计 2024/2025/2026 年 公 司 归 母 净 利 润 分 别 为 7.1/9.6/12.1 亿元，EPS 为 2.7/3.67/4.64 元，对应 PE 分别 为 14/10/8 倍。基于公司成本优势显著，盈利有望触底企 稳，我们看好公司中长期向上的发展机会，给予"买入"评 级。 竞争加剧风险；产品价格大幅波动风险；下游需求不及预 期；原材料价格波动风险。 请阅读最后一页重要免责声明 2 诚信、专业、稳健、高效 ▌ 新能源组介绍 ▌ 证券分析师承诺 股票投资评级说明： | --- | --- | --- | |-------|-------|-------------------------------------------------| | | | 投资建议 行业指数相对同期证券市场代表性指数涨幅 | | 1 | 推荐 | > 10% | | 2 | 中性 | -10% — 10% | | 3 | 回避 | < -10% | ▌ 免责条款 诚信、专业、稳健、高效 本报告中的信息均来源于公开资料，华鑫证券研究部门及相关研究人员力求准 确可靠，但对 ...

证 策 究 报 相关研究 1、《双融日报》2024-04-30 2、《双融日报》2024-04-29 3、《双融日报》2024-04-26 ▌ 市场综述 1、低空经济主题：重庆市人民政府网发布消息称，重庆市将 在 4 月 30 日至 5 月 5 日举办首次低空飞行消费周活动。期 间，将推出重庆低空飞行消费地图，并发放总价值为 1000 万 元的低空飞行消费券，以此吸引市民和游客体验低空飞行的 乐趣。此次消费周活动将精选并推广多种低空飞行消费模 式，包括但不限于以下几类：1.低空飞行运动：如滑翔伞、 三角翼、跳伞等；2.低空观光体验：包括轻型固定翼飞机、 直升机、热气球等；3.低空教育服务：涵盖航空器驾驶培训 和低空研学活动。通过这些活动，重庆市旨在丰富市民和游 客的旅游体验，同时推动低空飞行相关产业的发展。相关标 的：金盾股份（300411）、航天发展（000547） 2、铜连接主题：集微网消息，代工大厂广达资深副总经理暨 云达总经理杨麒令 4 月 23 日证实，搭载当前"最强 AI 芯 片"英伟达 GB200 的服务器，预计将于 9 月量产。四大云服 务提供商（CSP）客户需求大，预计广达今年的服务器出货量 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [4][22]. Core Views - The company has turned a profit in 2023 after facing performance pressures from 2020 to 2022, with projected revenues of 2.879 billion, 3.095 billion, and 3.375 billion yuan for 2024, 2025, and 2026 respectively, and net profits of 198 million, 293 million, and 390 million yuan for the same years [4][5]. - The current price-to-earnings (PE) ratios are projected to be 53.0, 35.8, and 26.9 for the years 2024, 2025, and 2026 respectively, indicating a potential for growth as the company’s core business shows signs of recovery [4][5]. - The company is leveraging its IP portfolio, which spans all age groups, to drive growth in toy sales and licensing, particularly with the integration of AI applications [4][23]. Summary by Sections Financial Forecast - The company’s revenue for 2023 was 2.739 billion yuan, with a growth rate of 3.1%. Forecasted revenues for 2024, 2025, and 2026 are 2.879 billion, 3.095 billion, and 3.375 billion yuan, with growth rates of 5.1%, 7.5%, and 9.0% respectively [5][26]. - Net profit for 2023 was 94 million yuan, with a significant growth forecast of 111.4% for 2024, leading to projected profits of 198 million, 293 million, and 390 million yuan for 2024, 2025, and 2026 [5][26]. - The diluted earnings per share (EPS) are expected to rise from 0.06 yuan in 2023 to 0.13 yuan in 2024, 0.20 yuan in 2025, and 0.26 yuan in 2026 [5][26]. Business Development - The company is focusing on an "IP+AI" strategy, which aims to enhance its IP commercialization through innovative content creation and new consumer experiences [4][23]. - The company has launched several new IPs and is expanding its product offerings, including smart toys, to capitalize on the growing demand for AI-integrated products [4][23].

Investment Rating - Buy (Maintained) [4] Core Views - The company's main business, including poker cards, games, and digital marketing, showed mixed performance in 2023 with poker card revenue at 1.09 billion yuan (yoy -1.57%), game revenue at 1.23 billion yuan (yoy +1.9%), and digital marketing revenue at 1.91 billion yuan (yoy +24.9%) [9] - The company plans to expand its poker card production scale in 2024, focusing on the "Yaoji Guandan" product, which has gained consumer popularity [9] - The company is exploring new growth areas in sports culture, particularly through strategic investments in the sports card market, aiming to create a comprehensive entertainment industry chain [11][28] - The company's 2024-2026 revenue is forecasted to be 4.71 billion, 5.15 billion, and 5.68 billion yuan, with net profits of 640 million, 730 million, and 850 million yuan, respectively [13] Business Performance - In 2023, the company's total revenue was 4.3 billion yuan (yoy +10%), with net profit attributable to shareholders of 562 million yuan (yoy +61.4%) [4] - Q4 2023 revenue was 735 million yuan (yoy -33.2%), with a net profit of 5 million yuan (yoy -91.5%) [4] - Q1 2024 revenue was 982 million yuan (yoy -17.38%), with net profit of 151 million yuan (yoy -23.9%) [4] Strategic Development - The company is focusing on expanding its "big entertainment" strategy, including increasing poker card production and exploring overseas markets for its game business [27] - The company is also deepening its digital marketing efforts, with its subsidiary Xiting Culture steadily attracting businesses to the Shanghai International Short Video Center [27] Financial Forecast - The company's EPS for 2024-2026 is projected to be 1.56, 1.78, and 2.07 yuan, with corresponding P/E ratios of 16.6x, 14.5x, and 12.5x [13] - The company's ROE is expected to remain stable at around 17% from 2023 to 2026 [30]

Investment Rating - The report maintains a "Buy" rating for the company [2][11] Core Views - The successful testing of the first charging and discharging unit for the 100MWh gravity energy storage project in Rudong marks a significant milestone, indicating that the company's gravity energy storage business is poised for performance release [4][5] - The company has demonstrated strong growth in its environmental operations, with a notable increase in profitability, despite a decline in overall revenue due to a drop in construction services [5][6] - The business model for gravity energy storage is becoming clearer, with sufficient orders in hand to support future growth [7][11] Summary by Sections Company Overview - As of April 30, 2024, the company's stock price is 4.68 CNY, with a total market capitalization of 11.8 billion CNY and a total share count of 2,524 million shares [2] Recent Performance - In 2023, the company reported revenue of 5.324 billion CNY, a year-on-year decrease of 20.62%, while net profit attributable to shareholders was 337 million CNY, an increase of 173.15% [4][5] - For Q1 2024, the company achieved revenue of 1.252 billion CNY, a year-on-year increase of 12.08%, and net profit attributable to shareholders of 202 million CNY, a significant increase of 339.16% [4][5] Business Segments - The environmental operations segment showed steady growth, with revenue from sanitation services increasing by 18.25% to 1.062 billion CNY and revenue from waste incineration power generation rising by 33.23% to 2.077 billion CNY [5][6] - The gravity energy storage business is in the early stages of development, with the successful testing of the first unit expected to drive future performance [4][7] Financial Projections - The company forecasts revenue growth to 6.894 billion CNY in 2024, 8.520 billion CNY in 2025, and 10.291 billion CNY in 2026, with corresponding net profits of 893 million CNY, 1.256 billion CNY, and 1.644 billion CNY respectively [10][11] - The projected EPS for 2024, 2025, and 2026 is 0.35 CNY, 0.50 CNY, and 0.65 CNY, indicating a low valuation with PE ratios of 13, 9, and 7 times [11]

证 券 2024 年 05 月 05 日 研 究 五一白酒反馈良好，短期关注外资流入提振 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）云南 2023 白酒产量 15.82 万千升；2）四川 分析师：廖望州 S1050523100001 上市酒企拟分红 271.56亿元。 liaowz@cfsc.com.cn 联系人：肖燕南 S1050123060024 公司新闻：1）舍得酒业：推出年轻化战略新品；2）水井 xiaoyn@cfsc.com.cn 坊：蒋磊峰任水井坊法人、总经理；3）洋河股份：洋河入选 省级采风创作基地。 行业相对表现 ▌投资观点 表现 1M 3M 12M 食品饮料(申万) -0.5 11.3 -13.4 当前我们仍维持之前子板块推荐顺序：白酒>啤酒>休闲食品= 沪深300 1 .0 12.6 -10.3 软饮料>速冻食品>调味品>乳制品。 市场表现 白酒板块：财报披露顺利收官，白酒五一反馈良好。春节动 (%) 食品饮料 沪深300 销情况通过一季报已被市场验证，白酒板块进入 ...