Investment Rating - The report maintains a "Buy" rating for Huaming Equipment (002270.SZ) [1] Core Views - The company achieved a revenue of 1.961 billion yuan in 2023, representing a year-on-year growth of 14.57%, with a net profit of 542 million yuan, up 50.90% [1] - In Q1 2024, the company reported a revenue of 451 million yuan, a year-on-year increase of 9.40%, and a net profit of 127 million yuan, up 7.59% [1] - The power equipment business saw significant growth, with revenue reaching 1.625 billion yuan, accounting for 83% of total revenue, a 20.4% increase year-on-year [1] - The company is expanding its overseas market presence, with direct export revenue reaching 274 million yuan in 2023, a 79.16% increase year-on-year [1] Summary by Sections Financial Performance - In 2023, Huaming Equipment's revenue was 1.961 billion yuan, with a net profit of 542 million yuan and a gross margin of 52.23%, up 2.93 percentage points year-on-year [1] - For Q1 2024, the company reported revenue of 451 million yuan and a net profit of 127 million yuan, with the power equipment business contributing 392 million yuan, a 14.63% increase year-on-year [1] Market Expansion - The company has made significant strides in overseas markets, with the U.S. being the largest market, followed by Southeast Asia, the Middle East, Central Asia, and Africa [1] - In 2023, the company expanded its product applications, focusing on vacuum switches, which now account for over 40% of its product shipments [7] Future Projections - Revenue projections for 2024, 2025, and 2026 are 2.335 billion yuan, 2.775 billion yuan, and 3.212 billion yuan, respectively, with EPS expected to be 0.73 yuan, 0.90 yuan, and 1.07 yuan [3][7] - The report indicates a corresponding PE ratio of 27.8, 22.4, and 18.9 for the years 2024 to 2026 [7]

证 报 2024 年 04 月 21 日 告 当前股价（元） 31 总股本（百万股） 59 52 周价格范围（元） 21.63-34.66 公 研 下游拓展顺利，收入利润双增长 爱科科技发布 2023 年年度报告：2023 年公司实现营业收入 3.84 亿元（同比+29.27% ）；归 母 净 利 润 7529.51 万元 （同比+65.90%）；扣非归母净利润 7061.60 万元（同比 +70.42%） ▌行业处于发展初期，受益于下游需求释放，景气 度有望上行 ▌ 紧密围绕非金属材料的智能加工布局，新产品渗 透率提升助力公司业绩增长 ▌降本增效，盈利能力持续加强 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 资料来源：Wind，华鑫证券研究 究 ▌ 盈利预测 ▌ 风险提示 请阅读最后一页重要免责声明 2 证券研究报告 诚信、专业、稳健、高效 ▌ 机械组介绍 何春玉：硕士，2023 年 8 月加入华鑫证券。 ▌ 证券投资评级说明 行业投资评级说明： 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 ...

证 券 2024 年 04 月 21 日 研 究 台积电 2024Q1 业绩超预期，华为 Pura 70 系列 报 正式开售 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 4 月 15 日-4 月 19 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。其中电子行业下跌 2.27%，位列第 25 位。估值前三的行 lvzy@cfsc.com.cn 业为综合、农林牧渔、计算机，电子行业市盈率为 40.10， 行业相对表现 位列第6位。 表现 1M 3M 12M 电子行业细分板块大部分处于下跌状态。估值方面，LED、模 电子(申万) -11.7 -4.9 -21.1 拟芯片设计、数字芯片设计估值水平位列前三，光学元件、 沪深300 -1 .1 8.3 -12.2 面板估值排名本周第四、五位。 市场表现 ▌ 台积电 2024Q1 业绩超预期，但调降半导体市场 (%) 电子 沪深300 (不含存储)营收年增长率 10 0 台积电在 4 月 18 日公布了 2024Q1 业绩，营收为 ...

证 券 2024 年 04 月 21 日 研 究 北京国际车展开幕在即，北交所将于 4 月 22 日 报 上线启用 920 代码号段功能 告 —汽车行业周报 推荐(维持) 投资要点 ▌北京国际车展开幕在即，理想 L6、问界新 M5 等重 分析师：林子健 S1050523090001 磅车型在车展前发布预热 linzj@cfsc.com.cn 联系人：谢孟津 S1050123110012 北京国际车展 4 月 25 日开幕，278 款新能源车型集中亮相。2024 年 xiemj@cfsc.com.cn 北京国际车展将于 4 月 25 日-5 月 4 日在北京中国国际展览中心顺义 馆和朝阳馆举行，展会总面积22万平方米。本届北京车展全球首发车 行业相对表现 117 台（其中跨国公司全球首发车 30 台）、概念车 41 台。新能源车 表现 1M 3M 12M 型278个。 汽车(申万) -2.8 9.2 8.0 新能源品牌方面，蔚来、小鹏、赛力斯、哪吒汽车等强势上阵。其 沪深300 -1 .1 8.3 -12.2 中，理想、鸿蒙、小米、阿维塔、深蓝汽车、智己汽车、昊铂、 市场表现 iCAR、极氪、极越、零跑、飞凡汽 ...

证 券 2024 年 04 月 21 日 研 究 供应约束影响持续，铜锡价格延续强势 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：年内美联储降息可能性仍在，黄金上涨空 fuhh@cfsc.com.cn 间仍较大 分析师：杜飞 S1050523070001 本周数据方面，美国 3 月零售销售环比为 0.7%，超过预期的 dufei2@cfsc.com.cn 0.4%，数据显示美国居民消费增长动力仍存。美国 3 月新屋 行业相对表现 开工为 132.1 万户，低于预期的 148.5 万户和 2 月的 154.9 万户。总结而言，本周美国经济数据显示美国居民消费仍然 表现 1M 3M 12M 有色金属(申万) 7.2 23.0 -2.6 稳健，而地产有所降温。 沪深300 -1 .1 8.3 -12.2 美国亚特兰大联储主席博斯蒂克（2024 年 FOMC 票委）本周 市场表现 发言显示出对通胀持续回落的信心。他本周表示 FOMC 当前 （利率）政策具有限制性。美国经济正在放缓，但这个速度 (%) 有色金属 沪深300 是缓慢的。薪资增速比通胀速度更快。 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company has shown impressive performance with a revenue of 1.374 billion yuan in 2023, representing a year-on-year increase of 11.68%, and a net profit of 120 million yuan, up 32.76% year-on-year [1] - The company is positioned as a leader in the domestic coal mine explosion-proof electrical equipment market, benefiting from new safety regulations and an expected market growth to 12.4 billion yuan by 2025 [1][2] - The acquisition of a permanent magnet motor manufacturer has significantly enhanced the company's profitability, with expectations for the revenue from driving equipment to reach 50% of total revenue in the next three to five years [2] Summary by Sections Performance Highlights - In 2023, the company's explosion-proof electrical business generated revenue of 921 million yuan, a year-on-year increase of 10.50%, while high-value-added intelligent equipment products saw a revenue growth of 31.09% with a gross margin of 50.81% [1] Industry Outlook - The coal mining industry is expected to enter an upward cycle, with fixed investment in coal mining reaching a year-on-year growth of 32.9% in March 2024, indicating improving profitability for coal mining enterprises [1][2] - The company is well-positioned to capture more market share due to high customer loyalty and limited competition in the explosion-proof field [1] Financial Forecast - The company is projected to achieve revenues of 1.628 billion yuan, 1.982 billion yuan, and 2.398 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.45 yuan, 0.60 yuan, and 0.77 yuan [3][5] - The report indicates a steady increase in net profit, with forecasts of 163 million yuan, 216 million yuan, and 278 million yuan for the same years, reflecting growth rates of 36.5%, 32.2%, and 28.8% respectively [3][5]

证 券 2024 年 04 月 21 日 研 究 寻找板块结构性机会，五一备货已开启 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）一季度白酒/啤酒产量出炉；2）2023 广东酒 分析师：廖望州 S1050523100001 类销售约614 亿元；3）1-3月规上企业白酒产量增长 6%。 liaowz@cfsc.com.cn 联系人：肖燕南 S1050123060024 公司新闻： 1）贵州茅台：茅台 2023 年出口额超 43 亿元； xiaoyn@cfsc.com.cn 2）五粮液：五粮液科技成果再获一等奖；3）今世缘：今世 缘智能化车年间人均产酒量提升 390%；4）郎酒集团：郎酒 行业相对表现 酱香储酒2030 突破50万吨。 表现 1M 3M 12M ▌投资观点 食品饮料(申万) -5.7 2.0 -16.1 沪深300 -1 .1 8.3 -12.2 当前我们仍维持之前子板块顺序：白酒>啤酒>休闲食品=软饮 料>速冻食品>调味品>乳制品。 市场表现 (%) 食品饮料 沪深300 ...

券 研 报 司 研 ▌ 盈利预测 证 告 公 究 2024 年 04 月 21 日 证券研究报告 公司逐渐形成以生鲜豆制品为基础、植物蛋白饮品和休闲豆 制品为发展重点、其他类产品为补充的产线格局，渠道模式 转换利好经营效率的提升。考虑到公司并购其他豆制品厂、 增加技改投入，对 2023 年利润有所影响，根据最新的股权激 励要求指引，我们预计公司 2024-2026 年 EPS 分别为 0.38/0.47/0.56 元，当前股价对应 PE 分别为 39/32/27 倍， 维持"买入"投资评级。 ▌ 风险提示 请阅读最后一页重要免责声明 2 诚信、专业、稳健、高效 证券研究报告 诚信、专业、稳健、高效 究 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------- ...

证 报 基本数据 2024-04-19 总股本（百万股） 192 2024 年 04 月 21 日 流通股本（百万股） 192 52 周价格范围（元） 22.29-47.56 公 司 究 业绩增长符合预期，盈利能力大幅提升 天准科技发布 2023 年报：公司 2023 年 1-12 月实现营业收入 16,48 亿元（同比+3.70%）；归母净利润 2.15 亿元（同比 +41.46%）；扣非归母净利润 1.57 亿元（同比+29.14%）；销 售毛利率 41.66%（同比+1.11pct）；销售净利率 13.06%（同 比+3.49pct）。 投资要点 ▌ 视觉制程装备和智能驾驶方案实现较快增长 ▌ 机器视觉下游需求广泛，行业处于快速发展期 根据 GGII 数据显示，2023 年中国机器视觉市场规模 200.97 亿元（未包含自动化集成设备规模），同比增长 17.78%， GGII 预测，到 2027 年我国机器视觉市场规模将超过 560 亿 元；从下游细分行业来看，光伏、3C、汽车等行业增长潜力 较大。作为机器视觉行业领跑者，2022 年天准科技获批国家 级企业技术中心，将很大程度上受益于行业的快速发展。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [5] Core Insights - The media industry is experiencing a divergence in stock performance, with new momentum driven by viewing and sporting events. The release of the "New National Nine Policies" is expected to guide long-term governance and value creation for companies [4][13] - The first quarter reports of 2024 are anticipated to provide insights into annual performance, with a focus on the film and sports sectors in May [4][14] - The integration of AI and MR technologies in sports events is expected to enhance the experience economy, with specific companies highlighted for their potential growth [4][13] Summary by Sections Industry Overview and Dynamics - The media industry has shown mixed performance, with the virtual reality index declining less than the internet marketing index. The top three gainers in the week were Zhongshi Media, Zhongwen Media, and Shidai Publishing, while the biggest losers were *ST Meisheng, Duku Culture, and *ST Mingcheng [12] - The impact of tax policy changes on the publishing sector is noted, with companies needing to account for corporate income tax starting in 2024, which may affect profit margins [12] Film Market - The film sector is preparing for the May Day holiday with several films scheduled for release, including "Peacekeeping and Riot Control Team," which is expected to be a box office hit. Other notable films include "Little Qian" and "The Siege of Kowloon City" [14][23] - The box office for the week of April 15-20, 2024, was reported at 154 million yuan, with the top films generating significant revenue [23] Television Market - The television ratings for the week highlighted "Stars Shine" on Hunan TV and "Surgery Live" on Jiangsu TV as leading shows, while online dramas also saw high engagement [26] Game Market - The gaming sector is witnessing significant developments, with a focus on overseas expansion strategies and the performance of popular mobile games. The report notes that China's self-developed games generated substantial overseas revenue in 2023 [20] Recommended Stocks and Logic - Key stocks recommended include Lisheng Sports, Wanda Film, Hengdian Film, Bona Film, and others, with specific reasons tied to upcoming events and market potential [5][4]