证 券 2024 年 03 月 19 日 研 究 英伟达 GTC 大会临近，关注相关投资机遇 报 告 —电子行业周报 推荐(维持) 投资要点 分析师：毛正 S1050521120001 ▌ 英伟达 GTC 大会即将举行 maozheng@cfsc.com.cn 英伟达将于 3 月 18 日至 21 日在圣何塞会议中心举办 GTC 分析师：吕卓阳 S1050523060001 2024 大会。届时，英伟达 CEO 黄仁勋将发布加速计算、生 lvzy@cfsc.com.cn 成式 AI 以及机器人领域的最新突破性成果。按照惯例，英 联系人：何鹏程 S1050123080008 伟达将会在 GTC 上发布其新一代图形技术，并将带来新一代 hepc@cfsc.com.cn 数据中心产品。综合多家媒体报道，英伟达预计将在此盛会 行业相对表现 上推出次世代 Blackwell 架构的 B100 GPU，拥有极大的 AI 运算潜力，AI 表现效能将是 Hopper 架构的 H200GPU 的两倍 表现 1M 3M 12M 以上。建议关注算力及人工智能相关产业链：工业富联、浪 电子(申万) 14.9 -6.4 -9.6 沪深 ...

证 券 2024 年 03 月 19 日 研 究 英伟达召开 2024GTC 大会，见证 AI 变革时刻 报 告 —汽车行业点评报告 推荐(维持) 事件 分析师：林子健 S1050523090001 北京时间 3 月 19 日 4 时-6 时，英伟达创始人黄仁勋在美国 linzj@cfsc.com.cn 加州圣何塞 SAP 中心登台，发表 GTC 2024 的主题演讲《见证 行业相对表现 AI的变革时刻》。 表现 1M 3M 12M 汽车(申万) 18.7 4.1 8.1 投资要点 沪深300 5.9 8.1 -9.0 市场表现 ▌ 新 Blackwell 架构 GPU 登场，大语言模型性能提 (%) 汽车 沪深300 升 30 倍 20 10 英伟达推出了一款更大、更强的 Blackwell 架构 GPU 。 0 GB200 Grace Blackwell 超级芯片是由 2 个 B200 芯片（4 个 -10 die）和 Grace CPU 组合而来，拥有 2080 亿个晶体管，采用 -20 台积电定制的 4NP 工艺制造。该芯片将两个 die 连接成一个 -30 统一的GPU，die之间的通信速度可以达到 ...

证 券 2024 年 03 月 19 日 研 究 盈利端承压，海外市场延续势能 报 告 —安琪酵母（600298.SH）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 2024 年 03 日18日，安琪酵母发布 2023 年年报。 sunss@cfsc.com.cn 投资要点 基本数据 ▌ 盈利略有承压，糖蜜成本下滑有望释放毛利 2024-03-18 当前股价（元） 31.41 2023 年总营业收入 135.81 亿元（同增 6%），营收增长主要 总市值（亿元） 273 为海外市场带动，归母净利润 12.70 亿元（同减 4%），扣非 总股本（百万股） 869 净利润 11.04 亿元（同减 1%），盈利能力承压。其中 2023Q4 总营业收入 39.28 亿元（同增 2%），归母净利润 3.58 亿元 流通股本（百万股） 863 （同减 15%），扣非净利润 2.95 亿元（同减 4%）。盈利端， 52周价格范围（元） 29.84-41.75 2023 年毛利率/净利率分别为 24.19%/9.66%，分别同比- 日均成交额（百万元） 210.93 1pct/-1pct ...

Investment Rating - The report assigns a rating of "Accumulate" for the company, marking its first coverage [1]. Core Insights - The company has established an AI Robotics Division to engage in cutting-edge research and innovation in the robotics field, including the development of flying cars [1]. - The company is the only independent automotive R&D firm in China capable of providing comprehensive vehicle development services, having successfully developed over 500 models for more than 80 clients [1]. - The company is advancing its overseas strategy, having signed a memorandum of understanding with Malaysia's Zhengyang Group to establish an automotive design and innovation center, and a procurement contract with YAMATO for electric system kits worth a total of 5.383 billion yuan [1]. - The company has formed a deep strategic partnership with NVIDIA, integrating AI into automotive R&D and production, and is the first in the industry to procure NVIDIA's complete OVX system [1][3]. Summary by Sections Company Overview - The company has a total market capitalization of 7.2 billion yuan and a current stock price of 14.49 yuan, with a total share capital of 498 million shares [1]. - The company has a significant advantage in automotive data elements, having accumulated a high-quality knowledge base over 20 years of development [1]. Financial Forecast - Revenue projections for 2023, 2024, and 2025 are 852 million yuan, 1.51 billion yuan, and 2.486 billion yuan, respectively, with corresponding EPS of 0.05 yuan, 0.32 yuan, and 0.50 yuan [4][6]. - The company is expected to experience substantial growth, with a projected revenue growth rate of 77.2% in 2024 and 64.6% in 2025 [6]. Strategic Initiatives - The company is actively building a top-tier computing power foundation, having reserved 2000P of NVIDIA hardware and planning to expand to over 10,000P [3]. - The AI-enabled automotive development strategy is viewed positively, leading to the initial "Accumulate" rating [4].

Investment Rating - The report maintains a "Buy" rating for the company [3][11]. Core Insights - The company, Sanxiang Technology, reported a revenue of 832 million yuan for 2023, representing a year-on-year growth of 14.78%. This growth is attributed to increased production projects from main engine customers, growth in after-sales orders, and enhanced product development for air conditioning and fuel pipe customers [3]. - The net profit attributable to shareholders reached 84 million yuan, a year-on-year increase of 29.86%, primarily due to non-operating income from tax credits in the U.S. [3]. - The company’s earnings per share (EPS) for 2023 was 0.86 yuan, reflecting a growth of 30.30% year-on-year [4]. Financial Performance - The total assets of the company increased to 1.211 billion yuan, a growth of 10.94% year-on-year, mainly due to increased retained earnings from profits [4]. - The equity attributable to shareholders rose to 683 million yuan, with a year-on-year growth of 11.93% [4]. - The company’s revenue projections for 2023-2025 are 840 million yuan, 970 million yuan, and 1.12 billion yuan, with respective year-on-year growth rates of 15.7%, 15.4%, and 15.4% [11]. Market Dynamics - The after-sales market for automotive hoses shows significant growth potential, with the automotive hose market in China valued at 209 billion yuan in 2021, and the after-sales segment estimated at around 1 billion yuan [6]. - The company has established strong relationships with major automotive manufacturers and aftermarket clients, positioning itself well for sustained growth [10]. - The gross margin for the after-sales market is significantly higher at 46.5% compared to 21.6% for the main engine market, indicating a strategic advantage [7][10]. Profitability Metrics - The company’s net profit margin is projected to improve from 9.2% in 2022 to 11.8% by 2025, reflecting enhanced operational efficiency [15]. - The return on equity (ROE) is expected to increase from 10.5% in 2022 to 13.6% in 2025, indicating improved profitability [15].

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此外，M2-M1 剪刀差走阔，资金"空转"仍待缓解。2 月广义货币(M2)同比增长 8.7%，与上月持平，略低于彭博一致预期的 8.8%。狭义货币(M1)同比增长 1.2%，较上 月下降了 4.7%，再度回落至 2022 年初的低位水平。M2-M1 剪刀差大幅走阔，由 1 月的 2.8%上升至 2 月的 7.5%。虽然有去年高基数和季节性因素的扰动，但也反映了当前资 金"空转"形势严峻。 请阅读最后一页重要免责声明 10 诚信、专业、稳健、高效 证券研究报告 图表 10：M2-M1 剪刀差走阔，资金"空转"待缓解 -20 -15 -10 -5 0 5 10 15 -5 0 5 10 15 20 25 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 M2-M1(右轴) % M2:同比 % 中国:M1:同比 % 资料来源：wind 资讯，华鑫证券研究 2.2、 LPR：短期降息概率不大 央行缩量平价续作 MLF，时隔一年半首次净回笼，主要是短期内受外部稳汇率压 力掣肘导致国内政策利率调降窗口后移。央行于 3 月 15 日发布公告称为维护银行体系 流动性合理充裕， ...

证 券 2024 年 03 月 04 日 研 究 北汽享界 S9 正式亮相工信部，Figure 推出 报 OpenAI 大模型加持人形机器人 告 —汽车行业周报 推荐(维持) 投资要点 ▌北汽享界 S9 正式亮相工信部，鸿蒙智行新车型扩 分析师：林子健 S1050523090001 容 linzj@cfsc.com.cn 3 月 13 日，华为与北汽合作的首款车型亮相工信部，新车命名为享界 行业相对表现 S9，车身尺寸长宽高为 5160/1987/1486mm，轴距 3050mm，搭载华为 表现 1M 3M 12M 电驱系统，单电机版搭载 227kW 功率驱动电机，双电机版搭载 汽车(申万) 17.0 -8.7 -9.6 158/227kW 功率驱动电机，新车预期于近期亮相并上市。享界定价预 沪深300 11 .4 2.3 -14.3 计在 30-50 万区间，有望切入传统细分豪华领域市场，传统高端行政 市场表现 级轿车以奥迪 A6L、奔驰 E级、宝马 5系为主，2024年 2月销量分别 为 10,019、8,900、4,019辆，近一年三款车型销量超过 40万，新车市 (%) 汽车 沪深300 20 场空间 ...

报 略 成交边际企稳指数收涨，北证 A 股有所回暖 最近一年大盘走势 -25 -20 -15 -10 -5 0 5 10 (%) 沪深300 投资要点 截至 3 月 15 日，北证共 245 家上市公司分属 32 个 Wind 三级行业，本周北证行业指数整体上行，32 个三级行业中 共有 30 个行业本周修复上涨，其中涨幅最高的 3 个行业 分 别 为 ： 专 营 零 售 行业（ +45.77% ） 、 电 气 设 备 行 业 (+8.70%)和专业服务行业(+5.91%)。 ▌ 北证本周领涨标的 ▌ 风险提示 研 正文目录 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 图表 1: 近两周大盘指数走势 | | | 图表 2：近两周北交所每日成交额 . | | | 图表 3: 北证 A 股市盈率 P ...

报 司 2024 年 03 月 18 日 价对应 PE 分别为 13/12/11 倍,维持"买入"投资评级。 | --- | --- | --- | --- | --- | |----------------------|-------------------------|-------|-------|-------| | 预测指标 | 2022A 2023E 2024E 2025E | | | | | 主营收入（百万元） | 2,692 | 2,828 | 3,252 | 3,601 | | 增长率（%） | 6.7% | 5.0% | 15.0% | 10.7% | | 归母净利润（百万元） | 602 | 635 | 710 | 766 | | 增长率（%） | 5.7% | 5.5% | 11.8% | 8.0% | | 摊薄每股收益（元） | 0.56 | 0.60 | 0.67 | 0.73 | | ROE （%） | 21.5% | 20.3% | 20.3% | 19.7% | | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...