证 券 研 究 报 告 行 业 周 报 | [ 行业 Table_Industry] : | 医药生物 | |------------------------------|----------------------------| | 日期 : | shzqdatemark2024年06月29日 | | 分析师 : | 王真真 | | Tel: | 021 -53686246 | | E-mail: | wangzhenzhen@shzq.co m | | SAC 编号 : | S0870524030001 | | 联系人 : | 尤靖宜 | | Tel: | 021-53686160 | | E-mail: | youjingyi@shzq.com | | SAC 编号 : | S0870122080015 | 最近一年行业指数与沪深 300 比较 06/23 09/23 11/23 02/24 04/24 06/24 医药生物 沪深300 -23% -20% -16% -13% -9% -6% -2% 1% 5% 相关报告: | | 《重视中药板块投资价值;夏季关注清热 | |-------------- ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6][7]. Core Insights - The company is positioned at a critical node in the silicon carbide (SiC) industry chain, leveraging its core competencies to achieve significant growth. SiC is recognized as a third-generation semiconductor material, with applications in electric vehicles, photovoltaics, and power grids, among others. The company has successfully transitioned to the production of conductive SiC substrates, achieving a year-on-year sales increase of 254.70% in 2023, with total sales reaching approximately 230,000 pieces [6][19][24]. - The company has established long-term partnerships with leading power manufacturers, enhancing its market presence. It is projected that the global market for SiC power devices will reach $7.741 billion by 2028, with a compound annual growth rate of 33.25% from 2022 to 2028 [6][19][30]. Summary by Sections 1. Company Overview - The company has been focusing on technology upgrades and capacity expansion, becoming a globally influential player in the SiC substrate market. It has successfully completed the certification of both semi-insulating and conductive SiC substrates [15][19]. - The company has a stable shareholding structure, with the actual controller holding 30.09% of the shares, ensuring a concentrated and stable ownership [17]. 2. Market Position and Performance - The company achieved a revenue of 1.251 billion yuan in 2023, representing a year-on-year growth of 199.90%. The core business of SiC substrates contributed approximately 1.086 billion yuan, with a year-on-year growth of 233.05% [19][22]. - The gross margin improved to 15.81% in 2023, reflecting a year-on-year increase of 21.56 percentage points [19][22]. 3. Industry Dynamics - The SiC industry is experiencing rapid growth, driven by the increasing demand for high-quality conductive SiC substrates. The company has positioned itself to capitalize on this trend, achieving a global market share of 2nd in conductive SiC substrates in 2023 [30][49]. - The report highlights the importance of substrate preparation as a core aspect of the SiC industry, with the company focusing on enhancing its production capabilities and technological advancements [37][42]. 4. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 156 million yuan, 344 million yuan, and 556 million yuan for 2024, 2025, and 2026, respectively [8][9]. - The ongoing expansion of production capacity and the focus on cost reduction are seen as key drivers for the company's future success in the SiC market [44][49].

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 美容护理 日期: shzqdatemark 2024年06月29日 | 分析师 : | 梁瑞 | |--------------|-------------------| | Tel: | 021-53686409 | | E-mail: | liangrui@shzq.com | | SAC 编号 : | S0870523110001 | 最近一年行业指数与沪深 300 比较 06/23 09/23 11/23 02/24 04/24 06/24 美容护理 沪深300 -34% -29% -24% -19% -14% -10% -5% 0% 5% 相关报告: 《国货龙头表现亮眼,医美新品持续发 布》 ——2024 年 06 月 23 日 《持续高温天气,关注防晒旺季催化》 ——2024 年 06 月 16 日 《5 月淘系美妆同比+69%,国货龙头发力 头皮洗护赛道》 ——2024 年 06 月 10 日 美妆龙头积极推新,拓展美白、祛痘新 功效 ——美容护理行业周报(20240624-0628) 增持(维持) [➢Table ...

自港澳进境免税额度提高,关注旺季文 旅消费 ——社服行业周报(2024.06.24-06.28) 最近一年行业指数与沪深 300 比较 06/23 09/23 11/23 02/24 04/24 06/24 社会服务 沪深300 -36% -31% -26% -20% -15% -10% -5% 0% 5% 相关报告: 《海底捞领导层人事变动,出入境政策红 利持续释放》 ——2024 年 06 月 23 日 《旅企积极布局"618",消费市场购销两 旺》 ——2024 年 06 月 16 日 《景气延续,布局旺季》 ——2024 年 06 月 10 日 增持(维持) [◼Table_Summary] 主要观点 暑期国内旅游市场保持稳步增长,长线游及入出境游订单大增。根据 携程发布的《2024 暑期旅游市场预测报告》显示,暑期国内旅游市场 保持稳步增长,境内酒店、机票搜索热度均同比上涨 20%以上。入出 境旅游受政策红利影响,增长迅猛,赴欧洲、拉丁美洲等部分国家旅 游订单增长八成以上,入境游整体订单同比增长 1 倍。6 月底至 7 月 初、7 月中旬、8 月中旬是暑期三个出游高峰。长线游是暑期主力,以 目前数据 ...

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 传媒 日期: shzqdatemark 2024年06月28日 | 分析师 : | 陈旻 | |--------------|------------------| | Tel: | 021-53686134 | | E-mail: | chenmin@shzq.com | | SAC 编号 : | S0870522020001 | 最近一年行业指数与沪深 300 比较 -37% -32% -27% -21% -16% -11% -6% -1% 5% 06/23 09/23 11/23 02/24 04/24 06/24 传媒 沪深300 相关报告: 《周观点:Runway 推出视频生成模型 Gen-3 Alpha,Open-Sora 实现全新技术 升级》 ——2024 年 06 月 25 日 《周观点:GPT-4o 加持 Siri,复旦推出通 用智能体平台 AgentGym》 ——2024 年 06 月 17 日 《周观点:智谱推出 MaaS 开放平台 2.0, 快手版 Sora"可灵"开放测试》 ——2024 年 06 月 ...

周观点:苹果全面拥抱 AI,Anthropic 发布旗舰大模型 Claude 3.5 Sonnet ——先进科技主题周报 20240617-20240623 [行业Table_Industry] : 计算机 日期: shzqdatemark 2024年06月28日 分析师: 刘京昭 SAC 编号: S0870523040005 最近一年行业指数与沪深 300 比较 -43% -37% -31% -25% -19% -13% -7% -1% 5% 06/23 09/23 11/23 02/24 04/24 06/24 计算机 沪深300 相关报告: 《鸿蒙+盘古构建系统级原生智能》 ——2024 年 06 月 25 日 《鸿蒙有望引领终端+AI 新变革》 ——2024 年 06 月 18 日 《端侧 AI 催化密集,关注 AI PC 进展》 ——2024 年 06 月 12 日 增持(维持) [◼Table_Summary] 主要观点 【市场回顾】 ◆ 本周上证指数报收2998.14点,周涨跌幅为-1.14%;深证成指报 收9064.84点,周涨跌幅为-2.03%;创业板指报收1755.88点,周 涨跌幅为-1 ...

证 券 研 究 报 告 ◼ 行 业 周 报 | [ 行业 Table_Industry] : | 电力设备 | | |------------------------------|-----------------------------|----| | 日期 : | shzqdatemark 2024年06月27日 | | | 分析师 : | 丁亚 | | | Tel: | 021-53686149 | | | E-mail: | dingya@shzq.com | | | SAC 编号 : | S0870521110002 | | 最近一年行业指数与沪深 300 比较 -39% -33% -28% -23% -17% -12% -6% -1% 5% 06-23 09-23 11-23 02-24 04-24 06-24 电力设备 沪深300 相关报告: | 《特高压第三次服务招标启动, | |-------------------------------------| | 属性凸显》 | | ——2024 年 | | 《政策护航新能源消纳,电力设备景气持 | | 续》 | | ——2024 年 | | 《 ...

证 券 研 究 报 告 [Table_Author] 分析师: 胡月晓 Tel: 021-53686171 E-mail: huyuexiao@shzq.com SAC 编号: S0870510120021 分析师: 陈彦利 Tel: 021-53686170 E-mail: chenyanli@shzq.com SAC 编号: S0870517070002 [Table_ReportInfo] 相关报告： 《ESG 如何助力企业提升降本增值》 ——2024 年 06 月 21 日 《海外市场跟踪：美国通胀目标缺乏进 展》 ——2024 年 06 月 03 日 《海外市场跟踪：美国通胀仍具韧性，日 本经济再度走弱》 ——2024 年 05 月 23 日 2 宏 观 态 势 海外市场跟踪：通胀降至 2%，英国央行 不急于降息 2024年06月27日 [日期Table_Industry] : shzqdatemark [Table_Summary] 投资摘要 海外市场跟踪——（6.17-6.21）海外股市除日本股市外均有所上涨； 海外国债收益率除德国国债外均有所回升；美元指数有所回升，美元 兑除澳元外均有所升值； ...

Investment Rating - Maintain "Overweight" rating for the food and beverage industry [6] Core Insights - The 2024 mid-term report on the Chinese liquor market was released, showing a 6% year-on-year increase in production and a 13.8% increase in sales revenue for large-scale liquor enterprises in Q1 2024 [6][45] - Moutai, Wuliangye, and Qingdao Beer ranked as the top three most valuable brands in the food and beverage sector according to the 2024 "China's 500 Most Valuable Brands" list [6][45] - JD's 618 sales event saw a 30% increase in self-operated liquor sales, indicating strong consumer demand [6][45] - The ice drink market is expected to grow significantly, with a projected 39% increase in instant retail channels over the next three years [9][49] Summary by Sections Liquor - The top six liquor brands by sales volume in H1 2024 are Moutai, Wuliangye, Yanghe, Fenjiu, Luzhou Laojiao, and Jian Nan Chun [6][45] - The overall revenue growth rate for the A-share liquor sector reached 16% and 15% [6][45] - Moutai and Wuliangye were recognized as the most valuable brands, with brand values of 451.33 billion and 449.87 billion RMB respectively [6][45] Beer - The summer season has seen a surge in beer consumption, with a 50% increase in sales driven by sports events and nightlife [8][48] - New product launches, such as Asahi's "Future Lemon Sour," have gained popularity, indicating a positive trend in the beer market [8][48] Soft Drinks - The introduction of "Ice Cup" by Nongfu Spring has quickly gained traction among young consumers, with significant growth expected in the ice drink market [9][49] - The market for ice drinks is projected to exceed 63 billion RMB by 2026, with a fourfold increase in sales [9][49] Frozen Foods - New revenue targets for companies like Xinliuwu aim for 2 billion RMB in 2024, with significant investments in production capacity [9][49] - The expansion of production facilities is expected to enhance the overall market position of frozen food companies [9][49] Seasoning - Chubang has been recognized again in the "China's 500 Most Valuable Brands" list, with a brand value increase of 5.5 billion RMB [10][50] - The company is focusing on health and taste, aiming to enhance consumer dining experiences [10][50] Frozen Bakery - The launch of new bakery products by Aokun is expected to meet the growing demand for diverse dining options [10][50] - The bakery sector is experiencing a growth rate of 22.1%, indicating strong market potential [10][50] Investment Recommendations - Focus on high-demand liquor brands such as Luzhou Laojiao and Jiuziyuan, and beer companies like Qingdao Beer and Chongqing Beer for potential growth [12][51] - In the soft drink sector, companies like Dongpeng Beverage and Bai Run are recommended for their stable expansion strategies [12][51] - For frozen foods, companies like Anji Food and Qianwei Central Kitchen are highlighted for their growth potential [12][51]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [12][42]. Core Views - The company is expected to benefit from the rising sales of OLEDs, the commencement of high-generation line construction, accelerated domestic material substitution, and increased demand for maintenance and upgrades of 6th generation AMOLED production lines. Revenue from materials and equipment is anticipated to continue increasing [12][50]. Revenue and Profitability Forecast - The company’s revenue is projected to reach 730.20 million, 1,050.41 million, and 1,516.08 million yuan for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 41.16%, 43.85%, and 44.33% [8][10]. - The overall gross margin is expected to be 57.99%, 60.17%, and 61.23% for the years 2024, 2025, and 2026, respectively [10][12]. Business Segments Analysis 1. **Equipment Business** - Revenue growth rates for the equipment segment are forecasted at 5.96%, 20.82%, and 106.13% for 2024, 2025, and 2026, with gross margins of 66.00%, 65.60%, and 65.00% [5][11]. 2. **Materials Business** - The materials segment, which includes organic light-emitting materials and packaging materials, is expected to see revenue growth rates of 63.29%, 53.25%, and 24.54% for 2024, 2025, and 2026, with gross margins of 54.73%, 58.43%, and 59.24% [6][11]. 3. **Other Businesses** - Other business revenues are projected to grow by 4.50%, 16.67%, and 14.29% for 2024, 2025, and 2026, maintaining a stable gross margin of 60.00% across these years [7][11]. Market Position and Competitive Landscape - The company has successfully broken the foreign monopoly in the production of 6th generation AMOLED linear evaporation sources and is actively developing high-generation evaporation source technologies [50][27]. - As of March 2023, the company held approximately 66% market share in domestic 6th generation AMOLED production lines [21]. Financial Metrics - The company is expected to achieve net profits of 207 million, 285 million, and 430 million yuan for the years 2024, 2025, and 2026, corresponding to price-to-earnings (PE) ratios of 23, 17, and 11, respectively [12][13]. Industry Outlook - The OLED market is anticipated to grow significantly, driven by increasing penetration rates in smartphones and the demand for flexible displays, with the penetration rate expected to rise from 48% in 2023 to 55% in 2024 [61][62].