Investment Rating - The report maintains a "Market Perform" rating for the media industry [1] Core Insights - The media sector experienced a decline of 1.98% this week, underperforming the ChiNext by approximately 3.04 percentage points and the CSI 300 by about 3.69 percentage points [6][7][9] - The gaming index fell by 2.74%, while the advertising index decreased by 1.12%, both underperforming against the CSI 300 [7][9] - The education index dropped by 3.20%, significantly lagging behind the CSI 300 [11] Summary by Sections Market Review - The media sector's performance was generally weak, with a decline of 1.98% this week [6] - The ChiNext index rose by 1.06%, while the CSI 300 increased by 1.72% [6] Gaming Industry - The gaming index (CI005577) fell by 2.74%, underperforming the CSI 300 by 4.46% [7] - Top gainers in the A-share gaming sector included Xunyou Technology and Sanqi Interactive, while the biggest losers were Kaisha Culture, Giant Network, and Sanwu Interactive [7] Advertising Industry - The advertising index (CI005847) decreased by 1.12%, underperforming the CSI 300 by 2.84% [9] - Top gainers in the A-share advertising sector were Meiri Interactive, Simi Media, and Tianlong Group, while the biggest losers were Zitian Technology, Yinsai Group, and Sanrenxing [9] Sports Industry - The sports index (399804) fell by 1.02%, underperforming the CSI 300 by 2.73% [10] Education Industry - The education index (CI005816) dropped by 3.20%, significantly lagging behind the CSI 300 by 4.92% [11] - In the Hong Kong education sector, the index rose by 3.09%, outperforming the Hang Seng Index by 0.45% [11] Investment Recommendations - The report suggests focusing on Mango Super Media (300413) and Shenzhou Taiyue (300002) as potential investment opportunities [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.08 CNY over the next six months [1][4]. Core Insights - The company reported a revenue of 580 million CNY in 2023, representing a year-on-year increase of 10.7%, and a net profit attributable to shareholders of 180 million CNY, up 18.4% year-on-year [1]. - The company achieved a gross margin of 53.3% in 2023, slightly down by 1.5 percentage points year-on-year, with improvements in specific product lines [1]. - The company has successfully expanded its overseas market, with overseas revenue reaching 200 million CNY, a 35.5% increase year-on-year, contributing significantly to overall growth [1]. - The company is actively developing new products and expanding its precision component offerings across various automotive applications, which is expected to drive future growth [1]. Summary by Sections Financial Performance - In Q4 2023, the company recorded a revenue of 160 million CNY, down 6.9% year-on-year but up 7.4% quarter-on-quarter, with a net profit of 50 million CNY, reflecting a 13.9% increase year-on-year [1]. - For Q1 2024, the company reported a revenue of 140 million CNY, a 7.6% increase year-on-year, but a decrease of 11.8% quarter-on-quarter, with a net profit of 50 million CNY, up 1.2% year-on-year [1]. Product Segmentation - Revenue from valve drive precision components was 410 million CNY, up 10.0% year-on-year, while valve group precision components generated 90 million CNY, up 10.7% year-on-year [1]. - Other businesses, including precision components and cold forging processing, contributed 80 million CNY, a 12.6% increase year-on-year [1]. Market Expansion - The company has secured new projects with major clients such as Volkswagen and BYD, establishing a solid foundation for future revenue growth [1]. - The overseas subsidiaries, particularly in Europe and Mexico, have shown significant revenue growth, with increases of 45.2% and 93.1% respectively [1]. Future Outlook - The company forecasts net profits of 210 million CNY, 260 million CNY, and 290 million CNY for 2024, 2025, and 2026 respectively, with a compound annual growth rate of 16.7% from 2024 to 2026 [1][11]. - The report anticipates a continued improvement in gross margins as the company focuses on reducing waste in production processes [1].

2024年 05月 12日 强于大市(维持) [证T券a研bl究e报_告In•行d业u研st究r•y汽In车f o] 汽车行业周报（5.6-5.10） 4 月新能源零售渗透率 43.7%，预计 5 月车市稳中向好 投资要点 西南证券研究发展中心  行 [Ta情 bl回 e_顾 S： um上 m周 ar， y]S W汽车板块上涨0.8%，沪深300上涨 1.7%。估值上，截 止 5月 10日收盘，汽车行业PE（TTM）为21倍，较前一周上涨1.3%。 分析师：郑连声 执业证号：S1250522040001  投资建议：乘用车方面，4月乘联会统计乘用车零售153.2万辆，环比-9.4%， 同比-5.7%。其中，新能源零售67.4辆，同比+28.3%，环比-5.7%，渗透率43.7%， 电话：010-57758531 同比提升11.7pp。随着国家“以旧换新”的政策落地实施、各地相应政策措施 邮箱：zlans@swsc.com.cn 出台与跟进，叠加车市新品价格战阶段性降温，市场观望情绪下降，有益于车 联系人：冯安琪 市逐步走强，预计5月车市零售会好于4月，新能源乘用车渗透率有望持续提 升。商用车方面，据中汽协 ...

Investment Rating - The report does not explicitly state an investment rating for the company. Core Insights - The company is a leading player in the photovoltaic silver paste market, particularly in the N-type TOPCon battery segment, which has seen significant growth due to technological advancements and increased demand for solar energy solutions [7][50]. - The company's revenue and profit have experienced explosive growth, with a reported revenue of 36.4 billion yuan in Q1 2024, representing a year-on-year increase of 135.4%, and a net profit of 1.8 billion yuan, up 103.7% year-on-year [50][74]. Summary by Sections 1. N-type Battery and Silver Paste Market - The company has established itself as a leader in the N-type TOPCon battery silver paste market, with significant advancements in product development since its founding in 2010 [7][31]. - The company has increased its market share in silver paste for N-type batteries, with a notable rise in sales volume and revenue due to the growing adoption of TOPCon technology [50][72]. 2. Revenue and Profit Growth - In 2023, the company achieved a revenue of 9.6 billion yuan, a year-on-year increase of 154.9%, and a net profit of 390 million yuan, marking a staggering growth of 2336.5% compared to the previous year [50][72]. - The first quarter of 2024 saw the company sell approximately 570 tons of silver paste, a 96.8% increase year-on-year, with TOPCon battery silver paste accounting for over 58% of total sales [50][74]. 3. Market Demand and Projections - The global demand for silver paste is expected to exceed 7,650 tons in 2024, with TOPCon battery silver paste demand projected to reach around 5,300 tons, reflecting a year-on-year growth of 186.3% [42][65]. - The report anticipates that the market share of TOPCon batteries will rise significantly, potentially reaching 70% by 2024, as the technology continues to replace PERC batteries [64][65]. 4. Technological Advancements - The introduction of laser-assisted sintering technology in TOPCon battery production is expected to enhance efficiency and create higher barriers to entry for competitors, thereby increasing the value of silver paste products [44][70]. - The company is focused on continuous innovation in silver paste formulations to meet the evolving needs of battery manufacturers, which is crucial for maintaining competitive advantage [38][70].

2024年 05月 12日 强于大市(维持) [证T券a研bl究e报_告In•行d业u研st究r•y汽In车f o] 汽车行业周报（5.6-5.10） 4 月新能源零售渗透率 43.7%，预计 5 月车市稳中向好 投资要点 西南证券研究发展中心  行 [Ta情 bl回 e_顾 S： um上 m周 ar， y]S W汽车板块上涨0.8%，沪深300上涨 1.7%。估值上，截 止 5月 10日收盘，汽车行业PE（TTM）为21倍，较前一周上涨1.3%。 分析师：郑连声 执业证号：S1250522040001  投资建议：乘用车方面，4月乘联会统计乘用车零售153.2万辆，环比-9.4%， 同比-5.7%。其中，新能源零售67.4辆，同比+28.3%，环比-5.7%，渗透率43.7%， 电话：010-57758531 同比提升11.7pp。随着国家“以旧换新”的政策落地实施、各地相应政策措施 邮箱：zlans@swsc.com.cn 出台与跟进，叠加车市新品价格战阶段性降温，市场观望情绪下降，有益于车 联系人：冯安琪 市逐步走强，预计5月车市零售会好于4月，新能源乘用车渗透率有望持续提 升。商用车方面，据中汽协 ...

X` 202[Table_ReportInfo] 4 年 05 月 11 日 证券研究报告•市场周评 北交所周报（5.6-5.10） 基础数据（ [Table_QuotePic] 5.6-5.10） 成分股个数 248 总市值（亿元） 3448.14 公司平均市值（亿元） 13.90 板块周交易金额（亿元） 223.04 平均周交易金额（亿元） 0.90 区间换手率（%） 19.69 北交所公司积极推出分红计划， 万达轴承或成"北交所 920 第一股" 摘要 西南证券研究发展中心 [Table_Summary] 周观点：本周，北交所整体表现较弱，但板块流动性领先市场，区间换手率 达到 19.69%。本周，北交所公司 2023年年度业绩说明会火热举行中，北交 所公司 2023年度积极分红，2023年年报期间，248家上市公司中有 218家 公司推出现金分红计划，占比 87.9%；盈利的 226家公司中有 217家公司拟 现金分红，占比高达 96.02%，现金分红总额达 58亿元，其中七成以上公司 现金分红比例超过 30%。同力股份 2023 年度权益分派预案为：公司目前总 股本为 4.53亿股，以未分配利润向全 ...

[2T0a2b4le年_I0n5du月str1y1In日fo ] 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业周报（5.6-5.10） 短期反弹，后续看估值和业绩匹配度 投资要点 西南证券研究发展中心  [行Ta情ble回_顾Su：m本m周ary医] 药生物指数上涨2.6%，跑赢沪深300指数 0.89个百分点， [分Ta析bl师e_：Au杜th向or阳] 行业涨跌幅排名第 12。2024 年初以来至今，医药行业下跌 7.4%，跑输沪深 执业证号：S1250520030002 300 指数 14.3 个百分点，行业涨跌幅排名第 25。本周医药行业估值水平 电话：021-68416017 (PE-TTM)为 28倍，相对全部A股溢价率为91.39% (+5.36pp)，相对剔除银行 邮箱：duxy@swsc.com.cn 后全部 A 股溢价率为 40.56% (+3.03pp)，相对沪深 300溢价率为 136.67% (+8.2pp)。本周相对表现最好的是原料药，上涨5.1%。 [行Ta业bl相e_对Qu指o数te表Pic现]  世界首例自体再生胰岛移植治愈糖尿病获成功。4月30日，中科 ...

[2T0a2b4l年e_I0n5d月ust1ry2In日fo ] 强于大市(维持) 证券研究报告•行业研究•公用事业 公用事业与环保行业周报（5.6-5.12） 光伏电站并网装机高增，煤价小幅探涨 投资要点 西南证券研究发展中心  本[Ta周bl秦e_皇Su岛m动m力ar煤y]价 小幅上涨，预计后期逐渐企稳。截至 5月 10日，秦皇岛 [分Ta析bl师e_：Au池th天or惠] Q5500动力煤价格为860元/吨，周环比上涨2.4%。截至5月 2日，全国重点 执业证号：S1250522100001 电厂煤炭库存为10401万吨，周环比库存增加484万吨，增速达4.9%，库存 电话：13003109597 可用天数为25.7天，同比增长 2.8天；全国重点电厂日耗量为387万吨，较上 邮箱：cth@swsc.com.cn 周下降6.2%。 分析师：刘洋  全国光伏电站并网装机呈高增趋势。截至 3月底，全国光伏电站累计并网容量 执业证号：S1250523070005 电话：18019200867 659.5GW，同比增长 55.1%，其中集中式/分布式光伏累计并网容量 邮箱：ly21@swsc.com.cn ...

[2T0a2b4l年e_I0n5d月ust1ry2In日fo ] 强于大市(维持) 证券研究报告•行业研究•公用事业 公用事业与环保行业周报（5.6-5.12） 光伏电站并网装机高增，煤价小幅探涨 投资要点 西南证券研究发展中心  本[Ta周bl秦e_皇Su岛m动m力ar煤y]价 小幅上涨，预计后期逐渐企稳。截至 5月 10日，秦皇岛 [分Ta析bl师e_：Au池th天or惠] Q5500动力煤价格为860元/吨，周环比上涨2.4%。截至5月 2日，全国重点 执业证号：S1250522100001 电厂煤炭库存为10401万吨，周环比库存增加484万吨，增速达4.9%，库存 电话：13003109597 可用天数为25.7天，同比增长 2.8天；全国重点电厂日耗量为387万吨，较上 邮箱：cth@swsc.com.cn 周下降6.2%。 分析师：刘洋  全国光伏电站并网装机呈高增趋势。截至 3月底，全国光伏电站累计并网容量 执业证号：S1250523070005 电话：18019200867 659.5GW，同比增长 55.1%，其中集中式/分布式光伏累计并网容量 邮箱：ly21@swsc.com.cn ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry as of May 12, 2024 [1]. Core Insights - The report highlights the performance of the innovative drug sector in both A-shares and Hong Kong stocks, with 38 stocks rising and 22 falling during the week. Notable gainers include Zai Lab (+26.56%) and WuXi AppTec-B (+26.56%), while Beihai Kangcheng-B (-24.44%) and Dizhe Pharmaceutical-U (-9.48%) were among the biggest losers [2][19]. - A-shares in the innovative drug sector increased by 0.79%, underperforming the CSI 300 index by 0.93 percentage points, while the biopharmaceutical sector rose by 2.5%. Over the past six months, A-shares in the innovative drug sector have declined by 2.51%, lagging behind the CSI 300 index by 4.05 percentage points [2][20]. - The Hong Kong innovative drug sector saw a 7.76% increase, outperforming the Hang Seng Index by 5.12 percentage points. However, over the last six months, the sector has dropped by 4.77%, underperforming the Hang Seng Index by 11.23 percentage points [2][22]. - The XBI index in the US fell by 2.75% this week, but has seen a cumulative increase of 4.38% over the past six months [2][23]. Domestic Key Innovative Drug Progress - In May, eight new drugs were approved for market launch in China, with three new indications also receiving approval. This week alone, three new drugs were approved [3][24]. - The report details the approval of Fitusiran, a targeted siRNA therapy for hemophilia, which has been accepted for review by the NMPA, potentially allowing for its first launch in China [4]. Global Key Innovative Drug Transactions - The report notes 16 significant global transactions this week, including a licensing agreement between Shionogi & Co. and Maze Therapeutics for MZE001, a new candidate for Pompe disease treatment [5]. Summary of New Drug Approvals - The report lists several new drugs approved in May, including: - Anakinra by China National Pharmaceutical Group for non-small cell lung cancer [25]. - Carfilzomib by Amgen for multiple myeloma [27]. - Other notable approvals include drugs for HIV-1 infection and heart failure [27][29]. Market Overview - The total market capitalization of the pharmaceutical industry is approximately 523.17 billion yuan, with a circulating market value of about 512.71 billion yuan. The industry’s price-to-earnings ratio (TTM) stands at 34.0, compared to the CSI 300's TTM of 12.2 [7].