行 业 研 证券研究报告 究 ＃industryId＃ 电子 ＃title＃ 苹果发布 M4 芯片，持续看好 AI 落地终端趋势和 ＃ ＃inve推stSu荐ggest ion＃ (维持) 自主可控 investSugg estion Chan ＃createTime1＃ 2024年 05月 12 日 ge＃ 行 重点公司 投资要点 业 重点公司 评级 ＃ ⚫ sum 5m 月ary 7＃ 日 ，苹果发布新款iPad Pro，搭载M4芯片，M4芯片采用第二代3纳米制程工 周 沪电股份 增持 艺打造，总计集成280亿只晶体管，是Apple迄今最强大的神经网络引擎，运算速度 广钢气体 增持 最高可达每秒 38 万亿次。AI 投资热潮下，各大科技巨头积极将 AI 大模型应用在手 报 立讯精密 买入 机、PC、可穿戴设备等终端，AI PC、AI 手机、智能眼镜和边缘侧AI渗透有望加速， 传音控股 增持 推荐电芯龙头珠海冠宇、深耕智能物联领域的海康威视，建议关注通富微电、莱宝高 鹏鼎控股 增持 科。AI浪潮带动算力需求爆发，服务器、AI芯片、光芯片、存储、PCB板等环节价 北方华创 增持 值量将大幅提升，建议关注全球服 ...

行 业 研 证券研究报告 究 ＃industryId＃ 银行 ＃title＃ 港股银行大涨，社融超预期走弱 ＃ ——银行业周报（2024.05.06-2024.05.10） ＃inve推stSu荐ggest ion＃ ( 维持 ） investS ugg esti ＃createTime1＃ 2024年 5月 12日 onChan ge＃ 投资要点 行 ＃ 相关rel 报ate 告dR eport＃ ＃ ⚫ sum 本m 周ar （y＃ 5. 06-5.10）银行板块整体上涨 1.36%，跑输沪深 300指数 0.36个百分 业 中期分红提上日程，红利逻辑强化 点，表现居前为：沪农商行(10.95%)、宁波银行(6.41%)、邮储银行(4.17%)。 ——银行业周报（2024.04.29- 周 ⚫ 2024年4月社融增速回落至 8.3%，4月社融减少 1987亿元。一方面，今年 2024.05.03） 报 政府债发行节奏慢于去年同期；另一方面，4 月为信贷小月，叠加需求偏 弱、手工补息叫停、金融业增加值核算方法优化调整等多个因素，导致信贷 对社融支撑不足。后续来看，政治局会议已强调财政发力，及早发行并用好 ＃ ...

证券研究报告 ＃industryId＃ 有色金属 ＃title＃ 铜铝金行情延续，锂矿股进入左侧布局期 ＃ ＃inve推stSu荐ggestion＃ (维持） investS uggesti onChan ＃createTime1＃ 2024 年05 月12 日 ge＃ 投资要点 重点公司 ＃summary＃ 核心观点：以铜铝金为代表的资源股走出了明显的右侧行情，但目前其对应的商 重点公司 评级 品价格尚未出现见顶信号：铜铝等基本金属在原本需求尚可甚至不错背景下，供 金诚信 增持 给约束成为驱动这轮大宗商品牛市的关键原因，当前供需两侧信号都未出现逆转； 洛阳钼业 增持 而此轮金价上涨核心驱动力来自于其货币属性，在中期上行趋势中短期的回调是 铜陵有色 增持 再次布局机会。两大主线对应的标的如洛阳钼业、中国铝业、山东黄金等。此外， 中国铝业 增持 锂价虽然中期仍有一定下行压力，但考虑到大部分锂矿股从高点明显回落，目前 神火股份 增持 估值已经处于较低水平，部分低成本且有量增逻辑的锂矿公司已经处于左侧布局 天山铝业 增持 窗口期，建议关注中矿资源、永兴材料等。 驰宏锌锗 增持  铝：铝价高位震荡 锡业股份 增持 ...

本次电话会议仅服于新业证券客户会议音频及文字记录的内容版权为新业证券所有内容必须经新业证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权新业证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息 涉及外部嘉宾发言的商业证券不保障其发言内容的准确性与完整性商业证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容 大家好我是心悦中券海外策略研究员李燕玲今天给大家的汇报分为两个部分那么首先的话我们会介绍一下港股的轰投资目前的现行的这个股息税率第二个部分呢我们会从全球的角度特别是 欧洲和日本这种价值股比较多的地方然后来比较欧洲日本以及港股的高股息指数的历史的一个表现以及现在的一个投资的价值 那么首先我们来看第一个部分就是港股同投资的这个股息税的一个情况因为港股的情况的话就相对来讲因为根据投资主体的不同然后持有时间和投资对象的不同那么所适用的这个股息税率也是不同的 我们可以来看这个表格那么这个表格的内容的话是来自财政部国家税务总局和证监会关于互生港通股票市场然后这个互联互通机制有关税收政策的 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an emphasis on its robust expansion strategy and strong performance in both online and offline prescription services [1][12]. Core Views - The company adheres to a development strategy of "regional focus and steady expansion," maintaining a high speed of store expansion and leveraging both online and offline channels to capture prescription outflow, thereby enhancing its internal growth momentum [1][12]. - The earnings forecast has been adjusted, with expected EPS for 2024-2026 at 1.76, 2.16, and 2.66 yuan respectively, corresponding to PE ratios of 26.2X, 21.3X, and 17.3X as of May 10, 2024 [1][12]. Financial Performance Summary - In 2023, the company achieved revenue of 22,588 million yuan, a year-over-year increase of 13.6%, and a net profit attributable to shareholders of 1,412 million yuan, up 11.9% year-over-year [2][5]. - For Q4 2023, revenue was 6,700 million yuan, with a year-over-year growth of 2.47%, while net profit was 413 million yuan, down 5.81% year-over-year [3][5]. - In Q1 2024, the company reported revenue of 5,971 million yuan, a year-over-year increase of 13.39%, and a net profit of 407 million yuan, up 20.89% year-over-year [3][5]. Business Segment Analysis - The retail segment generated revenue of 20,185 million yuan in 2023, representing a year-over-year growth of 12.00%, while the wholesale segment saw a significant increase of 39.23%, reaching 1,892 million yuan [6][7]. - The company has expanded its store network significantly, with a total of 13,920 stores by the end of Q1 2024, including 3,157 franchise stores [9][10]. Product Performance - The company’s revenue from Western and Chinese patent medicines reached 17,095 million yuan, with a year-over-year growth of 15.93%, while traditional Chinese medicine revenue grew by 23.30% to 2,180 million yuan [8][9]. - The non-pharmaceutical segment experienced a slight decline, with revenue of 2,803 million yuan, down 2.30% year-over-year [8][9]. Regional Performance - The Central South region showed exceptional growth, achieving revenue of 10,380 million yuan, up 17.44% year-over-year, while the East China region grew by 7.29% to 9,228 million yuan [9][10].

行 业 研 证券研究报告 究 ＃industryId＃ 银行 ＃title＃ 银行理财规模上升 ＃inve推stSu荐ggest ion＃ （维持＃） ——银行理财产品周报（2024.4.29-2024.5.05） investSuggestion Change＃ ＃createTime1＃ 2024年 5月 13日 ＃ relatedReport＃ 投资要点 行 分析师： ＃summary＃ 发行市场概况 业 陈绍兴 ⚫ 期限结构：五月第一周，1-6 个月产品发行规模 18.45 亿元，占比 42.02%； SAC：S0190517070003 周 一年以上产品发行规模14.24亿元，占比32.43%。 chenshaox@xyzq.com.cn ⚫ 投资性质：五月第一周，固定收益类产品发行规模 43.64 亿元，占比 报 曹欣童 99.35%；混合类产品发行规模0.00亿元，占比0.00%，较前一周下降。 SAC：S0190522060001 ⚫ 机构类型：五月第一周，理财子产品发行规模 19.20 亿元，占比 43.72%；股 caoxintong@xyzq.com.cn 份行产品发行规模 4.65 亿 ...

行 业 研 证券研究报告 究 ＃industryId＃ 啤酒 ＃title＃ 日本啤酒龙头最新拆解及思考 ＃ ——啤酒系列专题四 ＃inve推stSu荐ggest ion＃ (维持) investSuggestion C hange＃＃ createTime1＃ 2024年 5月 13日 行 业 重点公司 投资要点 跟 ＃日s本um啤ma酒ry行＃ 业竞争格局稳定，酒税过重使得EBITDA率大致在14%水平 重点公司 评级 踪 ⚫ 日本啤酒行业2023年销量在472万吨，行业CR4占比达94%，其中朝日、麒 青岛啤酒 增持 麟、三得利、札幌市占率分别为34%、31%、18%、11%。 报 燕京啤酒 增持 ⚫ 日本啤酒酒税比重超过20%，高税负压力下2023年朝日、麒麟、三得利、札 告 幌毛利率分别为36.1%、45.1%、40.1%、30.2%，而销售、一般及管理费用率 重庆啤酒 增持 分别为 26.6%、35.7%、31.0%、27.2%，整体净利率水平分别为 6.0%、 珠江啤酒 增持 7.0%、6.9%、1.7%，EBITDA率分别为14.1%、13.7%、14.0%、6.9%。 来源：兴业证券经济与金 ...

行 业 研 证券研究报告 究 ＃industryId＃ 国防军工 ＃title＃ 兴证军工观察： 中上游需求有望逐季向好，首选超跌兼顾成长优选标的 ＃ ＃inve推stSu荐ggest ion＃ ( 维持 ） investS ugg esti ＃createTime1＃ 2024年 5月 13日 onChan ge＃ 行 ＃relatedReport＃ 投资要点 重点公司 业 ＃⚫ sum2m0a2r3y＃年 报及 2024 年一季报已披露完毕，以军品收入或者利润占比过半且 2020 年以 重点公司 评级 来口径未发生重大变化的111个标的为对象统计，2023年共实现营业收入4194.07亿 周 菲利华 增持 元，归母净利润 331.16 亿元，营收、归母净利润分别同比增长 8.62%、-7.42%，同 报 三角防务 增持 比有所放缓。 航宇科技 增持 ⚫ 2023年上中下游各产业链环节营收、归母净利润增速中值较2022年都有下降，上游 归母净利润增速中值从5.29%降至-4.51%，中游从9.90%降至-20.90%，下游从16.08% 中航西飞 增持 降至 3.26%。随着产业链景气度自上游向下游传导，上 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [2][4]. Core Views - The company reported a total revenue of 23.08 billion yuan and a net profit attributable to shareholders of 1.176 billion yuan for Q1 2024, with significant year-on-year growth [4]. - The total shipment volume for Q1 2024 reached 21.9 GW, representing a 51.2% increase year-on-year, with component shipments of 20.0 GW [4]. - The company is expected to achieve component shipments of 100-110 GW for the entire year 2024, with production capacity targets set at 120 GW for silicon wafers, 110 GW for batteries, and 130 GW for components by the end of 2024 [4]. - The company is focusing on cost reduction and efficiency improvement, with advanced technologies being integrated into mass production, thereby strengthening its competitive edge in N-type products [4]. - The report adjusts the net profit forecasts for 2024-2026 to 3.479 billion yuan, 4.593 billion yuan, and 6.987 billion yuan respectively, with corresponding PE ratios of 23.1x, 17.5x, and 11.5x [4]. Summary by Sections Market Data - Closing price as of May 10, 2024, was 8.02 yuan, with a total share capital of 10,005.20 million shares and net assets of 35,574.09 million yuan [1]. Financial Performance - For 2023, the company reported revenues of 118.682 billion yuan, with a year-on-year growth of 43.6%, and a net profit of 7.440 billion yuan, reflecting a 153.2% increase [5]. - The projected revenues for 2024 are 111.363 billion yuan, with a forecasted decline of 6.2% [5]. - The gross profit margin is expected to be 10.7% in 2024, with a return on equity (ROE) of 10.0% [5]. Future Outlook - The company is positioned as a leader in the TOPCon segment, with a strong ability to balance shipment volume and profitability, leveraging its technological, cost, and scale advantages [4]. - The report emphasizes the company's ongoing advancements in technology and production efficiency as key drivers for future growth [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Insights - The company reported a total revenue of 51.31 billion yuan for 2023, representing a year-on-year increase of 7.9%, and a net profit attributable to shareholders of 2.903 billion yuan, up 34.6% year-on-year [4]. - In Q1 2024, the company achieved a revenue of 9.6 billion yuan and a net profit of 579 million yuan, indicating strong performance in its component business [4]. - The company’s component shipments in Q1 2024 reached 6.3 GW, meeting expectations, with a significant portion of shipments (over 20%) directed to the U.S. market [4]. - The energy storage segment showed significant growth, with Q1 2024 revenue from energy storage products nearly matching the total for 2023, and expected shipments for 2024 projected at 6-6.5 GWh [4]. Financial Summary - For 2023, the company reported a gross margin of 14.0% and a return on equity (ROE) of 13.6% [5]. - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 3.36 billion yuan, 4.471 billion yuan, and 5.815 billion yuan respectively, with corresponding PE ratios of 13.5x, 10.2x, and 7.8x [4][5]. - The company’s total assets were reported at 67.5838 billion yuan, with net assets of 21.95467 billion yuan [3].