Investment Rating - The report assigns an "Accumulate" rating for the company, Huakin Technology [1]. Core Insights - Huakin Technology is a leading global ODM in smart hardware, with a product matrix of "2+N+3" covering various electronic segments [9][10]. - The penetration rate of ODM in the smartphone market is low, with AI implementation expected to drive both volume and price increases in smartphones [1][23]. - The company is actively expanding into the server and automotive electronics sectors, which opens up long-term growth opportunities [1][59]. Summary by Sections 1. Leading ODM in Smart Hardware - Huakin Technology has developed a comprehensive product structure, transitioning from mobile IDH services to a multi-category ODM platform [9][10]. - The company has established a strong client base, including major brands like Samsung, OPPO, and Xiaomi [10][31]. 2. Smartphone ODM Penetration and AI Impact - The global smartphone market is entering a mature phase, with IDC predicting a 2.8% increase in shipments in 2024 [23]. - The ODM penetration rate is expected to rise to 40% in 2024, driven by cost control and recovery in emerging markets [26]. - AI mobile processors are being introduced, enhancing smartphone capabilities and potentially leading to a new wave of upgrades [32][35]. 3. Growth in PC and Other Consumer Electronics - The laptop market is experiencing a recovery, with a 7% year-on-year increase in Q1 2024 shipments [39]. - AI PCs are anticipated to drive significant growth, with expected shipments reaching approximately 13 million units in 2024 [45][47]. - The company is well-positioned in the tablet and wearable markets, with high ODM penetration rates [50][54]. 4. Server and Automotive Electronics Expansion - The global server market is rapidly growing, with Huakin Technology seeing a threefold increase in data business revenue in 2023 [59][63]. - The automotive electronics market is also expanding, with the company actively engaging in smart cockpit and autonomous driving projects [59][68]. 5. Financial Forecast and Investment Recommendations - Revenue projections for 2024, 2025, and 2026 are estimated at 991.13 billion, 1,145.67 billion, and 1,297.14 billion respectively, with corresponding net profits of 30.82 billion, 35.86 billion, and 40.86 billion [70]. - The report suggests a valuation premium due to the anticipated growth in AI and server business segments [70].

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Views - The company reported a significant increase in revenue and profitability for 2023, with total revenue reaching 40.683 billion yuan, a year-on-year increase of 110.40%, and a net profit of 11.546 billion yuan, marking a return to profitability [5][6]. - The first quarter of 2024 continued this positive trend, with revenue of 10.106 billion yuan, a 13.06% increase year-on-year, and a net profit of 2.963 billion yuan, up 33.11% [5][6]. - The company is benefiting from the recovery of the domestic passenger market post-pandemic, leading to increased passenger traffic and revenue from both mainline and cross-line operations [6][9]. Financial Summary - For 2023, the company achieved total revenue of 40.683 billion yuan, with a net profit of 11.546 billion yuan, resulting in an EPS of 0.24 yuan [5][7]. - The company plans to distribute a cash dividend of 1.12 yuan per 10 shares, translating to a dividend yield of 2.09% based on the closing price as of May 6, 2024 [5][8]. - The financial projections for 2024-2026 estimate net profits of 13.001 billion yuan, 14.205 billion yuan, and 14.850 billion yuan, respectively, with corresponding EPS of 0.26, 0.29, and 0.30 yuan [7][9]. Operational Highlights - The mainline business saw a passenger volume of 53.252 million, a 209.1% increase year-on-year, contributing 39.53% to total revenue [6][9]. - Cross-line operations recorded a significant increase in operational mileage and revenue, with cross-line revenue accounting for 59.54% of total revenue [6][9]. - The company has committed to a 50% dividend payout ratio, indicating a strong commitment to returning value to shareholders [8][9].

重点公司 重点公司 评级 西部材料 增持 中科星图 增持 航发控制 增持 睿创微纳 增持 中航沈飞 增持 七一二 增持 图南股份 增持 航材股份 增持 铂力特 增持 中航高科 增持 海格通信 增持 菲利华 增持 抚顺特钢 增持 ＃分析师： emailAuthor＃ 石康 shikang@xyzq.com.cn S1220517040001 李博彦 liboyan@xyzq.com.cn S0190519080005 行 业 研 究 证券研究报告 ＃industryId＃ 国防军工 ＃investSuggestion 推荐 ＃ (＃ investS uggesti onChan ge＃ 行 业 投 资 策 略 报 告 来源：兴业证券经济与金融研究院 ＃相关报告 relatedReport＃ 《军工板块 2023 年三季报总 结：阶段性需求增速放缓，成 长性与盈利水平分化》2023- 11-05 《2024Q1 公募基金军工股持仓 分析：配置比例环比降低，主 动宽基低配加大》2024-04-25 研究助理： 周登科、徐东晓 ＃title＃ 军工板块 2023 年报及 2024 年一季报总结: 阶段性需求放缓价格承 ...

行 业 研 证券研究报告 究 ＃industryId＃ 电子 ＃title＃ 电子 2023 年报＆2024Q1 季报总结：轻舟已过万 ＃ ＃inve推stSu荐ggest ion＃ (维持) 重山，AI 和自主可控将成为有力驱动 investSugg 行 estion Chan ＃createT ime1＃ 2024年 05月 06 日 ge＃ 业 投 重点公司 投资要点 资 重点公司 评级 ＃summary＃ ⚫ 截至2024年4月30日，除东旭光电外，按照申万分类(2021年)的电子行业 策 沪电股份 增持 广钢气体 增持 上市公司已全部公布2023年年报和2024年一季报：486家公司2023年营业 略 立讯精密 买入 总收入和归母净利润分别为30149亿元和980亿元，同比分别下滑2.10%和 传音控股 增持 报 鹏鼎控股 增持 33.90%；2024Q1单季度营业收入和归母净利润分别为7308亿元和269亿 告 北方华创 增持 元，同比分别增长14.00%和75.20%。 澜起科技 增持 珠海冠宇 增持 ⚫ 半导体：行业经历两年左右的去库存后，在手机、PC补库带动下，大部分 长盈精密 增持 环节业 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 机场 ＃investSuggestion＃ ＃ ＃d白yCo云mpa机ny＃场 （ 600004 ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 2023 全年业绩扭亏，T1 出境免税合同落地 ange＃ ＃createTime1＃ 2024年5月6日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  白云机场发布2023年年报、2024年一季报。2023年实现营业收入64.31亿 日期 2024-4-30 元，同比增长61.95%；实现归母净利润4.42亿元，同比扭亏。2024年一季 收盘价（元） 10.35 度公司实现归母净利润1.88亿元，同比扭亏。 总股本（百万股） 2367  运营情况：1）2023年白云机场完成飞机起降架次、旅客吞吐量和货邮吞吐 流通股本（百万股） 2367 量分别为 45.6 万架次、6317 万人次和 203.1 万吨，分别同比增长71.1%、 净资产（百万元） 17789 142%、7.8%，分别恢复到2019年同期的92.9%、86.1%、105.8 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 航空运输 ＃investSuggestion＃ ＃ ＃d春yCo秋mpa航ny＃空 （ 601021 ） investSug 买入 ( 维ges持tionC）h 000009 ＃title＃ 2023 年度净利润创历史新高，竞争优势持续凸显 ange＃ ＃createTime1＃ 2024年5月6日 投资要点 ＃市场ma数rk据etData＃ ＃ sum 春ma 秋ry 航＃ 空发布2023年年报及2024年一季报：2023年公司实现营业收入179.38 日期 2024-4-30 亿元，同比增加114.3%；实现归母净利润22.57亿元，为历史业绩新高，去年同 期实现归母净亏损30.36亿元。2024年一季度实现营业收入51.68亿元，同比增 收盘价（元） 56.79 长33.8%，实现归母净利润8.10亿元，同比增长127.8%。 总股本（百万股） 979  业务量恢复：1）2023年全年旅客周转量大超2019年同期，客座率水平领先行 流通股本（百万股） 979 业。公司 2023 年完成运输总周转量 38.59亿吨公里、旅客周转量 424 ...

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company achieved a revenue of 6.518 billion yuan in 2023, representing a year-on-year growth of 47.56%, and a net profit attributable to shareholders of 332 million yuan, up 53.08% year-on-year [9] - The cross-border e-commerce business continues to grow steadily, with significant performance from new business segments [9] - The company is focusing on a strategic layout of "one body and two wings," enhancing its product quality and brand influence [9] Financial Summary - Revenue projections for 2024-2026 are 8.497 billion yuan, 10.197 billion yuan, and 11.497 billion yuan respectively, with corresponding net profits of 431 million yuan, 509 million yuan, and 581 million yuan [3][9] - The gross profit margin for 2023 was 36.96%, with a return on equity (ROE) of 15.6% [3][9] - Earnings per share (EPS) are projected to be 1.49 yuan, 1.76 yuan, and 2.01 yuan for 2024, 2025, and 2026 respectively [3][9] Market Data - As of April 30, 2024, the closing price of the stock was 18.77 yuan, with a total share capital of 289.18 million shares [1]

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 特钢 ＃investSuggestion＃ ＃ ＃d久yCo立mpa特ny＃材 （ 002318 ） investSug 增持 ( 维ges持tionC）h 002318 ＃title＃ 主营业务量利齐升推动公司盈利稳健增长 ange＃ ＃createTime1＃ 2024 年05 月06 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  业绩概要：公司发布2023年年度报告和2024年一季报，2023年公司实现营 市场数据日期 2024-04-30 业收入85.68亿元，同比增长31.07%；实现归母净利润14.89亿元，同比增 收盘价（元） 24.97 长15.58%；实现扣非后归母净利润12.21亿元，同比下降5.14%。公司拟向 总股本（百万股） 977.17 全体股东每10股派发现金红利4.8元（含税）。2024年一季度公司实现营业 流通股本（百万股） 954.28 收入23.89亿元，同比增长42.30%；实现归母净利润3.28亿元，同比增长 净资产（百万元） 7350.23 40.95%；实现扣非后归母净利润3 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 氟化工及制冷剂 ＃investSuggestion＃ ＃ ＃d昊yCo华mpa科ny＃技 （ 600378 ） investSug 增持 ( 维ges持tionC）h 600378 ＃title＃ 氟材料跌价致收入下滑，并购中化蓝天有序推进 ange＃ ＃createTime1＃ 2024 年05 月06日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry：＃公司2023年实现营收78.52亿元（yoy-13.40%），归母净利润9.00亿 市场数据日期 2024-04-30 元（yoy-22.76%），扣非归母净利润8.11亿元（yoy-15.86%）。其中2023Q4 收盘价（元） 31.09 单季度营收15.79亿元（yoy-39.27%，qoq-19.86%），归母净利润2.13亿元 总股本（百万股） 911.47 （yoy-47.81%，qoq+15.97%），扣非归母净利润 1.34 亿元（yoy-37.34%， 流通股本（百万股） 903.95 qoq-25.16%）。公司2024Q1营收16.13亿元（yoy-2 ...

Core Viewpoints - The report introduces the concept of "15+3" assets, defined as assets with a growth rate of around 15% and a dividend yield of around 3%, which are considered the core assets of the new era [2][5] - The "15+3" assets have shown strong performance in 2024, with a median return of 27.6% from January to April, significantly outperforming other categories [25][36] - The report emphasizes that "15+3" assets are a balanced solution in the current market environment, offering both growth and stability, and are expected to perform well in the context of economic recovery and market rebalancing [14][48] Characteristics of "15+3" Assets - **High Growth with Stability**: In the era of high-quality development, a 15% growth rate is considered exceptional, as only about 20% of listed companies have a five-year compound growth rate exceeding three times the nominal GDP growth rate [29][63] - **High Dividend Yield with Elasticity**: The median dividend payout ratio for all A-shares in 2023 was 30.37%, a significant increase from 20.96% in 2022, indicating that high dividend yields are becoming more common and are expected to expand further [9][10] - **Combination of Growth and Dividends**: The report argues that growth and dividends are not mutually exclusive, citing the example of the S&P 500, where even high-growth sectors like information technology have maintained high dividend and buyback yields [15][16] - **Industry-Neutral**: The "15+3" assets are not concentrated in specific industries, making them a style-based investment choice rather than an industry-specific one [57][73] Screening Criteria for "15+3" Assets - The screening criteria for "15+3" assets include: 1) being a constituent of the CSI 800 index with a market capitalization of at least 30 billion yuan; 2) expected net profit growth of no less than 10% for 2024Q1, 2024E, and 2025E; and 3) a dividend yield of no less than 2.5% based on the 2023 annual report [25][75] Market Performance and Trends - In 2024, the "15+3" assets have outperformed other categories, particularly in the 10%-15% growth rate range, which aligns with the "15+3" characteristics [36] - The report highlights that the market is shifting from a barbell strategy (focusing on high-dividend and high-growth stocks) to a more balanced approach, with "15+3" assets representing the "waist assets" that are expected to benefit from this rebalancing [14][48] Comparison with US Market - The report draws parallels with the US market, where high-growth sectors like information technology have maintained high dividend and buyback yields, suggesting that growth and dividends can coexist [15][16] - Over the past decade, the S&P 500 has had a combined dividend and buyback yield of 4.4%, with the information technology sector achieving a yield of 5.1%, further supporting the argument that growth and dividends are not mutually exclusive [16][73]