Investment Rating - The report maintains a "Buy" rating for the company [4][24] Core Views - The company is actively pursuing high-quality development, with management expenses decreasing from 6% in 2022 to 5.21% in 2023. Profitability is showing signs of improvement starting from the second half of 2023, despite revenue remaining stable [1][24] - The company’s revenue for 2023 is reported at 2.254 billion yuan, a slight decrease of 0.75% year-on-year, while the net profit attributable to shareholders is 254 million yuan, an increase of 1.98% year-on-year [24] - The company’s earnings forecasts for 2024-2026 are 298 million yuan, 375 million yuan, and 433 million yuan respectively, with year-on-year growth rates of 17.2%, 25.9%, and 15.2% [1][3] Financial Summary - Revenue and profit forecasts for the company are as follows: - 2023A: Revenue 2,254 million yuan, Net Profit 254 million yuan - 2024E: Revenue 2,516 million yuan, Net Profit 298 million yuan - 2025E: Revenue 2,877 million yuan, Net Profit 375 million yuan - 2026E: Revenue 3,389 million yuan, Net Profit 433 million yuan - Corresponding EPS for 2024-2026 are projected at 0.73 yuan, 0.92 yuan, and 1.05 yuan, with PE ratios of 24.01, 19.07, and 16.56 respectively [3][1][24] - The company has seen significant growth in new customer orders, particularly in the northern and southwestern regions, with order growth rates of 34% and 171% respectively [24]

证 券 研 究 报 告 拟投资进军国产 GPU，存算联一体化再 进一步 公 司 研 究 公 司 点 评 东芯股份(688110) 公司研究/公司点评 电子 yxzqdatemark 2024年05月09日 | --- | --- | |--------------------------------|-------------| | | | | 基本数据 | | | 05 月 09 日收盘价 ( 元 ) | 25.55 | | 12mthA 股价格区间 ( 元 ) | 18.02-42.20 | | 总股本 ( 百万股 ) | 442.25 | | 无限售 A 股 / 总股本 | 62.53% | | 流通市值（亿元） | 70.66 | ◼ 事件描述 公司发布公告，拟通过自有资金或超募资金向上海砺算以增资的方式 取得该公司约 40%的股权，投资金额预计不超过 2 亿元。 ◼ 核心观点 拟投资进军国产 GPU，初代产品定位高端。根据砺算科技官网，砺算 科技成立于 2021 年 8 月，是一家致力于研发多层次（可扩展）图形渲 染的 GPU 公司。公司的产品主要包括用于图形渲染的 TrueGPU 和用 于算力领域 ...

电力设备 行业研究/行业点评 证 2024Q1 中国锂电池产业链出货量稳增 券 研 ——储能观察系列（4） 究 报 ◼ 核心观点 告 增持( 维持) 2024Q1中国锂电池产业链出货量稳增。据GGII，一季度中国锂电池 出货量约200GWh，同比+18%，其中动力电池149GWh，同比+19%， 行 储能电池40GWh，同比+14%；一季度中国正极材料出货量57.4万吨， 行业： 电力设备 业 同比+23%，负极出货量 41 万吨，同比+21%，隔膜出货量 39 亿平， 日期： y 20x2z4q年da0te5m月a0r9k日 研 同比+25%，电解液出货量26万吨，同比+26%。 究 分析师： 开文明 动力电池装机方面，一季度中国动力电池装机约84GWh，同比+43%。 E-mail： kaiwenming@yongxin 分下游来看，其中乘用车装机75.3GWh，同比+36%，专用车7.8GWh， gsec.com 同比+156%，客车1.2GWh，同比+69%；分材料来看，其中LFP电池 SAC编号： S1760523070002 装机53.1GWh，同比+39%，三元电池装机30.9GWh，同比+50 ...

食品饮料 行业研究/行业周报 财报密集披露，基本面支撑良好 证 券 ——食品饮料行业周报（20240422-0426） 研 究 ◼ 核心观点 报 增持( 维持) 告 财报业绩稳健，基本面支撑良好 行 本周进入年报及一季报密集披露期，各酒企业绩增长虽有一定分化但 整体稳健、势能良好，白酒板块基本面具备坚实支撑。我们认为当前 行业： 食品饮料 业 研 投资主线或仍围绕红利资产展开，部分重点酒企分红率提升，我们看 日期： y 20x2z4q年da0te4m月a2r9k日 究 好板块内低估值高分红标的配置价值。标的方面建议关注确定性较高 的高端酒贵州茅台、五粮液、泸州老窖、区域性优势酒企古井贡酒、 分析师： 汪玲 今世缘等。 E-mail： wangling@yongxingse 大众品财报密集披露，关注收入扩容及盈利改善标的 c.com 本周多家重点公司完成业绩披露，部分公司收入端受益于渠道拓宽带 SAC编号： S1760524030002 来增量，利润端受益于原材料采购成本下降、规模效应显现、控费能 分析师： 夏明达 力增强等，盈利能力有所增强。大众品方面，我们看好两条主线： E-mail： xiamingda@ ...

策略研究/策略月报 | --- | |-------| | | | | | --- | --- | |-------|-------| | | | | | | | | | | --- | --- | |-------|-------| | | | | | | | | | | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|--------------------- ...

食品饮料 行业研究/行业周报 财报业绩稳健，关注板块信心提振 证 券 ——食品饮料行业周报（20240429-0430） 研 究 ◼ 核心观点 报 增持( 维持) 告 财报业绩稳健，基本面支撑良好 行 板块内公司年报及一季报全部披露完成，酒企增长整体稳健，据华夏 酒报，其中头部重点酒企业绩坚挺，行业集中化趋势有所强化，后续 行业： 食品饮料 业 研 建议关注厂商关系及市场建设情况；次高端及区域酒企表现有所分 日期： y 20x2z4q年da0te5m月a0r7k日 究 化，建议关注酒企品质提升、品牌建设、省外扩张及精细化管理能 力。白酒即将进入端午销售旺季，建议关注渠道数据验证动销，标的 分析师： 汪玲 方面，建议关注具备韧性较强的高端酒、区域性优势酒企等，标的方 E-mail： wangling@yongxingse 面建议关注贵州茅台、泸州老窖、五粮液、今世缘、古井贡酒等。 c.com 零食业绩亮眼，24年关注渠道变革红利延续 SAC编号： S1760524030002 零食重点公司24Q1业绩表现亮眼，我们认为24年零食量贩渠道变革 分析师： 夏明达 仍将延续，同时产品端有望持续受益于新品推动，或将持续 ...

Investment Rating - The report maintains a "Buy" rating for the company [10][22]. Core Views - The company has shown impressive performance in 2023 and Q1 2024, with revenue growth and profit recovery [5][9]. - The revenue for 2023 reached 4.003 billion yuan, a year-on-year increase of 22%, while the net profit attributable to the parent company was 54 million yuan, up 32% year-on-year [9]. - In Q1 2024, the company achieved a revenue of 1.533 billion yuan, a significant year-on-year increase of 134%, and a net profit of 101 million yuan, up 505% year-on-year [9]. - The growth in revenue is driven by increased demand from major clients such as Seres and Li Auto, with total sales for these clients in 2023 and Q1 2024 showing year-on-year increases of 13% and 18%, respectively [9]. - The company's gross margin improved to approximately 12.9% in 2023, up 1.6 percentage points year-on-year, and net margin increased to 1.4%, up 0.1 percentage points year-on-year [9]. - The report highlights a clear growth path driven by client expansion, capacity utilization, and technological advancements [9]. Summary by Sections Financial Performance - Revenue projections for 2024 to 2026 are approximately 7.495 billion, 10.446 billion, and 13.028 billion yuan, representing year-on-year growth rates of 87%, 39%, and 25% respectively [9]. - Net profit forecasts for the same period are approximately 448 million, 647 million, and 840 million yuan, with year-on-year growth rates of 728.6%, 44.3%, and 29.9% respectively [9]. - The earnings per share (EPS) are projected to be 1.03, 1.48, and 1.92 yuan for 2024, 2025, and 2026 respectively [9]. Market Position and Client Base - The report notes that the market share of domestic passenger cars reached 56% in 2023, an increase of 6.1 percentage points year-on-year [9]. - The company is positioned to benefit from the rise of domestic automotive brands, supported by its competitive advantages in technology, manufacturing, and service [9]. Capacity and Technological Development - The company plans to expand its production capacity with new facilities in Tianjin, following expansions in Suzhou and Chongqing [9]. - Technological innovations, such as integrated high-voltage connectors and the use of aluminum instead of copper, are expected to enhance cost structure and profitability [9].

安井食品(603345) 公司研究/公司点评 证 利润表现亮眼，主业增长稳健 券 ——安井食品 2023年报及 24Q1业绩点评 研 究 报 ◼ 事件概述 告 买入( 维持) 公司发布2023年报及24年一季报，2023年实现营收140.5亿元，同 比增长15.3%，实现归母净利润14.8亿元，同比增长34.2%；24Q1实 公 现营收37.5亿元，同比增长17.7%，实现归母净利润4.4 亿元，同比 行业： 食品饮料 司 增长21.2%。 日期： y 20x2z4q年da0te4m月a2r9k日 研 ◼ 核心观点 究 收入端，主业增长稳健，并表贡献菜肴增量。2023年分产品来看，面 分析师： 汪玲 米制品/肉制品/鱼糜制品/菜肴制品分别实现营收25.4/26.3/44.1/39.3亿 E-mail： wangling@yongxingse c.com 元，分别同比+5.4%/10.2%/11.8%/29.8%；分渠道来看，2023年经销商 SAC编号： S1760524030002 /直营/商超/新零售/电商分别实现营收113.7/10.7/8.5/4.4/3.2亿，分别同 比+16.0%/+28.9%/- ...

中小市值 行业研究/行业点评 证 JT-60SA——日本、欧洲联合开发核聚变堆 券 研 ——可控核聚变产业观察 究 报  核心观点 行业： 中小市值 告 JT-60SA是技术先进的国际联合核聚变实验中心。1）公司简介：据JT- 日期： y 20x2z4q年da0te5m月a0r6k日 行 60SA 官网，JT-60SA 位于东京附近的 QST 研究中心，是日本和欧洲 合作建立的国际联合核聚变实验中心，设备使用之前 JT-60 实验的升 业 级基础设施和新硬件，实验中心采用超导线圈研究等离子体的先进运 分析师： 彭毅 研 行模式。2）愿景、团队：据JT-60SA官网，JT-60SA成立的目标是通 E-mail： pengyi@yongxingsec.c 究 过补充性研发来支持 ITER，为 ITER 探索聚变发电厂建设的最佳条 om 件。进行核聚变研究是为了证明该能源能够以安全和无公害的方式生 SAC编号： S1760523090003 产电力，以满足日益增长的世界人口的需求。JT-60SA 实验团队成立 联系人： 张恬 于2022年，团队领导人中两位来自日本，一位来自欧洲。3）技术路 E-mail： zha ...

Investment Rating - The industry investment rating is classified as "Buy" based on the positive outlook for the sector and expected performance relative to the benchmark index [7]. Core Insights - The JT-60SA is an advanced international joint nuclear fusion experimental center developed by Japan and Europe, aiming to support the ITER project and explore optimal conditions for fusion power plant construction [2]. - The JT-60SA project has successfully ignited and commenced operations, marking a significant milestone in nuclear fusion history, with ignition achieved in October 2023 [2]. - The project has faced delays due to redesigns and procurement issues, but it is expected to pave the way for commercial nuclear fusion power by 2050 [2]. Summary by Sections Company Overview - The JT-60SA is located near Tokyo at the QST research center and utilizes upgraded infrastructure from previous JT-60 experiments, employing superconducting coils for advanced plasma research [2]. - The experimental team was established in 2022, comprising leaders from both Japan and Europe [2]. Technical Aspects - The JT-60SA does not use deuterium-tritium for fusion experiments but instead employs hydrogen and deuterium to study plasma [2]. - The plasma can be heated to over 100 million degrees Celsius and maintained for 100 seconds [2]. - The heating power of JT-60SA will reach 41 megawatts, utilizing two different heating sources for electrons and ions [2]. Cost Control - The JT-60SA project is cost-effective compared to ITER, being approximately half the size and one-fifth the current of ITER, and it does not utilize D-T reactions, simplifying the system [2]. Future Prospects - The project is expected to require two more years of operation to conduct meaningful physical experiments, with plans for a demonstration power plant (DEMO) by 2050 [2].