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].

Investment Rating - The industry investment rating is "Buy" [4] Core Insights - CFS is a representative startup in the US controlled nuclear fusion sector, established in 2018 and spun off from MIT, focusing on building the SPARC fusion prototype [2] - CFS has completed over $1.8 billion in Series B financing to commercialize fusion energy, with investors including Tiger Global, Bill Gates, and Google [2] - The SPARC fusion reactor is expected to achieve commercial power generation by 2025, with plans for CFS to build 10,000 fusion power plants globally if successful [2] - CFS is a key player in the US commercial nuclear fusion energy development, selected by the US Department of Energy to accelerate commercial fusion energy [2] Summary by Sections Company Overview - CFS is working on the SPARC fusion prototype and has a strong team of experts in magnet design, manufacturing, and plasma physics [2] - The SPARC device is a compact magnetic confinement tokamak that aims to produce more energy than it consumes, utilizing high-temperature superconducting magnets [2] Technology and Development - SPARC is designed to have a magnetic field strength higher than that of ITER, with fusion power output between 50,000 to 100,000 kW [2] - The ARC project will follow SPARC, aiming to create a fusion power plant capable of generating hundreds of megawatts of grid-connected electricity [2] - High-temperature superconductors (HTS) are crucial for the development of fusion systems, with HTS magnets expected to reach a strength of 20 Tesla [2] Market Opportunities - The dual carbon policy and technological breakthroughs are expected to open up vast market opportunities in the nuclear fusion industry [2] - Recommended companies to watch include superconducting material suppliers and component suppliers [2]

电子 行业研究/行业周报 A 证 进 迭时空发布 AI CPU 芯片，SK海力士称 HBM售罄 券 ——电子行业周报（2024.04.29-2024.04.30） 研 究 ◼ 核心观点 报 增持( 维持) 告 本周核心观点与重点要闻回顾 行 算力芯片：进迭时空发布全球首颗 8 核 RISC-V AI CPU 芯片 K1，算 力芯片产业加速发展。K1 芯片使用 22nm 制程，搭载了自研 RISC-V 行业： 电子 业 智算核 X60，频率最高 2.0GHz，号称单核算力领先 ARM Cortex-A55 研 30% 以上，CPU 算力 > 50 KDMIPS，AI 算力 2TOPS@INT8。我们认 日期： y 20x2z4q年da0te5m月a0r6k日 究 为，AI推动算力需求攀升，相关产业链有望持续受益。 HBM：SK海力士 12层堆叠 HBM3E Q3量产，将于 2025年生产的 分析师： 陈宇哲 HBM产品也基本售罄，相关产业链或将受益。SK海力士的 HBM生 E-mail： chenyuzhe@yongxings 产方面，2024 年已经全部售罄，2025 年也基本售罄。公司预计在 ec.com ...

石油石化 行业研究/行业周报 证 地缘局势缓和，油价明显回落 券 ——石油化工行业周报（20240429-20240430） 研 究 报 ◼ 市场行情回顾 告 增持( 维持) 板块表现 本周（20240429-20240430）中信石油石化板块下滑约0.99%，上证综 行 合指数上涨约0.52%，同上证综合指数相比，石油石化板块落后约1.5 行业： 石油石化 业 个百分点。子板块方面，石油石化子板块涨跌互现，其中其他石化、 日期： y 20x2z4q年da0te5m月a0r6k日 研 油品销售及仓储等子板块涨幅居前。 究 本周（20240429-20240430）石油石化板块领涨个股包括宝利国际、统 分析师： 赵飞 一股份、沈阳化工、宝莫股份、恒逸石化等；领跌个股包括博汇股份、 E-mail： zhaofei@yongxingsec. 昊华科技、ST新潮、中曼石油、中海油服等。其中民营大炼化公司周 com 度涨跌幅如下：恒逸石化（+6.39%）、新凤鸣（+3.33%）、桐昆股份 SAC编号： S1760524040002 （+2.91%）、恒力石化（+0.65%）、荣盛石化（+0.54%）、东方盛虹 （+0. ...

固定收益/固收点评 证 券 研 究 报 告 固 定 收 益 | --- | |-------| | | | | | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|------------------------------------------------------------------------------------------------| | 经济动能稳步恢复，产成品库存下降 —— 4 月 PMI 数据点评 | | | | ◼ 核心观 ...