计算机 行业研究/行业周报 证 深圳沈阳出台支持政策， 低空经济产业链有望受益 券 ——计算机行业周报（2024.04.22-2024.04.26） 研 究 报 ◼ 核心观点 增持( 维持) 告 本周核心观点与重点要闻回顾 行 低 研空 究经 制济 定： 了深 《圳 沈盐 阳田 市出 低台 空专 经项 济扶持 高政 质策 量支 发持 展低 行空 动经 计济 划发 （展 2， 02沈 4-阳 20市 26 行业： 计算机 业 年）》，相关产业链有望持续受益。《盐田区关于促进低空经济产业 研 创新发展的若干措施》（以下简称《措施》）公布，根据《措施》， 日期： y 20x2z4q年da0te4m月a2r9k日 究 低空经济领域企业落户盐田，最高可获 500 万元补贴。沈阳市研究 制定了《沈阳市低空经济高质量发展行动计划（2024-2026 年）》 分析师： 李行杰 （以下简称《计划》）。《计划》提出，到 2026 年，沈阳市低空飞行 基础保障体系基本完善。沈阳市培育低空经济相关企业突破 100 E-mail： lixingjie@yongxingsec. 家，产业规模达到30亿元。 com 端侧 AI模型：微软推 ...

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1]. Core Insights - Qualcomm has launched the Snapdragon X Plus platform, accelerating the development of computing chips. The Snapdragon X Plus features the Qualcomm Oryon™ CPU, which outperforms competitors by up to 37% while consuming 54% less power. It is designed to meet the demands of AI applications with a computing power of 45 TOPS, making it the fastest NPU for laptops globally. The report anticipates that AI will drive an increase in computing demand, benefiting the related industry chain [4][5]. - SK Hynix's development of 12-layer stacked HBM3E memory is expected to be completed by Q3 2024, with a focus on 8Hi HBM3E memory for 2024 and preparation for a comprehensive increase in demand for 12Hi HBM3E by 2025. The report suggests that major storage manufacturers are actively advancing the production of cutting-edge memory chips, which will benefit the industry chain [4][5]. - Advanced packaging is experiencing a supply-demand imbalance due to AI-driven demand, with expectations for growth trends to continue until 2025. The report highlights the increasing importance of advanced packaging in the computing era, which is expected to benefit the related industry chain [4][5]. - Seagate Technology has announced a price increase for its hard drives, indicating that supply constraints will persist and prices are expected to continue rising in the coming quarters. The report suggests that as downstream demand improves, storage chip prices are likely to continue their upward trend, benefiting the related industry chain [4][5]. Summary by Sections 1. Core Insights and Investment Recommendations - The report continues to favor the computing chip industry chain centered around AI, the rapidly developing HBM industry chain, and the semiconductor cycle recovery represented by storage and advanced packaging [5][6]. 2. Market Review - During the week of April 22-26, the A-share Shenwan Electronics Index rose by 5.21%, outperforming the CSI 300 Index by 4.01 percentage points. The performance of the six major sub-sectors of Shenwan Electronics was led by components (6.8%) and other electronics II (6.73%) [7][9]. 3. Industry News - SK Hynix is expected to adopt TSMC's 7nm process for the base die of HBM4 memory, with a target to achieve production by 2026 [17]. - Seagate Technology has announced a price increase for its hard drives due to ongoing supply constraints and rising costs [18]. - SoftBank plans to invest approximately $960 million in computing infrastructure to develop a trillion-parameter large model [19]. - Samsung and AMD have signed a supply agreement worth 4 trillion KRW for HBM3E 12H [20]. 4. Company Dynamics - Jiangbolong reported a 200.54% year-on-year increase in revenue for Q1, with new major clients like OPPO [26][27].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [2][11]. Core Insights - The report highlights the positive impact of the "old-for-new" vehicle policy, suggesting a focus on automakers that lead in intelligence, technology cycles, and model cycles, such as Seres, Xiaopeng Motors, BYD, and Xiaomi Group [2][11]. - It also emphasizes the growth potential in the electric and intelligent components sector, recommending companies like Huguang Co., Wuxi Zhenhua, Bojun Technology, Kebo Da, and Baolong Technology [2][11]. Summary by Sections 1. Market Review - In the week from April 22 to April 26, 2024, the automotive sector rose by 2.42%, outperforming the overall A-share market, ranking 12th among all primary industries [12]. - The automotive parts sector saw the highest increase at 2.99%, while passenger vehicles had the smallest increase at 1.52% [12]. 2. Industry Data Tracking 2.1. Monthly Vehicle Sales - In March 2024, total vehicle sales reached approximately 2.69 million units, with a month-on-month increase of 70.2% and a year-on-year increase of 9.9% [22]. - Passenger vehicle sales were about 2.24 million units, with a month-on-month increase of 67.8% and a year-on-year increase of 10.9% [22]. 2.2. Weekly Vehicle Sales - From April 1 to April 21, 2024, retail sales of passenger vehicles were approximately 852,000 units, a year-on-year decrease of 12% [35]. - Wholesale sales of passenger vehicles during the same period were about 932,000 units, a year-on-year increase of 8% [35]. 2.3. Sales Outlook - For April 2024, the narrow passenger vehicle retail market is expected to be around 1.6 million units, with a year-on-year decrease of 1.5% [36]. 2.4. Raw Material Price Tracking - As of April 26, 2024, the price of battery-grade lithium carbonate was approximately 111,300 yuan per ton, unchanged from April 19, 2024 [37]. 3. Industry Dynamics - The report notes the collaboration between Chery and Ebro-EV to produce electric vehicles in Spain, and BYD's strategic partnership for promoting hybrid RV chassis [44]. 4. New Vehicle Launches - New models launched include BYD's Tang EV and Chery's Jietu Mountain Sea T2, among others, during the week of April 22 to April 26, 2024 [45]. 5. Company Announcements - Huaneng Automotive reported a Q1 2024 revenue of approximately 42.86 billion yuan, a year-on-year increase of 47.60% [46]. - Huguang Co. reported a Q1 2024 revenue of approximately 1.53 billion yuan, a year-on-year increase of 134.12% [46].

| --- | |-------| | | | | | | | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|-----------------------------------------------------------| | 物价走势或呈现分化趋势 —— 3 月物价数据点评 | | | | ◼ 核心观点 事件： 2024 年 4 月 11 日，国家统计局公布 3 月份全国居民消费价格 | 日期： | yxzqdatemark 2024年04月26日 | | 指数（ CPI ）以及全国工业生产者出厂价格指数（ P ...

公司计划未来进一步提升钢结构产能及产能利用率。自 2016 年，公 司与涡阳县人民政府签订《绿色生态建筑产业项目》战略合作协议，公司 建设绿色建筑生产基地，着力布局钢结构生产。2022 年公司继续与湖北团 风县、涡阳县人民政府签订合作协议，将加快已规划生产基地的建设和投 产，2023 年底公司钢结构产品产能已达 500 万吨/年，后续依然有新增产 能持续落地。此外，产能利用率提升和智能化改造持续推进，单位面积/时 间的产出也存在提升空间。 请务必阅读报告正文后各项声明 8 公司深度 0 100 200 300 400 500 600 2018 2019 2020 2021 2022 2023 产能 资料来源：Wind，甬兴证券研究所 资料来源：Wind，甬兴证券研究所 70.0% 75.0% 80.0% 85.0% 90.0% 95.0% 100.0% 2018 2019 2020 2021 2022 2023 产能利用率 产销率 持续产能释放带动收入增长，18-23 年公司营业收入/净利润 CAGR 分 别达 24%/23%。钢结构产量增加叠加战略转型(专注钢结构制造)带来公司 营业收入及净利润持续增长， ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1]. Core Insights - The company is one of the largest pharmaceutical retail chains in China, with a revenue scale leading the industry and a wide coverage area. As of September 30, 2023, the total number of stores exceeded 13,065, including 8,945 direct-operated stores and 4,120 franchise stores, covering 20 provinces [4][34]. - The industry is experiencing increasing concentration, with the chain pharmacy rate rising to 55.92% in 2022. The top 100 pharmacies accounted for 55.83% of the market share, indicating a significant head effect where leading companies are growing faster [4][50]. - The company has adopted a "four-wheel drive" strategy focusing on both organic growth and external expansion through acquisitions, enhancing its operational capabilities and market presence [4][5]. - The company is transforming its stores to enhance profitability and has made significant progress in logistics and supply chain management, with a notable increase in self-owned brand sales [4][5]. Summary by Sections Company Overview - The company has established itself as a pioneer in the "discount pharmacy" model since its inception in 2001, leading to rapid expansion and recognition in the industry [34][39]. - The company has a stable and concentrated shareholding structure, with significant investments from foreign entities, which are expected to support long-term growth [40][41]. Financial Performance - The company achieved a revenue of 20.176 billion yuan in 2022, with a year-on-year growth of 28.54%. The net profit attributable to the parent company was 785 million yuan, reflecting a growth of 17.29% [42]. - For the first three quarters of 2023, the company reported a revenue of 16.042 billion yuan, a year-on-year increase of 16.44%, and a net profit of 717 million yuan, up 17.54% [42]. Market Dynamics - The retail pharmacy market is expected to benefit from policy changes promoting prescription outflow, with the government enhancing regulations to facilitate this process [53][55]. - The company is well-positioned to capitalize on the growing trend of prescription outflow, with a significant increase in the number of stores qualifying for outpatient management [4][56].

证 券 研 究 报 告 研发投入大幅增加，股权激励彰显信心 ——东芯股份 2023 年年报点评 公 司 点 评 ◼ 盈利预测与估值 东芯股份(688110) 公司研究/公司点评 行业： 日期： 分析师： E-mail： SAC编号： | --- | --- | |---------------------|-------| | | | | 陈宇哲 | | | chenyuzhe@yongxings | | | ec.com | | | S1760523050001 | | 最近一年股票与沪深 300 比较 资料来源：Wind，甬兴证券研究所 -50% -36% -22% -8% 6% 20% 04/23 07/23 09/23 11/23 02/24 04/24 东芯股份 沪深300 《拟投资进军 WiFi 7，存算联一体化 战略迈出第一步》 ——2024 年 02 月 06 日 《SLC NAND 国产小巨人，深耕利基 穿越周期》 ——2023 年 12 月 22 日 资产负债表 单位：百万元 现金流量表 单位：百万元 至 12 月 31 日 2022A 2023A 2024E 2025E 2026E 至 ...

安井食品(603345) 公司研究/公司深度 速冻龙头锐意进取，预制菜接棒成长 证 券 ——安井食品首次覆盖报告 研 究 ◼ 核心观点 报 买入( 首次) 告 公司： 速冻龙头管理高效，锐意进取 公 公司成立二十余载，收入及业绩均取得亮眼成就。复盘发展历程，公 司管理能力和执行力突出，能够拥抱行业趋势，经营策略积极有为。 行业： 食品饮料 司 研 业务：三路并进，BC兼顾 日期： y 20x2z4q年da0te4m月a2r5k日 究 1）主业：火锅料结构升级引领，米面聚焦差异化。公司火锅料布局 较早，龙头地位稳固。近年来公司持续推新，锁鲜装 4.0 市场反馈良 分析师： 汪玲 好，丸之尊 2.0 放量可期，烤肠系列等亦有望成为新增大单品。米面 E-mail： wangling@yongxingse 行业步入成熟期，公司在区域市场和选品上保持差异化战略，有望依 c.com 托渠道优势实现错位竞争。 SAC编号： S1760524030002 2）预制菜：三箭齐发，开启第二增长曲线。2022 年预制菜市场规模 分析师： 夏明达 约4196亿元，19-22年CAGR达19.6%，B端降本增效为核心诉求。 E-mai ...

业绩符合预期，ADAS 清洗产品加速进入定点周期 ——2023 年&1Q24 业绩点评 证 券 研 究 报 告 公 司 研 究 公司在清洗系统领域产品具有前瞻性布局，较传统清洗系统产品而言， ADAS 主动感知清洗系统产品的智能化程度及复杂程度均有大幅提升， 在未来高级别自动驾驶领域将有较好的市场前景。公司相关产品已与 众多客户车型进行产品路试和系统适配，随着 L3 级别自动驾驶的加 速落地，公司相关产品会逐步产业化落地。2023 年，公司的主动感知 清洗泵产品已取得部分客户的小批量定点，预计 2024 年将有更多的 增量车型进入定点环节。 ◼ 电机产品品类持续丰富，人形机器人打造第三增长曲线 公 司 点 评 ◼ 事件：公司发布 2023 年年报及 2024 年一季报 2023 年公司实现营收约 9.23 亿元，同比约+24.99%；归母净利润约 2.02 亿元，同比约+38.87%。公司 1Q24 实现营收约 2.42 亿元，同比 约+31.73%；归母净利润约 0.65 亿元，同比约+58.6%。 ◼ 公司全年业绩符合预期，营收利润维持高比例增长 1）微电机营收实现约 3.69 亿元，同比约+37.61% ...

固定收益/固收点评 证 券 研 究 报 告 固 定 收 益 | --- | |-------| | | | | | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------------------------------------------------------| | M1 增速低位运行 —— 3 月社融数据点评 | | | | ◼ 核心观点 事件： 2024 年 4 月 12 日 ...