证券研究报告 | 行业周报 2024 年 06月 18日 通信 苹果 WWDC24 召开，Optimus 加速落地，持续看好 Al 产业链投 资机会 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2024E 2025E 2024E 2025E 002881.SZ 美格智能 买入 0.46 0.65 45.7 32.34 行业走势 300308.SZ 中际旭创 买入 4.54 6.25 31.39 22.80 300394.SZ 天孚通信 买入 6.15 8.66 15.75 11.19 通信 沪深300 600941.SH 中国移动 买入 6.70 7.45 14.76 13.28 3% 601728.SH 中国电信 买入 0.37 0.42 15.35 13.52 -2% 688668.SH 鼎通科技 买入 0.96 1.29 47.14 35.08 -7% -12% 资料来源：长城证券产业金融研究院 -17% -22% 本周策略观点： -27% -32% 1. 苹果 WWDC24召开，持续看好 AI产业链投资机会。2024年 6月 11 2023-06 2023-10 2 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][5] Core Views - The company experienced significant year-on-year growth in Q1 2024, driven by increased shipments of high-pixel products and a recovery in the consumer market [2][5] - The overall performance in 2023 was under pressure due to a sluggish consumer electronics market and intensified price competition [2][5] - The company is expanding its presence in non-mobile CMOS fields, with promising prospects for display driver chips [2][5] Financial Summary - In 2023, the company reported revenue of 4.697 billion yuan, a decrease of 20.97% year-on-year, and a net profit of 48 million yuan, down 89.01% year-on-year [1][2] - For Q1 2024, the company achieved revenue of 1.289 billion yuan, a year-on-year increase of 51.13%, and a net profit of 30 million yuan, marking a return to profitability [1][2] - The projected net profits for 2024-2026 are 254 million yuan, 476 million yuan, and 631 million yuan, respectively, with corresponding EPS of 0.10 yuan, 0.18 yuan, and 0.24 yuan [5][8] Market Position and Product Development - The company has successfully launched high-pixel image sensors, including 32 million pixel products, which are now being shipped to multiple smartphone brands [5][8] - The company is also advancing in the automotive electronics sector, achieving over 200 million yuan in sales in the aftermarket for its products [2][5] - The report highlights the company's efforts in developing AMOLED display driver IC products, which are expected to become a significant growth driver in the future [5][8]

证券研究报告 | 行业深度报告 2024年 06月 17日 机械 3D 打印技术革新 3C 行业：成本精细化分析与市场展望 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2024E 2025E 2024E 2025E 688333.SH 铂力特 增持 1.14 1.84 47.9 29.68 行业走势 688433.SH 华曙高科 增持 0.57 0.89 37.96 24.31 机械 沪深300 资料来源：长城证券产业金融研究院 4% 行业现状：钛合金材料性能优越，成为 3C消费终端材料的新选择。钛合金 -1% -6% 具有强度高、热强度高、抗腐蚀性好、低温性能好、化学活性大、导热系数 -11% 小、弹性模量小的优势，目前 3C企业纷纷开始使用钛合金材料并尝试以 3D -16% 打印方式生产钛合金零部件。例如：1）荣耀：2023年 7月发布的 MagicV2 -21% 是全球首款采用钛合金铰链的折叠旗舰机，并且铰链的轴盖部分首次采用钛 -26% 合金 3D打印工艺；2）苹果：2023年推出的 Apple Watch产品部分钛金属 -31% 机构件就采用到了 3D打印技术。加 ...

Investment Rating - The report maintains an "Outperform" rating for the energy sector, emphasizing the digital transformation as a core driver for the next energy revolution [3]. Core Insights - The digitalization of the energy sector is essential for achieving carbon neutrality and peak carbon emissions, with smart grids playing a crucial role in stabilizing renewable energy supply [3][26]. - The smart grid market has shown a compound annual growth rate (CAGR) of 15.52% over the past five years, indicating robust growth potential [3][19]. - Investment in smart grids is expected to increase, with the proportion of smart grid investment in total grid investment rising from 6.2% in the first phase (2009-2010) to 12.5% in the third phase (2016-2020) [3][19]. Summary by Sections 1. Review of State Grid and Southern Grid Investments and Policy Analysis - Continuous strengthening of funding support for grid construction, with a reported 5.25% year-on-year increase in total grid investment in 2023 [9]. - The State Grid's investment reached a historical high of 501.2 billion yuan in 2022, with expectations to exceed 520 billion yuan in 2023 [9][12]. - The Southern Grid plans to invest 670 billion yuan during the 14th Five-Year Plan, focusing on new power system construction [9][12]. 2. Digital and Intelligent Power "Generation, Transmission, Transformation, Distribution, and Use" - The need for timely data analysis and power generation forecasting has become essential at the generation end [27]. - Digitalization is crucial for ensuring the safety of high-voltage transmission [34]. - Intelligent transformation at substations enhances the coordination between power equipment [39]. 3. Beneficiary Segments and Product Analysis - The smart sensor market is steadily growing, with power inspection robots expected to become a necessity [5]. - The demand for intelligent power scheduling and forecasting systems is increasing due to the rise in renewable energy installations [5]. - The global demand for smart meters is expected to significantly boost industry prosperity [5]. 4. Recommended Stocks in the Energy IT Sector - Longxin Group is positioned well under the dual-wheel strategy in the context of carbon neutrality [5]. - Guodian NARI covers four major sectors and is seen as a restructured energy giant [5]. - State Grid Information Communication is undergoing a business transformation post-asset restructuring [5].

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][4] Core Views - The company's performance has been impacted by weak downstream demand, but the semiconductor business is expected to aid in performance recovery [2][4] - In 2023, the consumer electronics market faced persistent unfavorable factors, leading to a decline in the company's performance [2] - The company has made significant progress in the semiconductor sector, achieving a sales revenue of 395 million in 2023, representing a year-on-year growth of 116.02% [4] Financial Summary - In 2023, the company's revenue was 2,429 million, down 11.03% year-on-year, with a net profit of 150 million, down 44.79% year-on-year [1][2] - The gross profit margin for 2023 was 48.95%, an increase of 4.56 percentage points year-on-year, while the net profit margin was 3.68%, a decrease of 3.94 percentage points [2] - The company expects revenues to recover to 2,880 million in 2024, with a projected net profit of 261 million [1][4] Business Development - The company has focused on optimizing its product structure and has achieved breakthroughs in smart and precision optical instruments, gaining repeat orders from core domestic and international clients [2][4] - The company is actively expanding its semiconductor business, with a strategic focus on advanced packaging technology and deepening cooperation with core customers [4] - As of April 23, 2024, the company has approximately 1.248 billion in hand orders in the display sector and 1.602 billion in the semiconductor sector [4]

证券研究报告 | 行业深度报告 2024年 06月 17日 机械 3D 打印技术革新 3C 行业：成本精细化分析与市场展望 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2024E 2025E 2024E 2025E 688333.SH 铂力特 增持 1.14 1.84 47.9 29.68 行业走势 688433.SH 华曙高科 增持 0.57 0.89 37.96 24.31 机械 沪深300 资料来源：长城证券产业金融研究院 4% 行业现状：钛合金材料性能优越，成为 3C消费终端材料的新选择。钛合金 -1% -6% 具有强度高、热强度高、抗腐蚀性好、低温性能好、化学活性大、导热系数 -11% 小、弹性模量小的优势，目前 3C企业纷纷开始使用钛合金材料并尝试以 3D -16% 打印方式生产钛合金零部件。例如：1）荣耀：2023年 7月发布的 MagicV2 -21% 是全球首款采用钛合金铰链的折叠旗舰机，并且铰链的轴盖部分首次采用钛 -26% 合金 3D打印工艺；2）苹果：2023年推出的 Apple Watch产品部分钛金属 -31% 机构件就采用到了 3D打印技术。加 ...

证券研究报告 | 行业专题报告 2024 年 06月 17日 计算机 智慧电网：能源数字化的关键一环 双碳背景下，能源数字化是协助实现碳中和碳达峰的目标路径。我国传统以 强于大市（维持评级） 煤炭、石油等化石能源的主体的能源结构不符合“双碳”的大潮流。因此， 优化能源结构成为推动“双碳”进程的一项重要工作。在可再生能源大量装 行业走势 机的同时，可再生能源供给的不确定性会使得电力系统的整体稳定性下降。 计算机 沪深300 数字化系统的介入能有力降低可再生能源供给的问题对电网安全运行带来的 3% 风险，为可再生能源的运行保驾护航，有助于碳中和总目标的实现。 -4% -12% 智慧电网本质上是为了匹配“发输配用”各端需求。碳中和趋势下，能源行 -19% -27% 业的本质共发生了五大变化。能源企业的身份、产品形式、生产工具、生产 -34% 模式、生产位置均发生相应改变。在发输配用各端，复杂电力环境不断催生 -42% 各类数字化升级需求。发电端，对电力的提前预测和控制有助于保障后续环 -49% 2023-06 2023-10 2024-02 2024-06 节的安全；输电端，智慧电网起到护航远程高压输电的作用；配用 ...

大家好欢迎参加中泰汽车六月看多整车系列汇报四长城汽车反思纠偏落实长期主义海外出口成为增长新势能电话会议 目前所有参会者均处于静状态下面开始播报名字声明声明播报完毕后主持人可直接发言 谢谢本次电话会议服务于中泰证券正式签约客户为非公开交流活动未经中泰证券授权请勿对外传播本次会议的内容包括但不限于视频 音频、文字记录内容等信息感谢您的理解与配合中泰证券对违反上述要求的行为保留追究法律责任的权利市场有风险 投资需谨慎本会议信息仅供参考不代表任何投资建议本公司不对任何人因使用本会议中的信息所引致的任何损失负担任何责任好的 各位领导 下午好我是中泰汽车首席何俊毅 今天我和我的同事汪岳然后跟大家一起汇报一下我们长征汽车的最新外发的深度报告也是我们的系列深度一反思纠编落实长期主义海外出口成为增长趋势在讲解深度报告之前的话我也还是想要再跟各位领导提示一下就是我们觉得6月份是我们从6月1号开始看多汽车板块尤其是整车板块 然后长城的话也是我们重点推荐的整车个股尤其是在就是近期的前段时间五月份的这个销量之后大概有调整接近20个点的这个长城汽车那么六月份我们看多板块的逻辑是两个逻辑就是第一个逻辑的话就是说新品新品停发其实整车核心是看 ...

证券研究报告 | 行业周报 2024 年 06 月 17日 煤炭 电厂日耗量增长，铁水产量已达今年新高 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2024E 2025E 2024E 2025E 000983.SZ 山西焦煤 增持 1.2 1.22 9.13 8.98 行业走势 600188.SH 兖矿能源 增持 2.82 3.05 8.6 7.9 煤炭 沪深300 600256.SH 广汇能源 买入 1.02 1.08 7.58 7.16 41% 600985.SH 淮北矿业 增持 2.43 2.61 7.41 6.9 32% 601088.SH 中国神华 增持 3.18 3.28 13.95 13.52 24% 601225.SH 陕西煤业 增持 2.21 2.25 12.39 12.17 15% 601699.SH 潞安环能 增持 2.69 2.71 8.28 8.21 7% 601898.SH 中煤能源 增持 1.59 1.67 8.16 7.77 -2% -11% 601918.SH 新集能源 增持 0.91 0.96 11.31 10.72 -19% 资料来源： ...

证券研究报告 | 行业周报 2024 年 06 月 17日 煤炭 电厂日耗量增长，铁水产量已达今年新高 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2024E 2025E 2024E 2025E 000983.SZ 山西焦煤 增持 1.2 1.22 9.13 8.98 行业走势 600188.SH 兖矿能源 增持 2.82 3.05 8.6 7.9 煤炭 沪深300 600256.SH 广汇能源 买入 1.02 1.08 7.58 7.16 41% 600985.SH 淮北矿业 增持 2.43 2.61 7.41 6.9 32% 601088.SH 中国神华 增持 3.18 3.28 13.95 13.52 24% 601225.SH 陕西煤业 增持 2.21 2.25 12.39 12.17 15% 601699.SH 潞安环能 增持 2.69 2.71 8.28 8.21 7% 601898.SH 中煤能源 增持 1.59 1.67 8.16 7.77 -2% -11% 601918.SH 新集能源 增持 0.91 0.96 11.31 10.72 -19% 资料来源： ...