天承科技（688603.SH） 事件：公司发布 2023 年年报及 2024 年一季报，2023 年公司营收 3.39 亿元， 同比-9.47%；归母净利润 0.59 亿元，同比+7.25%；扣非净利润 0.55 亿元， 同比+2.39%。24Q1 公司营收 0.80 亿元，同比+6.16%，环比-12.78%；归 母净利润 0.18 亿元，同比+57.69%，环比+6.01%；扣非净利润 0.15 亿元， 同比+31.83%，环比+2.78%。 -60% -49% -38% -26% -15% -4% 8% 19% 2023-05 2023-09 2024-01 2024-05 天承科技 沪深300 执业证书编号：S1070518060001 —天承科技（688603）公司动态点评》2023-09-21 发力半导体先进封装，第二增长曲线渐显：公司正积极探索泛半导体领域的 全新增长点，以原有的高端 PCB 功能性湿电子化学品为基石，进一步将业务 触角拓展至集成电路、光伏以及面板等多个领域，积极打造第二增长曲线。 公司以先进封装作为切入点进入集成电路领域，于 23 年下半年开始布局集成 电路功能性湿电子化学品相 ...

事件：公司发布 2023 年年报及 2024 年一季报，2023 年公司营收 14.47 亿 元，同比+33.98%；归母净利润 2.52 亿元，同比+78.64%；扣非净利润 1.74 亿元，同比+55.02%。24Q1 公司营收 3.63 亿元，同比+18.19%，环比-8.65%； 归母净利润 0.55 亿元，同比+11.07%，环比+0.81%；扣非净利润 0.46 亿 元，同比+24.27%，环比+27.93%。 盈利端表现亮眼，各产品线稳健增长：2023 年公司营收稳健增长，主要系消 费电子行业逐步回暖，下游及终端需求有所增强，公司产品出货量稳步增长。 分产品看，蓝牙耳机芯片/蓝牙音箱芯片/数字音频芯片/智能穿戴芯片/其他芯 片 分 别 营 收 8.63/3.40/0.93/0.58/0.78 亿 元 ， 同 比 分 别 +24.10%/23.04%/60.00%/153.29%/207.80%。盈利端实现高增长，主要系： 1）优化产品结构，高毛利的讯龙系列销售占比持续提升。2）现有产品更新 迭代，性能提升的同时提高了产品性价比。3）公司合理把控供应商采购成本， 降低生产成本。23 年公司毛利率为 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The AI sector continues to show high growth potential, with NVIDIA's FY25Q1 revenue reaching $26 billion, a 262% year-over-year increase, driven by strong demand for its Hopper platform for generative AI training and inference [3][30] - Lenovo's FY2024Q4 results indicate a return to growth, with revenue of $13.83 billion, a 9% year-over-year increase, and a significant recovery in its PC business, which is expected to benefit from the rise of AI PCs [3][41] - The report highlights a price increase in certain TV and monitor panel sizes, while storage prices are under slight pressure due to inventory adjustments in the consumer market [3][22][24] Summary by Sections Key Company Earnings Forecasts - Lixun Precision: EPS forecast for 2024 is 2.00 CNY, with a PE ratio of 16 [2] - Lighton Technology: EPS forecast for 2024 is 0.78 CNY, with a PE ratio of 26 [2] - Wogao Optoelectronics: EPS forecast for 2024 is 1.07 CNY, with a PE ratio of 22 [2] - Qianzhao Optoelectronics: EPS forecast for 2024 is 0.31 CNY, with a PE ratio of 20 [2] - Xinyi Technology: EPS forecast for 2024 is 1.21 CNY, with a PE ratio of 17 [2] Industry Overview - The Chinese tablet market saw a 6.6% year-over-year increase in Q1 2024, with Huawei leading in market share at 36.3% [5] - The report notes that the demand for AI PCs is expected to grow significantly, with projections indicating that AI PCs could account for nearly 60% of global PC shipments by 2027 [3][41] Hardware Innovation Tracking - Micro LED technology is gaining traction, with applications expanding beyond large displays to mid and small-sized displays [8][10] - The report highlights new product launches in the Mini LED and Micro LED segments, indicating a competitive edge in the gaming monitor market [12][13] Price Trends - Prices for certain TV panel sizes have increased, with 65-inch panels averaging $178, a 1.1% increase from the previous month [22][23] - Storage prices for DDR4 series have shown slight declines, with average prices for various configurations reported [24]

证券研究报告 | 公司动态点评 2024 年 05月 30日 龙佰集团（002601.SZ） 公司业绩逐步修复，看好公司钛白粉行业龙头地位 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 24,113 26,765 31,253 35,024 37,710 股票信息 增长率yoy（%） 17.2 11.0 16.8 12.1 7.7 归母净利润（百万元） 3,419 3,226 3,990 4,707 5,523 行业 基础化工 增长率yoy（%） -26.9 -5.6 23.7 18.0 17.3 2024年5月29日收盘价（元） 21.79 ROE（%） 15.2 13.0 14.0 14.1 14.2 总市值（百万元） 51,997.33 EPS最新摊薄（元） 1.43 1.35 1.67 1.97 2.31 流通市值（百万元） 50,607.46 P/E（倍） 14.8 15.7 12.7 10.7 9.2 总股本（百万股） 2,386.29 P/B（倍） 2.4 2.2 1.9 1.6 1.4 流通股本（百万股） 2,322.51 资料来源 ...

近 3 月日均成交额（百万元） 255.45 股价走势 作者 请仔细阅读本报告末页声明 营收稳健增长，新业务进展顺利 智能底盘系统业务-轻量化底盘系统及橡胶业务实现营收 55.24 亿元，同比 +21.33%；毛利率 15.48%，同比-1.82pct。公司锻铝控制臂底盘轻量化 总成产品已经取得突破性进展。旗下子公司四川望锦公司球头铰链总成产品 为底盘系统核心安全部件及性能部件，技术领先且具有高技术门槛。已获得 奔驰、长安、广汽、比亚迪等多个主机厂订单。2023 年度轻量化业务累计获 得订单约 85 亿元。冷却系统业务实现营收 51.86 亿元，同比+19.91%； 毛利率 16.47%，同比+0.12pct。公司旗下子公司德国 TFH 是发动机及新 能源汽车电池热管理管路总成产品优秀供应商，拥有自主专利的独家生产技 术 creatube 工艺以及 TPV 软管和尼龙管的核心技术。目前已经给宝马、沃尔 沃、奥迪、大众、吉利、小鹏和理想等新能源汽车平台配套。子公司中鼎流 体积极布局热管理系统总成及核心零部件产品的研发与生产。2023 年度热管 理系统业务累计获得订单约为 120亿元。密封系统业务实现营收 36. ...

证券研究报告 | 行业周报 2024 年 05月 27日 风电周报（2024.5.20-2024.5.26） 风光利用率有待优化，海风景气度持续提升 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 300443.SZ 金雷股份 增持 1.65 2.17 11.33 8.62 行业走势 300569.SZ 天能重工 增持 0.55 0.7 9.24 7.26 301155.SZ 海力风电 增持 2.18 3.47 22.94 14.41 电力设备及新能源 沪深300 603507.SH 振江股份 买入 2.01 2.76 16.37 11.92 5% 603606.SH 东方电缆 增持 1.97 2.46 24.41 19.54 -1% 605222.SH 起帆电缆 买入 1.76 2.28 10.5 8.11 -6% -12% 688349.SH 三一重能 增持 1.97 2.26 14.21 12.38 -18% 688676.SH 金盘科技 增持 1.82 2.51 34.07 24.7 -24% 资料来源：长城证券产业金融研 ...

证券研究报告 | 行业周报 2024 年 05月 27日 风电周报（2024.5.20-2024.5.26） 风光利用率有待优化，海风景气度持续提升 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 300443.SZ 金雷股份 增持 1.65 2.17 11.33 8.62 行业走势 300569.SZ 天能重工 增持 0.55 0.7 9.24 7.26 301155.SZ 海力风电 增持 2.18 3.47 22.94 14.41 电力设备及新能源 沪深300 603507.SH 振江股份 买入 2.01 2.76 16.37 11.92 5% 603606.SH 东方电缆 增持 1.97 2.46 24.41 19.54 -1% 605222.SH 起帆电缆 买入 1.76 2.28 10.5 8.11 -6% -12% 688349.SH 三一重能 增持 1.97 2.26 14.21 12.38 -18% 688676.SH 金盘科技 增持 1.82 2.51 34.07 24.7 -24% 资料来源：长城证券产业金融研 ...

证券研究报告 量子信息技术乘风起，加速产业链发展变革 ——新质生产力系列报告 强于大市（维持） 长城证券产业金融研究院 分析师侯宾 执业证书编号：S1070522080001 ...

Industry Investment Rating - The report maintains a "Stronger than the Market" rating for the quantum information technology industry [1] Core Views - Quantum communication, quantum computing, and quantum measurement are the three main application directions of quantum information technology [2] - China's quantum communication infrastructure is at a leading level globally, with a projected global quantum communication industry size of $7.85 billion by 2030 [2] - Quantum computing hardware is developing along multiple technical routes, with IDC predicting a CAGR of 48.1% from 2022 to 2027, reaching $7.6 billion by 2027 [2] Quantum Communication - Quantum communication is currently in the first stage of development, focusing on quantum key distribution, quantum secure direct communication, quantum teleportation, and quantum digital signature technologies [14] - China has built a quantum backbone network and metropolitan area network, and launched quantum communication satellites, forming an integrated quantum key distribution network [26] - The global quantum communication market is expected to reach $7.85 billion by 2030, with China's market size projected to reach 22.855 billion yuan by 2030 [35][36] Quantum Computing - Quantum computing provides exponential acceleration and has five major technical paths: superconducting, ion trap, silicon semiconductor, photonic, and neutral atom [38] - The quantum computing market is expected to grow from $1.1 billion in 2022 to $7.6 billion by 2027, with a CAGR of 48.1% [70] - Key application areas for quantum computing include finance, energy, materials, life sciences, and advanced industries [71] Investment Recommendations - Network operators/platforms: China Mobile, China Unicom, China Telecom [74] - Software platforms: Digital China [74] - Quantum computing/communication: QuantumCTek [74] - Quantum chips: NationalChip [74] - Optical fiber and cable: Hengtong Optic-Electric [74] - Components: Tengjing Technology, Accelink Technologies [74]

Investment Rating - The report maintains a "Buy" rating for several companies in the communication sector, including Guange Intelligent (002881.SZ), Zhongji Xuchuang (300308.SZ), Tianfu Communication (300394.SZ), China Mobile (600941.SH), and China Telecom (601728.SH) [2]. Core Insights - The demand for computing power is rapidly increasing, driven by advancements in AI and the need for high-speed copper interconnects [2][21]. - Nvidia's recent performance exceeded expectations, with Q1 FY25 revenue reaching $26 billion, a year-over-year increase of 262%, and net profit of $14.88 billion, up 628% [18][21]. - The Ethernet speed is evolving towards 800G and 1.6T, with significant upgrades in port speeds and transmission rates, which will benefit the copper cable and connector industries [29][38]. Summary by Sections 1. Recent Market Performance - The communication index fell by 2.89% during the week of May 20-24, 2024, underperforming the CSI 300 index, which declined by 2.08% [10]. 2. Weekly Topic Analysis 2.1 Nvidia's Copper Cable Connection Solution - Nvidia introduced a new AI computing platform, Blackwell, and a supercomputer design, GB200 NVL72, which utilizes 5,000 copper cables to connect GPUs, significantly reducing costs and energy consumption [18][21]. 2.2 Increasing Demand for Computing Power - The demand for computing power has been growing exponentially, with AI training tasks requiring increasingly robust infrastructure [22][24]. 2.3 Rapid Development of High-Speed Interconnects - The physical network links are evolving to meet the challenges posed by increasing SerDes rates, with various solutions like passive copper cables and active optical cables being deployed [29][36]. 3. Communication Industry Dynamics - Key developments include collaborations between major telecom companies and universities to innovate in optical communication technologies and the rollout of 5G-A technologies [39][40]. 4. Related Investment Targets - Recommended stocks include major telecom operators like China Mobile, China Telecom, and various technology firms involved in optical modules and data centers [43][44].