Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The company is positioned to benefit from the high demand in the power equipment sector, particularly in the capacitor segment, which has shown consistent growth and profitability [2][5]. - The company has a strong order backlog of 8.618 billion yuan, which supports its revenue growth and profitability improvement [5]. - The report highlights the company's ability to reduce costs and improve efficiency, which is expected to enhance its earnings per share (EPS) elasticity [5]. Financial Performance - In 2023, the company achieved a revenue of 4.33 billion yuan, representing a year-on-year growth of 25% [12]. - The net profit attributable to shareholders was 110 million yuan, a significant increase of 207.3% compared to the previous year [12]. - The gross margin for 2023 was reported at 18.08%, an increase of 1.17 percentage points year-on-year [12]. - The forecast for 2024-2026 projects revenues of 5.442 billion yuan, 6.155 billion yuan, and 6.690 billion yuan, respectively, with net profits expected to grow to 185 million yuan, 257 million yuan, and 320 million yuan [5][12]. Market Position - The company is recognized as a leading manufacturer in the capacitor industry, having won the National Science and Technology Progress Award [2]. - It has successfully secured contracts for multiple high-voltage direct current (HVDC) and high-voltage alternating current (HVAC) projects, totaling 463 million yuan [2]. - The report emphasizes the company's long-standing expertise in the power industry, which positions it well to capitalize on the ongoing energy transition [5].

证券研究报告 | 行业周报 2024 年 05月 11日 非银行金融 红利风格或继续占优，重视非银金融估值修复-非银周观点 本周市场受杭州等城市放松限购、港股通红利税或减免消息、北向资金波动 强于大市（维持评级） 影响，市场振幅有所放大，下周建议聚焦并购重组线。本轮市场低位回升， 券商相对滞涨，我们仍倾向于认为市场或存在一定程度的“高低切换”下风 行业走势 格均衡的内在驱动力，以券商为代表的非银金融仍相对低估，亦是市场维持 稳定及进一步突破的重要抓手，修复具备想象空间。交易节奏层面而言，下 非银行金融 沪深300 9% 周国联证券预期复牌，我们认为，具备并购重组预期对板块的潜在影响可能 5% 胜率高些，重点关注以首创证券、浙商证券、国联证券、中国银河等为代表 1% -4% 个股；同时从赔率角度，建议关注金融 IT板块，建议重点关注财富趋势、同 -8% 花顺等；互金平台建议关注东方财富、指南针等。 -12% -16% 保险股估值有望继续修复，关注寿险改革及基本面修复情况。十年期国债收 -20% 2023-05 2023-09 2024-01 2024-05 益率持续跌破 2.40%，本周回升到 2.33%附近， ...

证券研究报告 | 行业周报 2024 年 05月 11日 非银行金融 红利风格或继续占优，重视非银金融估值修复-非银周观点 本周市场受杭州等城市放松限购、港股通红利税或减免消息、北向资金波动 强于大市（维持评级） 影响，市场振幅有所放大，下周建议聚焦并购重组线。本轮市场低位回升， 券商相对滞涨，我们仍倾向于认为市场或存在一定程度的“高低切换”下风 行业走势 格均衡的内在驱动力，以券商为代表的非银金融仍相对低估，亦是市场维持 稳定及进一步突破的重要抓手，修复具备想象空间。交易节奏层面而言，下 非银行金融 沪深300 9% 周国联证券预期复牌，我们认为，具备并购重组预期对板块的潜在影响可能 5% 胜率高些，重点关注以首创证券、浙商证券、国联证券、中国银河等为代表 1% -4% 个股；同时从赔率角度，建议关注金融 IT板块，建议重点关注财富趋势、同 -8% 花顺等；互金平台建议关注东方财富、指南针等。 -12% -16% 保险股估值有望继续修复，关注寿险改革及基本面修复情况。十年期国债收 -20% 2023-05 2023-09 2024-01 2024-05 益率持续跌破 2.40%，本周回升到 2.33%附近， ...

证券研究报告 【长城公用&电新】本周（5.6-5.10） 研究汇总和数据跟踪 评级（强于大市） 长城证券产业金融研究院 分析师：于夕朦S1070520030003 联系人：何郭香池S1070121120062 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [2][27]. Core Views - The company is positioned as a leading domestic wafer manufacturer with advanced mature process technology, benefiting from a significant increase in demand from Chinese smartphone manufacturers [2][20]. - The revenue guidance for Q2 2024 indicates a median growth of 6% quarter-on-quarter, driven by strong demand in the consumer electronics sector [15][16]. - The company expects its 2024 revenue growth to exceed the industry average of 8%, with a projected year-on-year revenue increase of 19.3% for the first half of 2024 [17][18]. Summary by Sections Financial Performance - In Q1 2024, the company reported revenue of $1.75 billion, a quarter-on-quarter increase of 4.3%, and a gross margin of 13.7%, both exceeding guidance [8][10]. - The wafer shipment volume increased by 7.2% quarter-on-quarter, while the average selling price (ASP) decreased by 2.6%, continuing the trend of increasing volume but declining prices [10][11]. Demand and Revenue Guidance - The report highlights a 42% quarter-on-quarter increase in revenue from consumer electronics, with a notable shift in delivery schedules for computer and tablet products due to high demand [11][12]. - The company anticipates a 5% to 7% quarter-on-quarter revenue growth for Q2 2024, with a median revenue estimate of approximately $1.855 billion, representing an 18.9% year-on-year increase [15][16]. Market Outlook - The company expects Q3 2024 to outperform expectations, with a full-year revenue growth forecast exceeding the industry average of 8% [17]. - The anticipated growth is attributed to increased demand from Chinese smartphone manufacturers, recovery in international consumer markets, and additional orders related to the upcoming Olympics [16][17]. Capital Expenditure - The report maintains the expectation for 2024 capital expenditures to remain stable compared to 2023, with a planned capital expenditure of approximately $7.466 billion [18][19].

P.14 请仔细阅读本报告末页声明 图表23：沪深 300 股债性价比 资料来源：Wind，长城证券产业金融研究院 0 1,000 2,000 3,000 4,000 5,000 6,000 -1 -0.5 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 沪深300（右） 股债收益比 股债收益比均值 +1倍标准差 -1倍标准差 +2倍标准差 -2倍标准差 5.重要市场数据 | --- | --- | --- | --- | --- | |----------|-------|------------|------------|----------------| | | | | | | | 指数简称 | | 上周涨跌幅 | 本月涨跌幅 | 年初以来涨跌幅 | | 消费 | | | | | | 轻工制造 | | 3.69% | 3.69% | -3.42% | | 农林牧渔 | | 5.70% | 5.70% | -1.36% | | 商贸零售 | | 0.13% | 0.13% | -9.67% | | 社会服务 | | -0.01% | -0.01% | -9.46% | | 家用电器 | | 3 ...

华泰柏瑞港股通量化 交易风格：前十大重仓股集中度以及持股个数 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------|------------|----------------------|------------|----------------------|------------------------------------------------------------------------------|----------------------|------------|--------|-----------|---------------------|-------------|---------------------|-------------|---------------------|-------------|------------|-------------- ...

基金研究 大盘指数继续领涨，科创创业 50ETF 出现资金小幅抄底 上周国内主要股票指数普遍上涨，其中上证 50、沪深 300、中证 500 领涨， 涨幅分别为 1.80%、1.72%和 1.73%。恒生指数维持上涨趋势，涨幅为 2.64%。 风格指数中周期风格指数领涨，涨幅为 3.00%。成长风格指数垫底，涨幅仅 为 0.38%。成长风格下，大盘成长、中盘成长和小盘成长风格指数涨跌幅分 别为 1.57%、1.01%和-0.82%。 综合 ETF 基金中，上周交易额为 606.69 亿元，比前周增加 308.53 亿元。其 中，中大盘风格综合 ETF 交易额为 337.47 亿元，增加 173.72 亿元；中小 盘综合 ETF 交易额为 271.97 亿元，增加 136.30 亿元。 统计综合和行业主题下最具代表性的 ETF 表现。从收益来看，综合类 ETF 悉数上涨，其中深证 100、上证 50、沪深 300ETF 领涨，涨幅分别为 1.76、 1.72%和 1.71%。科创创业 50ETF 涨幅较小，涨幅为 0.21%。行业主题类 ETF 涨跌互现，其中军工龙头、军工、地产等 ETF 转涨，涨幅分别为 4 ...

Investment Rating - The report maintains a "Buy" rating for Wuliangye [3][7][13] Core Views - Wuliangye has achieved double-digit growth for eight consecutive years, positioning itself to meet the target of exceeding 100 billion in revenue during the 14th Five-Year Plan [2][7] - The company has demonstrated resilience in sales, with a strong performance in Q1 2024, setting a solid foundation for continued growth throughout the year [2][7] - The management has room for adjustments, with a target revenue of 916 billion for 2024, requiring only an 8.9% growth in the remaining quarters to achieve this goal [2][7] Financial Performance Summary - In 2023, Wuliangye reported revenue of 83,272 million yuan, a year-on-year increase of 12.6%, and a net profit of 30,211 million yuan, up 13.2% [1][2] - For Q1 2024, the company achieved revenue of 34,833 million yuan, reflecting an 11.9% year-on-year growth, and a net profit of 14,039 million yuan, up 12.7% [1][2] - The projected EPS for 2024-2026 is 8.83, 9.96, and 11.09 yuan per share, with corresponding P/E ratios of 17.0x, 15.1x, and 13.6x [7][8] Sales and Market Dynamics - Wuliangye's product sales reached 62,804 million yuan in 2023, with a gross margin of 86.6%, and a 13.5% increase in sales volume [2][7] - The company has successfully implemented price increases and reduced sales volume to alleviate supply-demand conflicts, leading to a recovery in wholesale prices [2][7] - The introduction of new products, including special specifications and cultural wines, aligns with the company's strategy to optimize its product offerings [2][7]

涪陵榨菜（002507.SZ） 事件：公司发布 2024 年一季度报告，24Q1 公司实现营收 7.49 亿元，同比下 滑 1.53%；实现归母净利润 2.72 亿元，同比增长 3.93%；实现扣非归母净 利润 2.59 亿元，同比增长 6.29%。 2）24年以"稳住榨菜，夯基拓新，寻求增长"为战略指引，全年聚焦夯实榨 菜根基、拓展品类任务。产品层面，榨菜品类基数大、保持稳中有升；萝卜、 泡菜品类优化资源投放策略、持续培育增量；新品类针对性投入资源，从无 到有、由小到大，实现较快较好增长；各品类协同发力，推动公司全年目标 任务完成；渠道层面， 一二线市场加强渠道精细化管理、做透做优，县级市 场加强网点培育建设、持续开发空白市场。此外，线上、餐饮等新渠道持续 开拓、发掘增量。 3、《Q2 业绩承压，聚焦新品推广》2023-09-08 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|---- ...