证券研究报告 | 行业专题报告 2024 年 03月 22日 通信 算力基础设施为激活数据要素潜能提供重要支撑，看好相关环节投 资机遇 数字经济加速发展，算力基础设施为产业数字化提供重要支撑。我国数字经 强于大市（维持评级） 济规模持续快速增长，已成为驱动我国经济发展的关键力量，算力基础设 施作为数字经济底座，需求有望持续快速增长。具体来看，数据中心、云 行业走势 计算、大数据、物联网等新兴业务快速发展，2022 年完成收入 3072 亿 通信 沪深300 元，同比+32%，表明我国数字产业化技术的快速发展和逐步落地，带动 18% 我国数字基础设施建设投入持续加大；此外，数字化技术对产业的赋能持 12% 7% 续深化，2022 年我国产业数字化规模41 万亿元，同比+10%，占数字经 1% 济比重为 82%，随着新兴数字技术的成熟和发展，各行各业逐步认识到 -4% 到数据要素价值以及数字化带来的降本增效成果，纷纷积极推进自身的数 -10% -16% 字化转型升级，将进一步激发算力基础设施的需求。 -21% 2023-03 2023-07 2023-11 2024-03 AI的发展对数据要素供给提出更高要求，算 ...

证券研究报告 英伟达Blackwell GPU发布，美光HBM新品助力 业绩超预期增长 ——电子元器件周报（0311-0324） 评级：强于大市（维持） 长城证券产业金融研究院 电子首席分析师：邹兰兰 执业证书编号： S1070518060001 时间：2024年3月24日 重点推荐公司盈利预测 ...

证券研究报告 | 行业深度报告 2024 年 03月 21日 通信 丝杠：精密传动部件机器人中必不可少，国产替代蓄势待发 丝杠：精密传动部件，下游应用广泛。丝杠是一种可以使旋转运动变成直线 强于大市（维持评级） 运动的传动副零件，其优势在于高速运动下保证定位精准，丝杠对于精度以 及强度要求都较高，原因在于丝杠不仅需要精确地确定工作台位置从而将旋 行业走势 转运动变为直线运动，还需要传导动力，在精度、强度、耐磨性等方面均提 通信 沪深300 出较高要求，故而丝杠的加工工艺以及原材料都有较高要求。 22% 16% 丝杠下游应用较为广泛，可以广泛应用于数控机床、机器人关节、汽车之中。 10% 其中，在对于丝杠性能要求方面，机床最高、机器人次之、汽车则要求最低。 4% -2% 滚珠丝杠：性能优于滑动丝杠，国产替代空间较大。滚珠丝杠是数控机床的 -8% 核心部件。相较于滑动丝杠，滚珠丝杠具备几大特点：首先，滚珠丝杠依靠 -14% 滚珠进行滚动摩擦，而滑动丝杠进行的是滑动摩擦，这也导致其摩擦力较大， -20% 2023-03 2023-07 2023-11 2024-03 容易磨损；其次，由于滚动摩擦系数小于滑动摩擦，滚 ...

证券研究报告 | 公司动态点评 2024 年 03月 20日 豪迈科技（002595.SZ） 数控机床业务实现较快增长，打造新的增长曲线 财务指标 2022A 2023A 2024E 2025E 2026E 增持（首次评级） 营业收入（百万元） 6,642 7,166 8,246 9,334 10,373 股票信息 增长率yoy（%） 10.6 7.9 15.1 13.2 11.1 归母净利润（百万元） 1,200 1,612 1,908 2,151 2,386 行业 机械 增长率yoy（%） 14.0 34.3 18.4 12.7 11.0 2024年3月20日收盘价（元） 35.50 ROE（%） 16.3 18.7 19.0 18.1 17.1 总市值（百万元） 28,400.00 EPS最新摊薄（元） 1.50 2.02 2.38 2.69 2.98 流通市值（百万元） 28,214.16 P/E（倍） 23.6 17.6 14.8 13.2 11.9 总股本（百万股） 800.00 P/B（倍） 3.9 3.3 2.8 2.4 2.0 流通股本（百万股） 794.77 资料来源：公司财报，长城证券产 ...

证券研究报告 | 公司动态点评 2024 年 03月 21日 金山办公（688111.SH） Q4 订阅占比新高，看好产品力升级带动付费率提升 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 3,885 4,556 6,057 7,995 10,314 股票信息 增长率yoy（%） 18.4 17.3 33.0 32.0 29.0 归母净利润（百万元） 1,118 1,318 1,684 2,090 2,578 行业 计算机 增长率yoy（%） 7.3 17.9 27.8 24.1 23.4 2024年3月20日收盘价（元） 332.32 ROE（%） 12.9 13.1 14.5 15.5 16.3 总市值（百万元） 153,471.11 EPS最新摊薄（元） 2.42 2.85 3.65 4.53 5.58 流通市值（百万元） 153,471.11 P/E（倍） 125.9 106.7 83.5 67.3 54.6 总股本（百万股） 461.82 P/B（倍） 16.1 14.1 12.1 10.4 8.9 流通股本（百万股） 461.82 资料 ...

证券研究报告 | 公司深度报告 2024 年 03 月 20 日 以特种分子筛为核心，16 年深耕成为国内分子筛催化剂龙头之一。公司成 立于 2008 年，是我国催化剂生产领域的主要厂商之一，其主要业务为催化 剂的研发与销售以及提供相应技术服务，应用领域包括环境保护、能源化工 等多个行业。公司核心产品为特种分子筛及催化剂，2022 年销售收入为 6.39 亿元，占主营业务收入比例为 93.84%，其中移动源脱硝分子筛占比较 高。 国内分子筛催化剂龙头之一，移动源脱硝与钛硅分子筛两大核心产 品推动公司稳定发展 催化剂国产替代趋势下，公司积极投入研发创新快速发展。相对于国外催化 剂产业发展，我国催化剂行业发展仍存在一定差距。国家积极出台相关政 策，推动新材料及催化剂产业发展。公司把握这一机遇，以完善的科研平 台、强大的科研团队以及内外结合的研发模式推动创新，陆续推出了多种拥 有自主知识产权的产品，实现国产替代化，同时形成了深厚的技术储备。 HPPO 法优势显著，钛硅分子筛实现国产替代。公司钛硅分子筛催化剂用 于 HPPO 法合成环氧丙烷。相对于污染严重的氯醇法以及受制于联产物的共 氧化法，HPPO 法具有绿色环保 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company is expected to benefit from the aging population and consumption upgrade trends, focusing on the development strategy of traditional Chinese medicine and health [6] - The company has made significant breakthroughs in the South China and international markets, with expectations of over 100 million revenue from the South China market [19] - The company has adjusted the factory prices of its main traditional Chinese medicine products by an average of 9% due to rising raw material and production costs [16] Financial Summary - Revenue is projected to grow from 1,235 million yuan in 2023 to 1,822 million yuan in 2025, with year-on-year growth rates of 21% for 2023, 21% for 2024, and 22% for 2025 [1][6] - Net profit attributable to the parent company is expected to increase from 121 million yuan in 2023 to 166 million yuan in 2025, with year-on-year growth rates of 14% for 2023, 14% for 2024, and 20% for 2025 [1][6] - The company's P/E ratio is projected to decrease from 35.1 in 2023 to 25.6 in 2025, indicating an improving valuation [1][6] Market Position - The company is recognized as a quality brand in traditional Chinese medicine, having pioneered the industrialization of traditional Chinese medicine production [6] - The company is expanding its market presence in the Northwest, Southwest, East China, South China, and international markets [6][19]

证券研究报告 | 行业动态点评 2024 年 03月 20日 机械 中国核电 24 年计划投资达 1215 亿元，核电建设进入高速发展期 强于大市（维持评级） 事件：中国核电发布 2024年第一次临时股东大会会议资料。其中《关于公 行业走势 司 2024 年度投资计划的议案》提及，2024 年投资计划总额约为 1215.5亿 元，主要用于核电、核能多用途、新能源、单项固定资产投资项目和参控股 机械 沪深300 资本金注入、收购项目等。回顾 2023年，中国核电投资计划总额约为800.2 7% 2% 亿元，2024年想较上年同比提升51.9%，创下新高。 -3% -9% 核电建设正进入快速发展期。根据中国国际核工业展览会的信息，作为全球 -14% 为数不多拥有自主完整核工业产业链的国家，我国内地现有在运核电机组55 -19% -24% 台，居全球第三；在建核电机组26台，保持全球第一。我国在运、在建、核 -29% 准待建机组的总装机容量已超 1 亿千瓦，全国核电产业累计发电约 4 万亿 2023-03 2023-07 2023-11 2024-03 度，其中 2023 年发电量为 4300 亿度，相当于减排二氧 ...

Investment Ratings - The report assigns an "Increase" rating to 卓胜微 (Zhuoshengwei) and 江波龙 (Jiangbolong), and a "Buy" rating to 芯原股份 (Xinyuan) [1] Core Insights - The report highlights the emergence of generative AI as a significant milestone in the new industrial revolution, with the introduction of the "world's most powerful chip" Blackwell, which offers AI performance five times that of its predecessor Hopper [2] - The Blackwell architecture GPU B200 integrates 208 billion transistors and provides up to 20 PFLOPS of FP4 performance, significantly enhancing computational capabilities for AI applications [2] - Nvidia's new AI software NIMs allows businesses to deploy custom applications rapidly, reducing deployment time from weeks to minutes, which is expected to attract more customers to Nvidia's ecosystem [2] - The collaboration with Microsoft Azure to launch AI Foundry enables companies to build and deploy custom generative AI models on the cloud, enhancing the accessibility of AI technologies for enterprises [3] Summary by Sections Section: Chip Technology - The Blackwell chip architecture represents a leap in AI processing power, with a 30-fold performance increase in large language model inference workloads compared to previous models [2] - The GB200 super chip, consisting of two B200 GPUs and one Grace GPU, reduces costs and energy consumption by 25% while improving performance [2] Section: AI Services - Nvidia's introduction of enterprise-level generative AI microservices, including NIMs, aims to optimize inference for over 20 popular AI models, streamlining the application development process for businesses [2] - The AI Foundry service allows startups and enterprises using Microsoft Azure to create tailored AI models, enhancing their operational efficiency [3] Section: Robotics and Simulation - Nvidia's Omniverse platform is being integrated with Apple's Vision Pro, showcasing advancements in simulation technology for climate prediction and robotics [4] - The introduction of the Project GR00T humanoid robot model and upgrades to the Isaac Robotics platform indicate Nvidia's commitment to advancing robotics technology [4]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is undergoing strategic transformation, with potential for new growth driven by edge-side intelligent industry development [1] - Despite short-term performance pressure, the company's strategic investments in vehicle operating systems, industrial robots, and edge-side intelligence are expected to yield returns starting in 2024 [3] - The company's intelligent automotive business, particularly in autonomous driving and cockpit-driving integration, is growing rapidly, with software becoming a core value driver [3] - The company is well-positioned to benefit from the trend of central computing architecture in vehicles and AI-driven automotive industry upgrades [3] - The company's intelligent IoT business is recovering, with edge-side intelligence opening new growth opportunities [3] - The company is leveraging AI and smartphone integration to drive new R&D demands, positioning itself as a key partner in the HarmonyOS ecosystem [6] - The company is pioneering software-defined robotics, with new business layouts expected to create additional growth curves [6] Financial Performance and Projections - In 2023, the company reported revenue of RMB 5,242 million, a year-on-year decrease of 3.73%, and net profit attributable to shareholders of RMB 466 million, a year-on-year decrease of 39.36% [2] - Revenue is projected to grow to RMB 6,039 million in 2024, RMB 7,150 million in 2025, and RMB 8,773 million in 2026, with year-on-year growth rates of 15.2%, 18.4%, and 22.7% respectively [2] - Net profit attributable to shareholders is expected to reach RMB 652 million in 2024, RMB 847 million in 2025, and RMB 1,131 million in 2026, with year-on-year growth rates of 39.8%, 30.0%, and 33.6% respectively [2] - ROE is projected to improve from 4.0% in 2023 to 6.0% in 2024, 7.2% in 2025, and 8.7% in 2026 [2] - EPS is expected to increase from RMB 1.01 in 2023 to RMB 1.42 in 2024, RMB 1.84 in 2025, and RMB 2.46 in 2026 [2] Business Segments - The intelligent automotive business achieved revenue of RMB 2,337 million in 2023, a year-on-year increase of 30.34%, with autonomous driving software revenue reaching a historic high of RMB 182 million [3] - The intelligent IoT business generated revenue of RMB 1,489 million in 2023, a year-on-year decrease of 15.45%, but showed recovery in the second half of the year [3] - The intelligent software business reported revenue of RMB 1,416 million in 2023, a year-on-year decrease of 25.12%, but is expected to benefit from AI-driven smartphone industry upgrades [6] Strategic Developments - The company has made significant progress in vehicle operating systems, industrial robots, and edge-side intelligence, with key products expected to enter the investment return phase in 2024 [3] - The company has launched the "Drip OS" vehicle operating system and introduced a cost-effective and technologically advanced cockpit-driving integration solution at CES 2024 [3] - The company has successfully run a 130-billion-parameter model on edge devices, demonstrating its capabilities in edge-side AI [6] - The company has established a robotics team, "Xiaowu Intelligence," and released intelligent mobile robot products for logistics and manufacturing scenarios [6]