证券研究报告：航空运输|点评报告 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 2000.5 | | --- | --- | --- | | 52 | 周最高 | 2398.85 | | 52 周最低 | | 1625.59 | 分析师:曾凡喆 SAC 登记编号:S1340523100002 Email:zengfanzhe@cnpsec.com 近期研究报告 《6 月客座率超 19 年同期，中报预告基 本符合预期》 - 2024.07.16 航空运输 4 月数据点评 客座率同比走高，价格预期改善 l 各航司披露 2025 年 4 月运营数据 各航空公司披露 2025 年 4 月运营数据。4 月各航司整体运量保 持增长，增速略快于 3 月。各航司间运营表现有所分化，大航中，东 航运量增速靠前，民营航司中，春秋增速快于吉祥。客座率方面，三 大航客座率继续走高，南航、东航客座率突破 85%，春秋客座率略有 下降，吉祥客座率略有上升。 行业相对指数表现（相对值） 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 -20% -16% -12% -8% ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 -10% 10% 30% 50% 70% 90% 110% 130% 150% 170% 190% 捷捷微电 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 29.48 | | --- | --- | | 总股本/流通股本（亿股）8.32 | / 7.12 | | 总市值/流通市值（亿元）245 | / 210 | | 周内最高/最低价 52 | 46.85 / 15.47 | | 资产负债率(%) | 26.0% | | 市盈率 | 46.79 | | 第一大股东 | 江苏捷捷投资有限公司 | 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 捷捷微电(300623) 高端功率半导体产业化项目持续推进 l 投资要点 高端功率半导体 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has significantly increased its market share, rising from 2.6% in 2023 to 3.3% in 2024, moving from the tenth to the sixth position globally in the power semiconductor market [6] - Despite a decline in the overall power semiconductor market size from $35.7 billion in 2023 to $32.3 billion in 2024, the company achieved a revenue of 11.22 billion yuan in 2024, representing a year-on-year growth of over 20% [6] - The company’s core products, including IGBT, SiC MOSFET, and IPM modules, saw substantial growth, with automotive-grade power devices revenue increasing by over 100% year-on-year [6] - The company is continuously launching new products across its silicon-based chip production lines, which are operating at full capacity, and has received bulk orders from several domestic smartphone manufacturers for its six-axis inertial sensors [7] Financial Projections - Revenue projections for the company are as follows: 13.31 billion yuan in 2025, 15.83 billion yuan in 2026, and 18.88 billion yuan in 2027, with corresponding net profits of 650 million yuan, 984 million yuan, and 1.31 billion yuan respectively [8] - The company is expected to maintain a growth rate of approximately 18.6% to 19.3% in revenue from 2025 to 2027 [10] - The earnings per share (EPS) are projected to increase from 0.39 yuan in 2025 to 0.79 yuan in 2027 [10]

证券研究报告：电子 | 公司点评报告 股票投资评级 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 买入 |维持 个股表现 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 -10% 10% 30% 50% 70% 90% 110% 130% 150% 170% 190% 捷捷微电 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 29.48 | | --- | --- | | 总股本/流通股本（亿股）8.32 | / 7.12 | | 总市值/流通市值（亿元）245 | / 210 | | 周内最高/最低价 52 | 46.85 / 15.47 | | 资产负债率(%) | 26.0% | | 市盈率 | 46.79 | | 第一大股东 | 江苏捷捷投资有限公司 | 捷捷微电(300623) 高端功率半导体产业化项目持续推进 l 投资要点 高端功率半导体 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [2] Core Insights - The company's market share has significantly increased, rising from 2.6% in 2023 to 3.3% in 2024, moving up from the tenth to the sixth position globally [6] - The company achieved a revenue of 11.22 billion yuan in 2024, representing a year-on-year growth of over 20%, with over 75% of revenue coming from high-barrier markets such as large home appliances, automotive, new energy, industrial, communications, and computing [6] - The company reported a net profit attributable to shareholders of 220 million yuan in 2024, marking a turnaround from losses [6] - The company has launched several new products across its silicon-based chip production lines, which are fully operational, targeting sectors like automotive, large home appliances, and high-end consumer electronics [7] - Revenue projections for the company are 13.31 billion yuan, 15.83 billion yuan, and 18.88 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 650 million yuan, 984 million yuan, and 1.31 billion yuan for the same years [8] Financial Summary - The company’s total market capitalization is 40.8 billion yuan, with a total share capital of 1.664 billion shares [4] - The company’s earnings per share (EPS) is projected to increase from 0.13 yuan in 2024 to 0.79 yuan in 2027 [10] - The company’s EBITDA is expected to grow from 1.52 billion yuan in 2024 to 4.23 billion yuan in 2027 [10] - The company’s asset-liability ratio is currently at 44.3% and is projected to decrease to 38.6% by 2027 [12]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [9][14]. Core Views - The company is projected to achieve revenue of 6.383 billion yuan in 2024, representing a year-on-year growth of 35.90%, with a net profit attributable to shareholders of 187 million yuan, up 287.20% year-on-year [3][12]. - The global smartphone market is expected to rebound in 2024, with an estimated shipment of 1.18 billion units, a growth of approximately 6.8% year-on-year, benefiting the company's mobile CIS product segment [3][4]. - The company is enhancing its product structure with a higher proportion of high-pixel CIS products, which is expected to contribute significantly to revenue growth [3][5]. Company Overview - The latest closing price of the company's stock is 15.20 yuan, with a total market capitalization of 39.5 billion yuan [2]. - The company has a total share capital of 2.601 billion shares, with 1.449 billion shares in circulation [2]. - The asset-liability ratio stands at 65.3%, indicating a moderate level of financial leverage [2]. Financial Projections - Revenue projections for the company are as follows: 8.019 billion yuan in 2025, 10.08 billion yuan in 2026, and 13.009 billion yuan in 2027, with respective growth rates of 25.62%, 25.70%, and 29.06% [12][13]. - The net profit attributable to shareholders is expected to reach 303 million yuan in 2025, 703 million yuan in 2026, and 1.303 billion yuan in 2027, with significant growth rates of 62.22%, 132.07%, and 85.30% respectively [12][13]. Business Segments - The company's mobile CIS business is projected to generate revenue of 3.598 billion yuan in 2024, accounting for 56.39% of total revenue, with a year-on-year growth of 60.44% [3][4]. - The non-mobile CIS segment is also expected to grow, with projected revenue of 1.426 billion yuan in 2024, a year-on-year increase of 17.82% [5]. - The display driver chip business is anticipated to achieve revenue of 1.356 billion yuan in 2024, reflecting a growth of 9.47% [8].

证券研究报告 供给指标收紧，出口管制凸显战略属性 ——钨行业专题报告 行业投资评级：强大于市|维持 李帅华/魏欣 中邮证券研究所 有色&新材料团队 1 1 发布时间：2025-05-20 投资要点 请参阅附注免责声明 2 ➢ 钨战略属性显著：钨是国家重要战略资源，号称"工业的牙齿"，广泛应用于工程机械、金属切削机床、汽车制造、电 子信息、航天军工等领域，产业链价值集中于上游资源和下游加工端，2025年4月以来受供给收紧，两重两新政策提振， 市场库存处于较低水平影响，钨价稳步上涨至16.1万元/吨，为2013年以来高点。 ➢ 资源集中分布，未来增量有限：钨矿全球资源分布集中，中国是主要生产国，2024年国内储量/产量分别占比 55%/83%。由于未来2年国内无新投产矿山，且伴随钨资源品位下降，2025年国内第一批钨矿开采总量控制指标同比减 少4000吨，超出市场预期。随着国家对钨矿等战略金属资源的重视程度加深，钨原料供应的约束还将持续。国外主要增 量项目为巴库塔钨矿和海豚钨矿，2025年仍处于爬产阶段，短期供给仍将偏紧。 ➢ 大规模设备更新带动需求加速改善：钨行业下游需求主要为硬质合金，可用于加工刀片等切削工具 ...

Investment Rating - The report maintains a positive outlook on the micro-cap stock index, indicating a favorable investment environment following regulatory changes [3][13]. Core Insights - The recent modification of the "Major Asset Restructuring Management Measures" by the China Securities Regulatory Commission allows for cross-border mergers and acquisitions, which is seen as a significant positive for micro-cap stocks [3][13]. - The micro-cap stock index has shown strong performance, ranking first among 38 broad indices over the past month with a 12.51% increase and a 68.6% increase over the past year [4][14][24]. Summary by Sections 1. Overview of Micro-Cap Stock Index Performance - The micro-cap stock index increased by 1.58% over the past week, ranking 5th among 38 indices [4][14]. - Over the past month, the index rose by 12.51%, ranking 1st [4][19]. - In the last quarter, the index saw a 17.17% increase, also ranking 1st [4][20]. - The annual performance shows a significant increase of 68.6%, ranking 2nd [4][22][24]. 2. Factor Performance of Micro-Cap Stocks - The top-performing factors this week include standardized expected earnings (0.154), leverage (0.127), and quarterly net profit growth (0.102) [5][14][28]. - The bottom-performing factors include momentum (-0.08) and growth factors (-0.032) [5][14][28]. 3. Diffusion Index Observations - The diffusion index remains high but has shown a slight decline, indicating potential sell signals if the trend continues [6][15][33]. - The first threshold method triggered a sell signal on May 8, 2025, while the delayed threshold method provided a buy signal on April 22, 2025 [6][15][36][40]. 4. Calendar Effects - The micro-cap stock index has shown positive average returns on Tuesdays and Thursdays, while Mondays and Wednesdays have negative average returns [7][16]. - The index achieved an 84% win rate in February and a 90% win rate in March and May [7][16]. 5. Micro-Cap Stock Related Fund Performance - The highest-performing micro-cap fund this week yielded 2.79%, while the lowest yielded 0.35% [16][43].

Core Insights - The report indicates a recovery in the credit bond market starting from May, with credit bonds showing resilience against the backdrop of weakening interest rate bonds [3][10][26] - The yield on credit bonds, particularly those with maturities of three years or less, has decreased more significantly than that of interest rate bonds, highlighting their anti-dip characteristics [3][10] - The current yield curve shows a steepening trend in the 2-4 year segment, while the ultra-long end remains relatively unchanged, indicating a shift in market dynamics [3][13] Credit Strategy Insights - The report notes that the sentiment around secondary capital bonds remains cautious, with limited participation space in the 4-5 year segment due to yields approaching lower levels compared to the previous year [4][17] - The average duration of transactions in the market is short, with low valuation transactions not showing significant movement, suggesting a cautious optimism among investors [19][22] - The willingness to sell ultra-long credit bonds is evident, with a significant portion of transactions occurring at discounts, particularly for specific issuers like AVIC Capital [22][23] Market Performance Summary - The credit bond market has shown a positive performance over the past month, with yields consistently declining, although a cautious outlook is maintained due to insufficient absolute yields and credit spread protection [5][26] - The report emphasizes a focus on 2-4 year weak-quality city investment bonds, which are expected to see improved liquidity, while participation in higher-rated bonds in the 4-5 year segment is becoming more challenging [5][26] - The report highlights that the market's buying interest in ultra-long credit bonds is weak, with a preference shifting towards real estate bonds and lower-rated city investment bonds [23][25]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Maintain the conclusion that "funding may be looser than expected." Although short - term fluctuations occur in the current funding situation, the optimistic expectation for liquidity should not change, and there is still room for the funding price to decline [2]. - The bank's liability growth has returned to normal, and the objective environment for funding regulation has changed. The so - called "central bank's attitude" speculated by institutions is unreliable, and the central bank's attitude has also changed [3]. - After the RRR cut, the easing effect had been overdrawn before the actual implementation. The comprehensive impact of released funds and the overdrawn effect on the actual implementation day may not lead to an obvious change in the lent funds [3]. - The impact of government bond payments and the maturity of repurchase agreements exists, but the replacement of high - cost funds with cheaper RRR - cut funds still has an easing effect [3]. - There will be support from excess structural tools in the future, including a confirmed increase of 1.1 trillion in various re - loans and the possible re - activation of PSL, which has shrunk by 1.3 trillion since 2024 [4]. 3. Summary by Directory 1. How to View the Tightening of Funds after the RRR Cut - **Previous Views on the Bond Market and Funds**: Microscopically, the bond market is recovering; macroscopically, there are still opportunities in the bond market. The key to the subsequent bond market trend is whether the funding price center can break through 1.4%. There is a possibility that the funding will be looser than expected [10]. - **Current Situation of Funds after the RRR Cut**: The RRR cut was implemented on May 15th, and the funding tightened marginally. The funding price center dropped to around 1.5% after the RRR cut was announced in early May, but did not decline further after May 15th [11]. - **Reasons for Not Being Pessimistic about the Funding**: - **Change in the Bank's Liability Environment**: The bank's liability growth has returned to normal, and the so - called "central bank's attitude" speculated by institutions is unreliable. Even if the central bank continues to regulate, the funding center will be lower than before [14]. - **Overdrawn Easing Effect**: Before the actual implementation of the RRR cut, the easing effect had been overdrawn. The actual scale of the RRR cut may be affected by the change in the deposit base, and the lent funds may not change significantly on the implementation day [16]. - **Impact of Other Factors**: The large - scale government bond payments in the short term will consume excess reserves, and the maturity of repurchase agreements also needs to be considered. However, the replacement of high - cost funds with cheaper RRR - cut funds still has an easing effect [17]. - **Support from Structural Tools**: There will be support from excess structural tools in the future, including a confirmed increase of 1.1 trillion in various re - loans and the possible re - activation of PSL, which has shrunk by 1.3 trillion since 2024 [20]. - **Conclusion**: It is not advisable to be pessimistic about the funding. In most cases, the funding price will decline in the two weeks after the RRR cut. The bank's liability has returned to normal, and the central bank's attitude has also returned to stable and loose [22].