2024年05月08日 公 司点评 公 买入 / 维持 司 深信服(300454) 研 究 目标价: 昨收盘:56.68 业绩保持稳健，融合 AI 和安全 事件：公司发布2023年年报，收入76.62亿元，同比增加3.36%； ◼ 走势比较 归母净利润1.98亿元，同比增加1.89%。 公司发布 2024 年一季报，收入 10.35 亿元，同比减少 14.66%； 20% 太 4% 归母净利润-4.89亿元，同比减少18.64%。 平 洋 (12%)8/5/32 02/7/32 1/01/32 31/21/32 42/2/42 7/5/42 业绩保持稳健。2023年，公司网络安全业务收入38.92亿元，同 (28%) 证 比减少0.14%；云计算及IT基础设施业务收入30.90亿元，同比增长 (44%) 券 8.07%，其中超融合HCI产品收入保持了较为稳定的增长；基础网络和 (60%) 物联网业务6.80亿元，同比增长3.70%。 股 深信服 沪深300 份 融合AI、云和安全。公司于国内率先推出深信服自研大模型—— 有 ◼ 股票数据 限 安全 GPT（Security GPT），安全 GPT 是公司利用多 ...

2024年05月08日 行 业周报 看好 / 维持 行 电子 业 研 究 电子 太平洋电子周报 ◼ 走势比较 重点公司公告及行业要闻 10% 一、 重点公司公告 2% 太 (6%)8/5/32 02/7/32 1/01/32 31/21/32 42/2/42 7/5/42 【 37.海 02光 %；信 归息 母】 净公 利司 润发布 2.82 94 亿年 元一 ，季 同报 比： 增营 长业 20收 .5入 3%；15 扣.9 非2 归亿 母元 净， 利同 润比增 2.长 72 平 (14%) 亿元，同比增长42.71% 洋 (22%) 【瑞芯微】公司发布24年一季报：营业收入5.43亿元，同比增长64.89%； 归母净利润0.68亿元，同比增长468.09%；扣非归母净利润0.66亿元， 证 (30%) 同比增长371.67% 券 电子 沪深300 【唯捷创芯】公司发布 24 年一季报：营业收入 4.61 亿元，同比增长 股 45.06%；归母净利润-0.05亿元；扣非归母净利润-0.19亿元 ◼ 子行业评级 份 【长光华芯】公司发布 24 年一季报：营业收入 2.90 亿元，同比下降 24.74%；归母净利 ...

2024年05月08日 行 业周报 看好 / 维持 行 电子 业 研 究 电子 太平洋电子周报 ◼ 走势比较 重点公司公告及行业要闻 10% 一、 重点公司公告 2% 太 (6%)8/5/32 02/7/32 1/01/32 31/21/32 42/2/42 7/5/42 【 37.海 02光 %；信 归息 母】 净公 利司 润发布 2.82 94 亿年 元一 ，季 同报 比： 增营 长业 20收 .5入 3%；15 扣.9 非2 归亿 母元 净， 利同 润比增 2.长 72 平 (14%) 亿元，同比增长42.71% 洋 (22%) 【瑞芯微】公司发布24年一季报：营业收入5.43亿元，同比增长64.89%； 归母净利润0.68亿元，同比增长468.09%；扣非归母净利润0.66亿元， 证 (30%) 同比增长371.67% 券 电子 沪深300 【唯捷创芯】公司发布 24 年一季报：营业收入 4.61 亿元，同比增长 股 45.06%；归母净利润-0.05亿元；扣非归母净利润-0.19亿元 ◼ 子行业评级 份 【长光华芯】公司发布 24 年一季报：营业收入 2.90 亿元，同比下降 24.74%；归母净利 ...

2024年04月25日 公 司点评 公 买入 / 维持 司 传音控股(688036) 研 究 昨收盘:162.91 新兴市场放量加速，盈利能力持续提升 事件：公司4月23日发布2023年报，公司2023年全年实现营收622.95 ◼ 走势比较 亿元，同比增长33.69%，实现归母净利润55.37亿元，同比增长122.93%； 单Q4 来看，公司实现营收 192.73 亿元，同比增长 82.44%，实现归母净 70% 利润16.53亿元，同比增长632.29%； 太 52% 公司4月25日发布2024年一季报，2024Q1公司实现营收174.43亿元， 平 同比增长88.10%；实现归母净利润16.26亿元，同比增长210.30%。 34% 洋 16% 积极开拓新兴市场，营收、盈利能力双双提升。公司作为我国科技品牌出 证 券 (2( 02 %% )) 52/4/32 7/7/32 81/9/32 03/11/32 11/2/42 42/4/42 海 经的 营代 全表 球性 性企 布业 局。之 报一 告， 期构 内建 ，了 公以 司非 夯洲 实、 重南 点亚 区、 域东 ，南 提亚 升、 市中 场东 份和 额拉 ...

2024年04月29日 行 业周报 看好 / 维持 行 电力设备及新能源 业 研 究 电力设备及新能源 新能源周报（第 85 期）：海风迎来催化，主产业链重视终端创新 新能源周报（第 80 期）：光伏电池盈利提升，海风边际向上 ◼ 走势比较 报告摘要 10% 0% ⚫ 行业整体策略：海风迎来催化，主产业链重视终端创新 太 (10%)4/5/32 41/7/32 32/9/32 3/21/32 21/2/42 32/4/42 广东海风航道问题有望解决，海风迎来重大向上催化，重视东方电缆 平 (20%) 等公司。每一轮大底部，龙头公司的创新是重要催化剂；特斯拉、华 为、小米等终端创新尤为重要，近期特斯拉的积极变化值得重视。 洋 (30%) 新能源汽车产业链核心观点： 证 (40%) 1）特斯拉将加速推出新车型，FSD 应用有望加快。特斯拉将在 2025 券 电 沪力 深设 300备及新能源 年下半年之前加速推出新车型；Semi已经开始建造工厂，第一批汽车 股 计划于 2025 年底推出。FSD 版本 12 已经在北美所有配备 HW3.0 的 ◼ 子行业评级 份 汽车上启用，在第一季度完成向HW4.0的过渡。 有 ...

Investment Rating - The report assigns a "Buy" rating to JinkoSolar, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [5][9]. Core Views - JinkoSolar's 2023 annual report shows a revenue of 1186.81 billion yuan, a year-on-year increase of 43.55%, and a net profit of 74.40 billion yuan, up 153.20% year-on-year [5][6]. - The company maintains its leading position in the industry with its TOPCon technology, achieving a component shipment of 78.52 GW in 2023, with N-type shipments at 48.41 GW [5][6]. - JinkoSolar's overseas integrated production capacity exceeds 12 GW, and it is actively expanding into emerging markets such as the Middle East and Latin America [5][6]. Financial Performance - For 2023, JinkoSolar reported a net profit of 74.40 billion yuan, with a significant increase of 153.20% year-on-year [5][6]. - The company forecasts revenues of 1002.69 billion yuan, 1196.23 billion yuan, and 1433.90 billion yuan for 2024, 2025, and 2026, respectively [5][6]. - The projected net profits for the same years are 46.79 billion yuan, 61.80 billion yuan, and 79.72 billion yuan [5][6]. Production Capacity and Technology - As of the end of 2023, JinkoSolar's production capacities for silicon wafers, cells, and modules reached 85 GW, 90 GW, and 110 GW, respectively, with N-type capacity exceeding 70 GW [5][6]. - The company has achieved a conversion efficiency of 26.89% for its 182N-type TOPCon cells and 24.76% for its large-area N-type TOPCon modules [5][6]. Market Expansion and New Business - JinkoSolar is actively developing its "photovoltaic + energy storage" business, with a successful launch of a 4 GWh energy storage system production line [5][6]. - The company has signed multiple GW-level N-type component contracts in the Middle East, achieving a market share of 40-50% in that region [5][6].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [8]. Core Views - The company is expected to achieve rapid growth driven by its dual business segments: power distribution and medical services. Revenue projections for 2024-2026 are estimated at 145.67 billion, 177.96 billion, and 209.33 billion yuan, with year-on-year growth rates of 27.09%, 22.16%, and 17.63% respectively [4][5]. - The net profit attributable to shareholders is forecasted to be 23.06 billion, 28.06 billion, and 33.34 billion yuan for the same period, with growth rates of 21.13%, 21.68%, and 18.83% respectively [4][5]. Financial Performance Summary - In 2023, the company reported a revenue of 114.63 billion yuan, a year-on-year increase of 25.99%. The net profit attributable to shareholders was 19.04 billion yuan, reflecting a significant year-on-year growth of 100.79% [2][5]. - For Q1 2024, the company achieved a revenue of 30.25 billion yuan, up 34.53% year-on-year, with a net profit of 3.64 billion yuan, marking a 35.15% increase [2][5]. - The gross profit margin for 2023 was 33.99%, an increase of 5.11 percentage points year-on-year, while the net profit margin was 16.76%, up 6.15 percentage points [2][5]. Business Segment Performance - The smart power distribution segment generated a revenue of 84.36 billion yuan in 2023, a year-on-year increase of 23.90%, with a gross margin of 34.12% [2][5]. - The medical services segment reported a revenue of 27.83 billion yuan, up 34.73% year-on-year, with rehabilitation services contributing 13.11 billion yuan, a growth of 64.80% [2][5]. - The company has expanded its hospital network to 28 facilities, including 22 rehabilitation hospitals, increasing total bed capacity to approximately 8,868 [2][5].

Investment Rating - The report maintains an "Accumulate" rating for Chongqing Beer (600132) with a target price of 75.00 CNY, compared to the last closing price of 73.32 CNY [1]. Core Views - Chongqing Beer reported a strong Q1 2024 performance with revenue of 4.293 billion CNY, a year-on-year increase of 7.16%, and a net profit attributable to shareholders of 452 million CNY, up 16.78% year-on-year. The growth in both volume and price exceeded expectations [2]. - The company aims for revenue growth in the mid to high single digits for 2024, supported by a high-end product strategy and the introduction of new products [4]. - The gross margin for Q1 2024 reached 47.90%, an increase of 2.7 percentage points year-on-year, driven by a 3.3% decrease in unit costs to 2,580 CNY per thousand liters [4]. Summary by Sections Financial Performance - For Q1 2024, Chongqing Beer achieved a revenue of 4.293 billion CNY, with a net profit of 452 million CNY, reflecting strong growth in both sales volume and pricing [2]. - The company’s revenue is projected to grow from 14.815 billion CNY in 2023 to 15.737 billion CNY in 2024, with a growth rate of 6.23% [4]. - The net profit is expected to increase from 1.337 billion CNY in 2023 to 1.450 billion CNY in 2024, with a growth rate of 8.46% [4]. Cost and Margin Analysis - The report indicates a significant improvement in cost management, with a notable decrease in unit costs contributing to enhanced profitability [4]. - The net profit margin for Q1 2024 was reported at 20.94%, an increase of 1.60 percentage points year-on-year, attributed to lower raw material prices [4]. Strategic Outlook - The company is focusing on a high-end product strategy, with plans to launch new products and enhance brand promotion across various channels [4]. - The introduction of new products such as craft white beer and summer packaging is part of the ongoing high-end strategy [4].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Insights - The company is expected to achieve rapid growth driven by its dual business model in power distribution and medical services. Revenue projections for 2024-2026 are estimated at 145.67 billion, 177.96 billion, and 209.33 billion yuan, with year-on-year growth rates of 27.09%, 22.16%, and 17.63% respectively. Corresponding net profits are projected at 23.06 billion, 28.06 billion, and 33.34 billion yuan, with growth rates of 21.13%, 21.68%, and 18.83% respectively [3][4]. Financial Performance Summary - For 2023, the company reported a revenue of 114.63 billion yuan, a year-on-year increase of 25.99%. The net profit attributable to shareholders was 19.04 billion yuan, reflecting a significant increase of 100.79% [2][4]. - In Q1 2024, the company achieved a revenue of 30.25 billion yuan, up 34.53% year-on-year, with a net profit of 3.64 billion yuan, an increase of 35.15% [2][3]. - The gross profit margin for 2023 was 33.99%, up 5.11 percentage points from the previous year, while the net profit margin was 16.76%, an increase of 6.15 percentage points [2][4]. Business Segments Overview - The smart power distribution segment generated revenue of 84.36 billion yuan in 2023, a year-on-year increase of 23.90%, with a gross margin of 34.12% [2][3]. - The medical services segment reported revenue of 27.83 billion yuan, a 34.73% increase year-on-year, with rehabilitation services contributing 13.11 billion yuan, up 64.80% [2][3]. Market Expansion and Strategy - The company has a strong international presence with manufacturing bases in Brazil, Indonesia, Poland, Mexico, and Germany, and sales centers in Sweden, Colombia, Nepal, Peru, and Bangladesh, covering over 70 countries [2][3]. - The company is actively expanding its smart power distribution business in Europe and the Middle East, with successful bids in Saudi Arabia and Greece [2][3].

买入/维持 洽洽食品：业绩超预期，2024 年改善可期 (30%) (22%) (14%) (6%) 2% 10% 23/5/8 23/7/1923/9/29 23/12/1024/2/2024/5/2 洽洽食品 沪深300 总股本/流通(亿股) 5.07/5.07 总市值/流通(亿元) 185.71/185.71 12 个月内最高/最低价 (元) 44.48/29.21 <<洽洽食品：坚果销售回暖，毛利率 环比优化明显>>--2023-10-30 <<洽洽食品：23Q1 利润承压，关注坚 果恢复情况>>--2023-04-27 <<洽洽食品：22 年稳健增长，23 年 静待成本压力改善>>--2023-04-24 | --- | --- | --- | --- | --- | --- | --- | |-------|-------|--------------------|---------------|---------------|---------------|-------------| | | | 营业收入（百万元） | 2023A 6,806 | 2024E 7,736 | 2025E 8,7 ...