2024年02月20日 行 业周报 看好 / 首次 行 消费电子 业 研 究 电子 电子周报 ◼ 走势比较 重点公告摘要 10% 【沪硅产业】公司董事、高级管理人员拟合计增持600万元-1200万元 2% (6%)02/2/32 3/5/32 41/7/32 42/9/32 5/21/32 51/2/42 【 【海 钜光 泉信 科息 技】 】公 公司 司总 董经 事理 长沙 杨超 士群 聪提 提议 议以 以3 40亿 00元 万-5 元亿 -8元 00回 0购 万公 元司 回股 购份 太 公 司股 平 (14%) 份，回购价格不超过60.00元/股 洋 (22%) 【和而泰】公司董事长刘建伟提议以3000万元-5000万元回购公司股份 【晶丰明源】公司拟以 3000 万元-6000 万元回购公司股份，回购价格不 证 (30%) 超过130.84元/股 券 消费电子 沪深300 【中芯国际】公司 23 年营收63.22 亿美元，同比下降 13%；归母净利润 股 9.03亿美元，同比下降50.4%。公司23Q4营收16.78亿美元，同比增长 ◼ 子行业评级 份 3%%，环比增长3.5% 【华虹半导体】公司23Q4 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Insights - The company focuses on the Internet of Things (IoT) terminals and data storage, benefiting from the AI era. It aims to provide integrated intelligent services across cloud, edge, and terminal devices, with strong partnerships with major tech firms [3][41]. - The company's net profit for 2023 is projected to be between 275 million to 310 million yuan, representing a year-on-year growth of 110.07% to 136.81% [3][52]. Financial Projections - Expected revenues for 2023, 2024, and 2025 are 4.306 billion, 5.961 billion, and 7.459 billion yuan respectively, with net profits of 301 million, 574 million, and 746 million yuan [4][12]. - The company has shown a compound annual growth rate (CAGR) of 27.86% in revenue from 2018 to 2022, with net profit CAGR at 17.81% during the same period [52]. Business Model and Partnerships - The company operates primarily through Joint Design Manufacturing (JDM) and Original Design Manufacturing (ODM) models, maintaining long-term collaborations with notable clients such as Lenovo, Xiaomi, and China Mobile [21][25]. - The company has established a comprehensive business system covering product planning, development, manufacturing, and after-sales service [21]. Market Trends and Growth Drivers - The global IoT market is rapidly expanding, with a projected growth of 15% year-on-year, reaching 16.7 billion connections by 2024 [11]. - The storage market is also experiencing a resurgence, driven by increased demand for AI servers and a recovery in consumer electronics, with NAND Flash and DRAM prices expected to rise significantly in 2024 [34][88]. Product Lines and Innovations - The company offers a diverse range of IoT products, including smart cameras, robots, and wearables, and is enhancing its cloud video platform to support its integrated strategy [11][43]. - The company is focusing on smart manufacturing and digital transformation to reduce costs and improve efficiency, which has positively impacted its gross margins [30][67].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for future performance [10]. Core Views - The company achieved a revenue of 15.18 billion yuan in 2023, representing a year-on-year growth of 30.15%, and a net profit of 0.787 billion yuan, which is a significant increase of 69.37% [1]. - The strategic acquisition of TCL Hefei Appliances is expected to enhance operational synergy and optimize the company's business structure, contributing to long-term growth [1][10]. - The company is positioned to benefit from the industry's growth, particularly in the ODM sector, and is likely to see continued revenue and profit increases due to rising domestic and international demand [1][10]. Financial Summary - For 2023, the company reported a total revenue of 15.18 billion yuan and a net profit of 0.787 billion yuan, with projections for 2024-2026 showing continued growth in revenue and net profit [3][4]. - The expected revenue for 2024 is 16.88 billion yuan, with a growth rate of 11.18%, and net profit is projected to reach 0.876 billion yuan, reflecting an 11.40% increase [3][4]. - The earnings per share (EPS) are forecasted to be 0.81 yuan in 2024, increasing to 1.19 yuan by 2026, with corresponding price-to-earnings (PE) ratios decreasing from 9.48 in 2024 to 6.45 in 2026 [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, with an expectation of over 15% relative increase against the CSI 300 index in the next 6 months [1][5]. Core Insights - The company, Junda Co., Ltd., reported a revenue of 18.657 billion yuan in 2023, marking a 60.90% increase year-on-year. The net profit attributable to shareholders was 816 million yuan, up 13.77% year-on-year [16]. - The company has a leading position in production capacity and technology, with a significant increase in overseas sales, which rose from 0.29% to approximately 4.69% of total sales in 2023. The overseas sales ratio is expected to exceed 10% in 2024 [16]. - The company has implemented a substantial impairment provision of 894 million yuan for PERC battery-related assets, which impacted the total profit for the period [16]. - The company is actively expanding its production capacity and has introduced new TOPCon battery products, enhancing efficiency from approximately 25% to 26% by the end of 2023 [16]. Financial Summary - The projected revenues for 2024, 2025, and 2026 are 20.796 billion yuan, 21.825 billion yuan, and 24.960 billion yuan, respectively. The net profits for the same years are expected to be 1.193 billion yuan, 1.560 billion yuan, and 2.046 billion yuan, respectively [18]. - The earnings per share (EPS) are projected to be 5.24 yuan, 6.86 yuan, and 9.00 yuan for 2024, 2025, and 2026, respectively [18]. - The company’s financial metrics indicate a PE ratio of 14.38 for 2024, decreasing to 8.38 by 2026, reflecting an improving valuation as earnings grow [18].

2024年03月19日 公司深 度研究 公 买入 / 首次 司 药明合联(02268) 研 究 昨收盘:16.74 风劲帆满立潮头，药明合联乘势而兴 ◼ 走势比较 报告摘要 20% ⚫ ADC药物有望引领精准化疗新时代，研发热推高ADC CDMO需求 2023年已上市的 ADC药物销售额突破百亿美元，其中有 6款销 太 4% (12%)71/11/32 01/21/32 2/1/42 52/1/42 71/2/42 11/3/42 售 望额 吸超 引更10 多亿 药美 企元 投的 入重 到磅 A炸 D弹 C的药 研物 发。 浪AD 潮C 中药 。物 市场表现远超预期，有 平 洋 (28%) ADC的研发和生产壁垒较高，约 70%—80%的 ADC项目会外包 证 (44%) 给 CDMO 企业，远高于其他生物制剂 34%左右的外包率。较高的渗 券 透率有望为相关的CRDMO企业带来新机遇。 (60%) 股 药明合联 恒生指数 ⚫ 药明合联在长三角建设充足产能，CDMO出海具备前瞻性 份 中国药企拥有全球数量最多的 ADC 药物研发管线，2023 年国产 有 ◼ 股票数据 ADC 集体走向国际市场，有望突破国内市 ...

2024年03月22日 行 业周报 看好 / 维持 行 医药 业 研 究 医药 BMS 肝癌一线疗法 3 期试验结果积极 ◼ 走势比较 报告摘要 10% 市场表现： 2% (6%)12/3/32 2/6/32 41/8/32 62/01/32 7/1/42 02/3/42 0.692 p0 c2 t4 ，涨年 跌3 幅月 居申21 万日 3， 1医 个药 子行板 业块 第涨跌 28幅 名-0 。. 各81 医%， 药跑 子输 行沪 业深 中，30 线0 下指 药数 太 平 (14%) 店(+0.36%)、体外诊断(-0.16%)、医药流通（-0.26%）表现居前，医疗研 洋 (22%) 发外包(-1.43%)、医疗耗材(-1.34%)、其他生物制品(-1.33%)表现居后。 个股方面，日涨幅榜前 3 位分别为贝瑞基因(+10.03%)、大理药业 证 (30%) (+9.99%)、兴齐眼药(+6.79%)；跌幅榜前3位为三生国健（-8.30%）、润 券 医药 沪深300 达医疗(-6.51%)、华康医疗(-6.50%)。 股 ◼ 子行业评级 份 行业要闻： 3月21日，百时美施贵宝宣布其3期临床试验CheckM ...

证券研究报告·行业策略报告 并网有望改善，出海持续加速 美国储能出海专题-行业投资策略 ...

2024年03月22日 公 司点评 公 买入 / 维持 司 东方电缆(603606) 研 究 目标价: 昨收盘:44.30 海缆盈利水平依旧亮眼，中长期成长空间充足 事件：公司发布2023年年报，业绩符合预期。 ◼ 走势比较 1）公司2023年实现收入73.10亿元，同比+4.30%；实现归母净利润 10.00亿元，同比+18.72%；实现扣非净利润9.68亿元，同比+15.44%。 20% 2）对应2023Q4收入19.61亿元，同比+45.85%，环比+18.00%；归母 太 8% 净利润1.78亿元，同比+67.92%，环比-13.22%；扣非净利润1.66亿元， 平 同比+96.98%，环比-14.76%。 (1( 64 %% ))12/3/32 2/6/32 41/8/32 62/01/32 7/1/42 02/3/42 海缆盈利依旧亮眼，陆缆毛利率有所降低。 洋 公司2023年度整体毛利率25.21%，同比+2.83pct；净利率13.68%， 证 (28%) 同比+1.66pct； 券 (40%) 对应2023Q4整体毛利率22.45%，同比+5.27pct、环比+1.56pct；净 股 利率9 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 5.50 HKD [1][10]. Core Insights - The company's main business shows steady growth, with a 2023 revenue of 78.16 billion HKD, reflecting a year-on-year increase of 13.8%. However, the net profit attributable to shareholders decreased by 19.1% to 15.49 billion HKD. The adjusted operating net profit increased by 17.7% to 19.52 billion HKD [2][4]. - The company plans to pay a final dividend of 0.25 HKD per share for the year ending December 31, 2023, corresponding to an expected dividend yield of 4.5% [2][4]. - The revenue growth is primarily driven by the sales increase of key products, while the decline in net profit is attributed to changes in the fair value of trading financial assets and foreign exchange losses [2][4]. - The company has a robust pipeline of innovative products, with several expected to be launched in 2024, including treatments for psoriasis and chronic kidney disease anemia [2][4]. Financial Summary - For 2023, the company reported a revenue of 78.16 billion HKD, with a growth rate of 14%. The projected revenues for 2024, 2025, and 2026 are 87.44 billion HKD, 95.35 billion HKD, and 102.69 billion HKD, respectively, with growth rates of 12%, 9%, and 8% [4][8]. - The net profit attributable to shareholders for 2023 was 15.49 billion HKD, with projections of 20.13 billion HKD, 22.44 billion HKD, and 25.08 billion HKD for the following years, reflecting growth rates of 30%, 12%, and 12% [4][8]. - The company's gross margin for 2023 was 85.0%, an increase of 2.4 percentage points year-on-year, indicating continuous improvement in profitability [2][4]. Product Performance - Key products showed stable performance, with revenue from Teva and Mandi increasing by 23.77% and 26.16%, respectively. However, revenue from the dual-brand Erythropoietin decreased by 16.71% [2][4]. - The company is advancing its research pipeline, with multiple products receiving approval for market launch in 2023, indicating a strong commitment to innovation [2][4].

投资策略 授资策略 美国经济衰退超预期；美联储上调通胀目标；非美经济体增长超预期 太平洋证券股份有限公司具有证券投资咨询业务资格，公司统一社会信用代码为： 91530000757165982D。 —关国:CPI:住房租金:李调:当月同比: 商移15个月, % -- 关国:FHFA为价指数:李调:当月同比;%,右轴 9 20 18 8 16 7 14 6 12 5 10 4 8 3 6 2 4 1 N 0 0 2013-10 2014-02 2014-06 50000 5000000 2014-10 资料来源:iFind,太平洋证券整理 2、公司评级 2024 年 03 月 21 日 投资策略 核心观点：美日利率决议较市场预期鸽派，美国二次通胀风险增加， 预计下半年美联储将推动金融环境收紧，届时美股美债将下跌，美元上涨。 <<新质生产力是唯一解：基建先行， 应用为王>>--2024-03-20 证券分析师：张冬冬 电话： E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 展望未来，日本此次利率正常化更可能是周期性的，言论日本彻底走 出通缩为时尚早。日本利率正常化为周 ...