证券研究报告/行业研究 发展稳健，量质齐升，前景光明 河北上市公司系列研究 投资要点 投资评级: 看好 ➢ 河北经济发展稳健，上市公司业绩总体拉升 分析师：吴起涤 2023河北GDP为43944亿元，相较去年同比上涨约3.7%，河北所有上市公司 执业登记编号：A0190523020001 2023财年共实现营业收入10569亿元，相较去年同比上升3%，实现归母净利 wuqidi@yd.com.cn 润448亿元，相较去年同比上升21%。经济发展与上市公司业绩增长趋势一 致，钢铁、汽车、煤炭、电力设备等行业发展稳健继续领跑河北经济。 ➢ 新兴行业开始发力，产业升级成果显现 电力设备行业：2020年河北电力设备行业上市公司实现归母净利润总额为 25.6亿元，2021年为36.5亿元，2022年为78.3亿元，2023年为93.6亿元，三 沪深300指数近期走势 年复合增速达54%，2023年河北电力设备行业上市公司归母净利润总额占 2023财年河北所有上市公司归母净利润总额的21%。电力设备行业利润增长 沪深300近期走势 系受产业升级，新能源赛道发力所致。行业内诸如晶澳科技、海泰新能、纳科 5.00% 0.00 ...

Overview of Hebei Listed Companies - Hebei's GDP in 2023 reached 4394.4 billion yuan, a year-on-year increase of 3.7% [3] - The total operating income of Hebei's listed companies in 2023 was 1056.9 billion yuan, up 3% year-on-year, with net profit attributable to the parent company reaching 44.8 billion yuan, a 21% increase [3] - Hebei has 78 listed companies, accounting for 1.45% of the national total, with a total market value of 1092.2 billion yuan, representing 1.22% of the national total [20] - The industries with the most listed companies in Hebei are basic chemicals and machinery equipment, each with 10 companies, followed by power equipment with 9 companies [9] Key Industries in Hebei - The power equipment industry in Hebei achieved a net profit attributable to the parent company of 9.36 billion yuan in 2023, with a three-year compound growth rate of 54% [3] - The electronic industry in Hebei turned profitable in 2023, with net profit attributable to the parent company reaching 3.29 billion yuan, up from a loss of 2.38 billion yuan in 2020 [14] - The automotive industry has the largest market value in Hebei, reaching 250.6 billion yuan, with companies like Great Wall Motors contributing significantly [28] - The pharmaceutical and biological industry, a traditional strength in Hebei, has a market value of approximately 110.4 billion yuan [28] Regional Distribution of Listed Companies - Listed companies in Hebei are concentrated in Shijiazhuang, Tangshan, and Baoding, with 44 companies in these three cities, accounting for 56% of the total [24] - Shijiazhuang has 23 listed companies with a total market value of 346.5 billion yuan, Tangshan has 13 companies with a market value of 137.6 billion yuan, and Baoding has 8 companies with a market value of 268.4 billion yuan [24] Emerging Industries and Industrial Upgrading - The power equipment industry's growth is driven by industrial upgrading and the development of the new energy sector, with companies like JA Solar and Haitai New Energy showing rapid growth [3] - The electronic industry's profitability has improved significantly due to Hebei's strategic layout in the semiconductor sector [14] - Hebei is actively promoting the development of strategic emerging industries such as information technology, biomedicine, and new energy, aiming to optimize its industrial structure [70] Policy Support and Economic Development - Hebei has introduced multiple policies to support the development of traditional industries, strategic emerging industries, and high-potential industries, aiming to accelerate industrial transformation and upgrading [4] - The government is encouraging private enterprises to participate in technological innovation and international market expansion, with 44 private enterprises among the 78 listed companies, contributing significantly to the local economy [79] Industry Performance and Future Outlook - The power equipment industry is expected to maintain strong growth due to clear demand for new energy installations and the broad market for new energy vehicles [77] - The electronic industry, with its focus on semiconductor and chip development, is expected to continue its growth trajectory, contributing more to Hebei's economic development [14] - The automotive industry, led by companies like Great Wall Motors, remains a key driver of Hebei's economy, with significant market value and revenue contributions [28]

投资要点 ➢ ➢ 10% ➢ 5% 0% -5% -10% -15% -20% -25% -30% -35% 000300.SH 857354.SL ➢ ...

Group 1: A-Share Companies' Buyback Situation - From April 22 to April 26, 2024, a total of 216 companies announced buyback plans, with 46 companies having more than 10 rating agencies involved [4][16]. - Kangyuan Pharmaceutical plans to invest between 150-300 million yuan for stock buybacks, representing 1.30%-2.61% of the market value on the announcement date; as of April 26, the company has spent 14 million yuan to repurchase 849,300 shares, accounting for 0.15% of the total share capital [4][35]. - Kailaiying intends to invest 600-1,200 million yuan for stock buybacks, aimed at employee stock ownership plans or capital reduction through cancellation, representing 1.79%-3.58% of the market value on the announcement date; as of April 25, the company has spent 578 million yuan to repurchase 6,898,400 shares, accounting for 2.02% of the total share capital [4][35]. - Chenguang Biological plans to invest 300-400 million yuan for stock buybacks, representing 6.08%-8.11% of the market value on the announcement date [4][35]. Group 2: A-Share Companies' Increase in Holdings - From April 22 to April 26, 2024, a total of 12 companies announced increases in holdings, with notable announcements from Yian Technology, Aihua Group, and Tainkang [11][22]. - The companies with significant increases in holdings include Qibin Group and Xilinmen, which have positive fundamentals and larger increase ratios [5][22]. - From January 1 to April 26, 2024, a total of 864 companies announced increase plans, with 43 companies having more than 10 rating agencies involved; notable companies include Yili Te, Xilinmen, Qibin Group, and Shanying International, with their proposed increase amounts representing 1.04%-2.08%, 1.00%-1.25%, 0.66%-1.32%, and 3.71% of the market value on the announcement date, respectively [22][32].

Investment Rating - The report gives an investment rating of "Positive" for the semiconductor materials industry, specifically focusing on photoresists [5]. Core Insights - Photoresists are critical materials in the photolithography process, with the domestic market expected to recover in 2024, driven by advancements in artificial intelligence and a cyclical recovery [2][17]. - The domestic production of mature process technology is accelerating, providing more opportunities for domestic photoresist manufacturers to enter the supply chain [3][21]. - The photoresist market is currently dominated by Japanese and American companies, but domestic manufacturers are making significant progress in replacing imported products [4][24]. Summary by Sections 1. Photoresists as Core Materials - Photoresists are essential in the photolithography process, where patterns are transferred onto substrates through photochemical reactions [10][11]. 2. Global and Domestic Market Growth - The global photoresist market is valued at over $10 billion, with the domestic market showing continuous growth. In 2022, the global market size was $10.16 billion, growing by 6.4%, while China's market reached 19.07 billion yuan, increasing by 8.5% [15][16]. 3. Acceleration of Domestic Mature Process Expansion - In 2023, China's wafer production capacity reached 6.5872 million pieces per month, a year-on-year increase of 13.8%. The 12-inch capacity accounted for 56.9% of this, primarily using ArF and KrF photoresists [19][20]. 4. Market Monopoly and Domestic Breakthroughs - The photoresist market is monopolized by Japanese companies, with over 90% of advanced photoresists for 8-inch and 12-inch wafer production still relying on imports. However, domestic manufacturers are achieving breakthroughs in g/I line and KrF photoresists, with ArF photoresists also progressing [4][25][26]. 5. Key Companies - **Tongcheng New Materials**: A leading domestic semiconductor photoresist company, with significant market share in g-line photoresists and nearing international standards in I-line photoresists. The company reported a revenue of 2.196 billion yuan in the first three quarters of 2023, up 18.89% year-on-year [27][28]. - **Huamao Technology**: Engaged in the semiconductor photoresist business through its subsidiary, which has secured orders from domestic 12-inch wafer fabs. The company achieved a revenue of 1.458 billion yuan in the first three quarters of 2023, a 31.50% increase year-on-year [29][30]. 6. Investment Recommendations - The report suggests focusing on companies like Tongcheng New Materials and Huamao Technology, as the domestic photoresist market is expected to grow due to increased production capacity and a shift towards domestic sourcing [31].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 9.62 CNY per share based on a PE valuation of 14.2 times for 2024 [4][6]. Core Insights - The company aims to expand its direct store count significantly, with plans to add 1,000 new stores from 2023 to 2025, which is expected to enhance revenue growth [4]. - The company operates a multi-brand retail group, focusing on high dividend payouts, with cash dividends from 2019 to 2022 amounting to 12.15, 11.06, 22.03, and 18.57 billion CNY, reflecting a high cash dividend ratio [2][15]. - The company employs a unique franchise model that separates ownership and management rights, allowing franchisees to operate stores with reduced entry barriers, thus accelerating network expansion [3][19]. - The procurement strategy emphasizes a "returnable goods first, non-returnable goods second" model, which mitigates inventory risks for both the company and its franchisees, leading to a higher proportion of returnable goods in inventory [3][22]. Summary by Sections Multi-Brand Retail Group - The company has developed a diverse product matrix, including men's, women's, children's, and professional clothing, as well as home goods, under various brands [11]. - The ownership structure is stable, with the founding Zhou family holding 60.13% of the shares, ensuring strong governance [13]. Sustainable Business Model - The "platform + brand" chain operation model allows for independent brand management while providing centralized support services [18]. - The company does not rely on discounting as a marketing strategy, maintaining a flat sales structure that enhances price competitiveness [25]. Operational Performance - The company has seen a steady increase in store numbers, with a total of 8,219 stores by 2022, despite a decline in total store count in 2023 due to the sale of a brand [28]. - Revenue for the first three quarters of 2023 reached 155.69 billion CNY, reflecting a year-on-year growth of 13.85% [30]. Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 29.41, 32.53, and 38.48 billion CNY from 2023 to 2025, with corresponding EPS of 0.61, 0.68, and 0.80 CNY [4][44]. - The report anticipates continued growth in the main brand's revenue, driven by the planned expansion of direct stores and a focus on high-quality franchise operations [44].

7d 源达 增持回购策略周报(20240318-20240322) 分析师：刘丽影 执业登记编号：A0190519050001 liuliying@yd.com.cn 2024 年 3 月 18 日至 3 月 22 日，共计 103 家公司发布回购情况公告，其中， 评级机构家数大于 10 家（含 10 家）的有 22 家公司。聚和材料拟以 3-6 亿 元回购公司股票，用于股权激励或员工持股计划，占预案日市值的 4.21%- 8.42%。欢乐家拟以 1.50-2.25 亿元回购公司股票，以维护公司价值及股东 权益，占预案日市值的 3.17%-4.76%。兔宝宝拟以 1-2 亿元回购公司股票， 用于出售，占预案日市值的 1.35%-2.70%。 1） 增持：建议关注增持比例较大，公司基本面向好的标的：伊力特、喜临门、 浙江鼎力、林洋能源； -10% -5% 0% 5% 2023/03 2023/08 000300.SH 图表目录 一、A 股上市公司增持情况 表 1：2024/03/18-2024/03/22 上市公司增持公告披露情况 | --- | --- | --- | --- | --- | --- | -- ...

-25% -15% -5% 5% 15% 2023/03 2023/07 2023/11 2024/03 000300.SH Q：公司已披露 2023 年业绩快报，营收及利润指标双双取得高速增长，公司业绩增长主 证券研究报告/投资策略 ➢ 机构调研热门公司梳理 1）中控技术：公司是流程工业智能控制解决方案领域的领军供应商。公司多 项智能控制软件均在国内市场市占率保持多年第一。中东、东南亚等新兴市 场逐步拓展有望成为新的增长点。 资本市场发生波动的风险、上市公司业绩不达预期的风险。 7d 源达 | --- | --- | |---------------------------------------------------------------------|-------| | | | | | | | 表 2: 近 7 天机构调研次数前二十公司排名（2024/03/16-2024/03/22） . | | | 表 3：部分业绩存在亮点的公司简介 | | | 表 4：近 30 天外资机构调研次数前十公司排名（2024/02/22-2024/03/22） | | | 表 5: 中控技术机构调研公告摘录 (202 ...

投资要点 ➢ ➢ 40% 30% 20% 10% 0% -10% -20% -30% ➢ 000300.SH 886067.TI ...

证券研究报告/行业研究 人形机器人商业化图景远大，引爆六维力传感器市场空间 ——力传感器专题研究系列一 投资要点 投资评级： 看好 ➢ 六维力传感器是机器人重要部件，市场空间有望加速扩容 分析师：吴起涤 力传感器的测量对象是力，并将力量值转换为相关电信号。力传感器是机器 执业登记编号：A0190523020001 人感知力的核心器件，常见的力传感器包括一维力传感器、三维力传感器和 wuqidi@yd.com.cn 六维力传感器。六维力传感器适用于力作用点随机并对测量精度要求较高的 场景，适合在人形机器人和协作机器人中应用。根据MIR睿工业数据，2023 年中国六维力传感器市场规模为2.35亿元，同比增长14.3%，并预计在2026- 研究助理：程治 2030年，人形机器人的规模量产将显著增加六维力传感器需求，并推动生产 执业登记编号：A0190123070008 成本降低，市场有望迎来快速扩容期。从2023年六维力传感器下游行业看， chengzhi@yd.com.cn 工业自动化是第一大下游应用，人形机器人是增速最快的下游应用。 传感器指数与沪深300指数走势对比 ➢ 人形机器人商业图景远大，推动六维力传感 ...