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].

Summary of Key Points Core Viewpoints - A total of 103 companies announced share repurchase plans from March 18 to March 22, 2024, with 22 companies having more than 10 rating agencies involved. Notable repurchase plans include 聚和材料 planning to repurchase between 300-600 million yuan, accounting for 4.21%-8.42% of its market value on the announcement date [1][31] - The report suggests focusing on companies with significant shareholding increases and positive fundamentals, including 伊力特, 喜临门, 浙江鼎力, and 林洋能源 [2][22] A-Share Listed Companies' Shareholding Increase - From January 1 to March 22, 2024, a total of 856 companies announced shareholding increase plans, with 43 companies having more than 10 rating agencies involved. Notable companies include 伊力特, 喜临门, and 山鹰国际, with proposed increases accounting for 1.04%-2.08%, 1.00%-1.25%, and 3.71% of their market values, respectively [8][22] - In the week of March 18 to March 22, 2024, 23 companies announced shareholding increases, with 林洋能源's controlling shareholder planning to invest between 50-100 million yuan, representing 0.37%-0.74% of the market value on the announcement date [27] A-Share Listed Companies' Repurchase Situation - A total of 1506 companies announced repurchase plans from January 1 to March 22, 2024, with 385 companies having more than 10 rating agencies involved. Notable repurchase plans include 健盛集团, which plans to repurchase approximately 3.00%-5.99% of its market value [23] - Specific repurchase plans include 聚和材料 planning to repurchase between 300-600 million yuan, accounting for 4.21%-8.42% of its market value, and as of March 20, 2024, it had already repurchased 2.02 billion yuan worth of shares [31]

-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 ...