证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 水电 ＃investSuggestion＃ ＃ 桂冠＃dy电Co力mpany＃ (60（0236) ） 增持 ( 首gin ev s次te is ot nS C）ug h 00000 ＃title＃ 积极分红策略的水电标的，看好业绩中枢上台阶 ange＃ 9 ＃createTime1＃ 2024年6月8日 投资要点 ＃市场ma数rk据etData＃ ＃sum公ma司ry概＃况：大唐集团旗下水电公司，具备积极的分红策略。公司为大唐集团旗下电力 上市平台，主要发电资产为广西红水河流域六座梯级水电站，投产时间多处于 日期 2024/6/7 2000-2010年。截至2023年底，除10.24GW水电资产外，公司还拥有1.33GW合山 收盘价（元） 7.25 火电厂以及1.15GW已投产风光项目。受红水河来水波动影响，2023年公司业绩承压， 总股本（百万股） 7,882 但股价表现相对稳定，其核心因素在于公司采用了积极的分红策略，将业绩波动对市 流通股本（百万股） 7,882 值的影响降低，也即业绩下滑时高分红比例，业绩平稳时稳定分红额。面对波动的来 ...

Summary of Conference Call Company or Industry Involved - The conference call pertains to Xin Ye Securities, focusing on its client meeting audio and text records Core Points and Arguments - The content rights of the conference call are owned by Xin Ye Securities, and any retention of the content must be approved by the company [1] - Unauthorized reproduction or forwarding of the meeting content is considered infringement, and Xin Ye Securities reserves the right to pursue legal action [1] - All participants in the conference call are prohibited from disclosing insider information or any significant unpublished information [1] Other Important but Possibly Overlooked Content - The call emphasizes the importance of confidentiality and legal compliance regarding the information shared during the meeting [1]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company has shown steady revenue growth, with a projected increase in revenue from 196.50 billion CNY in 2023 to 313.47 billion CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 15.9% [1][5] - The net profit attributable to the parent company is expected to grow from 657 million CNY in 2023 to 1.24 billion CNY in 2026, with a notable growth rate of 29.9% in 2024 [1][5] - The company is focusing on expanding its AI product matrix and enhancing its capabilities in the AI sector, particularly with the upcoming release of the Starfire V4.0 model [2][3] Financial Summary - Revenue for 2023 is reported at 196.50 billion CNY, with a year-on-year growth of 4.4% [1] - The gross margin is projected to decline slightly from 42.7% in 2023 to 39.9% by 2026 [1] - Return on equity (ROE) is expected to improve from 3.9% in 2023 to 6.4% in 2026 [1] - Earnings per share (EPS) are forecasted to increase from 0.28 CNY in 2023 to 0.54 CNY in 2026 [1] Market Data - As of June 4, 2024, the closing price of the company's stock is 42.16 CNY, with a total share capital of approximately 2.315 billion shares [2] - The net asset value per share is reported at 7.36 CNY [2] Growth Projections - The company anticipates continued growth in its open platform and consumer business, with revenues expected to reach 61.85 billion CNY in 2023, a 33.28% increase year-on-year [2] - The number of developers on the open platform has increased by 52%, indicating strong engagement and demand for AI capabilities [2][3]

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ IT 服务 ＃investSuggestion＃ ＃ ＃d润yCo和mpa软ny＃件 （ 300339 ） investSug 增持 ( 维ges持tionC）h 688777 ＃title＃ 昇腾 AI 算力一体机发布，创新业务快速成长 ange＃ ＃createTime1＃ 2024 年06 月04 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  事件：近日，公司携手华为昇腾AI共同打造的IntelliCoreAI解决方案一体 市场数据日期 2024-06-04 机正式发布并将对外销售，加速构建AI生态圈，推进产业智能化升级。 收盘价（元） 21.69 总股本（百万股） 796.41  携手华为深度合作，全流程AI交付。IntelliCoreAI解决方案一体机基于国产 流通股本（百万股） 777.69 化AI体系，采用华为昇腾处理器，集成华为开源AI算法框架，AI计算性能 净资产（百万元） 3412.64 领先。产品提供从硬件驱动、AIOS、AI引擎、AI服务、AI应用的全流程 总资产（百万元） 4987.01 AI ...

Summary of the Conference Call Industry Overview - The OLED industry is characterized by its self-emitting technology, which operates on the principle of carrier injection and recombination to achieve light emission [1] - OLED has rapidly developed as a significant direction in semiconductor display technology over the past decade, representing a manifestation of new intelligent productivity [1]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [4][5]. Core Insights - The company has shown significant revenue growth, with a reported revenue of 670 million yuan in 2023, representing a year-on-year increase of 26.07%. The revenue from intelligent terminal visual solutions was 581 million yuan, up 22.82%, while intelligent automotive visual solutions saw a remarkable growth of 67.26% to 74 million yuan [3][4]. - The company has successfully passed the regulatory approval for its ArcMuse computing technology engine, which enhances its AI capabilities in commercial photography, indicating a promising future for its product offerings [3][4]. - The financial projections for the company suggest continued growth, with expected revenues of 829 million yuan in 2024, 1.007 billion yuan in 2025, and 1.199 billion yuan in 2026, alongside a projected net profit of 124 million yuan in 2024, increasing to 220 million yuan by 2026 [3][4]. Financial Summary - Key financial metrics for 2023 include: - Total assets of 3,046.12 million yuan and net assets of 2,699.72 million yuan [2]. - Gross margin of 90.35% and net margin of 13.17%, both showing improvements from the previous year [3]. - Earnings per share (EPS) of 0.22 yuan for 2023, projected to rise to 0.54 yuan by 2026 [3][4]. - The company maintains a stable expense structure, with sales, management, and R&D expense ratios of 17.62%, 13.53%, and 54.11% respectively, showing minor year-on-year changes [3].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [8]. Core Insights - The company is leveraging its air traffic management advantages to accelerate its presence in the low-altitude economy, having initiated various projects and partnerships to enhance its service offerings in this sector [1]. - In 2023, the company reported a revenue of 1.676 billion yuan, reflecting a year-on-year growth of 6.35%, with significant contributions from its air traffic management and road traffic businesses [1][7]. - The company aims to become a leader in the domestic low-altitude industry by continuously innovating and enhancing its product offerings [1]. Summary by Sections Revenue and Financial Performance - In 2023, the company achieved a revenue of 1.676 billion yuan, a 6.35% increase from the previous year. The net cash flow from operating activities was 79 million yuan, up 36.15% year-on-year [1][4]. - The revenue breakdown for 2023 includes: - Air traffic management: 551 million yuan, up 15.66% - Urban governance: 511 million yuan, up 2.16% - Road traffic: 503 million yuan, up 31.11% [1]. Profitability and Forecast - The company's gross and net profit margins for 2023 were 28.21% and 8.14%, respectively, showing slight improvements year-on-year [7]. - The forecast for net profit from 2024 to 2026 is as follows: - 2024: 163 million yuan - 2025: 201 million yuan - 2026: 244 million yuan - The expected growth rates for net profit are 23.7%, 22.9%, and 21.6% for the respective years [4][7]. Market Position and Strategy - The company is actively working on integrating low-altitude flight services into its existing air traffic management framework, responding to national policies and market demands [7]. - The strategic focus on high-growth and high-margin businesses is expected to drive the company's quality development in the coming years [7].

Summary of Conference Call Company or Industry Involved - The conference call pertains to Xin Ye Securities, focusing on their client meeting audio and text records Core Points and Arguments - The content of the conference call is copyrighted by Xin Ye Securities, and any retention of the content must be approved by them [1] - Unauthorized reproduction or forwarding of the meeting content is considered infringement, and Xin Ye Securities reserves the right to pursue legal action [1] - Participants in the conference call are prohibited from disclosing insider information or any significant unpublished information [1] Other Important but Possibly Overlooked Content - The call emphasizes the importance of confidentiality and legal compliance regarding the information shared during the meeting [1]

Group 1 - The report indicates that the current market adjustment is primarily triggered by trading and sentiment factors, with three key indicators to assess the adjustment position [17][41]. - The first indicator, market congestion, shows that after recent fluctuations, trading pressure has significantly eased, with many sectors now at moderate to low congestion levels [17][41]. - The second indicator, rotation intensity, has reached a high level, and the upward slope has noticeably slowed, suggesting a potential window for new consensus and mainline formation [21][41]. - The third indicator highlights a rapid decline in A-share trading volume, approaching the lowest levels since the beginning of the year, indicating that the market is gradually building momentum during the adjustment [10][41]. Group 2 - The report draws parallels to the core asset market established in April and May 2019, suggesting that the true mainline will gradually solidify during the current market adjustment [14][41]. - It outlines three phases of the 2019 market: the initial rebound phase with unclear mainlines, the second phase where consensus on core assets began to form during market corrections, and the third phase where a unified front for core assets was established [31][34][41]. Group 3 - The report emphasizes the importance of focusing on leading blue-chip stocks and core assets, which have become significant sources of excess returns this year [49][69]. - It notes that the leading stocks have outperformed their respective sectors, with the top five stocks in various industries showing significant excess returns compared to the overall industry performance [69]. Group 4 - The report introduces the "15+3" investment strategy, which targets assets with a growth rate of 15% and a dividend yield of 3%, positioning them as key assets in the current market environment [57][58]. - This strategy is seen as a way to navigate market volatility, providing a balance between growth potential and income stability [57][58]. Group 5 - The report recommends several sectors for June, including home appliances, electronics, chemicals, new energy, and pig farming, highlighting their potential for recovery and growth [60][61]. - It specifically mentions that the home appliance sector is benefiting from sustained high demand and improved real estate policies, while the electronics sector is poised for growth due to the global consumer electronics cycle [60][62].

大家好欢迎参加新政策略深度一课中谁改变了风格目前所有参会者均处于静音状态下面开始播报免责声明声明播报完毕后主持人可直接开始发言本次电话会议仅服务于新业证券客户会议音频及文字记录的内容版权为新业证券所有内容必须经新业证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权 新业证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息涉及外部嘉宾发言的新业证券不保证其发言内容的准确性与完整性 商业证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容 各位投资者下午好那欢迎大家在周末周六这个下午来参加我们这个深度一课中那这个今天主要汇报我们一个系列的这个专题的这个第一篇谁改变了这个市场风格 其实我们一直啊就从去年年底的年度策略我们就强调这个整个今年的市场就会回归这个核心资产其实今年以来我们看到整个龙头的风格确实表现非常的亮眼龙头也是各个行业超收益的这个主要的一个来源我们前两天做了一个非常有意思的数据因为如果我们从行业的风格上 大家会有一个直观感受比如说像有色像家电等等这种行业一直今年表现非常好的 ...