重点公司 重点公司 评级 西部材料 增持 中科星图 增持 航发控制 增持 睿创微纳 增持 中航沈飞 增持 七一二 增持 图南股份 增持 航材股份 增持 铂力特 增持 中航高科 增持 海格通信 增持 菲利华 增持 抚顺特钢 增持 ＃分析师： emailAuthor＃ 石康 shikang@xyzq.com.cn S1220517040001 李博彦 liboyan@xyzq.com.cn S0190519080005 行 业 研 究 证券研究报告 ＃industryId＃ 国防军工 ＃investSuggestion 推荐 ＃ (＃ investS uggesti onChan ge＃ 行 业 投 资 策 略 报 告 来源：兴业证券经济与金融研究院 ＃相关报告 relatedReport＃ 《军工板块 2023 年三季报总 结：阶段性需求增速放缓，成 长性与盈利水平分化》2023- 11-05 《2024Q1 公募基金军工股持仓 分析：配置比例环比降低，主 动宽基低配加大》2024-04-25 研究助理： 周登科、徐东晓 ＃title＃ 军工板块 2023 年报及 2024 年一季报总结: 阶段性需求放缓价格承 ...

行 业 研 证券研究报告 究 ＃industryId＃ 电子 ＃title＃ 电子 2023 年报＆2024Q1 季报总结：轻舟已过万 ＃ ＃inve推stSu荐ggest ion＃ (维持) 重山，AI 和自主可控将成为有力驱动 investSugg 行 estion Chan ＃createT ime1＃ 2024年 05月 06 日 ge＃ 业 投 重点公司 投资要点 资 重点公司 评级 ＃summary＃ ⚫ 截至2024年4月30日，除东旭光电外，按照申万分类(2021年)的电子行业 策 沪电股份 增持 广钢气体 增持 上市公司已全部公布2023年年报和2024年一季报：486家公司2023年营业 略 立讯精密 买入 总收入和归母净利润分别为30149亿元和980亿元，同比分别下滑2.10%和 传音控股 增持 报 鹏鼎控股 增持 33.90%；2024Q1单季度营业收入和归母净利润分别为7308亿元和269亿 告 北方华创 增持 元，同比分别增长14.00%和75.20%。 澜起科技 增持 珠海冠宇 增持 ⚫ 半导体：行业经历两年左右的去库存后，在手机、PC补库带动下，大部分 长盈精密 增持 环节业 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 机场 ＃investSuggestion＃ ＃ ＃d白yCo云mpa机ny＃场 （ 600004 ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 2023 全年业绩扭亏，T1 出境免税合同落地 ange＃ ＃createTime1＃ 2024年5月6日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  白云机场发布2023年年报、2024年一季报。2023年实现营业收入64.31亿 日期 2024-4-30 元，同比增长61.95%；实现归母净利润4.42亿元，同比扭亏。2024年一季 收盘价（元） 10.35 度公司实现归母净利润1.88亿元，同比扭亏。 总股本（百万股） 2367  运营情况：1）2023年白云机场完成飞机起降架次、旅客吞吐量和货邮吞吐 流通股本（百万股） 2367 量分别为 45.6 万架次、6317 万人次和 203.1 万吨，分别同比增长71.1%、 净资产（百万元） 17789 142%、7.8%，分别恢复到2019年同期的92.9%、86.1%、105.8 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 航空运输 ＃investSuggestion＃ ＃ ＃d春yCo秋mpa航ny＃空 （ 601021 ） investSug 买入 ( 维ges持tionC）h 000009 ＃title＃ 2023 年度净利润创历史新高，竞争优势持续凸显 ange＃ ＃createTime1＃ 2024年5月6日 投资要点 ＃市场ma数rk据etData＃ ＃ sum 春ma 秋ry 航＃ 空发布2023年年报及2024年一季报：2023年公司实现营业收入179.38 日期 2024-4-30 亿元，同比增加114.3%；实现归母净利润22.57亿元，为历史业绩新高，去年同 期实现归母净亏损30.36亿元。2024年一季度实现营业收入51.68亿元，同比增 收盘价（元） 56.79 长33.8%，实现归母净利润8.10亿元，同比增长127.8%。 总股本（百万股） 979  业务量恢复：1）2023年全年旅客周转量大超2019年同期，客座率水平领先行 流通股本（百万股） 979 业。公司 2023 年完成运输总周转量 38.59亿吨公里、旅客周转量 424 ...

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company achieved a revenue of 6.518 billion yuan in 2023, representing a year-on-year growth of 47.56%, and a net profit attributable to shareholders of 332 million yuan, up 53.08% year-on-year [9] - The cross-border e-commerce business continues to grow steadily, with significant performance from new business segments [9] - The company is focusing on a strategic layout of "one body and two wings," enhancing its product quality and brand influence [9] Financial Summary - Revenue projections for 2024-2026 are 8.497 billion yuan, 10.197 billion yuan, and 11.497 billion yuan respectively, with corresponding net profits of 431 million yuan, 509 million yuan, and 581 million yuan [3][9] - The gross profit margin for 2023 was 36.96%, with a return on equity (ROE) of 15.6% [3][9] - Earnings per share (EPS) are projected to be 1.49 yuan, 1.76 yuan, and 2.01 yuan for 2024, 2025, and 2026 respectively [3][9] Market Data - As of April 30, 2024, the closing price of the stock was 18.77 yuan, with a total share capital of 289.18 million shares [1]

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 特钢 ＃investSuggestion＃ ＃ ＃d久yCo立mpa特ny＃材 （ 002318 ） investSug 增持 ( 维ges持tionC）h 002318 ＃title＃ 主营业务量利齐升推动公司盈利稳健增长 ange＃ ＃createTime1＃ 2024 年05 月06 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  业绩概要：公司发布2023年年度报告和2024年一季报，2023年公司实现营 市场数据日期 2024-04-30 业收入85.68亿元，同比增长31.07%；实现归母净利润14.89亿元，同比增 收盘价（元） 24.97 长15.58%；实现扣非后归母净利润12.21亿元，同比下降5.14%。公司拟向 总股本（百万股） 977.17 全体股东每10股派发现金红利4.8元（含税）。2024年一季度公司实现营业 流通股本（百万股） 954.28 收入23.89亿元，同比增长42.30%；实现归母净利润3.28亿元，同比增长 净资产（百万元） 7350.23 40.95%；实现扣非后归母净利润3 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 氟化工及制冷剂 ＃investSuggestion＃ ＃ ＃d昊yCo华mpa科ny＃技 （ 600378 ） investSug 增持 ( 维ges持tionC）h 600378 ＃title＃ 氟材料跌价致收入下滑，并购中化蓝天有序推进 ange＃ ＃createTime1＃ 2024 年05 月06日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry：＃公司2023年实现营收78.52亿元（yoy-13.40%），归母净利润9.00亿 市场数据日期 2024-04-30 元（yoy-22.76%），扣非归母净利润8.11亿元（yoy-15.86%）。其中2023Q4 收盘价（元） 31.09 单季度营收15.79亿元（yoy-39.27%，qoq-19.86%），归母净利润2.13亿元 总股本（百万股） 911.47 （yoy-47.81%，qoq+15.97%），扣非归母净利润 1.34 亿元（yoy-37.34%， 流通股本（百万股） 903.95 qoq-25.16%）。公司2024Q1营收16.13亿元（yoy-2 ...

Core Viewpoints - The report introduces the concept of "15+3" assets, defined as assets with a growth rate of around 15% and a dividend yield of around 3%, which are considered the core assets of the new era [2][5] - The "15+3" assets have shown strong performance in 2024, with a median return of 27.6% from January to April, significantly outperforming other categories [25][36] - The report emphasizes that "15+3" assets are a balanced solution in the current market environment, offering both growth and stability, and are expected to perform well in the context of economic recovery and market rebalancing [14][48] Characteristics of "15+3" Assets - **High Growth with Stability**: In the era of high-quality development, a 15% growth rate is considered exceptional, as only about 20% of listed companies have a five-year compound growth rate exceeding three times the nominal GDP growth rate [29][63] - **High Dividend Yield with Elasticity**: The median dividend payout ratio for all A-shares in 2023 was 30.37%, a significant increase from 20.96% in 2022, indicating that high dividend yields are becoming more common and are expected to expand further [9][10] - **Combination of Growth and Dividends**: The report argues that growth and dividends are not mutually exclusive, citing the example of the S&P 500, where even high-growth sectors like information technology have maintained high dividend and buyback yields [15][16] - **Industry-Neutral**: The "15+3" assets are not concentrated in specific industries, making them a style-based investment choice rather than an industry-specific one [57][73] Screening Criteria for "15+3" Assets - The screening criteria for "15+3" assets include: 1) being a constituent of the CSI 800 index with a market capitalization of at least 30 billion yuan; 2) expected net profit growth of no less than 10% for 2024Q1, 2024E, and 2025E; and 3) a dividend yield of no less than 2.5% based on the 2023 annual report [25][75] Market Performance and Trends - In 2024, the "15+3" assets have outperformed other categories, particularly in the 10%-15% growth rate range, which aligns with the "15+3" characteristics [36] - The report highlights that the market is shifting from a barbell strategy (focusing on high-dividend and high-growth stocks) to a more balanced approach, with "15+3" assets representing the "waist assets" that are expected to benefit from this rebalancing [14][48] Comparison with US Market - The report draws parallels with the US market, where high-growth sectors like information technology have maintained high dividend and buyback yields, suggesting that growth and dividends can coexist [15][16] - Over the past decade, the S&P 500 has had a combined dividend and buyback yield of 4.4%, with the information technology sector achieving a yield of 5.1%, further supporting the argument that growth and dividends are not mutually exclusive [16][73]

S发言本次电话会议仅服于星业证券客户会议音频及文字记录的内容版权为星业证券所有内容必须经星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星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商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人下午好欢迎参加新增海外组织的美股消费交易与预计报系列解读系列二雅士兰代我是今天的主持人宋静茹 那么今天我们也是对亚斯兰代进行一个预报的总结也听我们的同事雅文进行一个分享有请好的各位投资人下午好那首先是亚斯兰代一季度也就是它的二次财年三季度的一个总体的情况主要是利润端是比较超预期的但是它是调降了全年的一个收入值 首先是这个具体来看它的一个情况二十凯尼三季度公司的收入是同比增长了6%也是高出了公司之前给出的预期上限那公司目前来说就是有看到亚洲旅游零售渠道的一个进展而且这些零售主要是比如说海南的这些零售商他们的库存有所减少那这个销售额也是有相应的一个恢复 那这个是收 ...

Summary of the Conference Call Company and Industry Overview - The conference call discusses the financial performance and outlook of **泰晶科技 (Taijing Technology)** for the year 2023 and the first quarter of 2024, within the context of the broader **semiconductor industry**. [1][3] Key Financial Metrics - **2023 Revenue**: 793 million (CNY), with a **net profit** of 101 million (CNY) and a **gross margin** of 26%. [5] - **2024 Q1 Revenue**: 182 million (CNY), with a **net profit** of 30.5 million (CNY), representing a **59.5% year-on-year growth**. [10] - **Gross Margin in Q1 2024**: Increased by **9% year-on-year**. [10] - **Cash Flow**: Operating cash flow for 2023 was 243 million (CNY), with a net cash flow ratio of 1.8 to 2.6. [12] Product Performance - **Product Sales Growth**: - Sales of **游园 products** (TC and SO) increased by **150% year-on-year**. [6] - **RTC modules** also contributed to revenue growth. [6] - **Meat and beverage products** saw a **100% increase** in sales. [6] - **Inventory Management**: Inventory turnover improved by **22.9%**, with a reasonable inventory level maintained. [9] Strategic Developments - **Investment in Infrastructure**: The company invested 57.88 million (CNY) in core projects, including the expansion of two factories for **CSO** and independent automotive production lines. [7] - **Cost Control**: Overall expenses decreased by **4.29%** year-on-year, with a focus on maintaining a cost rate around **12%**. [8] Market Trends and Outlook - The company anticipates a **structural upgrade** in market demand, focusing on smaller sizes and higher frequency products. [14] - **Key Growth Areas**: - The **automotive sector** is expected to see significant growth, with a focus on high-end product development. [16] - The **AI market** is also highlighted as a potential growth area, with increased demand for high-frequency products. [37] - **Client Base Expansion**: The company is expanding its client base, particularly among high-quality customers, which is expected to drive revenue growth. [11] Challenges and Competitive Landscape - The company faces challenges from global economic pressures and competition in pricing, particularly in the **low-frequency product segment**. [41] - **Pricing Strategy**: The company plans to maintain competitive pricing while managing costs effectively to capture market share. [41][42] Conclusion - Overall, 泰晶科技 is navigating a challenging economic environment while focusing on strategic growth areas, cost control, and expanding its product offerings to meet evolving market demands. The outlook for 2024 appears positive, with expectations of continued revenue growth and market share expansion. [14][62]