证券研究报告 整体业绩稳步提升，估值仍处于历史低位，持续 关注算力相关产业链 ——通信行业2023年年报及2024年一季报总结 强于大市（维持） 长城证券产业金融研究院 分析师：侯宾 执业证书编号：S1070522080001 ...

证券研究报告 【长城公用&电新】本周（5.6-5.10） 研究汇总和数据跟踪 评级（强于大市） 长城证券产业金融研究院 分析师：于夕朦S1070520030003 联系人：何郭香池S1070121120062 ...

阿科力（603722.SH） 聚醚胺行业低迷拖累短期业绩，看好 COC 产品国产化进程 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------|---------------|---------------|---------------|---------------|---------------|------------------------------------------|----------| | 财务指标 \n营业收入（百万元） | 2022A \n713 | 2023A \n537 | 2024E \n621 | 2025E \n997 | 2026E \n1,194 | 买入（维持评级） \n股票信息 | | | 增长率 yoy （ % ） | -19.0 | -24.7 | 15.7 | 60.5 | 19.7 | | | | 归母净利润（百万元） | 120 | 24 | 53 | 140 | 192 | 行业 | 基础化工 | | 增长率 yoy （ % ） | 19. ...

证券研究报告 | 行业专题报告 2024年 05月 09日 传媒 传媒基金持仓 24Q1 季报：传媒行业配置企稳，细分板块偏好有所 分化 事件：公募基金 24Q1 报告披露完毕，传媒行业配置逐步企稳，低配比例环 强于大市（维持评级） 比下降，偏好度在 Sora、Kimi 引领的 AI行情下有所提升。细分板块表现有 所分化，其中游戏、广告营销板块偏好度略有下降，影视院线、出版板块偏 行业走势 好度显著提升。个股方面，分众传媒、恺英网络、昆仑万维、光线传媒、万 达电影位列传媒行业前五大基金重仓股。 传媒 沪深300 6% 23Q4 传媒行业配置企稳，低配比例环比下降。传媒行业 24Q1基金持仓市 -1% 值为 379.84亿元，相较 23Q3下降 10.17%，较 23Q1下降 7.10%，我们认 -7% -14% 为基金持仓市值下降主要原因为传媒行业股价有所下跌；传媒行业基金持仓 -21% 比例分别提升 0.03/0.62pct，我们认为主要受益于 Sora、Kimi 引领的 AI行 -27% 情，此外英伟达 LATTE3D以及国产视频大模型 Vidu的陆续推出亦验证大模 -34% 型多模态能力，传媒行业多个板 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][8]. Core Views - The company has experienced rapid growth in Q1 2024, with revenue reaching 206 million yuan, a year-on-year increase of 54.72%, and a net profit of 1 million yuan, up 104.72% year-on-year, indicating a turnaround from losses [2][3]. - The company's gross margin for Q1 2024 was 41.25%, down 7.37 percentage points year-on-year, primarily due to changes in product mix and increased sales volume leading to price reductions [3]. - The successful completion of a private placement in December 2023 raised 3.007 billion yuan, which will enhance the company's production capacity and solidify its integrated supply chain advantages [4]. - The company is expanding its applications in the 3D printing sector, particularly in the 3C field, with significant revenue contributions from aerospace and other industries [5][8]. Financial Summary - Revenue is projected to grow from 1.798 billion yuan in 2024 to 3.498 billion yuan in 2026, with year-on-year growth rates of 45.88%, 40.90%, and 38.10% respectively [8]. - Net profit is expected to increase from 311 million yuan in 2024 to 702 million yuan in 2026, with growth rates of 119.62%, 61.04%, and 40.18% respectively [8]. - The company's EPS is forecasted to rise from 1.14 yuan in 2024 to 2.58 yuan in 2026, with corresponding P/E ratios of 52, 33, and 23 times [8].

Investment Rating - The report maintains a rating of "Accumulate" for the company [1]. Core Views - The company has demonstrated sustained high growth in overall performance, with significant increases in revenue and net profit. The revenue for 2023 reached 891 million yuan, a year-on-year increase of 74.95%, while the net profit surged to 140 million yuan, reflecting a year-on-year growth of 1072.38% [1][2]. - The company is well-positioned to capitalize on the HBM (High Bandwidth Memory) testing and measurement equipment market, which is expected to open long-term growth opportunities due to innovations in integrated circuit manufacturing processes [6][2]. - The company has a robust order backlog, indicating a strong foundation for continued revenue growth in 2024 and beyond [6]. Financial Performance Summary - **Revenue Growth**: The company reported a revenue of 891 million yuan in 2023, with a growth rate of 74.9% year-on-year. Projections for 2024 estimate revenue to reach 1.333 billion yuan, representing a growth rate of 49.7% [1][9]. - **Net Profit**: The net profit for 2023 was 140 million yuan, with a projected increase to 210 million yuan in 2024, reflecting a growth rate of 50% [1][9]. - **Profitability Ratios**: The gross margin for 2023 was 52.62%, an increase of 3.95 percentage points year-on-year, while the net profit margin reached 15.75%, up by 13.44 percentage points [2][9]. - **Earnings Per Share (EPS)**: The EPS for 2023 was 0.44 yuan, with projections of 0.66 yuan for 2024, indicating a strong upward trend [1][9]. Market Position and Strategy - The company offers a comprehensive range of nine series of equipment and three series of software products, providing customers with effective yield management solutions. This strategic combination enhances the company's market competitiveness and customer resource advantages [2][6]. - The company has successfully developed and delivered products that meet the needs of major domestic clients, with a focus on high-margin products and a growing market share in the semiconductor testing and measurement sector [2][6]. Future Outlook - The company is expected to maintain steady growth in 2024, supported by a rich order book and an expanding product portfolio that meets the evolving demands of the semiconductor industry [6][2]. - The report projects net profits for 2024, 2025, and 2026 to be 210 million yuan, 310 million yuan, and 430 million yuan, respectively, indicating a strong growth trajectory [6][1].

从场内份额来看，综合型 ETF 基金场内份额为 2568.39 亿份，比前周减少 25.94 亿份。 其中，中大盘风格综合 ETF 场内份额为 1564.33 亿份，减少 22.30 亿份；中小盘综合 ETF 场内份额为 1004.06 亿份，减少 3.64 亿份。 图表11：综合 ETF 场内份额变动（亿份） 图表12：综合 ETF 周交易额（亿元） | --- | --- | --- | --- | --- | --- | --- | --- | |---------|-------------------------------------------|-------------------------|-------|---------|-------|----------------------------------------------------|------------| | | | | | | | | | | 3000.00 | | | | 2500.00 | | | | | 2500.00 | | | | 2000.00 | | | | | 2000.00 | | | | | | | ...

证券研究报告 | 公司动态点评 2024 年 05 月 21 日 1Q24 公司业绩回暖，看好公司产品结构不断优化 事件 1：2024 年 4 月 22 日，中触媒发布 2023 年年报。公司 2023 年收入为 5.50 亿元，同比下降 19.21%；归母净利润为 0.77 亿元，同比下降 49.34%； 扣非净利润为 0.54 亿元，同比下降 57.61%。对应公司 4Q23 营业收入为 1.86 亿元，环比上升 45.79%；归母净利润为 0.34 亿元，环比上升 728.29%。 点评：公司核心产品下游需求不佳，2023 年公司业绩承压。根据公司 2023 年年报，公司 2023 年特种分子筛及催化剂系列/非分子筛催化剂系列板块收 入分别为 4.39/0.81 亿元，YoY 分别为-31.26/280.39%，毛利率分别为 32.62%/15.93%，同比变化-6.61/-1.20pcts。2023 年公司特种分子筛及催化 剂系列板块销量为 2848.24 吨，同比下降 30.83%；非分子筛催化剂板块销 量为 393.00 吨，同比上升 8.26%。公司特种分子筛及催化剂产品因下游需 求不佳导致销量 ...

证券研究报告 | 行业月报 2024 年 05月 20日 煤炭 煤价磨底反弹，迎峰度夏支撑需求有望持续增长 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2024E 2025E 2024E 2025E 000983.SZ 山西焦煤 增持 1.2 1.22 9.0 8.85 行业走势 600188.SH 兖矿能源 增持 2.96 3.19 8.1 7.52 600985.SH 淮北矿业 增持 2.43 2.61 7.69 7.16 煤炭 沪深300 601088.SH 中国神华 增持 3.18 3.28 12.54 12.16 32% 601225.SH 陕西煤业 增持 2.21 2.25 11.04 10.84 25% 601699.SH 潞安环能 增持 2.69 2.71 8.1 8.04 17% 10% 601898.SH 中煤能源 增持 1.59 1.67 7.53 7.17 2% 资料来源：长城证券产业金融研究院 -5% -12% 供需价月度数据：生产持续收缩，火电需求持稳，煤价月环比下跌。供给端： -20% 主产地产量下降，进口量维持四千万吨。生产方面，4 月，全国 ...

Investment Rating - The report assigns a "Buy" rating to the company, expecting the stock price to outperform the industry index by over 15% in the next six months [34]. Core Insights - The company is benefiting from the recovery in consumer electronics, with significant growth expected in its ceramic substrate business. The demand for its CMI products is anticipated to accelerate due to the increasing smartphone shipments and technological upgrades in optical components [2][3][15]. - The company reported a revenue of 525 million yuan in 2023, a year-on-year increase of 13.35%, but faced a net loss of 126 million yuan, which widened compared to the previous year. In Q1 2024, revenue surged to 141 million yuan, marking a 56.72% year-on-year increase [2][12]. - The company is focusing on expanding its CMI product lines, particularly the third and fourth generation products, to meet the growing demand from domestic smartphone brands like Huawei and Xiaomi [3][15]. Financial Summary - The company’s revenue is projected to grow from 631 million yuan in 2024 to 988 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 20.2% [11]. - The net profit is expected to improve from a loss of 60 million yuan in 2024 to a profit of 83 million yuan in 2026, indicating a significant turnaround [16]. - The gross margin is forecasted to increase from 24.9% in 2024 to 33.2% in 2026, reflecting improved operational efficiency and product mix [29]. Business Segments - The consumer electronics segment remains the backbone of the company, with a strong focus on precision electronic components used in smartphone cameras. The market for optical components is expected to grow rapidly, driven by innovations in smartphone technology [15][24]. - The automotive electronics segment is also being developed, with products aimed at enhancing vehicle safety and performance. The company is investing in IGBT technology to expand its customer base in this sector [15][16]. - The electronic ceramics business, particularly in MLCC, is positioned for growth as the company aims to replace imported products and enhance its competitive edge through R&D and production optimization [24][25].