[ 电Ta 子bl 设e_ 备T 行itl 业e] 专 题研究 行 业 研 新型显示系列报告之二：OLED周期复苏 究 挖掘价值 投资成长 / 与国产替代双机遇 电 [Table_Rank] 子 设 强于大市 （维持） 备 2024 年 06 月 19 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：周旭辉 券 [Table_Summary] 研 【投资要点】 证书编号：S1160521050001 究 联系人：袁泽生 报  OLED显示技术持续进步，供需和竞争格局优化。OLED显示在性能上 告 电话：021-23586475 优于LCD，同时生产成本和材料寿命也在技术进步下得到改善，得到 应用的领域越来越多。OLED面板主要应用市场是智能手机，渗透率已 [相 T对 a指 bl数 e表 _现 Pi cQuote] 超过50%，在智能穿戴、车载、移动电脑等领域也展现出成长潜力。 中韩厂商在OLED产能上占据主导地位，中国厂商正迎头赶上，市场 2.28% -4.75% 份额逐渐增加。由于产业对资金和技术水平要求高，行业壁垒显著， -11.78% 不断有企业退出，行业集中度提升，竞争格局 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [11]. Core Views - The company's revenue and profit continue to be under pressure in Q1 2024, with operating revenue of 2.13 billion yuan, a year-on-year decrease of 13.9% and a quarter-on-quarter decrease of 32.4%. The net profit attributable to shareholders was 40 million yuan, down 63.9% year-on-year and 16.3% quarter-on-quarter [1][9]. - The average price of lithium hexafluorophosphate in Q1 2024 was 66,700 yuan per ton, a decrease of 21.6% from Q4 2023 and a 62.0% decrease year-on-year. This price drop is identified as a core reason for the company's revenue and profit decline [9][10]. - The company is expected to stabilize its revenue and profit in Q2 2024, with a slight recovery in the average price of lithium hexafluorophosphate to 69,700 yuan per ton [9]. Financial Summary - The company’s projected operating revenues for 2024, 2025, and 2026 are 12.21 billion yuan, 14.61 billion yuan, and 18.79 billion yuan, with year-on-year growth rates of 2.28%, 19.66%, and 28.65% respectively [15]. - The net profit attributable to shareholders is projected to be 361.36 million yuan, 564.25 million yuan, and 1.025 billion yuan for 2024, 2025, and 2026, with year-on-year changes of -29.1%, 56.2%, and 81.7% respectively [15]. - The company’s EBITDA for the same years is expected to be 1.058 billion yuan, 1.382 billion yuan, and 2.080 billion yuan [15]. Market Position and Strategy - The company is currently focusing on expanding its electronic chemical product capacity while slowing down the expansion of lithium hexafluorophosphate capacity due to low prices. The effective capacity for lithium hexafluorophosphate is 65,000 tons, with 40,000 tons under construction [10]. - The company plans to complete 1,000 tons of the 4,000 tons of new lithium hexafluorophosphate capacity this year, with the remaining 30,000 tons to be scheduled based on market conditions [10]. - The company is also investing in R&D and new process iterations for its new product LiFSI, with a planned capacity of 2,000 tons and expected shipments of around 1,000 tons in 2024 [10].

盈利预测 2024 年 06 月 18 日 [Table_Summary] 【事项】 数据库市场规模不断扩张，国产替代加速推进。据第一新声研究，中 国数据库整体市场规模始终维持增长态势，2024 年预计将达到 543.1 亿，到 2027 年将增长至 1183.8 亿，2022-2027 年复合增长率达到 30.67%，实现规模的快速扩张。同时，为实现数据的自主可控，国内 数据库的国产替代进程加快。目前党政领域的数据库国产替代率高达 80%，已经基本处于替换的尾声阶段；八大行业由于对国产数据库的 稳定性、迁移难度、运维难度等方面要求更高，所以整体替换率不高， 金融行业非核心系统处于 40%左右，能源行业不足 15%，医疗、制造、 教育等多个行业不足 5%，蕴藏着巨大的市场空间。 2024 年 6 月 11 日，达梦数据发布《首次公开发行股票科创板上市公 告书》，并于 6 月 12 日正式在上海证券交易所科创板上市。 [Table_Title] 达梦数据（688692）动态点评 【评论】 ]yrtsudnI_elbaT[ 国产数据库龙头上市 [Table_Rank] 增持（首次） [Table_ 东方财富证券研 ...

T[ [Table_Title] 策略周报 2024 年 06 月 18 日 挖掘价值投资成长 策略周报 图表 20: 2019-2024 年 4 月日本车企新注册汽车销量（辆） A股继续聚焦于TMT、新质生产力等科 技创新领域 [Table_Summary] 【策略观点】 策 略 研 究 / Ａ 股 策 略 / 证 券 研 究 报 告 | --- | --- | |-------------------------------|--------------------------| | | | | 证书编号： | S1160522060001 | | 联系人：陈然 | | | 电话： 021-23586458 | | | 联系人：李嘉文 | | | 电话： 021-23586458 | | | [Table_Reports] 相关研究 | | | 《 A | 股需要消化政策变化带来的 | | 新格局》 | 2024.06.13 | | 《地产企稳有望使得 复苏延续》 | A 股结构性 | 本周（6 月 11 日-14 日）创成长、科创 50、创业板综表现居前，涨 幅分别为 3.49%、2.21%、1.68% ...

[商Ta贸bl零e_售Ti行tle业] 动态点评 行 业 研 5月社零总额同比+3.7%，618节奏调 究 挖掘价值 投资成长 / 整下化妆品类+19% 商 [Table_Rank] 贸 强于大市 零 （维持） 售 2024 年 06 月 18 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 券 [Table_Summary] 证券分析师：高博文 研 【事项】 证书编号：S1160521080001 究 证券分析师：陈子怡 报  17日，统计局公布2024年5月社零数据。 告 证书编号：S1160522070002 联系人：班红敏 【评论】 电话：021-23586475  5月社零总额同比+3.7%。5月，社会消费品零售总额3.92万亿元， [相 T对 a指 bl数 e表 _P现 i cQuote] 同比+3.7%；除汽车以外的消费品零售额3.53万亿元，同比+4.7%。 4.00% 1-5 月，社零累计总额 19.52 万亿元，同比+4.1%；除汽车以外消费 -2.96% 品零售额17.67万亿元，同比+4.4%。 -9.91% -16.86% -23.81%6/18 8/18 10/1 ...

[ 信Ta 息bl 技e_ 术T 行itl 业e] 动 态点评 行 业 研 《上海低空经济发展白皮书2024》发 究 挖掘价值 投资成长 / 布，产业发展态势良好 信 [Table_Rank] 息 技 强于大市 （维持） 术 2024 年 06 月 18 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：方科 券 [Table_Summary] 研 【事项】 证书编号：S1160522040001 究 电话：021-23586361 报  近日，《上海低空经济发展白皮书 2024》正式发布。上海中创产业创 告 新研究院联合上海交通大学航空航天学院，编制了《上海低空经济发 [相 T对 a指 bl数 e表 _现 Pi cQuote] 展白皮书 2024》，围绕无人机、eVTOL、通用航空等领域，重点聚焦 eVTOL 新兴赛道，对低空经济的概念内涵、技术路线、产业链和应用 4.45% -4.46% 场景进行了阐释，分析了上海发展低空经济的优势和进展。 -13.36% -22.27% 6/18 8/18 10/18 12/18 2/18 4/18 -31.17% -40.08% ...

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Viewpoints - The company is expanding its flat electromagnetic wire production capacity to meet the growing demand from domestic transformer and new energy vehicle sectors, with a total production capacity of 95,000 tons by the end of 2023 [1] - The company achieved overseas sales of 413 million yuan in 2023, a year-on-year increase of 25.68%, primarily through direct exports of flat electromagnetic wire [2] - The establishment of a wholly-owned subsidiary aims to enhance the competitiveness of flat electromagnetic wire products in the international market [4] - The company is expected to see rapid growth in its electromagnetic wire business due to strong downstream demand and capacity expansion, with projected net profits of 619 million yuan, 731 million yuan, and 860 million yuan for 2024-2026, representing growth rates of 18.38%, 18.08%, and 17.66% respectively [18] Summary by Sections Production Capacity Expansion - The company has initiated a capacity expansion project for transformer wire products, adding 10,000 tons per year, which has already commenced production [1] - Additional capacity of approximately 5,000 tons per year will be released throughout the year from ongoing technical upgrades at the Wuxi and Xiangtan bases [1] - The company is progressing with a comprehensive capacity expansion project in the new energy vehicle motor sector, aiming for a total capacity of 50,000 tons by the second half of 2025 [1] Overseas Market Development - The company is actively exploring opportunities in the overseas power market, with a focus on Europe, South America, Southeast Asia, and Japan [2] - A market assessment was conducted in May to understand local economic conditions, labor, taxation, and customer needs, which is part of the feasibility study for overseas expansion [2] Financial Projections - The company forecasts revenue growth from 15.83% in 2023 to 12.52% by 2026, with projected revenues of 15.293 billion yuan in 2023 and 22.282 billion yuan in 2026 [19] - The expected earnings per share (EPS) are projected to increase from 0.71 yuan in 2023 to 1.17 yuan in 2026 [19]

[ 家Ta 电bl 行e_ 业T 动itl 态e] 点 评 行 业 研 黑电海外市场拓展加速，出货量微增 挖掘价值 投资成长 究 / [Table_Rank] 家 电 强于大市 （维持） / 2024 年 06 月 17 日 证 [东Ta方bl财e_富Au证th券or研] 究所 券 证券分析师：高博文 研 [Table_Summary] 究 【事项】 证书编号：S1160521080001 报 联系人：班红敏 告 奥维云网线上监测数据显示，618促销第三周（24W23,06.03-06.09）  电话：021-23586475 彩电线上传统电商销量规模为25.2万台，同比下降19.0%，销额规模 为 8.1 亿元，同比下降 8.5%；前三周（24W21-24W23,05.20-06.09） [相 T对 a指 bl数 e表 _现 Pi cQuote] 累计销量为83.3万台，同比下降37.0%，销额规模为30.6亿元，同 比下降27.3%。 14.22% 7.42%  DISCIEN《全球TV品牌出货数据报告》统计：2024年4月全球TV出 0.62% -6.18% 货18.1M，同比略增0.5%。 -12 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance relative to the market index [16]. Core Views - The company is actively expanding its product offerings in various fields, including AI servers, telecommunications, and automotive electronics, which are expected to enhance its profitability [1]. - The company has announced a stock incentive plan, reflecting confidence in its future performance, with revenue targets set for 2024, 2025, and 2026 [2][15]. - The company is projected to experience significant revenue growth in the coming years, with expected revenues of 40.93 billion, 51.79 billion, and 61.16 billion yuan for 2024, 2025, and 2026 respectively [14]. Summary by Sections Company Overview - The company has a total market capitalization of 17,451.61 million yuan and a circulating market capitalization of 6,468.95 million yuan [12]. - The stock has seen a 52-week high of 22.50 yuan and a low of 5.58 yuan, with a 52-week increase of 63.40% [12]. Financial Performance - The company reported a revenue of 3,273.01 million yuan for 2023, with a projected growth rate of 25.04% for 2024 [23]. - The net profit attributable to the parent company is expected to recover significantly, with projections of 249.28 million yuan in 2024, compared to a loss of 24.99 million yuan in 2023 [23]. Growth Drivers - The company is focusing on enhancing its production capacity and improving operational efficiency, with new factories and projects underway [20]. - The demand for servers and other electronic products is expected to improve, contributing to the company's recovery and growth trajectory [20].

] y r t s u d n I _ e l b a T [ [ 德Ta 业bl 股e_ 份T （itl 6e 0] 5 117）动态点评 公 司 研 新品新高度，亚非拉市场需求旺盛 究 挖掘价值 投资成长 / [Table_Rank] 家 买入 （维持） 电 2024 年 06 月 17 日 / 证 券 研 [东Ta方bl财e_富Au证th券or研] 究所 究 报 [【Tab事le_项Sum】ma ry] 证券分析师：周旭辉 告 证书编号：S1160521050001  德业多款新品全球首发。公司以“解锁新高度，拓展新边界”为主题 证券分析师：朱晋潇 参展 SNEC 2024，展示多款创新产品和解决方案，包括新款三相低压 证书编号：S1160522070001 和三相高压储能逆变器、新一代 G5 微逆、融合储能功能的储能微逆 电话：021-23586740 等新品。 [相Ta对b指le数_P表ic现Qu ote] 【评论】 9.15% -5.12% -19.40%  海外需求持续恢复，Q2出货量逐月增加。公司持续加大研发，新品不 -33.67%6/17 8/17 10/17 12/17 2/17 4/ ...