Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [7][19]. Core Insights - The domestic database market is experiencing rapid growth, with an expected market size of 543.1 billion in 2024 and projected to reach 1183.8 billion by 2027, reflecting a compound annual growth rate (CAGR) of 30.67% from 2022 to 2027 [3]. - The listing of Dameng Data as the first domestic database stock highlights the increasing importance of data security amid tightening IPO regulations [18]. - Dameng Data is recognized as a leading developer of database products in China, providing various database software and related technical services to large and medium-sized enterprises, government agencies, and institutions [20]. Financial Projections - Revenue projections for Dameng Data are 937.52 million, 1.11574 billion, and 1.33974 billion for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 18.03%, 19.01%, and 20.08% [9][19]. - The net profit attributable to the parent company is forecasted to be 350.54 million, 429.39 million, and 515.12 million for the years 2024, 2025, and 2026, with growth rates of 18.39%, 22.50%, and 19.97% [9][19]. - The report indicates that the company's price-to-earnings (P/E) ratios will be 47.07, 38.43, and 32.03 for the years 2024, 2025, and 2026, respectively [9][19].

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/ ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2]. Core Insights - The company benefited from the recovery of overseas demand, network upgrades, and growth in vehicle networking, leading to improved profitability and effective cost control. In Q1 2024, the company achieved revenue of 212 million yuan, a year-on-year increase of 20.49%, and a net profit attributable to the parent company of 35 million yuan, up 83.06% year-on-year. This growth was partly driven by the upgrade from 2G to 4G networks and the continuous growth of vehicle networking products [1][10]. Summary by Sections Financial Performance - In Q1 2024, the company reported a comprehensive gross margin of 40.87%, an increase of 0.48% year-on-year, benefiting from self-developed modules replacing outsourced components and an increase in high-margin orders. The sales expense ratio, management expense ratio, and R&D expense ratio were 7.66%, 5.03%, and 13.29%, respectively, all showing a decrease compared to the same period last year [1][10]. Product Development - The company launched 18 new products in 2023, including the GL530MG, which won the 2023 IoTEvolution Asset Tracking Solution Award. New products in the smart connection field include high-performance industrial routers and a 4G smart driving recorder, CV200, which features advanced AI vision and multi-sensor fusion algorithms [1][10]. Market Outlook - The IoT industry is expected to maintain steady and rapid growth, with AIoT and e-Bike products, as well as industrial routers, likely to drive development. The number of cellular IoT users in China reached 2.332 billion by the end of 2023, with a net increase of 488 million users throughout the year [9][10]. The global IoT market is projected to grow from $483.28 billion in 2022 to $2.27042 trillion by 2028, with a compound annual growth rate of 29.4% [9].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company is undergoing a significant equity optimization with the second-largest shareholder, Germany's Weikaw, transferring its entire 11.62% stake at a price of 2.81 CNY per share, which is only about 7% below the current market price of 3.00 CNY [2][3]. - The company has shown strong financial performance, with Q1 2024 revenue reaching 832 million CNY, a year-on-year increase of 7.9%, and a net profit of 110 million CNY, up 82% compared to the previous year [3]. - The company is a leading player in the automotive exterior and surface treatment sector, with a diverse product range and advanced manufacturing technologies [4]. Financial Summary - For the years 2024 to 2026, the company is projected to achieve revenues of 3.68 billion CNY, 3.72 billion CNY, and 3.75 billion CNY, with year-on-year growth rates of 2.2%, 1.0%, and 1.0% respectively [17]. - The net profit attributable to the parent company is expected to be 530 million CNY, 560 million CNY, and 573 million CNY for the same years, reflecting growth rates of 5.7%, 5.1%, and 2.4% [17]. - The company’s valuation is projected at 8.5, 8.1, and 7.9 times PE for the years 2024, 2025, and 2026 respectively [17]. Company Overview - The company specializes in automotive interior and exterior decorative parts, utilizing materials such as aluminum alloy, stainless steel, cold-rolled and galvanized steel, plastic, and rubber [4]. - It employs various advanced manufacturing and surface treatment processes, including aluminum alloy casting, extrusion, and multiple coating technologies, positioning itself as a leader in the domestic market [4]. - The company has established partnerships with major automotive manufacturers, including FAW-Volkswagen, BMW Brilliance, and BYD, among others [4].