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].

[Table_Title] 宏观经济点评 物价低增长格局未变——5月物价数据 点评 据国家统计局数据，2024 年 5 月份，全国居民消费价格指数（CPI） 同比增长 0.3%，增速较 4 月持平，环比增长-0.1%；全国工业生产者 出厂价格指数（PPI）同比增长-1.4%，降幅较 4 月份月收窄 1.1 个百 分点，环比增长 0.2%。 ]yrtsudnI_elbaT[ 2024 年 06 月 17 日 [Table_ 【事项Summary 】] 【评论】 核心 CPI 持续下行，国内供强需弱矛盾依然突出。5 月份 CPI 同比增 速继续保持在低位，其中食品价格降幅有所收窄，非食品价格增速回 落。食品价格回升主要受益于生猪库存持续去化，猪肉对 CPI 由负向 拖累转向正向拉动。非食品方面，受到居民端需求不足影响，五一长 假并未对出行旅游消费形成充分提振，相关商品和服务价格环比由较 大下降；同时，汽车、家电等大宗消费供强需弱，价格继续走低。 低基数和全球铜铝价格上涨支撑 PPI 上行，年内降幅有望在 1%以内。 二季度以来，受海外产能下降影响，全球铜、铝等金属价格大幅走高， 有色金属、黑色金属等相关行业工业品 ...

[ 电Ta 气bl 设e_ 备T 行itl 业e] 动 态点评 行 业 研 究 绿电绿氢占比提升，绿色生产力显现 挖掘价值 投资成长 / 电 [Table_Rank] 气 设 强于大市 （维持） 备 2024 年 06 月 17 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 【事项】 证书编号：S1160521050001 究 证券分析师：朱晋潇 报  据国家发改委6月7日资料，国家发展改革委等部门印发钢铁、炼油、 告 证书编号：S1160522070001 合成氨、水泥4个行业节能降碳专项行动计划，推动以可再生能源替 电话：021-23586740 代煤制氢，提高绿氢利用比例，引导合成氨企业通过购买绿电绿证等 方式，逐步实现高比例绿电使用。  近日，工信部发布《国家工业和信息化领域节能降碳技术装备推荐目 [相 T对 a指 bl数 e表 _现 Pi cQuote] 录（2024年版）》，涉及“氢能制取及利用技术”共计15个类目。 8% 0% 【评论】 -8% -17% ...

[ 信Ta 息bl 技e_ 术T 行itl 业e] 动 态点评 行 业 研 究 数据要素政策密集出台催化产业落地 挖掘价值 投资成长 / 信 [Table_Rank] 息 技 强于大市 （维持） 术 2024 年 06 月 17 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 联系人：童心怡 报  2024年6月11日，商务部等九部门发布《关于拓展跨境电商出口推 告 电话：021-23586757 进海外仓建设的意见》。提升跨境数据管理和服务水平。在符合法律 法规要求、确保安全的前提下，促进和规范数据跨境流动，允许跨境 [相 T对 a指 bl数 e表 _现 Pi cQuote] 电商、跨境支付等应用场景数据有序自由流动。鼓励跨境电商、海外 仓企业依法依规利用数据赋能产业链上下游，增强生产企业柔性化供 8.07% -1.14% 应能力。 -10.35% -19.57% -28.78%6/17 8/17 10/17 12/17 2/17 4/17 -38.00% 【评论】 ...

[ 电Ta 子bl 设e_ 备T 行itl 业e] 动 态点评 行 业 研 究 多家芯片厂露雄心，全球AI景气持续 挖掘价值 投资成长 / 电 [Table_Rank] 子 设 强于大市 （维持） 备 2024 年 06 月 14 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 证券分析师：马行川 报  三星、博通给出积极展望。1）6月12日，在美国硅谷举办的“三星 告 证书编号：S1160524040002 晶圆代工论坛 2024”上，AI 芯片成为本次论坛的核心议题。三星展 联系人：刘琦 望今年其 AI 芯片代工销售额将是去年的 1.8 倍，客户数量将比去年 电话：021-23586475 增加 1 倍；到 2028 年，其 AI 芯片代工客户数量将比 2023 年增加 4 倍，代工销售额将比 2023 年增加 9 倍。2）同日，博通将 AI 芯片年 [相 T对 a指 bl数 e表 _现 Pi cQuote] 度营收预期上调 10%，并宣布进行股票拆分。该公司预期 2024 年与 ...