Investment Rating - The report recommends an "Accumulate" rating for the company with a target price of 15.39 CNY [3][9]. Core Insights - The company has a strong position in the tin and indium industries, being the largest producer and processor of tin in China and holding the world's largest indium resource [2][3]. - In 2023, the company achieved a revenue of 42.36 billion CNY, a decrease of 18.54% year-on-year, while net profit attributable to shareholders increased by 4.61% to 1.41 billion CNY [2][10]. - The company expects a revenue of 40.3 billion CNY in 2024, with total non-ferrous metal production projected at 348,600 tons [2]. Summary by Sections Company Overview - The company has a comprehensive industrial layout involving exploration, mining, smelting, and deep processing of metals like tin, copper, zinc, and indium [2]. - It has maintained the highest tin production and sales globally since 2005, with a market share of 47.92% in the domestic market and 22.92% globally in 2023 [3]. Financial Performance - In Q1 2024, the company reported a revenue of 8.4 billion CNY, down 24.47% year-on-year, but net profit increased by 22.09% to 326 million CNY [2]. - The company’s gross margin for 2023 was 9.15%, with a net margin of 3.60% [8]. Production and Sales - In 2023, tin ingot production reached 65,700 tons, a year-on-year increase of 42.61%, contributing 10.98 billion CNY to total revenue [2]. - The company’s production capacity includes 80,000 tons/year for tin smelting and 12,500 tons/year for cathode copper [2]. Market Trends - Global tin supply is expected to remain inelastic, while demand from emerging industries like photovoltaics and electric vehicles is projected to grow [3]. - The report anticipates a recovery in solder demand as the semiconductor cycle stabilizes, highlighting tin's role as "electronic glue" [9]. Future Outlook - The company is expected to benefit from the integration of the tin industry chain and the development of deep processing capabilities [7]. - Profit forecasts for 2024-2026 predict net profits of 2.07 billion CNY, 2.30 billion CNY, and 2.61 billion CNY, respectively [9][10].

Investment Rating - The report assigns a "Recommended" rating to the telecommunications and electronics industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [3][10]. Core Insights - The telecommunications sector experienced a weekly increase of 1.28% from June 17 to June 21, 2024, while the broader market indices saw declines [3][10]. - The highest increase among sub-sectors was in communication cables and accessories, which rose by 4.18%, while communication application value-added services saw the largest decline at 2.96% [12][13]. - Notable individual stock performances included Cheng Tian Wei Ye with a 25.02% increase, followed by ST Peng Bo and ST Jiu You with increases of 23.77% and 22.94%, respectively [14]. Summary by Sections Market Overview - The overall market sentiment for the telecommunications sector remains positive, with a notable increase in the communication index despite declines in major stock indices [10]. - The report highlights the strong performance of specific sub-sectors, particularly communication cables and accessories, indicating a robust demand in this area [12][13]. Key Developments - The 3GPP Release 18 standard was officially frozen, marking a significant milestone in the evolution of 5G technology, which is expected to enhance network performance and pave the way for 5G-A technologies [4]. - The report emphasizes the importance of 5G-A as a key technology for expanding the capabilities of 5G and facilitating the transition to 6G [4]. Market Projections - LightCounting projects that the optical module market will exceed $2.6 billion in Q2 2024, driven by strong demand from major cloud service providers [19]. - The report also notes that the DCIM market is expected to reach a value of $6.3 billion by 2030, highlighting the growing importance of data center infrastructure management [21][22]. Recommended Stocks - The report suggests focusing on companies within the computing power supply chain and satellite internet sectors, recommending specific stocks such as Zhongji Xuchuang and Hai Ge Communication [5].

Monetary Policy Insights - The recent discussions at the Lujiazui Forum suggest price controls may be aimed at quelling market expectations for future quantitative easing (QE) amid failed interest rate cut expectations, indicating a hawkish stance on monetary policy[4]. - Despite the hawkish appearance, the actual monetary policy remains accommodative, with the R007 rate returning to its lowest level since October 2022, signaling a shift towards easing[4]. - The central bank's potential reduction or exit from the MLF tool could indicate a future focus on direct government bond purchases, diminishing the role of MLF[4]. Economic Trends - Current macroeconomic stability is supported by a global inventory cycle, but the potential decline of this cycle is a critical variable to monitor[5]. - Manufacturing investment growth has declined for two consecutive months, suggesting limited upward momentum for the economy in the near term[4]. - The risk-off sentiment in major asset classes reflects the lack of conditions for a trend reversal, compounded by the belief that policies will not remain passive[4]. Asset Allocation Recommendations - In the context of liquidity constraints, a risk-off approach is recommended, with a preference for interest rate bonds as superior assets[5]. - Equity markets may show limited performance due to unresolved credit issuance issues, but opportunities exist in sectors like exports and environmental protection[5]. - For credit markets, there is potential for city investment credit to reach historical lows in credit spreads, although real estate credit remains uncertain[5]. Market Data - The Shanghai Composite Index stands at 2998.14, while the Shenzhen Component Index is at 9064.84, indicating current market performance levels[6]. - The ongoing trend in interest rate bonds suggests sustained market activity, with a neutral duration strategy advised while being cautious with long-term bonds[5].

Group 1: Macroeconomic Overview - The Shenzhen Component Index is at 9064.84, while the ChiNext Index stands at 1755.88, indicating the current market performance [2][3] - The report highlights a moderate recovery in retail consumption growth, particularly in categories such as home appliances, sports and entertainment products, and communication equipment, influenced by trade-in programs [6] - However, automotive sales have shown disappointing performance, with a year-on-year growth decline to 1.5% in May, and retail sales remaining at a low of -4.4% [6] Group 2: Real Estate Sector Insights - There are signs of marginal improvement in the real estate sector, with sales and investment growth rates showing an upward trend in April and May [6] - This improvement appears to be more pronounced in second-tier and lower-tier cities, possibly due to population returning to smaller cities and less speculative activity [6] - Despite these signs, the overall real estate market remains under pressure, particularly in first-tier cities where housing prices are still high [6] Group 3: Investment and Capital Expenditure - Fixed asset investment in high-tech industries remains robust, with growth rates stabilizing around 11%, particularly in information transmission, software, and IT sectors [6] - Investment in environmentally related industries, such as forestry and waste resource utilization, is also highlighted, with growth rates of 24.6% and 13.9% respectively [6] - The report notes that the capital expenditure driven by large-scale equipment updates may be stabilizing or even declining, shifting profit points more towards external demand [6]

[Table_TargetPrice] [Table_Title] 经营发展稳健，新产品技术持续迭代 ——美亚光电首次覆盖报告 务提供商 色选机行业保持稳健，CBCT 行业未来可期。 公司发展稳健，持续加大创新研发投入 24 年 2 月，公司自主研发的移动式头部 CT，取得国家药监局医疗器械第 三类医疗器械注册证，正式获准进入市场。24 年 6 月 9-12 日，在 2024 北京国际口腔展上，公司正式发布了 PD-MAR"去伪存真"影像技术，不 止能精准去伪影，更能真实还原组织细节，标志着口腔影像技术的新里程 碑。 美亚光电深耕光电检测设备行业，伴随公司未来加大品牌建设，产能边际 扩张，叠加产品力和渠道端的不断提升，行业地位进一步稳固，未来销售 业绩有望边际改善。预计美亚光电 2024-2026 年营收分别为 27.83 亿元 /31.86 亿元/36.19 亿元，同比增长 14.75%/14.47%/13.58%，归母净利润 分别为 8.22/9.42/10.85 亿元，同比增长 10.37%/14.59%/15.20%，最新总 股本及收盘市值对应 EPS 分别为 0.93/1.07/1.23 元，对应 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking it as a first-time recommendation [4]. Core Insights - The company focuses on engineering consulting and contracting, leveraging over 40 years of industry experience. It aims to benefit from the emerging low-altitude economy, supported by top-level design and active local government responses [1][15]. - The establishment of a joint venture in the low-altitude economy sector is expected to integrate core resources and enhance service capabilities [3][17]. - The company has a strong emphasis on technological innovation and product development, maintaining a leading position in research capabilities, technical expertise, and industry reputation [5][19]. Financial Performance - In 2023, the company reported a revenue of 5.278 billion yuan, a year-on-year increase of 0.98%, while the net profit attributable to shareholders was 330 million yuan, down 44.47% year-on-year [6]. - From 2018 to 2023, the company's revenue decreased from 7.030 billion yuan to 5.278 billion yuan, with a five-year CAGR of -5.57%. The net profit also declined from 623 million yuan to 330 million yuan, with a five-year CAGR of -11.93% [6][8]. - The gross margin for 2023 was 35.99%, an increase of 1.04 percentage points year-on-year, while the net margin was 5.81%, a decrease of 6.34 percentage points year-on-year [6]. Future Projections - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 472 million yuan, 554 million yuan, and 592 million yuan, respectively, with corresponding basic earnings per share of 0.37 yuan, 0.44 yuan, and 0.47 yuan [7][8]. - The projected P/E ratios for the same years are 19.58, 16.67, and 15.60, indicating a positive outlook for the company's valuation [7][8]. Industry Context - The low-altitude economy is recognized as a strategic emerging industry with significant growth potential, supported by national policies aiming to create a trillion-yuan market by 2030 [15][16]. - The company is actively expanding its low-altitude services across key regions, including the Beijing-Tianjin-Hebei area, the Yangtze River Delta, and the Guangdong-Hong Kong-Macau Greater Bay Area [16].

[Table_Main] 行业研究|日常消 费|食品、饮料与烟草 证 券研究报告 食品、饮料与烟草行业策略报告 2024年06月19日 [Table_Invest] [Table_Title] 复苏进行时，配置价值显 推荐|维持 ——白酒行业中期策略报告 [报Ta告ble要_S点um：m ary] [过Ta去bl一e_年Pic市Q场uo行te]情 消费正在以一种新的结构持续复苏，白酒的消费粘性有目共睹，而白酒板 5% 块估值正处于高性价比区间，配置价值凸显。 -1%  白酒企业穿越周期，业绩韧性强 -7% 1）消费市场持续复苏，白酒库存消化进入正循环。2022年12月短期消 费场景波动影响开瓶率，导致社会库存增加，影响白酒批价及经销商渠道 -13% 利润和周转周期；而随着社会经济在2023年下半年逐步恢复常态，白酒 -19% 社会库存逐步进入正循环消化过程，2023年，我国社零总额同比+7.2%， 6/19 8/19 10/1912/19 2/19 4/19 食品、饮料与烟草 沪深300 其中烟酒社零同比+10.6%，本轮周期已进入筑底回升过程。2024年1-4 月，随着消费市场持续复苏，我国烟酒社零增速领 ...

[Table_Main] 行业研究|工业| 资本货物 证 券研究报告 资本货物行业研究报告 2024年06月17日 [Table_Invest] [Ta低ble空_Tit经le] 济未来已来，eVTOL 扶摇而上 推荐|首次 ——eVTOL 行业深度报告 [报Ta告ble要_S点um：m ary] [过Ta去bl一e_年Pic市Q场uo行te]情  eVTOL是低空经济重要载体，发展前景广阔 7% eVTOL（电动垂直起降飞行器），是低空经济载体的一种创新形式， -2% 具有安全、环保、低成本、高效率等优势，主要应用于低空旅游、日 -10% 常通勤、空中物流、消防救援、医疗救助等场景，从技术路线看，包 -19% 括多旋翼、复合翼、倾旋翼等方案。根据保时捷管理咨询预计，2024 -27% 年将成为全球 eVTOL商业化运营元年，到2030年，在保守、中性、 6/13 9/12 12/12 3/12 6/11 乐观的预期下，中国eVTOL市场规模分别为250、500、900亿元人 资本货物 沪深300 民币，相应的，在中性预期下，中国 eVTOL 市场规模占全球 25%份 资料来源：Wind 额，即全球市场规模 ...

Investment Rating - The report recommends an "Accumulate" rating for the company, HaiTe High-Tech (002023) [2]. Core Views - The company is advancing its "three-in-one" layout steadily, with a recovery in downstream demand driving performance improvement. HaiTe High-Tech is a high-tech enterprise focusing on high-end core equipment development and support, high-performance integrated circuit design and manufacturing, and aviation engineering technology and services. It is the first private aviation equipment development and technical service company in China and the only private aviation engineering technical service enterprise with various certifications [2][3]. - The recovery of the civil aviation industry has boosted the demand for aviation engineering services, and the company is actively expanding its market presence. The company has signed agreements for aircraft modification projects and is developing new production lines to enhance its service capabilities [3][10]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 1.053 billion yuan, a year-on-year increase of 15.81%. The net profit attributable to shareholders was 47 million yuan, a significant increase of 263.21% compared to the previous year, driven by increased deliveries of aviation seats and major project completions in training systems [3][16]. - The company’s expenses showed a favorable trend, with a total expense ratio of 28.03% in 2023. The sales expense ratio was 1.49%, up by 0.09 percentage points year-on-year, while R&D expenses decreased by 28.20% due to some projects meeting capitalization criteria [3][16]. Business Segments - The aviation engineering technology and services segment generated 756 million yuan in revenue, a year-on-year increase of 12.91%, accounting for 71.80% of total revenue. The gross margin for this segment was 38.93%, slightly up by 0.12 percentage points [3][20]. - The high-end core equipment development and manufacturing segment reported revenue of 239 million yuan, a year-on-year increase of 25.65%, representing 22.72% of total revenue [3][20]. Future Outlook - The company is expected to maintain rapid growth in performance, with projected net profits of 78.4 million yuan, 119.1 million yuan, and 174 million yuan for 2024, 2025, and 2026, respectively. Corresponding EPS is expected to be 0.11, 0.16, and 0.23 yuan per share [2][16]. - The company is actively involved in various R&D projects, including those related to eVTOL and UAV technologies, which are anticipated to contribute to future revenue growth [10][12].

[Table_Main] 行业研究|信息技 术|技术硬件与设备 证 券研究报告 技术硬件与设备行业研 2024年06月17日 究报告 [Table_Invest] [ATapblpe_lTeit leI]n telligence 将带动 iPhone 换机需求 推荐|首次 [报Ta告ble要_S点um：m ary] [过Ta去bl一e_年Pic市Q场uo行te]情 苹果将强化AI功能在其生态应用的落地，也印证了市场关于苹果 3% 本次WWDC的几个预期：1）苹果正式推出Apple Intelligence，不同 -6% 于其他竞争对手的地方在于苹果强调的AI不是人工智能，而是个人智 -15% 能（personal intelligence），在运算方式上，采用端侧算力+私有云端 -24% 算力相结合的方式。2）全新的Siri升级。Siri能够开始理解用户的自 -34% 然语言，并具备情境感，还可以“读懂”用户iPhone的操作界面，更 6/16 9/15 12/15 3/15 6/14 好的处理用户需求。当苹果自带模型无法解决用户需求时，可在用户 技术硬件与设备 沪深300 同意下连接 Chatgpt-4o。 ...