证券研究报告 2024 年 4 月 21 日 执业证书编号：S0740517030004 电话： [b_Suy 今日预览 【政策】杨畅：收入增长与支出下移 研究分享>> 【固收】肖雨：银行保险配置加强，广义基金减持利率——3 月中债登、 欢迎关注中泰研究所订阅号 请务必阅读正文之后的重要声明部分 今日重点 ►【政策】杨畅：收入增长与支出下移 杨畅｜中泰政策行业首席 S0740519090004 根据国家统计局公布的 2024 年一季度居民收入和消费支出数据，可以观察到以下特点： 第一，在收入端，全国居民人均可支配收入继续增长，且中位数增速高于平均数，或表明收入分配 格局出现改善； 第二，根据公布数据计算，全国居民人均可支配收入相较 2019 年同期增长 35.9%，中位数相较 2019 年同期增长 32.2%； 第三，在支出端，关注医疗保健消费支出，城镇居民与农村的比值从 2016 年四季度的 1.75 下降到 2024 年一季度的 1.52，显现出农村居民在医疗保健上的消费支出速度更快； 第四，究其原因，一方面或表明农村居民对医疗保健的支出意愿加大，另一方面或受人口流动方向 的变化，拉动了农村相关支出。 高 ...

[Table_Industry] 晶科能源2023 年报点评： 夯实全球组件龙头地位，N 型TOPCon持续领先 晶科能源（688223.SH）/电力设备 证券研究报告/公司点评 2024年4月22日 [Table_Industry] [评Ta级ble：_I增nve持st（] 维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：7.53 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 82,676 118,682 113,002 131,252 147,502 [分Ta析b师le：_A曾u彪th ors] 增长率yoy% 104% 44% -5% 16% 12% 执业证书编号：S0740522020001 净利润（百万元） 2,936 7,440 7,915 8,293 9,017 增长率yoy% 157% 153% 6% 5% 9% Email：zengbiao@zts.com.cn 每股收益（元） 0.29 0.74 0.79 0.83 0.90 分析师：赵宇鹏 每股现金流量 0.41 2.48 0.87 1.81 1.58 执业证书编号：S074 ...

短期利润承压，但成长逻辑顺利延续 ——海信视像2024Q1点评 海信视像（600060）/家电 证券研究报告/公司点评 2024年4月22日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：26.97元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 45,738 53,616 62,524 68,574 72,923 分析师：姚玮 增长率yoy% -2% 17% 17% 10% 6% 执业证书编号：S0740522080001 净利润（百万元） 1,679 2,096 2,426 2,823 3,299 Email：yaowei@zts.com.cn 增长率yoy% 48% 25% 16% 16% 17% 每股收益（元） 1.29 1.61 1.86 2.16 2.53 每股现金流量 3.83 2.24 12.47 -4.39 10.43 净资产收益率 8% 8% 9% 9% 9% P/E 21 17 15 12 11 P/B 2.0 1.9 1.7 1.5 1.3 备 注 ...

Investment Rating - The report assigns an "Increase" rating for Tongling Co., Ltd. (301168.SZ) [12][14]. Core Views - Tongling Co., Ltd. is expected to see significant growth in its interconnected wiring harness business, which has shown a strong revenue increase of 117.6% year-on-year, contributing to stable profit growth [4][12]. - The company has made strategic acquisitions to expand its product lines, particularly in the automotive parts sector, which is anticipated to enhance its profitability and cash flow [4][12]. - The report highlights a substantial improvement in the company's profitability, with a notable increase in the gross margin of its junction box products from 14.8% in 2022 to 20.8% in 2023, despite a decrease in product prices [18]. Summary by Sections Financial Performance - In 2023, Tongling Co., Ltd. achieved a revenue of 1.54 billion yuan, a year-on-year increase of 23.4%, and a net profit of 165 million yuan, up 42.7% year-on-year [13]. - The fourth quarter of 2023 saw a revenue of 390 million yuan, a 46.6% increase year-on-year, while the first quarter of 2024 reported a revenue of 410 million yuan, a 24.2% increase year-on-year [13]. Revenue and Profit Forecast - The revenue forecast for 2024 and 2025 has been adjusted to 1.93 billion yuan and 2.34 billion yuan, respectively, with net profit estimates revised to 200 million yuan and 240 million yuan [14]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.68 yuan, 2.02 yuan, and 2.36 yuan, respectively [14]. Market Position and Growth Potential - The company is positioned as a leader in the junction box market, with a significant increase in shipment volume by 37.3% in 2023 [18]. - The interconnected wiring harness business is expected to continue its strong growth trajectory, contributing to the company's overall revenue and profit stability [4][12].

算力景气度跟踪：AI 服务器订单一览 计算机 证券研究报告/行业点评报告 2024 年 04 月 21 日 [T评ab级le_：M增ain持] （维持） [投Ta资ble要_S点um mary] 分析师：孙行臻 ◼ AI需求叠加政策确定性共振，2024年国内智算缺口 23EFLOPS。《算力基础设施高质 执业证书编号：S0740524030002 量发展行动计划》明确顶层算力在未来三年的建设节奏，部署落地确定性高，2023-202 4年智算建设缺口为 23EFlops。2025年全国算力目标超过 300EFlops，智算比例达到 电话：13430277882 35%，智算算力目标为105EFlops。受制于安全考量，算力部署国产化提上日程，政策 性客户有望实现100%国产AI芯片；随着国产芯片的实力逐步提升，行业端商用客户将 Email：sunxz@zts.com.cn 有望实现逐步向国产化靠拢。 ◼ 政府：智算中心建设数量破百，加速采购 AI 服务器部署。根据人民网，随着“东数西 算”工程正式启动，我国目前在 8个地区建设国家算力枢纽节点，并规划了 10个国家 数据中心集群，以构建国家算力网络体系。根据ID ...

沪电股份：24Q1业绩高增，持续看好算力PCB龙头厂商 沪电股份（002463.SZ）/电子 证券研究报告/公司点评 2024年4月22日 评级：买入 （维持） 公司盈利预测及 估值 市场价格：28.71元/股 指标 2022A 2023A 2024E 2025E 2026E 分析师：王芳 营业收入（百万元） 8,336 8,938 11,854 14,928 17,331 增长率yoy% 12% 7% 33% 26% 16% 执业证书编号：S0740521120002 净利润（百万元） 1,362 1,513 2,405 3,030 3,484 Email：wangfang02@zts.com.cn 增长率yoy% 28% 11% 59% 26% 15% 每股收益（元） 0.71 0.79 1.26 1.58 1.82 每股现金流量 0.82 1.17 2.23 1.61 1.97 分析师：刘博文 净资产收益率 16% 15% 22% 23% 22% 执业证书编号：S0740524030001 P/E 40.3 36.3 24.0 19.1 16.6 P/B 6.6 5.6 5.2 4.4 3.7 Emai ...

Summary of Conference Call Company and Industry - The conference call focuses on the telecommunications industry, specifically discussing the investment value of Zhongtai Electric and its overseas expansion in the power equipment sector [1]. Core Points and Arguments - The analyst, Wu Peng, presents a specialized report on the valuation perspectives of Zhongtai Electric's overseas ventures in power equipment [1]. Other Important Content - The call emphasizes the significance of evaluating investment opportunities in the context of global market trends and the competitive landscape in the telecommunications and power equipment industries [1].

◼ 布局车载前装市场，持续拓宽下游应用。车载信息终端是公司主要产品之一，20 23 营收占比近 50%，公司积极布局车载前装，目前已有相关产品订单，23 年 12 月公告与 AIoT 行业产品全生命周期研发与验证服务商易诚高科达成战略合作，易 诚高科核心团队均来自 SONY 消费电子研发中国、日本及瑞典团队技术与管理核 心人员，拥有超过 20 年通信行业从业经验，产品及解决方案覆盖车载 TCU 全栈 软件、中间件组件、协议栈、软件定制开发等，覆盖较多主机厂和Tier1厂商。双 方将聚焦汽车网联化关键技术，包括车载通信软硬件一体化产品及高阶车路协同 应用场景开发，AI 智能终端研发等，有利于公司加强汽车智能网联领域能力。同 时，公司持续拓展车辆保险、汽车金融、资产管理、动物溯源、共享经济、两轮 车智能化、冷链物流、工业路由器等相关应用，其中 2023 年冷链类营收约 1.17 亿元，同比增长 15.73%，高于整体增速，推出双 SIM 卡高性能 LTE Cat.4 工业路 由器、高性能 5G 双卡双模工业路由器，以及基于视觉技术和多传感器的 AI 融合 算法的 4G 行车记录仪 CV200、针对重型机械设备损耗 ...

◼ 盈利能力持续提升，加大研发创新。公司盈利能力进一步增强，2023 年公司主营业务 毛利率达 31.45%，较去年同期提升 2.27%；净利率达 10.07%，较去年同期提升 0.55%。 2023 年，公司研发费用 9.43 亿元，同比增长 4.84%，研发方向主要围绕 AI 大模型对 软件开发带来的变革机遇，重点推进各行业应用领域垂直 MaaS 平台的研发。 重要声明： 公司持有该股票比例 相关报告 | --- | --- | --- | |-------------------------------------------------------------------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The investment rating for the company is "Buy" [33] Core Views - The company has demonstrated strong performance in the first quarter of 2024, with revenue reaching 356 million yuan, a year-on-year increase of 71.02%, and net profit of 66.33 million yuan, up 215.65% year-on-year [7][8] - The growth is attributed to the successful commercialization of key peptide products, increased global demand for peptide raw materials, and strong sales of the company's oseltamivir series products during the flu season [8] - The company is expected to maintain high growth momentum driven by its rich pipeline of proprietary products and significant advantages in its C(D)MO technology platform [9] Financial Forecast and Valuation - The company's revenue is projected to reach 1.42 billion yuan in 2024, with a growth rate of 37.10%, and net profit is expected to be 222 million yuan, growing at 35.49% [2][9] - The earnings per share (EPS) is forecasted to increase from 0.76 yuan in 2023 to 1.04 yuan in 2024 [2] - The company maintains a high gross margin of 67.26% and a net margin of 18.15% in Q1 2024, indicating strong profitability [8][11] Business Highlights - The company has signed significant contracts in the C(D)MO sector, including a 7-year supply contract worth approximately 102 million USD with a European pharmaceutical client [8] - The production capacity for peptides is expected to ramp up significantly with the successful commissioning of new facilities, which will support continued revenue growth [9] - The company is actively pursuing new product approvals, including GLP-1 raw materials, which are anticipated to contribute to future revenue streams [8]