Group 1 - The overall profitability of the A-share market in Q1 2024 shows a slowdown in revenue growth, with a slight recovery in gross margin and net margin, but still below last year's levels. Revenue growth for the entire A-share market was 0.2% in Q1 2024, compared to 1.5% in the previous year [29][50] - The sales gross margin for the entire A-share market in Q1 2024 was 16.5%, a slight increase of 0.2 percentage points compared to the previous year, while the net margin was 9.1%, up 1.3 percentage points from the previous year but lower than the same period last year [29][50] - The asset turnover rate for the entire A-share market decreased by 0.1 percentage points in Q1 2024 compared to Q4 2023, indicating a slight decline in efficiency [11][59] Group 2 - The return on equity (ROE) for the entire A-share market in Q1 2024 was 8.0%, a slight decrease of 0.4 percentage points from Q4 2023, reflecting a decline in profitability [11][14] - The stable and consumer sectors showed better performance in terms of ROE, while the growth sector lagged behind, with the consumer sector maintaining positive growth trends [11][59] - Specific industries such as electronics, agriculture, and light industry experienced higher profitability growth in Q1 2024, while real estate and new energy sectors faced challenges [11][56] Group 3 - The financial sector's net profit improved in Q1 2024, with a net margin increase of 0.6 percentage points compared to Q4 2023, indicating a recovery in financial performance [11][59] - The asset-liability ratio for the entire A-share market showed a slight increase, with the growth and financial sectors experiencing higher ratios compared to the previous quarter [11][59] - The consumer and stable sectors maintained high profitability levels, while the growth and cyclical sectors showed weaker performance [11][59]

Investment Rating - The report assigns an investment rating of "Buy" for the company, indicating an expected return exceeding 15% over the next six months compared to the CSI 300 index [58]. Core Insights - The company, Dameng Data (688692.SH), provides various database software and related technical services to large and medium-sized enterprises, government agencies, and institutions. The company has shown revenue growth from 743 million yuan in 2021 to 794 million yuan in 2023, with a projected revenue of 317 million to 340 million yuan for the first half of 2024, representing a year-on-year growth of 10.27% to 18.27% [24][65]. - The company has a strong shareholder background, with the largest shareholder being China Software, holding 25.21% of the shares. The founder, Feng Yucai, has a rich research background and controls 40.55% of the voting rights [39][46]. - Dameng Data has over 40 years of independent research and development experience in the database field and has become a key player in the domestic database software industry, achieving significant technological breakthroughs [46][37]. Financial Performance - The company reported revenues of 743 million yuan, 688 million yuan, and 794 million yuan for the years 2021, 2022, and 2023, respectively, with year-on-year growth rates of 65.04%, -7.40%, and 15.44% [19]. - The net profit attributable to the parent company was 444 million yuan, 269 million yuan, and 296 million yuan for the same years, with corresponding growth rates of 196.84%, -39.35%, and 10.07% [19][24]. - For the first quarter of 2024, the company achieved a revenue of 166 million yuan, a year-on-year increase of 26.79%, and a net profit of 56 million yuan, up 65.86% year-on-year [24]. Industry Overview - The domestic database market is experiencing significant growth, with the market size expected to reach 128.68 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of 26.1% [36]. - The report highlights the increasing importance of information security and the need for domestic database solutions due to rising concerns over data breaches and supply chain security [28]. - Dameng Data's products have been widely adopted across various sectors, including finance, energy, aviation, and government, with a market share ranking among the top domestic database vendors from 2019 to 2023 [11][46]. Competitive Analysis - Compared to peer companies such as Zhongwang Software and Xinghuan Technology, Dameng Data's revenue is below the average of 1.885 billion yuan, but its gross profit margin is in the mid-to-high range of the industry [4][52]. - The average gross profit margin for comparable companies is 64.58%, indicating that while Dameng Data's revenue is lower, its profitability metrics are competitive [52]. Future Prospects - The company plans to invest in five projects with a total investment of approximately 235 million yuan, focusing on upgrading its database management systems and developing new cloud database products [64][41]. - A significant partnership with Huawei has been established to enhance the company's database integrated machine solutions, indicating a strategic move towards digital transformation and innovation [40][46].

Revenue and Budget Analysis - In April 2024, the national general public budget revenue was 20,049 billion, with a year-on-year decline of 3.7%, a significant drop of 1.3 percentage points compared to March[10] - The decline in personal income tax contributed -0.8 percentage points to the year-on-year budget revenue, indicating a decrease in annual bonus payments due to the delayed effect of the Spring Festival[10] - The value-added tax's contribution to the April budget revenue decline was -2.9 percentage points, reflecting ongoing high base effects from tax deferrals in previous quarters[10] Expenditure and Investment Insights - General public budget expenditure in April increased by 9.0 percentage points year-on-year, reaching a growth rate of 6.1%[10] - Infrastructure investment, particularly in agriculture, rural community affairs, and environmental protection, significantly contributed to the expenditure growth, rising by 2.2 percentage points to 1.7%[10] - Government fund income fell by 18.2% year-on-year in April, with land transfer income declining by 21.2%, indicating a cooling real estate market[10] Future Outlook and Risks - The slow issuance of special bonds and long-term treasury bonds is expected to further reduce government fund expenditures, potentially leading to a decline in traditional infrastructure investment growth in Q2[10] - The ongoing pressure on real estate demand and insufficient internal consumption momentum may necessitate a shift in infrastructure investment leadership from local to central government[10] - The risk of broad fiscal financing falling short of expectations remains a concern, potentially impacting economic stability[10]

Investment Rating - The investment rating for the company is "Buy - A" [1][2] Core Views - The company has turned profitable in Q1 2024, driven by capacity switching and demand recovery in the niche storage market [1] - The company is expected to see a gradual increase in DRAM prices due to a shift in production capacity towards high-value products like HBM and DDR5, with an anticipated shortage in DDR4 supply [1] - The company reported a significant drop in revenue in 2023 but has shown signs of recovery in Q1 2024, with a year-on-year revenue increase of 21.32% [1][2] Summary by Sections Financial Performance - In 2023, the company's storage chip revenue was 4.077 billion yuan, a year-on-year decrease of 15.51%, with a gross margin of 32.99%, down 7.10 percentage points [1] - The company achieved a revenue of 5.761 billion yuan in 2023, a year-on-year decrease of 29.14%, and a net profit of 161 million yuan, down 92.15% [2][3] - In Q1 2024, the company reported a revenue of 1.627 billion yuan, a year-on-year increase of 21.32%, and a net profit of 205 million yuan, a year-on-year increase of 36.45% [1][2] Market Outlook - The company expects to achieve mass production of DDR3 4Gb/2Gb products in 2024, with DDR4 8Gb products already in trial production [1] - The company anticipates that by the end of 2024, approximately 80% of DRAM production capacity will be switched to DDR5, leading to a potential shortage in DDR4 supply [1] - The company is actively expanding its MCU product line and has successfully launched over 600 MCU products, with a focus on automotive applications [2] Revenue Projections - The company forecasts revenues of 7.320 billion yuan in 2024, 9.077 billion yuan in 2025, and 10.529 billion yuan in 2026, with growth rates of 27.1%, 24.0%, and 16.0% respectively [2][3] - The projected net profit for 2024 is 992 million yuan, with significant growth expected in subsequent years [2][3]

Investment Rating - The report maintains a "Buy-A" rating for the company [2] Core Viewpoints - The company is a leading private oriented silicon steel manufacturer in China, ranking third in national production and first among private enterprises, with a production of 125,900 tons in 2023, a year-on-year increase of 13.25% [4] - The transformer business remains robust, with a production of 11,332,500 kVA in 2023, a year-on-year increase of 32.90%, marking a historical high [4] - The company benefits from the rising prices of high-grade silicon steel and increasing demand, with a significant project for high-end magnetic materials entering the commissioning phase [4] - The company’s revenue from the transformer business reached 1.353 billion yuan in 2023, up 88.52% year-on-year, with a gross margin of 15.32% [4] Summary by Sections Company Overview - The company has been deeply engaged in the power distribution and control equipment sector for 30 years, with a rich product line and a strong technological foundation [10] - It is the only company in China that integrates upstream raw materials with downstream services in the transformer manufacturing sector [10] Business Segments - The main products include power transformers and oriented silicon steel, with the latter's contribution to revenue steadily increasing, reaching 53% in 2021 before dropping to 47.57% in 2023 due to price declines [26] - The company’s revenue has grown from 571 million yuan in 2017 to 2.718 billion yuan in 2023, with a compound annual growth rate of 34.64% [26] Financial Performance - The company’s net profit for 2023 was 235 million yuan, a decrease of 21.31% year-on-year due to falling silicon steel prices [26] - The gross margin for the company was 17.36% in 2023, down 2.94 percentage points from the previous year [30] Market Trends - The global demand for transformers is expected to grow significantly due to the aging infrastructure and the need for upgrades in developed economies [49][62] - The company is well-positioned to benefit from the increasing investments in power grid infrastructure, particularly in the context of energy transition and the new power system development in China [87][88]

Investment Rating - The investment rating for the company is "Accumulate-A" [1] Core Views - The company achieved a revenue of 1.206 billion yuan in 2023, representing a year-on-year growth of 4.64%, and a net profit attributable to shareholders of 180 million yuan, up 19.55% year-on-year [1] - In Q1 2024, the company reported a revenue of 312 million yuan, a year-on-year increase of 40.65%, with a net profit of 55 million yuan, marking a significant growth of 96.04% year-on-year [1] - The automotive electronics and consumer electronics sectors are the main sources of revenue, with automotive electronics contributing 633 million yuan, accounting for 52.49% of total revenue [1] - The company is positioned to benefit from the ongoing electrification and intelligence trends in the automotive industry, providing core components and drive solutions [1] Financial Performance Summary - Revenue projections for 2024 to 2026 are 1.569 billion yuan (30.1% growth), 2.052 billion yuan (30.8% growth), and 2.589 billion yuan (26.2% growth) respectively [14] - Net profit forecasts for the same period are 231 million yuan (28.6% growth), 305 million yuan (31.6% growth), and 397 million yuan (30.3% growth) [14] - The company maintains a gross margin of approximately 29% and a net margin that is expected to improve to 15.3% by 2026 [3][14] Market Trends and Opportunities - The global VR market is projected to recover, with an expected sales volume of 8.44 million units in 2024, a 12% increase from 2023 [2] - The company is actively involved in the XR and smart home sectors, with products entering the Vision Pro, which is anticipated to accelerate growth in these areas [1][2] - The automotive electronics market is expected to continue growing, driven by increasing demand for electric and intelligent vehicles [1][14]

Investment Rating - The industry investment rating is maintained as "Leading the Market - A" [1] Core Viewpoints - Major model providers have announced significant price reductions, which are expected to expand the market and lower user costs for both B-end and C-end applications, accelerating the explosion of AI applications [1] - The price of the API input for Alibaba Cloud's Qwen-Long model has dropped by 97% to 0.0005 yuan per thousand tokens, making it approximately 1/400 of the GPT-4 price [1] - The report suggests that the rapid price cuts by leading model companies are likely to drive the application end's growth and further reduce content costs, empowering both B-end smart industries and C-end creators [1] Summary by Sections Investment Highlights - On May 21, Alibaba Cloud announced a significant price cut for its Qwen-Long model, while Baidu made its two main models free of charge [1] - The price of the pro-32k inference input for ByteDance's Volcano Engine model is 0.0008 yuan per thousand tokens, which is 99.3% cheaper than the industry average [1] - The report anticipates that public cloud and API will become the mainstream way for enterprises to use large models, with expected exponential growth in API call volumes [1] Market Performance - The industry is projected to perform 20% better than the CSI 300 index in the coming year [1] - The report indicates a 0% change in the market performance for the current period, with a forecasted decline of 20% in the next quarter [1] Analyst Insights - The report emphasizes that the ability to adapt, perform, and price effectively will determine which algorithm teams will dominate the edge AI field in the coming years [1] - The rapid advancements in domestic large model teams are highlighted, with examples of companies like OpenAI and Google leading in parameter scale [1]

Investment Rating - The report maintains an investment rating of "Leading the Market" for the industry, indicating an expected investment return exceeding the CSI 300 Index by more than 10% over the next six months [1]. Core Viewpoints - Major model providers have announced significant price reductions, which are expected to expand the market and lower usage costs for both B-end and C-end users, accelerating the explosion of AI applications [1]. - The price of the API input for Alibaba Cloud's Qwen-Long model has dropped to 0.0005 yuan per 1,000 tokens, a decrease of 97%, making it approximately 1/400 of the GPT-4 price [1]. - The report highlights that the reduction in costs for large models is likely to drive down content production costs and empower various sectors, including B-end smart industries and C-end creative fields [1]. Summary by Sections Investment Highlights - On May 21, Alibaba Cloud announced a price cut for its Qwen-Long model, while Baidu declared its main models free of charge, indicating a trend towards lower costs in the industry [1]. - The report notes that the input price for Qwen-Long's API has decreased significantly, which is expected to lead to a massive increase in API call volumes in the future [1]. Market Dynamics - The report emphasizes that the recent price cuts by leading model companies are likely to stimulate application growth and reduce costs in content production, benefiting both B-end and C-end users [1]. - The report suggests that the ability to adapt, perform, and price effectively will determine which algorithm teams will dominate the edge AI field in the coming years [1]. Investment Recommendations - The report recommends focusing on companies such as Tencent Holdings, Meitu, and others, as the rapid iteration of edge AI and price reductions from major model providers are expected to accelerate the formation of economies of scale in AI applications [1].

2024年05月21日 行业研究●证券研究报告 传媒 行业快报 月游戏版号发布， 改编引领游戏热潮 5 IP 投资评级 领先大市-A维持 首选股票 评级 投资要点 事件： 5月20日，国家新闻出版署公布5月份国产网络游戏审批信息，共有 一年行业表现 96款游戏过审，其中39款为移动休闲益智游戏，6款移动、PC双端游戏。 游戏版号持续增长，各品类游戏逐步丰富。目前情况：2024年累计发放国产网 络游戏版号524个、进口版号46个。IP改编游戏逐步成为趋势：5月游戏版号 中，包括国漫IP改编《不良人：九幽玄天》、《非人哉王牌员工》、《遮天： 凡尘一叶》，动画电影IP改编《功夫熊猫：神龙大侠》，动漫游戏IP《我叫 MT：口袋守卫战》等。部分游戏大厂获得版号：三七互娱（《四季城与多米糯》）、 灵犀互动（《神探诡事录》）、恺英网络（《百工灵》）、雷霆互动（《搏击双 城：重构》）等。其中，《百工灵》以中华传统手工艺为主题动漫游戏IP，《百 资料来源：聚源 工灵》动画也将在今年内正式播出。《百工灵》手游是基于《百工灵》IP改编 升幅% 1M 3M 12M 的模拟经营类游戏 相对收益 -1.5 -7.61 -16.29 ...

| --- | --- | --- | --- | |--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|----------------------------------------| | 2024 年 \n投资要点 | 05 月 21 日 \n万达轴承（ 920002.BJ ） | | 公司研究●证券研究报告 \n新股覆盖研究 | | 周二（5 | 月 21 日）有一只北交所新股"万达轴承"申购，发行价格为 20.74 元， | 交易数据 | | | | 若全额行使超额配售选择权则发行后市盈率为 14.33 倍（以 2023 年扣除非经常性 | 总市值（百万元） | | | | 损益后归属于母公司股东净利润计算）。 | 流通市值（百万元） | | | | 万达轴承（ ...