2024年05月18日 行业研究●证券研究报告 通信 行业快报 大张角通感一体网络发布，低空经济基础 5G-A 投资评级 领先大市-B维持 建设加速 首选股票 评级 600941.SH 中国移动 增持-B 投资要点 600050.SH 中国联通 增持-B 601728.SH 中国电信 增持-B 事件：近日，广州移动携手中兴通讯完成全球首个5G-A的128通道大张角通感 000063.SZ 中兴通讯 增持-B 设备的部署开通，垂直覆盖波束角度达到65°，真正实现地空一体化高精度无 002446.SZ 盛路通信 增持-B 死角全面感知。 688387.SH 信科移动 增持-B 突破传统5G基站覆盖范围，多通道助力波束赋形扩展。传统5G基站对地面信 一年行业表现 号优化后的覆盖范围约在100-300米。理论上，可以实现垂直方向300米的信 号传输。但是由于板状天线朝向问题及其他因素影响，会导致基站向上信号质量 缺陷，具体包括频繁小区切换、传输速率不稳定等。本次推出的5G基站为128 通道自发自收通感一体设备，单设备完成通感信号的发射和接收，单站覆盖距离 1.5KM以上，组网更加灵活便捷，同时节约部署成本，可降低 ...

2024年05月18日 行业研究●证券研究报告 通信 行业周报 中美大模型比拼，性能升级 集采落地 VS 投资评级 领先大市-A维持 投资要点 1、本周回顾 首选股票 评级 本周通信(中信) 上涨0.41%，同期上证指数下跌0.02%，深证成指下跌0.22%， 600941.SH 中国移动 增持-B 创业板指下跌0.70%，沪深300上涨0.32%。从板块来着，高频PCB本周表现最 002049.SZ 紫光国微 买入-B 佳，涨幅达1.75%，卫星导航相对弱势，跌幅达1.86%。 一年行业表现 涨幅前三的个股为：神宇股份(56.96%)、华脉科技(20.95%)、*ST九有(18.60%)。 通信行业出现反弹。此外，AI算力指数本周涨幅为0.55%、东数西算指数涨幅为 0.72%；专网领域标的佳讯飞鸿涨幅为5.35%、海能达涨幅为4.76%。我们认为本 周A股市场趋于横向波动。通信产业驱动较多，持续催化。看好全板块投资机会。 运营商领域：中国移动AI服务器、PC服务器集采落地；Q1全球云服务支出增长 21%；湖北推进5G-A规模化应用和6G技术攻关，培育布局“量子+”产业；算力 领域：OpenAI发布GPT ...

2024年05月18日 行业研究●证券研究报告 通信 行业周报 中美大模型比拼，性能升级 集采落地 VS 投资评级 领先大市-A维持 投资要点 1、本周回顾 首选股票 评级 本周通信(中信) 上涨0.41%，同期上证指数下跌0.02%，深证成指下跌0.22%， 600941.SH 中国移动 增持-B 创业板指下跌0.70%，沪深300上涨0.32%。从板块来着，高频PCB本周表现最 002049.SZ 紫光国微 买入-B 佳，涨幅达1.75%，卫星导航相对弱势，跌幅达1.86%。 一年行业表现 涨幅前三的个股为：神宇股份(56.96%)、华脉科技(20.95%)、*ST九有(18.60%)。 通信行业出现反弹。此外，AI算力指数本周涨幅为0.55%、东数西算指数涨幅为 0.72%；专网领域标的佳讯飞鸿涨幅为5.35%、海能达涨幅为4.76%。我们认为本 周A股市场趋于横向波动。通信产业驱动较多，持续催化。看好全板块投资机会。 运营商领域：中国移动AI服务器、PC服务器集采落地；Q1全球云服务支出增长 21%；湖北推进5G-A规模化应用和6G技术攻关，培育布局“量子+”产业；算力 领域：OpenAI发布GPT ...

华 发 集 团 旗 下 企 业 图表目录 | --- | --- | --- | --- | |-----------------|---------------------------------------------------------------------------------------|----------------------------------------|--------------------------------------| | 2024 \n投资要点 | 年 05 月 17 日 \n汇成真空（ 301392.SZ ） | | 公司研究●证券研究报告 \n新股覆盖研究 | | | 下周二（ 5 月 21 日）有一家创业板上市公司"汇成真空"询价。 | 交易数据 | | | | 汇成真空（ 301392 ）：公司是一家以真空镀膜设备研发、生产、销售及其技术服务 | 总市值（百万元） | | | | 为主的真空应用解决方案供应商。公司 2021-2023 年分别实现营业收入 5.34 亿元 | 流通市值（百万元） | | | /5.71 | 亿元 /5.22 亿元， YOY ...

Company Overview - The company specializes in the R&D, production, and sales of vacuum coating equipment, with its main products and services being vacuum coating equipment and related technical support [10] - In 2023, the company's main revenue was divided into three segments: vacuum coating equipment (382 million CNY, 73.27%), accessories and consumables (47 million CNY, 8.95%), and technical services and others (93 million CNY, 17.78%) [12] - The company's revenue from vacuum coating equipment has consistently accounted for over 70% of total revenue from 2021 to 2023, with its primary applications in the consumer electronics and industrial sectors [12] Financial Performance - From 2021 to 2023, the company achieved revenues of 534 million CNY, 571 million CNY, and 522 million CNY, with year-over-year growth rates of 36.13%, 6.86%, and -8.53%, respectively [29] - Net profit attributable to the parent company for the same period was 71.4 million CNY, 71.3 million CNY, and 81.1 million CNY, with year-over-year growth rates of 29.82%, -0.22%, and 13.73%, respectively [25] - In Q1 2024, the company achieved revenue of 72 million CNY, a year-over-year increase of 1.22%, and net profit attributable to the parent company of 10 million CNY, a year-over-year increase of 55.15% [29] Industry Analysis - Vacuum coating technology is widely used in consumer electronics, such as smartphone frames, casings, display panels, and ITO glass, with significant customer barriers due to high supplier certification standards [50] - The high-end vacuum coating equipment market is dominated by multinational companies such as Applied Materials Inc, ULVAC, and Leybold, while the domestic market has grown significantly since the 1960s [52] - The company has established deep cooperation with Apple and its supply chain, with annual revenue from the Apple supply chain exceeding 100 million CNY and accounting for over 20% of total revenue [53] Company Highlights - The company is a leading domestic vacuum coating equipment manufacturer, with strong R&D capabilities and product performance, having entered Apple's supply chain in 2017 [53] - The company is actively expanding into emerging industries, including automotive smart driving, industrial applications, and new energy sectors, with significant growth in industrial product revenue from 2021 to 2023 [37] - The company has obtained patents for lithium battery-related equipment and has formed partnerships with key players in the PVD copper foil composite collector field [37] IPO and Future Outlook - The company plans to use IPO funds for two major projects: a R&D and production base and a vacuum coating R&D center, with a total investment of 335 million CNY [54][39][56] - For the first half of 2024, the company expects revenue to range between 2,918.67 million CNY and 3,123.99 million CNY, a year-over-year increase of 16.80% to 25.02%, and net profit attributable to the parent company to range between 540.83 million CNY and 581.80 million CNY, a year-over-year increase of 23.32% to 32.66% [40] Peer Comparison - Compared to peers in the consumer electronics equipment manufacturing sector, the company's revenue and gross profit margin are below the average, with 2023 revenue of 522 million CNY and a gross profit margin of 32.65% [58][41] - The average revenue of comparable companies in 2023 was 1,778 million CNY, with an average PE-TTM of 21.24X and a gross profit margin of 33.15% [58]

大家好欢迎参加华经通信算力训练与推理共振未来共振到来电话会议下面开始播报名字声明声明播报完毕后主持人可直接开始发言 本次会议为华经证券客户开发设计在任何情形下都不构成对会议参加者的投资建议敬请会议参加者充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险本次会议内容的知识产权仅为华经证券所有未经华经证券事先书面许可 合或个人不得以任何形式转发、翻版、复制、发布或引用会议全部或部分内容亦不得从未经华经证券书面授权的任何机构、个人或其运营的媒体平台接收、翻版、复制或引用会议的全部或部分内容不得制作会议机要对外发送擅自制作会议机要引起不当传播的后果自负版权所有 违者必究 各位投资人晚上好我是华监证券通信分析师李鸿韬很高兴各位领导能够晚上参加我们这个算力的会议算力这块的话我们不论是最近可能活动比较多不论是那个这种专题的会议还是我们那个什么策略就是每周的周观点会议还有近期的路演化都是在这个方向在发力 为什么呢因为整个算力化我们发现了一些最基本面的变化和投资逻辑的变化就是说运营商不是那个整个资本的投资会从这个几大云厂商向这种其他的云厂商和国内的云厂商去转换这是一个还有一个传统的这个GDP4.0Turbo还有 ...

Investment Rating - The report maintains a "Buy - A" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [23][26]. Core Insights - The company achieved a revenue of 3.78 billion yuan in Q1 2024, marking a year-on-year growth of 40.51% and a quarter-on-quarter increase of 11.41%, setting a new historical high [18]. - The net profit attributable to shareholders for Q1 2024 was 1.05 billion yuan, reflecting a year-on-year increase of 37.93% and a quarter-on-quarter rise of 20.35% [18]. - The company is focusing on optimizing its product structure and enhancing production efficiency, which has led to profit growth outpacing revenue growth [18]. - The report highlights the successful development of four core technology platforms, including chemical mechanical polishing liquids and functional wet electronic chemicals, which are crucial for the semiconductor industry [29]. Financial Summary - Revenue projections for 2024 to 2026 are set at 16.43 billion yuan, 20.37 billion yuan, and 24.61 billion yuan, with growth rates of 32.7%, 24.0%, and 20.8% respectively [23]. - The net profit attributable to shareholders is forecasted to be 4.88 billion yuan, 6.20 billion yuan, and 7.65 billion yuan for the same period, with growth rates of 21.2%, 27.0%, and 23.4% respectively [23]. - The report indicates a projected P/E ratio of 32.8, 25.8, and 20.9 for the years 2024, 2025, and 2026 [23]. Market Position - The company has achieved a global market share of 8% in chemical mechanical polishing liquids, with a revenue of 10.75 billion yuan in 2023, representing a year-on-year growth of 12.98% [19]. - The company is expanding its product lines to include various polishing liquids and has made significant progress in developing products for advanced semiconductor applications [19][30].

2024年05月15日 公司研究●证券研究报告 恺英网络（ ） 公司快报 002517.SZ 传媒 | 游戏Ⅲ 情怀+创新筑 IP 护城河，重点游戏赋能稳健增长 投资评级 买入-A(首次) 股价(2024-05-14) 11.99元 投资要点 交易数据 事件：2023年，公司实现营业收入42.95亿元，同比增长15.30%；归母净利润 总市值（百万元） 25,808.69 14.62亿元，同比增长42.57%。每10股派现1元（含税），不转增。2024Q1， 流通市值（百万元） 22,870.51 公司实现营业收入13.08亿元，同比增长36.93%；归母净利润4.26亿元，同比增 总股本（百万股） 2,152.52 长47.06%，主要由于公司游戏表现良好带来收入增加所致。 流通股本（百万股） 1,907.47 12个月价格区间 18.07/9.96 情怀武侠+多样化创新IP，游戏主业多元化发展。公司专注于精品化网络游戏产品 的研发、制作和运营，始终坚持“研发、发行、投资+IP”三大板块驱动，打造核 一年股价表现 心竞争力。报告期内，受益于《原始传奇》、《敢达争锋对决》、《热血合击》、 《天使之战》、《 ...

| --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------|-----------------|---------------------|----------------------------------------|-----------------------------------------| | 2024 年 05 月 15 日 \n拓邦股份（ 002139.SZ ） \n下游复苏叠加出海战略，业绩拐点已现 \n投资要点： | 投资评级 \n股价 | 电子 \n(2024-05-14) | 公司研究●证券研究报告 \n\| 增持-B(首次 | 公司快报 \n其他电子零组件Ⅲ ) \n10.33 元 | | 事件：近期，公司发布 2023 年年报和 2024 年一季报。 2023 年，公司实现营业收 | 交易数据 | | | | | 入 89.92 亿元，同比增长 1.32% ...

446 数据来源：聚源、华金证券研究所 投资建议：鉴于当前半导体下游复苏/半导体零部件国产化进程，我们调整对公司 原有业绩预期。预计 2024 年至 2026 年营业收入为 31.31（前值为 27.33）/42.66 （前值为 38.87）/50.15（新增）亿元，增速分别为 51.6%/36.3%/17.6%；归母净 利润为 3.08（前值为 3.28）/4.40（前值为 4.31）/5.61（新增）亿元，增速分别为 82.5%/43.1%/27.3%；对应 PE 分别为 43.5/30.4/23.9 倍。考虑到富创精密是全球 为数不多能够量产应用于 7 纳米工艺制程半导体设备的精密零部件制造商，随着国 内对半导体设备需求的不断提高，叠加我国的政策支持及技术突破，在半导体核心 产业链自主可控背景下，有望加速半导体设备国产替代进程，为公司发展提供历史 机遇。维持"增持-A"评级。 | --- | --- | --- | --- | --- | --- | |---------------------|-------|-------|-------|-------|-------| | 会计年度 | 2022 ...