Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for future performance [3][5]. Core Insights - The company is one of the earliest entrants in the satellite navigation and positioning (GNSS) field in China, with a comprehensive industrial layout and deep technical reserves. It is expected to benefit from the increasing application of the BeiDou system [3][21]. - Revenue projections for 2024-2026 are estimated at 1.898 billion, 2.186 billion, and 2.629 billion yuan, representing year-on-year growth rates of 5.3%, 15.2%, and 20.3% respectively. The net profit attributable to the parent company is forecasted to be 0.04 billion, 0.84 billion, and 1.08 billion yuan, with significant growth in 2025 [3][23]. - The company plans to enhance its marketing efforts and R&D investments to boost its proprietary brand sales and product upgrades, particularly in the low-altitude economy sector [2][3]. Financial Data and Valuation - In 2023, the company achieved operating revenue of 1.802 billion yuan, a decrease of 6.31% year-on-year, while net profit attributable to the parent company was 478 million yuan, a significant increase of 298.77% [5][23]. - The first quarter of 2024 saw a revenue of 267 million yuan, down 31.98% year-on-year, with a net loss of 33.276 million yuan, a decrease of 87.23% [5][23]. - The company’s gross margin is projected to improve from 39.64% in 2024 to 41.05% in 2026, reflecting operational efficiency [8][23]. Product Segment Forecast - The BeiDou high-precision business is expected to generate revenues of 730 million, 850 million, and 1.02 billion yuan from 2024 to 2026, with a stable gross margin around 49.1% [9]. - The BeiDou mobile internet business is projected to achieve revenues of 730 million, 830 million, and 1 billion yuan over the same period, with gross margins increasing from 28.8% to 31.6% [9]. - The spatial information service segment is anticipated to generate revenues of 260 million, 300 million, and 360 million yuan, with gross margins improving from 27.8% to 30.4% [9].

446 云通讯资源。公司的国际云通信业务在技术产品和平台创新方面以及行业资质认证 与合作方面竞争优势明显，公司的云通信平台为客户提供了多元化的触达通道，这 种策略不仅确保了客户信息的高到达率，而且提高了客户的运营效率和用户体验， 使得梦网国际的服务更具吸引力。 财务数据与估值 http://www.huajinsc.cn/ 2 / 6 请务必阅读正文之后的免责条款部分 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|----------|-----------|-------------------|--------|-----------------------|--------|-------|-----------------|-------| | 证券代码 | 证券简称 | 收盘价/元 | 总市值/ 亿 \n 元 | 2024E | 营业收入/亿元 \n2025E | 2026E | 2024E | PS/倍 \n 2025E | 2026E | | 300634.SZ | 彩讯股份 | 17.48 ...

Investment Rating - The report suggests that the power semiconductor sector is currently at a historical valuation bottom, indicating potential investment opportunities in leading domestic companies [7]. Core Insights - Domestic power semiconductor manufacturers are increasingly participating in global competition, with significant improvements in technology and product offerings, leading to a narrowing gap with international leaders [7]. - The market share of domestic power semiconductor companies is approximately 21%, with a long-term potential for replacement and growth as the global market is expected to reach $35.865 billion (approximately 260 billion yuan) by 2026 [7]. - The report highlights that 2024 will be a pivotal year for the domestic SiC MOSFET market, with increasing production capacity and a focus on performance, reliability, and supply stability [7]. Summary by Sections Global Competition and Market Dynamics - Domestic manufacturers have transitioned from slowly catching up to gradually leading in specific areas, establishing strong competitive advantages in the diode and IGBT module sectors [7]. - The report notes that the supply landscape for automotive IGBT modules is stabilizing, with leading suppliers gaining market share due to their reliability and performance [7]. Investment Recommendations - The report recommends focusing on companies such as Yangjie Technology, Sijia Semiconductor, Huazhong Microelectronics, and others, which are well-positioned to benefit from the ongoing market dynamics and technological advancements [7]. Market Trends and Projections - The report anticipates a gradual recovery in demand, with domestic companies expected to capture a larger market share as they enhance their product offerings and expand into overseas markets [7]. - The growth of AI servers is expected to provide additional opportunities for domestic MOSFET manufacturers, further driving market expansion [7].

证券研究报告 分立器件/行业深度报告 领先大市-A（首次） 走进“芯”时代系列之八十“功率半导”深度分析 “功率半导”铸全球竞争护城河，产品格局看“底部”机遇 分析师： 孙远峰 S0910522120001 分析师： 王海维 S0910523020005 ...

2024年06月04日 行业研究●证券研究报告 电气设备 行业快报 能源局发文强调新能源消纳，电网投资增速可 投资评级 领先大市-A维持 期 首选股票 评级 事件点评 一年行业表现 6月4日，国家能源局印发《关于做好新能源消纳工作 保障新能源高质量发展 的通知》，就新能源利用率、消纳以及配套电网的推进工作给出有关要求。根据 文件，保障新能源高质量发展，需要优化完善新能源消纳政策措施，夯实基础、 巩固成果、改革创新，以高质量消纳工作促进新能源供给消纳体系建设。《通知》 提出4项重点任务： 一、加快推进新能源配套电网项目建设。加强规划管理，分别对500千伏及以上、 500千伏以下配套电网项目及配电网的规划管理工作提出改进要求。明确为国家布 局的大型风电光伏基地、流域水风光一体化基地等重点项目开辟纳规“绿色通道”。 资料来源：聚源 加快项目建设，各级能源主管部门会同电网企业建立已纳入规划的新能源配套电网 升幅% 1M 3M 12M 项目清单，在确保安全的前提下加快推进前期、核准和建设工作；要求优化接网流 相对收益 3.37 2.7 0.38 程，电网企业要主动为新能源接入电网提供服务，简化审核环节。 绝对收益 3 ...

2024年06月04日 行业研究●证券研究报告 传媒 行业快报 微短剧新规生效，助力优质内容稳健发展 投资评级 领先大市-A维持 首选股票 评级 投资要点 热点事件：6月1日，微短剧管理新规定正式实施生效，对微短剧实行“分类分 一年行业表现 层审核”，并设立了多项清晰的机制和标准。新规有助于提高行政管理效率和效 果，在源头上确保内容生产质量。6月2日下午，由周星驰出品的首部短剧《金 猪玉叶》正式在抖音播出。正值新规发行，影视大咖作品首秀或拉高创作门槛， 赋能微短剧产业高质量发展。 微短剧新规正式施行，分层管理有望保障高质量产出。新规要求落实行业监管 责任、属地管理责任、平台主体责任，对微短剧实行“分类分层审核”，总投资 额达到100万元及以上的“重点微短剧”由国家广电总局统一备案公示管理； 总投资额度在30万元（含）—100万元之间且非重点推荐的“普通微短剧”由 资料来源：聚源 省级广电部门进行规划备案审核和完成片审查；总投资额低于30万元且非重点 升幅% 1M 3M 12M 推荐的“其他微短剧”由播出或为其引流、推送的网络视听平台履行内容管理的 相对收益 -8.68 -16.05 -25.71 职责，负 ...

Investment Rating - The report assigns an "Add-B" rating to the company, indicating a positive outlook for investment in the next six months [20][18]. Core Views - The company is expected to benefit from the structural increase in demand for nylon, with significant growth projected in revenue and net profit from 2024 to 2026 [20][24]. - The company focuses on the production and sales of nylon 6 chips and plans to expand into nylon 66 products, which will support revenue growth [20][24]. Financial Forecasts and Business Breakdown - Revenue projections for the company are as follows: 2024 at 69.90 billion, 2025 at 88.45 billion, and 2026 at 104.05 billion, reflecting year-on-year growth rates of 16.1%, 26.5%, and 17.6% respectively [20][21]. - Net profit forecasts are 2.85 billion for 2024, 3.80 billion for 2025, and 4.86 billion for 2026, with growth rates of 44.9%, 33.2%, and 28.1% respectively [20][21]. - The gross margin is expected to improve from 7.72% in 2024 to 8.46% in 2026 [20][21]. - The company’s nylon chip revenue is projected to be 69.85 billion in 2024, 88.40 billion in 2025, and 104.00 billion in 2026, with corresponding gross margins of 7.72%, 8.08%, and 8.46% [12][23]. Valuation Comparison - The company’s projected P/E ratios are 12.3x for 2024, 9.3x for 2025, and 7.2x for 2026, which are lower than the average P/E ratios of comparable companies in the industry [24][20]. - The average P/E ratios for comparable companies are 16.2x for 2024, 12.0x for 2025, and 10.0x for 2026, indicating that the company is currently undervalued [24][20].

Investment Rating - The report maintains a "Buy-A" rating for the company, with a target price of 1,653.20 CNY [13][17]. Core Views - The company aims for a revenue growth target of 15% for 2024, indicating a strong performance outlook [17]. - The new chairman, with extensive experience in the liquor industry, is expected to lead the company towards stable and sustainable development [17]. - The report predicts revenue growth rates of 15.4%, 16.1%, and 17.1% for 2024, 2025, and 2026 respectively, with net profit growth rates of 16.9%, 17.6%, and 17.9% for the same years [17]. Financial Data and Valuation - Revenue (in million CNY) is projected to increase from 150,560 in 2023 to 236,138 in 2026, with a year-on-year growth rate of 18.0% in 2023 and 17.1% in 2026 [2]. - Net profit (in million CNY) is expected to rise from 74,734 in 2023 to 121,184 in 2026, with a year-on-year growth rate of 19.2% in 2023 and 17.9% in 2026 [2]. - The gross margin is projected to remain stable around 92% across the forecast period [2]. - Earnings per share (EPS) are forecasted to grow from 59.49 in 2023 to 96.47 in 2026 [2]. - The price-to-earnings (P/E) ratio is expected to decrease from 27.6 in 2023 to 17.0 in 2026, indicating a potentially attractive valuation [2]. Strategic Insights - The company emphasizes the importance of maintaining its core competitiveness, which includes quality, brand, craftsmanship, environment, and culture [13]. - The chairman highlighted the need for shareholder understanding and support, as well as the importance of talent attraction and innovation for future growth [13]. - The report suggests that the current phase of strategic execution will lead to improvements in sales and financial performance over the next few years [16].

Investment Rating - The report maintains an "Accumulate-A" rating for the company, indicating a positive outlook for future performance [14][26]. Core Views - The company has secured significant verification orders from key domestic clients and is in the process of establishing cooperation intentions with several other important clients, with some already entering the configuration confirmation and business process stages [2]. - The company launched the fully automated SiC wafer splitting machine KS-S200-2H1L in March 2024, expanding its product offerings in the small-size equipment market and successfully entering the wafer splitting field [3]. - The company reported strong new order intake in Q2 2024, with production, delivery, and acceptance plans aligning with expectations [14]. Financial Performance - In 2023, the company achieved revenue of 1.717 billion yuan, a year-on-year increase of 23.98%, and a net profit attributable to shareholders of 251 million yuan, up 25.21% year-on-year [14]. - The gross profit margin for 2023 was 42.53%, an increase of 4.13 percentage points compared to the previous year [14]. - The company’s order backlog at the end of 2023 was approximately 2.2 billion yuan (including tax) [14]. Product Segmentation - In 2023, revenue from photoresist coating and developing equipment reached 1.066 billion yuan, growing by 40.80% year-on-year, while single-wafer wet processing equipment generated 600 million yuan, up 9.09% year-on-year [14]. - The company is the only domestic provider of mass-production photoresist coating and developing machines, having completed full coverage for 28nm and above process nodes, with ongoing validation for below 28nm processes [14]. - The company has made significant progress in sales of new machines for high-end NTD negative photoresist and SOC coating [14]. Future Outlook - The company expects revenue for 2024 to be 2.163 billion yuan, with a growth rate of 26.0%, and net profit attributable to shareholders to reach 329 million yuan, reflecting a growth rate of 31.3% [14][15]. - The report anticipates a recovery in the advanced packaging sector in 2024, with the company benefiting from increased production capacity in the 2.5D advanced packaging market [13][14].

Investment Rating - The report maintains an investment rating of "Outperform" with expectations of returns exceeding the CSI 300 Index by more than 10% over the next six months [3]. Core Insights - NVIDIA's next-generation AI platform "Rubin" is set to integrate HBM4 memory, with a planned release in 2026, marking a significant upgrade in storage capabilities [1]. - The Blackwell chip has commenced production, with the enhanced Blackwell Ultra GPU expected in 2025, while the Rubin architecture will feature in future data center GPUs [1]. - Major memory manufacturers, including Micron, SK Hynix, and Samsung, are accelerating the production of HBM3E and advancing HBM4 development, indicating a robust demand for high-bandwidth memory in AI applications [1][2]. Summary by Sections Investment Highlights - NVIDIA's H200, based on the Hopper architecture, was released in 2023, featuring 141GB capacity and 4.8TB/s bandwidth [1]. - The Blackwell GPU, equipped with 192GB capacity and 8TB/s bandwidth, has begun production [1]. - The upcoming Rubin GPU will utilize 8 HBM4 chips, while the Rubin Ultra will integrate 12 HBM4 chips, marking NVIDIA's first use of 12 chips in AI semiconductor products [1]. Industry Trends - The HBM industry is experiencing rapid iterations, driven by AI chip manufacturers like NVIDIA, which is expected to create new demand and upgrade the supply chain [2]. - Samsung's HBM4 research indicates a maximum bandwidth of 2TB/s with 48GB capacity through 16-layer stacking, planned for release in 2025 [2]. - Investment opportunities in the HBM supply chain include companies involved in packaging, equipment, and materials, such as Tongfu Microelectronics and Changdian Technology [2].