2024年05月14日 行业研究●证券研究报告 传媒 行业快报 模型迭代更新，专注多模态与端侧应用 GPT 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14日凌晨，OpenAI发布新一代旗舰生成模型GPT-4o、桌面App， 一年行业表现 并展示新功能。GPT-4o（“o”代表“Omni”译为全能）更接近自然人机交互。 接受文本、音频和图像的任意组合作为输入，并生成文本、音频和图像输出。 端到端训练，模型实现文本、图像、音频跨模态整合。根据OpenAI官网，GPT-4o 音频反馈时长为232毫秒，平均反馈时长为320毫秒，已接近人类对话发应时 间。早期音频模式：由三个独立模型组成（语音转文本-GPT3.5/GPT-4-文本转 语音），会丢失大量信息并存在延迟GPT-3.5（2.8秒）、GPT-4（5.4秒）， 同时无法表达情感、唱歌等。GPT-4o模型特点：实现跨文本、视觉和音频训练， 所有输入和输出由单一神经网络处理；实时反馈及情绪感知。各细分表现：语音 资料来源：聚源 翻译任务上，优于Whisper-V3以及谷歌和Meta的语音模型；视觉理解表现优 升幅% 1M 3M 12M 于G ...

Investment Rating - The investment rating for the company is "Buy-B" [2][3][7] Core Views - The company reported a steady revenue growth of 12.58% year-on-year, achieving a total revenue of 832.72 billion yuan in 2023, with a net profit of 302.11 billion yuan, reflecting a growth of 13.19% [1][2] - The company aims for a continued double-digit revenue growth in 2024, with a target revenue of 924.84 billion yuan [4][9] - The management has positioned 2024 as a year focused on marketing execution, emphasizing sales activation, price stability, and cost efficiency [3][5] Financial Performance - In Q4 2023, the company achieved a revenue of 207.36 billion yuan, a year-on-year increase of 14.00%, and a net profit of 73.78 billion yuan, up 10.07% [1][2] - For Q1 2024, the company reported a revenue of 348.33 billion yuan, growing 11.86% year-on-year, with a net profit of 140.45 billion yuan, an increase of 11.98% [1][2] - The gross margin for 2023 was 75.79%, a slight increase of 0.37 percentage points year-on-year [2][4] Product and Channel Analysis - The company’s main product, Wuliangye, generated revenue of 628.04 billion yuan in 2023, growing 12.84% year-on-year, while other liquor products contributed 136.43 billion yuan, up 13.05% [2][5] - The distribution channels showed robust performance, with revenue from distribution and direct sales reaching 459.85 billion yuan and 304.62 billion yuan respectively, reflecting growth rates of 13.56% and 12.53% [2][5] Future Outlook - The company has a clear pricing strategy, having increased the factory price of its core product by 20 yuan, while also reducing traditional channel investments by 20% [3][5] - Revenue projections for 2024 to 2026 are estimated at 925 billion yuan, 1030 billion yuan, and 1141 billion yuan, with corresponding net profits of 339 billion yuan, 383 billion yuan, and 429 billion yuan [3][4][5] - The company is expected to maintain a stable gross margin, projected to reach 76.3% in 2024 and gradually increase to 77.1% by 2026 [4][9]

446 向上势能不减，盈利持续提升 事件： 23 年报：公司发布 2023 年年报及 24 年一季报，23 年实现营收 302.33 亿元，同比 +20.34%；归母净利润 132.46 亿元，同比+27.79%；扣非归母净利润 131.50 亿元， 同比+27.41%。其中，23Q4 实现营收 82.91 亿元，同比+9.10%；归母净利润 26.80 亿元，同比+24.78%；扣非归母净利润 26.61 亿元，同比+23.50%。 24Q1：实现营收 91.88 亿元，同比+20.74%；归母净利润 45.74 亿元，同比+23.20%； 扣非归母净利润 45.52 亿元，同比+23.41%。 24 年目标：力争实现营业收入同比增长不低于 15%。 报表分析：23 年年报表现较好，24Q1 合同负债同比提升。23 年现金回款 315.89 亿 一年股价表现 元，同比+21.91%，高于营收增速(+20.34%)，销售收现率 104%，其中 23Q4 现金回 款 39.45 亿元，同比-28.84%，低于营收增速(+9.10%)；合同负债为 26.73 亿元，同 比+1.07 亿元/环比-2.89 亿元。2 ...

Investment Rating - The report assigns an "Overweight" rating to Shanghai Hugong (603131 SH) with a first-time coverage rating of -B [2] Core Views - Shanghai Hugong is a leader in the intelligent manufacturing industry and is expanding into the commercial aerospace sector to drive new growth [2] - The company achieved revenue of 1 053 billion yuan in 2023, a year-on-year increase of 6 20%, but reported a net loss of 54 million yuan, narrowing the loss by 72 32 million yuan compared to the previous year [2] - The company's automation welding and cutting equipment business saw steady growth, with sales revenue reaching 158 million yuan, up 15 10% year-on-year [2] - The robot system integration business achieved revenue of 22 5 million yuan, a significant increase of 147 02% year-on-year, with a gross margin of 13 25%, up 10 43 percentage points [2] - The high-end equipment supporting business generated revenue of 173 million yuan, up 20 65% year-on-year, but the net profit decreased by 249 80% to -13 52 million yuan due to market and policy factors [2] - The company's subsidiary, Huayu Technology, underperformed, leading to a goodwill impairment of 92 94 million yuan, which dragged down overall performance [2] - Shanghai Hugong is a leading domestic company in high-end digital welding and cutting control, with a complete product line and a strong position in the industry [2] - The company's subsidiary, Huhang Satellite, focuses on commercial satellite products and services, benefiting from the high growth of the commercial aerospace sector [2] Financial Forecasts - The report forecasts revenue for 2024-2026 to be 1 179 billion yuan, 1 310 billion yuan, and 1 446 billion yuan, with year-on-year growth rates of 11 9%, 11 1%, and 10 4% respectively [8] - Net profit attributable to the parent company is expected to be 88 million yuan, 114 million yuan, and 137 million yuan for 2024-2026, with year-on-year growth rates of 262 7%, 29 4%, and 19 8% respectively [8] - The EPS for 2024-2026 is projected to be 0 28 yuan, 0 36 yuan, and 0 43 yuan, with P/E ratios of 52 8x, 40 8x, and 34 0x respectively [8] - The gross margin for 2024-2026 is expected to remain stable at around 22 2%, 22 15%, and 22 02% [12] Product Breakdown - Arc welding equipment is expected to generate revenue of 750 million yuan, 810 million yuan, and 860 million yuan in 2024-2026, with a gross margin of 24 5%, 24 6%, and 24 6% [12] - Automation welding and cutting equipment revenue is forecasted to be 180 million yuan, 210 million yuan, and 240 million yuan in 2024-2026, with a gross margin of 12 6%, 12 6%, and 12 7% [12] - Robot system integration revenue is projected to be 30 million yuan, 40 million yuan, and 50 million yuan in 2024-2026, with a gross margin of 13 4%, 13 6%, and 13 5% [12] - High-end equipment supporting revenue is expected to be 210 million yuan, 240 million yuan, and 280 million yuan in 2024-2026, with a gross margin of 21 2%, 21 5%, and 21 5% [12] Industry and Competitive Positioning - Shanghai Hugong is a leading company in the welding and cutting industry, with core technologies in welding, cutting, and automation equipment [8] - The company is actively expanding into the commercial aerospace industry, which is expected to benefit from high downstream demand [8] - The report compares Shanghai Hugong with peers such as Jasic Technology, Zongshen Power, and China Satellite, highlighting its potential for growth in the high-end equipment and satellite sectors [17][18]

请善后 大家好欢迎参加华经电信新能源板块经济观点电话会议下面开始播报你的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 任何机构和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纪要作为发送擅自制作会议纪要引起不当传播的后果自负版权所有违者必究 各位投资者大家晚上好我是花金证券电信的分析师Diamond Chen今天晚上和大家一起分享一下我们最近对于新联网板块的观点最近的话呢其实新联网板块的话呢事情也还是比较多的 首先先跟大家回顾一下近期的一些个事件其中就有中华企业家会议在这个会议上很多的力电池公司都和双方签订了合作 其中有袁景与苏伊士集团签订了备忘录双方将共同在法国创建零碳的电池产业园然后袁景还与法国工业园工程领域契约法孚集团签署全面的合作协议双方将推动在氢能电池装备和数字智能方面的合作宁德时 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [17] Core Viewpoints - The transformer market remains robust, with the company achieving a record production of 1,133.25 million kVA, a year-on-year increase of 32.90%. The acquisition of Yunbian Electric enhances competitive strength, particularly in high-voltage applications [20][21] - The company is the only domestic manufacturer that integrates upstream raw materials with downstream services, benefiting from the energy transition and the new cycle of global grid construction [21][27] - The company’s revenue from the transformer business has shown stable growth, with a production increase of 46.98% in 2023 compared to 2019, although it still lags behind the top tier in the domestic market [15][21] Summary by Sections Company Overview - The company has been deeply involved in the power distribution and control equipment sector for over 30 years, focusing on high-end magnetic materials and smart grid solutions. It has a solid technological foundation and a broad customer base [24][36] Financial Performance - The company’s revenue has grown steadily from 571 million to 2.718 billion, with a compound annual growth rate of 34.64% from 2017 to 2023. However, net profit in 2023 decreased by 21.31% due to falling prices of oriented silicon steel [59][62] Product and Market Dynamics - The company’s oriented silicon steel production reached 125,900 tons in 2023, a year-on-year increase of 13.25%. The revenue from the power distribution business was 1.353 billion, up 38.52% year-on-year [27][59] - The company’s product line includes energy-efficient transformers and high-magnetic silicon steel, which are essential for various applications, including renewable energy and smart grids [55][71] Future Outlook - The company is expected to benefit from rising demand for high-grade silicon steel and the ongoing energy transition, with projected net profits of 309 million, 459 million, and 612 million for 2024-2026 [21][27]

http://www.huajinsc.cn/ 1 / 5 请务必阅读正文之后的免责条款部分 风险提示：下游终端市场需求不及预期风险，新技术、新工艺、新产品无法如期产 业化风险，市场竞争加剧风险，产能扩充进度不及预期风险，系统性风险等。 数据来源：聚源、华金证券研究所 财务报表预测和估值数据汇总 公司快报/集成电路Ⅲ A —正常风险，未来 6 个月投资收益率的波动小于等于沪深 300 指数波动； | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------|------------------------|----------------------------------------|-------------------------|-----------------| | 2024 年 05 月 13 日 \n汇成股份（ 688403.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | 业绩稳步增长，持 ...

感谢大家参加大家好欢迎参加华欣通讯爱动电子博第21期国内大模型商用三万算力机柜落地大湾区电话会议下面开始播报你的声明声明播报完毕后主持人可直接发言 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 和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纪要对外发送擅自制作会议纪要引起不当传播的后果自负版权所有 违者必究 好的各位投资人晚上好我是华健证券通信首席分析师李鸿涛很高兴各位领导晚上能够收听我们21期脉动电子波的投资观点这周的话通信行业波动很大就是跌幅是在2.71这块话在历次里面算是比较多的但这个话基本上在我们大致的判断内但跌的稍微也有点多就是主要是 光模块和算力这块的话就是典型的这些公司回调的比较多像中基虚创等等龙头都有一定的回调然后算力这块的话我们原来也说基本上因为英伟达的算力然后还有国内的相应大模型基本上它 ...

数据来源：聚源、华金证券研究所 风险提示：下游终端市场需求不及预期风险，新技术、新工艺、新产品无法如期产 业化风险，市场竞争加剧风险，系统性风险等。 公司快报/集成电路Ⅲ 公司评级体系 分析师声明 本公司具备证券投资咨询业务资格的说明 本报告基于已公开的资料或信息撰写，但本公司不保证该等信息及资料的完整性、准确性。本报告所载的信息、资料、建议及推测 仅反映本公司于本报告发布当日的判断，本报告中的证券或投资标的价格、价值及投资带来的收入可能会波动。在不同时期，本公司可 能撰写并发布与本报告所载资料、建议及推测不一致的报告。本公司不保证本报告所含信息及资料保持在最新状态，本公司将随时补充、 更新和修订有关信息及资料，但不保证及时公开发布。同时，本公司有权对本报告所含信息在不发出通知的情形下做出修改，投资者应 当自行关注相应的更新或修改。任何有关本报告的摘要或节选都不代表本报告正式完整的观点，一切须以本公司向客户发布的本报告完 整版本为准。 风险提示： 上海市浦东新区杨高南路 759 号陆家嘴世纪金融广场 30 层 北京市朝阳区建国路 108 号横琴人寿大厦 17 层 深圳市福田区益田路 6001 号太平金融大厦 ...

2024年05月13日 公司研究●证券研究报告 万华化学（ ） 公司快报 600309.SH 基础化工 | 聚氨酯Ⅲ 经营稳健，新项目有序推进支撑未来发展 投资评级 买入-B(首次) 股价(2024-05-10) 90.22元 投资要点 事件：万华化学发布2023年报和2024年一季报，2023年实现营收1753.61亿元， 交易数据 同比增长5.92%；归母净利润168.16亿元，同比增长3.59%；扣非归母净利润164.39 总市值（百万元） 283,267.94 亿元，同比增长4.06%；毛利率16.79%，同比提升0.22pct。 流通市值（百万元） 283,267.94 总股本（百万股） 3,139.75 2024Q1实现营收461.61亿元，同比增长10.07%，环比增长7.84%；归母净利润41.57 流通股本（百万股） 3,139.75 亿元，同比增长2.57%，环比增长1.09%；扣非归母净利润41.27亿元，同比增长 12个月价格区间 96.90/69.96 3.47%，环比增长2.90%；毛利率17.63%，同比提升0.1pct，环比提升0.77pct。 一年股价表现 公司拟向全体股东 ...