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（ ...

2024年05月20日 行业研究●证券研究报告 半导体 行业动态分析 带动终端回暖，尖端先进封测需求增长强劲 AI 投资评级 领先大市-A维持 投资要点 首选股票 评级 24全年营收有望逐季增长，下半年表现优于上半年。（1）日月光：一季度为电 子产品淡季，受限于电子产品季节性（淡旺季）影响，公司所处行业整体需求环 比下降；2024Q1公司实现营收41.30亿美元，同比增长1.46%；毛利率为15.7%， 一年行业表现 净利率为5.7%；关键设备利用率仍处相对较低水平，平均约为60%。（2）安 靠：2024Q1公司营收为13.66亿美元（先进产品10.70亿美元，主流产品2.96 亿美元），同比下降7.20%，毛利率为14.8%，多个下游应用领域出现积极复 苏迹象，从全年角度看，24Q1将为安靠营收与产能利用率低点。（3）力成科 技：2024Q1公司营收为5.70亿美元，同比增长16.44%，毛利率为17.5%，环 比下降3.00pcts，主要是营收减少产能利用率下降所致。（4）长电科技：24Q1 营收/归母净利润同比实现双位数增长，2024Q1公司营收实现68.42亿元，同 比增长16.75%，归母净利润实 ...

2024年05月20日 行业研究●证券研究报告 半导体 行业动态分析 带动终端回暖，尖端先进封测需求增长强劲 AI 投资评级 领先大市-A维持 投资要点 首选股票 评级 24全年营收有望逐季增长，下半年表现优于上半年。（1）日月光：一季度为电 子产品淡季，受限于电子产品季节性（淡旺季）影响，公司所处行业整体需求环 比下降；2024Q1公司实现营收41.30亿美元，同比增长1.46%；毛利率为15.7%， 一年行业表现 净利率为5.7%；关键设备利用率仍处相对较低水平，平均约为60%。（2）安 靠：2024Q1公司营收为13.66亿美元（先进产品10.70亿美元，主流产品2.96 亿美元），同比下降7.20%，毛利率为14.8%，多个下游应用领域出现积极复 苏迹象，从全年角度看，24Q1将为安靠营收与产能利用率低点。（3）力成科 技：2024Q1公司营收为5.70亿美元，同比增长16.44%，毛利率为17.5%，环 比下降3.00pcts，主要是营收减少产能利用率下降所致。（4）长电科技：24Q1 营收/归母净利润同比实现双位数增长，2024Q1公司营收实现68.42亿元，同 比增长16.75%，归母净利润实 ...

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 不得制作会议纪要对外发送擅自制作会议纪要引起不当传播的后果自负反全所有 违者必究好的 各位投资人晚上好我是华监证券通信分析师李鸿涛很高兴这个晚上能够相聚在我们脉动电磁波我们这期的话主要给各位领导解读一下就是周的 本周的观点然后重点解读一下算了一下中美最近的话一些新的变化以及新的变化带来的投资机会的变化这周的话就是通信这块的话涨幅还是比较好的通信涨的是0.41然后同期上证指数下跌了0.02然后在总体上看起来其实好像是通静还是比较好的但是这块的话我们就觉得 因为前期的话通信也有波动然后呢整体上还是处于波动的范围内波动范围内的话就是整个就是前一段时间有那个出海的逻辑然后还有一个就是就是两会的那个新兴战略新兴产业的逻辑然后呢这 ...

数据来源：聚源、华金证券研究所 华 发 集 团 旗 下 企 http://www.huajinsc.cn/ 1 / 7 请务必阅读正文之后的免责条款部分 | --- | --- | --- | --- | --- | --- | |---------------------|-------|-------|-------|-------|-------| | 会计年度 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 (百万元) | 4,527 | 3,529 | 4,582 | 5,495 | 6,317 | | YoY(%) | -14.0 | -22.0 | 29.8 | 19.9 | 15.0 | | 归母净利润(百万元 ) | 335 | 194 | 417 | 547 | 631 | | YoY(%) | -32.9 | -41.9 | 114.4 | 31.3 | 15.2 | | 毛利率 (%) | 26.5 | 23.3 | 25.3 | 25.3 | 25.3 | | EPS(摊薄/ 元 ) | 0.20 | 0.12 | 0.25 | 0. ...

Investment Rating - The report assigns an "Overweight-A" rating to Kunlun Tech (300418 SZ) [1] Core Views - Kunlun Tech is strategically positioned across the entire AI industry chain, with a diversified business matrix that includes AI models, AI search, AI music, AI video, AI social, and AI gaming [1] - The company's revenue in 2023 reached RMB 4,915 million, a YoY increase of 3.78%, with net profit attributable to shareholders of RMB 1,258 million, up 9.15% YoY [1] - In Q1 2024, the company reported a revenue of RMB 1,208 million, a slight decline of 0.8% YoY, and a net loss of RMB -187 million due to temporary losses in investment business [1] - The company has launched multiple AI applications, including the "Tiangong" series of large models, AI music models, and AI gaming platforms, which are expected to drive future growth [1] AI Business Development - Kunlun Tech has developed a comprehensive AI business matrix, including AI models, AI search, AI music, AI video, AI social, and AI gaming [1] - The "Tiangong" large model series has been iterated to version 3.0, featuring a MoE (Mixture of Experts) architecture with 100 billion parameters, making it one of the most powerful MoE models globally [1] - The company launched the "Tiangong AI Assistant," the first MoE-based AI assistant in China, offering enhanced search, research, and creative capabilities [1] - In AI music, the company released the "Tiangong SkyMusic" model, which integrates instrument, vocal, melody, and volume generation using a Sora-like architecture [1] - In AI gaming, the company developed "Club Koala," a game that allows users to create game levels and party games without coding experience [1] Financial Performance and Projections - The company's revenue is projected to grow from RMB 5,513 million in 2024 to RMB 6,668 million in 2026, with a CAGR of 10.1% [4][6] - Net profit attributable to shareholders is expected to be RMB 626 million in 2024, RMB 648 million in 2025, and RMB 766 million in 2026 [4][6] - The company's gross margin is forecasted to remain stable at around 78% from 2024 to 2026 [4][6] - EPS is projected to be RMB 0.52 in 2024, RMB 0.53 in 2025, and RMB 0.63 in 2026 [4][6] Overseas Business and Opera Platform - Overseas business accounts for 86% of the company's revenue, with a YoY increase of 8.4 percentage points [1] - Opera, the company's AI-driven information distribution and metaverse platform, has over 300 million monthly active users globally [1] - Opera's revenue in 2023 reached USD 397 million, a YoY increase of 20%, with adjusted EBITDA of USD 93.7 million, up 38% YoY [1] - Opera One, the flagship browser, integrates the AI assistant "Aria," which supports over 50 languages and is available in 180 countries [1][3] Strategic Partnerships and R&D Investment - Kunlun Tech has formed strategic partnerships with Alibaba Cloud and Huawei Cloud to enhance AI computing and model training capabilities [1] - The company increased its R&D investment to 20.34% of revenue in 2023, up from 12.94% in 2021, with a 19.12% increase in R&D personnel [1] - The company has completed a full industry chain layout, including investments in AI computing chips and infrastructure [1] Valuation and Peer Comparison - Kunlun Tech's P/E ratio is projected to be 71.9x in 2024, 69.6x in 2025, and 58.8x in 2026, higher than peers due to its early-stage AI business expansion [4][8] - Comparable companies include Kingnet Network, Yaoji Technology, and BlueFocus, with average P/E ratios of 23.4x, 18.0x, and 15.1x for 2024, 2025, and 2026, respectively [8]

2024年05月19日 行业研究●证券研究报告 食品饮料 行业周报 房地产政策优化，看好白酒及餐饮产业链 投资评级 同步大市-A维持 投资要点 行情回顾：上周食品饮料（申万）行业整体下跌0.39%，在31个子行业中排名 首选股票 评级 第18位，跑输上证综指0.37pct，跑赢创业板指0.32pct。二级（申万）子板块 600519.SH 贵州茅台 买入-A 对比，上周子板块中非白酒实现领跑，涨幅为0.70%，三级子行业中其他酒类 603369.SH 今世缘 买入-B 涨幅最大，上涨2.30%，其次是预加工食品和烘培，涨幅分别为1.50%、1.20%， 603198.SH 迎驾贡酒 买入-B 零食为三级子行业中表现较差。 一年行业表现 上周大事： 4月社零受高基及假日错月影响，增速环比放缓。根据国家统计局数据，2024 年 1-4 月，国内实现社会消费品零售总额 15.6 万亿元，同比+4.1%。 2024 年 4 月，国内实现社零总额 3.57 万亿元，同比+2.3%，增速环比 3 月回落 0.8pct，表现低于市场一致预期（根据 Wind，4 月社零当月 同比增速预测平均值为+4.56%），我们认为主 ...

2024年05月19日 行业研究●证券研究报告 电力设备及新能源 行业周报 特斯拉上海储能超级工厂获施工许可，《电力 投资评级 领先大市-B维持 市场运行基本规则》印发【第 期】 19 投资要点 首选股票 评级 300750.SZ 宁德时代 买入-A 新能源汽车：本周，特斯拉上海储能超级工厂获施工许可，计划2024年5月开 工建设，2025年一季度实现量产，该工厂初期规划年产商用储能电池1万台， 储能规模近40GWh。璞泰来四川紫宸科技项目一期二季度已开始试生产，二期 正在建设中，全面建成后将形成28万吨的负极材料一体化产能。亿纬锂能发布 超充电池新产品，采用领先的 3C 超充技术，15 分钟即可从 20%快充至 一年行业表现 80%SOC。国轩高科正式推出全系支持5C超快充的“G刻”电池、“星晨”高 镍三元大圆柱电池两款新电池：G刻电池“发布即量产”，目前已开始推进整车 夏标的测试，铁锂系电池包容量最高超75kWh，可实现600km以上续航；三元 电池包容量超100kWh，可实现800km以上续航；星晨电池预计于2024年四 季度量产，电池容量达33.6Ah，质量能量密度达285Wh/kg，支持4C快充。 ...