团 旗 下 企 业 http://www.huajinsc.cn/ 1 / 5 请务必阅读正文之后的免责条款部分 Wi-Fi&BT 等不同技术的物联网，产品应用在智能表计、两轮车、智慧工业、电力 行业、无人机、智能家居等多个领域实现了广泛应用，拿到了大量全球知名 Top 品 牌项目。ODM 业务为行业 PDA、POS 支付、FWA、两轮智能出行、BMS、AIoT 等行业的头部客户提供了 PCBA 解决方案。公司自 2019 年开始部署物联网平台 及软件解决方案，至今已累计服务了 500 多家客户。自主研发了 QIDI（Quectel Intelligent Defect Inspection）智能缺陷检验平台，以及算法模型可视化部署工具 Qvision，极大降低了工业制造领域算法学习和使用门槛。2023 年，公司为百余客 户提供了全球法规认证、运营商认证、一致性认证以及其他行业认证等多种认证服 务，累计为全球超过 300 家客户提供卓越的认证服务，助力客户跨越国际市场的 准入壁垒，实现国际化拓展。 风险提示：新产品导入不及预期；市场竞争持续加剧；海外市场拓展不利；汽车模 组订单落地不及预期。 财务数据与估值 ...

数据来源：聚源、华金证券研究所 Wi-Fi&BT 等不同技术的物联网，产品应用在智能表计、两轮车、智慧工业、电力 行业、无人机、智能家居等多个领域实现了广泛应用，拿到了大量全球知名 Top 品 牌项目。ODM 业务为行业 PDA、POS 支付、FWA、两轮智能出行、BMS、AIoT 等行业的头部客户提供了 PCBA 解决方案。公司自 2019 年开始部署物联网平台 及软件解决方案，至今已累计服务了 500 多家客户。自主研发了 QIDI（Quectel Intelligent Defect Inspection）智能缺陷检验平台，以及算法模型可视化部署工具 Qvision，极大降低了工业制造领域算法学习和使用门槛。2023 年，公司为百余客 户提供了全球法规认证、运营商认证、一致性认证以及其他行业认证等多种认证服 务，累计为全球超过 300 家客户提供卓越的认证服务，助力客户跨越国际市场的 准入壁垒，实现国际化拓展。 投资建议：公司深耕车载领域物联网模组，同时布局高算力模组。考虑到公司 5G 模组的出货量逐渐提升，同时出货提升后竞争压力的增大，调整公司盈利预测，我 们 认 为 未 来 公 司 将 长 期 保 ...

2024年05月01日 公司研究●证券研究报告 紫光股份（ ） 公司快报 000938.SZ 计算机 | 通用计算机设备Ⅲ 市场承压业绩平稳，国际业务+AI 成新增长点 投资评级 买入-B(维持) 股价(2024-04-30) 20.95元 投资要点： 事件：2024年4月30日，公司发布2023年年度报告和2024年一季度报告。2023 交易数据 年，公司实现营业收入773.08亿元，同比增长4.39%，实现归母净利润21.03亿 总市值（百万元） 59,918.67 元，同比下降2.54%。2024年第一季度公司实现营业收入170.06亿元，同比增长 流通市值（百万元） 59,918.67 2.89%，实现归母净利润4.14亿元，同比下降5.76%。 总股本（百万股） 2,860.08 流通股本（百万股） 2,860.08 事件分析： 12个月价格区间 35.40/15.49 营收稳步增长，研发力度持续加大。公司作为全球新一代云计算基础设施建设和行 一年股价表现 业智慧应用服务的领先者，提供智能化的网络、计算、存储、云计算、安全和智能 终端等全栈 ICT 基础设施及服务。2023年，公司实现营业收入7 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the company's investment return is expected to outperform the CSI 300 Index by 5% to 15% over the next 6 months [29] Core Views - The company achieved significant revenue and profit growth in 2023, with operating revenue reaching 7.716 billion yuan, a year-on-year increase of 36.65%, and net profit attributable to the parent company reaching 564 million yuan, a year-on-year increase of 54.47% [17] - In Q1 2024, the company continued its growth trajectory with operating revenue of 2.123 billion yuan, a year-on-year increase of 17.11%, and net profit attributable to the parent company of 188 million yuan, a year-on-year increase of 33.78% [17] - The company's wireless communication applications accounted for 99.63% of its revenue, with a gross margin of 23.20%, an increase of 3.12 percentage points year-on-year [17] - The company has been expanding its international business, with overseas revenue reaching 4.484 billion yuan in 2023, a year-on-year increase of 32.74% [8] Financial Performance and Forecast - The company's revenue is expected to grow to 9.892 billion yuan in 2024, 12.107 billion yuan in 2025, and 14.275 billion yuan in 2026, with year-on-year growth rates of 28.2%, 22.4%, and 17.9% respectively [19] - Net profit attributable to the parent company is forecasted to reach 760 million yuan in 2024, 923 million yuan in 2025, and 1.147 billion yuan in 2026, with year-on-year growth rates of 34.8%, 21.5%, and 24.3% respectively [19] - The company's gross margin is expected to remain stable, with forecasts of 23.9% in 2024, 23.6% in 2025, and 23.8% in 2026 [19] R&D and Innovation - The company invested 716 million yuan in R&D in 2023, accounting for 9.28% of its operating revenue [17] - The company has a strong R&D team, with 69% of its 1,968 employees being R&D personnel, and has accumulated 228 invention patents, 135 utility model patents, and 132 software copyrights [17] - The company has developed a comprehensive product matrix for smart modules, covering 4G, 5G, RedCap, C-V2X, Wi-Fi, and satellite communication modules [17] Market Expansion and Product Development - The company has successfully expanded its market presence in North America, Europe, and Australia, with its 5G modules receiving certifications from major operators such as Telstra and CE certification for European markets [17][8] - The company has launched several new smart modules, including the SC151-GL, SC228, and SC171, which are widely used in industries such as smart logistics, video surveillance, drones, and smart robots [17] - The company's acquisition of Rolling Wireless has strengthened its position in the automotive wireless communication module market, with Rolling Wireless generating revenue of 2.21 billion yuan in 2023 [18]

免责声明： 报告中的内容和意见仅供参考，并不构成对所述证券买卖的出价或询价。投资者对其投资行为负完全责任，我公司及其雇员对使用 本报告及其内容所引发的任何直接或间接损失概不负责。 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。 投资要点 以版权内容运营为基石拓展相关业务。公司提出"一体两翼"发展战略"以资源型 一年股价表现 版权业务为主体+以 AIGC、创新业务为两翼"。以"内容版权运营"为战略核心：积 累 10 万余小时的影视、动漫、节目版权内容。开展国 ...

风险提示：稳增长政策力度不及预期风险。 投资要点 服务业 PMI 在一季度连续改善之后正常回调；建筑业 PMI 受基建展望向好推动高 位再度上行。4 月服务业 PMI 较 3 月回落 2.1 至 50.3，仍处于景气区间并明显高于 23Q4 均值，国家统计局解读称，资本市场服务、房地产等行业景气水平偏弱，从 而反衬出运输和生活性服务业预计维持较高水平。建筑业 PMI 小幅上行 0.1 至 56.3 的近 11 个月以来新高，其中主要反映基础设施建设预期的土木工程建筑业 PMI4 月大幅上行 3.9 至 63.7 构成主要拉动，显示建筑企业对增发国债、特别国债等拉 动基建投资的展望较为乐观，也反衬出房地产开发投资展望不确定性仍然较大。 = http://www.huajinsc.cn/ 1 / 3 请务必阅读正文之后的免责条款部分 图 1: 制造业 PMI 较荣枯线之差与贡献结构 (%) 3 2 1 0 -1 -2 新订单 -3 生产指数 ■从业人员 -4 供应商配送时间 -5 原材料库存 制造业PMI-50及贡献 -6 资料来源:CEIC,华金证券研究所 2 / 3 PMI 点评（2024.4） 分析师 秦泰 ...

Group 1 - The report emphasizes the importance of deepening reforms to address major risks and challenges, highlighting the need for strategic initiative in a complex external environment [13] - It identifies six key themes from the upcoming 20th Central Committee's third plenary session, including enhancing social vitality and promoting social equity [13] - The report suggests that fiscal and monetary policies will remain proactive to avoid a significant slowdown in economic growth in the second half of the year [13] Group 2 - The report indicates that effective demand remains insufficient, and there are ongoing pressures on corporate operations, with new concerns about the smoothness of domestic circulation [13] - It anticipates an acceleration in fiscal financing and an increased likelihood of issuing government bonds in the second half of the year due to low budget revenues and a sluggish real estate market [13] - The report highlights the importance of risk investment in supporting new productive forces and encourages the development of long-term capital [13]

事件点评 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------|-----------------------------|--------|------------|-----------------------------------|-------------|----------------|-------------------------------------------|---------------------------------------------------------------------------------|---------------|-------------|-------------------------------|--------|--------|------------------------------------------|--------| | | 图 1: PMI 分项数据 \n ...

Investment Rating - The report assigns an "Accumulate-A" rating for the company, marking its first coverage [3][4]. Core Views - The company achieved a revenue of 9.365 billion yuan in 2023, representing a year-on-year growth of 3.35%, while the net profit attributable to shareholders was 1.284 billion yuan, up 34.39% year-on-year [3]. - In Q1 2024, the company reported a revenue of 2.088 billion yuan, a decline of 4.86% year-on-year, and a net profit of 152 million yuan, down 33.96% year-on-year, primarily due to fluctuations in the fair value of external investments and the cancellation of tax incentives [3]. - The company published 1,077 types of textbooks and 2,847 types of supplementary materials in 2023, with revenue from educational publishing reaching 2.821 billion yuan, a year-on-year increase of 7.3% [3]. - The company is transitioning from a single textbook publisher to a supplier of diversified product development and customized service solutions, actively developing after-school research and study service platforms [3][4]. - The "Digital South Transmission" development strategy is being implemented, enhancing the service capabilities of the "Guangdong Education Cloud Digital Textbook Application Platform," with over 43 million active users in the year [3]. Financial Performance Summary - The company forecasts revenues of 10.001 billion yuan, 10.678 billion yuan, and 11.396 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.022 billion yuan, 1.156 billion yuan, and 1.294 billion yuan [4][5]. - The earnings per share (EPS) are projected to be 1.14 yuan, 1.29 yuan, and 1.44 yuan for the years 2024, 2025, and 2026, with price-to-earnings (P/E) ratios of 13.1, 11.6, and 10.4, respectively [4][5]. - The company’s revenue from textbooks and supplementary materials is expected to be 8.955 billion yuan, 9.635 billion yuan, and 10.358 billion yuan for 2024 to 2026, with stable growth rates of 7.85%, 7.60%, and 7.50% [27]. Market Position and Competitive Analysis - The company is the only legal entity in Guangdong Province engaged in the distribution of primary and secondary school textbooks, which provides it with a unique and irreplaceable position in the market [19]. - Compared to peer companies, the company's projected EPS for 2024 and 2025 is significantly higher than the average of comparable companies, indicating a strong competitive advantage [19][20].

2024年04月30日 公司研究●证券研究报告 赛轮轮胎（ ） 公司快报 601058.SH 基础化工 | 轮胎Ⅲ 业绩持续高增，深化全球化布局 投资评级 增持-B(维持) 股价(2024-04-29) 15.81元 投资要点 交易数据 事件：赛轮轮胎发布2023年报和2024年一季报，2023年实现营业收入259.78亿 总市值（百万元） 51,984.87 元，同比增长18.61%；归母净利润30.91亿元，同比增长132.07%；扣非归母净利 流通市值（百万元） 51,984.87 润31.46亿元，同比增长135.64%;毛利率27.64%，同比提升9.22pct。2024Q1，实 总股本（百万股） 3,288.10 现营业收入72.96亿元，同比增长35.84%，环比增长4.72%；归母净利润10.34亿 流通股本（百万股） 3,288.10 元，同比增长191.19%，环比下降3.06%；扣非归母净利润10.15亿元，同比增长 12个月价格区间 16.97/9.71 176.54%，环比下降3.13%；毛利率27.68%，同比提升7.36pct，环比降低5.9pct。 一年股价表现 产销高增， ...