2024年04月29日 行业研究●证券研究报告 食品饮料 行业周报 零食公司业绩分化，高性价比趋势明确 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）行业上涨4.01%，在31个子行业中排名第7 首选股票 评级 位，跑赢上证综指3.25pct，跑赢创业板指0.15pct。二级（申万）子板块对比， 上周除食品加工外各板块均有不同程度上涨，白酒涨幅领先，上涨4.93%，食 品加工则下跌0.44%。三级子行业中白酒、调味品发酵品涨幅领先，分别上涨 4.93%、3.56%，保健品、肉制品表现较差，分别下跌1.91%、0.52%。 一年行业表现 上周大事： 零食公司业绩分化，高性价比趋势明确。近期各家休闲零食企业财报陆续公布， 业绩分化较为明显，但整体呈现以下几点趋势：1）性价比产品备受青睐，多家 企业强化性价比产品布局。三只松鼠践行高端性价比战略，盐津定位高性价比（亲 民价位、高品质）的平价享受型产品，良品铺子23Q4下调产品价格等；2）零 食量贩渠道快速发展。盐津、劲仔、甘源等受益于零食量贩渠道实现较好增长， 洽洽零食量贩渠道亦快速发力、有望持续贡献增量；3）向上游延伸构建成本优 资料来源 ...

2024年04月28日 行业研究●证券研究报告 电力设备及新能源 行业周报 一季度电网投资增速达 ，宁德时代发布 14.7% 投资评级 领先大市-B维持 神行 电池【第 期】 PLUS 17 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，据GGII数据显示，2024Q1我国新能源汽车销量约183.3 万辆，同比增长45%，带动国内动力电池装机量约84.3GWh，同比增长43%， 其中宁德时代和比亚迪动力电池分别配套销量前十企业49%和37%的份额。宁 德时代发布全球首款兼顾1000km续航和4C超充特性的磷酸铁锂电池新品—— 神行 PLUS，凭借材料及结构的双重突破，神行电池系统能量密度达到 一年行业表现 205Wh/kg，充电10分钟即可补能600km续航。欣旺达发布全新闪充电池3.0， 充电峰值倍率达6C，仅需10分钟，就能充电至80%SOC。特斯拉4680 电池 2024年一季度产量环比增长约18%-20%，足以满足 Cybertruck 的需求，并预 计到今年年底，自产的4680 电池将比从供应商处采购的镍基电池更便宜。比克 电池发布半固态电池新品，采用聚合物+ ...

Investment Rating - The investment rating for Huafeng Test (688200 SH) is **Buy-A (Maintained)** [3] Core Views - **Order Recovery in H2 2023**: The company's orders gradually recovered in the second half of 2023, driven by the development of AI and other innovative technologies, which boosted the industrial, communication, and consumer electronics markets [3] - **STS 8600 Expansion**: The launch of the STS 8600, a new generation of testing equipment for large-scale SoC chips, has broadened the company's product line and testing capabilities, providing strong support for long-term growth [3] - **Industry Recovery**: The semiconductor industry is expected to recover in 2024, with the global testing equipment market projected to rebound. The domestic push for mature process capacity expansion also presents opportunities for domestic testing equipment manufacturers [3] - **Market Share and Competition**: Huafeng Test and Changchuan Technology have increased their market share in the domestic semiconductor testing equipment market to 8% and 5% respectively in 2021. The company is well-positioned to benefit from the growing demand for high-end SoC and memory testing equipment [3] Financial Data and Valuation - **Revenue and Profit Decline in 2023**: The company reported a revenue of 691 million yuan in 2023, a decrease of 35 47% YoY, and a net profit of 252 million yuan, down 52 18% YoY [3] - **Future Projections**: Revenue is expected to grow to 754 million yuan in 2024, 903 million yuan in 2025, and 1 059 billion yuan in 2026, with net profit projected to reach 252 million yuan, 354 million yuan, and 448 million yuan respectively [16][17] - **Valuation Metrics**: The company's P/E ratio is expected to be 54 0x in 2024, 38 4x in 2025, and 30 4x in 2026, with a P/B ratio of 3 8x, 3 6x, and 3 3x respectively [17] Industry and Market Analysis - **Global Testing Equipment Market**: The global testing equipment market was valued at 6 32 billion USD in 2023, accounting for 6 3% of the total semiconductor equipment market. The market is expected to recover in 2024 as industry conditions improve [3] - **Domestic Market Growth**: China's mature process capacity is expected to increase from 31% of the global total in 2023 to 39% by 2027, driven by domestic expansion and advanced packaging technologies. This growth is expected to benefit domestic testing equipment manufacturers [3] - **Competitive Landscape**: In the global testing equipment market, Advantest holds a 58% market share, with 59% in the SoC testing segment and 56% in the memory testing segment. Huafeng Test is focusing on increasing its market share in high-end SoC and memory testing equipment [3] Product and Technology - **STS 8600**: The STS 8600 is designed to compete with Advantest's V93000, offering advanced features such as a new software architecture, distributed multi-station parallel control system, and water-cooling system. It is expected to enhance the company's capabilities in high-end SoC testing [25] - **Future Demand**: The development of mobile processors, high-performance computing (HPC), and AI integrated circuits is expected to drive demand for advanced testing solutions, including those offered by Huafeng Test [25]

2024年04月27日 公司研究●证券研究报告 天合光能（ ） 公司快报 688599.SH 电力设备及新能源 | 太阳能Ⅲ 23 年组件出货超 65GW,光储系统整体解决方案 投资评级 买入-A(维持) 领先全球 股价(2024-04-26) 20.58元 交易数据 投资要点 总市值（百万元） 44,851.32 流通市值（百万元） 44,851.32 事件：天合光能发布2023年年度报告及2024年一季报。2023年公司实现营业收 总股本（百万股） 2,179.36 入1133.92亿元，同比增长33.32%；实现归母净利润55.31亿元，同比增长50.26%； 流通股本（百万股） 2,179.36 2024年Q1公司实现营业收入182.56亿元，同比下降14.37%；实现归母净利润 12个月价格区间 48.13/20.28 5.16亿元，同比下降70.83%。 一年股价表现 2023年产销情况：2023年，公司合计组件出货量为65.21GW。大功率210系列 组件产品销售稳步提升并得到市场认可，截至2023年12月底，210组件累计出货 超105GW。在下游解决方案端，受益于组件价格下行，光伏发电成 ...

http://www.huajinsc.cn/ 1 / 19 请务必阅读正文之后的免责条款部分 = | --- | --- | |------------------------------------------------------------------------------------------|-----------------------------------------------------| | 2024 年 04 月 27 日 \n风险偏好明显提升 \n资产配置周报（ 2024-4-27 ） | 固定收益类●证券研究报告 \n策略报告 \n分析师 罗云峰 | | | SAC 执业证书编号： S0910523010001 | | 投资要点 | luoyunfeng@huajinsc.cn 牛逸 | | 一、国家资产负债表分析 | 分析师 SAC 执业证书编号： S0910523040001 | | 负债端。最新更新的数据显示，3 月实体部门负债增速录得 10.2% ，前值 10.2% ， | niuyi@huajinsc.cn | | 符合预期，预计 4 月实体部门负债增速进一步小幅 ...

2024年04月27日 公司研究●证券研究报告 韦尔股份（ ） 公司快报 603501.SH 电子 | 集成电路Ⅲ 24Q1 利润同环比高增，高端 CIS 份额持续提升 投资评级 买入-A(维持) 股价(2024-04-26) 96.71元 投资要点 2024年4月26日，公司发布2023年年度报告和2024年第一季度报告。 交易数据 高端手机和汽车市场持续发力，24Q1利润同环比高增长 总市值（百万元） 117,577.67 流通市值（百万元） 117,447.23 2023年下半年以来，消费市场开始逐步回暖，下游客户需求有所增长，伴随着公 总股本（百万股） 1,215.78 司在高端智能手机市场的产品导入及汽车市场自动驾驶应用的持续渗透，同时积极 流通股本（百万股） 1,214.43 推进产品结构优化以及成本控制，公司2023年营收实现反弹，24Q1利润同环比 12个月价格区间 111.43/80.49 实现大幅增长。 一年股价表现 2023年公司实现营收210.21亿元，同比增长4.69%；归母净利润5.56亿元，同 比减少43.89%；扣非归母净利润1.38亿元，同比增长43.70%；毛利率21.7 ...

Group 1 - The report highlights a significant inflow of foreign capital into the A-share market, with a net inflow of 22.45 billion on April 26, 2024, marking the largest single-day net purchase since the establishment of the Stock Connect mechanism in 2014 [22][7]. - The increase in foreign capital is driven by improved expectations for domestic economic recovery and profit rebound, alongside a rise in risk appetite [7][11]. - Key sectors attracting foreign investment include banking, home appliances, and non-ferrous metals, with leading stocks such as Ningde Times, Wuliangye, and Kweichow Moutai seeing substantial inflows [11][15]. Group 2 - The report indicates that the short-term inflow of foreign capital is likely to continue, supported by ongoing economic recovery and profit growth expectations [30][31]. - Policies promoting equipment upgrades and consumption replacement are expected to further stimulate manufacturing investment and consumer spending, particularly during the upcoming May Day holiday [30][31]. - The report suggests that foreign capital is likely to favor core assets in sectors such as electric new energy, home appliances, and food and beverage, based on historical preferences and current policy directions [32][30].

http://www.huajinsc.cn/ 1 / 21 请务必阅读正文之后的免责条款部分 http://www.huajinsc.cn/ 定期报告 3 / 21 （一）历年 5 月 A 股主要受基本面、流动性、政策和外部冲击影响 政策和外部冲击对 5 月市场走势也有一定影响。（1）首先，4 月政治局会议对 5 月走势影响 有限：一是 4 月政治局会议与两会间隔较近，多为其政策提供补充或细化，较难大幅超出市场预 期；二是仅 2015 年会议提出财政政策要增加公共支出且加大降税清费力度下市场表现较强、 2019 年政治局会议重提"去杠杆"下市场表现偏弱、2022 年政治局会议提出要加大宏观政策调 节力度后 5 月上证上涨。（2）其次，其他政策对 5 月影响较大，如：2010 年"国十一条"发布 后住建部进一步完善市场监管和预售制度政策，2010 和 2011 年地产调控收紧，上证综指下跌； 2014 年"国九条"发布推进资本市场发展，上证表现较强；2017 年金融去杠杆推进下市场情绪 受扰，市场表现偏弱；2019 年证监会严查场外配资，上证综指下跌。 定期报告 图 3:2010年以来 5 月 TOP5 涨幅 ...

http://www.huajinsc.cn/ 1 / 5 请务必阅读正文之后的免责条款部分 http://www.huajinsc.cn/ 2 / 5 请务必阅读正文之后的免责条款部分 图 1: 利润总额当期同比及贡献结构 (%) 40 共他 = 营业费用 =利润总额当期同比(%) ■ 营业成本 贡献:营业收入 30 20 10 0 24 03 2 20-09 20-12 21-03 23-09 23-12 -10 -20 -30 -40 资料来源: Wind，华金证券研究所 http://www.huajinsc.cn/ Huajin Secur 华 发 集 团 旗 下 企 are | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Monetary Policy Insights - The central bank's buying and selling of government bonds is a classical yet modern monetary policy tool, essential for establishing the essence of credit currency backed by national credit[7] - Since 2015, proactive monetary issuance has been explored, with current mainstream tools being variations of secondary market government bond transactions[27] Current Economic Context - The necessity and urgency for the central bank to engage in government bond transactions are not high in the short term, despite being an ideal time for such actions[12] - The use of reserve requirement ratio (RRR) has become a primary method for medium to long-term liquidity provision, with the current average RRR at 7%[13] Liquidity Tools and Efficiency - The transition to secondary market government bond transactions could clarify the relationship between interest rates and monetary supply, enhancing communication of monetary policy[60] - Existing liquidity tools, such as MLF and PSL, are seen as transitional, with the need for more stable and efficient monetary supply tools increasing over time[13] Fiscal and Monetary Policy Coordination - Current fiscal expansion financing is within the normal range of monetary credit transmission, reducing the need for large-scale primary market purchases to address liquidity shocks[31] - The potential scale required for secondary market transactions remains small, allowing existing tools to effectively manage liquidity needs in the coming years[31] Risk Considerations - There is a risk that the monetary policy's easing may not meet expectations, which could impact the effectiveness of liquidity measures[19]