Investment Rating - The investment rating for the company is "Buy-B" [2] Core Views - The company has shown significant revenue growth, with a 66.10% year-on-year increase in 2023, achieving a total revenue of 884 million yuan. The net profit loss has narrowed compared to the previous year [2][4] - The company is actively expanding its domestic and international markets, particularly in satellite internet and communication sectors, which are expected to contribute positively to future performance [11][4] - The company has a strong focus on R&D, with a 5.92% increase in R&D investment year-on-year, and a significant number of new patents granted [4][11] Financial Performance - In 2023, the company reported a revenue of 884 million yuan, with a main business revenue of 872 million yuan, reflecting a growth of 65.17% year-on-year [2][4] - The net profit for 2023 was -87 million yuan, showing a reduction in losses compared to the previous year [2][4] - For Q1 2024, the company achieved a revenue of 180 million yuan, a year-on-year increase of 32.64%, with a net profit of 7 million yuan, up 46.84% year-on-year [2] Market Expansion - The company has secured a high-value satellite communication order worth 112 million USD, indicating strong market demand and potential for future revenue growth [11] - The company has successfully won multiple contracts in both domestic and international markets, including significant projects in the 5G core network and satellite internet sectors [11] Future Projections - Revenue projections for 2024-2026 are set at 1.175 billion yuan, 1.486 billion yuan, and 1.815 billion yuan, respectively, with expected growth rates of 32.9%, 26.5%, and 22.1% [4][13] - The forecasted net profit for the same period is expected to be 62 million yuan, 109 million yuan, and 169 million yuan, with substantial year-on-year growth rates [4][13]

Policy Implementation - The meeting emphasized the effective implementation of established macro policies, including the early issuance and utilization of ultra-long-term special government bonds[1] - Coordination among fiscal, monetary, and industrial policies is expected to be enhanced, promoting a more consistent macro policy orientation[1] - Policies for replacing old equipment and updating machinery remain key points for expanding domestic demand[1] Development of New Productive Forces - The meeting highlighted the need to develop new productive forces tailored to local conditions, focusing on future industries[1] - Advanced technologies will be utilized to empower the transformation and upgrading of traditional industries[1] Market Impact - The meeting is likely to positively influence market trends, with A-shares expected to experience further upward fluctuations[1] - Short-term expectations for profitability may improve due to the emphasis on policy implementation and infrastructure investment[1] - Long-term growth expectations are bolstered by the upcoming Third Plenary Session focusing on advancing Chinese-style modernization[1] Liquidity and Risk Appetite - The meeting is anticipated to enhance expectations for liquidity easing, with monetary policy expected to align with fiscal efforts[1] - The emphasis on proactive policy implementation may alleviate market concerns regarding fiscal stimulus[1] - The focus on economic development during the Third Plenary Session is likely to boost market sentiment[1] Beneficiary Industries - Industries related to new productive forces, such as TMT, electric new energy, machinery, and pharmaceuticals, are expected to benefit[2] - The real estate sector and its supply chain may also see advantages from policies aimed at digesting existing properties and promoting high-quality development[2]

| --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------|--------------------|----------------------------------------|-----------------------------------------------|-----------------------------------------| | 2024 年 05 月 02 日 \n日月股份（ 603218.SH ） \n盈利能力稳中有升，新产品有望打开新增量 \n投资要点 | 投资评级 \n股价 | (2024-04-30) | 公司研究●证券研究报告 \n电力设备及新能源 买入 | 公司快报 \n\| 风电Ⅲ -A(维持) \n12.29 元 | | | 交易数据 | | | | | | | | | | | 事件 ：公司发布 2023 年年报与 2024 年 ...

投资要点 2024 年 05 月 02 日 宏观类●证券研究报告 http://www.huajinsc.cn/ 1 / 3 请务必阅读正文之后的免责条款部分 图 1: 美联储总资产规模及结构 (USD bn) 100000 = MBS ■回购和贷款 ■长期国债(USD bn) ■短期国债 =央行流动性互换 =实体经济贷款 8000 6000 4000 2000 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021 2024 2007 2008 资料来源:CEIC,华金证券研究所 2 / 3 秦泰声明，本人具有中国证券业协会授予的证券投资咨询执业资格，勤勉尽责、诚实守信。本人对本报告的内容和观点负责，保证 信息来源合法合规、研究方法专业审慎、研究观点独立公正、分析结论具有合理依据，特此声明。 本报告仅供华金证券股份有限公司（以下简称"本公司"）的客户使用。本公司不会因为任何机构或个人接收到本报告而视其为本 公司的当然客户。 华金证券股份有限公司对本声明条款具有惟一修改权和最终解释权。 办公地址： http://www.h ...

华 发 集 团 旗 下 企 业 公司快报/风电Ⅲ http://www.huajinsc.cn/ 1 / 5 请务必阅读正文之后的免责条款部分 财务数据与估值 数据来源：聚源、华金证券研究所 公司快报/风电Ⅲ | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------|---------|-------|-------|-------|-------|----------------------------------|-------|---------|-------|-------|-------| | 资产负债表 ( 百万元 ) \n会计年度 | \n2022A | 2023A | 2024E | 2025E | 2026E | 利润表 ( 百万元 ) \n 会计年度 | 2022A | 2023A | 2024E | 2025E | 2026E | | 流动资产 | 4429 | 4015 | 4951 | 5264 | 6732 | 营业收入 ...

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]

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