2024年05月05日 公司研究●证券研究报告 北方华创（ ） 公司快报 002371.SZ 电子 | 半导体设备Ⅲ 平台型公司规模效应凸显，长期增长动力强劲 投资评级 买入-A(维持) 股价(2024-04-30) 319.00元 投资要点 公司各工艺装备市场份额逐步攀升，营收规模持续扩大规模效应逐步显现。2023 交易数据 年公司持续加大研发投入，产品质量稳步提高，营业收入达220.79亿元，创公司 总市值（百万元） 169,370.06 业绩历史新高。2023年归母净利润为38.99亿元，同比增长65.73%，主要原因为： 流通市值（百万元） 169,211.44 公司持续增强产品竞争力，收入规模大幅增加，公司2023年新签订单超过300亿 总股本（百万股） 530.94 元。合同、订单数量同比大幅增加的同时，降本增效工作取得显著成果，成本费用 流通股本（百万股） 530.44 率同比降低，综合导致归属于上市公司股东净利润增长。公司2024Q1实现营收 12个月价格区间 319.51/222.88 58.59亿元，同比增加51.36%，其主要原因是：公司持续聚焦主营业务，精研客 一年股价表现 户需求， ...

http://www.huajinsc.cn/ 1 / 19 请务必阅读正文之后的免责条款部分 | --- | --- | --- | |-------|--------------------------------------------------------------------------------|-------| | | | | | | | | | | 市场越来越多的关注和青睐。策略运行至今，合计 182 个交易日，累计跑赢沪深 | | | 300 | 指数 6.11% ，日胜率 55% 。最大回撤 -14.30% ，年化波动率 13.39% 。 | | | | 三、行业推荐 | | | | 下周景气度角度推荐有工业金属、汽车、食品饮料。政策角度方面看多交通运输、 | | | | 公用事业。行业轮动方面看多食品饮料、公用事业、农林牧渔、纺织服饰。 | | | | 四、转债市场回顾展望与相关标的 | | | | 伴随财报季落幕，转债交易量跟随权益市场回升。值得注意的是转债炒作板块热度 | | | | 低，投资者对于标的资质加强把控，双高转债、低价转债、小盘正股的转债、以及 | | | | 未转 ...

资料来源: CEIC，华金证券研究所 图 5: 美国平均时薪同比及与核心通胀部分分项的关系 美国CPI同比:核心非耐用品(%,潜后6个月) 8 7.0 美国CPI同比:核心服务ex房租（%，滞后6个月） 7 美国平均时薪同比(%,右) 6.5 6.0 6 5 5.5 4 5.0 3 4.5 2 4.0 1 3.5 0 3.0 21-04 21-10 22-04 22-10 23-04 23-10 24-04 资料来源: CEIC，华金证券研究所 分析师声明 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。 风险提示： 电话：021-20655588 http://www.huajinsc.cn/ 1 / 3 请务必阅读正文之后的免责条款部分 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------|------------------------------------|-------|--- ...

内容目录 | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 1. 外汇利率: 美元黄金反常齐跌, 会持续吗? . | | 2. 英联储放缓缩表或自在获得失业率—通胀"马鞍形"景优博 | | 3. 日央行易检难紧难以逆转，欧元区加速通编近在眼前 . | | 4. 新一轮放松短期推升热度，保障房仍是长期稳定关键……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 10 | | 5. 消费冷热不均加剧，五一出行持续活跃大宗可选蛋待刺激……………………………………………………………………………………………………………………………………………………………………………………………………… ...

2024年05月04日 行业研究●证券研究报告 通信 行业周报 华为重磅回归，算网一体中试加速算力发展 投资评级 领先大市-A维持 投资要点 1、本周回顾 首选股票 评级 本周通信(中信) 上涨0.91%，同期上证指数上涨0.52%，深证成指上涨1.30%， 600941.SH 中国移动 增持-B 创业板指上涨1.90%，沪深300上涨0.56%。从板块来着，高频PCB本周表现最 002049.SZ 紫光国微 买入-B 佳，涨幅达5.72%，射频及天线板块相对弱势，涨幅仅为0.61%。 一年行业表现 涨幅前三的个股为：会畅通讯(27.09%)、宜通世纪(18.00%)、ST天喻(12.64%)。 通信行业全面回暖情况持续。此外，AI算力指数本周涨幅为2.56%、东数西算指数 涨幅为2.63%；专网领域标的佳讯飞鸿、海能达涨幅分别0.15%、8.14%。我们认 为本周A股市场已经走出震荡区间，但是持续性有待观察。通信产业驱动较多，持 续催化看好全板块投资机会。运营商领域：算网一体中试平台战队成立，全国11 省规模中试启动；中国移动投产首批12个智算中心节点，算力规模达11EFLOPS； 算力领域：苹果将公布A ...

Investment Rating - The report assigns a rating of "Buy" for the company, indicating a positive outlook for future performance [2][10]. Core Insights - The company, China West Electric (601179.SH), is a leading player in the power transmission and distribution equipment sector, benefiting from the construction of ultra-high voltage projects and expansion into overseas markets [1][2]. - In 2023, the company achieved total revenue of 21.05 billion yuan, with a net profit attributable to shareholders of 885 million yuan, reflecting a year-on-year growth of 44.5% [1][3]. - The company has a comprehensive product line in the power transmission and distribution industry, including high-voltage switches, transformers, and reactors, with significant growth in revenue from these segments [1][6]. Financial Performance - The company reported a revenue of 21.05 billion yuan in 2023, with a projected revenue growth to 24.71 billion yuan in 2024, representing a year-on-year increase of 17.4% [3][9]. - The net profit attributable to shareholders is expected to grow from 1.16 billion yuan in 2024 to 1.90 billion yuan in 2026, with corresponding EPS increasing from 0.23 yuan to 0.37 yuan [2][3]. - The gross margin is projected to remain stable around 18.1% for 2024 and 2025, slightly improving to 18.2% in 2026 [9][12]. Product Segmentation - The high-voltage switch segment generated revenue of 76.63 billion yuan in 2023, with a year-on-year growth of 21.53%, and is expected to reach 85.83 billion yuan by 2024 [6][8]. - The transformer segment saw a significant increase in revenue to 78.23 billion yuan in 2023, up 40.31% year-on-year, with projections of 101.70 billion yuan in 2024 [6][8]. - The electronic power and engineering trade segment is anticipated to grow steadily, with expected revenues of 38.41 billion yuan in 2024 [6][8]. Market Position and Outlook - The company secured contracts worth approximately 79.28 billion yuan for ultra-high voltage equipment in 2023, maintaining a market share of about 19.56% [1][2]. - The report highlights the expected acceleration in ultra-high voltage construction, with total investment in grid construction projected to exceed 500 billion yuan in 2024 [1][2]. - The company is well-positioned to benefit from ongoing domestic and international market expansions, particularly in the context of global energy transitions and grid upgrades [2][10].

2024年05月02日 公司研究●证券研究报告 东方电缆（ ） 公司快报 603606.SH 电力设备及新能源 | 输变电设备Ⅲ 坏账冲回拉动业绩，海风复苏下前景可期 投资评级 买入-B(维持) 股价(2024-04-30) 44.09元 投资要点 交易数据 事件：公司发布2024年一季报， 24Q1实现营收13.10亿，同比-8.86%，环比 总市值（百万元） 30,321.37 -33.16%，归母净利润2.63亿，同比+2.95%，环比+47.82%，毛利率22.23%，同 流通市值（百万元） 30,321.37 比-8.73pct，环比-0.22pct。扣除非经常性损益的归母净利润1.93亿，同比-22.17%。 总股本（百万股） 687.72 流通股本（百万股） 687.72 行业淡季，坏账冲回拉动业绩。公司24Q1业绩环比上升，主要系资产处置正收益 12个月价格区间 52.50/33.14 /信用减值损失冲回分别为0.52亿/0.47亿，助力业绩在海风淡季背景下超过市场预 期。分业务来看，24Q1公司陆缆/海缆系统/海洋工程分别实现营收7.38/3.81/1.89 一年股价表现 亿元，同比-5 ...

Investment Rating - The report initiates coverage with a rating of "Buy-A" for the company, indicating a positive outlook for investment [4][19]. Core Views - The company is expected to achieve stable revenue growth in 2023, driven by the development of its new energy vehicle (NEV) components business. The outlook for 2024 remains optimistic due to a solid customer base and ongoing R&D efforts in NEV components [4][19]. - Revenue projections for 2024-2026 are estimated at CNY 815 million, CNY 887 million, and CNY 971 million, with year-on-year growth rates of 7.42%, 8.78%, and 9.53% respectively. Corresponding net profits are expected to be CNY 71 million, CNY 80 million, and CNY 92 million, with growth rates of 10.71%, 12.79%, and 14.49% [4][8]. Financial Summary - The company reported a revenue of CNY 759 million in 2023, a year-on-year increase of 7.33%. However, the net profit decreased by 5.01% to CNY 64 million due to increased tax expenses [13][19]. - The revenue from the power system components in 2023 was CNY 485 million, reflecting a growth of 23.36%. In contrast, the chassis system components revenue declined by 9.84% to CNY 86 million [13][19]. - The projected financials for 2024-2026 include: - Total revenue: CNY 815 million (2024), CNY 887 million (2025), CNY 971 million (2026) - Net profit: CNY 71 million (2024), CNY 80 million (2025), CNY 92 million (2026) - EPS: CNY 0.51 (2024), CNY 0.58 (2025), CNY 0.66 (2026) [4][5][19]. Business Segments - The power system components are projected to generate revenues of CNY 539 million, CNY 600 million, and CNY 670 million from 2024 to 2026, with growth rates of 11.07%, 11.37%, and 11.59% respectively [7][42]. - The chassis system components are expected to see a decline in revenue, with projections of CNY 85 million, CNY 83 million, and CNY 82 million for 2024-2026, reflecting negative growth rates [28]. - Revenue from automotive connectors and components is anticipated to grow significantly, with estimates of CNY 52 million, CNY 61 million, and CNY 71 million for the same period, showing growth rates of 16.44%, 18.04%, and 16.53% [42][19].

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]