Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for future performance [32]. Core Views - The company is expected to benefit from steady growth in demand for automotive-grade pressure sensors, temperature sensors, and oxygen sensors, driven by the automotive industry's recovery and domestic substitution trends [33]. - The company’s revenue is projected to grow significantly, with total revenues expected to reach CNY 988 million, CNY 1,297 million, and CNY 1,624 million for the years 2024 to 2026, representing year-on-year growth rates of 32.29%, 31.32%, and 25.22% respectively [12][33]. - Corresponding net profits are forecasted to be CNY 103 million, CNY 128 million, and CNY 160 million for the same period, with growth rates of 28.31%, 25.19%, and 24.93% [33]. Financial Data and Valuation - The company’s total revenue for 2023 was CNY 747 million, a year-on-year increase of 19.36%, while the net profit was CNY 80 million, a decrease of 10.55% [32]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are CNY 1.35, CNY 1.70, and CNY 2.12, with corresponding price-to-earnings (P/E) ratios of 38.8x, 31.0x, and 24.8x based on the closing price as of April 22 [33]. - The company’s gross margin is expected to stabilize around 30% over the forecast period, with specific margins of 31.1%, 30.7%, and 30.6% for 2024, 2025, and 2026 respectively [28][33]. Product Segmentation - Revenue from temperature sensors and thermistors is expected to grow to CNY 450 million, CNY 554 million, and CNY 659 million from 2024 to 2026, with growth rates of 21.93%, 22.94%, and 18.95% [18]. - Pressure sensors are projected to generate revenues of CNY 504 million, CNY 703 million, and CNY 920 million for the same years, with growth rates of 42.43%, 39.46%, and 30.86% [29]. - Revenue from oxygen sensors and other products is expected to reach CNY 33 million, CNY 40 million, and CNY 45 million, with growth rates of 42.72%, 21.40%, and 12.87% [38].

= 事件点评 图 3: 政府性基金收入同比及贡献结构(%) 40 ■其中:土地出让金收入 ■其他收入 一政府性基金收入同比增速(%) 30 20 10 0 20-09 21-03 -10 -20 -30 -40 资料来源: CEIC，华金证券研究所 注：2020-2021 年为两年平均增速 http://www.huajinsc.cn/ 1 / 4 请务必阅读正文之后的免责条款部分 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

446 数据来源：聚源、华金证券研究所 3） 24 年目标：公司制定 2024 年目标，力争实现营收 30 亿元，净利润 4 亿元。 财务数据与估值 公司快报/白酒Ⅲ http://www.huajinsc.cn/ 3 / 5 请务必阅读正文之后的免责条款部分 分析师声明 本公司具备证券投资咨询业务资格的说明 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。 在法律许可的情况下，本公司及所属关联机构可能会持有报告中提到的公司所发行的证券或期权并进行证券或期权交易，也可能为 这些公司提供或者争取提供投资银行、财务顾问或者金融产品等相关服务，提请客户充分注意。客户不应将本报告为作出其投资决策的 惟一参考因素，亦不应认为本报告可以取代客户自身的投资判断与决策。在任何情况下，本报告中的信息或所表述的意见均不构成对任 何人的投资建议，无论是否已经明示或暗示，本报告不能作为道义的、责任的和法律的依据或者凭证。在任何情况下，本公司亦不对任 何人因使用本报告中的任何内容所引致的任何损失负任何责任。 华金证券股份有限公司 上海市浦东新区杨高南路 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating of A [1][3]. Core Views - The company has achieved significant growth in sales of photovoltaic diodes, SiC, and IGBT products, despite a competitive industry environment leading to a decline in overall gross margin [1]. - The company is focusing on dual-brand operations ("MCC+YJ") and expanding its overseas strategic layout, although overseas sales have decreased due to destocking [1]. - The company has successfully launched new products targeting the clean energy market and is advancing its automotive electronics strategy, with substantial growth in the automotive electronics sector in 2023 [1][3]. Financial Performance - In 2023, the company reported revenue of 5.41 billion yuan, a year-on-year increase of 0.12%, while net profit attributable to shareholders decreased by 12.85% to 924 million yuan [1]. - The company’s gross margin was 30.26%, and R&D investment increased by 21.57% to 356 million yuan [1]. - For Q4 2023, the company achieved revenue of 1.369 billion yuan, a year-on-year increase of 38.92%, and net profit of 306 million yuan, a year-on-year increase of 130.95% [1]. Revenue and Profit Forecast - Revenue forecasts for 2024 to 2026 are 6.524 billion yuan, 8.012 billion yuan, and 9.117 billion yuan, with growth rates of 20.6%, 22.8%, and 13.8% respectively [3][4]. - Net profit forecasts for the same period are 1.046 billion yuan, 1.308 billion yuan, and 1.573 billion yuan, with growth rates of 26.0%, 26.6%, and 27.0% respectively [3][4]. Valuation Metrics - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 18.4, 14.7, and 12.2 respectively [4][5]. - The gross margin is expected to improve to 32.0% in 2024 and further to 35.2% by 2026 [4][5].

大家好欢迎参加华先策略聚焦一刻协力电话会议第23期退市力度加大时大小盘风格如何演绎电话会议目前所有参会者均处于静音状态下面开始播报名字声明声明播报完毕后 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 后果自负版权所有 违者必究好的 各位投资者 大家晚上好我是华健证券研究所策略首席分析师邓志军又到了我们每周的聚焦一刻的电话会议的时间大家知道上周国际日报出来之后A股表现出 震盪的这个走势可以说是相对偏强尤其是大盘那小盘股呢经过了几天的这个杀跌之后证监会特别发布了一个问答特别强调了国旧条不针对小盘股那为什么会有这样的这个表现呢就很多投资者有一个固有的这个所谓的这个 对于小盘的这个风格的一个固有的一个看法就是说在退市 ...

大家好 欢迎参加法新通信直播第18期信号这么差喂您这边听得到吗现在能听到 就是你说话的时候都断断续续的好的 请您稍作等待一下 我调整一下 大家好 欢迎参加华军通信脉动电磁波第18期运营商质算采购启动 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版权所有 违者必究好的 各位投资人晚上好我是华金证券通行分析师李鸿康很高兴咱们如期又在这个电话会议上相聚我们在那个就是上周上上周 然后呢在那个电话会议上给各位领导也建议或者是那个汇报就是我们觉得这个就是整个A股的投资节奏这个因为两会之后所带来的新智生产力还有这个就是这样的新产业这个概念和热点应当是到一个阶段性的那个成果有一定的阶段性成果然后呢建议领导们多关注一些 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------|--------------------|----------------------------------------|---------------------------------------------------|-------------------------------------| | 2024 年 04 月 21 日 \n运达股份（ 300772.SZ ） \n风机盈利短期承压， "两海"战略成效显著 \n投资要点 | 投资评级 \n股价 | (2024-04-19) | 公司研究●证券研究报告 \n电力设备及新能源 买入 -A( | 公司快报 \n\| 风电Ⅲ 维持) \n9.30 元 | | | 交易数据 | | | | | 事件：公司发布 2023 年度报告，全年实 ...

| --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------|--------------------|--------------------|---------------------------|---------------------------| | 2024 年 04 月 21 日 \n多利科技（ 001311.SZ ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 汽车 \| | 汽车零部件Ⅲ | | 行业景气叠加一体化压铸的持续推进，公司业绩预期向好 | 投资评级 | | 增持 -A( | 首次) | | 投资要点 | 股价 | (2024-04-19) | | 34.47 元 | | | 交易数据 | | | | | 事件内容： 4 月 18 日晚，公司披露 2023 年度报告。 2023 年公司实现营业收入 39.13 | 总市值（百万元） | | | 6,333.29 | ...

2024年04月21日 行业研究●证券研究报告 食品饮料 行业周报 月社零增速放缓，关注财报业绩催化 3 投资评级 同步大市-A维持 投资要点 首选股票 评级 上周回顾：上周食品饮料（申万）行业整体上涨0.74%，在31个子行业中排名 600519.SH 贵州茅台 买入-A 第10位，跑输上证综指0.78pct，跑赢创业板指1.13pct。二级（申万）子板块 603369.SH 今世缘 买入-B 对比，上周子板块中饮料乳品实现领跑，涨幅为2.37%，三级子行业中乳品、 603198.SH 迎驾贡酒 增持-A 软饮料表现较好，分别上涨2.44%、2.12%，其他酒类为三级子行业中表现较差。 一年行业表现 上周大事： 3月社零增速环比放缓，必选消费表现更具韧性。根据国家统计局数据，2024 年 1-3 月，国内实现社会消费品零售总额 12.03 万亿元，同比+4.7%。 2024 年 3 月，国内实现社零总额 3.90 万亿元，同比+3.1%，增速环比 1-2 月回落 2.4pct，表现低于市场一致预期（根据 Wind，3 月社零当 月同比增速预测平均值为+4.83%），我们认为主要系去年同期基数较高（23 ...

Investment Rating - The investment rating for the company is maintained at "Buy" with a rating of A [1][2]. Core Insights - The company achieved record high revenue in Q4 2023, with a year-on-year growth of over 60% in automotive-related business. The total revenue for 2023 was 29.66 billion yuan, with a net profit attributable to shareholders of 1.47 billion yuan [1]. - The company continues to innovate in high-performance advanced packaging, with over two-thirds of its revenue coming from this area in 2023. The automotive electronics business saw a 68% year-on-year revenue increase [1][2]. - The company is focusing on key application areas such as high-performance computing, communications, and automotive electronics, with R&D investment reaching 1.44 billion yuan in 2023, a 9.7% increase year-on-year [1][2]. Financial Performance - The company's revenue and net profit are expected to grow in the coming years, with projected revenues of 33.07 billion yuan, 38.30 billion yuan, and 41.31 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 11.5%, 15.8%, and 7.9% [2][3]. - The net profit attributable to shareholders is projected to be 2.40 billion yuan, 3.00 billion yuan, and 3.51 billion yuan for the same years, with growth rates of 63.4%, 25.1%, and 16.8% respectively [2][3]. - The company's gross margin is expected to improve from 13.7% in 2023 to 16.6% by 2026, indicating a positive trend in profitability [3]. Market Position and Strategy - The company is enhancing its capabilities in providing comprehensive solutions for application scenarios and is actively building production capacity in high-end communications, industrial electronics, and third-generation semiconductors [1][2]. - The company is also developing a flagship factory for automotive-grade chip manufacturing in Shanghai, which is expected to accelerate its growth in the automotive electronics sector [1][2]. - The introduction of the XDFOI™ product series is anticipated to meet the growing demand for advanced packaging in markets such as computing, storage, and automotive [2].