2024年04月19日 行业研究●证券研究报告 通信 行业周报 运营商智算采购启动，首个通感一体低空专网 投资评级 领先大市-A维持 落地 首选股票 评级 投资要点 600941.SH 中国移动 增持-B 1、本周回顾 002049.SZ 紫光国微 买入-B 本周通信(中信) 下跌0.43%，同期上证指数上涨1.52%，深证成指上涨0.56%， 一年行业表现 创业板指下跌0.39%，沪深300上涨1.89%。从板块来着，IDC板块本周表现相 对较好，跌幅仅为2.20%，射频及天线板块相对弱势，跌幅为7.26%。 涨幅前三的个股为广哈通信(15.84%)，亿联网络(12.96%)、太辰光(10.37%)。通信 行业仍表现为全面回调。此外，AI算力指数本周跌幅为5.26%、东数西算指数跌幅 为5.73%、工业互联网板块下跌2.53%、光模块指数下跌3.33%；专网领域标的佳 讯飞鸿、海能达跌幅分别为0.95%、4.53%。我们认为本周A股市场整体仍旧表现 为板块轮动的震荡行情。通信板块内部前期上涨良好的部分如射频及天线相关标的 出现深度回调。通信产业驱动较多，持续催化看好全板块投资机会。 资料来源：聚源 运营商 ...

Investment Rating - The report maintains an "Add-B" investment rating for Shaanxi Huada (301517.SZ) [1][2] Core Views - Shaanxi Huada's revenue for 2023 reached 851 million yuan, a year-on-year increase of 6.14%, with a net profit attributable to shareholders of 79 million yuan, up 22% year-on-year [1] - The company focuses on the research, production, and sales of electrical connectors and interconnect products, with significant growth in RF coaxial cable assembly revenue, which increased by over 70% [1] - The company is positioned to benefit from the domestic satellite internet constellation construction and military modernization, with a strong emphasis on low-cost, high-reliability connectors [1][2] Summary by Sections Financial Performance - In 2023, Shaanxi Huada achieved operating revenue of 851 million yuan, with a net profit of 79 million yuan, and earnings per share (EPS) of 0.73 yuan [1][6] - The revenue growth was primarily driven by increased market development efforts and optimization of product business structure [1] - The company expects revenues of 981 million yuan, 1.157 billion yuan, and 1.369 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 15.2%, 18.0%, and 18.3% [2][6] Product Segments - The main business segments include RF coaxial connectors, low-frequency connectors, and RF coaxial cable assemblies, with applications in aerospace, military equipment, and communications [1] - The RF coaxial connector segment saw a revenue decrease of 10.28%, while the RF coaxial cable assembly segment experienced a significant revenue increase of 70.96% [1] Market Position and Outlook - As a key supplier of electrical connectors for major telecommunications companies like Huawei and ZTE, Shaanxi Huada is well-positioned to benefit from the expansion of 5G networks and military modernization efforts [1][2] - The company is expected to continue its growth trajectory, supported by the increasing demand for high-reliability connectors in both commercial and military applications [1][2]

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected investment return exceeding 15% over the next six months [1][2]. Core Insights - The company has experienced rapid growth in membrane shipments, with a significant increase in overseas orders. In 2023, the company achieved a membrane material shipment of 2.529 billion square meters, representing a year-on-year growth of 48.49% [1][2]. - The company plans substantial investments in new production bases, including a 10 billion yuan investment in Guangdong and up to 5 billion yuan in Malaysia for lithium battery membrane production [1]. - Strategic partnerships have been established with major players like LG Energy and Samsung SDI, aiming for a global cooperation framework for membrane procurement [1][2]. Financial Performance - In 2023, the company reported total revenue of 3.013 billion yuan, a year-on-year increase of 4.62%, while net profit attributable to shareholders was 576 million yuan, down 19.87% [1][3]. - For Q1 2024, the company achieved a revenue of 715 million yuan, up 7.51% year-on-year, but net profit dropped 41.45% to 107 million yuan [1]. - The company's gross margin for 2023 was 44.42%, a slight decrease of 1.15 percentage points year-on-year, with a net margin of 19.70%, down 6.25 percentage points [1][3]. Future Projections - The company’s net profit forecasts for 2024, 2025, and 2026 are 698 million yuan, 965 million yuan, and 1.283 billion yuan, respectively, with corresponding P/E ratios of 19.5, 14.1, and 10.6 [2][3]. - Revenue is expected to grow significantly, with projections of 3.727 billion yuan in 2024, 4.846 billion yuan in 2025, and 6.299 billion yuan in 2026, reflecting year-on-year growth rates of 23.7%, 30.0%, and 30.0% [3][5]. Research and Development - The company has made significant advancements in R&D, with a focus on new product development, including high-safety polyimide-coated membranes and solid electrolyte composite membranes [1]. - As of the end of 2023, the company invested 242 million yuan in R&D, a year-on-year increase of 16.97%, and has filed 558 patents, including 118 international patents [1].

Investment Rating - The report maintains an "Accumulate" rating for Hengwei Technology (603496.SH) with a target price of 25.63 CNY [3]. Core Views - Hengwei Technology reported a total revenue of 771 million CNY for 2023, a slight increase of 0.12% year-on-year, and a net profit attributable to shareholders of 79 million CNY, representing a growth of 3.36% [3][6]. - The company's intelligent system platform business has shown rapid growth, becoming the main source of revenue, with a revenue of 392 million CNY in 2023, up 13.39% year-on-year [3]. - The network visualization business experienced a decline, with revenue of 376 million CNY, down 9.1% year-on-year, primarily due to delays in revenue recognition for certain projects [3]. - The company remains optimistic about revenue growth in 2024, supported by an increase in high-margin products within the network visualization segment [3]. Summary by Sections Financial Performance - In 2023, Hengwei Technology achieved total revenue of 771 million CNY, with a year-on-year growth of 0.12% and a net profit of 79 million CNY, reflecting a growth of 3.36% [3][8]. - The gross margin improved by 2.75 percentage points to 45.78%, contributing to the increase in net profit [3]. - Revenue projections for 2024 to 2026 are estimated at 1.07 billion CNY, 1.45 billion CNY, and 1.92 billion CNY respectively, with corresponding net profits of 124 million CNY, 170 million CNY, and 227 million CNY [6][8]. Business Segments - The intelligent system platform business is the primary growth driver, with a revenue increase of 13.39% in 2023 [3]. - The network visualization business faced challenges, with a revenue decline of 9.1% due to project delays, but the company is actively working on project advancements [3][5]. - The company is focusing on domestic product development and has made significant investments in R&D, amounting to 141 million CNY, which is 18.23% of its sales revenue [3]. Market Position and Strategy - Hengwei Technology is positioned as a leading provider in the domestic network visualization and intelligent system platform sectors, actively expanding into robotics and intelligent computing [6]. - The company has established partnerships with several GPU manufacturers, enhancing its product offerings and market presence [5]. - The report highlights the company's commitment to domestic technology and innovation, particularly in the context of the growing demand for AI and data-driven solutions [5].

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 各位投资人下午好我是华新证券的通信分析师李洪涛很高兴周五盘后能够给各位领导汇报我们最新研究推荐的微信互联网这个领域最近的话就是 这个热度热了比较长的时间然后呢就是我们系统第一个就是我们今天给各位领导系统去梳理一下就是微信互联网这个产业链价格然后呢构成还有节奏等等这些也是领导们关心的问题第二个话就是我们在从投资的视角就去给各位领导汇报一下我们认为在我们接触了无数的投资人过程中可能市场认知方面有三个逾期差这个逾期差呢有可能就是 信息的一个挖地或者是一个投资的一个低点这是第二个要汇报的第三个的话就是我们认为就是按照我们的方法和调研得出的一些 ...

Summary of the Conference Call Company Overview - The conference call discusses the performance and outlook of the company, specifically focusing on its restaurant brands, including "Tai Er" and "0.99 Yuan" [2][3]. Key Financial Performance - In 2023, the company's total revenue reached 5.95 billion, representing a year-on-year growth of 49.4% compared to 2022 [4]. - The net profit for the same period was approximately 480 million, with a significant increase of 7.6 times year-on-year, resulting in a net profit margin of 8% [4]. - The average spending per customer in mainland China decreased slightly to 72 yuan from 75 yuan in 2022, attributed to a conservative consumer sentiment and promotional activities [6]. - The average spending for the "Total Hot Pot" brand dropped to 113 yuan from 128 yuan in 2022, reflecting adjustments in menu pricing and structure [6]. Store Expansion Plans - For 2024, the company plans to open 80 to 100 new stores for the "Tai Er" brand in mainland China and 15 to 20 stores in Hong Kong, Macau, and international markets [7]. - The company is exploring franchise opportunities in remote areas and airports, with no specific targets set for franchise openings yet [7]. Market Trends and Consumer Behavior - The company noted a cautious consumer sentiment continuing into Q1 2024, with no significant changes in the economic environment observed [8]. - The competitive landscape remains intense, with many brands engaging in price wars to attract existing customers due to stagnant foot traffic in shopping malls [12][13]. - The company is adjusting its pricing strategies in response to market conditions, with a focus on maintaining competitiveness without aggressive price cuts [14]. Supply Chain and Cost Management - The company is investing in central kitchens to streamline operations and reduce costs, with an expected capital expenditure of 200 to 300 million annually for the next two years [16]. - The strategy includes bringing previously outsourced production back in-house to improve margins and control quality [17]. Product Innovation and Menu Adjustments - The company is focusing on enhancing menu offerings and introducing new items to cater to changing consumer preferences, including smaller portion sizes and promotional packages [35][36]. - The introduction of lower-cost options, such as black fish, aims to provide consumers with more affordable choices while maintaining quality [25]. International Market Performance - The overseas market is performing well, benefiting from a "viral" brand effect, with higher operating profit margins compared to domestic operations [62]. - The company is currently sourcing ingredients locally for international locations, with plans to optimize supply chains as the business scales [20]. Conclusion - The company remains optimistic about its growth potential despite current market challenges, with a focus on strategic expansion, cost management, and product innovation to enhance customer experience and drive sales [30][32].

| --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------|------------------|----------------------------------------|------------------------|----------------| | 2024 年 04 月 18 日 \n美好医疗（ 301363.SZ ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 医药 \| | 医疗器械Ⅲ | | 公司业绩短期承压，多元化业务拓展顺利 | 投资评级 | | 增持 | -A(维持) | | 投资要点 | 股价 | (2024-04-18) | | 22.79 元 | | | | | | | | 事件：公司发布 2023 年年度报告和 2024 年一季报， 2023 年实现营收 13.38 亿元 | 交易数据 | | | | | （ -5% ，同比增速，下同）；归母净利润 3.13 亿元 ...

http://www.huajinsc.cn/ 4 / 5 请务必阅读正文之后的免责条款部分 446 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------|----------------|----------------------------------------|------------------------|----------------| | 2024 年 04 月 18 日 \n爱博医疗（ 688050.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 医药 \| | 医疗器械Ⅲ | | 业绩保持快速增长，视光产品快速放量 | 投资评级 | | 增持-B(维持 | ) | | 投资要点 | 股价 | (2024-04-18) | | 138.29 元 | | 业绩保持快速增长：公司发布 2023 年度报告和 2 ...

Investment Rating - The investment rating for the company is "Buy - B" [1] Core Views - Despite industry pressures, the company has demonstrated strong resilience, achieving a revenue of 7.565 billion yuan in 2023, a year-on-year increase of 6.26%, while the net profit attributable to shareholders decreased by 3.84% to 2.530 billion yuan [1] - The company has focused on its core business, optimizing resource allocation, and has initiated equity adjustments in its subsidiaries, which is expected to enhance management efficiency [1] - The company’s special integrated circuit business generated a revenue of 4.487 billion yuan, with a slight year-on-year decline of 5.02%, maintaining a gross margin of 73.22% [1] - R&D investment has increased by 30.68% year-on-year to 1.633 billion yuan, accounting for 21.58% of revenue, indicating a commitment to technological innovation [1] Financial Performance - The company’s revenue for 2023 was 7.565 billion yuan, with a net profit of 2.530 billion yuan, reflecting a decline in profitability but stable operational cash flow of 1.772 billion yuan [3][5] - Forecasted revenues for 2024, 2025, and 2026 are 10.145 billion yuan, 13.493 billion yuan, and 17.541 billion yuan respectively, with expected growth rates of 34.1%, 33%, and 30% [2][3] - The projected net profits for the same years are 3.232 billion yuan, 4.316 billion yuan, and 5.249 billion yuan, with corresponding growth rates of 27.7%, 33.5%, and 21.6% [2][3] Product Development and Market Position - The company has launched new industrial-grade and radiation-resistant product series, and has made significant progress in the development of special memory and dedicated processors [1] - The smart security chip business has seen a revenue increase of 36.67% year-on-year, reaching 2.842 billion yuan, indicating strong market demand [2] - The company has established a development and management process for automotive-grade products, achieving recognition in the automotive electronics market [1][2]

华 发 集 团 旗 下 企 业 欧莱新材的可比公司。从上述可比公司来看，行业平均收入规模（TTM）为 19.64 亿元，可比 PE-TTM（剔除异常值/算术平均）为 54.40X，销售毛利率 为 21.57%；相较而言，公司的营收规模低于行业平均水平，销售毛利率与行 业平均水平较为接近。 新股覆盖研究/ | --- | --- | |-------|-----------------------------------------------------| | | | | | 图 1: 公司产品下游应用领域示意图 . | | | 图 2: 公司收入规模及增速变化 . | | | 图 3: 公司归母净利润及增速变化 | | | 图 4: 公司销售毛利率及净利润率变化 | | | 图 5: 公 司 ROE 交 化 | | | | | | 图 6: 全球波射靶材市场规模（亿美元） | | | 图 7: 中国靶材行业市场规模（亿元）. | | | 图 8: 中国平面显示用滚射靶材市场规模（亿元）. | | | 图 9: 中国半导体集成电路用谈射靶材市场规模（亿元）… | | | 图 10: 中国大阳能电池用滚射靶材市 ...