Investment Rating - The investment rating for the company is maintained at Buy-A [1] Core Views - The company is transitioning its entire LED supply chain towards high value-added products, with a focus on digital entertainment and lighting applications [2][3] - The company has successfully integrated its optical communication device and module sectors through the acquisition of Guangdong Ruigu, enhancing its market position and operational efficiency [5] - The company is expected to see significant revenue growth, with projected revenues of 20.67 billion, 23.63 billion, and 25.34 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 20.4%, 14.3%, and 7.2% [6] Summary by Sections Trading Data - Total market capitalization is 24,852.90 million yuan, with a circulating market capitalization of 24,838.59 million yuan [1] - The stock price as of April 29, 2024, is 5.49 yuan, with a 12-month price range of 5.82 to 4.47 yuan [1] LED Chip Production - The company has expanded its GaN chip production, achieving a capacity of 1 million pieces by June 2023, and aims for 1.05 million pieces by December 2023 [2] - The company is the industry leader in GaN chip sales, with a production of 5,000 pieces of arsenide chips during the reporting period [2] Financial Performance - In 2023, the company reported revenues of 6.75 billion yuan and a net profit of 940 million yuan from its digital entertainment platform, Windy Online [3] - The company’s COB display applications generated revenues of 541 million yuan in 2023, with a significant increase in production capacity [2][3] Future Projections - The company anticipates a revenue increase to 20.67 billion yuan in 2024, with a net profit of 2.07 billion yuan, reflecting a growth rate of 30.2% [6] - The projected gross margin is expected to improve from 18.8% in 2023 to 19.2% in 2024 [6]

Investment Rating - The report assigns an "Accumulate-A" investment rating to the company, indicating a positive outlook for future performance [1][9]. Core Views - The company's profitability is gradually recovering, with share buybacks reflecting confidence in its development. Despite challenges in the consumer electronics sector and slower-than-expected growth in some emerging smart hardware products, the company continues to adhere to its product strategy of "precision components + smart hardware systems" [1][2]. - The company is actively expanding its business in the fields of acoustics, optics, microelectronics, and structural components, while also making progress in automotive electronics [1][2]. - The company achieved a revenue of 98.57 billion yuan in 2023, with a net profit attributable to shareholders of 1.088 billion yuan, showing signs of improving profitability [1][3]. Financial Projections - Revenue projections for 2024 to 2026 are 101.31 billion yuan, 115.86 billion yuan, and 133.53 billion yuan, with growth rates of 2.8%, 14.4%, and 15.3% respectively. Net profit attributable to shareholders is projected to be 1.845 billion yuan, 2.539 billion yuan, and 2.816 billion yuan, with growth rates of 69.6%, 37.6%, and 10.9% respectively [2][8]. - The company’s gross margin is expected to improve from 8.95% in 2023 to 10.21% in 2024, and further to 10.81% by 2026 [3][11]. Business Segments - The smart hardware segment is projected to generate revenues of 56.18 billion yuan, 58.17 billion yuan, and 60.25 billion yuan from 2024 to 2026 [5]. - The smart acoustic systems segment is expected to achieve revenues of 29.13 billion yuan, 37.25 billion yuan, and 48.62 billion yuan during the same period [6]. - The precision components segment is forecasted to generate revenues of 14.40 billion yuan, 18.78 billion yuan, and 22.50 billion yuan from 2024 to 2026 [6]. Market Position and Competitive Advantage - The company is focusing on enhancing its vertical integration capabilities and profitability in the XR (Extended Reality) field, with significant investments in R&D for VR, MR, and AR technologies [1][2]. - The acquisition of 100% equity in Yuguang Technology is expected to strengthen the company's competitive position in the precision optics sector [1][2]. Valuation Metrics - The company’s projected P/E ratios for 2024, 2025, and 2026 are 29.5, 21.4, and 19.3 respectively, indicating a favorable valuation compared to peers [3][10].

2024年04月29日 公司研究●证券研究报告 信维通信（ ） 公司快报 300136.SZ 通信 | 通信终端及配件Ⅲ 业绩短期承压波动，受益海外商业卫星加速渗透 投资评级 增持-B(首次) 股价(2024-04-26) 18.66元 投资要点 事件：2024年4月24日，信维通信发布2023年度报告，2023年公司实现营业总收 交易数据 入75.5亿元，同比减少12.13%，实现归母净利润5.21亿元，同比减少19.65%。 总市值（百万元） 18,054.83 流通市值（百万元） 15,386.44 消费电子下行致业绩波动，AI应用+换新周期有望带动需求改善。公司主营业务包 总股本（百万股） 967.57 括天线及模组、无线充电及模组、EMI\EMC器件、高精密连接器、汽车互联产品、 流通股本（百万股） 824.57 被动元件等。目前，消费电子依然是公司主要收入来源，2023年，受地缘政治、 12个月价格区间 25.75/15.77 高通胀等因素影响，全球经济复苏缓慢，需求端下行压力明显，以智能手机为代表 一年股价表现 的消费电子行业进入存量调整期，由于终端需求下降以及下游去库存压力的传导， 公司业绩 ...

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].