2024年04月17日 公司研究●证券研究报告 燕京啤酒（ ） 公司快报 000729.SZ 食品饮料 | 啤酒Ⅲ U8 增势延续，利润表现亮眼 投资评级 增持-A(首次) 股价(2024-04-17) 9.71元 事件： 公司发布2023年年报，2023全年公司实现营业收入142.13亿元，同比+7.7%，实 交易数据 现归母净利润6.45亿元，同比+83.02%，实现扣非归母净利润5亿元，同比+84.23%。 总市值（百万元） 27,368.02 单季度来看，23Q4公司实现营业收入17.97亿元，同比-4.41%，实现归母净利润-3.11 流通市值（百万元） 24,367.83 亿元，同比+2.78%，实现扣非归母净利润-3.66亿元，同比-2.19%。 总股本（百万股） 2,818.54 流通股本（百万股） 2,509.56 投资要点 12个月价格区间 13.46/7.87 收入分析：U8维持高增，结构升级趋势延续。2023年公司实现营收142.13亿元， 一年股价表现 同比+7.7%（其中Q1：+13.74%；Q2：+7.65%；Q3：+8.53%；Q4：-4.41%）。 公司啤酒业务实现收入13 ...

2024年04月17日 行业研究●证券研究报告 传媒 行业快报 应用持续推进，端侧需求日益显现 AI 投资评级 领先大市-A维持 投资要点 首选股票 评级 热点事件：4月17日，昆仑万维宣布「天工3.0」基座大模型与「天工SkyMusic」 音乐大模型正式开启公测。作为中国首个音乐SOTA模型，「天工SkyMusic」 一年行业表现 综合性能超越SunoV3，使中国自研大模型技术第一次在AIGC领域领跑全球。 端侧方面：据彭博社记者MarkGurman，苹果即将于6月10日发布的 iOS18 所载首批AI功能将完全在设备上运行，不涉及云端处理，以后或提供由Google Gemini或其他供应商提供基于云端的AI功能。国内AI模型再迎突破，AI应用 落地进行时；端侧AI竞争格局火热，AI赋能内容创作有望拉动相关产业需求。 MoE大模型迭代更新，国内AI技术突飞猛进。「天工3.0」拥有4000亿参数， 超越了3140亿参数的Grok-1，是全球最大的开源MoE大模型，其在语义理解、 逻辑推理、通用性、泛化性、不确定性知识、学习能力等领域拥有突破性的性能 资料来源：聚源 提升，数学/推理/代码/文创能力提升超过 ...

| --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------|----------------|-----------------------------------------|-----------|----------------------------------| | 2024 年 04 月 16 日 \n海兴电力（ 603556.SH ） | | | | 公司研究●证券研究报告 \n公司快报 | | 业绩超预期，欧洲与非洲市场增长迅猛 | 投资评级 | 电力设备及新能源 \| | 买入 -B( | 电力电子及自动化Ⅲ 维持) | | 投资要点 | 股价 | (2024-04-16) | | 45.85 元 | | | 交易数据 | | | | | 事件 ：公司发布 2023 年年度报告。报告期内，公司实现营业总收入 42.00 亿元， | | 总市值（百万元） | | 22,406.16 | | ...

风险提示：业务拓展不及预期，项目交付及验收不及预期，新技术产品研发不及预 期。 财务数据与估值 | --- | --- | --- | --- | --- | --- | |---------------------|--------|-------|-------|-------|-------| | 会计年度 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入(百万元 ) | 413 | 851 | 983 | 1,121 | 1,270 | | YoY(%) | -13.2 | 106.2 | 15.5 | 14.0 | 13.3 | | 归母净利润(百万元 ) | -46 | 113 | 139 | 159 | 180 | | YoY(%) | -539.4 | 347.7 | 22.1 | 14.4 | 13.6 | | 毛利率 (%) | 39.7 | 46.5 | 46.8 | 46.5 | 46.3 | | EPS(摊薄/元) | -0.18 | 0.44 | 0.54 | 0.62 | 0.71 | | ROE(%) | -4.7 | 10.4 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating of A [1][2]. Core Views - The company is expected to achieve revenue of approximately 540 million to 550 million yuan in Q1 2024, representing a year-on-year increase of about 64% to 67% [1]. - The net profit attributable to the parent company is projected to be between 60 million and 70 million yuan, a significant recovery from a loss of 18.38 million yuan in the same period last year [1]. - The overall market demand is recovering, and the company's product matrix is continuously improving, which is expected to drive growth in the AIoT sectors [1][2]. Financial Performance Summary - In 2023, the company achieved revenue of approximately 2.13 billion yuan, a year-on-year increase of 5.17%, while the net profit attributable to shareholders was 134.89 million yuan, a decline of 54.65% [1][3]. - The company anticipates revenue growth of 27.1%, 34.6%, and 30.0% for the years 2024, 2025, and 2026, respectively, with projected revenues of 2.71 billion yuan, 3.65 billion yuan, and 4.75 billion yuan [2][3]. - The gross profit margin is expected to improve from 34.2% in 2023 to 36.0% in 2024, and further to 40.0% by 2026 [3]. Product Development and Market Position - The company has launched several new products, including the RK3576 processor, which supports advanced features such as 4K 120Hz display and 8K decoding capabilities [1]. - The company is positioned as a leading player in the domestic SoC market, with a strong focus on AI and IoT applications, which are expected to see significant growth in demand [2][3].

http://www.huajinsc.cn/ 1 / 5 请务必阅读正文之后的免责条款部分 投资建议：北路智控深耕矿山智能化多年，着力构建多元化产品及业务格局，在通 信、集控、监控、装备配套等多个细分领域业务突破较快。考虑到公司新业务布局 等因素，我们调整盈利预测，2024-2026 年收入 13.35/17.52/22.83 亿元（2024-2025 预测前值为 13.47/17.57 亿元），同比增长 32.5% /31.2% /30.3% ，归母净利润分 别为 2.95/3.81/4.87 亿元（2024-2025 预测前值为 3.28/4.26 亿元），同比增长 31.0%/29.3%/27.9%，对应 EPS 为 2.24/2.90/3.70 元，PE 为 16.3/12.6/9.9，维持 "增持"评级。 公司快报/专用计算机设备Ⅲ | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------|---------|-------|------ ...

Investment Rating - The investment rating for the company is maintained at "Buy-A" [1] Core Views - The company has demonstrated stable profitability and an increase in market share, particularly in the global power battery market, where its market share reached 38.4% in early 2024, a year-on-year increase of 5 percentage points [1] - The company reported a total revenue of 797.71 billion yuan in Q1 2024, a year-on-year decrease of 10.41%, while net profit attributable to shareholders was 105.10 billion yuan, reflecting a year-on-year increase of 7.00% [1][2] - The company is actively developing new technologies, such as solid-state batteries, which are suitable for electric aviation and flying cars, contributing to its zero-carbon strategy through green energy initiatives [1][2] Financial Performance Summary - In Q1 2024, the company achieved a gross margin of 26.42%, an increase of 5.15 percentage points year-on-year, and a net profit margin of 14.03%, up by 2.71 percentage points year-on-year [1] - The company’s cash flow from operating activities reached 283.58 billion yuan, a year-on-year increase of 35.25%, with cash reserves at 2,886 billion yuan at the end of the quarter [1] - The company’s R&D investment was 43.40 billion yuan, a decrease of 6.71% year-on-year, with an R&D expense ratio of 5.44%, an increase of 0.22 percentage points year-on-year [1] Earnings Forecast - The company is projected to achieve net profits of 469.03 billion yuan, 568.70 billion yuan, and 665.20 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 18.5, 15.3, and 13.0 [2]

Investment Rating - The report maintains an investment rating of "Leading the Market" for the industry, indicating an expected investment return exceeding 10% compared to the CSI 300 index over the next six months [1]. Core Insights - The report highlights the significant advancements in AI applications, particularly through the launch of Baidu's Wenxin 4.0 model, which has achieved over 200 million users and 200 million daily API calls since the beginning of 2023 [1]. - The development of AI native applications is expected to enhance penetration rates across various industry sectors, with a focus on innovative products from leading companies [1]. - The report emphasizes the increasing costs associated with AI model training, citing that the estimated training cost for OpenAI's GPT-4 is approximately $78 million, while Google's Gemini Ultra is around $191 million [1]. Summary by Sections AI Development and Applications - Baidu's Wenxin model has surpassed 200 million users and 85,000 service clients, with over 190,000 AI native applications developed [1]. - The report identifies three key directions for AI model development: collaborative problem-solving using various models, the use of high-quality small models for specific scenarios, and the evolution of intelligent agents [1]. Market Trends - The global AI sector is experiencing rapid growth, with a notable increase in the number of foundational models released, doubling from 2022 to 2023, with 65.7% being open-source [1]. - China leads in AI patents, holding approximately 61.13% of the global share as of 2022, and has become the largest market for industrial robot installations, accounting for 52.4% of the global total in 2022 [1]. Investment Recommendations - The report suggests focusing on key companies such as Jiecheng Co., Vision China, and others, as new product launches from leading firms are expected to drive AI application growth across various sectors [1].

分析师 邓利军 SAC 执业证书编号：S0910523080001 denglijun@huajinsc.cn 投资要点 新规加大对财务造假、内控失效的退市力度，调高财务和市值指标的退市下限。 加大对量化交易的监管。（1）重点监控：短时间内或日内申报、撤单笔数、频率 达到一定标准；短时间内大笔、连续或密集申报并成交且影响市场的。（2）交易 所可对高频交易实施差异化收费，适当提高交易收费标准，并可收取撤单费等。 风险提示：数据测算与实际值存在偏差，政策超预期变化，经济修复不及预期。 四 月 和 五 月 成 长 可 能 仍 有 机 会 占 优 2024.4.13 主题报告 | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | 一、本次新规新增或各订了哪些失款? | | | (一) IPO 标准有不同程度的 ...

2024年04月15日 公司研究●证券研究报告 福斯特（ ） 公司快报 603806.SH 电力设备及新能源 | 太阳能Ⅲ 背板销量全球第二，海外产能逐步扩张 投资评级 买入-A(维持) 股价(2024-04-15) 25.94元 投资要点 事件：福斯特发布2023年年度报告：报告期内，公司实现营业收入225.89亿元， 交易数据 比上年同期增长19.66%，其中主营业务收入224.94亿元，同比增长19.50%；归 总市值（百万元） 48,356.44 属于上市公司股东的净利润18.5亿元，比上年同期增长17.20%；归属于上市公司 流通市值（百万元） 48,356.44 股东的扣除非经常性损益的净利润17.13亿元，同比增长18.64%。 总股本（百万股） 1,864.17 流通股本（百万股） 1,864.17 2023年产销情况：2023年公司主营业务主要集中在光伏封装材料行业，主导产品 12个月价格区间 51.58/21.55 为光伏胶膜和光伏背板。 一年股价表现 光伏胶膜方面：2023年公司实现光伏胶膜销售22.49亿平米，同比增长70.22%， 实现营业收入204.81亿元，同比增长21.53 ...