446 http://www.huajinsc.cn/ 1 / 7 请务必阅读正文之后的免责条款部分 步延伸公司现有产品线，另一方面亦助推公司由单一的燃油二轮摩托车应用，向摩 托车、电动车、沙滩车及四轮车等多元应用场景覆盖。截至目前，相关智能仪表产 品的量产及在研项目已遍及金浪、豪进，奔达、凯越、元图、保时马和本田等国内 外知名厂商，并于 2023 年初对国内规模最大的中大排量摩托车企业钱江摩托实现 批量供货。 风险提示：新能源汽车行业景气度风险、新业务及新客户拓展不及预期风险、产品 价格年降风险、宏观经济和产业政策风险、原材料供应和价格波动风险、技术升级 迭代风险、市场竞争风险等。 | --- | --- | --- | --- | --- | --- | |---------------------|-------|-------|-------|-------|-------| | 会计年度 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入(百万元 ) | 713 | 785 | 938 | 1,140 | 1,353 | | YoY(%) | 12.6 ...

加仓有色、通信，减仓医药、计算机 事件点评 投资要点 一季度整体仓位下降，主板持仓占比明显上升，创业板和科创板仓位回落。首先， 2024Q1 主动偏股型基金整体仓位为 85.5%，较四季度有所下降。其次，主板持仓 占比明显上升，创业板和科创板仓位回落：主板仓位较 2023Q4 的 68.9%上升了 3.3pcts ， 创 业 板 仓 位 较 2023Q4 的 19.2% 下 降 了 1.4pcts ， 科 创 板 仓 位 较 2023Q411.8%下降了 2.0pcts，北证仓位相较 2023Q4 小幅下降了 0.02pcts。 一季度加仓有色、通信、家电、电力与公用事业，减仓医药、计算机、电子。（1） 从持仓占比来看，截至2024Q1主动偏股型基金仓位TOP5的行业分别为食品饮料、 电子、生物医药、电力设备和有色金属；TOP4 持仓行业未变，有色金属新晋 TOP5， 计算机行业跌出 TOP5。（2）仓位变化来看，持仓增加的 TOP5 行业分别为有色 金属、通信、家用电器、公用事业和电力设备；持仓下降的 TOP5 行业分别为医药 生物、计算机、电子、国防军工、非银。（3）从超配比来看，2024Q1 超配比 T ...

数据来源：聚源、华金证券研究所 | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------|----------------|--------------------|--------------------------------------------|---------------------------------| | 2024 年 04 月 24 日 \n霍莱沃（ 688682.SH ） \n营收稳健利润承压，延伸布局低空及卫星赛道 | 投资评级 | | 公司研究●证券研究报告 \n国防军工 \n\| 增持 | 公司快报 \n其他军工Ⅲ \n-B(首次) | | 投资要点 | 股价 | (2024-04-24) | | 30.80 元 | | | 交易数据 | | | | | | | | | | | 事件： 2024 年 4 月 23 日，霍莱沃发布 2023 年度报告， 2023 年公司实现 ...

446 http://www.huajinsc.cn/ 1 / 5 请务必阅读正文之后的免责条款部分 强化公司在市场的核心竞争力。 风险提示：卫星互联网发展不及预期，市场竞争加剧，收购协同效果不及预期，业 务拓展不及预期。 | --- | --- | --- | --- | --- | --- | |---------------------|-------|--------|--------|-------|-------| | 会计年度 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 (百万元) | 270 | 227 | 331 | 452 | 580 | | YoY(%) | -14.9 | -15.6 | 45.5 | 36.5 | 28.5 | | 归母净利润(百万元 ) | 62 | -5 | 54 | 92 | 132 | | YoY(%) | -33.3 | -108.7 | 1105.7 | 70.0 | 44.2 | | 毛利率 (%) | 55.5 | 48.5 | 55.8 | 56.8 | 57.9 | | EPS(摊薄/ 元 ) ...

Investment Rating - The investment rating for the company is maintained at Buy-A [1] Core Views - The company has solidified its leading position in the solar storage industry and continues to expand its product services globally [1] - In 2023, the company achieved a revenue of 72.25 billion yuan, representing a year-on-year growth of 79.47%, and a net profit attributable to shareholders of 9.44 billion yuan, up 162.69% year-on-year [1] - The company has made significant advancements in both photovoltaic inverters and energy storage systems, with global shipments of photovoltaic inverters reaching 130GW, a 69% increase year-on-year, and energy storage systems shipments totaling 10.5GWh, maintaining the top position among Chinese enterprises for eight consecutive years [1][2] Financial Performance - The company invested 2.447 billion yuan in R&D in 2023, a 45% increase year-on-year, with a total of 5,372 R&D personnel, of which 65 hold doctoral degrees [2] - The company has been involved in over 20 national major science and technology projects and has accumulated 4,123 patents, a 43.3% increase [2] - The projected net profits for 2024, 2025, and 2026 are 10.27 billion yuan, 12.09 billion yuan, and 14.87 billion yuan, respectively, with corresponding EPS of 6.91 yuan, 8.14 yuan, and 10.02 yuan [2][4] Market Position and Strategy - The company has expanded its market presence in Europe, America, Australia, and China, with over 490 service points globally [1] - The company has launched innovative products such as the 10MWh all-liquid cooling energy storage system and the PowerTitan 2.0 liquid cooling energy storage system, enhancing its competitive edge [1][2] - The company is recognized for its strong brand, R&D capabilities, and leading shipment volumes in the industry [2]

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating strong confidence in its future performance [1][4] Core Views - The company's 24Q1 performance showed significant year-over-year growth, with AMOLED products steadily increasing their market share [1] - The company achieved a revenue of 1,629 million yuan in 2023, a 23.71% increase year-over-year, with a net profit of 372 million yuan, up 22.59% [1] - AMOLED products accounted for approximately 20% of the company's revenue in 2023, showing a rising trend [1] - The company's 24Q1 revenue reached 443 million yuan, a 43.74% increase year-over-year, with a net profit of 76.69 million yuan, up 150.51% [1] Display Driver Chip Packaging and Testing - The company's display driver chip packaging and testing revenue in 2023 was 1,463 million yuan, a 25.29% increase year-over-year, with a gross margin of 36.43% [1] - The company is the largest display driver chip packaging and testing enterprise in China and ranks third globally [1] - The company has successfully entered the Japanese and Korean markets and is leveraging the display industry cluster in Hefei [1] - The Hefei plant, with an initial capacity of 10,000 wafers per month for bumping and wafer testing, began mass production in 2024 [1] Non-Display Packaging and Testing - The company's non-display chip packaging and testing revenue in 2023 was 130 million yuan, an 8.09% increase year-over-year, with a gross margin of 31.65% [1] - The company aims to increase the revenue share of non-display business to 30% within five years [1] - The Suzhou plant is focusing on expanding non-display products, including power management chips and RF front-end chips [1] Financial Projections - The company's revenue is projected to be 2,037 million yuan in 2024, 2,562 million yuan in 2025, and 3,239 million yuan in 2026, with year-over-year growth rates of 25.0%, 25.8%, and 26.4% respectively [1][5] - Net profit is expected to be 481 million yuan in 2024, 643 million yuan in 2025, and 878 million yuan in 2026, with growth rates of 29.5%, 33.5%, and 36.6% respectively [1][5] - The company's P/E ratio is projected to be 25.2 in 2024, 18.9 in 2025, and 13.8 in 2026 [1][5] Industry and Market Position - The company is a leader in the display driver chip packaging and testing industry, with advanced 28nm process capabilities [1] - The company's "125mm large-panel flip-chip packaging technology" is suitable for high-end smartphone AMOLED screens [1] - The company is well-positioned to benefit from the growing demand for AMOLED products in various applications [1]

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|-----------------------------------------|----------------------------------------|------------------------------------| | 2024 年 04 月 23 日 \n双杰电气（ 300444.SZ ） \n大单交付延后影响 23 年业绩，24Q1 扣非净利高 \n增 | 投资评级 \n股价 | 电力设备及新能源 \n(2024-04-22) | 公司研究●证券研究报告 \n\| 买入-A(维持 | 公司快报 \n输变电设备 ...

http://www.huajinsc.cn/ 1 / 5 请务必阅读正文之后的免责条款部分 http://www.huajinsc.cn/ 2 / 5 请务必阅读正文之后的免责条款部分 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------|---------|-------|-------|-------|-------|----------------------------------|-------|-------|-------|-------|-------| | 资产负债表 ( 百万元 ) \n会计年度 | \n2022A | 2023A | 2024E | 2025E | 2026E | 利润表 ( 百万元 ) \n 会计年度 | 2022A | 2023A | 2024E | 2025E | 2026E | | 流动资产 | 2447 | 2599 | 3644 | 3886 | 4779 | 营业收入 | 1249 | 154 ...

投资评级 增持-A(维持) 股价(2024-04-23) 18.19 元 总市值（百万元） 7,415.34 总股本（百万股） 407.66 12 个月价格区间 41.30/16.86 甬矽电子（688362.SH） 公司快报 投资要点 公司主要产品封装产量 35.79 亿颗，同比增长 33.06%；销售量 35.72 亿颗，同比 增长 31.44%，主要系市场开拓及部分客户需求增长所致，销售量与生产量较 2022 年均有所增加。2023 年公司共有 11 家客户销售额超过 1 亿元，14 家客户（含前 述 11 家客户）销售额超过 5,000 万元，客户结构持续优化。受外部经济环境及行 业周期波动影响，全球终端市场需求依旧较为疲软，下游需求复苏不及预期，公司 所处封测环节亦受到一定影响。根据 WSTS 数据，2023 年全球半导体市场规模估 一年股价表现 计为 5,201 亿美元，同比下降 9.4%。2023 年公司稼动率整体呈稳定回升趋势，营 业收入规模逐季上升，全年实现营业收入 23.91 亿元，同比增长 9.82%，其中 23Q4 实现营业收入 7.60 亿元，环比增长 17.28%，同比增长 64. ...

华金证券股份有限公司对本声明条款具有惟一修改权和最终解释权。 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。 上海市浦东新区杨高南路 759 号陆家嘴世纪金融广场 30 层 北京市朝阳区建国路 108 号横琴人寿大厦 17 层 深圳市福田区益田路 6001 号太平金融大厦 10 楼 05 单元 本报告版权仅为本公司所有，未经事先书面许可，任何机构和个人不得以任何形式翻版、复制、发表、转发、篡改或引用本报告的 任何部分。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"华金证券股份有限公司研究所"，且不得对 本报告 ...