| --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------|--------------------|--------------------|---------------------------|---------------------------| | 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].

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 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滑金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机要对外发送擅自制作会议机要引起不当传播的后果自负版权所有 违者必究 各位朋友下午好欢迎参加华经宏观周日下午茶第35期进门采金线上录演本次录演呢万德3C会议平台也进行同步的转播 我是华金证券首席宏观分析师首席金融地产分析师秦泰本次电话会所涉及到的全部的研究逻辑观点以及报告的主要内容都已经在官方微信公众号华金宏观研究里面及时的给大家做了推送欢迎关注公众号华金宏观研究来参考我们相关的一些报告本次电话会我们的主题是 货币财政新信号和一季度经济的深度解读那么在上周大家看到一季度的经济数据已经公布了那么在这个数据公布之后也有国新办的新闻发布会央行和财政部分别对货币政策的新的一些从政策立场方面的变化以及财政政策今年的预算扩张特别 ...

446 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------|------------------|-----------------------------------------|-----------------------------------------------|-------------------------------------------| | 2024 年 04 月 21 日 \n英维克（ 002837.SZ ） \n行业红利叠加公司实力，全链条"热管理"将迎 \n来增长 | 投资评级 \n股价 | (2024-04-19) | 公司研究●证券研究报告 \n机械 \| \n增持-B(维持 | 公司快报 \n 其他专用机械Ⅲ \n) \n30.52 元 | | | 交易数据 | | | | | 投资要点 | 总市值（百万元） | | | 17,292.09 ...

Economic Growth Insights - Q1 GDP growth was 5.3% year-on-year, slightly above market expectations, driven primarily by final consumption contributing 3.9 percentage points, an increase of 0.8 percentage points from Q1 2023[5] - Capital formation's contribution was only 0.6 percentage points, a significant decrease of 1.2 percentage points compared to Q1 2023, indicating a divergence from high fixed investment growth[5] - Net exports contributed 0.8 percentage points, significantly better than Q1 2023, primarily due to the rapid depreciation of the RMB against the USD[5] Consumption Trends - Service consumption grew by 12.7% year-on-year, significantly outpacing goods consumption, which grew by only 5.4%[6] - Final consumption's contribution to GDP growth improved but remained below pre-pandemic levels, indicating ongoing recovery challenges[6] - The decline in real estate prices has negatively impacted consumer spending on goods, reflecting a wealth contraction effect[6] Investment and Capital Formation - The decline in housing prices and construction activity has severely impacted capital formation, necessitating strong fiscal support for sustained investment growth[6] - The acceleration of inventory destocking has further reduced capital formation contributions, which are expected to remain low in the near term[6] Export Dynamics - The depreciation of the RMB has temporarily boosted net export contributions, reversing a trend of negative contributions over the previous four quarters[6] - Future net export contributions may decline as the RMB stabilizes and external trade conditions remain uncertain due to geopolitical tensions[6] Risks and Outlook - Risks include potential limitations on monetary easing due to a high USD index and fiscal spending falling short of expectations[6]

9.00% 6,00% 3.00% -3.00% 呼导弹导演说老师不得去年"智敏学的得了要原林珍给她将留工林儿 精彩 者将外流傳出資料理解要得到不得要分於好好之旅兵班班要 查料指印 彩 据名称 股级并带座探索 松卡到破 安區钟多 载 图 带 軍官在是是立派系 同和流 作家好的 72 型 图 5.00 3.00 1.00 ww -1.00 -3.00 -5.00 -7.00 -9 00 e =2,144 客ଖ 百万平 建筑材 发探发 temple 世智能 电方法 哈密斯 提就说 公用平 安徽快 文 品 成就说 e 버동 0 资料来源:Wind,华金证券研究所 图 3: 全部申万一级行业本周涨跌情况(%) 7 / 18 http://www.huajinsc.cn/ 4 / 18 请务必阅读正文之后的免责条款部分 策略报告 我们对中国 2024 年的整体展望如下。中国是资本金融项目不完全开放的经济体，各类资产 价格主要受国内资产负债表两端变化的影响，预计 2024 年资产端实际 GDP 增速平稳运行，在 4-5%之间窄幅波动；负债端在稳定宏观杠杆率的目标下，实体部门负债增速趋于下行，向名义 经济增速靠拢，货币配合 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for future performance [13][22]. Core Views - The company is a leader in the high-power variable frequency drive sector and has made significant breakthroughs in wind power converters, photovoltaic inverters, and hydrogen power sources, benefiting from the synergistic development of wind and solar energy [13][22]. - The report slightly lowers the earnings forecast due to increasing competition in the renewable energy sector, projecting net profits for 2024-2026 to be 630 million, 774 million, and 914 million yuan respectively, with corresponding P/E ratios of 13.4, 10.9, and 9.2 times [13][14]. Financial Summary - The company achieved a revenue of 3.752 billion yuan in 2023, a year-on-year increase of 33.56%, with a net profit of 502 million yuan, up 88.18% year-on-year [22]. - The gross profit margin for the renewable energy control and engineering transmission businesses was 33.24% and 45.57% respectively, reflecting improvements in profitability [22]. - The company’s R&D expenses reached 322 million yuan in 2023, a 52.81% increase year-on-year, ensuring continued technological advantages [22]. Performance Metrics - The projected revenue for 2024 is 4.65 billion yuan, with a year-on-year growth rate of 23.9% [14]. - The report indicates an expected EPS of 1.42 yuan for 2024, with a projected net profit margin of 13.6% [14]. - The company’s return on equity (ROE) is forecasted to be 13.5% in 2024, indicating strong profitability [14].

下 下 http://www.huajinsc.cn/ 1 / 12 请务必阅读正文之后的免责条款部分 内容目录 图表目录 2 / 12 央行认为，近期名义利率已经持续降低的背景下，由于物价低位运行，导致部分行业可能 认为实际利率偏高，但也有行业感受的实际利率较低，需要分结构看。实际利率等于名义利率减 去通胀率，邹澜司长指出，"这两年，名义利率持续降低，为促进经济总体回升向好发挥了积极 作用"，"但是，内需偏弱，物价低位运行，这个情况同时存在"，并认为通胀的走低是实际利率 讨论的重要原因。在此基础上，邹澜指出不同行业和企业"感受到的实际利率是不一样的"，并 将这种差异分为"服务业和新动能领域"和"房地产关联度比较高"的行业进行了分类举例，认 为前者（如文化娱乐等）在价格保持上涨态势的同时，金融机构积极提供融资，名义利率较低， 感受的实际利率"会低一些"；而后者（如黑色金属）等"需要从紧配置金融资源的领域"，因产 品价格跌幅较大，金融机构提供融资也比较审慎，名义利率和实际利率的感受都会更高，但这种 结构性差异，邹澜指出"一定程度上也有利于推动企业控产能、去库存"，"也是中央金融工作会 议'总量上保持合理充裕、结 ...

三个视角观察经济开门红的可持续性 事件点评 投资要点 服务消费保持高增区间，商品消费倾向边际下降。最终消费对经济增长的贡献同比 改善但仍低于疫情前水平，服务消费保持高增的同时，商品消费倾向边际下降，后 者在更大程度上受到房价下跌引发的财富收缩效应的直接影响。一季度服务性消费 同比增长 12.7%，大幅高于商品性消费 5.4%的同比增速，进一步验证了服务消费 由基本的社交需求和休闲娱乐需求所驱动、因而具备较为稳定的增长路径的特征。 在服务消费倾向连续恢复的同时，商品消费倾向却连续数个季度边际回落，反映出 房地产市场深度调整、房价连续下跌对居民商品消费的拖累作用。展望 2-4 季度， "灰犀牛"近身，企业借贷意愿亦开始降温 ——金融数据速评（2024.3） 2024.4.12 新"国九条"的四点理解 2024.4.12 出口仍需枕戈待旦——国际贸易数据点评 （2024.3） 2024.4.12 闰年效应消退之后房价恐还需面临一定的下行压力，商品消费内生增长动能仍相对 房价和竣工下滑、加速去库存拖累资本形成。在固定投资高增的背景下，资本形成 贡献大幅缩减，主要原因有二，其一是房价连续下跌、竣工增速转负，令房地产开 ...