2024年03月28日 行业研究●证券研究报告 通信 行业快报 算力提升刚需液冷，液冷时代加速来临 AI 领先大市-B维持 投资评级 首选股票 评级 投资要点 002837.SZ 英维克 增持-B 603912.SH 佳力图 增持-B 事件：近日，在2024SIEPR经济峰会上，英伟达CEO透露下一代DGXGPU 一年行业表现 服务器将采用液冷散热，并表示即将推出下一代DGX服务器。同月，新易盛在 OFC2024大会上，宣布推出浸没式800G光模块进军液冷市场。 事件分析： 智算对液冷形成刚需，百亿液冷市场爆发。大模型训练和推理对算力的强需求 下，GPU服务器的功率密度将大幅提升，从而对数据中心的制冷设备和技术提出 了更高要求。传统风冷技术面对高热密度场景呈现瓶颈，液冷技术以超高能效、超 高热密度等特点或成为智算中心温控解决方案的必选项。国际数据公司（IDC）发 资料来源：聚源 布了最新的《中国半年度液冷服务器市场（2023上半年）跟踪》报告。数据显示， 中国液冷服务器市场在2023年仍将保持快速增长。2023上半年中国液冷服务器市 升幅% 1M 3M 12M 场规模达到6.6亿美元，同比增长283.3% ...

Investment Rating - The report assigns an "Add-A" investment rating to the company, indicating a positive outlook for future performance [1][2]. Core Insights - The company achieved a revenue of 94.07 billion RMB in 2023, representing a year-on-year growth of 19.66%, and a net profit of 17.46 billion RMB, up 26.01% year-on-year [1]. - The company plans for a single-digit revenue growth in 2024, primarily due to the high base effect from 2023, with revenue growth targets for 2024-2026 set at 8.1% annually [1][2]. - The probiotics segment showed strong performance, benefiting from increased health awareness among consumers, with domestic revenue from the main brand growing by 21.48% [1][2]. Revenue Analysis - The company's domestic business generated revenues of 54.00 billion RMB, while the overseas business (LSG) achieved 9.89 billion RMB, reflecting a growth of 23.03% [1][2]. - The online sales channel saw a year-on-year increase of 27.53%, with online sales accounting for approximately 41.9% of total sales [1][2]. - The company is focusing on optimizing brand and channel strategies, enhancing operational efficiency, and improving sales effectiveness [1][2]. Profitability Analysis - The gross profit margin for 2023 was 68.89%, with a net profit margin of 18.91% [1][2]. - The company is investing heavily in brand promotion, which has led to an increase in sales expense ratio to 69.58% [1][2]. - The report anticipates that as organizational reforms take effect, the company's profitability will gradually improve [1][2]. Industry Analysis - The vitamin and dietary supplement market in China reached a retail scale of 225.3 billion RMB in 2023, growing approximately 11.6% year-on-year [2]. - The company holds a leading market share of 10.4% in the VDS industry, benefiting from its strong technological innovation capabilities [2]. - The report highlights a trend towards diversification and scientific development in health consumption, indicating a competitive landscape with increasing demand for nutritional products [2]. Future Outlook - The company aims to strengthen its brand and product strategies while optimizing its organizational structure to enhance competitiveness [2]. - Revenue projections for 2024-2026 are set at 103.20 billion RMB, 113.67 billion RMB, and 125.31 billion RMB, with expected growth rates of 9.7%, 10.1%, and 10.2% respectively [2][3]. - The report emphasizes the potential for continued growth in the health supplement sector, driven by rising health awareness post-pandemic [2].

2024年03月28日 行业研究●证券研究报告 通信 行业快报 全球光通信大会， 光模块和高速线 800G/1.6T 领先大市-B维持 投资评级 缆需求旺盛 首选股票 评级 300308.SZ 中际旭创 买入-B 300502.SZ 新易盛 增持-B 投资要点 000988.SZ 华工科技 增持-B 一年行业表现 事件：2024年3月24日至28日，第49届光网络与通信研讨会及博览会(OFC) 在美国加州圣地亚哥会展中心举行(展览：3月26日至28日)。OFC是光通信 领域中最具影响力的国际性大会，多家光模块厂商发布最新产品。 事件分析： OFC是光通信领域中全球颇具影响力的国际性大会，展会为期五天，其中展 览集中在后三天，此次展会将汇聚来自70个国家的13,000多名与会者以及540 多家参展公司，1.6T光模块、硅光、LPO、CPO、相干通信、高速连接器等多项 资料来源：聚源 前沿创新技术都将在大会展现。 升幅% 1M 3M 12M 1.6T/LPO/单通道高速率，光模块演进进入落地新阶段。新易盛展示业界首款 相对收益 6.85 4.04 13.19 4x200GLPO并宣布8x100GLPO进入量产 ...

Investment Rating - The report assigns a rating of "Buy" for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [34]. Core Insights - The company, Wuxi Dingbang, specializes in the research, design, manufacturing, and sales of heat exchange equipment, primarily serving the petrochemical industry. Its products include heat exchangers and air coolers, which are essential for various industrial processes [10][18]. - The company has established long-term relationships with major clients, including Sinopec, which accounts for over 40% of its total revenue. This strong client base enhances its market position [25]. - The company has demonstrated significant revenue growth, with a compound annual growth rate (CAGR) of 14.98% from 2021 to 2023, and a net profit CAGR of 45.15% during the same period [11][2]. Summary by Sections Basic Financial Status - The company reported revenues of 310 million CNY, 367 million CNY, and 438 million CNY for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 7.45%, 18.36%, and 19.52% [2][11]. - The net profit attributable to the parent company was 20 million CNY, 40 million CNY, and 47 million CNY for the same years, with year-over-year growth rates of 29.20%, 103.22%, and 16.47% [2][11]. Industry Situation - The heat exchange equipment industry is crucial for energy efficiency in industrial production, with a market size in China growing from 81.05 billion CNY in 2019 to 86.89 billion CNY in 2022, and projected to reach 99.21 billion CNY by 2026 [19][20]. Company Highlights - The company has over 20 years of experience in the petrochemical heat exchange equipment sector and has built a solid reputation among major domestic enterprises [25]. - It is actively expanding into new markets, including polysilicon and hydrogen energy, and has received recognition from international companies such as Shell and Air Liquide [10][25]. Comparison with Peers - Compared to similar companies in the heat exchange equipment sector, Wuxi Dingbang's revenue is below the average, but its sales gross margin is in the mid-to-high range among peers [31][29].

Investment Rating - The report assigns a "Buy-B" rating for the company, indicating a positive outlook for investment [1][3]. Core Views - The company turned a profit in 2023, achieving a revenue of 61.469 billion yuan, a year-on-year increase of 21.03%, and a net profit of 1.086 billion yuan, marking a significant turnaround with a growth of 629.7% [1][4]. - The improvement in performance is attributed to the release of production capacity and better price differentials, leading to a notable increase in sales volume [1][3]. - The polyester filament sales volume reached 6.816 million tons in 2023, up 19.8% year-on-year, with significant growth in POY, FDY, and DTY sales [1][4]. Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 5.84%, an increase of 2.13 percentage points year-on-year [1][4]. - The fourth quarter of 2023 saw a revenue of 17.269 billion yuan, a 34.5% increase year-on-year, with a net profit of 199 million yuan, reflecting a 140.8% growth [1][4]. - The company expects revenues of 68.039 billion yuan, 73.456 billion yuan, and 77.338 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.013 billion yuan, 2.503 billion yuan, and 2.952 billion yuan [3][4]. Production Capacity and Market Position - The company has a polyester filament capacity of 7.4 million tons and plans to increase this by 400,000 tons in 2024 and 650,000 tons in 2025 [5][6]. - The company is positioned as a leading player in the domestic polyester filament industry, with a market share exceeding 12% [1][3]. - The PTA production capacity is currently at 5 million tons, with plans to expand to 10 million tons by mid-2026 [5][6]. Industry Outlook - The report highlights that the polyester filament industry is expected to see a slowdown in new supply starting in the second half of 2023, which will benefit leading companies like the one under review [3][5]. - The industry is experiencing improved supply-demand dynamics, which is anticipated to lead to sustained profitability recovery [1][3]. Valuation - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 10.3x, 8.3x, and 7.0x respectively, indicating attractive valuation compared to peers [3][7]. - The average P/E ratios for comparable companies in the polyester filament sector are significantly higher, suggesting that the company is undervalued relative to its peers [7].

2024年03月27日 公司研究●证券研究报告 中国电信（ ） 公司快报 601728.SH 通信 | 电信运营Ⅲ 加力发展卫星、量子等“战略新兴产业”，现金 增持-B(维持) 投资评级 股价(2024-03-26) 5.87元 分红指引再提升 交易数据 投资要点 总市值（百万元） 537,146.90 流通市值（百万元） 114,995.80 事件：2024年3月26日，中国电信发布2023年年度报告，2023年公司实现营业收 总股本（百万股） 91,507.14 入5078.43亿元，同比增长6.9%，实现归母净利润304.46亿元，同比增长10.3%， 流通股本（百万股） 19,590.43 扣非归母净利润为295.53亿元，同比增长8.7%，基本每股收益0.33元，同比增长 12个月价格区间 6.87/5.08 10.3%。 一年股价表现 营收实现连续11年增长，5G共建共享成效显著。中国电信在2023年取得了令人 瞩目的业绩，营业收入达到5078.43亿元，同比增长6.9%，连续11年保持增长， 归母净利润为304.46亿元，同比增长10.3%，扣非归母净利润达到295.53亿元， 同比增长8.7 ...

2024年03月27日 公司研究●证券研究报告 长电科技（ ） 公司快报 600584.SH 电子 | 集成电路Ⅲ 中国华润将为实际控制人，产业资源整合优势或凸显 买入-A(维持) 投资评级 股价(2024-03-27) 29.11元 事件点评 2024年3月26日，长电科技发布《关于公司股东权益变动暨公司控制权拟发生变更 交易数据 的提示性公告》 总市值（百万元） 52,072.78 控股股东将变更为磐石香港或其关联方、实际控制人将变更为中国华润。长电科技 流通市值（百万元） 52,072.78 于2024年3月26日收到通知，公司股东大基金、芯电半导体分别与磐石香港签 总股本（百万股） 1,788.83 订《股份转让协议》，大基金拟通过协议转让方式将其所持有的公司股份 流通股本（百万股） 1,788.83 174,288,926股（占公司总股本的9.74%），以29.00元/股的价格转让给磐石香港 12个月价格区间 37.01/21.73 或其关联方；芯电半导体拟通过协议转让方式将其所持有的公司股份228,833,996 一年股价表现 股（占公司总股本的12.79%），以29.00元/股的价格转让给磐石 ...

= http://www.huajinsc.cn/ 1 / 4 请务必阅读正文之后的免责条款部分 事件点评 图 3:工业企业利润累计同比:三大行业 (%) 250 - 制造业 一电力、热力、燃气、水生产及供应业 -采矿业 200 150 100 50 0 20-08 20-11 21-02 21-05 21-08 21-11/ 22-02 22-05 22-08 22-11 23-02 4-02 50-05 -50 资料来源: Wind，华金证券研究所 请务必阅读正文之后的免责条款部分 图 4: 产成品库存、实际库存同比（%）及实际产成品库存规模估算（亿元) 25 一产成品库存同比 一 产成品库存实际同比 - 实际产成品库存估算(亿元,右) 20 15 10 5 0 17-02 18-02 19-02 20-02 22-02 23-02 13-02 14-02 15-02 21-02 24-02 12,92 16-02 -5 资料来源: Wind，华金证券研究所 68000 200000 600000 52000 44000 36000 28000 请务必阅读正文之后的免责条款部分 秦泰声明，本人具有中国证券 ...

公司近 3 年收入和利润情况 http://www.huajinsc.cn/ 2 / 10 请务必阅读正文之后的免责条款部分 旗 新股覆盖研究/ 内容目录 | --- | --- | --- | |-------|-----------------------------|-------| | | | | | | 一、无锡鼎邦 | | | | (一) 基本财务状况 . | | | | (二) 行业情况 . | | | | (三) 公司亮点 . | | | | (四) 홍投项目投入 | | | | (五) 同行业上市公司指标对比 | | | | (六) 风险提示 . | | 图表目录 | --- | --- | --- | --- | |-------|-------|---------------------------------------------|-------| | | | | | | | | | | | | | 图 1: 公司收入规模及增速变化 . | | | | | 图 2: 公司归母净利润及增速变化 | | | | | 图 3: 公司销售毛利率及净利润率变化 | | | | | 图 4： 公 ...

Investment Rating - The report maintains an investment rating of "Outperform" with a target of leading the market by more than 10% over the next six months [5]. Core Viewpoints - The report emphasizes the integration of 5G-A technology with the low-altitude economy, highlighting the importance of 5G-A applications in various sectors such as smart transportation and low-altitude economic activities [1][2]. - It notes that the low-altitude economy market is expected to grow significantly, with projections indicating a market size of 25 trillion yuan in 2022 and an anticipated scale of over 60 trillion yuan by 2035 [1]. - The report identifies key companies in the sector, including China Mobile, China Unicom, China Telecom, ZTE Corporation, and others, recommending a "Buy" rating for these stocks [1][4]. Summary by Sections Industry Overview - The report discusses the recent policy developments in Shenzhen aimed at promoting the low-altitude economy, including the implementation of the "Shenzhen City Rapid Broadband Pioneer City 2024 Action Plan" [1]. - It highlights the expected growth in the drone industry, with projections of 26 million commercial and industrial drones by 2035, alongside a significant increase in the number of drone pilots [1]. Technological Developments - The report details advancements in drone navigation solutions, particularly the combination of GNSS and INS systems, which enhance the robustness and dynamic performance of drone navigation [2]. - It mentions the successful tracking tests conducted by China Unicom using 26GHz millimeter-wave frequency bands, achieving centimeter-level precision in drone tracking [2]. Market Dynamics - The report outlines the current demand structure for drones across various industries, with surveying and geographic information accounting for 30%, agricultural protection for 26%, and security monitoring for 12% [1]. - It emphasizes the role of regulatory frameworks in facilitating the growth of the drone industry, noting the implementation of the "Interim Regulations on the Flight Management of Unmanned Aerial Vehicles" [1]. Recommended Stocks - The report suggests focusing on stocks of major telecommunications companies and drone manufacturers, including China Mobile, China Unicom, China Telecom, ZTE Corporation, and others, all rated as "Buy" [4].