Investment Rating - The report maintains an investment rating of "Outperform" for the industry, indicating a projected return exceeding the Shanghai and Shenzhen 300 Index by more than 10% over the next six months [3]. Core Insights - The launch of the Xiaomi SU7 marks a significant step in the integration of computing power and intelligence in smart vehicles, with a starting price of 215,900 CNY and various configurations available [1][2]. - The report highlights the transition from L2 to L3+ autonomous driving capabilities in China's passenger vehicles, with an expected penetration rate of 51% for L2 features in 2023 [1]. - The smart cockpit market in China is projected to grow from approximately 73.9 billion CNY in 2022 to over 100 billion CNY by 2025, with a compound annual growth rate (CAGR) of 12.7% [2]. Summary by Sections Investment Rating - Preferred stocks include: - 301191.SZ (Feiling Kesi) - "Accumulate" [1] - 600105.SH (Yongding Co.) - "Accumulate" [1] - 002881.SZ (Meige Intelligent) - "Accumulate" [1] Industry Performance - The report notes that the smart electric vehicle segment is experiencing rapid growth, driven by advancements in autonomous driving technology and smart cockpit features [1]. Market Trends - The report emphasizes the shift towards Ethernet-based vehicle communication systems, with the market for Ethernet physical layer chips in mainland China expected to exceed 12 billion CNY by 2025, reflecting a CAGR of over 30% [2]. - The demand for high-bandwidth vehicle communication is pushing upgrades in vehicle architecture, transitioning to a centralized architecture with Ethernet as the primary communication method [2]. Technology Developments - The Xiaomi SU7 features advanced smart configurations, including the Xiaomi Surge OS and a self-developed large model for voice interaction and vehicle control [1]. - The report indicates that the integration of laser radar in smart vehicles is expected to increase significantly, with the number of sensors per vehicle projected to rise from approximately 8 to around 24 as the technology matures [1][2].

2024年03月29日 公司研究●证券研究报告 福莱特（ ） 公司快报 601865.SH 电力设备及新能源 | 太阳能Ⅲ 锚定市场，完善布局，增长可期 买入-A(维持) 投资评级 股价(2024-03-28) 28.83元 投资要点 事件：公司发布2023年年度报告，实现营业总收入215.24亿元，同比增长39.21%； 交易数据 归属于上市公司股东的净利润27.6亿元，同比增长30%。公司拟向全体股东每10 总市值（百万元） 67,788.68 股派发现金分红3.8元（含税），分红金额8.91亿元，包括中期现金分红，公司 流通市值（百万元） 54,750.02 23年分红比例高达52.57%。 总股本（百万股） 2,351.32 流通股本（百万股） 1,899.06 绿色发展，深入人心，光伏装机量再创新高：全球已经有多个国家提出“碳中和” 12个月价格区间 38.64/18.75 和“零碳”发展目标，大力发展风电、光伏等绿色能源成为全球共识。2023年， 全球光伏装机量再创新高达390GW，同比增加70%，装机量超过1GW的市场达 一年股价表现 到了32个，表明全球需求开花。其中，中国装机量为216. ...

华 发 集 闭 旗 下 个 业 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------|------------------|----------------------------------------|----------|----------------------------------| | 2024 年 03 月 28 日 \n伟测科技（ 688372.SH ） | | | | 公司研究●证券研究报告 \n公司快报 | | | | | 电子 \| | 集成电路Ⅲ | | 技术产能两手抓，紧握国产替代/新一轮上行周期机遇 | 投资评级 | | 增持 -A( | 维持) | | 投资要点 | 股价 | (2024-03-28) | | 57.59 元 | | 2023 营收同比略有增长， 23Q4 创单季度营收新高。 2023 年，全球终端市场需求 | 交易数据 | | | | | 疲软，集成电路行业处于下行周期，公司 ...

Investment Rating - The report maintains an investment rating of "Outperform" for the industry, with specific stock recommendations including "Buy" for Unisplendour (000938.SZ) and "Add" for Feiling Technology (301191.SZ) [1]. Core Insights - The report highlights that the domestic computing power industry chain is experiencing an upturn due to large-scale procurement by telecom operators, with China Unicom announcing the procurement of 12,045 data center switches [1]. - The report emphasizes the comprehensive domestic computing power system and the complete industrial chain, noting advancements in high-density, high-performance port designs and the production capabilities of various domestic manufacturers [1][2]. Summary by Sections Industry Performance - The report indicates that the procurement activities by operators are leading to an increase in the domestic computing power chain's prosperity, with significant procurement events from major telecom companies [1]. Key Events - On March 27, 2024, China Unicom announced the procurement of 12,045 data center switches, including 1,067 chassis switches and 10,882 access switches [1]. - Additionally, China Unicom plans to procure 2,503 AI servers and 688 key networking devices [1]. Domestic Supply Chain - The report notes that domestic manufacturers have developed capabilities for high-density, high-performance port designs, with products supporting up to 800G ports currently in trial production [1]. - The report also mentions that companies like Huadian and Unisplendour are making significant advancements in chip technology and server efficiency [1][2]. Investment Recommendations - The report suggests focusing on companies involved in computing power infrastructure, connectivity, supply, cloud services, visualization, and liquid cooling, listing specific companies in each category [2].

证券研究报告 通信行业/公司深度报告 2024年3月28日 专网通信：“设备更新+万亿国债”，铁路/电力最先受益 通信行业专题报告 分析师：李宏涛 S0910523030003 ...

Investment Rating - The report assigns a "Buy - A" rating to the company, indicating a positive outlook for future investment returns [1][5]. Core Insights - The company, Quartz Co., Ltd. (603688.SH), reported a significant increase in revenue and net profit for 2023, with operating income reaching 7.184 billion yuan, a year-on-year growth of 258.46%, and net profit attributable to shareholders of 5.039 billion yuan, up 378.92% [1][2]. - The growth is primarily driven by the booming photovoltaic market, which has seen substantial demand for quartz products, leading to increased production and sales [1][3]. - The company has successfully completed a high-purity quartz material project with an annual capacity of 60,000 tons, further enhancing its production scale and market share [1][3]. Financial Performance - The company achieved a gross profit margin of 87.5% in 2023, with expectations of maintaining a gross margin of around 86% in the coming years [2][4]. - Forecasts for 2024-2026 predict revenues of 12.307 billion yuan, 15.360 billion yuan, and 16.123 billion yuan, respectively, with corresponding net profits of 8.158 billion yuan, 10.291 billion yuan, and 10.930 billion yuan [2][3]. - The earnings per share (EPS) are projected to be 22.58 yuan, 28.48 yuan, and 30.25 yuan for the years 2024, 2025, and 2026, respectively [1][2]. Market Position and Competitive Advantage - The company is recognized as a leading player in the high-purity quartz sand and related products sector, benefiting from advanced production technologies and a comprehensive product range [1][5]. - The report highlights the company's strong competitive edge due to its proprietary production techniques and established relationships with major clients in the semiconductor and photovoltaic industries [1][3]. - The quartz materials produced by the company are noted for their high quality and cost-effectiveness, which have garnered widespread customer recognition and enhanced the company's brand image [1][3].

2024年03月28日 公司研究●证券研究报告 信立泰（ ） 公司快报 002294.SZ 医药 | 化学制剂Ⅲ 创新营收贡献增强，降压管线进入密集收获期 买入-A(维持) 投资评级 股价(2024-03-28) 28.87元 投资要点 全年业绩略有承压，Q4营收环比逐步向好。公司发布2023年年报：（1）2023 交易数据 年，公司实现营收33.65亿元（-3.35%，同增，下同），归母净利润5.80亿元 总市值（百万元） 32,184.75 （-8.95%），扣非归母净利润5.26亿元（-4.73%）。公司全年业绩略有下滑，主 流通市值（百万元） 32,177.51 要受泰嘉续标降价及天津、福建等地丢标影响。费用端看，公司销售费用、管理费 总股本（百万股） 1,114.82 用、研发费用分别为10.16亿元（-7.20%）、2.87亿元（+20.64%）、4.09亿元 流通股本（百万股） 1,114.57 （-23.34%），对应费用率分别为30.18%（-2.34pp）、8.52%（+1.46pp）、12.16% 12个月价格区间 37.53/25.93 （-3.70pp）。公司费用管控合理有效，管理 ...

2024年03月27日 行业研究●证券研究报告 传媒 行业快报 端侧 进军折叠屏，强强联合赋能应用落地 AI 领先大市-A维持 投资评级 首选股票 评级 投资要点 热点事件： 近日，第二届拯教者杯OPENAIGC开发者大赛报名开启。3月25日， 一年行业表现 《科创板日报》报道称百度将为苹果今年发布的iPhone16、Mac系统和iOS18提 供AI功能。3月26日，vivo发布vivoXFold3折叠屏手机。据介绍，vivoXFold3 是行业首款端侧AI大模型折叠屏手机，且于其端侧搭载的蓝心大模型在整体数据 量方面实现跨越式升级，实现超700种手机相关功能。端侧AI进展势头迅猛，大 厂加码布局端侧AI，有望推动应用端AI进一步落地，赋能C端内容生产和创作。 蓝心大模型重磅升级，赋能移动C端内容生产。发布会上，vivo官方宣布蓝心 大模型迎来全新升级，整体数据量跨越式升级到「端侧7B」+「云侧70B」的 超大组合，实现超700种手机相关功能。蓝心大模型应用现已全面开放下载， 资料来源：聚源 除vivo之外的其他手机也能使用包括蓝心千询AI助手、vivo办公套件等AI工 升幅% 1M 3M 12M 具。此外 ...

Investment Rating - The report maintains an investment rating of "Leading the Market" for the industry, indicating an expected investment return exceeding the CSI 300 Index by more than 10% over the next six months [1]. Core Insights - The report highlights the launch of the open-source AI model DBRX by Databricks, which is anticipated to be the most powerful open-source large language model (LLM) globally, surpassing Meta's Llama 2 [1]. - The competitive landscape in the AI sector is intensifying, with various models vying for dominance, leading to increased upstream supply and downstream demand [1]. - DBRX demonstrates superior performance in language understanding, programming, mathematics, and logic compared to leading models like GPT-3.5 and Llama 2-70B, indicating a potential shift in the leadership of large language models [1]. Summary by Sections Investment Highlights - The report notes that DBRX's architecture includes 132 billion parameters and utilizes a mixture of experts model, activating only a fraction of its parameters during inference, which enhances efficiency [1]. - DBRX's performance metrics show it outperforms competitors in various domains, with a language understanding score of 73.7%, programming score of 70.1%, and a mathematics score of 66.9% [1]. Market Dynamics - The report suggests that the rapid iteration of large models is likely to catalyze the commercialization of AI applications, benefiting downstream industries and content production [1]. - The efficiency improvements and reduced hardware requirements associated with DBRX are expected to lower the barriers for C-end users, facilitating broader adoption of commercial AI [1]. Investment Recommendations - The report advises focusing on companies involved in AI commercialization, such as InnoCare, Yidian Tianxia, and Huace Film & TV, as well as content providers like Zhongwen Online and Zhangyue Technology [1]. - It also highlights potential beneficiaries in the gaming sector, recommending attention to Tencent, NetEase, and other gaming companies [1].

Investment Rating - The report maintains a "Buy -B" rating for the company, indicating a strong potential for investment returns over the next six months [1][5]. Core Insights - The company reported a total revenue of 15.405 billion yuan for 2023, a year-on-year decrease of 31% [1]. - The net profit attributable to shareholders was 1.891 billion yuan, down 66.9% compared to the previous year [3]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares, which exceeds 30% of the net profit for 2023 [1]. - The demand for lithium batteries continues to grow due to the rapid expansion of the global electric vehicle and energy storage markets, positioning the company as a key supplier in the lithium battery materials sector [1][3]. - The company achieved a sales volume of 396,000 tons of electrolyte, representing a 24% increase, with a market share expected to reach 36.4% [1]. Financial Performance Summary - Revenue for 2022 was 22.317 billion yuan, with a significant drop to 15.405 billion yuan in 2023, and projected revenues of 14.770 billion yuan, 19.347 billion yuan, and 24.900 billion yuan for 2024, 2025, and 2026 respectively [3][4]. - The gross profit margin decreased from 38% in 2022 to 25.9% in 2023, with further projections of 21.4%, 22.8%, and 23.8% for the following years [3][4]. - The company’s return on equity (ROE) fell from 45.5% in 2022 to 13.6% in 2023, with expectations of recovery to 16.3% by 2026 [3][4]. Market Position and Strategy - The company is focusing on enhancing its supply chain for core materials, achieving over 93% self-supply for liquid lithium hexafluorophosphate and over 80% for certain core additives [1]. - The company is expanding its production capacity in various regions, including Sichuan and Chizhou, and is advancing projects in Germany and North America [1]. - The company is actively developing new products and improving product performance to enhance competitiveness in the market [1].