资料来源：Wind，华金证券研究所 我们选取业务结构相近的行业公司航天电器（继电器、连接器）、华丰科技（连接器）、意 华股份（连接器）作为可比公司。随着国产替代加速推进，商业卫星持续放量以及军工需求回暖， 公司相关产品有望迎来加速增长，预计将充分受益于下游需求景气度提升。 财务报表预测和估值数据汇总 公司评级体系 B —较高风险，未来 6 个月投资收益率的波动大于沪深 300 指数波动； 公司快报/其他军工Ⅲ 本报告仅供华金证券股份有限公司（以下简称"本公司"）的客户使用。本公司不会因为任何机构或个人接收到本报告而视其为本 公司的当然客户。 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。 办公地址： 网址： www.huajinsc.cn 446 http://www.huajinsc.cn/ 1 / 7 请务必阅读正文之后的免责条款部分 工业级电连接器及互连产品在通讯系统中广泛使用，是华为、中兴等大型通讯公司 电连接器及互连产品的合格供方，产品在第四代、第五代移动信息系统中大量应用。 目前，公司拥有 15 大类共 312 台(套)试验测量设备，设施面积 2241.50 ㎡，并根 据高可靠产品的 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | |-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|--------------------------------------| | 2024 \n投资要点 | 年 03 月 15 日 \n广合科技（ 001389.SZ ） | | 公司研究●证券研究报告 \n新股覆盖研究 | | | 下周一（ 3 月 18 日）有一只深证主板新股"广合科技"询价。 | 交易数据 | | | | 广合科技（ 001389.SZ ）：公司自成立以来一直从事印制电路板的研发、制造和销 | 总市值（百万元） | | | | 售，深耕于高速 PCB ，产品主要定位于中高端市场。公司 20 ...

下 下 http://www.huajinsc.cn/ 1 / 5 请务必阅读正文之后的免责条款部分 一、春节延迟导致的信贷"一月强二月弱"效应充分体现，居民贷款大幅收缩，新增信贷 2 月新增信贷 1.45 万亿，同比少增约 3600 亿，逆转了 1 月同比小幅多增的格局，充分体现 出 1 月信贷稍好于预期主要原因在于春节延迟令 1 月工作日同比大幅多增，从而信贷的弱势更加 集中于 2 月体现。关注到新增信贷的主体结构，2 月信贷的增长趋势更加偏弱——首先，不具可 持续性的非银金融机构贷款 2 月大幅增加 4045 亿，同比多增达 3800 多亿，非银金融机构的贷 款往往是过桥属性、暂时性的，突然的单月多增无法持续，扣除这一项，2 月新增信贷同比少增 事实上超过 7000 亿，下滑速度较快；其次，直接反映房地产市场需求趋势的居民户贷款受春节 延迟影响在 1 月大幅多增之后 2 月尽数回吐，2 月净减少达 5907 亿，同比多减高达近 8000 亿， 1-2 月合计较 2023 年初偏弱的格局进一步同比少增，地产内生需求见底的判断不可操之过急； 其三，好消息是企业中长贷同比多增约 1800 亿，在两会确定的政府 ...

Investment Rating - The report maintains an investment rating of "Outperform" with expectations of returns exceeding the CSI 300 Index by more than 10% over the next six months [3]. Core Insights - The commercialization of AI technology is progressing, with emerging applications in edge computing expected to drive demand for computational power [2]. - The introduction of new AI models, such as OpenAI's latest offerings, is setting new industry benchmarks and enhancing the capabilities of AI applications [1]. - The report highlights the importance of lightweight models in AI, which aim to reduce size and complexity while maintaining performance, thus enabling broader applications in resource-constrained environments [1]. Summary by Sections Industry Events - In March 2024, Figure, a robotics startup, launched its first demo robot powered by OpenAI's large model, showcasing advanced interaction capabilities [1]. - Anthropic released its Claude 3 model family, which includes three advanced versions, each designed for specific applications, enhancing the competitive landscape in AI [1]. Market Trends - The report notes a significant shift towards the commercialization of AI, with various companies rapidly iterating on model development, indicating a robust growth trajectory for the industry [1]. - The demand for high-performance chips is expected to grow due to the rapid evolution of AI technologies and the opportunities presented by domestic production amid import controls [2]. Investment Recommendations - The report suggests focusing on companies within the domestic computational power supply chain, including HaiGuang Information, Longxin Zhongke, and others, as they are well-positioned to benefit from the ongoing AI advancements [2].

2024年03月14日 行业研究●证券研究报告 传媒 行业快报 持续突破，强催化落地应用 AGI 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：自Claude3发布以来，风头一度赶超GPT-4。据澎湃新闻，GPT-4.5 一年行业表现 Turbo或有望于今年6月发布。近日，北京智源人工智能研究院、新加坡南洋理 工大学、北京大学携手提出通用计算机控制GeneralComputerControl(GCC)。 技术理念：智能体需要像人一样看屏幕，通过键盘、鼠标完成计算机上的所有任 务。技术突破：通过基于3A游戏大作《荒野大镖客 2》的测试，Cradle被认为 是首个能长时间游玩商业3A游戏的智能体。GCC将为通用人工智能（AGI） 研究提供场景，也将进一步促进大模型和AIAgents的落地与产业化；多模态技 术加速迭代，或持续释放算力催化，长效赋能多模态落地应用。 AGI方向明确，Cradle在3A游戏大作表现良好，实现机控里程碑，通用计算 资料来源：聚源 机控制或成AGI热点方向。向数字世界AGI迈进，北京智源人工智能研究院、 升幅% 1M 3M 12M 新加坡南洋理工大学、北京大学携手提出 ...

分析师声明 http://www.huajinsc.cn/ 8 / 9 请务必阅读正文之后的免责条款部分 本公司具备证券投资咨询业务资格的说明 免责声明： 本报告基于已公开的资料或信息撰写，但本公司不保证该等信息及资料的完整性、准确性。本报告所载的信息、资料、建议及推测 仅反映本公司于本报告发布当日的判断，本报告中的证券或投资标的价格、价值及投资带来的收入可能会波动。在不同时期，本公司可 能撰写并发布与本报告所载资料、建议及推测不一致的报告。本公司不保证本报告所含信息及资料保持在最新状态，本公司将随时补充、 更新和修订有关信息及资料，但不保证及时公开发布。同时，本公司有权对本报告所含信息在不发出通知的情形下做出修改，投资者应 当自行关注相应的更新或修改。任何有关本报告的摘要或节选都不代表本报告正式完整的观点，一切须以本公司向客户发布的本报告完 整版本为准。 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 本报告进行任何有悖原 ...

2024年03月13日 行业研究●证券研究报告 传媒 行业快报 开幕在即，暴雪回归提上日程，关注 GDC 领先大市-A维持 投资评级 游戏深度赋能 AI&IP+ 首选股票 评级 投资要点 一年行业表现 热点事件： 近日，2024年国内FPS市场最受期待的新品之一《三角洲行动》 正式启动了“代号Zero”测试。3月12日，在《炉石传说》迎来上线10周年 之际，据竞核消息，网易方面会在3月底4月初正式宣布暴雪游戏国服回归。 行业热点：全球游戏开发者大会（GDC）将于3月18日至3月22日在旧金山 召开。大会将涵盖AI、VR、AR、音频、视觉、编程、叙事、产品管理等多个主 题，参会厂商包括微软、谷歌、英伟达、Meta、Adobe、EPIC、Unity、Roblox、 腾讯、网易等。新游旧友携重磅 回归，有望重燃玩家热情，引致新机遇；重 IP 资料来源：聚源 磅峰会即将召开，为行业指明方向，持续聚焦AI+IP深度赋能游戏产业。 升幅% 1M 3M 12M 暴雪回归国服提上日程，经典IP或致玩家回流，引致新机遇。据竞核，网易方 相对收益 10.76 -17.99 14.52 面会在3月底4月初正式宣布暴雪游戏国服回 ...

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Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The successful delivery of 4,000 wet cleaning equipment units marks a significant milestone, reflecting high market recognition of the company's products [1] - The company has a strong focus on semiconductor cleaning equipment, with a revenue share of 67.24% in 2023, and aims to achieve a market share of 55%-60% in China [1][2] - The company expects revenue for 2024 to be between 5.0 billion to 5.8 billion yuan, representing a year-on-year growth of 28.59% to 49.16% [2] Financial Performance - In 2023, the company achieved a revenue of 3.888 billion yuan, a year-on-year increase of 35.34%, and a net profit of 911 million yuan, up 36.21% [2][3] - The gross margin for 2023 was 51.99%, an increase of 3.09 percentage points compared to the previous year [2] - The company plans to maintain R&D expenditure at 15-16% of revenue, with 2023 R&D expenses amounting to 615 million yuan, a 62.04% increase year-on-year [2] Revenue Projections - Revenue projections for 2024 to 2026 are 5.4 billion, 6.501 billion, and 7.854 billion yuan, with growth rates of 38.9%, 20.4%, and 20.8% respectively [2][3] - The net profit for the same period is expected to be 1.122 billion, 1.422 billion, and 1.800 billion yuan, with growth rates of 23.2%, 26.7%, and 26.6% respectively [2][3] Market Position - The company holds a 7.2% market share in the global single-wafer cleaning equipment market as of 2022 [1] - The company is expanding its product portfolio to include semiconductor plating equipment, furnace tube equipment, and other advanced technologies [1][2]

Investment Rating - The report assigns an investment rating of "Buy" for the company, indicating a projected return exceeding 15% over the next six months compared to the CSI 300 index [28]. Core Insights - The company, Gobi Jia (835438.BJ), specializes in the research, development, manufacturing, and sales of optical glass and special functional glass, positioning itself as one of the few manufacturers capable of large-scale production in China [10][21]. - The company has shown significant revenue growth, with a compound annual growth rate (CAGR) of 53.56% from 2021 to 2023, achieving revenues of 385 million yuan, 429 million yuan, and 808 million yuan respectively [11][4]. - The net profit also demonstrated strong growth, with a CAGR of 44.15%, reaching 104.2 million yuan in 2023, a year-on-year increase of 127.37% [11][4]. Financial Performance - The company reported revenues of 808.3 million yuan in 2023, an increase of 88.26% year-on-year, and a net profit of 104.2 million yuan, up 127.37% year-on-year [11][4]. - The revenue breakdown for 2023 shows that optical glass contributed 286 million yuan (35.46%), while special functional glass accounted for 517 million yuan (64.20%) [11]. Industry Overview - The optical glass industry in China reached a market size of 31 billion yuan in 2022, with high concentration among major players including Gobi Jia, Chengdu Guangming, and Xinhua Guang [16]. - Special functional glass is critical in various sectors such as energy, healthcare, aerospace, and high-end manufacturing, with products like nano-microcrystalline glass and radiation-proof glass being developed by the company [17][20]. Competitive Positioning - Gobi Jia is recognized as one of the top three optical glass manufacturers in China, having established partnerships with notable companies like BYD and SAIC Group for vehicle lighting products [21]. - The company has successfully transitioned into the special functional glass market, with sales of nano-microcrystalline glass increasing from 2.86 million yuan in 2021 to 494 million yuan in 2023 [22]. Investment Projects - The company plans to invest in two main projects through its IPO: expanding production capacity for special high-definition optical glass materials and establishing a research center for optical materials [23][24].