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].

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|--------------------------------|----------------------------------|----------| | 2024 年 03 月 25 日 \n传媒 | | | 行业研究●证券研究报告 \n行业快报 | | | 单一模型应用厚积薄发，广电引领 AI 视频发展 | 投资评级 | | 领先大市-A维持 | | | 投资要点 | 首选股票 | | 评级 | | | 事件： 1、 Suno 团队更新 V3 模型首次能够生成广播质量的音乐。2、近日， | | | | | | 央视频 ...

Investment Rating - The report maintains an investment rating of "Leading the Market" for the gaming industry, indicating an expected investment return exceeding 10% over the next six months compared to the CSI 300 Index [1]. Core Insights - The gaming market in China experienced growth in both mobile and client-side segments in February 2024, driven by the Spring Festival and concentrated gaming operations [1]. - The market size reached 24.875 billion yuan in February 2024, with a month-on-month increase of 2.17% and a year-on-year increase of 15.12% [1]. - The client-side market size was 5.642 billion yuan, showing a month-on-month growth of 0.75% and a year-on-year growth of 5.94% [1]. - Mobile gaming revenue was 18.255 billion yuan, with a month-on-month increase of 3.21% and a year-on-year increase of 17.88% [1]. - The report highlights the strong performance of established games during the Spring Festival, with promotional activities contributing to revenue growth [1]. Summary by Sections Market Performance - The gaming market's growth was significantly influenced by the Spring Festival, with major games launching promotional events [1]. - The top 100 bestselling games saw 30 new entries, indicating a stable influx of new products while maintaining a competitive landscape [1]. Revenue Breakdown - The mobile gaming segment is projected to grow rapidly, with the domestic mini-game market expected to reach 60 billion yuan in 2024, accounting for 20% of the overall gaming market [1]. - Global mobile game revenue reached 6.5 billion USD in February 2024, with a year-on-year growth of 7.7% [1]. Investment Recommendations - The report suggests focusing on companies such as Tencent Holdings (0700.HK), NetEase (9999.HK), Perfect World (002624.SZ), and others for potential investment opportunities in the gaming sector [1].

| --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------|------------------|--------------------|-----------------------|----------------------| | 2024 年 03 月 26 日 \n仙乐健康（ 300791.SZ ） | | | 公司研究●证券研究报告 | 公司快报 | | 营养健康品龙头，内生外延成长可期 | 投资评级 | | 食品饮料 \| 买入 -B( | 其他食品Ⅲ 首次) | | 投资要点 | 股价 | (2024-03-25) | | 35.25 元 | | 仙乐健康：全球领先的营养健康食品 CDMO 龙头企业。公司成立于 1993 年，专 | 交易数据 | | | | | 注于营养健康食品 B 端市场，深耕中欧美等地，主要通过合同研发生产模式（ CD | 总市值（百万元） | | | 6,400.07 | | MO ）为全球客户提供 ...

2024年03月26日 公司研究●证券研究报告 中兴通讯（ ） 公司快报 000063.SZ 通信 | 系统设备Ⅲ 运营商业务主导增长，算力基建带来长期价值 增持-B(维持) 投资评级 股价(2024-03-25) 27.52元 投资要点 交易数据 事件： 中兴通讯发布2023年年报。2023年度公司实现营业收入1,243亿元，同 总市值（百万元） 131,635.08 比增长1.05%；实现归母净利润93亿元，同比增长15.41%。 流通市值（百万元） 110,823.61 总股本（百万股） 4,783.25 盈利能力持续提升，毛利率全线增长：2023年，公司实现营业收入1,243亿元， 流通股本（百万股） 4,027.02 同比增长1.05%。公司毛利率为41.53%，同比上升4.34pct，主要由于运营商网络、 12个月价格区间 44.53/22.33 政企和消费者业务三大业务的毛利率均有提升；营业成本为727亿元，同比下降 5.93%，主要由于政企和消费者业务成本减少。2023年，公司盈利能力持续提升， 一年股价表现 归属于上市公司普通股股东的净利润为93亿元，同比增长15.41%；归属于上市公 ...

2024年03月26日 行业研究●证券研究报告 半导体 行业快报 走向推理算力需求巨大，适度超前建设国产机 领先大市-A维持 投资评级 遇开启 一年行业表现 行业事件：中国发展高层论坛2024年年会昨天(3月25日)落下帷幕。国家数据局 局长刘烈宏昨天(25日)表示，生成式人工智能的快速发展对算力提出了更高、更迫 切的需求，全国一体化算力体系建设的必要性愈益突出。目前，国家正在加快构建 联网调度、普惠易用、绿色安全的全国一体化算力体系。 Kimi连续宕机，从训练走向推理算力需求空间巨大： KimiChat是北京月之暗 资料来源：聚源 面科技有限公司推出的支持输入 20 万汉字的智能助手产品，月之暗面 （MoonshotAI）是由清华大学交叉信息学院、智源青年科学家杨植麟领衔创立 升幅% 1M 3M 12M 于2023年4月，公司总部设立在北京。2024年3月18日，月之暗面正式宣布， 相对收益 2.85 -15.14 -13.17 旗下的Kimi智能助手，已支持200万字超长无损上下文，并于即日起开启产品 绝对收益 4.4 -9.27 -25.17 内测。2024年3月21日下午，在发布新功能后不到72小时 ...

Investment Rating - The report maintains an investment rating of "Leading the Market" for the semiconductor equipment industry, indicating an expected investment return exceeding 10% compared to the CSI 300 index over the next six months [1]. Core Insights - The SEMICON China 2024 event showcased over 1,100 companies, highlighting advancements in chip manufacturing, equipment, materials, and photovoltaic sectors, with a focus on high-end testing machines [1]. - The testing machine market is characterized by high concentration, with Advantest and Teradyne holding a combined market share of 84% in the global semiconductor testing machine market as of 2021 [1]. - Domestic companies like Huafeng Measurement and Changchuan Technology are making significant strides in the SoC testing machine sector, with substantial potential for domestic substitution in the market [2]. Summary by Sections Investment Rating - The report maintains a rating of "Leading the Market" for the semiconductor equipment industry [1]. Market Overview - The SEMICON China 2024 event attracted over 1,100 exhibitors, covering the entire semiconductor industry chain [1]. - The testing machine market is highly concentrated, with Advantest and Teradyne dominating the market [1]. Domestic Market Dynamics - The domestic market for testing machines has achieved significant import substitution, particularly in SoC, memory, and RF testing machines, with substantial growth potential [1][2]. - Huafeng Measurement's STS8600 and Changchuan Technology's D9000 are examples of new products aimed at enhancing testing capabilities in the SoC domain [2]. Future Trends - The report suggests that the growth of mobile processors, high-performance computing, and AI integrated circuits will drive demand for advanced testing solutions [2]. - There is a notable opportunity for domestic manufacturers to capture market share in the SoC testing machine sector as the industry evolves [2].

2024年03月25日 公司研究●证券研究报告 惠泰医疗（ ） 公司快报 688617.SH 医药 | 医疗器械Ⅲ 业绩实现较快增长，产品覆盖率快速提升 增持-B(维持) 投资评级 股价(2024-03-25) 425.38元 投资要点 事件：公司发布2023年年度报告，2023年实现营收16.50亿元（+36%，同比增 交易数据 速，下同）；归母净利润5.34亿元（+49%）；扣非归母净利润4.68亿元（+46%）； 总市值（百万元） 28,441.48 2023Q4单季度公司实现营收4.37亿元（+33%），实现归母净利润1.31亿元 流通市值（百万元） 28,441.48 （+34%），实现扣非归母净利润1.08亿元（+22%）。2023年公司业绩实现快速 总股本（百万股） 66.86 增长，主要系公司积极拓展国内外市场，产品覆盖率进一步提高，公司坚持技术创 流通股本（百万股） 66.86 新，产品布局不断完善，带动公司销售收入实现较快增长。 12个月价格区间 456.32/302.95 产品覆盖率快速提升，渠道影响力持续增强。电生理业务方面，受益于集中采购政 一年股价表现 策推进，电生理产品终端医 ...

2024年03月24日 行业研究●证券研究报告 电力设备及新能源 行业周报 斯巴鲁与松下签订合作协议，配电网政策持续 领先大市-B维持 投资评级 落地【第 期】 12 首选股票 评级 投资要点 新能源汽车：国务院印发《推动大规模设备更新和消费品以旧换新行动方案》， 中央财政和地方财政联动发力，新能源汽车领域补贴力度大，预计以旧换新政策 一年行业表现 将于今年上半年出台。中瑞股份宣布即将开启创业板IPO申购，拟募资8.95亿 元。斯巴鲁宣布与松下已正式完成签订 BEV 圆柱锂电池中长期合作关系协议， 斯巴鲁可能会选择松下生产的4680电池。EVTank发布圆柱锂离子电池行业发 展白皮书，截至2023年，全球圆柱锂离子电池的出货量同比微增3.5%，达到 123.7亿颗，其中亿纬锂能加大对印度和东南亚市场的开拓，势头强劲，横店东 磁2023年出货量同比增长75.4%，成为行业黑马。磷酸铁锂市场迎来好消息， 部分新势力突出重围并且实现稳定批量供货，截至目前已有5家企业开始批量 给下游稳定供货。集流体领域进展喜人，三孚新科复合铜箔设备单线产能已达到 资料来源：聚源 0.5GW；东威科技已掌握PP和PET两种技术路线， ...