2024年03月08日 行业研究●证券研究报告 通信 行业快报 超前建设 算力设施，关注三大领域两大 5G/6G/ 领先大市-B维持 投资评级 市场 首选股票 评级 投资要点 一年行业表现 事件：工信部部长在十四届全国人大二次会议第二场“部长通道”集中采访活动 上的讲话，提到要适度超前建设5G、算力等信息设施、加大6G研发力度，准 备试点开放互联网数据中心以及开展“人工智能+”行动等。 事件分析： 3月5日，工信部部长在十四届全国人大二次会议第二场“部长通道”集中采 访活动上的讲话，提到要适度超前建设5G、算力等信息设施、加大6G研发力度， 资料来源：聚源 准备试点开放互联网数据中心以及开展“人工智能+”行动等。 升幅% 1M 3M 12M 我国是世界上领先的5G市场，截至2022年年底，中国占全球5G连接的60%。 相对收益 17.88 3.05 23.27 目前，我国累计建成并开通5G基站总数达284.4万个，覆盖所有地级市城区和县 绝对收益 23.9 7.58 10.82 城城区。建成5G行业虚拟专网超过1.6万个，5G应用已融入97个国民经济大类 中的60个，应用案例数超5万个。商用四年来，我国5 ...

进出口数据点评（2024.1-2） 分析师 秦泰 SAC 执业证书编号：S0910523080002 qintai@huajinsc.cn 美国对华尖端科技产业链的围堵政策正在从半导体电子产业链向欧洲、向新能源汽 车领域蔓延，年初看似高增的出口实则主要由闰年春节效应扰动，严峻的外部贸易 投资政策环境令我们决定小幅下修全年出口增速预测，全年经济增长目标更需国内 投资消费夯实大循环内生主动力才能有力完成。年初以来进入大选年的美国政府在 对华先进产业链"围堵"政策的道路上进行更多危险的尝试，继限制对我国相关企 业出口尖端半导体芯片并对产业链合作施加不合理限制之后，拜登政府再度提出拟 对自华进口新能源汽车采取限制性措施，同时欧盟近期也宣布将对从中国进口的纯 电动汽车进行海关登记，反补贴调查完成后可能将征收"追溯性关税"。这些最新 的外部环境复杂化局面可能令已经开始降温的汽车出口全年增长趋势低于我们此 前的预期，并可能波及至电池等我国具有明显优势的相关领域。我们小幅下修 2024 年出口（美元计价）同比增速预测 2 个百分点至 0%左右，预计净出口或拖累全年 实际 GDP 同比增速约 0.4 个百分点。这意味着全年经济 ...

Economic Performance - In January-February 2024, China's export value increased by 7.1% year-on-year, exceeding the consensus expectation of 2.7%[3] - Import value rose by 3.5% year-on-year, surpassing the expected 0.3% and previous value of 0.2%[3] - The major export products showed a significant recovery in quantity, with labor-intensive products like clothing and textiles seeing increased export values[3] Regional Export Trends - Exports to South Korea decreased by 6.8 percentage points to -9.9%, while exports to Japan fell by 2.4 percentage points to -9.7%[3] - Exports to ASEAN countries increased by 12.1 percentage points to 6.0%, with notable increases to Vietnam (19.8%), Malaysia (4.2%), and Thailand (12.1%)[3] - Exports to the United States rose by 11.9 percentage points to 5.0%, while exports to the EU increased by 0.6 percentage points to -1.3%[3] Product-Specific Insights - Mobile phone exports saw a decline of 17.89 percentage points to -18.24%, indicating a low market demand[3] - Home appliances continued to grow by 6.1% to 20.81%, while integrated circuits increased by 21.68% to 24.27%[3] - Shipbuilding exports surged by 144.58% to 173.13%, maintaining a high growth rate[3] Import Dynamics - Imports of grains and soybeans continued to decline, with rates of -14.86% and -22.20% respectively, primarily affected by quantity[3] - The import growth rate for bulk commodities like iron ore and copper showed a decrease, while crude oil imports increased in both volume and price[3] - The overall import situation reflects a recovery in industrial raw materials, but remains below the PMI index, indicating fragile production recovery[3] Global Economic Context - Global manufacturing PMIs for the U.S., Eurozone, Japan, and South Korea showed declines in February, indicating a slowdown in economic recovery[3] - The current down cycle is estimated to last around four months, from December 2023 to March 2024, with GDP growth expected to stabilize between 4-5%[3] - The report maintains a cautious outlook on export growth, predicting marginal stability and slight increases throughout the year[3]

华 发 集 团 旗 下 企 业 http://www.huajinsc.cn/ 1 / 10 请务必阅读正文之后的免责条款部分 风险提示：已经开启询价流程的公司依旧存在因特殊原因无法上市的可能、公司内 容主要基于招股书和其他公开资料内容、同行业上市公司选取存在不够准确的风 险、内容数据截选可能存在解读偏差等。具体上市公司风险在正文内容中展示。 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 生产力方面,公司通过不断拓展上下游产品,形成了从云母原料到各类云母绝缘材料产品的 完整解决方案,拥有较为完备的产业链,形成了行业内领先的产业规模。2021 年 11 月，公司 获得工信部、中国工业经济联合会联合颁发的制造业单项冠军示范企业证书。 | --- | --- | --- | --- | |-------------------|-------|-------|-------| | 会计年度 | 2021A | 2022A | 2023A | | 主营收入 (百万元) | 876.6 | 842.1 | 921.5 | | 同比增长 (% ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company is actively advancing its dual strategy of overseas expansion and high-end product development, focusing on RDL and Bumping processes [1]. - The company has made significant progress in the high-end field of ABF packaging substrates and is strategically positioning itself in the Southeast Asian market [1]. - The company’s revenue for 2023 is projected to be 339 million yuan, a decrease of 9.5% year-on-year, primarily due to a significant drop in the average procurement price of palladium sulfate [2]. Summary by Relevant Sections Company Overview - The company specializes in the research, production, and sales of electronic chemicals for PCBs and is actively expanding into high-end fields such as ABF packaging substrates [1]. - The functional wet electronic chemicals for ABF packaging substrates include copper plating, electroplating, and etching processes, which have been certified by customers [1]. Market Positioning - The domestic PCB industry is gradually shifting parts of its supply chain to Southeast Asia, with the company taking the lead in this overseas market expansion [1]. - The company plans to invest 100 million yuan to establish a production base in Thailand, which will serve as a hub for covering Malaysia, Vietnam, and other Southeast Asian regions [1]. Financial Performance - In 2023, the company achieved a revenue of 339 million yuan, down 9.47% year-on-year, while the net profit attributable to shareholders was 59.31 million yuan, an increase of 8.54% year-on-year [1][2]. - The company’s revenue for Q4 2023 was 91.83 million yuan, a decrease of 2.48% year-on-year but an increase of 5.50% quarter-on-quarter [1]. Future Projections - The revenue forecasts for 2023 to 2025 have been adjusted to 339 million, 461 million, and 583 million yuan, with growth rates of -9.5%, 36.0%, and 26.4% respectively [2]. - The net profit forecasts for the same period are adjusted to 59 million, 91 million, and 125 million yuan, with growth rates of 8.5%, 53.8%, and 36.6% respectively [2].

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Economic Growth - The economic growth target for 2024 is set at around 5%, reflecting a proactive and ambitious approach to economic development[6] - This target is slightly above the current endogenous potential growth rate, indicating a need for sustainable growth and structural optimization[8] - The government emphasizes the importance of macroeconomic policy consistency and proactive fiscal and monetary policies to achieve this growth[6] Fiscal Policy - The budget deficit rate is projected at 3%, with new special bonds amounting to 3.9 trillion yuan, exceeding expectations[11] - General public budget expenditure is expected to grow by approximately 4.0%, but adjusted figures suggest a year-on-year increase of about 7.8% for 2024[12] - The government plans to issue 1 trillion yuan in long-term special bonds, indicating a commitment to sustained fiscal expansion over several years[11] Monetary Policy - The monetary policy will likely continue to align with fiscal policy, focusing on providing ample long-term liquidity and gradually reducing financing costs[28] - The central bank is expected to maintain the stability of the RMB exchange rate while implementing targeted interest rate cuts, including a predicted 50 basis points reduction in the reserve requirement ratio[31] Supply-Side Initiatives - The government aims to enhance new quality productivity and improve total factor productivity, moving away from traditional industrial growth models[32] - Key focus areas include optimizing supply chains, fostering emerging industries, and advancing digital economy innovations[32] Real Estate Market - The report emphasizes increasing the construction of affordable housing and improving the foundational systems for commercial housing[36] - It is anticipated that the sales area of commercial housing will decline by approximately 5% in 2024, with real estate development investment expected to decrease by about 7%[40] Infrastructure Investment - Infrastructure investment is expected to grow by around 10% year-on-year, with a focus on efficient regions and new infrastructure projects[41] - The government plans to direct investments towards high-efficiency areas to mitigate local government debt risks[41]

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------|--------------------|------------------------------------------|----------------------------------|----------| | 2024 年 03 月 06 日 \n半导体 | | | 行业研究●证券研究报告 \n行业快报 | | | 政府工作报告首提"人工智能 + " ， AI 技术快 | 投资评级 | | 领先大市-A维持 | | | 速演进驱动算力需求空间巨大 | 一年行业表现 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 行业事件：在世界各国均在竞逐 AGI （通用人工智能）技术的背景下，我国人工智 | | | | | | 能产业发展的相关战略，也被写入了 2024 年的 ...

证券研究报告 电力设备与新能源行业/公司深度报告 评级：买入-A（首次） 2024年3月5日 锂电结构件龙头，经营稳步向上 科达利（002850.SZ）深度报告 ...

2024年03月06日 行业研究●证券研究报告 传媒 行业快报 “ ＋”方向确立，纵深赋能传媒产业 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：2024年3月5日，在第十四届全国人民代表大会第二次会议上，国 一年行业表现 务院总理李强提出，深入推进数字经济创新发展，开展“人工智能＋”行动,打 造具有国际竞争力的数字产业集群。近年来，传媒产业在AI浪潮下持续迎迭代 催化。不仅在内容端获不同程度的赋能，多赛道或将持续迎来生产方式的变革。 恰逢2024开年AI赛道爆发，通用模型百舸争流，AI从早期相对高度集中的toB 端到toC端的下放，有望让传媒产业多赛道迎来爆发，开启AI赋能元年。 《政府工作报告》提出“人工智能＋”，发展科技赋能或成确定性方向。《报 告》提出，制定支持数字经济高质量发展政策，积极推进数字产业化、产业数 字化，促进数字技术和实体经济深度融合；深化大数据、AI等研发应用，开展 资料来源：聚源 “人工智能＋”行动，打造具有国际竞争力的数字产业集群；实施制造业数字 升幅% 1M 3M 12M 化转型行动，加快工业互联网规模化应用，推进服务业数字化，建设智慧城市、 相对收益 ...