华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------|------------------------------------------|----------------------------|------------------------------------|----------------| | 2024 年 11 月 20 日 \n电气设备 | | | 行业研究●证券研究报告 \n行业快报 | | | | | | | | | 竞配招标密集落地，关注海上风电起量 | 投资评级 | | 领先大市(维持 | ) | | 事件点评 | 首选股票 | | 评级 | | | 11 月 14 日，中国三峡电子采购平台发布《三峡阳江青洲七海上风电场项目 EPC | | | | | | 总 承 包 工 程 塔 筒 及 配 套 附 件 采 购 项 目 招 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------|-------------------------------------------|---------------------------------------------|----------------------------------|----------------| | 2024 年 11 月 20 日 \n传媒 \nAI 针对各场景完善形态有望实现用户规模化 | 投资评级 | 领先大市（维持） | 行业研究●证券研究报告 \n行业快报 | | | | | | | | | | 首选股票 | | | 评级 | | | | | | | | 投资要点 | | | | | | | | | | | | 事件：当地时间 11 月 19 日，微软在芝加哥举行的 Ignite 大会上发布云和人工 | 一年行业表现 | | | | | 智能 ...

446 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------|----------|--------------------|---------|----------------------------------| | 2024 年 11 月 20 日 \n纳芯微（ 688052.SH ） | | | | 公司研究●证券研究报告 \n公司快报 | | | | | | | | 24Q3 营收创历史新高，汽车电子产品持续放量 | 投资评级 | | 电子 \| | 集成电路Ⅲ 增持(首次 ) | | 投资要点 | 股价 | (2024-11-20) | | 122.06 元 | | 24Q3 营收创历史新高，汽车电子产品持续放量 | 交易数据 | | | | | 24Q3 公司实现营收 5.17 亿元，同比增长 86.59% ，环比增长 ...

Industry Investment Rating - The investment rating for the consumer electronics industry is "Synchronized with the Market" (Maintained) [2] Core Views - Pico 4 Ultra's BOM cost for the 12+256G version is approximately $430.64, with domestic supply chain accounting for about 60% of the value [2] - The core hardware costs (SOC, screen, optics, camera, RAM/ROM) account for 73.22% of the total BOM cost, totaling $330 [2] - Qualcomm, as the supplier for SOC, WiFi chips, audio chips, and power management chips, accounts for 29.23% of the total value, with a significant increase in value compared to Pico 4 due to the high cost of the XR2 Gen 2 chip [2] - Domestic suppliers account for 60.08% of the total value, while overseas suppliers account for 39.92%, with US suppliers contributing 36.59% [2] - VR sales are expected to return to growth in 2024, with Pico 4 Ultra contributing to a slight quarter-on-quarter increase in the Chinese VR market [2] - Global VR sales in Q3 2024 were 1.18 million units, a 5% year-on-year decline, primarily due to declines in Sony PS VR2 and Quest 2 sales [2] - Meta's sales remained stable at 850,000 units in Q3 2024, while Apple's Vision Pro sales were 60,000 units, showing a gradual decline [2] - China's VR sales in Q3 2024 were 100,000 units, stable year-on-year, with a slight quarter-on-quarter increase due to the launch of Pico 4 Ultra [2] - Global VR sales are expected to reach 7.74 million units in 2024, a 3% increase from 2023, with Meta expected to sell 6 million units, Apple Vision Pro adjusted to 400,000 units, and Sony expected to sell 500,000 units through promotional activities [2] Key Components and Costs - The motherboard, including XR2, RAM, ROM, power management chips, Bluetooth chips, WiFi chips, Codec, RF chips, and PCB, costs $173.7 [7] - The sensor module, including cameras, IMU, electronic compass, distance sensor, and PCB, costs $53.4 [7] - The optical module, including pancake optics, Fast-LCD screens, and pupil distance adjustment modules, costs $138 [7] - The headset shell/structure, including plastic shell, foam, and internal precision structures, costs $9 [7] - The cooling module, including cooling fans and heat sinks, costs $3.5 [7] - The controllers, including two controllers and four AA batteries, cost $30.04 [7] - The acoustic module, including two speakers and a microphone, costs $10 [7] - The battery, including the rechargeable battery and power cable, costs $7 [7] - Accessories, including charging cables, cost $3 [7] - Packaging, including the box and manual, costs $3 [7] - The total BOM cost is $430.64, with ODM/OEM costs adding $20, bringing the total hardware cost to $450.64 [7] Supply Chain and Market Dynamics - Key players in the XR supply chain include Qualcomm, JDI, Goertek, Micron, and domestic suppliers, with domestic suppliers contributing 60.08% of the total value [2][7] - The VR market is expected to stabilize and grow slightly in 2024, driven by new product launches such as Pico 4 Ultra and Quest 3S [2] - Meta's Quest 3 is expected to be the main driver of sales in 2024, with Apple's Vision Pro and Sony's PS VR2 also contributing to the market dynamics [2]

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http://www.huajinsc.cn/ 1 / 6 请务必阅读正文之后的免责条款部分 华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|--------------------------------|----------------------------------|----------------| | 2024 年 11 月 18 日 \n消费电子 | | | 行业研究●证券研究报告 \n行业快报 | | | 多厂商新品频发布， AI 音频眼镜崛起 | 投资评级 | 同步大市 | | (维持) | | 投资要点 | 首选股票 | | | 评级 | | Lo ...

| --- | --- | |----------------------------------------------------------------------------------------|-------------------------------------------------| | 2024 年 11 月 17 日 \n板块连续多空急剧转换，本周可能成为重要变盘观察窗口期 | 策略类●证券研究报告 \n新股专题 | | 投资要点 | 分析师 李蕙 | | 新股周观点：上周市场做多动能有所衰减，新股次新板块总体出现回撤；近期，板 | SAC 执业证书编号： S0910519100001 | | 块连续出现多次多空急剧转换，虽然结构性做多势能暂时未改，但多空纠缠拉扯特 | lihui1@huajinsc.cn | | 征凸显。短期，随着本轮行情持续接近 2 个月，我们倾向于认为本周可能成为重要 | 相关报告 | | 观察窗口，需要灵活谨慎观察细微情绪及资金呈现的可能变化。 | 政策预期及资金共振之下做多动能增强，但 | | （ 1 ）伴随板块重回高位及监管可能开始适当降温资金过度博弈 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | |----------|---------------------------------------------------------------------------------------|------------------------|--------------------------------------| | 2024 | 年 11 月 17 日 \n胜业电气（ 920128.BJ ） | | 公司研究●证券研究报告 \n新股覆盖研究 | | 投资要点 | | | | | | 下周一（ 11 月 18 日）有一只北交所新股"胜业电气"申购，发行价格为 9.12 元， | 交易数据 | | | | 若全额行使超额配售选择权则发行后市盈率为 16.51 倍（以 2023 年扣除非经常性 | 总市值（百万元） | | | | 损益后归属于母公司股东净利润计算）。 | 流通市值（百万元） | | | | 胜业电气（ 920128 ）：公司主要提供电机电容器、电力电子电容器和电力电容器等 | 总股本（百万股） | ...

下 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------| | 2024 年 11 月 16 日 \n继续调整幅度有限 | 策略类●证券研究报告 \n定期报告 | | 投资要点 | 分析师 邓利军 | | 从情绪指标、领涨板块成交额占比、成长行业轮动等来看 A 股短期继续调整幅度 | SAC 执业证书编号： S0910523080001 | | 有限。（ 1 ）情绪指标和领涨板块成交额占比处于高位，但政策和流动性未有大变 | denglijun@huajinsc.cn 张欣诺 | | 化下难进一步大幅调整。一是 200 日均线以上个股占比从 11 月 11 日的 87% 回落 | 报告联系人 zhangxinnuo@huajinsc.cn ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------|----------------------------------------|--------------------------------------------------------------| | 2024 | 年 11 月 16 日 \n佳驰科技（ 688708.SH ） \n 下周三（11 月 20 日）有一家科创板上市公司"佳驰科技"询价。 | 交易数据 | 公司研究●证券研究报告 \n新股覆盖研究 \n国防军工 \| 其他军工Ⅲ | | | | 总市值（百万元） | | | | 佳驰科技（ 688708 ）：公司的主要产品包括隐身功能涂层材料、隐身功能结构件、 | 流通市值（百万元） | | | | 电磁兼容材料。公司 2021-2023 年分别实 ...