Investment Rating - The investment rating for the company is "Buy" [30] Core Viewpoints - The company, Fuling Co., Ltd. (001356.SZ), primarily engages in the research, production, and sales of plastic dining utensils and biodegradable materials, with a significant focus on the North American market [8][21] - The company has established long-term partnerships with major international fast-food chains such as McDonald's and KFC, contributing to its competitive advantage [21] - The company has shown resilience in the face of trade tensions, having strategically positioned production facilities in the U.S. and Mexico to mitigate tariff impacts [21] - The company has experienced fluctuations in revenue and profit, with a notable decline in 2023, but forecasts a recovery in 2024 with expected revenue growth of 15.41% to 20.71% [9][25] Financial Performance Summary - The company reported revenues of 1.46 billion, 2.15 billion, and 1.89 billion CNY for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 36.53%, 47.79%, and -12.32% [9][6] - The net profit for the same years was 116.3 million, 255.4 million, and 215.7 million CNY, with corresponding growth rates of 50.96%, 119.51%, and -15.55% [9][6] - For the first nine months of 2024, the company achieved revenues of 1.706 billion CNY, reflecting a year-over-year increase of 27.71% [9] Industry Overview - The company operates within the plastic industry, specifically focusing on disposable plastic dining utensils and biodegradable materials [13][14] - The global plastic production has shown steady growth, with production reaching 400 million tons in 2022 [14] - The biodegradable plastic market in China is rapidly expanding, driven by increasing environmental awareness and government policies promoting biodegradable materials [19][20] Competitive Positioning - Fuling Co., Ltd. ranks among the top manufacturers in the domestic plastic dining utensils sector, with a significant portion of its revenue derived from exports to the U.S. [21] - The company has a higher revenue scale compared to its peers, with a 2023 revenue of 1.889 billion CNY, while the average revenue of comparable companies was 1.573 billion CNY [25]

2025 年 01 月 05 日 行业研究●证券研究报告 消费电子 行业快报 Micro LED 加速产业化，眼镜上屏迎来机遇 投资要点 投资评级 同步大市(维持) 首选股票 评级 一年行业表现 | 升幅% | 1M | 3M | 12M | | --- | --- | --- | --- | | 相对收益 | 1.3 | 9.88 | 8.48 | | 绝对收益 | -2.65 | 3.84 | 21.27 | | 分析师 | | | 孙远峰 | | SAC | 执业证书编号：S0910522120001 sunyuanfeng@huajinsc.cn | | | | 分析师 | | | 王海维 | | SAC | 执业证书编号：S0910523020005 wanghaiwei@huajinsc.cn | | | | 报告联系人 | | | 宋鹏 | | | songpeng@huajinsc.cn | | | 相关报告 集成电路：CoWoS 或迎量/价/需三振，L 路线 有望为主流-华金证券-电子-先进封装-行业快 报 2025.1.1 消费电子：Meta 欲添加显示，光波导+Micro LED 或将受 ...

事件：当地时间 12 月 2 日，美国芯片大厂 Marvell 宣布同亚马逊 AWS 达成一 份为 5 年的协议，Marvell 将向 AWS 提供的系列芯片包括定制 AI 产品、有缘 电缆（AEC）、PCIe 重定时器（Retimer）等。 事件分析： 高速铜缆分为无源铜缆和有源铜缆两类。无源铜缆 DAC，即直连线缆或直连， 铜缆是无源线缆。无源 DAC 有着低成本、低功耗、高可靠性等优点，常用于 数据中心同机柜或相邻机柜之间的数据传输，是目前高速线缆市场主流产 品。有源铜缆，是无源铜缆的演进，随着传输速率的提升，无源铜缆损耗过大无法 满足互联长度，有源铜缆应需而出，即在 DAC 基础上加入信号调节芯片后，即形 成有源电缆，分为 ACC 和 AEC。其中 ACC 使用 ReDriver 技术，适合短距离应用。 AEC 采用 Retimer 技术，支持更长距离和更高稳定性。目前，无源铜缆由于传输 距离较短所以一般用于机柜内设备间的互连；有源电缆的传输距离相对长些，可用 于机柜间设备的互连。 2025 年 01 月 05 日 行业研究●证券研究报告 "无源+有源"铜缆并行，构筑数据中心底层连 投资要点 无源铜缆 ...

2025 年 01 月 05 日 策略类●证券研究报告 连续剧烈博弈之后风险偏好选择向下，休整期或已经事实性开启 新股专题 投资要点 新股周观点：在连续两个交易周两级极限拉扯之后，伴随外部驱动力有所减弱，上 周新股次新板块出现剧烈休整，风险偏好选择向下，或宣告休整周期已经事实性开 启；回顾来看，12 月中上旬新股情绪指标已经开始明显弱势，截至当前，休整期 可能已经持续月余，伴随上周情绪指标有触及冰点迹象，可能也无须过度悲观，新 的投资机会或也将逐渐孕育。短期建议适度谨慎，耐心观察，重视估值性价比。 （1）上周，整体新股次新板块呈现剧烈调整，弱势加剧；假设以 2024 年以来上 市的新股次新板块比较来看，上周平均周涨幅约-11.2%，实现正收益占比约 5.1%。 （2）在连续二个交易周两级极限拉扯之后，方向选择或是应有之义；而随着此前 被反复拉抬的局部高人气产业链新股次新标的稍有弱势，整体本就较为低迷的新股 板块交投情绪加剧下行，短端新股二级情绪指标甚至有触及冰点迹象。 （3）可能本次方向选择切实宣告新股次新板块已经步入休整周期，结合新股二级 情绪指标走弱时间，可能自 2024 年 12 月中上旬休整周期已经事 ...

春季行情还有吗？ 定期报告 投资要点 2025 年 01 月 04 日 策略类●证券研究报告 | 分析师 | 邓利军 | | --- | --- | | SAC | 执业证书编号：S0910523080001 | | | denglijun@huajinsc.cn | | 报告联系人 | 张欣诺 | | | zhangxinnuo@huajinsc.cn | | 报告联系人 | 张诗瀑 | | | zhangshipu@huajinsc.cn | 相关报告 新股二级交投持续呈现显著的分歧，当前或 正处于关键方向选择窗口-华金证券新股周 报 2024.12.30 一月可能继续震荡偏强，中小盘成长占优 2024.12.28 1 月金股推荐 2024.12.25 短期调整不改中小盘成长占优 2024.12.23 外力依旧是板块结构性活跃的重要驱动力， 或需警惕两级分化加剧-华金证券新股周报 2024.12.22 http://www.huajinsc.cn/ 1 / 16 请务必阅读正文之后的免责条款部分 历史上春季行情节奏不一，政策或流动性偏紧、外部风险事件等可能导致震荡出现。 （1）历史上春季行情节奏各有不同。 ...

2025 年 01 月 03 日 宏观类●证券研究报告 分析师 秦泰 SAC 执业证书编号：S0910523080002 qintai@huajinsc.cn 报告联系人 周欣然 zhouxinran@huajinsc.cn 相关报告 消费内需带动制造业 PMI 平稳收官——PMI 点评（2024.12） 2024.12.31 利润跌幅收窄，主因降息降费——工业企业 利润点评（2024.11）暨双循环周报（第 88 期） 2024.12.27 日英央行按兵不动，无力扭转汇率跳水趋势 ——华金宏观·双循环周报（第 87 期） 长期国债收益率连续快速下行，美元指数却开年飙升人民币贬破 7.3。汇率约束下 如何实施好"适度宽松"的货币政策？这成为央行当前必须解决的、又会对春节前 后债市股市造成直接影响的一个关键问题。2024 年 12 月初我国 10 年国债收益率 降至2%以下低位运行，中下旬下行斜率迅速趋陡，至2025年1月2日报于1.6077% 的历史低位，较 2024 年 11 月末低达 41BP。与此同时，美国债券市场则开始定价 美联储年内最后一次会议降息同时给出的鹰派展望、以及导致美联储转鹰的特朗普 激进 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is implied that the company is being covered for potential investment opportunities [33]. Core Insights - The company, 超研股份 (Chao Yan Co., Ltd.), specializes in the research, production, and sales of medical imaging equipment and industrial non-destructive testing equipment. It has a significant market presence in the ultrasound diagnostic equipment sector in China [7][21]. - The company reported revenues of 284.1 million CNY in 2021, 336.2 million CNY in 2022, and 326.5 million CNY in 2023, with year-over-year changes of -11.73%, 18.34%, and -2.87% respectively. The net profit attributable to the parent company was 76.8 million CNY in 2021, 127.1 million CNY in 2022, and 115.4 million CNY in 2023, with year-over-year changes of -4.10%, 65.48%, and -9.16% respectively [8][5]. - For the first nine months of 2024, the company achieved revenue of 261 million CNY, a year-over-year increase of 10.75%, and a net profit of 92 million CNY, a year-over-year increase of 10.05% [8][21]. - The company is expected to see a revenue growth of 14.54% and a net profit growth of 9.74% in 2024 compared to 2023, according to management's preliminary forecasts [8][28]. Summary by Sections Basic Financial Status - The company has shown fluctuations in revenue and profit over the past three years, with a notable increase in 2022 followed by a slight decline in 2023. The revenue breakdown for 2023 indicates that medical ultrasound equipment accounted for 50.16% of total revenue [8][5]. Industry Situation - The global ultrasound medical imaging equipment market is projected to grow from 197,683 units in 2019 to 305,989 units by 2024, with a compound annual growth rate (CAGR) of 9.13%. China is expected to capture 60% of this growth, highlighting its potential as a key market [15][16]. Company Highlights - 超研股份 is recognized as a leading supplier of ultrasound diagnostic instruments in China, with a strong historical background dating back to 1983 when it developed the first domestically produced ultrasound device. The company has established partnerships with over 15,000 hospitals nationwide [21][23]. - The company is actively expanding its product lines into portable DR equipment, medical auxiliary diagnosis systems, and industrial non-destructive testing equipment, with several new products launched between 2023 and 2024 [24][21]. Fundraising Project Investment - The company plans to invest in four key projects through its IPO, including the development of medical imaging products, industrial non-destructive testing systems, portable DR systems, and the establishment of an innovation base [25][27]. Comparison with Industry Peers - In comparison to similar companies, 超研股份 has a lower revenue scale but maintains a competitive gross margin. The average revenue for comparable companies in 2023 was 6.099 billion CNY, with an average PE-TTM of 36.14X and an average gross margin of 54.96% [28][29].

2025 年 01 月 03 日 行业研究●证券研究报告 "跨端+IP"注入动能，关注 PC 游戏复苏趋势 传媒：上海发布人工智能新方案，AI 算力供需 双 端 或 迎 催 化 - 华 金 证 券 - 传 媒 - 行 业 快 报 2024.12.28 传媒："启元重症大模型"发布，"AI+"落地应 用 再 提 速 - 华 金 证 券 - 传 媒 - 行 业 快 报 2024.12.27 传媒：DeepSeek-V3 正式发布，国内 AI 模型 多领域提质增效-华金证券-传媒-行业快报 2024.12.27 投资要点 传媒 行业快报 投资评级 领先大市(维持) 首选股票 评级 一年行业表现 资料来源：聚源 | 升幅% | 1M | 3M | 12M | | --- | --- | --- | --- | | 相对收益 | -6.94 | 10.13 | -9.85 | | 绝对收益 | -10.17 | 5.21 | 2.96 | | 分析师 | | | 倪爽 | | SAC | 执业证书编号：S0910523020003 | | | | | nishuang@huajinsc.cn | | | | 报告联系人 ...

华 发 集 团 旗 下 企 业 证券研究报告 证券研究报告 新股专题报告 2025年1月2日 数读IPO系列：2024年沪深新股总结 新股专题报告 分析师：李蕙 S0910519100001 联系人：戴筝筝 本报告仅供华金证券客户中的专业投资者参考 请仔细阅读在本报告尾部的重要法律声明 本报告仅供华金证券客户中的专业投资者参考 请仔细阅读在本报告尾部的重要法律声明 核心观点 u 2024年在管理层统筹一二级市场动态平衡、及进一步强调上市公司发行质量的背景下，新股发行数量明显减少、募 集资金规模及平均募集资金金额明显下降；而随着2024年4月新"国九条"的发布，新股发行节奏及定价逐步步入新 常态。从新股发行数量来看，截至2024年12月27日，2024年度共有76只沪深新股挂牌上市，其中主板新股23只、科 创板新股15只、创业板新股38只；2024年沪深新股发行数量较2023年同比减少160只。从募集资金规模来看，截至 2024年12月27日，2024年沪深新股的首发募集资金总额为591.74亿元，较2023年同比少募82.69%；而从募集资金均 值来看，2024年沪深新股的平均首发募集资金为7.79亿元，较2 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% in the stock price compared to the relevant market index over the next 6-12 months [4][15]. Core Views - The company has demonstrated a clear advantage with its "geese formation" strategy, continuously expanding its downstream market [10]. - The flagship chip, RK3588, is positioned as a leading product with strong performance and high versatility, driving the company's platform in various AIoT fields [10]. - The company has maintained high R&D investment over the past three years, launching multiple new products, and is capable of providing a diverse range of AIoT chips with performance levels from 0.2TOPs to 6TOPs [10]. - The report anticipates revenue growth for the company, projecting revenues of 3.052 billion yuan, 4.014 billion yuan, and 5.198 billion yuan for the years 2024, 2025, and 2026 respectively [11]. Financial Data and Valuation - The company's projected net profits for 2024, 2025, and 2026 are expected to be 520 million yuan, 782 million yuan, and 1.148 billion yuan respectively, with corresponding P/E ratios of 53.6, 35.6, and 24.2 [11][13]. - The total assets are projected to grow from 4.266 billion yuan in 2024 to 6.178 billion yuan in 2026, indicating a strong financial position [13]. - The report highlights a significant increase in gross margin and net profit margin, with expectations of 36.0% and 17.0% respectively for 2024 [11][13].