446 | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------------------------------|--------------------------|----------------| | 2024 年 12 月 16 日 \n新劲刚（ 300629.SZ ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 机械 \| | 基础件Ⅲ | | 深耕军工数据链，开拓低空第二增长曲线 | 投资评级 | | | 买入(上调) | | | 股价 | (2024-12-13) | | 23.69 元 | | 投资要点 | 交易数据 | | | | | 事件： 2024 年 10 月 29 日，公司发布 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has launched its first AI industrial pipeline, empowering all aspects of game production, with products being released smoothly and a rich product pipeline [3] - The "Xingyi" large model application has significantly reduced repetitive labor and communication costs in the development process, ensuring stable and consistent quality in game content development and unleashing the creative potential of developers [2] - The company has a diversified product release strategy, with short-term, medium-term, and long-term product reserves, including rapid iteration based on market conditions, IP-based product development cooperation, and comprehensive construction of its own IP to build a game product matrix [2] Financial Projections - Revenue is projected to be 5,389 million yuan in 2024, 6,499 million yuan in 2025, and 7,519 million yuan in 2026 [3] - Net profit attributable to the parent company is expected to be 1,919 million yuan in 2024, 2,490 million yuan in 2025, and 2,936 million yuan in 2026 [3] - EPS is forecasted to be 0.89 yuan in 2024, 1.16 yuan in 2025, and 1.36 yuan in 2026 [3] - The P/E ratio is estimated to be 15.9x in 2024, 12.3x in 2025, and 10.4x in 2026 [3] Product Releases - The company released several games in October, including the MMO game "Zhushen Jie: Yingji," the mini-game "Baigong Ling," the overseas version of "Monster Alliance" titled "Guai Ka Jiu Cha Dui," the officially licensed mobile game "LaTale: Rainbow Orange," and the new fairy tale casual RPG mobile game "Xianjian Qixia Zhuan: New Beginning" in Vietnam [2] AI Technology Application - The "Xingyi" large model application, launched in April, covers a complete toolchain including interface generation, map generation, animation generation, code generation, and numerical generation, significantly improving development efficiency [2] - The "Yueqian" tool supports developers in generating various game elements directly through AI tools, ultimately automating the creation of complete games [2]

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | |-----------------|------------------------------------------------------------------------------------------|------------------------|--------------------------------------| | 2024 \n投资要点 | 年 12 月 16 日 \n方正阀门（ 920082.BJ ） | | 公司研究●证券研究报告 \n新股覆盖研究 | | | 本周二（ 12 月 17 日）有一只北交所新股"方正阀门"申购，发行价格为 3.51 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 8.69 （以 2023 年扣除非经常性损益 | 总市值（百万元） | | | | 后归属于母公司股东净利润计算）。 | 流通市值（百万元） | | | | 方正阀门（ 920082 ）：公司主要从事工业阀门的设计、制造和销售，适用于石油、 | 总股本（百万股） | ...

| --- | --- | |------------------------------------------------------------------------------------|--------------------------------------------------| | 2024 年 12 月 15 日 \n新股次新板块分化加剧，警惕外力催化减弱 | 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：上周新股次新板块分化加剧，交投活跃度显著降温。当前来看，新股 | SAC 执业证书编号： S0910519100001 | | 情绪和定价指标正处于多空暂时平衡区域，该区域位置虽较十一高点明显收敛，但 | lihui1@huajinsc.cn | | 比较 2024 年常态、或依然处于相对高位；假设外力催化预期减弱，则板块分歧可 | 相关报告 | | 能将明显加剧。短期，我们继续强调在变盘休整关键期，应保持灵活适度和耐心谨 | 外力继续驱动板块结构性活跃，但首日情绪 | | 慎，重视平衡估值性价比。 | 降温或暗示变化也在累积-华金证券 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The report highlights the accelerated development of semiconductor precision components business following the consolidation of Beijing Ruisheng, which is expected to enhance the security and stability of semiconductor equipment supply [2][3] - The company has developed over 40,000 types of semiconductor equipment components, achieving an 85% coverage of industry products [2] - The company is positioned as a leading global manufacturer of ultra-pure metal sputtering targets, with products entering the advanced 3nm process technology, serving major clients like TSMC and SMIC [2][3] Financial Performance and Forecast - Revenue projections for 2024 to 2026 are estimated at 36.32 billion, 47.54 billion, and 59.57 billion yuan, with growth rates of 39.6%, 30.9%, and 25.3% respectively [3][4] - Net profit forecasts for the same period are 3.84 billion, 5.16 billion, and 6.70 billion yuan, with growth rates of 50.1%, 34.5%, and 30.0% respectively [3][4] - The company's gross margin is expected to improve slightly from 29.9% in 2022 to 30.7% in 2026 [4] Business Development - The company has established multiple production bases for precision components across the country, integrating its products into the core supply chain of semiconductor clients [2] - The company is actively extending upstream in the supply chain to achieve full autonomy in raw material supply, including metals like aluminum, titanium, and tungsten [2][3] - The company has initiated a project to produce 150,000 pieces of integrated circuit core components annually, focusing on materials such as quartz and silicon [2] Market Position - The company holds the largest global market share in sputtering targets and is expanding its layout in the silicon carbide epitaxy field [3][4] - The report indicates that the demand for sputtering targets is significantly benefiting from the new capacity being established by downstream manufacturers [3]

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Market Style Shifts - Year-end shifts between large-cap and small-cap styles are uncommon, with only 3 occurrences in November or December since 2010 [1] - Key factors influencing large-cap vs small-cap shifts include policy, external events, liquidity, and earnings [1] - Year-end shifts between growth and value styles are more common, with 5 occurrences in November or December since 2005 [2] - Growth vs value shifts are influenced by policy, external events, industry cycles, and liquidity [2] Current Market Trends - The market is likely to favor small-cap growth stocks at year-end due to supportive policies, limited external risks, and loose liquidity [2] - The A-share market may continue its strong performance, with the cross-year rally likely to persist [3] - Economic and earnings recovery trends remain intact, with weak economic recovery and improving corporate profits [3] - Liquidity is expected to remain loose, with the Fed likely to cut rates in December and domestic rate cuts or RRR reductions probable [3] Sector Focus - Technology growth and core assets are expected to benefit from fiscal and monetary policy easing [4] - Consumer sectors may present short-term opportunities, driven by economic recovery, policy stimulus, and potential foreign capital inflows [4] - Key sectors to watch include electronics, computers, media, military, machinery, food, automotive, retail, and services [4] Industry Performance - Technology and cyclical sectors are likely to outperform due to fiscal expansion and monetary easing [77] - Consumer sectors may see relative outperformance due to economic recovery, policy support, and foreign capital inflows [93] - Technology growth and core assets, particularly in TMT, machinery, and military sectors, are recommended for low-level allocation [107] Specific Industry Insights - Electronics: AI-driven product launches and semiconductor demand are expected to boost the sector [107] - Computers: Policy support for autonomous driving and domestic software growth are key drivers [107] - Media: AI applications and domestic AI ecosystem development are accelerating [107] - Machinery and Military: Increased demand for robots and industrial automation is driving growth [107] - Consumer: Food, automotive, retail, and services sectors may benefit from policy support and economic recovery [114] - New Energy and Healthcare: Wind power, energy storage, and pharmaceutical sectors are expected to improve [116]

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44 下 下 下 = | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------| | 2024 年 12 月 13 日 \n提振消费·扩张财政·对冲风险 \n中央经济工作会议深度解读 ...