华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------|-------------------|----------------------------------------------------------|----------------------------------|----------------| | 2024 年 12 月 10 日 \n电气设备 | | | 行业研究●证券研究报告 \n行业快报 | | | 新型经营主体创新发展意见出台，关注智能微 | 投资评级 | | 领先大市(维持) | | | 网与虚拟电厂 | 首选股票 | | 评级 | | | 事件点评 | | | | | | 国家能源局近期印发《关于支持电力领域新型经营主体创新发展的指导意见》（下 | 一年行业表现 | | | | | 称《意见》），指出要充分发挥新型经营主体在提高电力系统调节能力、促进可 | | | | | | 再生 ...

http://www.huajinsc.cn/ 1 / 11 请务必阅读正文之后的免责条款部分 下 下 = | --- | --- | |-----------------------------------------------------------------------------------------|---------------------------------------------------------| | 2024 年 12 月 09 日 \n定调积极，跨年行情来临 | 策略类●证券研究报告 \n事件点评 | | 投资要点 | 分析师 邓利军 | | 事件：中共中央政治局 12 月 9 日召开会议，分析研究 2025 年经济工作。 | SAC 执业证书编号： S0910523080001 denglijun@huajinsc.cn | | 超预期的：适度宽松的货币政策、稳住楼市股市。（1）15 年以来再提实施适度宽 | 报告联系人 张欣诺 | | 松的货币政策，后续货币政策可能进一步宽松。一是央行的货币政策操作需要兼顾 | zhangxinnuo@huajinsc.cn | | ...

446 | --- | --- | |-----------------------------------------------------------------------------------------------------|---------------------------------------------------------------| | 2024 年 12 月 09 日 \n12.9 政治局会议点评 | 固定收益类●证券研究报告 \n事件点评 | | 投资要点 | 牛逸 | | 事件简介 | 分析师 SAC 执业证书编号： S0910523040001 | | 2024 年 12 月 9 日，中共中央政治局召开会议，分析研究 2025 年经济工作。受会 | niuyi@huajinsc.cn | | 议相关政策表态影响，债市做多情绪点燃，十债再次突破前低，收盘于 1.9168% 。 | 相关报告 | | 事件点评 | 股债兼修，稳健低波 -华商基金胡中原先生 投资分析报告 2024.12.4 | | 我们认为，本次会议关于"实施更加积极的财政政策"是对前期政策效果得积极肯 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------|----------------|----------------------------------------------------------------------|----------------------------------|--------| | 2024 年 12 月 09 日 \n传媒 | | | 行业研究●证券研究报告 \n行业快报 | | | | | | | | | 档期票房持续活跃，微短剧推动视频市场 | 投资评级 | | 领先大市(维持 | ) | | 投资要点 | 首选股票 | | 评级 | | | 事件：据灯塔专业版，截至 12 月 6 日 12 时 14 分， 2024 年贺岁档（11 月 22 | 一年行业表现 | | | | | 日— 12 月 31 日）档期票房（含预售）突破 10 亿。 | | ...

http://www.huajinsc.cn/ 1 / 5 请务必阅读正文之后的免责条款部分 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------|------------------------------------------|---------------------------------------|--------| | 2024 年 12 月 09 日 \n消费电子 | | | 行业研究●证券研究报告 \n行业快报 | | | XREAL ：自研 X1 芯片，开启原生 3DoF AR 时代 | 投资评级 | 同步大市 | | (维持) | | 投资要点 | | | | | | 通过内置 X1 空间计算芯片，打 ...

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Company Overview - The report focuses on **Lintai New Materials (920106.BJ)**, a company specializing in the R&D, production, and sales of automotive automatic transmission friction plates [2] - The company is a leading domestic manufacturer of friction plates for passenger vehicle automatic transmissions and has a strong position in the domestic market [16] - Lintai New Materials has established stable supply relationships with major domestic automatic transmission manufacturers and OEMs, including SAIC Transmission, Wanliyang, Dongan Engine, Geely Transmission, and BYD [16] Financial Performance - From 2021 to 2023, the company achieved revenues of **132 million yuan**, **176 million yuan**, and **207 million yuan**, with YoY growth rates of **37.70%**, **33.82%**, and **17.33%** respectively [17] - Net profit attributable to shareholders grew from **16.4 million yuan** in 2021 to **49.2 million yuan** in 2023, with YoY growth rates of **12.53%**, **50.94%**, and **98.44%** respectively [17] - In the first nine months of 2024, the company achieved revenue of **193 million yuan**, a YoY increase of **36.76%**, and net profit of **46 million yuan**, a YoY increase of **72.57%** [17] - The company's gross profit margin and net profit margin have remained at relatively high levels compared to industry peers, with a gross profit margin of **42.07%** in 2023 [20][42] Industry Analysis - The domestic market size for passenger vehicle automatic transmission friction plates in 2023 was approximately **6.119 billion yuan**, with a projected growth to **13.465 billion yuan** by 2035 [23][32] - In the engineering machinery and agricultural machinery sectors, the market size for automatic transmission friction plates is expected to grow from **1.298 billion yuan** in 2023 to **5.726 billion yuan** by 2035 [30][32] - The commercial vehicle sector also presents growth opportunities, with the market size for automatic transmission friction plates expected to increase from **52 million yuan** in 2023 to **294 million yuan** by 2035 [32] Investment Highlights - Lintai New Materials is a leader in the domestic passenger vehicle automatic transmission friction plate market and is well-positioned to benefit from the acceleration of domestic substitution in this field [16][33] - The company has successfully developed wet paper-based friction plates that break the technological monopoly of the US and Japan, achieving domestic substitution and industrialization of original domestic technology [33] - Lintai New Materials has a strong presence in the new energy vehicle (NEV) sector, with NEV-related sales revenue increasing from **1.04%** of total revenue in 2021 to **22.53%** in the first half of 2024 [37] - The company has established stable cooperation with NEV leaders such as BYD, supplying friction plates for BYD's DM-i plug-in hybrid models [37] IPO and Fundraising Projects - The company plans to raise funds through an IPO for two main projects: 1) A project to produce **30 million pieces** of paper-based friction plates and mating plates annually for automotive (including NEVs), engineering machinery, and high-end agricultural machinery [38][39] 2) A multi-purpose wet friction plate R&D center project focusing on the development of friction plates for pure electric vehicles, agricultural machinery, engineering machinery, and heavy-duty trucks [38][39] - The total investment for these projects is **213.4 million yuan**, with **116 million yuan** to be raised through the IPO [39]

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------|-------------------------------------------|------------------------------|----------------------------------|----------------| | 2024 年 12 月 08 日 \n集成电路 | | | 行业研究●证券研究报告 \n行业快报 | | | | | | | | | AI 技术盛宴持续推出，走向推理应用前景可期 | 投资评级 首选股票 | | 领先大市(维持 | ) 评级 | | 投资要点： | | | | | | 1 、作为 AI 领域影响力最大的女性和华人之一，斯坦福大学教授李飞飞于当地时间 | | | | | | 12月2 日公布了其首个创业项目 World Labs 的成果——能用单张静态图片生 ...

| --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------| | 2024 年 12 月 08 日 \n外力继续驱动板块结构性活跃，但首日情绪降温或暗示变化也在累积 | 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：在多个重大产业事件影响下，新股次新板块延续结构性活跃行情；但 | SAC 执业证书编号： S0910519100001 | | 首日交投情绪出现剧烈波动，可能代表短端新股做多动能分歧加大、变化或也正在 | lihui1@huajinsc.cn | | 累积。短期，重大会议及产业事件发酵预计还将推动板块局部热度，但我们依然强 | 相关报告 | | 调尾端行情应保持灵活适度和耐心谨慎，重视平衡估值性价 ...