华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------|----------------------|------------------------------------------------------------------------|----------------------------------|----------------| | 2024 年 12 月 04 日 \n集成电路 | | | 行业研究●证券研究报告 \n行业快报 | | | 国产替代有望再加速，数字芯片多维共振前景 | 投资评级 | 领先大市 | | (维持) | | 广阔 | 首选股票 | | | 评级 | | 投资要点 | | | | | | 1、12 月 2 日，美国对中国半导体产业发起了新一轮大规模出口管制，其中包括进 | 一年行业表现 | | | | | 一步加严对半导体制造设备、软件工具、存储芯片 ...

Investment Rating - The industry investment rating is "Leading the Market (First Time)" [2][7]. Core Viewpoints - PEEK (Polyether Ether Ketone) is a high-performance engineering plastic with excellent mechanical properties, heat resistance, wear resistance, corrosion resistance, flame retardancy, biocompatibility, insulation properties, and ease of processing. It is widely used in various fields such as electronics, machinery, transportation, medical devices, and aerospace [2]. - The global demand for PEEK is expected to grow at a compound annual growth rate (CAGR) of 9.0%, reaching an estimated 7,560 tons by 2022. The global PEEK market size was valued at $721 million in 2019 and is projected to reach $1.226 billion by 2027, with a CAGR of 6.8% [2]. - China has become the largest PEEK consumer market after Europe and the United States, with a CAGR of 42.84% from 2012 to 2021, and is expected to reach 5,079 tons by 2027 [2][4]. Summary by Sections PEEK Material Overview - PEEK is a thermoplastic high-performance special engineering plastic developed by Imperial Chemical Industries (ICI) in 1978, known for its superior properties and wide applications [2]. - The global PEEK consumption increased from 3,590 tons in 2012 to 5,835 tons in 2019, with an average annual growth rate of 7.19% [2]. Market Demand and Growth - The global PEEK market demand is projected to grow from 5,835 tons in 2019 to 7,560 tons by 2022, with a CAGR of 9.0% [2]. - The consumption of PEEK in China rose from 80 tons in 2012 to 1,980 tons in 2021, with a CAGR of 42.84% [2]. Competitive Landscape - The global PEEK production landscape is characterized by a few dominant players, with the largest producer being Victrex, followed by Solvay and Evonik. Domestic manufacturers in China include Zhongyan Co., Jida Te Plastic, and others [2][4]. - The production capacity of PEEK in China is expected to increase significantly, with several companies planning to expand their production capabilities [2]. Raw Material Supply - DFBP (Difluorobenzophenone) is a key raw material for PEEK production, with global consumption expected to grow from 5,105 tons in 2019 to 11,709 tons by 2028, at a CAGR of 10.69% [4]. - The domestic consumption of DFBP in China increased from 1,037 tons in 2019 to 1,911 tons in 2023, with a CAGR of 16.52% [4]. Investment Recommendations - The report suggests focusing on PEEK companies such as Zhongyan Co. (688716.SH) and Water Co. (002886.SZ), as well as upstream DFBP companies like Xinhan New Materials (301076.SH) and Zhongxin Fluorine Materials (002915.SZ) [4].

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------|------------------------------------------------------------------------|------------------------------|----------------------------------|----------------| | 2024 年 12 月 04 日 \n集成电路 | | | 行业研究●证券研究报告 \n行业快报 | | | 国产替代有望再加速，数字芯片多维共振前景 | 投资评级 | 领先大市 | | (维持) | | 广阔 | 首选股票 | | | 评级 | | 投资要点 | | | | | | 1、12 月 2 日，美国对中国半导体产业发起了新一轮大规模出口管制，其中包括进 | 一年行业表现 | | | | | 一步加严对半导体制造设备、软 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------|------------------------|------------------------------------------|----------------------------------|-------| | 2024 年 12 月 03 日 \n传媒 | | | 行业研究●证券研究报告 \n行业快报 | | | | | | | | | 政策持续深化推动人工智能与教育相结合 | 投资评级 | | 领先大市(维持 | ) | | | | | | | | | | | | | | 投资要点 | 首选股票 | | 评级 | | | | | | | | | 事件：近日，教育部办公厅印发通知，探索中小学人工智能教育实施途径，加强 | | | | | | 中小学人工智能教育。通知明确加强中小学人工智能教育的总体要求；指出要构 | 一 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------|--------------------------|----------------------------------------------------------------------|----------------------------------|----------------| | 2024 年 12 月 03 日 \n电气设备 | | | 行业研究●证券研究报告 \n行业快报 | | | 《全国统一电力市场发展规划蓝皮书》发布， | 投资评级 | | 领先大市(维持 | ) | | 电力市场三步走战略明确 | 首选股票 | | 评级 | | | 事件点评 | | | | | | 11 月 29 日，《全国统一电力市场发展规划蓝皮书》发布会在京举行。《蓝皮书》 | 一年行业表现 | | | | | 提出"三步走"战略：第一步，到 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][5] Core Viewpoints - The recent OpenDay event by Zhiyu showcased three AI agents designed to replace human tasks: AutoGLM for mobile, GLM PC for computers, and GLM-Web for web applications [2] - AI agents are expected to drive a transformation towards intelligent automation across various devices, including smartphones, PCs, cars, and smart home devices [2] - The report emphasizes the importance of a comprehensive approach that includes chip adaptation, computational power assurance, and integrated cloud-edge solutions [2] - The capabilities of AI agents have expanded significantly, enabling complex tasks such as web browsing, software operation, decision analysis, and payment execution, showcasing their adaptability and flexibility [2] - The evolution towards intelligent and autonomous automation is marked by the ability of large language models (LLMs) to autonomously select tools and execute tasks based on specific scenarios [2] Summary by Sections Investment Highlights - AI agents are positioned to create integrated applications that benefit the industry, with a focus on companies such as Blue Cursor, Talking Tom, Kunlun Wanwei, Tianyu Digital Science, and others [2] Market Performance - The report indicates a relative performance with a 14.34% increase for 1M, 29.8% for 3M, and a 12M increase of 15.82% [2] Analyst Information - The analysis is conducted by an experienced analyst with a professional qualification in securities investment consulting [2][6]

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------|----------------------|-------------------------------------------|----------------------------------|----------------| | 2024 年 12 月 02 日 \n消费电子 | | | 行业研究●证券研究报告 \n行业快报 | | | INMO ： Air3 重塑未来移动终端， GO2 专注同传翻译 | 投资评级 | 同步大市 | | (维持) | | 事件点评 | 首选股票 | | | 评级 | | 2024 年 11 月 29 日，"成都 AI+AR 产业生态发展大会暨影目科技新品发布会"在 | | | | | | 成都召开，推出 INMO AIR3 及 INMO GO2 。 | | | | | | INMO AIR3 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the next 6-12 months [4][18]. Core Insights - The company has experienced revenue growth, with a 14.45% increase in Q3 2024 compared to the same period last year, reaching 401 million yuan. However, net profit has declined by 30.26% to 43.57 million yuan due to product structure adjustments and increased competition [1][6]. - The company is focusing on a major client strategy, aiming to deepen existing client relationships while expanding its customer base and continuously developing new products [1][9]. - R&D investment has increased by 24.15% year-on-year, reaching 69.23 million yuan in the first three quarters of 2024, reflecting the company's commitment to innovation [1][9]. Financial Performance - For the first three quarters of 2024, the company reported total revenue of 1.06 billion yuan, a year-on-year increase of 21.88%. However, net profit for the same period decreased by 13.53% to 133 million yuan [1][6]. - The company forecasts revenues of 1.557 billion yuan, 2 billion yuan, and 2.611 billion yuan for 2024, 2025, and 2026 respectively, with expected growth rates of 27.0%, 28.5%, and 30.5% [6][9]. - The projected net profit for the same years is 246 million yuan, 293 million yuan, and 357 million yuan, with corresponding growth rates of 18.1%, 19.5%, and 21.6% [6][9]. Product Development and Market Strategy - The company is enhancing its product line in smart controllers, electric tools, and automotive electronics, with significant revenue growth in these segments. For instance, revenue from smart appliance controllers grew by 32.97% year-on-year [1][11]. - The automotive electronics segment is expanding, with partnerships established with several new energy vehicle brands, despite a 10.76% decline in revenue for this segment in the first half of 2024 [1][11]. Valuation Metrics - The company’s projected EPS for 2024, 2025, and 2026 is 2.20 yuan, 2.62 yuan, and 3.19 yuan respectively, with P/E ratios of 17.1, 14.3, and 11.8 [6][12]. - The company maintains a competitive edge in the market, with a focus on high-margin products and a diversified portfolio across various sectors [1][11].

446 小 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------|---------------|-----------------------------------------|---------------------------------------|------------------------------| | 2024 年 12 月 01 日 \n艾森股份（ 688720.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 电子 \| | 半导体材料Ⅲ | | PSPI 光刻胶实现小批量量产，收购 INOFINE 夯 | 投资评级 | | | 增持(维持 ) | | 实湿电子化学品领先地位 | 股价 交易数据 | (2024-11-29) | | 46.51 元 | | 投资要点 | | 总市值（百万元） | | 4,099.08 | | 2024 年 11 月 29 日，公司宣布 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------|---------------------|------------------------------------------|----------------------------------------------------------|----------| | 2024 年 12 月 01 日 \n通信 \n商航首飞空天逐梦，期待卫星产业爆发 | 投资评级 \n首选股票 | | 行业研究●证券研究报告 \n行业快报 \n领先大市(维持) \n评级 | | | 投资要点 | 002465.SZ | 海格通信 | 增持 | -B | | | 001270.SZ | 铖昌科技 | 增持 | -B | | 事件：北京时间 11 月 30 日 22 时 25 分，我国首 ...