Investment Rating - The report suggests maintaining a cautious and patient approach towards new stocks as the current active cycle may be nearing its end [1][12][34] Core Insights - The new stock market has shown a weak performance for the second consecutive week, with an average weekly decline of approximately 1.5% and only 25.7% of new stocks achieving positive returns [1][12][28] - The report highlights the need to monitor subtle emotional indicators as the market may be entering a correction phase, suggesting a potential shift in the active cycle of new stocks [1][12][34] - The average issuance price-to-earnings ratio for new stocks has increased significantly, with the average for November being 58.9X, influenced by high-growth stocks like Lianyun Technology [1][12][34] Summary by Sections New Stock Insights - The new stock market has experienced a significant emotional shift, with the structural buying momentum still present despite recent cooling [1][12] - The report indicates that the current emotional and pricing indicators are at relatively high levels, which may face downward adjustments soon [1][12][34] Recent New Stock Performance - Last week, three new stocks were available for online subscription, with an average issuance P/E ratio of 68.3X and a subscription success rate of 0.0444% [1][19][20] - The average first-day gain for newly listed stocks was 252%, while the average return for the first week was 226.3% [1][23][26] Upcoming New Stock Subscriptions - Four new stocks are set to be listed this week, with one each from the Sci-Tech Innovation Board, the Growth Enterprise Market, the Main Board, and the North Exchange [1][34][35] - The report recommends continued attention to new stock subscriptions due to the unchanged profit-making effect [1][34]

短期继续震荡，科技仍有空间 定期报告 投资要点 突破震荡市的核心推动因素是政策和流动性，短期内仍需等待更宽松的政策和流动 性。（1）历史经验上，突破震荡市走牛的核心推动因素是政策和外部事件、流动 性。（2）当前来看，震荡时间和回撤幅度接近历史水平，但短期可能继续震荡。 一是 10 月 8 日以来已震荡 34 个交易日，上证综指最大回撤幅度为 9.2%，已接近 历史平均水平。二是短期内政策方向和流动性依然积极，但仍需进一步才能突破当 前的震荡：首先，后续政治局会议和中央经济工作会议可能是政策进一步积极的观 察窗口；其次，近期美元走强，但国内年末降准等流动性进一步宽松的政策可能出 台。 板块连续多空急剧转换，本周可能成为重要 科技行情结束的核心因素是外部事件和政策偏空、自身产业趋势转弱、流动性收紧、 继续调整幅度有限 2024.11.16 政策预期及资金共振之下做多动能增强，但 结构性震荡特征预计未改-华金证券新股周 报 2024.11.10 估值情绪过高。（1）外部事件和政策偏空是导致科技行情结束的核心因素，如 2010 年欧债危机、2016 年供给侧改革、2021 年医保控费和新能源补贴退坡等。（2） 自身产 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|-----------------------------------|----------------------------------|----------------| | 2024 年 11 月 22 日 \n传媒 | | | 行业研究●证券研究报告 \n行业快报 | | | | | | | | | 11 月多家公司获批版号，品类多元化助力市场 | 投资评级 | 领先大市 | | (维持) | | 投资要点 | 首选股票 | | | 评级 | | 事件：近日，国家新闻出版署公布 11 月国产网络游戏审批信息，共 ...

下 下 = | --- | --- | |----------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------| | 2024 年 11 月 22 日 \n重视特朗普关税主张的中长期影响 \n华金宏观·双循环周报（第 83 期） | 宏观类●证券研究报告 \n定期报告 \n分析师 秦泰 SAC 执业证书编号： S0910523080002 | | 投资要点 | 报告联系人 qintai@huajinsc.cn 周欣然 | | 11 月 22 日，商务部联合外交部、工信部、人民银行、海关总署相关司局负责人， | zhouxinran@huajinsc.cn | | 联合召开政策吹风会，凸显出对未来一段时间促外贸稳增长问题的重视，这与美国 | | | 候任总统特朗普较为激进的关税主张直接相关。商务部指出"最终关税是由 ...

Investment Rating - The investment rating for the company is "Buy" (initial coverage) with a stock price of 34.49 yuan as of November 21, 2024 [2]. Core Views - The company's automotive electronics business is stable, and its digital energy business is opening a second growth curve. The company has been deeply engaged in the automotive aftermarket since its establishment in 2004, focusing on technological innovation to create a comprehensive product matrix for automotive diagnostics and related software services. This positions the company well to benefit from the increasing electronic and intelligent features in vehicles [9][10]. Summary by Sections Automotive Electronics Business - The company has achieved revenue of 1.18 billion yuan, 1.56 billion yuan, 2.22 billion yuan, 2.13 billion yuan, and 2.65 billion yuan from 2019 to 2023, with year-on-year growth rates of 32.59%, 32.37%, 42.41%, -4.07%, and 24.15% respectively. The gross profit margins for these years were 62.58%, 64.22%, 58.30%, 58.87%, and 59.95%, indicating a stable upward trend [9]. Digital Energy Business - The company began strategic layout in overseas new energy charging business in 2021. It has developed a comprehensive product matrix covering intelligent charging network solutions and energy management solutions. The company has signed contracts with several large enterprises in North America and Europe, indicating strong market expansion [10][13]. Financial Forecast - The company is projected to achieve revenues of 3.96 billion yuan, 5.06 billion yuan, and 6.53 billion yuan from 2024 to 2026, with corresponding net profits of 583 million yuan, 766 million yuan, and 893 million yuan. The price-to-earnings ratios are expected to be 26.7, 20.4, and 17.5 respectively [14][19]. Market Positioning - The company has completed its global customer and production capacity layout in the digital energy sector, which is expected to contribute significantly to its growth in the coming years. The market for electric vehicle charging infrastructure is projected to grow substantially, with the U.S. needing 28 million charging ports by 2030 [13][14]. Comparison with Peers - The company's price-to-earnings ratio is lower than that of comparable companies in the charging pile sector, suggesting a favorable valuation relative to its peers. This, combined with the stable development of its traditional business and the opening of a second growth curve in digital energy, supports the "Buy" recommendation [20].

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|--------------------------------------| | 2024 | 年 11 月 20 日 \n博苑股份（ 301617.SZ ） | | 公司研究●证券研究报告 \n新股覆盖研究 | | | 下周一（11 月 25 日）有一家创业板上市公司"博苑股份"询价。 | 交易数据 | | | | 博苑股份（ 301617 ）：公司主营业务包括有机碘化物、无机碘化物、贵金属催化 | 总市值（百万元） | | | | 剂、发光材料、六甲基二硅氮烷等产品的研产销。公司 2021-2023 年分别实现营 | 流通市值（百万元） | | | | 业收入 5.24 亿元 ...

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 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next 6-12 months [2][6][17]. Core Insights - The company achieved a record high revenue of 517 million yuan in Q3 2024, representing a year-on-year increase of 86.59% and a quarter-on-quarter increase of 6.32% [2][6]. - The growth in revenue is attributed to robust demand in the automotive electronics sector, improved conditions in the consumer electronics market, and a recovery in demand from clients in the industrial automation and digital power sectors [2][6]. - The company reported a net loss attributable to shareholders of 142 million yuan in Q3 2024, with a gross margin of 32.06%, down 4.39 percentage points year-on-year [2][6]. - The company has over 2,100 product models available for sale, with the expected unit value of mass-produced products exceeding 800 yuan by the end of 2024 [2][6]. Financial Performance and Forecast - Revenue projections for 2024-2026 are 1.881 billion yuan, 2.589 billion yuan, and 3.137 billion yuan, with growth rates of 43.5%, 37.6%, and 21.2% respectively [6][10]. - The net profit attributable to shareholders is forecasted to be -290 million yuan in 2024, 27 million yuan in 2025, and 127 million yuan in 2026, with growth rates of 4.9%, 109.3%, and 374.4% respectively [6][10]. - The gross margin is expected to improve from 33.2% in 2024 to 39.6% in 2026 [7][10]. Business Segments - **Sensors**: Revenue from sensor products is projected to be 182 million yuan in 2024, with a growth rate of 10% [10][11]. - **Signal Chain**: Revenue from signal chain products is expected to reach 970 million yuan in 2024, with a growth rate of 37.5% [11][12]. - **Power Management**: Revenue from power management products is forecasted to be 717 million yuan in 2024, with a growth rate of 67.5% [12][13]. Competitive Positioning - The company is recognized as one of the early mass producers of digital isolation chips in China, with a comprehensive range of isolation devices and core technologies across five major fields [17][19]. - The report compares the company with peers such as Shengbang Co., Sirepu, and Aiwei Electronics, highlighting its competitive advantages in product diversity and technological capabilities [17][19].

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]