http://www.huajinsc.cn/ 1 / 14 请务必阅读正文之后的免责条款部分 风险提示：已经开启询价流程的公司依旧存在因特殊原因无法上市的可能、公司内 容主要基于招股书和其他公开资料内容、同行业上市公司选取存在不够准确的风 险、内容数据截选可能存在解读偏差等。具体上市公司风险在正文内容中展示。 新股覆盖研究/ 图表目录 3 / 14 一、珂玛科技 公司表面处理服务既是先进陶瓷材料零部件新品制造的重要后道工序之一，同时也对外提供 专业三方表面处理服务。对外表面处理服务方面，公司聚焦在显示面板领域，为 LCD、OLED 制造设备提供精密清洗、阳极氧化和熔射服务。 公司 2021-2023 年分别实 现营业收入 3.45 亿元/4.62 亿元/4.80 亿元，YOY 依次 为 35.75%/34.04%/3.89% ； 实 现 归 母 净 利 润 0.67 亿 元 /0.93 亿 元 /0.82 亿 元 ， YOY 依 次 为 46.84%/38.97%/-12.20%。最新报告期，2024Q1 公司实现营业收入 1.61 亿元，同比增加 41.46%， 实现归母净利润 0.50 亿元，同比增加 ...

| --- | --- | --- | --- | |-----------------|------------------------------------------------------------------------------------------|------------------------------------------|--------------------------------------| | 2024 \n投资要点 | 年 07 月 26 日 \n巍华新材（ 603310.SH ） | | 公司研究●证券研究报告 \n新股覆盖研究 | | | 下周三（ 7 月 31 日）有一家主板上市公司"巍华新材"询价。 | 交易数据 | | | | 巍华新材（ 603310 ）：公司主要从事氯甲苯和三氟甲基苯系列产品的研发和生产。 | 总市值（百万元） | | | | | 流通市值（百万元） | | | 公司 | 2021-2023 年分别实现营业收入 14.24 亿元/17.76 亿元 /14.86 亿元， YOY 依 | 总股本（百万股） | 259.00 | | 次为 ...

在法律许可的情况下，本公司及所属关联机构可能会持有报告中提到的公司所发行的证券或期权并进行证券或期权交易，也可能为 这些公司提供或者争取提供投资银行、财务顾问或者金融产品等相关服务，提请客户充分注意。客户不应将本报告为作出其投资决策的 惟一参考因素，亦不应认为本报告可以取代客户自身的投资判断与决策。在任何情况下，本报告中的信息或所表述的意见均不构成对任 何人的投资建议，无论是否已经明示或暗示，本报告不能作为道义的、责任的和法律的依据或者凭证。在任何情况下，本公司亦不对任 何人因使用本报告中的任何内容所引致的任何损失负任何责任。 上海市浦东新区杨高南路 759 号陆家嘴世纪金融广场 30 层 北京市朝阳区建国路 108 号横琴人寿大厦 17 层 深圳市福田区益田路 6001 号太平金融大厦 10 楼 05 单元 电话：021-20655588 http://www.huajinsc.cn/ 5 / 5 请务必阅读正文之后的免责条款部分 446 | --- | --- | --- | --- | --- | |---------------------------------------------------- ...

2、公司持续强化股东合作，与闰土股份合作设立江西华聚、与横店集团全资子公司埃森化 学合作设立方华化学，或助力公司延伸产品链及提升盈利能力。1）2020 年 9 月，公司与闰土 股份等企业共同投资设立江西华聚；其中，公司参股 38%。江西华聚的主营将围绕以煤为燃料 进行供热和发电，或助力公司丰富收入来源；同时，公司有望借助该项目进一步深化与第一大供 应商、第二大股东闰土股份的合作关系。2）2021 年，公司与埃森化学合作成立方华化学；其中， 公司持股 59%。埃森化学与公司股东横店资本同为横店集团全资子公司，是国内吡啶类农药化 工龙头企业，在农药原药及中间体合成领域拥有丰富的技术积累；合作设立的方华化学是本次募 投项目"建设年产 2.22 万吨含氟新材料及新型功能化学品和企业研究院项目"的实施主体，预计 投产后将助力公司向下游拓展含氟新型农药原药业务。 （四）募投项目投入 公司本轮 IPO 募投资金拟投入 2 个项目。 http://www.huajinsc.cn/ 7 / 11 请务必阅读正文之后的免责条款部分 新股覆盖研究/ 1、 建设年产 2.22 万吨含氟新材料及新型功能化学品和企业研究院项目：建成后将 ...

视频生成应用场景丰富，AI 微短剧表现优异 投资要点 事件： 近日，芒果 TV 大模型正式通过中央网信办生成式人工智能（大语言模 型）备案审核。该模型支持节目策划、内容创作、角色对话和内容推荐等多种应 用。未来，湖南广电将基于芒果大模型，搭建 AI Agent 智能体应用平台"芒果 西米露"，推进节目创作、广告投放、平台运营等全场景大模型能力覆盖。 国产 AI 视频大突破，快手可灵大模型发布。在 2024 年 WAIC 上快手视频生成 大模型可灵公布，自 6 月 6 日上线开放申请以来，可灵迎来超 50 万人申请，已 开放给超 30 万用户使用，生成超 700 万条短视频。7 月 24 日快手宣布可灵 AI 基础模型进行升级，并全面开放内测，用户每天登录可免费获得 66 个"灵感值"， 预计能产出 6 个免费视频，同时上线会员体系。7 月 24 日，爱诗科技正式发布 其 视 频 生 成 产 品 PixVerse V2, 并 全 球 同 步 开 放 。 PixVerse V2 采 用 Diffusion+Transformer（DiT）基础架构，并在各方面进行技术创新，提供更长、 更一致、更有趣的视频生成能力。 ...

Investment Rating - The report maintains a "Buy - A" rating for the company, indicating a positive outlook for future performance [14]. Core Views - The company is expected to achieve significant revenue growth, with projected revenues of 1.16 billion, 1.43 billion, and 1.77 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 25.4%, 23.6%, and 23.4% [13][20]. - The net profit attributable to the parent company is forecasted to be 192 million, 251 million, and 336 million yuan for the same years, corresponding to price-to-earnings (P/E) ratios of 25.4, 19.5, and 14.5 [13][20]. - The company is positioned well within the domestic market for mask plates, with a strong customer base and brand influence, and is actively expanding its production capacity and technological capabilities [20]. Financial Data Summary - The company reported a revenue of 762 million yuan in 2022, with an expected increase to 924 million yuan in 2023, and further growth to 1.16 billion yuan in 2024 [21]. - The net profit for 2022 was 99 million yuan, projected to rise to 134 million yuan in 2023 and 192 million yuan in 2024 [21]. - Key financial ratios indicate a gross margin improvement from 25.2% in 2022 to an expected 33.2% in 2026, and a net profit margin increase from 13.0% to 19.0% over the same period [21][20].

http://www.huajinsc.cn/ 1 / 3 请务必阅读正文之后的免责条款部分 Huajin Se 网 旗 华 下 发 ဉ် 图 1: 政策利率与 R007、DR007（%） - 1Y MLF - 1Y LPR - SY LPR ------ R007 7天逆回购 ---- DR007 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 24-07 19-07 20-01 20-07 21-01 21-07 22-01 22-07 23-01 23-07 24-01 资料未深: CEIC，华金证券研究所 请务必阅读正文之后的免责条款部分 分析师声明 本公司具备证券投资咨询业务资格的说明 本报告仅供华金证券股份有限公司（以下简称"本公司"）的客户使用。本公司不会因为任何机构或个人接收到本报告而视其为本 公司的当然客户。 | --- | --- | |-------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Accumulate-A" [2] Core Views - The semiconductor display industry is experiencing an upturn, leading to a significant increase in the company's net profit for the first half of 2024, with an expected year-on-year growth of 185% to 213% [1][4] - The company is focusing on high-end mid-size products by investing in the 8.6 generation AMOLED production line, which is expected to start mass production by the end of 2026 [2][4] - The company is also entering the flexible dimming new sector with the establishment of Ruisi Technology, which will produce flexible dimming films and electronic devices [2][4] Summary by Relevant Sections Financial Performance - The company anticipates a net profit of 1.116 billion to 1.316 billion yuan for Q2 2024, representing a year-on-year increase of 128.50% to 169.44% and a quarter-on-quarter increase of 13.46% to 33.78% [1] - For the first half of 2024, the expected net profit is between 2 billion to 2.3 billion yuan, indicating a year-on-year growth of 185% to 213% [1] Market Trends - The demand for large-size LCD panels is expected to increase due to major sporting events and e-commerce promotions, with a notable price increase in TV products observed in March and April 2024 [1] - The penetration rate of AMOLED products is on the rise, with the company maintaining growth in flexible AMOLED shipments [2] Investment Projects - The company announced the investment in the 8.6 generation AMOLED production line to cater to high-end mid-size product demands, particularly in the IT and automotive sectors [2][4] - The flexible dimming technology developed by Ruisi Technology aims to address challenges in automotive applications, enhancing the company's competitive edge in the flexible product market [2][4] Revenue and Profit Forecast - Revenue projections for 2024 to 2026 have been adjusted to 203.378 billion, 227.336 billion, and 247.410 billion yuan, with growth rates of 16.5%, 11.8%, and 8.8% respectively [4] - The net profit forecast for the same period has been revised to 51.31 billion, 90.86 billion, and 110.97 billion yuan, with growth rates of 101.4%, 77.1%, and 22.1% respectively [4]

Summary of Conference Call Industry Overview - The conference call focused on the telecommunications industry, featuring insights from the chief analyst Zhang Wencheng from the research institute [1]. Core Insights and Arguments - The strategy team presented their viewpoints on the telecommunications sector, indicating a comprehensive analysis of current trends and challenges within the industry [1]. Additional Important Content - The call emphasized the importance of understanding the evolving landscape of telecommunications, including technological advancements and regulatory impacts that could influence market dynamics [1].

Investment Rating - The report maintains an investment rating of "Leading the Market" for the industry, indicating an expected investment return exceeding 10% over the next six months compared to the CSI 300 Index [1]. Core Insights - The report highlights the competitive landscape of the summer gaming market in China, with major platforms like Douyin and Kuaishou launching promotional activities to boost game conversion and user engagement [1]. - IAA mini-games are identified as a new growth hotspot in the industry, with Douyin's mini-game user base growing over 150% in 2023, and IAA mini-games accounting for 80% of the mini-game market [1]. - The overall market size for mini-games is projected to reach between 600-650 billion yuan, with significant growth in user engagement metrics such as monthly active users and advertising revenue [1]. Summary by Sections Industry Performance - The report notes that the summer gaming market is highly competitive, with several major titles launching, including domestic AAA console games and new mobile games [1]. - IAA mini-games differ from IAP model games by primarily generating revenue through advertising, reflecting a shift in monetization strategies within the industry [1]. User Growth and Engagement - Douyin's mini-games are expected to drive user growth, with projections indicating that the overall commercial volume of IAA mini-games will exceed 10 billion yuan in 2024 [1]. - The user demographics for mini-games show a balanced gender ratio among young users, with male users having a wider variety of game choices compared to female users [1]. Investment Recommendations - The report suggests that increased gaming-related activities across platforms are likely to enhance the development of a diverse gaming ecosystem, recommending attention to companies such as NetEase, Tencent, and Kuaishou [1].