Investment Rating - The report maintains a "Buy-A" rating for the company, reflecting strong growth potential and confidence in its platform-based semiconductor equipment business [7] Core Views - The company is positioned as a platform-based semiconductor equipment enterprise, benefiting from the increasing demand for advanced process and advanced packaging equipment driven by AI development and domestic expansion of companies like ChangXin Memory and Yangtze Memory [7] - The company is expected to achieve significant revenue growth, with projected revenues of 30,282/40,214/50,167 million yuan for 2024-2026, representing year-over-year growth rates of 37.2%/32.8%/24.8% [7] - The company's net profit is forecasted to grow at a compound annual growth rate (CAGR) of 53.1%/28.8%/26.2% for 2024-2026, reaching 5,970/7,692/9,710 million yuan [7] Company Overview - The company operates in the semiconductor equipment, vacuum and lithium battery equipment, and precision electronic components sectors, with a strong focus on innovation and R&D [1][18] - It has six R&D and production bases, offering a wide range of semiconductor equipment including etching machines, PVD, ALD, CVD, oxidation/diffusion furnaces, cleaning machines, and gas mass flow meters [1] - The company's products are widely used in integrated circuits, advanced packaging, semiconductor lighting, MEMS, power semiconductors, compound semiconductors, new energy photovoltaics, and flat panel displays [1] Industry Drivers - The AI cycle is expected to drive semiconductor demand, with global semiconductor capacity projected to increase by 6% in 2024 and 7% in 2025, reaching 33.7 million wafers per month (8-inch equivalent) [7][25] - Advanced packaging is accelerating, with front-end processes being applied to back-end packaging, creating a mid-process intersection between wafer manufacturing and packaging [7][28] - Multiple patterning techniques are enabling breakthroughs in process nodes, with technologies like LELE, SADP, and SAQP being widely used in advanced nodes [36][37][41] - The third phase of the National Integrated Circuit Industry Investment Fund (Big Fund III) is expected to further support the domestic semiconductor industry, focusing on the entire IC supply chain [44] Product Highlights Etching Equipment - The company has achieved breakthroughs in ICP etching for 12-inch wafers across various technology nodes, with its ICP equipment widely used in polycrystalline silicon and metal etching [2] - CCP etching equipment has been successfully applied in logic, memory, and power semiconductor key processes, providing stable and efficient production support for domestic customers [2] Thin Film Deposition - The company has a comprehensive product portfolio in PVD, CVD, and ALD, with its PVD equipment achieving stable mass production in copper interconnects, aluminum pads, metal hard masks, and other processes [3] - CVD equipment has been developed to meet the demands of dielectric and metal chemical vapor deposition, with key technical indicators reaching industry-leading levels [3] Cleaning and Heat Treatment - The company offers a variety of wet cleaning equipment, achieving breakthroughs in high-end single-wafer processes and full coverage of tank processes [4][6] - Vertical furnace equipment has achieved full coverage in logic and memory process applications, with key technologies such as airflow/temperature field control and precise reaction source delivery [6] Financial Performance - The company's revenue in 2023 reached 22,079 million yuan, a year-over-year increase of 50.3%, with net profit attributable to shareholders growing by 65.7% to 3,899 million yuan [8] - Gross margin and net margin have shown an upward trend, with gross margin reaching 43.7% in 2024E and net margin expected to be 19.7% in the same year [8] - The company's R&D investment in 2023 was 4,410 million yuan, accounting for 19.97% of its revenue, with over 7,900 patents applied for and 4,700 patents granted [23]

2024 年 07 月 14 日 公司研究●证券研究报告 珠海冠宇(688772.SH) 公司快报 消费电池业务增长潜力大,海外产业布局稳步推进 投资要点 事件:2024 年 7 月 9 日,公司发布公告,基于消费电池客户的需求和公司完善海 外产业布局的需要,公司在马来西亚的全资子公司优尼思科技马来西亚有限公司拟 投资建设马来西亚冠宇电池新能源项目,总投资额预计不超过人民币 20 亿元。 海外产业布局稳步推进。公司在马来西亚的全资子公司优尼思科技马来西亚有限公 司拟投资建设马来西亚冠宇电池新能源项目,用于生产笔记本、平板、手机电池等 消费类电池产品,总投资额预计不超过 20 亿元,预计项目建设周期 2-3 年。该项 目有望助力国际市场的开拓,进一步完善公司全球化的布局。 消费电池为公司核心业务。财务数据方面,公司 2023 年实现营业收入 114.46 亿 元,同比增长 4.3%;归母净利润 3.44 亿元,同比增长 278%。公司业务主要包含 消费电池业务和动储电池业务,消费电池业务 2023 年实现收入 104.80 亿元,收 入占比约 91.6%;2023 年动力电池业务收入 5.48 亿元,占比 4. ...

2024 年 07 月 14 日 行业研究●证券研究报告 电力设备及新能源 行业周报 珠海冠宇将在马来西亚投资建厂,光伏产业链 价格企稳【第 27 期】 投资要点 新能源汽车:本周,据中汽协数据显示,6 月新能源汽车产销分别完成 100.3 万 辆和 104.9 万辆,同比分别增长 28.1%、30.1%,市场占有率达 41.1%。珠海冠 宇全资子公司拟投资不超过 20 亿元建设马来西亚冠宇电池项目。比亚迪汽车工 业园三期项目签约,总投资 65 亿元,建设电池 pack 线及新能源汽车核心零部 件工厂。远景动力位于西班牙的电池超级工厂举行开工仪式,该工厂将研制最新 一代磷酸铁锂产品,预计 2026 年投产。亿纬锂能曲靖"年产 23GWh 圆柱磷酸 铁锂储能动力电池项目"顺利量产交付。大众汽车公司与 QuantumScape 达成 固态电池技术授权量产协议。我们预计锂电行业排产有望逐步向好,叠加行业估 值已处于历史低位,我们认为锂电行业有望迎来一定的估值修复,建议关注,动 力电池:宁德时代、亿纬锂能、国轩高科、中创新航;正极:当升科技、容百 科技、厦钨新能、振华新材、长远锂科、中伟股份等;隔膜:恩捷股份、星源 ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|-------------------------------------|----------------------|----------------|------------------------------------|--------------|-----------------------------|---------------|--------------------| | 表 \n代码 | 10：建议关注的次新股票（2022 \n名称 | 年至 2023 \n上市日期 | 年 10 \n 行业 | 月上市的次新板块） \n 当前 PE-TTM | \n 当前市值 | \n 润增速% \n2023 年净利 | 23 年 ROE% \n | 利率 \n23 年销售毛 | | 001378.SZ | 德冠新材 | 2023-10-30 | 基础化工 | 27.12 | 30.96 | -25.96 | 6.44 | 18.80 | | 301517.SZ ...

2024 年 07 月 14 日 行业研究●证券研究报告 食品饮料 行业周报 中报业绩预告分化,啤酒饮料增速优异 投资要点 行情回顾:上周食品饮料(申万)行业整体上涨 1.18%,在 31 个子行业中排名 第 8 位,跑赢上证综指 0.46pct,跑输创业板指 0.51pct。二级(申万)子板块 对比,上周子板块中非白酒表现相对较好,上涨 4.93%,休闲食品、食品加工 表现较差,跌幅分别为 0.91%、0.81%,三级子行业啤酒表现相对较好,上涨 6.78%,零食、保健品为三级子行业中表现最差,下跌 2.03%、1.53%。 上周大事: 多家披露业绩预计,板块中报业绩预告分化,啤酒饮料增速优异。本周多家公 司披露 2024 年半年度业绩预告,其中白酒有金种子酒、酒鬼酒、顺鑫农业,啤 酒有珠江啤酒、燕京啤酒,饮料&休闲食品有东鹏饮料、盐津铺子、劲仔食品、 香飘飘等。 1)白酒:酒鬼酒 24H1 预计实现营业收入约 10 亿元,同比-35%,折算 24Q2 营收预计为 5 亿元,同比-12%,降幅大幅收窄,主要是终端建设成果逐步开始 向客户回款效果转化,形成 BC 联动的市场正向循环;预计实现归母净利润 1.1 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating strong confidence in its future performance [1][3] Core Views - The company achieved a record high revenue in Q2 2024, with a year-over-year growth of 24.51% and a quarter-over-quarter growth of 18.81% [1] - The company's diversified product strategy is showing significant results, with five major product series advancing simultaneously [1] - New products, particularly the 6nm commercial chip based on ARM V9 architecture, have gained initial commercial orders, indicating strong market potential [1] - The company's automotive electronics chips are expanding from high-end to mid-to-low-end vehicle models, with mass production and commercialization achieved in 2023 [1] Financial Performance - In H1 2024, the company is expected to achieve revenue of approximately 3.016 billion yuan, a year-over-year increase of 28.32%, and net profit attributable to the parent company of approximately 362 million yuan, a year-over-year increase of 95.98% [1] - Excluding the impact of share-based payment expenses, the adjusted net profit attributable to the parent company is approximately 431 million yuan, with a year-over-year increase of 115.29% in non-GAAP net profit [1] - R&D expenses in H1 2024 amounted to approximately 674 million yuan, reflecting the company's commitment to innovation [1] Product Performance - The S-series 8K ultra-high-definition SOC chip performed exceptionally well in the first commercial batch bidding by domestic operators, supporting global mainstream video formats and 8Kp60 video decoding [1] - The T-series chips achieved a 70% year-over-year growth in sales revenue in H1 2024, with the new generation of high-end chips supporting 8K hardware decoding and 4K144Hz output [1] - The W-series Wi-Fi 6 products gained rapid market acceptance, with shipments accounting for over 8% of the company's total shipments in Q2 2024 [1] Future Outlook - The company expects further year-over-year revenue growth in Q3 2024 and the full year of 2024, driven by the recovery of the global consumer electronics market and the successful launch of new products [1] - The report forecasts revenue for 2024-2026 to be 7.020 billion yuan, 8.733 billion yuan, and 10.479 billion yuan, respectively, with year-over-year growth rates of 30.7%, 24.4%, and 20.0% [3] - Net profit attributable to the parent company is expected to grow by 65.0%, 37.4%, and 24.1% in 2024, 2025, and 2026, respectively [3] Valuation and Ratios - The company's P/E ratio is projected to be 34.8x, 25.4x, and 20.4x for 2024, 2025, and 2026, respectively, indicating a favorable valuation [4] - The ROE is expected to improve from 13.0% in 2024 to 15.9% in 2026, reflecting strong profitability [4] - The company's gross margin is forecasted to remain stable, ranging from 36.1% to 37.2% over the next three years [4]

| --- | --- | --- | --- | |-----------------|-------------------------------------------------------------------------------------|------------------------|--------------------------------------| | 2024 \n投资要点 | 年 07 月 13 日 \n博实结（ 301608.SZ ） | | 公司研究●证券研究报告 \n新股覆盖研究 | | | 下周三（7 月 17 日）有一只创业板新股"博实结"询价。 | 交易数据 | | | | 博实结（ 301608.SZ ）：公司主要从事物联网智能化硬件的研发、生产和销售，主 | 总市值（百万元） | | | | 要产品包括智能车载终端产品（乘用车定位终端、商用车监控终端）、智慧出行组 | 流通市值（百万元） | | | | 件、智能支付硬件、无线通信模组及其他智能硬件等。公司 2021-2023 年分别实 | 总股本（百万股） | 66.74 | | 现 | 营 业 收 ...

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。 风险提示： 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 公司评级体系 本报告基于已公开的资料或信息撰写，但本公司不保证该等信息及资料的完整性、准确性。本报告所载的信息、资料、建议及推测 仅反映本公司于本报告发布当日的判断，本报告中的证券或投资标的价格、价值及投资带来的收入可能会波动。在不同时期，本公司可 能撰写并发布与本报告所载资料、建议及推测不一致的报告。本公司不保证本报告所含信息及资料保持在最新状态，本公司将随时补充、 更新和修订有关信息及资料，但不保证及时公开发布。同时，本公司有权对本报告所含信息在不发出通知的情形下做出修改，投资者应 当自行关注相应的更新或修改。任何有关本报告的摘要或节选都不代表本报告正式完整的观点，一切须以本公司向客户发布的本报告完 整版本为准。 公司专注于工业锅炉行业领域，根据主营产品的相似性，选取西子洁能、华 ...

स्ट 下 http://www.huajinsc.cn/ 请务必阅读正文之后的免责条款部分 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The investment rating for the company is maintained at "Buy - A" [1]. Core Views - The company is expected to turn a profit in the first half of 2024, with a significant increase in revenue from mid-to-high-end products, benefiting from the recovery in the semiconductor industry and the rise in market demand driven by technologies such as artificial intelligence [1]. - The company anticipates a net profit attributable to shareholders of between 190 million to 277 million yuan in Q2 2024, marking a year-on-year turnaround from a loss of 188 million yuan in the same period last year [1]. - The company is actively enhancing its ecosystem through acquisitions, including a planned acquisition of a 26% stake in Jinglong Technology, which is expected to strengthen its testing capabilities [1][4]. Financial Performance - The company forecasts revenues of 25.28 billion yuan, 29.23 billion yuan, and 34.56 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 13.5%, 15.6%, and 18.2% [4]. - The projected net profit for the same years is 850 million yuan, 1.13 billion yuan, and 1.58 billion yuan, with growth rates of 401.7%, 33.2%, and 39.3% [4]. - The company’s gross margin is expected to improve from 12.9% in 2024 to 15.1% in 2026, indicating enhanced operational efficiency [5]. Market Trends - The demand for AI servers is projected to grow significantly, with shipments expected to reach 1.942 million units in 2024 and 2.364 million units in 2025, reflecting a compound annual growth rate of 24.7% from 2022 to 2027 [3]. - The advanced packaging market is anticipated to grow rapidly, with the global market size expected to increase from 36.7 billion USD in 2022 to 52.2 billion USD by 2026, capturing a larger share of the overall packaging market [3].