446 http://www.huajinsc.cn/ 1 / 5 请务必阅读正文之后的免责条款部分 闭 旗 下 个 业 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------|----------------|-----------------------------------------|---------|---------------------------------------| | 2024 年 06 月 19 日 \n南芯科技（ 688484.SH ） | | | | 公司研究●证券研究报告 \n公司快报 | | | | | 电子 \| | 集成电路Ⅲ | | 24H1 业绩同比高增，AI 手机夯实长期增长趋势 | 投资评级 | | 买入 | -A(维持) | | 投资要点 | 股价 | (2024-06-19) | | 36.01 元 | | 2024 年 6 ...

新股覆盖研究/ 本公司具备证券投资咨询业务资格的说明 免责声明： 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。 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。 本报告版权仅为本公司所有，未经事先书面许可，任何机构和个人不得以任何形式翻版、复制、发表、转发、篡改或引用本报告的 任何部分。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"华金证券股份有限公司研究所"，且不得对 本报告进行任何有悖原意的引用、删节和修改。 风险提示： ...

证券研究报告 通信行业/行业分析报告 评级：领先大市（维持） 2024年6月16日 景气赛道，国产全链受益 AI 通信行业分析报告 分析师：李宏涛 S0910523030003 ...

Investment Rating - The report assigns a positive investment rating to the company, indicating a favorable outlook for its future performance. Core Insights - The company has successfully entered the supply chains of major players such as N Company, Meta, and Sony, benefiting from high gross margins in its gaming components business. The gross margin for the company's main business has consistently outperformed comparable companies in the industry [5][6][15]. Summary by Sections Company Overview - The company specializes in the design, research and development, production, and sales of electronic connectors, which are a significant part of its main business. It has established a wholly-owned subsidiary in Hong Kong to facilitate overseas sales and customer interactions [2]. Financial Performance - From 2019 to Q1 2024, the company's sales gross margins were 22.75%, 29.69%, 29.84%, 36.03%, 34.58%, and 38.24%, respectively, consistently higher than the industry average [6]. The company has a strong competitive advantage in the gaming components sector, with no direct competitors in mainland China [6]. Product Development and R&D - The company has seen a steady increase in R&D expenses, which were 22.47 million, 27.84 million, 30.28 million, and 35.00 million from 2020 to 2023, representing a growing commitment to innovation [17]. The R&D expense as a percentage of revenue has also increased, indicating a focus on enhancing product offerings [17]. Market Position and Client Dependency - The company relies heavily on Foxconn, which accounts for over 50% of its revenue. However, this dependency does not pose a significant risk to its operational stability due to Foxconn's strong market position and the company's compliance with client certification standards [15][16]. Product Categories and Sales - The company’s product categories include gaming machine components and connectors, with a notable focus on high-margin products such as sliders and connectors for gaming consoles [10][39]. The sales of these products have shown a strong correlation with the sales of major gaming consoles, indicating a robust market demand [46][72]. Future Growth Potential - The upcoming releases of new gaming consoles and the expected peak sales for existing models are anticipated to drive continued demand for the company's products, suggesting a positive growth trajectory [73]. The company is well-positioned to capitalize on the expanding gaming market, which is projected to grow significantly in the coming years [23][52].

譚 银华基金 YINHUA FUND 2024年6月17日 短期观点：（1）5 月我国 CPI 低位走平，PPI 降幅同比收窄。5 月我国 CPI 同 比+0.3%，与前值持平，其中食品价格对 CPI 拖累减弱，但假期结束后服务业对 价格的贡献有所下滑。5 月我国 PPI 同比-1.4%，跌幅显著收窄，主因有色等国 际大宗品涨价及国内工业品市场供需改善影响。 （3）5 月美国 CPI 超预期回落，FOMC 会议维持利率不变符合预期。5 月美国 CPI 同比+3.4%，低于市场预期，主因能源与交运价格回落。6 月 FOMC 会议维持 利率不变，同时下修年内降息预测至一次。美联储年内降息与否仍需更多信号验 证，后续通胀、就业数据表现是关键。 （5）行业比较：经济社会不确定性降低，风险偏好总体不高，现阶段投资重点 在蓝筹股，除传统大盘价值外，加大对科技蓝筹的配置。推荐：1）有产品、有 订单、有业绩且估值合理，受益于改革预期升温的科技蓝筹：港股互联网，及 A 股半导体/国防军工/机械/通信/创新药；2）受益扩内需政策加码，尾部风险降 低的大盘价值：金融地产/啤酒饮料/农业；3）外部局势复杂，看好贵金属，及 AH 红利 ...

事件点评 图 1:工业生产增速环比回落 工业增加值:当月同比 % 工业增加值:环比:李调% 工业企业;出口交货值;当月同比 % 29 24 19 14 9 4 -1 -6 -11 10-8202 2021-07 0202202 LO-ZZOZ l l -ZZOZ 0023902 10-2202 60-2202 60-£20Z 0-4Z0Z 90-4202 60-1202 l I - I ZOZ so-zzoz so-szoz 40-8202 l l - EZOZ l 0-b202 资料来源: Wind，华金证券研究所 http://www.huajinsc.cn/ 1 / 6 请务必阅读正文之后的免责条款部分 http://www.huajinsc.cn/ 2 / 6 请务必阅读正文之后的免责条款部分 图 2: 出口连续三个月正增长 =工业企业:出口交货值:当月同比%。 制造业PMI生产右轴 =制造业新出口订单PMI右陷 30 - 158 25 56 20 54 15 52 10 50 5 48 0 46 -5 44 -10 42 -15 -20 40 0-1202 90-ZZ0Z 2022-02 2022- ...

Investment Rating - The investment rating for the company is maintained at "Accumulate-A" [1] Core Views - The report highlights the advantages of indium sheets over traditional thermal interface materials (TIM) in terms of thermal conductivity, which is crucial for efficient heat management in high-performance chips [1][3] - The increasing demand for AI computing power is expected to drive the need for advanced packaging solutions, benefiting the company as it continues to release production capacity [3][4] - The company has successfully achieved mass production of indium sheet packaging technology, optimizing heat dissipation solutions for various high-performance applications [1][3] Financial Performance and Projections - The company's revenue projections for 2024 to 2026 have been adjusted to 13.02 billion, 15.39 billion, and 17.28 billion CNY, with growth rates of 15.2%, 18.2%, and 12.3% respectively [1][4] - The net profit attributable to the parent company is forecasted to be 592 million, 910 million, and 1.28 billion CNY for the same period, with growth rates of 161.6%, 53.6%, and 41.1% respectively [4][5] - The report indicates a significant improvement in gross margin from 8.9% in 2023 to 18.8% by 2026, reflecting enhanced operational efficiency [4][5] Market Position and Competitive Advantage - The company is positioned to increase its market share in the advanced packaging sector due to its innovative technologies and continuous capacity expansion [3][4] - The integration of various advanced packaging technologies, such as 3D Matrix, is expected to enhance the company's reliability and density in chip integration [3][4] Analyst Insights - Analysts suggest that the company's advancements in indium sheet technology and its ability to meet high standards in quality control will support its growth trajectory in the semiconductor industry [1][3]

前面你先把行业的情况和上周股市的情况讲一下 本次会议为华经证券客户开发设计在任何情形下都构成对会议开发者的投资建议 敬请会议参加者充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险本次会议内容的知识产权仅为华清证券所有未经华清证券事先书面许可任何机构 任何或个人不得以任何形式转发、翻版、复制、发布或引用会议全部或部分内容亦不得从未经华经证券书面授权的任何机构、个人或其运营的媒体平台接收、翻版、复制或引用会议的全部或部分内容不得制作会议纪要对外发送擅自制作会议纪要引起不当传播的后果自负版权所有 违者必究 好的各位投资人晚上好我是华金证券通信分析师李鸿涛很高兴各位领导能够参加我们脉动电磁波的每周的固定交流这周的话就是通信行业涨得非常好因为有苹果这个AI的催化相应的产业链里面涨得非常好然后呢前期像我们这个周一续创等等这些光模块厂商涨幅都在15 20这个 板块力度市场然后获得非常好的认可另外的话还有一个就是我们近期一直在给各位领导推荐的国产的算力应当会有布局的机会所以国内外的算力都有一个共振相应的机会都很多具体的情况我请我们组的宋承超把整个股市的情况还有行业的要点给各位先做一下简单的介绍 随后我把咱们 ...

商品消费、地产基建冷热分化边际扩大 事件点评 经济数据点评（2024.5） 投资要点 耐用品补贴初现效果，家电等大宗可选消费改善推动零售温和复苏。5 月社会消费 品零售总额同比上行 1.4 个百分点至 3.7%，稍好于预期，呈现三点结构性特征：1） 北方高温天气、叠加耐用消费品补贴开始在家电音像、家具等领域初步显现效果， 两者同比分别增长 12.9%、4.8%，改善均较为明显，叠加电子产品消费需求持续 旺盛，限额以上商品同比增速上行 2.6 个百分点至 3.5%。2）汽车零售同比跌幅小 幅收窄至-4.4%但整体仍然表现一般。3）餐饮收入同比 5.0%较 4 月小幅改善 0.6 个百分点，服务消费延续稳健增长态势。 基建连续降温地产低位徘徊，固定资产投资增速再度小幅放缓。5 月固定资产投资 同比增速再度小幅下行 0.1 个百分点至 3.4%，三大类投资中，广义基建投资同比 再度下行 0.5 个百分点至 7.2%，为去年 8 月以来最低增速水平，一方面电力能源、 信息传输业等此前一年多持续高增的行业领域内生投资需求有所降温，对应企业中 长贷连续少增；另一方面专项债和特别国债发行持续偏慢也导致了公共设施管理业 的持 ...

证券研究报告 电力设备及新能源行业/行业深度报告 领先大市-A（维持） 中国新能源汽车开拓海外市场，主流车型占比提升 新能源汽车深度报告 ...