证券研究报告 | --- | --- | --- | --- | |------------|-------|-------|-------| | | | | | | % | 1M | 3M | 12M | | 传媒 | 3.39 | 43.06 | 7.00 | | 沪深 300 | 1.76 | 22.88 | 17.87 | 1 游戏行业点评：《未成年人网络游戏服务消费 管理要求》征求意见稿发布，明确权责划分、退 费标准有据可依 2024-05-29 2 传媒行业 2023&2024Q1 业绩总结：23 年业绩 修复、 24Q1 增长 分 化， 继 续看 好 AI 主 线 2024-05-20 3 传媒行业 2024 年度策略：内容提质与技术创 新，期待 2024 年 AI 应用落地 2024-01-07 展望 2025 年，我们认为主要把握以下两条主线： 风险提示：政策监管风险；宏观经济复苏力度不及预期；AI应用落地 不及预期；市场竞争加剧。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------- ...

汽车电子应用领域的占比有所上升，而工业设备和 ICT 领域的占比则略有下降。NCC 公司 在家用及新能源领域的营收占比相对较低,家用领域占比维持稳定,新能源领域占比在近两 年小幅提升，从2020 财年的 3%提升至 2023 财年的 6%。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------|-------|-------|-------|--------------------------|-------|-------|-------|----------------------|-------|-------|-------|-------|-------|--------------------------|-------|-------| | 人民币） \n80.00 \n60.00 \n40.00 \n20.00 | | | | ■ NCC■艾华集团■ 江海 ...

证券研究报告 行业点评 电子 华通泰国厂举行开幕仪式，泰国 PCB 产业迎机遇 2024 年 12 月 25 日 评级 领先大市 评级变动： 维持 行业涨跌幅比较 -26% -6% 14% 34% 54% 电子 沪深300 | --- | --- | --- | --- | --- | |---------|---------|---------|---------|-------| | | | | | | | 2023-12 | 2024-03 | 2024-06 | 2024-09 | | | % | | 1M | 3M | 12M | | 电子 | | 5.75 | 46.06 | 26.32 | | 沪深 | 300 | 3.10 | 18.91 | 19.43 | 何晨 分析师 执业证书编号:S0530513080001 hechen@hnchasing.com 袁鑫 研究助理 yuanxin@hnchasing.com 相关报告 1 电子行业深度报告：先进封装持续演进，玻璃 基板迎发展机遇 2024-12-24 2 行业事件点评：英伟达被反垄断调查，自主可 控需求持续 2024-12-12 3 电 ...

| --- | --- | --- | |---------------------|----------|--------| | 市场数据 \n指数名称 | 收盘 | 涨跌 % | | 上证指数 | 3398.08 | 0.14 | | 深证成指 | 10673.97 | 0.67 | | 创业板指 | 2209.85 | 0.39 | | 科创 50 | 1027.02 | 0.95 | | 北证 50 | 1107.78 | 0.14 | | 沪深 300 | 3987.48 | 0.05 | 晨会聚焦 二、重要财经资讯 【行业动态】金融监管总局：截至 11 月末银行业金融机构总资产同比增 长 7.2% 【公司类】保隆科技（603197.SH）公司深度报告：传统业务稳步增 长，汽车智能化新业务快速放量 晨会纪要 晨会纪要 12 月 26 日，LOF 基金价格指数+0.29%，ETF 基金价格指数+0.43%；上证 50ETF-0.25%，沪深 300ETF+0.02%， 中证 500ETF+0.76%；标普 500ETF+0.14%，日经 ETF+0.63%，德国 ETF-0.07%，法国 CAC40E ...

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Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [1][22][59]. Core Insights - The company is expected to maintain steady revenue growth from its traditional businesses while rapidly expanding its new businesses related to automotive intelligence and lightweight products. The revenue for 2024-2026 is projected to be 71.51 billion, 89.22 billion, and 106.60 billion yuan, respectively, with corresponding net profits of 4.04 billion, 5.77 billion, and 7.38 billion yuan [31][57]. - The company has a leading market share in traditional businesses such as TPMS, valve stems, and automotive exhaust system components, which collectively accounted for 66.37% of total revenue in the first half of 2024. The TPMS segment is expected to benefit from domestic substitution and increased demand due to battery depletion [30][31]. - Emerging businesses, particularly air suspension and sensors, are anticipated to experience significant revenue growth, driven by the acceleration of automotive intelligence penetration and domestic substitution processes [57]. Summary by Sections 1. Business Overview - The company has established a strong position in the market with its traditional products, while also actively expanding into new areas such as automotive sensors and air suspension systems. The revenue from these new segments is expected to grow rapidly as the automotive industry shifts towards greater intelligence and lightweight solutions [29][57]. 2. Revenue and Profit Forecast - Revenue growth rates for various segments from 2024 to 2026 are projected as follows: TPMS at 20%, automotive metal pipes at 8%, valve stems at 5%, air suspension at 45%, and sensors at 50%. Overall, the company’s revenue is expected to grow at a compound annual growth rate (CAGR) of 15.44% from 2019 to 2023 [15][17][31]. 3. Valuation - The report estimates a price-to-earnings (P/E) ratio of 14.08 for 2025, with a valuation range of 40.8 to 54.4 yuan based on comparisons with peer companies, which have an average P/E of 15.41 for the same year [22][31][59].

Industry Overview - The beauty and personal care industry is experiencing a decline in the overall market, while the collagen market continues to gain traction [3] - The household appliance industry has maintained steady growth, with revenue and net profit for the first three quarters of 2024 reaching CNY 118.78 billion and CNY 9.27 billion, respectively, reflecting year-on-year growth of 4.63% and 5.48% [49] - The digital transformation of manufacturing enterprises is being emphasized, with guidelines issued to enhance strategic planning and implementation capabilities [24][25] Market Dynamics - The A-share market is showing signs of volatility, with the overall market index experiencing a decline of 0.80% [18] - The real estate market is being actively supported by government policies aimed at stabilizing and improving conditions [22] - The central government is focusing on expanding domestic demand as a key task for 2025, with particular attention to sectors such as food and beverage, beauty care, and tourism [18] Company Developments - WuXi AppTec (603259.SH) has signed an agreement to sell its U.S. and U.K. operations to Altaris LLC, with the transaction expected to be completed in the first half of 2025 [34][35] - The acquisition of 100% equity in Hunan Juntai Technology by Yueyang Lin Paper (600963.SH) is aimed at enhancing the company's control over upstream resources and improving its profitability [42] - Companies in the silicon material sector, such as Tongwei and Daqo New Energy, are beginning to reduce production in response to market conditions, which may stabilize silicon prices [31][38] Investment Opportunities - The report suggests that the household appliance sector presents significant investment opportunities due to ongoing government subsidies and a strong demand for product upgrades [49] - The beauty care sector is highlighted for its potential recovery as consumer preferences shift towards high-quality and innovative products [3] - The technology sector, particularly in areas related to artificial intelligence and self-sufficiency, is expected to see increased investment and growth opportunities [18]

证券研究报告 行业涨跌幅比较 袁玮志 分析师 执业证书编号:S0530522050002 yuanweizhi@hnchasing.com 周心怡 分析师 执业证书编号:S0530524030001 zhouxinyi67@hnchasing.com | --- | --- | --- | --- | --- | --- | --- | --- | |----------------|--------|-----------------------|------------|---------------------------|--------|-----------------------|-------| | \n重点股票 EPS | （元） | 2023A \n PE （倍） | EPS （元） | 2024E \n PE （倍） EPS | （元） | 2025E \n PE （倍） | 评级 | | 海尔智家 | 1.77 | 16.53 | 1.95 | 15.01 | 2.16 | 13.56 | 买入 | | 萤石网络 | 0.71 | 46.16 | 0.73 | 45.48 | 0.89 ...

此报告仅供内部客户参考 请务必阅读正文之后的免责条款部分 宁德时代发力换电，行业新生态来临 成熟的换电模式能够解决新能源车现存的痛点。换电模式目前主要基 于"车电分离"，即通过换电站对电池集中储存、充电和配送。换电 模式可以较大程度降低消费者购车成本，大幅降低充电时间，并且解 决新能源车在长途驾驶中电池容量不足的痛点。根据巧克力换电官方 公众号披露，使用宁德时代的换电站仅需 100 秒即可完成换电。 宁德推出两种标准化换电块，收费模式确定。比照加油站 92#和 95# 汽油，宁德时代首次推出了两种标准化巧克力换电块，并命名为 20# 和 25#换电块。上述两种标准型号电池块，根据不同的化学体系，可 以提供多电量的产品服务。每一个标准型号换电块，都配有磷酸铁锂、 三元两个电量版本。20#换电块磷酸铁锂版本配电 42 度，对应续航里 程 400 公里；三元版本为 52 度电，可续航 500 公里；25#换电块磷酸 铁锂可配电 56 度，续航 500 公里；三元版本配电 70 度电，可续航 600 公里。两款标准换电块，分别适配 A0 级和 A/B 级车。用户从原先的 购买整块电池模式，转变为可以按照使用量付费，每 ...

积极信号。本次会议对内需提振的措施表述更为积极，提出要"大力 提振消费、提高投资效益、全方位扩大国内需求"，消费提振或将从 宏观号召转向精准落实，居民消费潜力有望进一步释放。总体而言， 今年双11大促虽已落下帷幕，但市场情绪仍在发酵，消费者信心或将 进一步提升，持续看好美妆板块成长空间。建议重点关注：①具备强 运营能力，大单品+多品牌矩阵持续发力的国货龙头珀莱雅；②婴童护 理赛道细分龙头，四季度新品快速放量的润本股份。医美部分：重组 胶原高景气延续，龙头厂商产品矩阵不断拓展。12月5日，巨子生物 旗下产品"注射用重组胶原蛋白填充剂"被列入"国家重点研发计划 的医疗器械"，获得优先审批，后续有望率先布局重组胶原医疗器械 三类证市场。与此同时，12 月 6 日，据青眼号外援引国家企业信用信 息公示系统信息显示，上美股份与聚源生物成立了合资公司—江苏聚 源上美生物科技有限公司。这次联手或将标志着国货美妆龙头上美股 份正式入局重组胶原蛋白赛道，重组胶原蛋白市场热度持续攀升。短 期而言，四季度为医美消费旺季，叠加政策利好催化，医美板块具备 一定弹性。长期来看，行业渗透率提升、轻医美化率提升、国产替代 率提升逻辑延续，持 ...