Investment Rating - The report maintains an "Outperform" rating for the retail sector, specifically highlighting the performance of the company "胖东来" [5]. Core Insights - "胖东来" has established itself as a retail benchmark in Henan province through nearly 30 years of refined operations, currently operating 14 offline stores [10][14]. - The company is expected to achieve over 10 billion yuan in revenue and a net profit of 140 million yuan in 2023, with its efficiency metrics ranking first among private enterprises in China [14][17]. - The report discusses the successful transformation of peer retailers like "步步高" and "永辉超市" through the implementation of "胖东来"’s operational model, indicating a trend of learning and adaptation within the industry [6][22]. Summary by Sections 1. Basic Situation - "胖东来" was founded in 1995 and has expanded from a department store to various retail sectors, emphasizing high-quality service and customer experience [10]. - The company currently has 14 offline stores, with a significant presence in Xuchang and Xinxiang [10]. 2. Core Advantages - **Employee-Centric Culture**: The company promotes a culture of "freedom and love," focusing on employee development and providing a supportive work environment, with average monthly salaries exceeding 7,000 yuan [17]. - **Robust Supply Chain**: "胖东来" has developed a collaborative procurement system and a comprehensive logistics infrastructure, including a logistics park that began operations in 2022 [18]. - **Exceptional Store Services**: The company offers various customer services, such as free beverages and first aid supplies, enhancing customer trust through transparent pricing [20]. 3. Transformation Cases - **步步高 Supermarket**: The transformation led to a significant increase in daily sales and customer traffic, with sales rising nearly ninefold and customer visits increasing sixfold after implementing "胖东来"’s strategies [22]. - **永辉 Supermarket**: Plans for transformation are underway, focusing on product quality, pricing, and employee welfare, with a goal to align closely with "胖东来"’s successful model [23]. 4. Investment Recommendations - The report suggests monitoring traditional retail leaders like "重庆百货" and "家家悦" as they explore new business models and improve operational efficiency [24]. - Continuous tracking of the transformation efforts at "永辉超市" and "步步高" is recommended to assess the long-term viability of adopting "胖东来"’s strategies [24].

Investment Rating - The report initiates coverage on MayAir Technology (688376.SH) with a "Buy" investment rating [23]. Core Views - The company is positioned as a leading cleanroom equipment provider in China, benefiting from the growing demand in the semiconductor and biopharmaceutical sectors. The report anticipates significant revenue growth driven by capacity expansion and market demand [23][62]. - The semiconductor industry is expected to see a new round of expansion, which will further increase the demand for cleanroom equipment [61][62]. - The company has established a strong customer base across various sectors, including major semiconductor manufacturers and healthcare providers, which supports its revenue growth [62][74]. Summary by Sections Company Overview - MayAir Technology has over 20 years of experience in advanced air purification technology, initially focusing on electronic and air conditioning products before entering the semiconductor cleanroom sector in 2002 [70]. - The company has become a key supplier for major clients like SMIC and BOE, contributing significantly to its revenue [62][74]. Market Dynamics - The cleanroom market in China is projected to exceed 200 billion yuan, with equipment accounting for approximately 50% of this market [67]. - The report highlights the increasing importance of cleanroom standards in semiconductor manufacturing, particularly as production processes become more sophisticated [7][74]. Product Performance - The company's core products, including fan filter units (FFU) and filters, exhibit superior performance metrics, leading to high gross margins. The gross margins for high-efficiency filters and FFUs were reported at 33.1% and 23.8%, respectively [47][74]. - The shift towards consumable products is expected to enhance the company's business model, transitioning from project-based revenue to a more stable industrial consumer goods model [47]. Financial Projections - Revenue is projected to grow from 1.85 billion yuan in 2024 to 2.73 billion yuan in 2026, with corresponding net profits expected to rise from 239 million yuan to 361 million yuan during the same period [23][65]. - The report anticipates a compound annual growth rate (CAGR) of approximately 23.2% for revenue and 38.2% for net profit from 2024 to 2026 [23]. Competitive Landscape - MayAir Technology is compared with peers such as Zaiseng Technology and Jinhai High-Tech, with an average price-to-earnings (PE) ratio forecasted at 27X for 2024 and 22X for 2025 [48]. - The company is actively expanding its production capacity, particularly in Southeast Asia, to meet the growing international demand for its products [20][62].

[Table_Main] 证券研究报告 | 公司点评 明泰铝业(601677.SH) 2024 年 06 月 04 日 证券分析师 市场表现 -34% -23% -11% 0% 11% 23% 明泰铝业 沪深300 1.《明泰铝业（601677.SH）：23&24Q1 以量补价，义瑞新材项目推进》， 2024.4.28 2.《明泰铝业（601677.SH）：Q3 业绩 受加工费下行影响，环比走弱》， 一季度铝价稳健回升，二季度震荡走高。根据长江有色金属网数据，截至 2024 年 6 月 3 日，2024Q2 现货铝均价达到 20518 元/吨，较 2024Q1 环比增加 7.7%，而 2024Q1 现货铝均价为 19054 元/吨，较 2023Q4 环比增加 0.5%。主因海外局势 严峻，推涨外盘铝价，叠加国家不断发布宏观政策提振消费，现货铝价继续上行。 海外方面，力拓集团在澳大利亚的 Yarwun 冶炼厂和昆士兰氧化铝有限公司氧化 铝发货受阻，海外氧化铝供应短缺，支撑外盘铝价。国内方面，中国不断发布经济 提振政策，例如多城市取消限购政策等，沪铝价格整体上行。 | --- | --- | --- | --- ...

0 证券研究报告 | 行业专题 计算机 2024年6月4日 信创加速+高端趋势，国产打印机大有可为 证券分析师 姓名：陈涵泊 资格编号：S0120524040004 邮箱：chenhb3＠tebon.com.cn 研究助理 姓名：王思 邮箱：wangsi＠tebon.com.cn 核心逻辑 打印机行业趋于成熟，高壁垒拓宽护城河。打印机作为计算机配套的输出设备广泛应用于各类办公场景中，用于将计算机处理结果打印在相 关介质上，按工作方式，可分为针式打印机、喷墨打印机和激光打印机。从全球以及我国来看，由于打印机渗透率提升以及无纸化办公的推 广，行业整体发展基本保持平稳。根据赛迪顾问数据，2020年全球 / 我国打印机销售量分别为8769 / 1776万台，销售额分别为421亿美元 / 321亿元，预计未来全球市场体量整体稳定，我国打印机市场有一定发展空间。从竞争格局来看，打印机行业由于存在技术、生态、专利、 品牌等多重壁垒高筑，属于典型的蓝海市场，行业护城河较宽，市场份额主要集中在美中日龙头企业当中，海外巨头抢占了90%的市场份额。 信创领域加大资金支持，叠加行业高端化趋势有望释放国产打印机替换空间。打印机行业商业 ...

[Table_Main] 证券研究报告 | 行业点评 电子 2024年06月03日 电子 ARM 闪耀登场， 新一代 AI PC 蓄势待发 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 陈蓉芳 资格编号：S0120522060001  低功耗优势下，AI时代ARM架构再次闪耀登场，24Q3第二批AI PC处理器来临 邮箱：chenrf＠tebon.com.cn 在即，更强的AI PC已在硬件环节“AI Ready”。 目前，主流的AI PC处理器主要来自英特尔、AMD、高通、苹果，英特尔和AMD 市场表现 均采用X86架构，而高通和苹果则采用ARM架构。 电子 沪深300 （1） 英特尔：Ultra 5/7/9系列发布于 2023年12月，可提供总共 34TOPS的 9% AI算力，功耗从9W-45W不等，采用X86架构。目前，英特尔代号为Lunar 0% Lake 的下一代 AI PC 处理器产品即将于今年 Q3 发布，并赋能 20 多家 -9% -17% OEM的80多款新笔记本电脑机型，搭载 Lunar Lake的笔记本将可以通 -26%2023-06 2023- ...

[Table_Main] 证券研究报告 | 行业点评 电子 2024年06月03日 电子 ARM 闪耀登场， 新一代 AI PC 蓄势待发 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 陈蓉芳 资格编号：S0120522060001  低功耗优势下，AI时代ARM架构再次闪耀登场，24Q3第二批AI PC处理器来临 邮箱：chenrf＠tebon.com.cn 在即，更强的AI PC已在硬件环节“AI Ready”。 目前，主流的AI PC处理器主要来自英特尔、AMD、高通、苹果，英特尔和AMD 市场表现 均采用X86架构，而高通和苹果则采用ARM架构。 电子 沪深300 （1） 英特尔：Ultra 5/7/9系列发布于 2023年12月，可提供总共 34TOPS的 9% AI算力，功耗从9W-45W不等，采用X86架构。目前，英特尔代号为Lunar 0% Lake 的下一代 AI PC 处理器产品即将于今年 Q3 发布，并赋能 20 多家 -9% -17% OEM的80多款新笔记本电脑机型，搭载 Lunar Lake的笔记本将可以通 -26%2023-06 2023- ...

Summary of Coal Industry Conference Call Industry Overview - The conference call focuses on the coal industry, particularly in Shanxi province, China, and discusses the impact of energy consumption policies on coal demand and supply dynamics [1][2][3]. Key Points and Arguments 1. **Market Performance**: Despite a generally poor stock market performance, the coal sector has shown a trend of oscillating upward, with leading companies reaching new highs, indicating a positive fundamental outlook for the coal sector [2][3]. 2. **Energy Consumption Policies**: The newly introduced energy consumption control policies for 2024-2025 and slight adjustments in thermal coal prices are significant factors influencing market fluctuations [2][3][9]. 3. **Long-term Outlook**: Long-term projections suggest that due to the development of renewable energy and gradual depletion of coal resources, the supply side of the coal industry may peak before the demand side [2][3][9]. 4. **Price Expectations**: Thermal coal prices are expected to rise to around 1000 yuan per ton but are unlikely to exceed 2000 yuan again. The market anticipates a price increase in June due to seasonal demand [4][10][19]. 5. **Dividend Yield and Company Performance**: Future growth in the coal sector will depend on the improvement of dividend yields, which is contingent on coal prices exceeding expectations and the performance of companies with growth potential [5][11]. 6. **Shanxi Coal Industry Recovery**: The Shanxi coal industry is gradually improving month by month, although it faces challenges from the "three excesses" policy and historical issues that hinder a return to normal production levels [5][6][19]. 7. **Supply and Demand Dynamics**: The coal market is experiencing a tightening supply situation, with significant increases in electricity and non-electric demand. Major enterprises in Shanxi are recovering production well, particularly in the coking coal sector [7][19]. 8. **Future Consumption Trends**: By 2025, coal consumption is projected to maintain positive growth, with an estimated compound annual growth rate of 2.1%, and coal's share of total energy consumption is expected to reach approximately 53% [5][14][19]. Additional Important Insights - **Investment Focus**: Investors are encouraged to focus on companies involved in coal-electricity integration and coal-chemical integration, as well as those related to new energy and economic energy sectors [5][19]. - **Performance of Listed Companies**: Some companies have shown exceptional performance in Q1, which has driven market growth. Companies that have underperformed are expected to recover profitability in the upcoming quarters [5][13]. - **Regulatory Impact**: The tightening of safety regulations and limited new mining approvals are contributing to a slowdown in production capacity growth, which may lead to a supply peak ahead of demand [6][17]. - **Market Sentiment**: The sentiment in the coal market remains cautiously optimistic, with expectations of price recovery driven by seasonal demand and improved performance from major coal producers [19]. This summary encapsulates the key discussions and insights from the conference call regarding the coal industry, highlighting both current trends and future expectations.

[Table_Main] 证券研究报告 | 公司首次覆盖 周大生(002867.SZ) 2024年06月03日 买入（首次） 周大生（002867.SZ）：省代赋能进 所属行业：纺织服饰/饰品 行时，再享产品与渠道新红利 当前价格(元)：16.73 证券分析师 投资要点 易丁依 资格编号：S0120523070004  轻快成长进行时，珠宝龙头新征程。周大生为成立于1999年的中高端国民珠宝品 邮箱：yidy＠tebon.com.cn 牌，旗下产品以“黄金为主力，钻石为优势”，设有周大生、周大生经典、BLOVE 张望 等五大子品牌。至 2023 年底，周大生全国线下门店已突破 5000家，连续 13年 资格编号：S0120524010002 荣获世界品牌实验室“中国500最具价值品牌”，目前位列中国轻工业第二名，内 邮箱：zhangwang＠tebon.com.cn 地珠宝品牌第一名。2023年受益行业高景气度，公司实现收入163亿元，归母净 研究助理 利润13.2亿元，同比增长46.5%/20.7%。 善用营销借巧力，国民品牌先出圈。1）产品力的体现是以轻快灵活打法紧跟市场  趋势，早期以钻石镶嵌品类差 ...

2024 年 06 月 02 日 | --- | --- | --- | --- | --- | --- | |--------------|-------|-------|-------|-------|------------------| | | | | | | | | 海外市场月报 | | | | | | | | | | | | 拐点将至的冷静期 | | | | | | | | | 证券分析师 | | | | | | | | | | | | | 资格编号：S0120523080002 邮箱：xuewei＠tebon.com.cn 谭诗吟 资格编号：S0120523070007 邮箱：tansy＠tebon.com.cn 经济数据或迎反复，美国大选日趋激烈。6 月公布的美国经济数据或许不会像 4 月那样全面转弱，但分化是可以预期的，就业、消费、通胀的不同组合带来的情 景展望与市场影响大相径庭，我们目前所能看到的是就业偏稳、消费难升、通胀 反复的格局，市场的纠结期或许需要非农和 FOMC 更新的点阵图来破除。另外， 纽约一家法院陪审团裁定，美国前总统特朗普在"封口费"案中有罪，被控的 34 项罪名全部成立 ...

[Table_Summary] 投资要点： 5 月全球股市多数上涨，发达市场整体优于新兴市场。美股继续强势，纳斯达 克、标普 500 和道琼斯工业指数分别上涨 6.9%、4.8%和 2.3%；欧洲市场，德国 DAX、英国富时 100 和法国 CAC40 涨幅分别为 3.2%、1.6%和 0.1%；新兴市场 分化，越南 VN30 上涨 2.9%，印度 SENSEX30、墨西哥 MXX、巴西 IBOVESPA 指数均下跌。 配置建议：6 月预计市场将面临财报驱动消退+大选外溢效应增强+降息预期仍旧 模糊的环境组合，市场的不确定性进一步增强，加上目前多数资产均处于一个难 言估值性价比的位置，因此我们仍然建议以"高赔率"为主要配置思路，关注日 元汇率、日元资产、美股中小盘等。 | --- | |---------------------| | | | 1. 全球股票市场表现 | | 1.1. 涨跌幅 . | | 1.2. 估值 | | 2. 重要数据发布前瞻 | | 3. 流动性 . | | 4. 风险提示. | 2 / 10 | --- | --- | |------------------------------ ...