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.

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company, Zhou Dashing, is positioned as a leading national jewelry brand, focusing on gold as its main product and diamonds as its advantage. It has over 5,000 stores nationwide and achieved a revenue of 16.3 billion yuan with a net profit of 1.32 billion yuan in 2023, reflecting a year-on-year growth of 46.5% and 20.7% respectively [4][5][15]. Summary by Sections 1. Growth and Market Position - Zhou Dashing has experienced rapid expansion since its establishment in 1999, leveraging a light asset model to penetrate the market and optimize its product strategy towards gold jewelry [15][16]. - The company has been recognized as one of the "Top 500 Most Valuable Brands in China" for 13 consecutive years, with a brand value of 86.8 billion yuan, ranking first among domestic jewelry brands [15][18]. 2. Marketing and Brand Strategy - The company has effectively utilized marketing strategies to enhance brand visibility, achieving significant sales during major shopping events, such as over 1.38 billion yuan in GMV during the 2023 Double Eleven [4][5]. - Zhou Dashing has established a multi-channel distribution strategy, combining offline and online sales, with a notable increase in online revenue, which reached 2.51 billion yuan in 2023, up 62.3% year-on-year [4][5][22]. 3. Product and Channel Development - The company has diversified its product offerings into five major brands, with a strategic focus on gold jewelry, which has seen its revenue increase from 1.58 billion yuan in 2019 to 13.72 billion yuan in 2023, now accounting for 84.2% of total revenue [20][22]. - The introduction of a provincial agent system has empowered franchisees, leading to a significant increase in the number of franchise stores, which reached 4,775 by the end of 2023 [4][5][22]. 4. Financial Performance and Forecast - Zhou Dashing's revenue is projected to grow to 19.63 billion yuan in 2024, with a year-on-year growth rate of 20%, and net profit is expected to reach 1.53 billion yuan, reflecting a 16% increase [5][6]. - The company's operating income has shown a compound annual growth rate (CAGR) of 47.4% from 2020 to 2023, with a net profit margin stabilizing at 8.06% in 2023 [24][28].

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 | --- | --- | |------------------------------ ...

[Table_Summary] 核心观点：节能降碳行动方案落地，提出定量要求。国务院关于印发《2024-2025 年节能降碳行动方案》，行动方案对单位 GDP 能耗、单位 GDP 二氧化碳排放、规 上工业单位增加值能耗、非化石能源消费占比、重点领域和行业节能降碳改造节能 量、二氧化碳减排量等指标做了定量要求。4 月工业企业数据显示，量、价的初步 上行对工业企业营收与利润形成了支撑，但利润率的钝化制约了利润增速的上行 空间。从利润格局上看，利润占比进一步向中下游行业集中。库存周期角度看，目 前工业企业库销比仍处高位，补库斜率不宜高估。展望后市，当前宏观数据传递的 信号仍待进一步观察，需求不足仍是当前经济增长的主要掣肘，不过上游价格修 复、运价指数仍然上涨叠加海外 PMI 韧性仍在，外需韧性有待进一步观察。 宏观周报 1.1. 节能降碳行动方案落地,四领域提出重点要求. 2.4. 中东主权基金加大布局新能源、医药、石化等领域 年 月 日 戴琨 资格编号：S0120123070006 邮箱：daikun＠tebon.com.cn 宏观数据跟踪。1）5 月以来运价指数持续走高。SCFI 综合指数报 3044.77 点 ...

免责声明本次电话会议仅服务于德邦证券研究所客户不构成投资建议相关人员应自主作出投资决策并自行承担投资风险德邦证券不对因使用本次内容所导致的任何损失承担任何责任 未经德邦证券事先书面许可任何机构或个人不得以任何形式复制刊载转载转发引用本次会议内容否则由此造成的一些后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利市场有风险投资需谨慎好的各位尊敬的投资者大家下午好我是德邦证券计算机首席分析师陈寒波 今天跟我一起在线上和大家做一个电力解读的还有我的同事李昂林我们在这个五月初其实也推了一个像这个训练场尤其是到了夏天的这个用电的这个紧缺度会再次来临包括看到整个电网这一侧它这个四月份的这个投资也都在做一个紧急向上的一个状态所以我们之前也是做一些比较简单的推荐 然后呢这个上周其实通过这个山东的座谈会其实整体的这个电力迎来了一个在股价上一个比较好的一个表现我们呢这也是第一时间对大家进行了一个解读并且召开了这个电力的这个IT的一些系列的这个电话会议也大概请了八家的公司给大家做了一个解读那今天呢我们也是就我们昨天外发的一篇深度报告就是电网这个改革的七个趋势给大家做一个解读 我先首先在这里做一个总结就是我们认为这一轮的 ...

Investment Rating - The report maintains a "Buy" rating for Guizhou Moutai (600519) [15][19][68] Core Views - The company is expected to achieve steady growth, with revenue targets set at approximately 15% for 2024 [15][19] - The digital marketing platform "i Moutai" has become a significant sales and cultural communication channel, contributing to revenue growth [14][15][21] - The "Enjoy Reservation Purchase" and "Enjoy Cloud Purchase" channels are key components of the company's marketing strategy, ensuring user access to scarce products and meeting diverse consumer needs [14][21] Summary by Sections Market Performance - The stock has shown a relative decline compared to the CSI 300 index over the past month, with absolute and relative declines of -3.32% and -2.64% respectively [3] Digital Marketing and Sales Growth - "i Moutai" has rapidly attracted a large user base, with over 65 million registered users and 7 million daily active users as of March 31, 2024 [14][25] - The platform has undergone five upgrades during its trial operation to enhance user experience [28] Revenue and Profit Forecast - Revenue projections for 2024-2026 are estimated at 1740.73 billion, 2010.77 billion, and 2326.56 billion yuan respectively, with net profits of 868.17 billion, 1017.82 billion, and 1190.34 billion yuan [15][17] Product Launch and Market Trends - The total number of bottles launched on the "i Moutai" platform has shown significant growth, with a total of 19.63 million bottles launched by March 31, 2024 [54] - The "Enjoy Reservation Purchase" has been the main revenue driver, with substantial growth in total liquor revenue in the third and fourth quarters of 2023 [68] Consumer Preferences and Product Pricing - There has been a notable shift in consumer preference, with increased interest in the "Zodiac Wine" series, while the "Moutai 1935" and "Premium Moutai" have seen a decline in purchase interest [58][67]