Investment Rating - The report maintains a "Buy" rating for the company Lichong Group (300428.SZ) [1] Core Views - The company's non-heat-treated alloy has obtained qualification certification from a leading new energy vehicle manufacturer, which is expected to positively impact the company's future performance [11] - The non-heat-treated alloy materials are anticipated to achieve large-scale production, with small batch supplies already being used in high-end electric vehicle battery pack structural components [3] - The company is in discussions with several leading new energy vehicle manufacturers and large die-casting plants to promote its non-heat-treated alloy materials [3] Financial Summary - Total shares outstanding: 632.68 million [5] - Revenue projections for 2024-2026 are estimated at 28.601 billion, 34.634 billion, and 41.839 billion yuan respectively [12] - Net profit projections for the same period are expected to be 1.016 billion, 1.137 billion, and 1.323 billion yuan respectively [12] - The company’s P/E ratios for 2024-2026 are projected to be 12.54, 11.20, and 9.63 respectively [12] - The gross profit margin is expected to be around 10.5% to 10.8% over the next few years [6]

[Table_Main] 证券研究报告 | 行业点评 半导体 2024年05月23日 半导体 SK 海力士 HBM3E 良率已接近 80%，HBM 供不应求 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  事件：5月21日，SK海力士高层Kwon Jae-soon表示，SK海力士的HBM3E 邮箱：chenrf＠tebon.com.cn 良率接近80%。 陈瑜熙 资格编号：S0120524010003  SK 海力士 HBM3E良率接近 80%，HBM 供不应求。SK海力士高层 Kwon Jae- 邮箱：chenyx5＠tebon.com.cn soon 表示，SK 海力士的 HBM3E 良率接近 80%。他强调 SK 海力士今年重点是 生产8层堆叠HBM3E。SK海力士CEO郭鲁正5月2日宣布，公司HBM今年已 市场表现 经全部售罄，明年也基本售罄，并且预计在今年5月提供世界最高性能的12层堆 叠 HBM3E 产品的样品，并准备在第三季度开始量产。同时，美光 CEO Sanjay 半导体 沪深300 Mehrotra也 ...

Investment Rating - The report maintains an "Outperform" rating for the semiconductor industry, specifically for SK Hynix [2]. Core Insights - SK Hynix's HBM3E yield is approaching 80%, indicating a strong demand for HBM products, which are currently in short supply [5][6]. - The market for HBM is expected to double in 2024, reaching nearly $10 billion, driven by increasing demand from AI applications [6]. - Major players like SK Hynix, Micron, and Samsung are ramping up production capacities to meet the surging demand for HBM technology [8]. Summary by Sections Event Highlights - On May 21, SK Hynix's CEO announced that the company's HBM3E yield is nearing 80%, with all HBM production quotas sold out for the year [5]. - Micron's second fiscal quarter revenue reached $5.82 billion, exceeding previous guidance, with HBM3E products sold out [6]. Demand Side - HBM's unique features, such as high bandwidth, high capacity, low latency, and low power consumption, are accelerating AI data processing speeds [6]. - The demand for HBM is expected to significantly increase, with major companies like SK Hynix and Micron reporting strong financial performance due to HBM sales [6]. Supply Side - Leading storage manufacturers are engaged in a competitive expansion of HBM production capacities [8]. - SK Hynix plans to invest $14.6 billion to build new storage chip capacities in South Korea, aiming for an annual output of 100 million HBM units by 2030 [6][8]. - Samsung is also expanding its HBM production, with plans to mass-produce 12-layer stacked HBM3E memory chips [7][8]. Investment Recommendations - The report suggests focusing on the HBM industry chain, highlighting companies such as Saiteng Co., Tongfu Microelectronics, and others as potential investment opportunities [8].

薛威，德邦证券海外市场研究组长，资深分析师。深耕海外市场多年，作为团队核心成员获得过金麒麟菁英分析师第二，多次获得 Wind 年度金牌分析 师前三，在《财经》、《国际金融》、《中国外汇》等期刊发表文章多次，兼具"自上而下"和"自下而上"的视角，践行"上下求索，慎思笃行"。 本人具有中国证券业协会授予的证券投资咨询执业资格，以勤勉的职业态度，独立、客观地出具本报告。本报告所采用的数据和信 息均来自市场公开信息，本人不保证该等信息的准确性或完整性。分析逻辑基于作者的职业理解，清晰准确地反映了作者的研究观 点，结论不受任何第三方的授意或影响，特此声明。 投资评级说明 法律声明 本报告仅供德邦证券股份有限公司（以下简称"本公司"）的客户使用。本公司不会因接收人收到本报告而视其为客户。在任何情况 下，本报告中的信息或所表述的意见并不构成对任何人的投资建议。在任何情况下，本公司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。 本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收入可 能会波动。在不同时期，本公司可发出与本报告所载资料、意见及推测不一 ...

| --- | --- | |------------|-----------------------------------| | | 2024 05 20 | | | 地产政策"多箭齐发"与美国再提关 | | 宏观周报 | | | | 税问题 | | 证券分析师 | | | | ——宏观周报（ 20240513-20240519 ） | [Table_Main] 证券研究报告 | 宏观周报 年 月 日 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 陈梦洁 资格编号：S0120524030002 邮箱：chenmj3＠tebon.com.cn 研究助理 戴琨 邮箱：daikun＠tebon.com.cn 相关研究 核心观点：继上周地产限购松绑后，本周地产政策在央行连发四项地产新政之下进 一步优化，预期随着地产政策调整优化，地产这一经济拖累项或将助力经济趋势企 稳。海外方面则扰动增加，美国对电车加征 100%关税，从历史复盘来看，今年大 选年打"中国牌"或将是大概率事件，但实际上对双边贸易差额影响有限，而我国 产业结构、出口结构已有调整，加征关税给美国带来 ...

所属行业：传媒/游戏Ⅱ 当前价格(元)：192.29 后续储备产品丰富，期待新品贡献增量。公司在 23 年 12 月发布了《超进化物语 2》《皮卡堂之梦想起源》，在 24 年 Q1 发布了《不朽家族》《神州千食舫》，在 4 月 1 日发布《航海王：梦想指针》后续有望贡献增量收入和利润。除此之外，公司代 理产品储备有《亿万光年》、《封神幻想世界》、《王都创世录》等产品有望于 24 年 内上线。公司自研产品储备有《杖剑传说》（原《代号 M88》）、《代号 M72》、《代 号 M11》、《最强城堡》等。 公司点评 吉比特（603444.SH） 1.《吉比特（603444.SH）首次覆盖报 告：创意驱动研发、精品长线运营，随 机性与确定性的对冲》，2024.1.4 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------|---------------|----------------------|-------|-------------------------------|-------|-------|--- ...

Investment Rating - The report maintains a "Buy" rating for the company [1][18]. Core Views - The actual controller of the company is set to change to Hainan State-owned Assets Supervision and Administration Commission, which is expected to empower the company's development and create new opportunities [4]. - The company is a leading player in the aerial work platform rental industry, with a market share increasing from 14.32% in 2021 to 22.12% in 2023, and it is well-positioned for continued growth [6]. - The company plans to invest 1 billion yuan in building an intelligent computing center, aligning with Hainan's strategic focus on developing the computing power industry [5]. - The company has set ambitious performance commitments for the years 2024-2026, with projected revenues of no less than 32 billion, 40 billion, and 50 billion yuan, and net profits of at least 6 billion and 6.3 billion yuan for 2024 and 2025 respectively [4]. Summary by Sections Market Performance - The company's stock has shown a relative increase of 9.35% over the past month compared to the CSI 300 index [3]. Financial Projections - Revenue is projected to grow from 4,444 million yuan in 2023 to 10,398 million yuan by 2026, with a compound annual growth rate (CAGR) of 29.48% for the aerial work platform rental market [12][9]. - Net profit is expected to rise from 801 million yuan in 2023 to 1,740 million yuan in 2026, reflecting a strong growth trajectory [12]. Strategic Developments - The new controlling shareholder will enhance the company's financing capabilities, potentially lowering financing costs and supporting expansion in both core and new business areas [18][8]. - The company is expected to benefit from policy support and resource allocation due to its alignment with Hainan's development strategies [5][18].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights the strong performance of the show "Singer 2024," which has exceeded expectations in viewership ratings, leading to increased advertising opportunities and potential revenue growth [6] - The company is expected to see revenue growth driven by both advertising and membership services, particularly as international expansion efforts continue [6] - The financial forecasts indicate a projected revenue of 162.22 billion, 176.93 billion, and 190.09 billion yuan for 2024, 2025, and 2026 respectively, with a year-on-year growth of 10.9%, 9.1%, and 7.4% [6][15] Summary by Sections Company Overview - The company operates in the media and digital media industry, with a current stock price of 25.30 yuan [2] - The total market capitalization is approximately 47.33 billion yuan, with a total asset value of 31.77 billion yuan [7] Financial Performance - The company reported a net profit of 20.03 billion yuan for 2024, with a significant year-on-year decrease of 43.7% [6][15] - The gross profit margin is projected to improve from 33.0% in 2023 to 34.6% in 2024 and stabilize at 35.0% in subsequent years [15][17] - The earnings per share (EPS) is expected to be 1.07 yuan in 2024, with a gradual increase to 1.37 yuan by 2026 [15] Market Position and Growth Potential - The show "Singer 2024" has achieved record viewership ratings, with a CVB rating of 0.62 and a market share of 2.67%, significantly higher than previous episodes [6] - The international reach of the program has expanded, with over 21.77 million viewers and a substantial increase in daily membership revenue [6] - The company is actively exploring new technologies such as AI and XR to enhance innovation and efficiency, which supports long-term growth prospects [6]

西子洁能（002534.SZ）：计提 资产减值拉低 23 年利润，在手 订单充足静待花开 投资要点 事件：公司发布 2023 年年报和 2024 年一季报，2023 年公司实现营收 80.79 亿 元，同比+10.01%，归母净利润 5458.19 万元，同比-73.23%。24Q1 公司实现营 收 11.52 亿元，同比-25.79%，归母净利润 2.58 亿元，同比+949.51%，扣非归母 净利润 1496.8 万元，同比+3.43%。 研发保持高投入，计提资产减值 3.5 亿元，影响全年利润表现。2023 年公司毛利 率、销售净利率分别达到 16.46%、1.43%，较 2022 年分别同比上升 0.93pct、下 降 2.14pct。23Q4 公司实现营业收入 24.88 亿元，同比+47.04%，实现归母净利 润-790.27 万元，同比-107.92%。费用方面，2023 年公司全年研发费用达 4.20 亿 元，同比+1.36%，销售费用达 2.03 亿元，同比+24.64%，管理费用达 3.53 亿元， 同比-0.19%；此外，公司全年财务费用为 730.25 万元，由于利息支出较去年同期 增 ...

[Table_Main] 证券研究报告 | 行业周报 商贸零售 2024年05月21日 618 大促首次取消预售，看好国 商贸零售 货美妆持续抢占份额 优于大市（维持） 证券分析师 ——美妆&零售板块周报 0521 易丁依 [Table_Summary] 投资要点： 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn  周专题：618大促首次取消预售，国货延续性价比优势+积极推新完善产品矩阵， 看好大促期间排名继续提升，持续验证品牌力。 市场表现 618大促总结：平台取消预售机制，围绕价格力竞争。今年618大促各大平台  取消了预售机制，可能会对品牌方产生以下影响：（1）增加库存备货率，尤其 商贸零售 沪深300 7% 对于服装、生鲜等非标准品；（2）退货率或有提高。此外，平台本次大促延续 0% 23年双十一低价思路，围绕价格力展开竞争。 -7% 李佳琦预售：核心品牌参与力度增长，折扣力度微降。与李佳琦合作力度来看， -15%  -22% 国货核心品牌投入力度持续加大，SKU基本上有所增加或持平，但折扣力度相 2023-05 2023-09 2024-01 -29% 较于去 ...