[Table_Main] 证券研究报告 | 公司点评 老白干酒(600559.SH) 2024年05月06日 买入（维持） 老白干酒（600559.SH）：营销改革成 所属行业：食品饮料/白酒Ⅱ 效显著，发展有望进入加速期 当前价格(元)：21.65 证券分析师 投资要点 熊鹏 资格编号：S0120522120002 事件：公司发布 2023 年年报，2023 年公司实现营业收入 52.6 亿元，同比增长  邮箱：xiongpeng＠tebon.com.cn 13.0%，实现归母净利润 6.7亿元，同比降低 5.9%，实现扣非归母净利润 6.1亿 研究助理 元，同比增长28.6%。根据计算，23Q4公司实现营业收入14.1亿元，同比增长 17.9%，实现归母净利润2.5亿元，同比增长42.2%，实现扣非归母净利润2.3亿 尤诗超 元，同比增长41.3%。24Q1公司实现营业收入11.3亿元，同比增长12.7%，实 邮箱：yousc3＠tebon.com.cn 现归母净利润1.4亿元，同比增长33.0%，实现扣非归母净利润1.3亿元，同比增 长33.4%。 市场表现 老白干酒 沪深300  收入稳健增长，老 ...

[Table_Main] 证券研究报告 | 行业点评 计算机 2024年05月01日 Vidu 直接对标 Sora，AI 时代 计算机 不可忽视视频革命 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 陈涵泊 资格编号：S0120524040004  国内视频大模型 Vidu 发布，性能直接对标国际领先水平。4 月 27 日，清华大学 邮箱：chenhb3＠tebon.com.cn 联合生数科技正式发布了，中国首个长时间、高一致性、高动态性视频大模型Vidu。 Vidu采用了原创的 Diffusion与Transformer融合的架构 U-ViT，支持文本生成长 研究助理 达16秒、分辨率高达1080P的高清视频内容。Vidu不仅能够模拟真实物理世界， 还具备丰富想象力，具备多镜头生成、时空一致性高、遵循物理规律等技术特点。 值得注意的是，Vidu 能够虚构出真实世界不存在的超现实主义画面，这是当前的 视频生成模型难以实现的。Vidu主要功能包括多镜头生成、模拟真实世界、保持时 市场表现 空一致性、丰富的想象力、理解中国元素等。这也是继Sora发布之后，全球率先 计算机 ...

Industry Investment Rating - The electronic components sector, particularly the passive components and PCB industries, is rated as "Outperform" due to a significant recovery in market conditions and improved profitability in Q1 2024 [1][2][4] Core Views - The passive components industry has shown a clear recovery in Q1 2024, with downstream demand for consumer electronics driving growth and improving profitability [2][3] - The PCB industry is experiencing an upward cycle, with AI-related infrastructure driving demand for server PCBs, leading to significant profit growth in Q1 2024 [4][5] - Raw material price fluctuations, particularly in copper, are impacting the PCB industry, but the overall supply-demand balance has improved, mitigating some of the cost pressures [5] Passive Components Industry Growth Capability - The passive components industry saw a significant improvement in revenue and net profit growth in Q1 2024, with consumer electronics-focused companies like Sanhuan Group and Sunlord Electronics outperforming [2] - Revenue growth for Sanhuan Group, Sunlord Electronics, and Fenghua Advanced Material increased by 31 5%, 22 9%, and 13 3% YoY respectively, while net profit growth surged by 35 3%, 111 3%, and 25 0% YoY [2] Profitability - The industry's gross and net profit margins improved YoY, with consumer electronics companies showing better performance compared to those focused on new energy [2] - Sanhuan Group, Sunlord Electronics, and Fenghua Advanced Material reported gross margins of 40 1%, 36 9%, and 16 8% respectively, with net margins of 27 7%, 15 6%, and 6 9% [2] Operational Efficiency - Inventory turnover days decreased significantly, indicating faster inventory turnover, while accounts receivable turnover days increased slightly, partially offsetting the improvement in inventory turnover [3] - Sanhuan Group, Sunlord Electronics, and Fenghua Advanced Material saw inventory turnover days decrease by 58 6 days, 22 3 days, and 12 0 days respectively [3] PCB Industry Growth Capability - The PCB industry experienced a strong recovery in Q1 2024, with AI server-related companies like Wus Printed Circuit and Shennan Circuits leading the growth [4] - Wus Printed Circuit and Shennan Circuits reported net profit growth of 157 0% and 83 9% YoY respectively [4] Profitability - The industry's gross and net profit margins improved QoQ, with Wus Printed Circuit showing the most significant improvement due to high growth in AI server and HPC-related PCB products [4] - Wus Printed Circuit's gross and net margins increased by 8 13pct and 8 94pct YoY respectively [4] Operational Efficiency - Inventory turnover days decreased, and accounts receivable turnover days showed mixed trends, indicating an overall improvement in operational efficiency [4] - Inventory turnover days for the PCB industry decreased by 7 5 days and 9 5 days for CITIC and Shenwan indices respectively [4] Raw Material Impact - Rising copper prices have led to increased costs for key PCB raw materials like copper-clad laminates, but the industry's improved supply-demand balance may limit the impact on profitability [5] - Copper prices rose from $8,430/ton at the beginning of 2024 to $9,737/ton by May 3, 2024, driving up the cost of copper-clad laminates [5] Investment Recommendations - The electronic components sector is expected to continue its recovery in 2024, driven by the AI wave and the recovery in consumer electronics [5] - Key companies to watch include Sanhuan Group, Sunlord Electronics, Wus Printed Circuit, and Shennan Circuits [5]

[Table_Main] 证券研究报告 | 行业周报 电气设备 2024年5月5日 电气设备 产业链价格低迷，国内前三月光伏 装机维持增长 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 彭广春 资格编号：S0120522070001 全产业链各环节亏损，短期内市场呈现非理性竞争。据中国有色金属工业协会硅业  邮箱：penggc＠tebon.com.cn 分会，4月 20日至 4月 24日多晶硅价格再度下滑。其中 n型棒状硅成交价格区 研究助理 间为4.50-5.20万元/吨，成交均价为4.92万元/吨，环比下跌6.29%。p型致密料 成交价格区间为4.00-4.50万元/吨，成交均价为4.28万元/吨，环比下跌6.75%。 n/p棒状硅价差为0.41万元/吨，价差持续收窄。n型颗粒硅成交价格区间为4.20- 4.40万元/吨，成交均价为4.30万元/吨，环比下降9.47%。据统计，4月20日至 市场表现 4月 24日，n型棒状硅有 7家企业成交，p型棒状硅有 6家企业成交，成交量一 般，仅有少数企业成交千吨以上。目前，市场价格的持续下跌也对市场成交造成负 30% 面反馈 ...

投资建议：润本股份产品矩阵丰富，未来将拓展产品品类，拓宽销售渠道建设，进 一步加强对线上渠道以及线下渠道的布局。预计 24-26 年营收为 13.43 亿/16.65 亿/19.82 亿，归母净利润为 2.90 亿/3.64 亿/4.38 亿，同增 28.1%/25.6%/20.4%， PE 为 26.0X/20.7X/17.2X，维持"增持"评级。 风险提示： 行业竞争加剧风险；电商平台流量提升；热销品依赖度过高风险。 分析师与研究助理简介 分析师声明 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、意见及推测不一致的报告。 市场有风险，投资需谨慎。本报告所载的信息、材料及结论只提供特定客户作参考，不构成投资建议，也没有考虑到个别 ...

[Table_Main] 证券研究报告 | 公司点评 华熙生物(688363.SH) 2024年05月05日 华熙生物：24Q1 利润拐点明 买入（维持） 所属行业：美容护理/医疗美容 显，降本增效期待 618 表现 当前价格(元)：61.50 单击或点击此处输入文字。 证券分析师 投资要点 易丁依 资格编号：S0120523070004  华熙生物24Q1扣非+53%，增长拐点明显。1）2023年：实现营收60.76亿/yoy- 4.45%，归母净利润 5.93 亿/yoy-38.97%，扣非归母净利润 4.9亿/yoy-42.44%。 邮箱：yidy＠tebon.com.cn 23全年盈利能力下滑，毛利率73.32%/-3.67pct，销售净利率9.59%/-5.53pct；费 用端基本稳定，销售费用率 47%/-1.0pct，管理费用率 8%/+2.0pct，研发费用率 7%/+1.0pct；2）23Q4：实现营收18.54亿/yoy-9.04%，归母净利润0.78亿/yoy- 市场表现 73.37%，扣非归母净利润0.58亿/yoy-77.07%。23Q4净利下跌，毛利率73.88%/- 华熙生物 ...

Investment Rating - The report maintains a "Buy" rating for Yongxin Optics (603297 SH) [16] Core Views - Yongxin Optics is expected to achieve revenue of 1 149/1 515/2 000 billion yuan in 2024-2026 with net profit of 307/413/549 million yuan [9] - The company's PE ratio is forecasted at 27/20/15 times for 2024-2026 based on April 30 market capitalization [9] - Key growth drivers include optical microscope business benefiting from equipment replacement laser radar and medical optics [3] Business Performance Optical Microscope - NEXCOPE series revenue grew from 4 million yuan in 2018 to 140 million yuan with over 100% CAGR [3] - 2023 revenue reached 414 million yuan up 15 76% YoY though gross margin decreased by 0 9pct to 39 29% [8] - Potential growth from China's equipment replacement policy with positive customer feedback [3] Laser Radar - 2023 revenue exceeded 90 million yuan up over 50% YoY entering mass production phase [3] - Secured new projects from Hesai and Tudatong in Q1 2024 expected to drive further growth [3] Medical Optics - 2023 revenue reached 63 million yuan exceeding equity incentive targets [3] - Established deep cooperation with domestic and international medical companies achieving batch shipments [3] Barcode Scanning - Quarterly growth since Q3 2023 expected to accelerate recovery in 2024 [3] - Secured module orders from Zebra and Honeywell with batch shipments starting H2 2024 [3] Financial Performance - 2023 revenue reached 854 million yuan up 3 02% YoY though net profit declined 15 64% to 235 million yuan [18] - Q1 2024 revenue grew 14 74% YoY to 216 million yuan with net profit of 46 million yuan [18] - Gross margin improved to 37 71% in Q1 2024 up 2 2pct QoQ though down 0 98pct YoY [8] - R&D investment reached 92 million yuan in 2023 up 15 58% YoY [19] Future Outlook - Expected revenue growth of 34 6%/31 8%/32 0% for 2024-2026 [11] - Forecasted net profit growth of 30 3%/34 8%/32 8% for 2024-2026 [11] - Gross margin projected to improve to 39 8%/40 7%/41 0% in 2024-2026 [11] - ROE expected to increase from 13 0% in 2023 to 17 8% in 2026 [11]

Investment Rating - The report maintains a "Buy" rating for Wanxin Media (601801.SH) [1] Core Views - The company achieved stable profit growth in 2023, with a significant increase in the dividend payout ratio, proposing a cash dividend of RMB 3.05 per 10 shares, totaling RMB 5.97 billion, which is approximately 68.90% of the net profit attributable to shareholders [4][12] - The "AI + Education" initiative is expected to gradually establish a commercial model, with various projects such as smart classrooms and reading systems being developed [5][12] - The traditional business, including general books and teaching materials, showed steady growth, with general book revenue increasing by 23.4% year-on-year in Q1 2024 [11] Financial Performance Summary - In 2023, the company reported total revenue of RMB 112.44 billion (YoY -3.79%), with a net profit of RMB 9.36 billion (YoY +32.21%) and a non-net profit of RMB 7.54 billion (YoY +9.66%) [4] - For Q1 2024, revenue was approximately RMB 29.29 billion (YoY -5.44%), with a net profit of about RMB 2.93 billion (YoY -13.28%) and a non-net profit of RMB 3.15 billion (YoY +17.13%) [4] - The company expects revenue for 2024-2026 to be RMB 116.76 billion, RMB 120.36 billion, and RMB 125.16 billion, respectively, with net profits projected at RMB 8.56 billion, RMB 10.14 billion, and RMB 11.92 billion [12] Business Development Summary - The company completed 54 smart classroom projects and organized over 100 training sessions for smart schools [5] - The traditional business is focusing on reducing low-margin operations while expanding high-margin educational services [11] - The company has developed a reading evaluation system and enhanced teacher training programs, serving over 150,000 teachers [5]

[Table_Main] 证券研究报告 | 公司点评 格科微(688728.SH) 2024年05月04日 格科微(688728.SH)：24Q1 业绩表现 买入（维持） 亮眼，高像素单芯片 CIS 出货顺利 所属行业：电子/半导体 当前价格(元)：16.59 2023 年年度报告及 24 年一季报点评 证券分析师 陈蓉芳 投资要点 资格编号：S0120522060001 邮箱：chenrf＠tebon.com.cn  事件：4月26日晚，公司发布2023年年报，4月29日晚，公司发布2024年第 一季度报告。2023 年全年，公司实现营收 46.97 亿元，同减 20.97%，实现归母 研究助理 净利0.48亿元，同减89.01%。24Q1公司实现营收12.89亿元，同比增长51.13%， 环比减少 11.21%；实现归母净利 0.30 亿元，同比增长 123.35%，环比增长 2137.15%。 市场表现 24Q1 32M及50M产品出货顺利，13M以上产品单季度收入超2亿元。24Q1， 格科微 沪深300  公司营收实现同比高速增长，主要由于消费市场复苏，高像素单芯片产品出货量 43% 29% 增加 ...

[Table_Main] 证券研究报告 | 公司点评 百润股份(002568.SZ) 2024年05月04日 买入（维持） 百润股份（002568.SZ）：营收稳固增 所属行业：食品饮料/非白酒 长，费用投放短期影响盈利 当前价格(元)：20.40 证券分析师 投资要点 熊鹏 资格编号：S0120522120002 事件：公司发布2023年年报和2024年一季报。2023年公司实现营业收入32.64  邮箱：xiongpeng＠tebon.com.cn 亿元，同比+25.85%；实现归母净利润8.09亿元，同比+55.28%；实现扣非归母 研究助理 净利润7.79亿元，同比+60.08%；其中2023Q4实现营业收入8.07亿元，同比- 14.90%；实现归母净利润1.44亿元，同比-33.37%；实现扣非归母净利润1.29亿 尤诗超 元，同比-36.87%。2024Q1公司实现营业收入8.02亿元，同比+5.51%；实现归 邮箱：yousc3＠tebon.com.cn 母净利润1.69亿元，同比-9.80%；实现扣非归母净利润1.61亿元，同比-13.79%。 市场表现 各品类稳固增长，精细化渠道运营效果 ...