[Table_Main] 证券研究报告 | 行业点评 半导体设备 2024年05月08日 半导体设备板块：订单情况良好，业绩有 半导体设备 望继续快速增长 优于大市（维持） 电子行业 24Q1 季报总结 证券分析师 [Table_Summary] 投资要点： 陈蓉芳 资格编号：S0120522060001 营收：前道制造设备环节保持高景气度，封测设备环节同比出现改善。前道制造设  邮箱：chenrf＠tebon.com.cn 备公司北方华创、中微公司、拓荆科技、盛美上海、华海清科、芯源微、中科飞测、 陈瑜熙 富创精密、精测电子 24Q1 营收分别为 58.59/16.05/4.72/9.21/6.80/2.44/ 资格编号：S0120524010003 2.36/7.01/4.18亿元，同比分别为+51.36%/+31.23%/+17.25%/+49.63%/+10.40%/ 邮箱：chenyx5＠tebon.com.cn -15.27%/+45.60%/+105.47%/-30.50%，整体保持同比增长，不过因验收产品结构 等因素影响，部分公司24Q1同比增速相较23年有所放缓。封测设备制造商长川 市场表 ...

[Table_Main] 证券研究报告 | 公司点评 晶澳科技(002459.SZ) 2024年05月08日 晶澳科技（002459.SZ）23 年年 买入（维持） 所属行业：电力设备/光伏设备 报与 24 年一季报业绩点评：23 当前价格(元)：14.62 年组件出货快速增长，24Q1 盈 证券分析师 彭广春 资格编号：S0120522070001 利承压 邮箱：penggc＠tebon.com.cn 投资要点 市场表现 事件：公司发布2023年年报与2024年一季报。公司发布2023年年报，实现营  晶澳科技 沪深300 业收入815.56亿元，同比增长11.74%；实现归属于上市公司股东的净利润70.39 29% 14% 亿元，同比增长27.21%，扣非盈利71.40亿元，同比增长28.46%。同时，公司 0% 发布 2024 年一季报，一季度实现营业收入 159.71 亿元，同比减少 22.02%；实 -14% -29% 现归属于上市公司股东的净利润-4.83 亿元，同比减少 118.70%，扣非盈利-3.69 -43% 亿元，同比减少114.81%。 -57% -71% 2023-05 2023- ...

[Table_Main] 证券研究报告 | 行业点评 半导体 2024年05月07日 半导体 模拟芯片库存去化接近尾声，24Q1 营收恢复增长 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  下游大部分行业的库存去化接近尾声，开始逐步走向恢复增长。自2022年下半年 邮箱：chenrf＠tebon.com.cn 以来，国内外经济复苏不及预期，全球宏观经济下行导致半导体销量整体放缓。因 陈瑜熙 此，模拟芯片厂商营收和利润出现显著下滑，整体库存呈现较高水平。随着消费电 资格编号：S0120524010003 子等行业库存去化接近尾声，需求逐渐回暖，24Q1模拟芯片公司的业绩开始恢复。 邮箱：chenyx5＠tebon.com.cn 1）营收端：24Q1 模拟板块公司（申万行业分类）实现营收 101.10 亿元，同比 市场表现 +34.01%。2）利润端：24Q1实现归母净利润-1.14亿元，同比+3.17亿元。3）毛 利率：24Q1平均毛利率36.66%，同比-2.92pct，环比-0.34pct。 电子 沪深300 9% 圣 ...

[Table_Main] 证券研究报告 | 行业点评 传媒 2024年05月07日 传媒板块 23 年与 24Q1 综述： 传媒 行业增长逐步企稳，关注 AIGC 优于大市（维持） 证券分析师 带来的行业变革 马笑 资格编号：S0120522100002 [Table_Summary] 投资要点： 邮箱：maxiao＠tebon.com.cn  23Q4 及 24Q1，传媒（申万）板块收入维持增长；23 年全年利润同比实现翻倍 增长。23 年全年传媒板块收入及归母净利润维持同比增长。23 年全年营业收入 研究助理 5080.66 亿元，同比+5.73%；归母净利润为 346.6 亿元，同比+138.62%。23Q4 王梅卿 单季度，营业收入为1448.19亿元，同比+4%；归母净利润为2.72亿元，同比扭 邮箱：wangmq＠tebon.com.cn 亏为盈。24Q1 营收 1194.72 亿元，同比+4.31%，维持增长态势；归母净利润为 79.19亿元，同比-30%，或主要受文化企业所得税等因素影响。 市场表现  游戏：国内游戏市场维持增长，游戏出海值得关注。23 年行业归母净利润同比增 传媒 沪深3 ...

[Table_Main] 证券研究报告 | 公司点评 君实生物(688180.SH) 2024年05月07日 君实生物（688180.SH）：PD-1 买入（维持） 所属行业：医药生物/生物制品 迎来大适应症放量，拐点初现 当前价格(元)：30.24 证券分析师 投资要点 李霁阳 资格编号：S0120523080003  事件：公司发布 2023 年年报及 2024 年一季报，2023 年收入 15.03 亿元（同比 邮箱：lijy7＠tebon.com.cn +3.38%），归母净利润-22.83 亿元（同比+4.38%），扣非归母净利润-22.98 亿元 （同比+6.23%）；1Q24实现收入3.81亿元（同比+49.24%），归母净利润-2.83亿 元（同比+47.92%），扣非归母净利润-3.07亿元（同比+45.11%）。  特瑞普利增长迅速，出海进展顺利。公司共3款药物处于商业化阶段，2023年公 司收入 15.03亿，其中产品销售收入 11.91亿元，同比增长 58%。特瑞普利收入 市场表现 约9.19亿元，同比增长约25%。 君实生物 沪深300 1） 特瑞普利单抗（PD-1，拓益®）得益 ...

[Table_Main] 证券研究报告 | 行业周报 机械设备 2024年05月07日 机械设备 机械周报：3C 设备终端需求边际向 好，静待产业链复苏 优于大市 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 何思源 资格编号：S0120522100004 ① 3C设备：智能手机出货量逐渐回暖，3C行业周期拐点或将至 邮箱：hesy＠tebon.com.cn 根据IDC咨询数据显示， 2024年第一季度，全球智能手机出货量同比增长7.8% 市场表现  至2.89亿台，出货量已连续第三个季度实现正增长，市场复苏强劲。 机械设备 沪深300 15% AI手机成为趋势，带动消费电子行业回暖。 根据券商中国消息，4月18日，华 7%  0% 为推出了“HUAWEI Pura 70系列先锋计划”，Pura 70 Ultra和Pura 70 Pro于当 -7% 天开售。华为Pura 70系列通过内置盘古大模型，显著提升了手机的AI能力，不 -15% 仅可以优化拍照、语音助手等现有功能，还可能引领新的使用场景和体验。华为 -22% 2023-05 2023-09 2024-01 Pura 70系列的 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 21.524 billion yuan in 2023, a year-on-year increase of 39.21%, and a net profit attributable to shareholders of 2.760 billion yuan, up 30% year-on-year [4] - The company benefits from the release of new production capacity and high growth in photovoltaic installations, with China's new photovoltaic installations reaching 216.88 GW in 2023, a year-on-year increase of 148.1% [4] - The photovoltaic glass market is gradually moving towards supply-demand balance, which the company is expected to benefit from as a leading player in the industry [4] Financial Performance - The company's total production capacity reached 20,600 tons/day by the end of 2023, with significant projects in Anhui and Nantong expected to commence operations this year [4] - Forecasted net profits for 2024-2026 are 3.884 billion yuan, 4.844 billion yuan, and 5.924 billion yuan, respectively, with corresponding P/E ratios of 16X, 13X, and 11X [5] - The company's gross margin is projected to be around 21.8% in 2023, slightly decreasing to 21.4% in 2024 [7] Market Position - The company is positioned as a leader in the photovoltaic glass sector, with significant technological, scale, and customer resource advantages [5] - The report highlights the strong growth momentum in centralized photovoltaic power stations, which saw a new installation of 120.59 GW in 2023, a year-on-year increase of 232.2% [4] Future Outlook - The company plans to invest in photovoltaic glass furnace construction in Indonesia to meet diverse regional demands [4] - The report emphasizes the company's commitment to high-quality development and technological innovation as key drivers for future growth [4]

[Table_Main] 证券研究报告 | 公司点评 今 世 缘(603369.SH) 2024年05月07日 增持（维持） 今世缘（603369.SH）：顺利跨越百 所属行业：食品饮料/白酒Ⅱ 亿，增长势能强劲 当前价格(元)：56.98 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年公司实现营收101.0亿元，同比增长28.1%，  邮箱：xiongpeng＠tebon.com.cn 实现归母净利润31.4亿元，同比增长25.3%。根据计算，23Q4实现营收17.4亿 研究助理 元，同比增长26.7%，实现归母净利润5.0亿元，同比增长18.8%。24Q1公司实 现营收46.7亿元，同比增长22.8%，实现归母净利润15.3亿元，同比增长22.1%。 尤诗超 邮箱：yousc3＠tebon.com.cn 百亿目标顺利达成，经营势能向上。分产品看，23年特A+类/特A类/A类产品营  收分别同比增长25.1%/37.1%/26.7%，特A类产品增速继续领先整体。分区域看， 市场表现 省外苏中区域增速最快，同比增长38.8%，其他区域增速相差不 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 7.5 billion yuan in 2023, a year-on-year decrease of 23%, and a net profit attributable to shareholders of 1.01 billion yuan, down 42.5% year-on-year [5] - In Q1 2024, the company achieved a revenue of 1.5 billion yuan, a year-on-year decrease of 8% and a quarter-on-quarter decrease of 20%, with a net profit of 165 million yuan, down 33% year-on-year and 23% quarter-on-quarter [5] - The report highlights that the electrolyte business is under pressure due to intensified competition and a structural oversupply in the market, while the fluorochemical segment is expected to enter a strong growth cycle [5] Financial Performance Summary - The company’s revenue forecast for 2024-2026 has been adjusted to 7.8 billion, 9.3 billion, and 11.2 billion yuan respectively, with net profit forecasts of 1.244 billion, 1.525 billion, and 1.972 billion yuan respectively [5] - The corresponding price-to-earnings (PE) ratios are projected to be 21x, 17x, and 13x for the years 2024, 2025, and 2026 [5] - The gross margin for 2023 was reported at 28.9%, with expectations to improve to 30.5% in 2024 and further to 32.4% by 2026 [8] Market Comparison - The company’s stock performance has been compared to the CSI 300 index, showing a relative decline of 7.62% over 1 month and 28.78% over 3 months [3][2] - The report indicates that the company’s stock price has fluctuated between 29.80 and 52.08 yuan over the past 52 weeks [7] Research References - The report cites previous research on the company, including topics on profitability pressure and the potential for performance growth in the fluorochemical sector [4]

Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - The company reported a slight increase in revenue for Q1 2024, achieving 9.877 billion yuan, a year-on-year growth of 0.1%, and a net profit attributable to the parent company of 2.393 billion yuan, up 2.47% year-on-year [5] - The company continues to see steady growth in wind and solar installations, with a total installed capacity of 36,155.83 MW, including 27,780.64 MW from wind power and 6,500.19 MW from other renewable sources [5] - The company has a robust resource reserve, having signed development agreements for 54 GW in 2023, with a focus on high-quality resource areas [5] Financial Performance and Forecast - The company expects revenues of 39.88 billion yuan, 43.76 billion yuan, and 47.32 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 5.9%, 9.7%, and 8.1% [6][8] - The net profit forecast for the same period is 7.791 billion yuan, 8.414 billion yuan, and 9.006 billion yuan, with growth rates of 24.7%, 8.0%, and 7.0% [6][8] - The average utilization hours for wind power decreased by 14 hours year-on-year to 640 hours, while the average utilization hours for thermal power increased by 140 hours to 1,377 hours due to increased electricity demand in Jiangsu [5]