策略报告 报告日期:2024年04月30日 -A 股市场 5 月金股报告 A 股市场走势(2023/05/05-2024/04/30) 姓名:朱金金 执业证书编号:S0230521030009 邮箱:zhujj@hlzq.com 姓名:杨阳 执业证书编号: S0230523110001 邮箱:yangy@hlzqgs.com 姓名:彭棋 执业证书编号:S0230523080002 邮箱:pengq@hlzggs.com 请认真阅读文后免费条款 证券研究报告 积极因素提振 5 月市场向好预期 华龙证券研究所 研究员 姓名:杨晓天 执业证书编号:S0230521030002 邮箱:hlzqyxt@163.com 姓名:那甜 执业证书编号: S0230521040001 邮箱:xingt@hlzqgs.com 姓名:孙伯文 执业证书编号:S0230523080004 邮箱:sunbw@foxmail.com 姓名:景丹阳 执业证书编号: S0230523080001 邮箱: jingdy@hlzqgs.com 一、4月市场震荡上行。4月前期延续3月震荡走势,情绪面总体偏 谨慎,一方面4月为经济数据及上市公司业绩公布 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is in the process of acquiring control of Minsheng Securities through the issuance of A-shares and raising matching funds. The A-shares will be suspended from trading starting April 26, 2024, for no more than 10 trading days [1] - The acquisition is expected to enhance the company's comprehensive strength, with projected net profits for 2024-2026 being CNY 697 million, CNY 805 million, and CNY 1.015 billion, respectively. The current stock price corresponds to a price-to-book (PB) ratio of 1.59, 1.45, and 1.23 for the respective years [1][3] Financial Data Summary - **Market Data**: As of April 25, 2024, the stock price is CNY 10.46, with a 52-week price range of CNY 8.80-13.38. The total market capitalization is CNY 29,620.35 million, and the circulating market capitalization is CNY 24,990.33 million [1] - **Profit Forecast**: The company expects revenue growth rates of 5% in 2024, 9% in 2025, and 14% in 2026, with a projected revenue of CNY 3,101 million in 2024 [3] - **Balance Sheet**: Total assets are projected to reach CNY 93,702 million in 2024, with total liabilities of CNY 75,051 million [4] - **Key Financial Ratios**: The return on equity (ROE) is expected to improve from 4% in 2024 to 6% in 2026, while the price-to-earnings (P/E) ratio is projected to decrease from 42.26 in 2024 to 29.06 in 2026 [4]

证券研究报告 电力设备 报告日期：2024年 04月 26日 业绩快速增长，海外渠道建设持续推进 ——三星医疗（601567.SH）点评报告 华龙证券研究所 事件： 2024 年 4 月 25日，公司发布 2023 年年报及 2024 年一季报， 投资评级：买入（首次覆盖） 2023年实现营收 114.63 亿元，同比+25.99%；归母净利润 19.04亿 元，同比+100.79%， 最近一年走势 2024Q1 实现营收 30.25 亿元，同比+34.53%；归母净利润 3.64 亿元，同比+35.15%。 观点：  智能配用电：2023年在手订单同比+22.09%。2023年公司智能 配用电业务实现营业收入 86.12亿元，同比+23.99%。截至 2023 年底，公司累计在手订单 104.94亿元，同比+22.09%。其中，国 内累计在手订单 59.69亿元，同比+9.94%，主要系电网招标持续 领先，同时非电网及行业大客户业务持续提升；海外累计在手订 单 45.25亿元，同比+42.93%，主要系欧洲、中东、美洲等重点 市场数据 市场业务快速增长。 2024年4月26日 当前价格（元） 33.86 ...

请认真阅读文后免责条款 数据来源：Wind，华龙证券研究所 风险提示：1）全球宏观经济波动增加市场不确定性；2）行业竞 争加剧可能压缩利润空间；3）技术迭代速度快，研发投入压力大； 4）新能源市场政策和补贴变化可能影响业务发展；5）全球供应 链波动可能对生产和交付造成影响。 | --- | --- | --- | --- | --- | --- | |--------------------------|-------|-------|-------|-------|-------| | 预测指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 4,812 | 4,840 | 5,804 | 6,675 | 7,676 | | 增长率（%） | 25.72 | 0.59 | 19.93 | 15.00 | 15.00 | | 归母净利润（百万元） | 331 | 390 | 474 | 534 | 620 | | 增长率（%） | 71.43 | 17.80 | 21.46 | 12.56 | 16.13 | | ROE （%） | 8.69 | ...

证券研究报告 汽车 报告日期：2024年04月 27日 归母净利润同比 ，布局全球出口增量可期 2024Q1 +445.1% ——宇通客车（600066.SH）2024 年一季报点评报告 华龙证券研究所 事件： 4 月 26 日，宇通客车发布 2024 年一季报：公司 2024Q1 实现营 投资评级：买入（首次覆盖） 收66.2亿元，同比+85.0%，实现归母净利润6.6亿元，同比+445.1%， 最近一年走势 实现扣非归母净利润5.7亿元，同比+1094.7%。 观点：  量价齐升拉动营收同比高增，出口销量同比+92.0%。公司2024Q1 营收同比+85.0%，主要系销量方面，公司2024Q1 累计销量7731 辆，同比+74.2%，其中大中型客车销量 6967 辆，同比+101%。 在海外客车市场高景气度的推动下，公司2024Q1 出口销量2598 辆，同比+92%，占比达 33.6%，同比+3.1pct。售价方面，公司 2024Q1 单车均价 85.6 万元，同比+5.0 万元，我们认为主要系大 市场数据 中客车以及出口销量占比提升。 2024年04月26日  降本控费+产品向上推动2024Q1 ...

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [1] Core Views - The demand for optical modules is rapidly increasing, leading to impressive performance in Q1. The development of AI large models is driving greater network bandwidth requirements for AI data centers, which in turn accelerates the development and application of high-speed optical modules [1] - In Q1 2024, the company achieved revenue of 1.113 billion yuan, a year-on-year increase of 85.41%, and a net profit attributable to shareholders of 325 million yuan, a year-on-year increase of 200.96% [1] - The company has successfully launched the latest 800G/1.6T optical module products based on single-wave 200G optical devices, and its product portfolio includes 100G, 200G, 400G, 800G, and 1.6T optical modules [1] Financial Performance Summary - In 2023, the company reported revenue of 3.098 billion yuan, a decrease of 6.43% year-on-year, and a net profit of 688 million yuan, down 23.82% year-on-year [2] - The company is expected to achieve net profits of 1.511 billion yuan, 2.062 billion yuan, and 3.013 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 39.4, 28.8, and 19.7 [1][2] - The gross profit margin for Q1 2024 was 42%, an increase of 7.96 percentage points year-on-year, and the net profit margin was 29.16%, up 11.19 percentage points year-on-year [1] Revenue and Profit Forecast - Revenue is projected to grow significantly, with estimates of 5.529 billion yuan in 2024, 7.882 billion yuan in 2025, and 10.854 billion yuan in 2026, reflecting growth rates of 137.5%, 31.1%, and 10.3% respectively [2] - The company’s return on equity (ROE) is expected to improve, reaching 22.0% in 2024, 23.4% in 2025, and 25.7% in 2026 [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a significant increase in Q1 2024 performance, with a year-on-year net profit growth of 1752.6% and a non-recurring net profit growth of 1032.9% [2][3] - The revenue for Q1 2024 increased by 47.6% year-on-year, driven by sales growth and cost control, with a gross margin of 20.0%, up 3.97 percentage points year-on-year [2][3] - The company is actively expanding its overseas channels, covering over 170 countries and regions, and aims to accelerate its high-end product strategy [2][3] Summary by Sections Financial Performance - In Q1 2024, the company achieved a net profit of 12.0 billion yuan, including government subsidies, with a gross margin of 20.0% [2] - The total revenue for Q1 2024 was 37.5 billion yuan, with a cumulative sales volume of 275,000 vehicles, representing a 25.2% increase year-on-year [3] - The average selling price (ASP) per vehicle in Q1 2024 was 156,000 yuan, an increase of 24,000 yuan year-on-year [3] Future Outlook - The company is expected to continue its product high-end cycle, with projected net profits of 9.879 billion yuan, 12.296 billion yuan, and 14.694 billion yuan for 2024, 2025, and 2026 respectively [3] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 22.8, 18.3, and 15.3 for the years 2024, 2025, and 2026 [3] Strategic Initiatives - The company is implementing a "ONE GWM" global strategy, focusing on expanding into European, ASEAN, and Latin American markets [2] - The launch of the Long Wall Intelligent Driving System is expected to enhance the brand's high-end positioning and accelerate the smart technology integration [2]

板块方面，合成生物、家用电器、染料、中药等板块涨幅居前，低 空经济、核污染防治、汽车整车、军工等板块跌幅居前。 2、北向资金 北向资金全天净卖出 86.17 亿，其中沪股通净卖出 39.5 亿元，深股通净卖出 46.66 亿元。 二、重点新闻 涨停复盘 - 4 - | --- | --- | --- | |------------------|-------------------|----------------| | 板块 | 姓名 | 执业资格证编号 | | 一、市场分析 | 麦合木提·木卡热甫 | S0230621070002 | | 二、重点新闻 | —— | —— | | 三、昨日涨停复盘 | 丁佳佳 | S0230622040006 | | 四、未来大事提醒 | 姚浩然 | S0230623030002 | 偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 79 期，总第 1638 期（电子版） 2024 年 5 月 6 日 星期一 上周二市场全天震荡调整，创业板指领跌。 敬请参阅正文之后的免责声明 - 1 - 以上信息由华龙证券整理公布，报告版权属华龙 ...

Industry Investment Rating - The report gives the controllable nuclear fusion industry a "Recommended" rating, citing recent technological breakthroughs and increased commercial investment as key drivers for significant opportunities in the related industrial chain [3] Core Views - Controllable nuclear fusion offers advantages such as high energy density, abundant raw materials, and safety with minimal environmental impact, making it a promising future energy source [2] - The global nuclear fusion industry has seen rapid advancements, with over $6 billion invested in fusion companies as of early 2023, and 26 out of 43 companies believing fusion power will be achieved by 2035 [2] - The ITER project, with a total investment of €20 billion, represents a major international collaboration in nuclear fusion research [22] - China has made significant progress in nuclear fusion technology, with projects like EAST achieving world-leading plasma operation records and two major projects with a combined investment of nearly ¥30 billion [28][26] Industry Chain Analysis Upstream - Key raw materials include tungsten for the first wall, REBCO for high-temperature superconducting tapes, and deuterium-tritium fuel [34] - Tungsten-based alloys are considered ideal for the first wall due to their high melting point, thermal conductivity, and low radiation production [40] Midstream - Core equipment includes superconducting magnets, the first wall, and diverters, with superconducting magnets accounting for 40-50% of total investment costs [34] - High-temperature superconducting magnets are crucial for enhancing magnetic field strength, with MIT's CFS team achieving a 20 Tesla magnetic field in 2021 [43] - Copper alloys are the preferred material for diverters due to their high thermal conductivity and strength [45] Downstream - Applications of nuclear fusion technology include power generation, medical treatment, aerospace, and scientific research [37] Key Companies and Investment Recommendations - Companies to watch include **Lianchuang Optoelectronics** (superconducting magnets), **Jingda Co**, **Yongding Co** (high-temperature superconducting tapes), **Western Superconducting** (low-temperature superconducting tapes), **Guoguang Electric**, and **A-tech** (diverters) [3][48] - **Lianchuang Optoelectronics** is involved in a fusion-fission hybrid reactor project with a planned investment of over ¥20 billion [48] - **Jingda Co** and **Yongding Co** are key suppliers of high-temperature superconducting tapes, with **Yongding Co** participating in a national R&D project for REBCO long tapes [48] - **Guoguang Electric** and **A-tech** have significant roles in ITER and EAST projects, particularly in the production of diverters and tungsten-based components [48]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1][2]. Core Views - The demand for high-speed optical devices is rapidly increasing, leading to significant growth in the company's performance. In 2023, the company achieved a revenue of 1.939 billion yuan, a year-on-year increase of 62.04%, and a net profit attributable to shareholders of 730 million yuan, up 81.14% [1][2]. - In Q1 2024, the company reported a revenue of 732 million yuan, reflecting a year-on-year growth of 154.95%, and a net profit of 279 million yuan, which is a 202.68% increase compared to the same period last year [1][2]. - The growth is attributed to the development of AI technology and the increasing demand for computing power, which has driven the construction of global data centers and sustained demand for high-speed optical devices [1][2]. Financial Performance Summary - The company has maintained a high level of R&D investment since its listing, enhancing its technological advantages and improving profitability. In 2023, the gross margin for optical communication devices was 54.26%, an increase of 2.62 percentage points year-on-year [1][2]. - The gross margin for passive optical devices was 60.25%, up 5.24 percentage points, while the gross margin for active optical devices was 44.77%, an increase of 8.02 percentage points [1][2]. - The company is accelerating its international industrial layout to meet the growing demand driven by the AI wave, establishing a global network with headquarters in Suzhou, Singapore, and production bases in Jiangxi and Thailand [1][2]. Earnings Forecast - The company is expected to achieve revenues of 3.649 billion yuan, 5.207 billion yuan, and 7.114 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is projected to be 1.211 billion yuan, 1.724 billion yuan, and 2.489 billion yuan for the same years [2][3]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 53.2, 37.3, and 25.9 for the years 2024, 2025, and 2026, respectively [2][3].