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].

工业企业利润持续增长。一季度工业企业利润同比增长 4.3%,由2023年 研究员 A 股市场走势(2023/03/31-2024/04/26) 下降 2.3%转为正增长,呈现恢复态势。实现利润同比增长的行业占比 行业中通信终端设备行业增长明显;装备制造业利润增长加快,同比增长 A 68.3%,较 2023年扩大,高技术制造业利润增长较快,同比增长 29.1%, 执业证书编号:S0230521030009 邮 箱:zhujj@hlzq.com 相关阅读 美国一季度 GDP 低于预期, PCE 超预期。 4月25日美国一季度 GDP 初值数 据公布,年化季环比 1.6%,低于预期的 2.5%,前值 3.4%:一季度核心 PCE 场表现》 2024.04.16《新"国九条"提升市场预 期和风险偏好》 2024.04.09《一季度业绩有望保持初 性》 表现不足以认定美国步入"滞胀"。 > 微观流动性进一步改善。新"国九条"公布后,助推了市场风险偏好提升, 改善,提振了市场整体表现。近期美国通胀韧性,市场关于美联储降息预 不过市场当前估值较低,上市公司业绩预期向好,内外资布局市场意愿不 策略报告 证券研究报告 微观流动 ...

Market Analysis - The market experienced a strong upward trend, with the Shanghai Composite Index closing at 3113.04 points, up 0.79%, and the Shenzhen Component Index rising by 2.22% to 9673.76 points [2][4][7] - The ChiNext Index led the gains with a 3.50% increase, indicating robust performance in the growth sector [4][7] - Overall, more than 4500 stocks rose, with significant trading volume of 1211.1 billion, an increase of 124.7 billion from the previous trading day [3][4] Concept Highlights - The "AI + Home Appliances" trend is gaining momentum, with major appliance brands actively exploring AI integration across various products, including TVs, refrigerators, and kitchen appliances [10][26] - The application of AI is expected to enhance the interactivity and learning capabilities of smart home products, moving towards a more intelligent home environment [26] Sector Performance - The real estate sector saw a collective surge, with nearly 30 stocks, including Vanke A and Jindi Group, hitting the daily limit [13][14] - Wind power stocks led the rebound in the renewable energy sector, with companies like Daikin Heavy Industries and Tianjun Wind Power also reaching their daily limits [13] - The automotive dismantling sector experienced significant gains, with stocks such as Huahong Technology and Green Beauty reaching their daily limits [13] Financing and Investment Trends - As of April 26, the financing balance on the Shanghai Stock Exchange was reported at 783.87 billion, a decrease of 0.69 billion from the previous trading day, while the Shenzhen Stock Exchange reported a balance of 696.91 billion, down 2.72 billion [15] - Northbound capital saw a net inflow of 10.89 billion, with the Shanghai Stock Connect contributing 4.54 billion and the Shenzhen Stock Connect 6.36 billion [16] Key News - The launch of the world's first fully electric humanoid robot "Tiangong" is expected to drive interest in AI and robotics sectors, with potential implications for related stocks [19] - Chengdu's new policy to eliminate housing transaction qualification reviews is anticipated to stimulate the real estate market, potentially benefiting related stocks [19]

Group 1: Industrial Profit Trends - In the first quarter of 2024, industrial enterprises achieved a total profit of 15,055.3 billion yuan, a year-on-year increase of 4.3%[6] - Manufacturing profits turned positive with a total of 10,172.4 billion yuan, growing by 7.9% compared to a 2.0% decline in 2023[6] - The equipment manufacturing sector saw a significant profit increase of 18.0%, contributing 4.9 percentage points to overall industrial profit growth[22] Group 2: Sector Performance - The telecommunications terminal equipment industry experienced a profit growth of 3.47 times, while integrated circuits and display devices turned from losses to profits, increasing by 10.83 billion yuan, 7.61 billion yuan, and 4.80 billion yuan respectively[1] - Private enterprises outperformed state-owned enterprises, with private firms reporting a profit of 3,679.7 billion yuan, up 5.8%, while state-owned enterprises saw a profit of 5,738.2 billion yuan, down 2.6%[2] - Consumer goods manufacturing profits increased by 10.9%, reversing a 1.1% decline from 2023, with 12 out of 13 sectors showing profit growth[7] Group 3: Cost and Economic Challenges - The cost per 100 yuan of revenue for industrial enterprises rose to 85.18 yuan, indicating increased cost pressure[23] - The recovery of enterprise profits remains uneven, with significant disparities across industries and ongoing pressures from rising costs and slowing revenue growth[8] - Structural issues in the economy, particularly in the real estate sector, pose potential risks to economic growth[19]

一、市场分析 距离突破仅一步之遥 盘面上，券商等金融股集体爆发，国盛金控、太平洋、浙商证券、 财富趋势等 10 余股涨停。量子科技概念股盘中大涨，浩丰科技、科大 国创、天和防务均 20CM 涨停。AI 概念股展开反弹，CPO、算力方向领 涨，中际旭创、新易盛均创历史新高，真视通、中贝通信等涨停。低空 经济概念股冲高回落，宗申动力、川大智胜等涨停。下跌方面，银行股 陷入调整，江苏银行跌超 9%。 截至收盘，沪指涨 1.17%，深成指涨 2.15%，创业板指涨 3.34%。 数据揭秘： 1、融资融券 截至 4 月 25 日，上交所融资余额报 7845.59 亿元，较前一交易日减少 7.63 亿元；深交所融资余额报 6996.34 亿 元，较前一交易日增加 1.98 亿元；两市合计 14841.93 亿元，较前一交易日减少 5.65 亿元。 3、投顾观点 4、概念热点 高算力应用 二、重点新闻 2024-04-29 | --- | --- | --- | --- | --- | |---------------------|-------------------|-------------|------------ ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Views - The demand for optical modules is rapidly increasing, leading to significant growth in the company's performance. In 2023, driven by continuous upgrades in computing power and substantial demand growth, the company achieved a revenue of 10.718 billion yuan, a year-on-year increase of 11.16%, and an operating profit of 2.494 billion yuan, up 87.89% [5]. - In Q1 2024, benefiting from the sales growth of high-speed optical modules such as 800G and 400G, the company reported a revenue of 4.843 billion yuan, a remarkable year-on-year increase of 163.59%, and a net profit attributable to shareholders of 1.009 billion yuan, up 303.84% [5]. - The company is actively preparing for the market introduction of 1.6T optical modules, aiming for mass production and delivery by 2025, while also researching next-generation optical module technologies to maintain its competitive edge [5]. Financial Summary - The company is a leading global player in the optical module market, with a projected net profit of 5.095 billion yuan, 6.934 billion yuan, and 9.160 billion yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 26.5, 19.5, and 14.7 [5][7]. - The company's revenue is expected to grow significantly, with forecasts of 25.458 billion yuan in 2024, 33.378 billion yuan in 2025, and 42.073 billion yuan in 2026, reflecting growth rates of 137.5%, 31.1%, and 10.3% respectively [7][10]. - The gross profit margin for optical module products was 34.14% in 2023, an increase of 4.34 percentage points year-on-year, indicating improved profitability [4].