[Table_StockInfo] 2024 年 07 月 09 日 证券研究报告•公司研究报告 买入 (维持) 当前价:46.24 元 今 世 缘(603369)食品饮料 目标价:60.80 元(6 个月) 省内精耕省外突破,新百亿路径清晰 [Table_Summary 推荐逻辑:1、受益于品牌意识增强、"少喝酒、喝好酒"健康观念广泛传播, ] 马太效应显著,市场份额加速向头部酒企集中;江苏两强酒企省内市占率合计 在 40%左右,集中度提升空间广阔,公司在江苏省内的品牌力、产品力具备突 出竞争优势,将充分受益行业份额集中度提升红利。2、公司的品牌、产品、渠 道得到全面理顺,品牌建设卓有成效,产品焕新升级顺利,渠道推力持续增强; 国缘开系基本盘不断夯实,六开成功上市、四开顺利焕新升级,产品升级节奏 稳健;受益国缘品牌势能增强,叠加自身产品力突出,淡雅显著高增放量。3、 省外继续坚持"攻城拔寨",启动"再造江苏"工程,聚焦板块市场打造,点状 市场不断取得突破,2023年省外营收增长 40%,随着省外市场开拓力度持续加 大,高增势能有望延续。 行业马太效应明显,名优白酒份额持续提升。1、高端一线名酒充分打开价格空 ...

Industry Investment Rating - The report maintains a "Follow the Market" rating for the media and entertainment industry [1] Core Views - The media sector underperformed this week, declining by 2.94%, lagging behind the ChiNext Index by 4.64 percentage points and the CSI 300 by 4.15 percentage points [2] - Sub-sectors such as gaming, advertising, sports, and education all underperformed the market, with the education sector showing the most significant decline [2] - Key investment opportunities are highlighted in companies like Mango Excellent Media (300413) and Shenzhou Taiyue (300002) [2] Weekly Market Review - The media sector declined by 2.94%, underperforming both the ChiNext Index and the CSI 300 [6] - Gaming, advertising, sports, and education indices all underperformed the CSI 300, with the education sector showing the largest gap [7][8][9] Film Industry - Weekly box office revenue reached 1.01 billion yuan, with "Silent Kill" contributing 520 million yuan, accounting for 51.4% of the total [11] - Upcoming releases include "Catch the Doll" on July 16 and "Crisis Route" on September 30 [12][20] Gaming Industry - Top-performing games on the iOS bestseller list include "Dungeon & Fighter: Origin," "Honor of Kings," and "Peace Elite" [22] - "Seven Days World" launched on Steam on July 10, attracting 131,894 concurrent players within 24 hours [26] - "Pokémon Sleep" generated 720 million yuan in revenue in its first year, with over 20 million downloads [26] Sports Industry - The AFC renewed its partnership with Saudi Arabia's NEOM project, extending the collaboration until 2029 [30] - NHL signed a multi-year agreement with New Era Cap for global merchandise production [32] Education Industry - The Ministry of Education initiated the first batch of new-era Marxist engineering textbooks [33] - The National College Student Employment Service Platform launched 12 recruitment events to support 2024 graduates [33] Investment Recommendations - Mango Excellent Media (300413) is recommended due to its strong self-produced variety shows and state-owned media value [37] - Shenzhou Taiyue (300002) is highlighted for its rapid growth in gaming and AI-driven digital transformation [37]

[Table_IndustryInfo] 2024 年 07 月 14 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报(7.8-7.12) 第 14 届汽车论坛闭幕,多地推进智驾商业化应用 行情回顾: [Table_Summary] 上周,SW 汽车板块上涨 5.4%,沪深 300上涨 1.2%。估值上,截 止 7 月 12 日收盘,汽车行业 PE(TTM)为 21 倍,较前一周上涨 5.9%。 投资建议:工业和信息化部副部长辛国斌在第 14 届中国汽车论坛上表示,工 信部将着力保障汽车产业稳定运行,落实行业稳增长工作方案,深化实施汽车 以旧换新行动,深入开展新能源汽车下乡,县域充放电基础设施补齐短板,公 共领域车辆全面电动化试点,加快推动高级别自动驾驶智能网联汽车商业化应 用等行动,积极扩大汽车消费,巩固产业稳中向好的发展态势。新能源方面, 乘联会初步统计,7月 1-7日新能源乘用车市场零售 13万辆,同比+37%,环 比+3%,新能源乘用车仍是后续支撑车市增长的重要力量。智能驾驶方面,北 京市拟支持自动驾驶汽车用于城市公共电汽车客运、网约车、汽车租赁等城市 出行服务。上海市拟有序开放新城 ...

Investment Rating - The report maintains an investment rating of "Market Perform" for the media industry [1]. Core Insights - The media sector experienced a general decline of 2.94% this week, underperforming the ChiNext Index by approximately 4.64 percentage points, which rose by 1.69%. It also lagged behind the CSI 300 Index, which increased by 1.20% [7][9]. - The report highlights specific underperformance in sub-sectors, including gaming, advertising, sports, and education, with respective indices showing declines against the broader market [9][12][10]. Summary by Sections 1. Market Review - The media sector's performance was lackluster, with a decline of 2.94%, underperforming the ChiNext Index by 4.64 percentage points and the CSI 300 Index by 4.15 percentage points [7]. 2. Gaming Industry - The CITIC Gaming Index (CI005577) fell by 1.91%, while the CSI 300 rose by 1.20%, resulting in a relative decline of 3.12% [9]. - The top three gainers in the A-share gaming sector were Baotong Technology, Zhongnan Culture, and Century Huatong, while the biggest losers were Jibite, Yaoji Technology, and Caesar Culture [9]. 3. Advertising Industry - The CITIC Advertising Index (CI005847) decreased by 1.92%, underperforming the CSI 300 by 3.13% [10]. - The top three gainers in the A-share advertising sector were Dingsheng Shares, Lio Shares, and Zitian Technology, while the biggest losers were Fushi Holdings, Jiayun Technology, and Huayang Lianzhong [10]. 4. Sports Industry - The CSI Sports Index (399804) dropped by 1.52%, underperforming the CSI 300 by 2.72% [10]. 5. Education Industry - The CITIC Education Index (CI005816) fell by 4.31%, underperforming the CSI 300 by 5.52% [12]. - The Hong Kong education index (887671) decreased by 4.08%, lagging behind the Hang Seng Index by 4.27% [12]. 6. Investment Recommendations - The report suggests focusing on Mango Super Media (300413) and Shenzhou Taiyue (300002) as potential investment opportunities [1].

[Table_IndustryInfo] 2024 年 07 月 14 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报(7.8-7.12) 第 14 届汽车论坛闭幕,多地推进智驾商业化应用 行情回顾: [Table_Summary] 上周,SW 汽车板块上涨 5.4%,沪深 300上涨 1.2%。估值上,截 止 7 月 12 日收盘,汽车行业 PE(TTM)为 21 倍,较前一周上涨 5.9%。 投资建议:工业和信息化部副部长辛国斌在第 14 届中国汽车论坛上表示,工 信部将着力保障汽车产业稳定运行,落实行业稳增长工作方案,深化实施汽车 以旧换新行动,深入开展新能源汽车下乡,县域充放电基础设施补齐短板,公 共领域车辆全面电动化试点,加快推动高级别自动驾驶智能网联汽车商业化应 用等行动,积极扩大汽车消费,巩固产业稳中向好的发展态势。新能源方面, 乘联会初步统计,7月 1-7日新能源乘用车市场零售 13万辆,同比+37%,环 比+3%,新能源乘用车仍是后续支撑车市增长的重要力量。智能驾驶方面,北 京市拟支持自动驾驶汽车用于城市公共电汽车客运、网约车、汽车租赁等城市 出行服务。上海市拟有序开放新城 ...

Investment Rating - The report maintains a "Buy" rating for Weichai Power (000338) with a current price of 14.27 CNY [1]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 5.46-6.24 billion CNY for the first half of 2024, representing a year-on-year increase of 40.0%-60.0% [2]. - The demand for gas engines is strong, significantly enhancing the company's profitability, with a projected net profit of 8.08 billion CNY for 2023, up 146.1% year-on-year [2]. - The company is actively developing new market demands and optimizing its product structure, which is expected to contribute to further performance improvements [2]. Summary by Sections Financial Performance - For Q2 2024, the company anticipates a net profit of 2.86-3.64 billion CNY, a year-on-year increase of 40.0%-78.2% and a quarter-on-quarter increase of 10.0%-40.0% [2]. - The net profit attributable to shareholders for Q2 2024 is projected to be 3.25 billion CNY, reflecting a year-on-year increase of 59.1% and a quarter-on-quarter increase of 25.0% [2]. - The company expects to achieve net profits of 11.85 billion CNY, 13.65 billion CNY, and 15.67 billion CNY for 2024, 2025, and 2026 respectively, with a compound annual growth rate of 20.2% [2][3]. Market Demand and Product Development - The sales of natural gas heavy trucks reached 152,000 units in 2023, a year-on-year increase of 307%, with 109,000 units sold in the first half of 2024, up 104% year-on-year [2]. - The company showcased its M33/M55 series large-bore power generation products at the 2024 China (Shanghai) International Power Equipment and Generator Set Exhibition, targeting high-end markets [2]. Subsidiary Performance - The subsidiary Kion achieved a revenue of 87.52 billion CNY in 2023, up 10.8% year-on-year, with a net profit of 2.09 billion CNY, up 336.9% year-on-year [2]. - Other subsidiaries like Shaanxi Heavy Truck and Lovol are also expected to improve profitability, benefiting the overall profit growth of the company [2].

请务必阅读正文后的重要声明部分 | --- | --- | --- | --- | --- | --- | |-------|----------------------------|----------------------|--------------|-------------|----------------------| | 区域 | [Table_SalesPerson] 姓名 | 职务 | 座机 | 手机 | 邮箱 | | | 蒋诗烽 | 总经理助理、销售总监 | 021-68415309 | 18621310081 | jsf@swsc.com.cn | | | 崔露文 | 销售副总监 | 15642960315 | 15642960315 | clw@swsc.com.cn | | | 谭世泽 | 高级销售经理 | 13122900886 | 13122900886 | tsz@swsc.com.cn | | | 李煜 | 高级销售经理 | 18801732511 | 18801732511 | yfliyu@swsc.com.cn | | | 卞黎 旸 | 高级销售经理 | 132629 ...

通信行业2024年中期投资策略 AI连接需求旺盛,卫星组网即将展开 www.swsc.com.cn 西南证券研究发展中心 通信研究团队 2024年7月 投资要点 AI浪潮催生算力要求,推理侧连接需求持续提升。AIGC带来的超大算力需求拉动通信基础设施建设 及扩容,光模块作为数据传输的基础部件,需求首先迎来爆发。同时随着光连接高速率、大密度方 向发展,22年为800G元年,市场出货量约为万只级别,23年逐步起量,24年随着大模型厂商加速 AI建设,加单意愿强烈、节奏频繁,预计将迎来爆发式增长。同时随着芯片速率翻倍,英伟达的 B100和H200等产品将逐步标配1.6T光模块,光模块更新迭代也将加速。中国光模块企业占据全球 60%以上的市场份额,进入市场较早,先发优势显著,拿下北美订单具有高确定性,同时业绩能见 度高、落地性强,建议持续关注。 1 卫星互联网建设序幕拉开,将带来新一轮资本投入。卫星互联网建设需求具有较高确定性:其一, 卫星互联网在国家安全领域的重要作用已得到充分显现,建设自主可控的宽带卫星星座刻不容缓; 其二,低轨轨道资源和通信频段资源稀缺,在国际电联"先占先得"规则下,我国需要快速抢占低 轨卫星资 ...

请务必阅读正文后的重要声明部分 估值周报（0708-0712） | --- | --- | --- | --- | --- | --- | --- | |-----------------------------|--------------|-------------|-------------|-------------|---------------|--------| | 指 餐 | PE-TTM(本周) | 1年PE分位费 | 3年PE分位费 | 5年PE分住费 | PE-TTM (上周) | 関环比 | | 恒生物领 | 9.44 | 92. 1% | 49. 4% | 36. 3% | 9.29 | 0.16 | | 恒生科技 | 23. 79 | 76. 4% | 25. 3% | 19. 4% | 22. 69 | 1. 10 | | 道琼斯工业指数 | 29. 71 | 100, 0% | 98. 7% | 93.0% | 28. 33 | 1. 38 | | 的斯达克指数 | | 100.0% | 96. 8% | 79. 1% | 45. 23 | 0.08 | | | | 100. ...

[Table_IndustryInfo] 2024 年 07 月 14 日 强于大市(维持) 证券研究报告•行业研究•国防军工 军工行业周报(7.8-7.14) 业绩预告集中披露,符合预期、静待拐点 [本周( Table_Summary 7月 8日-7]月 14日),SW 军工板块报收 1206.6点,上涨 1.2%,板块 排名第 9。同期沪深 300 指数上涨 1.2%,创业板指数上涨1.7%。 行业动态: 业绩预告集中披露,已披露的 36家上市公司中共 9家公司预计净利润同比增 加/减亏/扭亏为盈。截至 7 月 12 日,共 36家军工上市公司发布业绩预告,其 中 26 家企业净利润预计同比降低/转亏:8家上市公司预计净利润同比增加/减 亏;1 家上市公司预计扭亏为盈;1 家上市公司暂不确定。 军工行业生产交付与收入确认周期长,业绩预告整体上符合预期,静待修复与 反转。军工行业 2024H1业绩预告整体上符合市场预期,因多数军工产品并非 货架商品,具有定制性、计划性和相对较长的研究、生产、交付、确认周期, 故 2024年中期业绩主要反映的是 2022年至 2024年年初的订单状况与行业景 气度,不影响我们 ...