Investment Rating - The report initiates coverage on the company with a "Buy" rating [3] Core Views - The company is a leader in intelligent manufacturing and industrial internet solutions, with a global presence across 12 countries and regions [3] - The company is well-positioned to benefit from the AI development wave, particularly through its deep collaboration with North American clients [3] - The industrial internet sector is expected to continue growing, driven by policy support and the company's differentiated service strategies [3] - The communication market is under short-term pressure, but the company has made significant progress in high-speed switch production, with 100G, 200G, and 400G switches already in mass production and 800G switches entering the NPI phase [3] Business Overview Intelligent Manufacturing and Industrial Internet - The company is a global leader in intelligent manufacturing and industrial internet solutions, with a "2+2" strategy focusing on intelligent manufacturing, industrial internet, big data, and robotics [8] - The company has a cross-regional production layout and serves over 50 major clients with industrial internet and smart production solutions [9] - The company's revenue has grown from CNY 272.8 billion in 2015 to CNY 476.34 billion in 2023, with a CAGR of 7.22% [12] - The company's industrial internet business, although small in revenue share (0.35% in 2023), has the highest gross margin, close to 50% [14] Cloud Computing - The company's cloud computing business is expected to be a key driver of growth, with revenue projected to grow from CNY 264.26 billion in 2024 to CNY 416.34 billion in 2026 [41] - The company has a strong partnership with NVIDIA, being the exclusive supplier for A100 and H100 boards and the latest GPU HPC platform [19] - The company's modular server development capabilities are highlighted, with the launch of the world's first modular server in 2022 [18] Communication and Mobile Network Equipment - The communication and mobile network equipment business is expected to stabilize, with revenue projected to remain flat at CNY 298.5 billion from 2024 to 2026 [41] - The company has achieved mass production of 100G, 200G, and 400G high-speed switches, with 800G switches entering the NPI phase [39] Financial Projections - Revenue is projected to grow from CNY 565.82 billion in 2024 to CNY 717.95 billion in 2026, with net profit attributable to shareholders expected to increase from CNY 27.42 billion in 2024 to CNY 35.67 billion in 2026 [3] - The company's EPS is expected to grow from CNY 1.38 in 2024 to CNY 1.80 in 2026 [3] - The company's P/E ratio is expected to decrease from 19.85x in 2024 to 15.26x in 2026, below the industry average [45] Valuation - The company's valuation is considered attractive, with a P/E ratio lower than the industry average for 2025 and 2026 [45] - The company's P/B ratio is expected to decrease from 3.53x in 2024 to 2.94x in 2026 [3]

证 券 研 究 报 告 行 业 周 报 | [ 行业 Table_Industry] : | 医药生物 | |------------------------------|----------------------------| | 日期 : | shzqdatemark2024年06月29日 | | 分析师 : | 王真真 | | Tel: | 021 -53686246 | | E-mail: | wangzhenzhen@shzq.co m | | SAC 编号 : | S0870524030001 | | 联系人 : | 尤靖宜 | | Tel: | 021-53686160 | | E-mail: | youjingyi@shzq.com | | SAC 编号 : | S0870122080015 | 最近一年行业指数与沪深 300 比较 06/23 09/23 11/23 02/24 04/24 06/24 医药生物 沪深300 -23% -20% -16% -13% -9% -6% -2% 1% 5% 相关报告: | | 《重视中药板块投资价值;夏季关注清热 | |-------------- ...

证 券 研 究 报 告 行 业 周 报 | [ 行业 Table_Industry] : | 医药生物 | |------------------------------|----------------------------| | 日期 : | shzqdatemark2024年06月29日 | | 分析师 : | 王真真 | | Tel: | 021 -53686246 | | E-mail: | wangzhenzhen@shzq.co m | | SAC 编号 : | S0870524030001 | | 联系人 : | 尤靖宜 | | Tel: | 021-53686160 | | E-mail: | youjingyi@shzq.com | | SAC 编号 : | S0870122080015 | 最近一年行业指数与沪深 300 比较 06/23 09/23 11/23 02/24 04/24 06/24 医药生物 沪深300 -23% -20% -16% -13% -9% -6% -2% 1% 5% 相关报告: | | 《重视中药板块投资价值;夏季关注清热 | |-------------- ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6][7]. Core Insights - The company is positioned at a critical node in the silicon carbide (SiC) industry chain, leveraging its core competencies to achieve significant growth. SiC is recognized as a third-generation semiconductor material, with applications in electric vehicles, photovoltaics, and power grids, among others. The company has successfully transitioned to the production of conductive SiC substrates, achieving a year-on-year sales increase of 254.70% in 2023, with total sales reaching approximately 230,000 pieces [6][19][24]. - The company has established long-term partnerships with leading power manufacturers, enhancing its market presence. It is projected that the global market for SiC power devices will reach $7.741 billion by 2028, with a compound annual growth rate of 33.25% from 2022 to 2028 [6][19][30]. Summary by Sections 1. Company Overview - The company has been focusing on technology upgrades and capacity expansion, becoming a globally influential player in the SiC substrate market. It has successfully completed the certification of both semi-insulating and conductive SiC substrates [15][19]. - The company has a stable shareholding structure, with the actual controller holding 30.09% of the shares, ensuring a concentrated and stable ownership [17]. 2. Market Position and Performance - The company achieved a revenue of 1.251 billion yuan in 2023, representing a year-on-year growth of 199.90%. The core business of SiC substrates contributed approximately 1.086 billion yuan, with a year-on-year growth of 233.05% [19][22]. - The gross margin improved to 15.81% in 2023, reflecting a year-on-year increase of 21.56 percentage points [19][22]. 3. Industry Dynamics - The SiC industry is experiencing rapid growth, driven by the increasing demand for high-quality conductive SiC substrates. The company has positioned itself to capitalize on this trend, achieving a global market share of 2nd in conductive SiC substrates in 2023 [30][49]. - The report highlights the importance of substrate preparation as a core aspect of the SiC industry, with the company focusing on enhancing its production capabilities and technological advancements [37][42]. 4. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 156 million yuan, 344 million yuan, and 556 million yuan for 2024, 2025, and 2026, respectively [8][9]. - The ongoing expansion of production capacity and the focus on cost reduction are seen as key drivers for the company's future success in the SiC market [44][49].

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 美容护理 日期: shzqdatemark 2024年06月29日 | 分析师 : | 梁瑞 | |--------------|-------------------| | Tel: | 021-53686409 | | E-mail: | liangrui@shzq.com | | SAC 编号 : | S0870523110001 | 最近一年行业指数与沪深 300 比较 06/23 09/23 11/23 02/24 04/24 06/24 美容护理 沪深300 -34% -29% -24% -19% -14% -10% -5% 0% 5% 相关报告: 《国货龙头表现亮眼,医美新品持续发 布》 ——2024 年 06 月 23 日 《持续高温天气,关注防晒旺季催化》 ——2024 年 06 月 16 日 《5 月淘系美妆同比+69%,国货龙头发力 头皮洗护赛道》 ——2024 年 06 月 10 日 美妆龙头积极推新,拓展美白、祛痘新 功效 ——美容护理行业周报(20240624-0628) 增持(维持) [➢Table ...

自港澳进境免税额度提高,关注旺季文 旅消费 ——社服行业周报(2024.06.24-06.28) 最近一年行业指数与沪深 300 比较 06/23 09/23 11/23 02/24 04/24 06/24 社会服务 沪深300 -36% -31% -26% -20% -15% -10% -5% 0% 5% 相关报告: 《海底捞领导层人事变动,出入境政策红 利持续释放》 ——2024 年 06 月 23 日 《旅企积极布局"618",消费市场购销两 旺》 ——2024 年 06 月 16 日 《景气延续,布局旺季》 ——2024 年 06 月 10 日 增持(维持) [◼Table_Summary] 主要观点 暑期国内旅游市场保持稳步增长,长线游及入出境游订单大增。根据 携程发布的《2024 暑期旅游市场预测报告》显示,暑期国内旅游市场 保持稳步增长,境内酒店、机票搜索热度均同比上涨 20%以上。入出 境旅游受政策红利影响,增长迅猛,赴欧洲、拉丁美洲等部分国家旅 游订单增长八成以上,入境游整体订单同比增长 1 倍。6 月底至 7 月 初、7 月中旬、8 月中旬是暑期三个出游高峰。长线游是暑期主力,以 目前数据 ...

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 传媒 日期: shzqdatemark 2024年06月28日 | 分析师 : | 陈旻 | |--------------|------------------| | Tel: | 021-53686134 | | E-mail: | chenmin@shzq.com | | SAC 编号 : | S0870522020001 | 最近一年行业指数与沪深 300 比较 -37% -32% -27% -21% -16% -11% -6% -1% 5% 06/23 09/23 11/23 02/24 04/24 06/24 传媒 沪深300 相关报告: 《周观点:Runway 推出视频生成模型 Gen-3 Alpha,Open-Sora 实现全新技术 升级》 ——2024 年 06 月 25 日 《周观点:GPT-4o 加持 Siri,复旦推出通 用智能体平台 AgentGym》 ——2024 年 06 月 17 日 《周观点:智谱推出 MaaS 开放平台 2.0, 快手版 Sora"可灵"开放测试》 ——2024 年 06 月 ...

周观点:苹果全面拥抱 AI,Anthropic 发布旗舰大模型 Claude 3.5 Sonnet ——先进科技主题周报 20240617-20240623 [行业Table_Industry] : 计算机 日期: shzqdatemark 2024年06月28日 分析师: 刘京昭 SAC 编号: S0870523040005 最近一年行业指数与沪深 300 比较 -43% -37% -31% -25% -19% -13% -7% -1% 5% 06/23 09/23 11/23 02/24 04/24 06/24 计算机 沪深300 相关报告: 《鸿蒙+盘古构建系统级原生智能》 ——2024 年 06 月 25 日 《鸿蒙有望引领终端+AI 新变革》 ——2024 年 06 月 18 日 《端侧 AI 催化密集,关注 AI PC 进展》 ——2024 年 06 月 12 日 增持(维持) [◼Table_Summary] 主要观点 【市场回顾】 ◆ 本周上证指数报收2998.14点,周涨跌幅为-1.14%;深证成指报 收9064.84点,周涨跌幅为-2.03%;创业板指报收1755.88点,周 涨跌幅为-1 ...

证 券 研 究 报 告 ◼ 行 业 周 报 | [ 行业 Table_Industry] : | 电力设备 | | |------------------------------|-----------------------------|----| | 日期 : | shzqdatemark 2024年06月27日 | | | 分析师 : | 丁亚 | | | Tel: | 021-53686149 | | | E-mail: | dingya@shzq.com | | | SAC 编号 : | S0870521110002 | | 最近一年行业指数与沪深 300 比较 -39% -33% -28% -23% -17% -12% -6% -1% 5% 06-23 09-23 11-23 02-24 04-24 06-24 电力设备 沪深300 相关报告: | 《特高压第三次服务招标启动, | |-------------------------------------| | 属性凸显》 | | ——2024 年 | | 《政策护航新能源消纳,电力设备景气持 | | 续》 | | ——2024 年 | | 《 ...

证 券 研 究 报 告 [Table_Author] 分析师: 胡月晓 Tel: 021-53686171 E-mail: huyuexiao@shzq.com SAC 编号: S0870510120021 分析师: 陈彦利 Tel: 021-53686170 E-mail: chenyanli@shzq.com SAC 编号: S0870517070002 [Table_ReportInfo] 相关报告： 《ESG 如何助力企业提升降本增值》 ——2024 年 06 月 21 日 《海外市场跟踪：美国通胀目标缺乏进 展》 ——2024 年 06 月 03 日 《海外市场跟踪：美国通胀仍具韧性，日 本经济再度走弱》 ——2024 年 05 月 23 日 2 宏 观 态 势 海外市场跟踪：通胀降至 2%，英国央行 不急于降息 2024年06月27日 [日期Table_Industry] : shzqdatemark [Table_Summary] 投资摘要 海外市场跟踪——（6.17-6.21）海外股市除日本股市外均有所上涨； 海外国债收益率除德国国债外均有所回升；美元指数有所回升，美元 兑除澳元外均有所升值； ...