周观点:WAIC 2024:大模型加速探索 商业化变现路径,国产算力迎来新机遇 ——先进科技主题周报 20240701-20240707 [行业Table_Industry] : 计算机 日期: shzqdatemark 2024年07月11日 [Table_Author] 分析师: 刘京昭 SAC 编号: S0870523040005 证 券 研 究 报 告 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -40% -34% -29% -23% -18% -12% -7% -1% 5% 07/23 09/23 12/23 02/24 04/24 07/24 计算机 沪深300 行 业 动 态 [Table_ReportInfo] 相关报告: 《周观点:华为自研盘古大模型 5.0 亮相 HDC 2024,讯飞星火 4.0 全面升级》 ——2024 年 07 月 03 日 《OpenAI 收紧管制,国产大模型迎新契 机》 ——2024 年 07 月 02 日 《周观点:苹果全面拥抱 AI,Anthropic 发布旗舰大模型 Claude 3.5 Sonnet》 ——2024 年 06 月 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by over 20% within the next six months [25]. Core Insights - The company is a leading domestic network equipment manufacturer, providing research and manufacturing services for switches, routers, wireless products, and communication device components. The core product is switches, which account for over 80% of revenue. In 2023, the company reported revenues of 2.075 billion yuan and a net profit of 144 million yuan, showing a slight decline year-on-year due to adjustments in large customer project cooperation and market downturns. However, the company has maintained a growth trend with a five-year CAGR of 18.10% for revenue and 70.48% for net profit [34][55]. - The network equipment industry is experiencing rapid growth driven by multiple factors, including the demand for AI computing power and increased capital expenditures from cloud vendors and operators. The Chinese switch market is projected to grow at a CAGR of 15.69% from 2022 to 2025, outpacing global growth [55][79]. - The company is expanding into the automotive electronics sector, establishing a joint venture to enhance its presence in this market. The automotive Ethernet market in China is expected to grow significantly, providing new growth opportunities for the company [55][18]. Summary by Sections Company Overview - The company has over 20 years of industry experience and has established a stable shareholding structure, with the actual controller holding over 30% of shares. This stability is beneficial for long-term development and operational efficiency [49][44]. Business Performance - The company's switch business has shown rapid growth, with revenues of 1.679 billion yuan in 2023 and a five-year CAGR of 22.53%. The proportion of switch business in total revenue has increased from 67.28% in 2018 to 89.10% in 2023 [12][11]. Financial Analysis - The company has maintained a stable management expense ratio, with projections for 2024-2026 at 1.85%, 1.68%, and 1.59% respectively. R&D expenses are expected to increase, reflecting ongoing investments in new business and product development [20][24]. Market Outlook - The report anticipates that the company's revenue will grow to 2.502 billion yuan in 2024, with a year-on-year growth rate of 20.6%. The net profit is projected to reach 181 million yuan, reflecting a 25.3% increase [55][24].

基金周报 数据来源:wind,上海证券基金评价研究中心;截至 2024年7月5日 权益类:有色金属、商贸零售类基金领涨 本期申万一级行业跌多涨少，其中有色金属和商贸零售行 业领涨。从最近 12 周申万一级行业综合表现来看,煤炭行业, 本期排名靠前,近 12 周综合排名第 1。银行行业,本期排名中 游，近12周综合排名第2。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------|----------|-----------|--------------------------|-----------|-----------|-----------|-------|----------------------|-----------|-----------|-----------|-----------|-----------|----------| | 图 3、 | | | 近 12 周申万一级行业表现 | | | | | | | | | | | | | | 20 ...

证 券 研 究 报 告 行 业 周 报 周观点:商汤发布国内首个流式多模态交互模 型,可灵网页端上线 ——互联网传媒行业周报(20240701-20240707) [行业Table_Industry] : 传媒 日期: shzqdatemark2024年07月10日 | | | |-----------------------|------------------| | [Table_Author]分析师: | 陈旻 | | Tel: | 021-53686134 | | E-mail: | chenmin@shzq.com | | SAC 编号: | S0870522020001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -36% -31% -26% -21% -16% -10% -5% 0% 5% 07/23 09/23 12/23 02/24 04/24 07/24 传媒 沪深300 [Table_ReportInfo] 相关报告: 《周观点:LeCun 谢赛宁首发全新视觉多 模态模型,Unique3D 开源图转 3D 模型》 ——2024 年 06 月 28 日 《周 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see significant growth in its performance for the first half of 2024, with projected net profit ranging from approximately 145.5 to 154.5 billion yuan, representing a year-on-year increase of about 41% to 50% [2] - The increase in performance is primarily attributed to the growth in production of key mineral products and the rise in sales prices of gold, copper, and silver [2] - The company has set ambitious production targets for 2030, aiming to rank among the top 3 to 5 globally in copper and gold production, and top 10 in lithium production [2] Summary by Sections Performance Forecast - For Q2 2024, the company anticipates a net profit of approximately 82.89 to 91.89 billion yuan, with a quarter-on-quarter growth of about 32.40% to 46.77% and a year-on-year growth of approximately 70.55% to 89.06% [2] - The production figures for H1 2024 are expected to show a year-on-year increase: gold production at about 35.4 tons (+9.6%), copper production at approximately 518,000 tons (+5.3%), and silver production at around 210.3 tons (+1.3%) [2] Price Trends - In Q2 2024, the average prices for gold, silver, and copper have increased: gold at 2338.26 USD/oz (+12.71% QoQ, +18.21% YoY), silver at 28.86 USD/oz (+23.44% QoQ, +19.26% YoY), and copper at 9873.01 USD/ton (+15.61% QoQ, +16.49% YoY) [2] Resource Expansion - The company has made significant breakthroughs in resource exploration, with the addition of 18.377 million tons of copper metal resources from its projects, accounting for approximately 14.2% of China's copper reserves as of the end of 2022 [3] - The company’s geological exploration has a competitive advantage, with exploration costs significantly lower than the global industry average [3] Financial Projections - Revenue projections for 2024 to 2026 are 3411.86 billion yuan, 3698.85 billion yuan, and 3924.63 billion yuan, with year-on-year growth rates of +16.29%, +8.41%, and +6.10% respectively [4] - Net profit forecasts for the same period are 315.90 billion yuan, 384.77 billion yuan, and 448.75 billion yuan, with year-on-year growth rates of +49.58%, +21.80%, and +16.63% respectively [4] - The earnings per share (EPS) are projected to be 1.19 yuan, 1.45 yuan, and 1.69 yuan for 2024, 2025, and 2026 respectively [4]

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 通信 日期: shzqdatemark2024年07月09日 | | | |-----------------------|----------------------| | [Table_Author]分析师: | 刘京昭 | | E-mail: | liujingzhao@shzq.com | | SAC 编号: | S0870523040005 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 07/23 09/23 12/23 02/24 04/24 07/24 通信 沪深300 -30% -26% -21% -17% -13% -8% -4% 0% 5% [Table_ReportInfo] 相关报告: 《AI 消息面催化不断,聚焦光通信两大投 资逻辑》 ——2024 年 07 月 03 日 《光模块指引高增,推理侧需求推高业绩 预期》 ——2024 年 06 月 26 日 《卫星互联网&商业航天协同共振,国产厂 商新成长阶段来临》 ——2024 年 06 月 20 日 下游需求拉动 AI 落 ...

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 通信 日期: shzqdatemark2024年07月09日 | | | |-----------------------|----------------------| | [Table_Author]分析师: | 刘京昭 | | E-mail: | liujingzhao@shzq.com | | SAC 编号: | S0870523040005 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 07/23 09/23 12/23 02/24 04/24 07/24 通信 沪深300 -30% -26% -21% -17% -13% -8% -4% 0% 5% [Table_ReportInfo] 相关报告: 《AI 消息面催化不断,聚焦光通信两大投 资逻辑》 ——2024 年 07 月 03 日 《光模块指引高增,推理侧需求推高业绩 预期》 ——2024 年 06 月 26 日 《卫星互联网&商业航天协同共振,国产厂 商新成长阶段来临》 ——2024 年 06 月 20 日 下游需求拉动 AI 落 ...

证 券 研 究 报 告 行 业 周 报 WAIC 2024 开幕,AI 大模型及应用百花 齐放 ——计算机行业周报(2024.6.24—2024.6.28) [行业Table_Industry] : 计算机 日期: shzqdatemark 2024年07月08日 | | | |-----------------------|---------------------| | [Table_Author]分析师: | 吴婷婷 | | Tel: | 021-53686158 | | E-mail: | wutingting@shzq.com | | SAC 编号: | S0870523080001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -41% -35% -30% -24% -18% -13% -7% -1% 5% 07/23 09/23 11/23 02/24 04/24 07/24 计算机 沪深300 [Table_ReportInfo] 相关报告: 《OpenAI 收紧管制,国产大模型迎新契 机》 ——2024 年 07 月 02 日 《鸿蒙+盘古构建系统级原生智能》 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [6] Core Viewpoints - The Ministry of Ecology and Environment has solicited opinions on the "2023-2024 National Carbon Quota Allocation Plan," which is expected to reduce emission reduction costs in the power generation industry and enhance corporate awareness of emissions reduction [4][5] - The adjustments in the carbon quota allocation method aim to improve scientificity, fairness, and operability, thereby increasing market trading activity [4] - The nuclear power sector is expected to grow, with 25 nuclear units under construction and a total installed capacity of 29,570 MWe, maintaining the world's leading position [5] Summary by Sections Carbon Market Developments - The national carbon market has completed two compliance cycles, with the first cycle (2019-2020) achieving a cumulative transaction volume of 179 million tons and a transaction value of 7.661 billion yuan [4] - The second compliance cycle (2021-2022) saw a 19% increase in transaction volume and an 89% increase in transaction value, indicating heightened corporate participation [4] Nuclear Power Growth - In 2023, five new nuclear units were started, and by 2035, nuclear power is projected to account for 10% of total power generation, doubling from 2022 levels [5] - The domestic nuclear power development is expected to enter a new normal under the guidance of the "14th Five-Year Plan for Modern Energy System" [5] Investment Recommendations - The report suggests focusing on leading hydropower companies like Yangtze Power and the growing nuclear power sector, recommending companies such as China National Nuclear Corporation and China General Nuclear Power Group [6]

证 券 研 究 报 告 行 业 周 报 中国厂商引领全球车载激光雷达市场, LED 电影屏加速渗透 ——电子行业周报(2024.07.01-2024.07.05) [行业Table_Industry] : 电子 日期: shzqdatemark2024年07月08日 | | | |-----------------------|----------------------| | [Table_Author]分析师: | 马永正 | | Tel: | 021-53686147 | | E-mail: | mayongzheng@shzq.com | | SAC 编号: | S0870523090001 | | 联系人: | 陈凯 | | Tel: | 021-53686412 | | E-mail: | chenkai@shzq.com | | SAC 编号: | S0870123070004 | | 联系人: | 杨蕴帆 | | Tel: | 021-53686417 | | E-mail: | yangyunfan@shzq.com | | SAC 编号: | S0870123070033 | [最Tabl ...