大模型加速迭代，海外科技大厂上调 证 券 capex 研 究 ——计算机行业周报（2024.4.22—2024.4.26） 报 告 [Table 增_R 持at （ing 维] 持） a[◼bTlae b_lS 市eu_mS场um 回mamr 顾ya] r y] 过去一周（4.22-4.26）上证综指上涨 0.76%，创业板指上涨 3.86%， [行Ta业bl:e _Indu计st算ry]机 沪深 300 指数上涨 1.20%，计算机（申万）指数上涨 5.78%，跑赢上 日期: s 20h2z4q年da0t4e月m3a0r日k 证综指5.01pct，跑赢创业板指1.92pct，跑赢沪深300指数4.57pct， 位列全行业第1名。 [T分ab析le师_A: utho吴r]婷 婷 Tel: 021-53686158 ◼ 周观点 E-mail: wutingting@shzq.com SAC编号: S0870523080001 国内大模型持续迭代，性能逐步对标GPT-4。（1）商汤科技：4月23 日，商汤科技带来全新升级的日日新 SenseNova 5.0 大模型，具备更 [最Ta近bl一e_年Qu行o业teP指 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by more than 20% over the next six months [6][30]. Core Views - The company is focusing on expanding its aramid fiber production capacity, aiming to become a global leader in the aramid industry by 2030, with a target of 26,000 tons of new capacity under construction [1]. - The aramid business has a gross profit margin exceeding 40% in 2023, contributing significantly to the company's overall profitability [1]. - The company is also investing in green dyeing technology, which is expected to provide new profit growth points as the textile industry increasingly demands environmentally friendly solutions [5]. Financial Summary - In 2023, the company achieved a revenue of 3.925 billion yuan, a year-on-year increase of 4.67%, but the net profit attributable to shareholders decreased by 23.59% to 333 million yuan [10][11]. - For the forecasted years 2024 to 2026, the net profit is expected to grow to 491 million yuan, 563 million yuan, and 709 million yuan, respectively, with corresponding P/E ratios of 19, 17, and 13 [6][22]. - The company is projected to see a revenue increase from 4.609 billion yuan in 2024 to 6.896 billion yuan in 2026, reflecting a compound annual growth rate of approximately 17.4% [22].

[Table_Stock] 亿帆医药（002019） 证 券 研 究 报 告 公 司 点 评 减值风险出清，自有产品显著增长，拐 点已现 ——亿帆医药 2023 年报及 2024 年一季报点评 [行业: 日期: Table_Industry] 医药生物 shzqdatemark 2024年04月30日 | --- | --- | |-------------------------|----------------------| | | | | | | | [Table_Author] 分析师 : | 张林晚 | | Tel: | 021-53686155 | | E-mail: | zhanglinwan@shzq.com | | SAC 编号 : | S0870523010001 | | --- | --- | |-----------------------------|------------| | | | | [Table_BaseInfo] 基本数据 | | | 最新收盘价（元） | 12.81 | | 12mth A 股价格区间（元） | 9.43-16.61 | | 总股本（百万股） | 1, ...

[Table_Stock] 周大生（002867） 证 高股息低估值，黄金品类拉动增长 券 研 ——周大生 2023年报及 2024年一季报点评 究 报 [Table 买_R 入at （ing 维] 持） [◼Ta bl投e_资Su摘mm要a ry] 告 事件概述 [行Ta业bl:e _Indu纺 st织ry]服 饰 日期: s 20h2z4q年da0t4e月m3a0r日k 4月25日，公司发布2023年年度以及2024年一季度报告。2023年全年 实现营收162.90亿元，同比增长46.52%；归母净利润13.16亿元，同 [T分ab析le师_A: utho张r]洪 乐 比增长20.67%；扣非净利润12.68亿元，同比增长23.64%。2024年 Tel: 021-53686159 Q1实现营收50.70亿元，同比增长23.01%，归母净利润为3.41亿元， E-mail: zhanghongle@shzq.com 同比下降6.61%；扣非净利润3.36亿元，同比下降5.70%。 SAC编号: S0870523040004 分析与判断 分产品看，黄金品类延续高景气度，收入占比继续提升。23 年全年素 [基 ...

Investment Rating - The report assigns a "Buy" rating for the company [4][52]. Core Views - Zijin Mining is a leading global provider of copper and gold ore, with significant mining investments in China and 15 other countries. The company is expanding into the new energy and materials industry, holding substantial lithium resources [4][13]. - The copper segment has seen a remarkable production increase, making Zijin Mining the only company in China and Asia to surpass one million tons of copper production in 2023, ranking it among the top five globally [4][26]. - The gold segment has also shown strong growth, with a significant increase in gold production due to acquisitions and the resumption of operations at key mines [4][38]. Summary by Sections Company Overview - Zijin Mining operates in the exploration, development, and engineering design of various metal resources, including copper, gold, zinc, lithium, silver, and molybdenum. The company has major projects in 17 provinces in China and 15 countries abroad [4][13]. Financial Performance - In 2023, the company achieved a revenue of 2934.03 billion yuan, a year-on-year increase of 8.54%, and a net profit attributable to shareholders of 211.19 billion yuan, up 5.38% year-on-year [14][50]. - The company’s copper-related business contributed 47.19% to gross profit, while gold contributed 25.35% [16]. Copper Segment - The copper production reached 1,007,300 tons in 2023, a year-on-year increase of 11.13%. The company accounted for approximately 62% of China's total copper production [4][26]. - The report highlights the positive supply-demand dynamics in the copper market, driven by production disruptions and strong demand from the new energy sector [24]. Gold Segment - The company’s gold production increased to 67.73 tons in 2023, a rise of 20.17% year-on-year, positioning it among the top gold producers in China and Asia [4][38]. - The report notes that the gold market is entering a bullish phase due to rising inflation expectations and geopolitical instability [34]. Profit Forecast and Investment Recommendations - The forecast for net profit attributable to shareholders for 2024-2026 is 235.50 billion yuan, 300.80 billion yuan, and 356.13 billion yuan, representing year-on-year growth rates of 11.51%, 27.73%, and 18.39% respectively [5][52]. - The report anticipates that the company’s rapid expansion in the copper and gold sectors, combined with high commodity prices, will drive significant revenue growth [52].

[Table_Stock] 闻泰科技（600745） 汽车半导体稳健成长，消费电子复苏助 证 券 力产品集成业务未来可期 研 究 ——闻泰科技（600745）业绩点评 报 告 [Table_Rating] [◼Ta bl投e_资Su摘mm要a ry] 买入（维持） 事件概述 [行Ta业bl:e _Indu电st子ry] 4月23日，公司发布2023年年报及2024年一季报公告。2023全年公司 实现营业收入612.13亿元，yoy+5.40%；归母净利润11.81亿元，yoy- 日期: s 20h2z4q年da0t4e月m2a9r日k 19.00%；经营活动产生的现金流量净额58.24亿元，yoy+250.48%。 2024Q1公司实现营业收入162.47亿元，yoy+12.62%。 [T分ab析le师_A: utho马r]永 正 分析与判断 Tel: 021-53686147 产品集成业务多元化格局形成，消费电子复苏助力成长。2023年公司 E-mail: mayongzheng@shzq.com 在消费电子疲软的大环境下依旧积极开拓市场，产品集成业务实现营 SAC编号: S0870523090001 收4 ...

证 头部白酒品牌业绩良好，大众品不乏亮点 券 研 ——食品饮料行 业周报 20240422-20240428 究 [Table 增_R 持at （ing 维] 持） [◼Ta bl投e_资Su要mm点a：ry] 报 告 本周行业要闻：1）1-3 月规上企业白酒产量增长 6%：国家统计局发 [行Ta业bl:e _Indu食 st品ry]饮 料 布数据显示，3 月，中国规模以上企业白酒（折 65 度，商品量）产量 日期: s 20h2z4q年da0t4e月m2a8r日k 43.2 万千升，同比增长 6.7%。1-3 月，中国规模以上企业白酒产量 125.6万千升，同比增长6.0%。 [T分ab析le师_A: utho王r]慧 林 2）一季度贵州白酒产值增长 29.5%：4月22日，贵州省人民政府发布 Tel: 15951919467 数据：一季度全省地区生产总值 5178.81 亿元，按不变价格计算，比 E-mail: wanghuilin@shzq.com 上年同期增长 5.5%，增速比上年全年加快 0.6 个百分点。其中，白酒 SAC编号: S0870524040001 产业增长29.5%。 联系人: 赖思琪 ...

证 头部白酒品牌业绩良好，大众品不乏亮点 券 研 ——食品饮料行 业周报 20240422-20240428 究 [Table 增_R 持at （ing 维] 持） [◼Ta bl投e_资Su要mm点a：ry] 报 告 本周行业要闻：1）1-3 月规上企业白酒产量增长 6%：国家统计局发 [行Ta业bl:e _Indu食 st品ry]饮 料 布数据显示，3 月，中国规模以上企业白酒（折 65 度，商品量）产量 日期: s 20h2z4q年da0t4e月m2a8r日k 43.2 万千升，同比增长 6.7%。1-3 月，中国规模以上企业白酒产量 125.6万千升，同比增长6.0%。 [T分ab析le师_A: utho王r]慧 林 2）一季度贵州白酒产值增长 29.5%：4月22日，贵州省人民政府发布 Tel: 15951919467 数据：一季度全省地区生产总值 5178.81 亿元，按不变价格计算，比 E-mail: wanghuilin@shzq.com 上年同期增长 5.5%，增速比上年全年加快 0.6 个百分点。其中，白酒 SAC编号: S0870524040001 产业增长29.5%。 联系人: 赖思琪 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6]. Core Views - The company reported a revenue of 808 million yuan in Q1 2024, representing a year-on-year increase of 28.24%. The net profit attributable to shareholders was 527 million yuan, up 27.38% year-on-year, while the net profit excluding non-recurring items was 528 million yuan, reflecting a 36.53% increase year-on-year [4][5]. - The company's gross margin stood at 94.55%, with a net margin of 65.35%. Sales expense ratio decreased by 2.07 percentage points to 8.34%, and management expense ratio decreased by 3.92 percentage points to 4.07% [5]. - The "Hi-Body" product line, focused on injectable solutions, achieved revenue of 1.671 billion yuan in 2023, growing 29.22% year-on-year. The "Ru Bai Tian Shi" product continued to show strong growth, supported by a doctor certification system [5]. - The company has a rich pipeline of products under development, with several projects at various stages, including registration and clinical trials. Notable products include a gel for chin correction and a botulinum toxin for improving glabellar lines [5]. Financial Projections - Revenue projections for 2024-2026 are 3.954 billion yuan, 5.166 billion yuan, and 6.525 billion yuan, representing year-on-year growth rates of 37.80%, 30.64%, and 26.31% respectively. Net profit projections for the same period are 2.511 billion yuan, 3.248 billion yuan, and 4.119 billion yuan, with corresponding growth rates of 35.09%, 29.37%, and 26.83% [6][8]. - Earnings per share (EPS) are projected to be 11.60 yuan, 15.01 yuan, and 19.04 yuan for 2024, 2025, and 2026 respectively, with price-to-earnings (P/E) ratios of 26, 20, and 16 [6][8]. Summary of Financial Data - The company reported total revenue of 2.869 billion yuan in 2023, with a year-on-year growth rate of 48.0%. The net profit for the same year was 1.858 billion yuan, also reflecting a growth of 47.1% [8][10]. - The gross margin is expected to improve slightly over the next few years, reaching 95.8% by 2026, while the net margin is projected to stabilize around 63.1% [10]. - The company's total assets are projected to grow from 6.852 billion yuan in 2023 to 13.194 billion yuan by 2026, indicating a strong growth trajectory [10].

把握业绩稳健增长的低估值标的 证 券 研 ——行业周报（20240422-0426） 究 [Table 增_R 持at （ing 维] 持） [◼Ta bl周e_度Su核mm心a观ry]点 ： 报 告 [行Ta业bl:e _Indu商 st贸ry]零 售 传统零售： 日期: s 20h2z4q年da0t4e月m2a8r日k 建议关注高筑供应链壁垒、积极探索新零售业态、高股息低估值的零 售企业。2023 年社零总额同比增长 7.2%，推算全年线下零售整体增 [T分ab析le师_A: utho张r]洪 乐 长 5.09%，限额以上零售业单位中百货店/便利店/专业店/专卖店零售 Tel: 021-53686159 额同比分别增长8.8%/7.5%/4.9%/4.5%，超市零售额同比下降0.4%。 E-mail: zhanghongle@shzq.com SAC编号: S0870523040004 线下零售行业表现分化，龙头经营韧性强，盈利改善明显。公司营收 角度来看，23年小商品城/名创优品/王府井/重庆百货/红旗连锁/家家悦 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 /永辉超市/孩子王/ ...