中国液冷服务器市场快速增长，速腾聚 证 券 创 MX 或将开启激光雷达千元新时代 研 究 ——电子行业周报（2024.04.15-2024.04.19） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl核e_心Su观mm点a ry] 市场行情回顾 [行Ta业bl:e _Indu电st子ry] 过去一周（04.15-04.19），SW电子指数下跌2.59%，板块整体跑输沪 深300指数4.48 pct，从六大子板块来看，电子化学品Ⅱ、元件、半导 日期: s 20h2z4q年da0t4e月m2a2r日k 体、光学光电子、消费电子、其他电子Ⅱ涨跌幅分别为-2.02%、- 2.23%、-2.29%、-2.76%、-3.11%、-4.14%。 [T分ab析le师_A: utho马r]永 正 核心观点 Tel: 021-53686147 液冷服务器：2023 年本土液冷服务器市场加速扩张，液冷行业或将迎 E-mail: mayongzheng@shzq.com 来“刚需”放量元年。4 月 17 日，国际数据公司（IDC）发布了最新 的《中国半年度液冷服务器市场（2023 全年）跟踪》报告。数据显 ...

Summary of Shanghai Jahwa's Q1 2024 Earnings Call Company Overview - **Company**: Shanghai Jahwa - **Date of Call**: April 22, 2024 - **Key Participants**: CEO Pan Qiusheng, CFO Han Min, and other senior management Key Points Industry and Company Strategy - Shanghai Jahwa has undergone an organizational restructuring to focus on high-margin, high-growth, and high-brand premium categories, referred to as the "three highs" strategy [4][6] - The company is actively reducing inventory across various channels and is moving away from low-margin businesses to enhance quality growth [4][6] Financial Performance - **Q1 2024 Revenue**: CNY 1.905 billion (approximately USD 274 million), with domestic revenue at CNY 1.569 billion (down about 2% YoY) and overseas revenue at CNY 337 million (down about 11% YoY) [4][5] - **Net Profit**: CNY 256 million (up 11.18% YoY), with adjusted net profit at CNY 293 million (up 29.17% YoY) [7] - **Gross Margin**: 63.27%, an increase of 2.07 percentage points YoY, attributed to lower raw material costs and a shift towards higher-margin products [7][8] Product Performance - The skincare and maternal-infant division generated CNY 393 million in revenue, with a significant focus on transforming the brand's sales model [5] - The "Yuze" brand saw a 0.8% increase in revenue, while "Meijiajing" experienced a substantial growth of 44% [5] - New product launches are planned for Q2, including a high-end anti-aging series and medical repair masks targeting post-surgery recovery [8][9] Marketing and Sales Strategy - The company plans to increase marketing activities in Q2, particularly for new product launches, to drive sales during the 618 shopping festival [8][9] - Emphasis on digital marketing and collaboration with influencers to enhance brand visibility and sales performance [8][9] Cost Management - Total expenses decreased by 15.52% YoY, with a combined expense ratio of 43.72%, down 6.08 percentage points [7][8] - The reduction in sales and management expenses is attributed to a strategic shift in resource allocation and cost control measures [6][12] Future Outlook - The company aims to continue its strategic transformation and enhance operational efficiency through digitalization and increased R&D investment [9][10] - Anticipation of improved performance in Q2 with the launch of new products and increased marketing efforts [9][10] Additional Insights - The restructuring has led to better synergy between online and offline channels, enhancing overall operational efficiency [16][17] - The company is focused on maintaining a balance between profitability and revenue growth, particularly in the context of rising competition in the market [17][18] This summary encapsulates the key insights from Shanghai Jahwa's Q1 2024 earnings call, highlighting the company's strategic focus, financial performance, product developments, and future outlook.

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证 板块结构性增长，金徽燕京等表现优异 券 研 ——食品饮料行 业周报 20240415-20240421 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）金徽酒发布 2024 年第一季度报告：24Q1，公司实 [行Ta业bl:e _Indu食 st品ry]饮 料 现营收 10.76 亿，同比+20.41%；实现归母净利润 2.21 亿，同比 日期: s 20h2z4q年da0t4e月m2a1r日k +21.58%；实现扣非归母净利润 2.22 亿，同比+22.48%。分价格带来 看，300 元以上/100-300 元/100 元以下产品分别实现 1.91/5.51/3.24 [T分ab析le师_A: utho王r]慧 林 亿，同比+86.48%/24.13%/-4.20%，300 元以上产品实现高增，百元以 Tel: 15951919467 上占比同比提升 7.8pct 至 69.6%，产品结构优化显著。分地区来看， E-mail: wanghuilin@shzq.com 省内/省外分别实现 8.48/2.18 亿，同比+22. ...

3 月纺服社零增长提速，关注运动品牌价 证 券 值 研 究 ——轻工纺服行业周报（20240415-0419） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 行情回顾：本周（2024.04.15-2024.04.19，下同），A股SW纺织服饰 [行Ta业bl:e _Indu纺st织ry]服 饰 行业指数下跌 4.14%，轻工制造行业下跌 4.23%，而沪深 300 上涨 日期: s 20h2z4q年da0t4e月m2a1r日k 1.89%，上证指数上涨 1.52%。纺织服装和轻工制造在申万 31个一级 行业中涨幅排名分别为第26位和第27位。 [T分ab析le师_A: utho杜r]洋 Tel: 021-53686169 1）纺织服装：3 月纺服社零增长提速，安踏体育 24Q1 零售金额正增 E-mail: duyang@shzq.com 长。 SAC编号: S0870523090002 24Q1 社会消费品零售总额 12.03 万亿元，同比增长 4.7%。按消费类 型分， 商品零售 10.69 万亿元，增长 4.0%；餐饮收入 1.34 万亿元， ...

新能源动力系统 行业周报（20240415-20240419） 领先大市-A(维持) 比亚迪加码钠电，特斯拉上海储能超级工厂5月开工 2024年4月21日 行业研究/行业周报 新能源动力系统行业近一年市场表现 新闻  比亚迪加码钠电：4月16日，弗迪电池产品线总监张剑表示，预计比 亚迪将在6月于深圳实现大圆柱钠离子电池电动两轮车充换电综合应用场景 试点，实现车、柜、电智能一体化。张剑表示，弗迪电池始终以极致安全、 极致性能、极致成本为目标进行钠电研发生产。性能方面，比亚迪钠电池支 持-40℃低温放电，循环寿命超过3000次。此外，能量密度上也取得了显著 进步，今年将量产的钠电池的能量密度是 105Wh/kg，远期的目标是 130Wh/kg以上。目前，比亚迪钠离子电池的开发已经进入了围绕成本的第 资料来源：最闻 二阶段，预计将在2025年BOM成本和磷酸铁锂持平，远期BOM成本可以 首选股票 评级 做到磷酸铁锂的70%以下。  1-2月全国锂电池产量超117GWh：4月15日，据工信部电子信息司消 息，1-2月，我国锂离子电池产业延续增长态势。根据锂电池行业规范公告 企业信息和行业协会测算，1-2月全国锂电 ...

[Table_Author] 分析师: 王慧林 Tel: 15951919467 E-mail: wanghuilin@shzq.com SAC 编号: S0870524040001 联系人: 赖思琪 Tel: 021-53686180 E-mail: laisiqi@shzq.com SAC 编号: S0870122080016 [Table_BaseInfo] 基本数据 最新收盘价（元） 19.33 12mth A 股价格区间（元） 18.00-30.11 总股本（百万股） 507.26 无限售 A 股/总股本 100.00% 流通市值（亿元） 98.05 公 司 点 评 -28% -22% -16% -10% -4% 2% 8% 14% 20% 04/23 07/23 09/23 11/23 02/24 04/24 金徽酒 沪深300 [Table_QuotePic] 最近一年股票与沪深 300 比较 ◼ 投资建议 产品升级显著，蓄力高质量发展 ——金徽酒 2024 年一季报点评 当前公司产品结构明显提升，省内根据地市场增速较快，省外市场 逐步渗透，全年生产、营销、管理等方针明确，整体势能向好。鉴 于公 ...

供需双向驱动，消费医疗稳健增长 证 券 ——医药生物行业周报（20240415-0419） 研 究 [Table 增_R 持at （ing 维] 持） [➢Ta bl主e_S要u观mm点ar y] 报 告 消费医疗市场规模超万亿，可穿戴设备、中药、医美等增速较快 [行Ta业bl:e _Indu医st药ry]生 物 根据BCG波士顿咨询，2023年中国消费医疗市场规模合计超万亿，其 日期: s 20h2z4q年da0t4e月m2a1r日k 中非处方药1500-1800亿元，中药保健市场规模2000-3000亿元，家用 医疗设备700-1500亿元，医疗美容2000-2400亿元，营养保健品2000- [T分ab析le师_A: utho梁r]瑞 2400亿元，功能食品规模为3500-4000亿元，可穿戴设备规模约500亿 Tel: 021-53686409 元。2017-2023年CAGR增速分别为3%-5%、10%-15%、10%-15%、 E-mail: liangrui@shzq.com 10%-15%、 5%-10%、 3%-5%、15%-20%。 SAC编号: S0870523110001 分析师: 王 ...

Investment Rating - The report maintains an "Overweight" rating for the electric motor driver chip industry [1] Core Insights - The domestic substitution in the electric motor driver chip industry is accelerating, with significant potential for local manufacturers to capture market share [2][3] - The global electric motor driver chip market was valued at $3.88 billion in 2021 and is projected to grow to $5.59 billion by 2028, with a CAGR of 5.3% [2][9] - The industry faces high barriers to entry, with a focus on hardware integration and software algorithm upgrades as key trends [2][3] Summary by Sections 1. Overview of the Electric Motor Driver Chip Industry - Domestic manufacturers are still in the early stages, with vast potential for domestic substitution [12][53] 2. Industry Barriers & Development Trends - The industry is characterized by hardware integration and the parallel upgrade of supporting algorithms [12][53] - Key players are expected to integrate pre-drivers, MOSFETs, and other components into single-chip solutions to provide comprehensive solutions for downstream customers [2][3] 3. Downstream Applications - The household appliance sector is benefiting from the trend of smart and variable frequency upgrades, with the market for domestic white goods motor driver control chips projected to reach approximately 12.3 billion yuan in 2024 [2][43] - The automotive sector is experiencing rapid growth in the domestic new energy vehicle market, with a conservative estimate indicating a market space of over 4 billion yuan for electric motor driver control chips [2][45][48] - Industrial and humanoid robots are also significant applications, requiring drivers for traditional and specialized servo motors [2][50] 4. Investment Recommendations - The report suggests focusing on companies like Peak Technology, which has made significant breakthroughs in the white goods sector and is expanding into automotive applications [3][54] - Other companies to watch include Crystal Clear Technology, which has a strong product line and competitive pricing, and Sanray Technology, which has unique product lines [3]

“五一”假期出行热度确定性高，行业 证 券 内卷下餐饮品牌陆续开放加盟 研 究 ——社服行业周报（2024.04.15-04.19） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] [行Ta业bl:e _Indu社st会ry]服 务 “五一”假期出行热度确定性高，关注旺季催化。根据去哪儿数据， 日期: s 20h2z4q年da0t4e月m2a1r日k “五一”期间多条热门国内旅游航线的经济舱座位目前均已售罄。去 哪儿数据显示，自 4 月 6 日起，“五一”假期热门城市机票预订量迅速 [T分ab析le师_A: utho翟r]宁 馨 增长，单日预订量已超过 2023 年同期；机票平均支付价格已追平 Tel: 021-53686140 2023 年，上海至大理、北京至大理等热门旅游航线的经济舱均已售 E-mail: zhainingxin@shzq.com SAC编号: S0870523100005 罄，预计“五一”旅客量将再创新高。根据携程数据，“五一”大陆境 内机票搜索热度同比增长近 20%，较 2019 年同期增长近 30%。其中， [最Ta近bl一e ...