[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 ...

锦波 24Q1 延续高增，珀莱雅业绩超预 证 券 期 研 究 ——美容护理行业周报（20240415-0419） 报 告 [Table 增_R 持at （ing 维] 持） [➢Ta bl主e_S要u观mm点ar y] 锦波生物发布Q1业绩预告，重组胶原蛋白持续高景气 [行Ta业bl:e _Indu美st容ry]护 理 锦波生物发布2024年第一季度业绩预告，公司预计Q1实现归母净利润 日期: s 20h2z4q年da0t4e月m2a1r日k 8500~10500万元，同比增长97.65%~144.16%。公司持续加大研发投 入、积极研发新产品及产品升级、并努力加大品牌宣传和市场开拓， [T分ab析le师_A: utho梁r]瑞 实现了收入的可持续增长。 Tel: 021-53686409 E-mail: liangrui@shzq.com 珀莱雅Q1业绩亮眼，多个子品牌实现高增 SAC编号: S0870523110001 公司发布23年报及24年第一季度报告。23年公司实现营收89.05亿 元，同比+39.45%，归母净利润11.94亿元，同比+46.06%。24Q1公 [最Ta近bl一e_年Qu行o业te ...

小商品城主业迈入量价齐升的新发展阶 证 券 段 研 究 ——行业周报（20240415-0419） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl周e_度Su核mm心a观ry]点 ： [行Ta业bl:e _Indu商st贸ry]零 售 传统零售： 日期: s 20h2z4q年da0t4e月m1a9r日k 小商品城主业迈入量价齐升的新发展阶段。2023 年公司实现营收 113.00 亿元，同比+48.30%，归母净利润 26.76 亿元，同比 [T分ab析le师_A: utho张r]洪 乐 +142.25%，扣非归母净利润 24.69 亿元，同比+39.86%。2024Q1 公 Tel: 021-53686159 司实现营收26.81亿元，同比+26.42%，归母净利润7.13亿元，同比- E-mail: zhanghongle@shzq.com SAC编号: S0870523040004 41.66%，扣非归母净利润 6.91 亿元，同比-36.03%。一季度公司业务 经营亮眼，1）市场经营业务：毛利率进一步提升，公司主业迈入量价 [最Ta近bl一e_年Qu行o业teP指ic数] ...

Investment Rating - Buy (Maintained) [2][7] Core Views - The company's 2023 annual revenue was 1.32 billion yuan, a year-on-year increase of 8.34%, while net profit attributable to the parent company was 219 million yuan, a year-on-year decrease of 1.59% [2] - The company's gross margin in 2023 was 36.42%, a year-on-year decrease of 2.3 percentage points, and the net margin was 16.62%, a year-on-year decrease of 1.64 percentage points [2] - In Q4 2023, the company achieved revenue of 393 million yuan, a year-on-year increase of 27.27%, and net profit attributable to the parent company was 50 million yuan, a year-on-year decrease of 7.32% [2] - The company's revenue is expected to reach 1.70/2.10/2.60 billion yuan in 2024/2025/2026, with year-on-year growth rates of 29.03%/23.49%/23.43% [7] - Net profit attributable to the parent company is expected to be 332/417/505 million yuan in 2024/2025/2026, with year-on-year growth rates of 51.34%/25.60%/21.17% [7] Business Performance - The company's tooling business achieved revenue of 1.042 billion yuan in 2023, a year-on-year increase of 0.56%, with a gross margin of 34.53%, a year-on-year decrease of 2.25 percentage points [10] - The company's PCB drill bit shipments in 2023 were approximately 700 million units, with product prices under pressure due to weak downstream demand [10] - The company's functional film materials business achieved revenue of 89.78 million yuan in 2023, a year-on-year increase of 229.81%, with a gross margin of 15.87% [17] - The company's intelligent CNC equipment business achieved revenue of 47.51 million yuan in 2023, a year-on-year increase of 278.55% [18] Industry and Market - The company is a global leader in PCB drill bits, with product premiumization and capacity expansion strengthening its core competitiveness [18] - The company's CNC tooling business has expanded to 3C (including titanium alloys), automotive, aerospace, and dental fields, contributing to incremental performance [10] - The global automotive display market is expected to grow from 192 million units in 2022 to 267 million units by 2030, providing a significant market opportunity for the company's automotive film business [17] Financial Projections - The company's revenue is projected to be 1.70/2.10/2.60 billion yuan in 2024/2025/2026, with net profit attributable to the parent company of 332/417/505 million yuan [7] - The company's gross margin is expected to remain stable at around 36% from 2024 to 2026, with net margins of 19.5%/19.8%/19.5% [11] - The company's ROE is projected to increase from 9.5% in 2023 to 14.3% in 2026 [11] Valuation - The current stock price corresponds to 2024-2026 P/E ratios of 22/18/15x, and P/B ratios of 2.81/2.42/2.11x [7][11]

速腾聚创 MX 发布，激光雷达或将开启 证 券 “千元”新元年 研 究 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 报 事件描述 告 [行Ta业bl:e _Indu电 st子ry] 4 月 15 日，速腾聚创在深圳举办的 2024 年新品发布会上重磅发布了 日期: s 20h2z4q年da0t4e月m1a9r日k M平台新一代中长距激光雷达 MX，速腾聚创 CEO邱纯潮在发布会现 场表示，MX会以200美元左右作为基础开启第一个项目的量产，之后 [T分ab析le师_A: utho马r]永 正 会尽快争取达到1000人民币的水平，目前MX已斩获三个全新量产项 目定点，首个定点将于2025年上半年实现大规模量产。 Tel: 021-53686147 分析与判断 E-mail: mayongzheng@shzq.com 平台化搭建打造高性能&低成本终端，MX 有望打造下一代激光雷达新 SAC编号: S0870523090001 标杆。MX是速腾聚创多年致力于芯片化技术革新和平台化迭代升级的 联系人: 陈凯 成果，其搭载了速腾聚创在芯片化领域专研 3 年以上的全自 ...

Investment Rating - The report gives a "Buy" rating for the company, indicating an expectation that the stock will outperform the benchmark index by more than 20% over the next six months [88]. Core Viewpoints - The company is a leading player in the cellulose ether market and is actively expanding into overseas markets and emerging application areas. With the recovery of overseas demand and the introduction of new production capacity, the company's performance is expected to enter an upward trajectory [97]. - The forecast for the company's revenue from 2023 to 2025 is projected to be 1.769 billion, 2.425 billion, and 2.625 billion yuan, with year-on-year growth rates of 2.65%, 37.10%, and 8.25% respectively. The net profit attributable to the parent company is expected to be 282 million, 392 million, and 452 million yuan, with year-on-year growth rates of -20.28%, 39.00%, and 15.25% respectively [70][98]. Summary by Sections Company Overview - The company focuses on cellulose ether and its downstream applications, with subsidiaries involved in various related products. Recent acquisitions and expansions have strengthened its market position [13][36]. Market Analysis - The cellulose ether market is expanding, with increasing demand for high-end products and domestic alternatives. The company is well-positioned to benefit from this trend [14][21]. - The global market for plant-based capsules is projected to grow, driven by increasing health awareness and the aging population, which will enhance the demand for the company's products [33][65]. Financial Performance - The company achieved a revenue of 428 million yuan in Q3 2023, reflecting a quarter-on-quarter growth of 14.05%, indicating a recovery in demand [11]. - The forecasted earnings per share (EPS) for 2023, 2024, and 2025 are 0.83, 1.15, and 1.32 yuan respectively, with corresponding price-to-earnings (PE) ratios of 16.72x, 12.03x, and 10.44x [70][98]. Product and Capacity Expansion - The company has a cellulose ether production capacity of 34,000 tons per year, with ongoing projects expected to increase this capacity significantly [36][66]. - The plant-based capsule production capacity is also expanding, with a target of 15 billion capsules per year, enhancing the company's competitive edge in this segment [66][91].

[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 3 月主要数据除了固定投资外均有所回落。作为经济成效综合体现的 工业增长在开年高增后有所回归表明中国经济整体运行的韧性。而消 费数据的持续下滑主要受到基数变动的影响，从两年平均增速来看， 实际表现是回升的。而作为经济第一增长动力的投资主要依赖于制造 业和基建的回升，有助于固定资本形成总额的上升。本期房地产投资 跌幅再度扩大，但其余相关数据出现了改善信号，我们认为地产还难 言乐观，有待数据的进一步验证。一季度 GDP 为 5.3%，较去年四季 度继续回升，实现良好开局。我们认为，经济回升向好的趋势仍需巩 固，要强化宏观政策逆周期和跨周期调节，政策协力，增强宏观政策 取向一致性。 地缘政治事件恶化，国际金融形势改变，中国货币政策超预期变化。 目 录 表 1: 本期经济数据增速（%） ...