公 司 研 究 浪潮信息（000977.SZ）专题二：软 2024年5月28日 推荐/维持 硬一体化销售体系成型，元脑生态 东 浪潮信息 公司报告 兴 为长期发展筑建护城河 证 券 股 份 本篇专题从浪潮信息 AI 服务器销售渠道角度，解析浪潮信息在服务器渠道端 公司简介： 有 的建设进展。我们认为，浪潮信息持续扩展销售渠道，升级销售模式。公司当 浪潮信息是全球领先的 IT 基础架构产品、 限 前软硬件一体化渠道生态为 AI 服务器相关业务保驾护航，是公司商业模式最 方案及服务提供商，业务覆盖计算、存储、 网络三大关键领域，提供云计算、大数据、 公 大的护城河。 人工智能、边缘计算等在内的全方位数字化 司 作为国内头部服务器品牌厂商，公司产品销售渠道成熟稳定。浪潮信息的销售 解决方案。 证 资料来源：公司公告 体系遵循2B硬件产品渠道惯例，建立价值销售渠道，销售模式分为直销、分 券 销两种。其中直销模式主要针对行业NA客户；分销渠道主要是公司在各省区 未来3-6个月重大事项提示： 研 的分销商和代理商，负责其所在省区内的销售业务。 究 报 建设增值渠道，构建软硬一体化 2B 销售体系。公司传统的直销+代理分销 ...

Summary of Conference Call for Zhejiang Rongtai Company Overview - **Company**: Zhejiang Rongtai - **Industry**: Mica products, primarily for applications in the electric vehicle (EV) sector, small appliances, and electrical cables Key Points and Arguments Industry and Market Dynamics - **Mica Product Innovation**: The company has developed a three-dimensional (3D) mica product through a unique adhesive pressing integrated molding process, allowing for broader applications in the EV sector, particularly in battery modules and thermal protection components [1] - **Market Growth**: The global mica market was valued at 18 billion in 2022, with an expected compound annual growth rate (CAGR) of 18% from 2023 to 2027, potentially reaching 41.8 billion by 2027 [8] - **Application Segmentation**: The mica market can be divided into three main categories: fire-resistant insulation materials, pearlescent materials, and others, with fire-resistant materials accounting for approximately 80% of the market share [9] Financial Performance - **Revenue Contribution**: From 2021 to 2023, the revenue contribution from the EV sector increased from 50% to 72%, while small appliances saw a decline from 23% to 14% [4] - **Revenue Growth**: The company achieved revenues of 5.37 billion, 8 billion, and a CAGR of 15% from 2021 to 2023 [5] - **Profit Margins**: The gross profit from the EV business accounted for 88% of total gross profit, with net profit margins improving from 9% in 2020 to 21% in 2023 [6] Competitive Advantages - **Patent Portfolio**: The company holds 33 invention patents and 93 utility model patents, indicating a strong focus on innovation [2] - **Market Position**: In 2022, the company held a 27% market share in the EV mica segment, the highest in the industry, and a 20% share in traditional applications [22] - **Customer Base**: The company collaborates closely with major clients like Tesla, Volvo, and CATL, ensuring timely payments and enhancing production standards [22] Future Outlook - **Revenue Projections**: Expected revenues for 2024, 2025, and 2026 are projected to be 1.264 billion, 1.72 billion, and 2.235 billion, respectively, with corresponding net profits of 257 million, 340 million, and 430 million [26] - **Risks**: Potential risks include lower-than-expected downstream demand, increased competition, and currency fluctuations [26] Industry Trends - **Technological Advancements**: The promotion of modular-free technology is expected to increase the demand for thermal insulation materials, as it leads to higher heat generation in batteries [11] - **Safety Standards**: The gradual improvement of safety standards in the EV sector is likely to increase the adoption of mica insulation products across more vehicle models [15] Product Development - **3D Mica Products**: The company is one of the few capable of mass-producing 3D mica structures, which enhance mechanical strength and thermal insulation performance compared to traditional 2D products [24] - **Cost Efficiency**: The unit cost of mica products is decreasing due to large-scale production, making them more competitive in the market [20] Conclusion - **Investment Potential**: The combination of a growing market, strong financial performance, competitive advantages, and innovative product development positions the company favorably for continued growth in the EV sector and beyond [26]

行 业 研 究 传媒互联网&通信行业：分众传媒营 2024年5月27日 看好/维持 销垂类大模型部署完成，美团全国 东 传媒 行业报告 兴 已建 22 条无人机航线 证 券 股 份 周观点： 未来3-6个月行业大事： 有 浪潮信息库存处于高点。采购是公司生产服务器的实质性开始。2013-2015年， 限 受益于国产替代、云计算以及自研高端服务器，公司服务器制造生产业务进入 公 行业基本资料 占比% 一轮高速增长期，收入迎来快速增长。因此公司采购金额与roe均处于高位水 司 平，两者走势较为吻合；2020-2021年，公司roe再次回归10%以上水平，同 股票家数 191 4.15% 证 样公司采购金额均保持20%以上增长，两者走势较为吻合。2023年，公司采 行业市值(亿元) 14996.21 1.76% 券 购金额增速达到17%，可以看到公司加大原材料采购，预计2024年公司经营 流通市值(亿元) 12942.48 1.89% 研 效益有望向上。美元应付账款显示当前公司处于原材料库存高点。采购CPU & 究 GPU 等组件主要来自海外公司，因此公司以美元计的应付账款占比整体应付 行业平均市盈率 42.83 ...

行 业 研 究 传媒互联网&通信行业：分众传媒营 2024年5月27日 看好/维持 销垂类大模型部署完成，美团全国 东 传媒 行业报告 兴 已建 22 条无人机航线 证 券 股 份 周观点： 未来3-6个月行业大事： 有 浪潮信息库存处于高点。采购是公司生产服务器的实质性开始。2013-2015年， 限 受益于国产替代、云计算以及自研高端服务器，公司服务器制造生产业务进入 公 行业基本资料 占比% 一轮高速增长期，收入迎来快速增长。因此公司采购金额与roe均处于高位水 司 平，两者走势较为吻合；2020-2021年，公司roe再次回归10%以上水平，同 股票家数 191 4.15% 证 样公司采购金额均保持20%以上增长，两者走势较为吻合。2023年，公司采 行业市值(亿元) 14996.21 1.76% 券 购金额增速达到17%，可以看到公司加大原材料采购，预计2024年公司经营 流通市值(亿元) 12942.48 1.89% 研 效益有望向上。美元应付账款显示当前公司处于原材料库存高点。采购CPU & 究 GPU 等组件主要来自海外公司，因此公司以美元计的应付账款占比整体应付 行业平均市盈率 42.83 ...

Group 1 - The report highlights that companies that enhance their services tend to have more stable profits and better resilience against profit fluctuations during price wars, indicating a shift from a low-price focus to a dual emphasis on price and service in the industry [3][19] - The rapid growth of low-priced e-commerce parcels has created a critical decision window for companies, leading to significant differentiation in strategies among major players, with some opting for aggressive pricing while others focus on maintaining profitability [6][7] - The report notes that the intensity of the current price war is high, with companies like Yunda and Shentong seeing their per-package revenue drop to around 2 yuan, similar to levels during the most intense price wars in 2020-2021 [8][27] Group 2 - The report indicates that the first quarter saw a significant increase in package volume, driven by the growth of new e-commerce platforms, although this also led to a decline in per-package revenue [7][19] - It is suggested that the price war's intensity may ease in the second half of the year due to capacity constraints and the need to support franchisees, which could lead to a more stable revenue environment for companies like Zhongtong and Yuantong [27][19] - The report recommends focusing on industry leaders Zhongtong and Yuantong, as they have shown more stable revenue streams compared to competitors heavily engaged in price wars [27][19]

首 席 观 点 DONGXING SECURITIES 首席周观点：2024 年第 21 周2024 年 5 月 24 日 首席观点 周度观点 李金锦 | 东兴证券汽车行业首席分析师 S1480521030003，18515800578，lijj-yjs@dxzq.net.cn 汽车：中原内配（002448.SZ）：传统业务贡献稳定收益，电控执行器、制动系 统与氢能多点开花 公司创建于 1958 年，公司致力于打造以气缸套为核心，以"活塞、活塞环、轴瓦"为战略 支撑的内燃机摩擦副零部件模块化供货模式。并先后进入汽车电子、制动系统、氢能领域。 公司气缸套等传统主业不断巩固和增强市场地位，为公司持续提供稳定收益。新业务中钢活 塞、电控执行器、制动系统和氢能业务有望为公司贡献新的成长。本报告也将围绕上述几个 业务重点分析。 传统主业提供稳定收益。全球气缸套龙头企业，公司气缸套配套全球市场且涵盖商用车及乘 用车。2023 年该业务销量 5,660.11 万只，增长 9.11%。2019-2023 年公司气缸套销量复合增 速为 5.2%。2023 年气缸套业务营收规模 176,557.40 万元，同比增长 12.3%， ...

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [4]. Core Insights - The company has established a strong presence in the consumer electronics sector, focusing on protective and functional products, and is expanding into the carbon fiber processing field [1][4]. - The demand for carbon fiber composite materials is expected to grow rapidly, driven by trends in lightweight consumer electronics and advancements in manufacturing technology [2][86]. - The company has a solid customer base, including major clients like Lenovo, Luxshare Precision, and GoerTek, which enhances its market position [1][61]. Summary by Sections Company Overview - Founded in March 2012, the company specializes in protective and functional products for consumer electronics and has a well-established production capacity [1][23]. - The company went public on the ChiNext board on April 18, 2023, and has since been focusing on expanding its capabilities in carbon fiber processing [1][23]. Market Trends - The carbon fiber composite materials market is projected to grow significantly, with resin-based composites accounting for 80% of the market [2][84]. - The trend towards lightweight products in the consumer electronics sector is expected to increase the penetration of carbon fiber materials in devices like laptops and foldable smartphones [2][89]. Financial Projections - The company anticipates steady revenue growth, with projected earnings per share (EPS) of 1.88 CNY, 2.73 CNY, and 3.77 CNY for 2024, 2025, and 2026, respectively [4][8]. - Revenue is expected to grow from 1,006.52 million CNY in 2023 to 2,769.86 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 38.76% [8]. Investment Projects - The company is investing in projects to enhance its production and R&D capabilities, including a new production base in Anhui and a technology center [3][4]. - The investment projects aim to integrate R&D and production processes, which is expected to boost growth in the carbon fiber segment and improve customer loyalty [3]. Incentives and Management - The company has implemented a stock incentive plan for key members, with ambitious revenue targets set for the next three years, reflecting confidence in its growth trajectory [6][4]. - The management team has extensive industry experience, enabling the company to respond quickly to market demands [26].

行 业 研 究 快递行业一季报点评：低价件竞争激烈，数据 2024年5月27日 看好/维持 分化的背后是对价格与服务的侧重不同 东 交通运输 行业报告 兴 证 分析师 曹奕丰 电话：021-25102904 邮箱：caoyf_yjs@dxzq.net.cn 执业证书编号：S1480519050005 券 股 投资摘要： 份 有 快递业务量同比增速超预期，低价电商件大幅增长是主因，但也带动了单票收入的下滑。今年一季度，行业件量维持了去年 限 下半年以来的较高增速，超市场预期。新型直播电商和社交平台的蓬勃发展一方面刺激了大众的线上消费，带动了快递业务 公 量的增长；另一方面也促成了低价电商件的比例上升。快递价格竞争进一步加剧。 司 各企业经营策略分化明显，背后是对价格和服务的侧重不同。低价电商件的快速增长使得各公司面临重要的决策窗口，面对 证 单量巨大但盈利较为微薄的低价件，是重点押注，力争份额，还是战略放弃，保证盈利。不同公司给出了不同的方案，也因 券 此造就了一季度通达系内部件量同比增速与单票收入同比增速的大幅分化。其中中通坚持不做亏损件的原则，基本没有参与 研 低价件的价格竞争；圆通有选择性的吸纳了一部分业 ...

公 司 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 三只松鼠（300783.SZ）：企业改革 成效凸显，业绩拐点出现 2024 年 5 月 27 日 强烈推荐/调高 三只松鼠 公司报告 成败起伏皆因传统电商，如今借助社交电商东山再起。2012 年公司品牌创立， 当年双 11 便拿下行业销量第一的宝座，屡创纪录，7 年时间便成功上市，销售 额破百亿。然而随着电商红利的衰退，19 年后公司增速持续下滑，公司开启线 下直营店和加盟店模式，探索分销模式以平衡电商渠道的不足，然而疫情期间 的加速拓店使得公司线下业务遭受重创，在随后的几年公司大量关闭线下门 店，将重心转移至分销和社交电商。在此期间，公司加快工厂的建设，重塑供 应链模式，夯实自身内功，23 年公司发布"高端性价比"战略，高性价比产 品契合社交电商模式，公司业绩重回增长。 我国休闲零食有很大的增长空间：1、我国人均休闲零食消费量 14kg/人，明显 低于美国/日本和全球人均水平（70kg/42kg/27kg）；参考日本，虽然在日本经 济衰退前期，休闲食品占家庭食品支出比重有所下降但后期恢复较快，证明休 闲食品弹性较大，长期趋势为占 ...

风险提示：消费需求仍较为疲软，市场竞争加剧，金价波动超过预期等。 器械生产商受益于产品力强、格局优，整体增长稳定性较好，下游医美机构受线下消费波动导致业绩波动较大。 从不同业务结构的公司来看，医美产品和化妆品业务兼有的公司，其业绩受到化妆品品牌轮动影响明显。 化妆品板按产业链拆分：中游品牌商 23 年业绩表现较为一般，24 年 Q1 有所改善。化妆品品牌商（根据申万 二级分类，同时剔除福瑞达已经剥离的地产业务，同时加入华熙生物）23 年整体收入同比+8.58%，归母净利 润同比-1.67%。美护消费整体仍疲软，收入端表现一般。行业整体毛利率有小幅提升，但费用率的增长幅度 更大，从而导致利润端表现弱于收入端。24 年 Q1 收入端稳健增长，利润端较 23 年有所恢复。通过剖析上市 公司的经营情况和业绩表现，我们总结出以下行业特点：（1）在行业增速下降的背景下，中游品牌商竞争加剧， 业绩表现分化程度加重，只有少部分品牌坚挺，多数品牌处于调整期。（2）行业增长乏力且竞争加剧的背景下， 主品牌的业绩贡献减弱，培育较成熟的子品牌收入高增，品牌矩阵的优势进一步显现。（3）头部美妆公司开始 陆续探索国际市场，海外出口或为中 ...