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]

Group 1 - The core view of the report highlights that Zhongyuan Neipei (002448.SZ) has a stable revenue contribution from its traditional business, while new growth areas such as steel pistons, electronic control actuators, brake systems, and hydrogen energy are expected to flourish [3][4][10] - The company has established a modular supply model centered on cylinder liners, with a focus on piston rings and bearings, and has expanded into automotive electronics, brake systems, and hydrogen energy [3][4] - The cylinder liner business remains a leader globally, with sales of 56.6 million units in 2023, representing a growth of 9.11%, and revenue of 1.77 billion yuan, up 12.3% year-on-year [4][10] Group 2 - The steel piston business is benefiting from emission upgrades, with revenue in 2023 reaching 169.5 million yuan, a significant increase of 84.3%, and a gross margin improvement to 23.85% [6][10] - The hydrogen energy segment has established a comprehensive layout in core components for hydrogen fuel cells, with the first batch of products delivered in 2023 and a production capacity of 2,000 fuel cell engines per year [7][10] - The brake system segment, particularly the bi-metal composite brake drums, is positioned to become mainstream due to their advantages in weight reduction and strength, with a market share exceeding 60% [9][10] Group 3 - The electronic control actuator business has seen significant growth, with sales of 2.59 million units in 2023, a year-on-year increase of 109.6%, and the first annual profit achieved by the subsidiary [16][10] - The company is expected to achieve net profits of 361 million, 421 million, and 485 million yuan from 2024 to 2026, with corresponding EPS of 0.61, 0.71, and 0.82 yuan, indicating a positive outlook for future growth [10]

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 ...

Group 1 - The overall performance of the beauty and personal care sector is stable, with the medical beauty segment showing significant elasticity, while the cosmetics segment is underperforming [30][46] - The medical beauty sector achieved a revenue growth of 10.41% year-on-year in 2023, with a remarkable net profit increase of 216.78% [16][46] - The cosmetics industry saw a revenue increase of 8.58% in 2023, but net profit decreased by 1.67%, indicating a challenging market environment [3][51] Group 2 - The gold and jewelry sector experienced a revenue growth of 21.27% in 2023, driven by rising gold prices and post-pandemic recovery [48][67] - The diamond jewelry segment, however, faced a decline in revenue by 22.05% and a net profit drop of 90.21%, highlighting a shift in consumer preference towards gold products [48][67] - The outlook for 2024 remains positive for gold-focused companies, supported by sustained high gold prices and increased store openings [48][67] Group 3 - The cosmetics upstream raw materials sector showed significant volatility, with overall revenue growth of 4.3% in 2023 and a net profit increase of 269.51% [32][65] - Major companies like Kossy achieved stable growth due to increased demand and improved market position, while the overall market remains under pressure [32][65] - The midstream processing sector faced a revenue decline of 22% in 2023, but net profit increased by 102.05%, indicating a mixed performance across the industry [32][65] Group 4 - The investment strategy suggests focusing on structural opportunities in high-growth sectors, as consumer demand remains weak and the market is experiencing ongoing differentiation [17][68] - The report emphasizes the importance of identifying quality leading companies that can benefit from increased market concentration amid intensifying competition [17][68]

Summary of Conference Call Industry Overview - The conference call focused on the Tokyo trading company and the retail sector, specifically highlighting the optional consumer market and the structural opportunities within the Western segment and industry leaders [1] Core Insights and Arguments - The discussion emphasized the ongoing differentiation in the optional consumer sector, indicating a need for investors to pay attention to specific segments and leading companies within the industry [1] Additional Important Content - The call began with all participants muted, suggesting a formal structure to the meeting and a focus on the presentation by the speaker [1]

Group 1 - The report highlights the strong growth potential in the global photovoltaic and energy storage sectors, driven by the transition to a green and low-carbon energy structure, with new installations expected to continue rising [3][4] - The photovoltaic industry is experiencing a price decline, leading to a phase where industry fundamentals are expected to improve as capacity reduction progresses and prices approach a bottom [3][4] - Investment opportunities in the photovoltaic sector are identified along three main lines, including integrated component leaders with stable cash flow, which are expected to gain market share during industry consolidation [4][17] Group 2 - The report indicates a recovery in the Chinese tablet market, with Q1 2024 shipments reaching 7.13 million units, a year-on-year increase of 6.6%, driven by both consumer and commercial market growth [7] - The automotive sector is highlighted for its stable revenue contributions from traditional businesses, while new growth areas such as electric control actuators and hydrogen energy are emerging [10][46] - The company in focus has seen significant growth in its electric control actuator business, with sales increasing by 109.6% in 2023, indicating a strong trend towards domestic substitution in the turbocharger market [10][46] Group 3 - The report discusses the performance of the logistics sector, particularly in cross-border e-commerce, which has shown significant growth despite challenges in air freight rates [37][55] - The mining services business is experiencing strong growth, with a compound annual growth rate (CAGR) of 11.1% in mining supply from 2021 to 2023, reflecting the company's competitive advantage in the market [39][61] - The company is expected to achieve substantial revenue growth in the mining sector, with projections for 2024-2026 indicating significant increases in both revenue and net profit [62][63]