行 业 研 究 非银行金融行业跟踪：监管层多措 2024年2月19日 看好/维持 并举呵护市场，投资者信心有望修 东 非银行金融 行业报告 兴 复 证 券 证券：春节前一周市场交投趋于活跃，日均成交额环比大增约2100亿至0.97 未来3-6个月行业大事： 股 万亿；两融余额（2.8）降至1.42万亿。从监管层面看，多部门齐发声呵护市 无 份 场，提振投资者信心。1.资金、流动性：中央汇金公司发布公告，将继续加大 行业基本资料 占比% 有 增持 ETF 的规模和力度；证监会表示将继续协调引导公募基金、私募基金、 限 股票家数 83 1.8% 证券公司、社保基金、保险机构、年金基金等各类机构投资者更大力度入市， 公 行业市值(亿元) 54545.81 7.02% 鼓励和支持上市公司加大回购增持力度。2.融资：证监会指出，维保比例低于 司 流通市值(亿元) 42129.95 6.85% 平仓线不意味着马上强制平仓，将通过延长追保时间、动态下调平仓线，保持 证 平仓线弹性，以减少强平风险和市场压力。3.融券：暂停新增转融券规模，存 行业平均市盈率 16.22 / 券 量逐步了结；严禁向利用融券实施日内回转交易（变相 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a relative strength compared to the market benchmark index with an expected return of 5% to 15% [27]. Core Insights - The company achieved a revenue growth of 22.30% in 2023, with total revenue reaching 2.481 billion yuan. The net profit attributable to the parent company was 121.15 million yuan, marking a significant increase of 291.41% year-on-year [24][19]. - The gross margin improved to 10.44%, an increase of 1.33 percentage points compared to the previous year. The production of LED chips continued to grow, with a total output of 21.74 million pieces in 2023, up 8.37% from 2022 [24][19]. - The company is actively expanding its Mini LED product line, which is expected to benefit from the rapid growth of the Mini LED industry. The market size for Mini LED in mainland China is projected to grow significantly, with a compound annual growth rate of 50% from 2020 to 2026 [24][19]. Financial Performance Summary - **Revenue Forecast**: The company is projected to achieve revenues of 3.044 billion yuan in 2024, 3.772 billion yuan in 2025, and 4.526 billion yuan in 2026, reflecting a consistent growth trajectory [7]. - **Net Profit Forecast**: The net profit is expected to reach 143.08 million yuan in 2024, 233.54 million yuan in 2025, and 292.36 million yuan in 2026, indicating strong profitability growth [7]. - **Earnings Per Share (EPS)**: The EPS is forecasted to be 0.21 yuan in 2024, 0.35 yuan in 2025, and 0.44 yuan in 2026, showcasing an upward trend in earnings [7]. Market Position and Strategy - The company is recognized as a leading player in the LED chip industry, focusing on high-value products with significant technological barriers. Its products are primarily used in high-end applications such as display backlighting and general lighting [24][19]. - The company has enhanced its efforts in expanding overseas markets, with international revenue increasing by 23.30% year-on-year [24][19]. Future Outlook - The company is expected to benefit from the ongoing development of the Mini LED industry, with its production capacity set to expand further. The anticipated growth in the Mini LED market presents a significant opportunity for the company [24][19].

公 司 研 究 大业股份（603278.SH）：金属骨架 2024年2月2日 推荐/首次 材料龙头或迈入第二成长极 东 大业股份 公司报告 兴 证 公司简介： 券 山东大业股份有限公司成立于2003年，是一家聚焦于胎圈钢丝、钢帘线及胶管钢丝研发、生 公司主营业务为胎圈钢丝、钢帘线以及胶管 股 产和销售的金属骨架新材料一体化的国家级高新技术企业，是《胎圈用钢丝》国家标准主要承 钢丝的研发、生产和销售，产品主要应用于 份 担指定单位。公司是全球最大胎圈钢丝生产企业，占全球胎圈钢丝市场 20%以上（占中国胎 乘用车轮胎、载重轮胎、工程轮胎以及航空 有 圈钢丝近1/3市场）；此外公司亦是全球第三大、中国第二大钢帘线生产企业。公司已建立全 轮胎等各种轮胎制品。公司是全球及国内规 限 模最大的胎圈钢丝制造企业。公司拥有“大 规格超高强度胎圈钢丝及全规格强破断力钢帘线生产能力，是目前国内以轮胎骨架材料行业全 业”注册商标被认定为中国驰名商标，山东 公 产业链业务为主的龙头公司。公司核心产品为胎圈钢丝、钢帘线及胶管钢丝，公司产品主要用 省名牌产品、中国橡胶工业推荐品牌产品； 司 于轮胎及汽车行业，属于国家战略性新兴产业重点鼓 ...