投资要点 ➢ ➢ 10% ➢ 5% 0% -5% -10% -15% -20% -25% -30% -35% 000300.SH 857354.SL ➢ ...

资料来源：Wind，源达信息证券研究所 证券研究报告/投资策略 主要内容 近30天机构调研数前二十的热门公司有珀莱雅、天孚通信和澜起科技等，近 7天机构调研数前二十的热门公司有珀莱雅、天孚通信和华测检测等。上述公 司中机构评级家数大于或等于10家的公司合计有31家，31家公司目前均已发 布2023年年报。31家公司中业绩表现较佳的公司有（2023年归母净利润超过 2023年Wind一致预期）：珀莱雅、天孚通信、中际旭创、许继电气、乐歌股 份、劲仔食品、双环传动、甘源食品和芒果超媒等。31家公司中2024年一季 度业绩较佳的公司有（参考2024年一季报或一季度业绩预告）：珀莱雅、天 孚通信、澜起科技、中际旭创、京东方A、劲仔食品、甘源食品、新易盛、卫 星化学和电连技术。 ➢ 投资建议 1）珀莱雅：公司是国内具备渠道优势和产品优势的美妆领先企业，通过电商 渠道业绩保持高速增长，并成功进入高端市场，品牌认可度持续提高。 3）澜起科技：公司是内存接口芯片领军企业，与三星、海力士和美光等全球 头部存储厂商建立了稳定合作关系，未来有望受益存储行业复苏。 5）劲仔食品：公司是国内聚焦以鱼制品为主的休闲食品领域的领军企业，并 ...

% 源达 证券研究报告/投资策略 | --- | --- | |----------------------------------------|-------------------------| | | 报告日期:2024年04月26日 | | 本周重要指数全线上涨，北向资金大幅流入 | | | | | | 宏观策略周报 | | 投资要点 A 资讯要闻 本周国内股票市场重要指数全线上涨，其中科创100指数涨幅最大为6.8%。申万一级行业 中，计算机行业涨幅最大为5.8%。 1. 4月23日,中国人民银行表示,在二级市场买卖国债可以作为流动性管理方式和货币政 策工具储备。 2. 4月25日，美国商务部发布的数据显示，美国第一季度实际GDP年化季环比初值增长 1.6%，远不及市场预期的2.5%，较去年四季度的3.4%大幅放缓。而一季度GDP加权价格 指数为 3.1%,高于预期的3.0%,几乎是第四季度1.6%的两倍。同时发布的季度通胀数据 方面，个人消费支出(PCE)年化季环比初值增长2.5%,较前值3.3%大幅放缓,同样不及 预期的3%; 不含食品和能源的核心PCE价格指数年化季环比增长3.7%, 超出预期 ...

7d 源达 沪深 300 指数走势图 增持回购策略周报(20240422-20240426) 主要内容 2024 年 4 月 22 日至 4 月 26 日，共计 12 家公司发布增持公告，其中，3 家公司发布增持计划公告，5 家公司发布完成增持公告，其余公司发布增持 进展情况公告。泰恩康董秘拟以 200-400 万元增持公司股票。 ➢ 2024/01/01-2024/04/26部分上市公司增持情况 2024 年 4 月 22 日至 4 月 26 日，共计 216 家公司发布回购情况公告，其中， 评级机构家数大于 10 家（含 10 家）的有 46 家公司。康缘药业拟出资 1.5- 3.0 亿元回购公司股票，用于注销，占预案日市值的 1.30%-2.61%；截至 4 月 26 日，公司已出资 0.14 亿元累计回购 84.93 万股，占总股本的 0.15%。 凯莱英拟出资 6-12 亿元回购公司股票，用于员工持股计划或股权激励及注 销减少注册资本，占预案日市值的 1.79%-3.58%；截至 4 月 25 日，公司已 累计支付 5.78 亿元回购 689.84 万股，占总股本 2.02%。晨光生物拟出资 3- ...

Investment Rating - The report gives an investment rating of "Positive" for the semiconductor materials industry, specifically focusing on photoresists [5]. Core Insights - Photoresists are critical materials in the photolithography process, with the domestic market expected to recover in 2024, driven by advancements in artificial intelligence and a cyclical recovery [2][17]. - The domestic production of mature process technology is accelerating, providing more opportunities for domestic photoresist manufacturers to enter the supply chain [3][21]. - The photoresist market is currently dominated by Japanese and American companies, but domestic manufacturers are making significant progress in replacing imported products [4][24]. Summary by Sections 1. Photoresists as Core Materials - Photoresists are essential in the photolithography process, where patterns are transferred onto substrates through photochemical reactions [10][11]. 2. Global and Domestic Market Growth - The global photoresist market is valued at over $10 billion, with the domestic market showing continuous growth. In 2022, the global market size was $10.16 billion, growing by 6.4%, while China's market reached 19.07 billion yuan, increasing by 8.5% [15][16]. 3. Acceleration of Domestic Mature Process Expansion - In 2023, China's wafer production capacity reached 6.5872 million pieces per month, a year-on-year increase of 13.8%. The 12-inch capacity accounted for 56.9% of this, primarily using ArF and KrF photoresists [19][20]. 4. Market Monopoly and Domestic Breakthroughs - The photoresist market is monopolized by Japanese companies, with over 90% of advanced photoresists for 8-inch and 12-inch wafer production still relying on imports. However, domestic manufacturers are achieving breakthroughs in g/I line and KrF photoresists, with ArF photoresists also progressing [4][25][26]. 5. Key Companies - **Tongcheng New Materials**: A leading domestic semiconductor photoresist company, with significant market share in g-line photoresists and nearing international standards in I-line photoresists. The company reported a revenue of 2.196 billion yuan in the first three quarters of 2023, up 18.89% year-on-year [27][28]. - **Huamao Technology**: Engaged in the semiconductor photoresist business through its subsidiary, which has secured orders from domestic 12-inch wafer fabs. The company achieved a revenue of 1.458 billion yuan in the first three quarters of 2023, a 31.50% increase year-on-year [29][30]. 6. Investment Recommendations - The report suggests focusing on companies like Tongcheng New Materials and Huamao Technology, as the domestic photoresist market is expected to grow due to increased production capacity and a shift towards domestic sourcing [31].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 9.62 CNY per share based on a PE valuation of 14.2 times for 2024 [4][6]. Core Insights - The company aims to expand its direct store count significantly, with plans to add 1,000 new stores from 2023 to 2025, which is expected to enhance revenue growth [4]. - The company operates a multi-brand retail group, focusing on high dividend payouts, with cash dividends from 2019 to 2022 amounting to 12.15, 11.06, 22.03, and 18.57 billion CNY, reflecting a high cash dividend ratio [2][15]. - The company employs a unique franchise model that separates ownership and management rights, allowing franchisees to operate stores with reduced entry barriers, thus accelerating network expansion [3][19]. - The procurement strategy emphasizes a "returnable goods first, non-returnable goods second" model, which mitigates inventory risks for both the company and its franchisees, leading to a higher proportion of returnable goods in inventory [3][22]. Summary by Sections Multi-Brand Retail Group - The company has developed a diverse product matrix, including men's, women's, children's, and professional clothing, as well as home goods, under various brands [11]. - The ownership structure is stable, with the founding Zhou family holding 60.13% of the shares, ensuring strong governance [13]. Sustainable Business Model - The "platform + brand" chain operation model allows for independent brand management while providing centralized support services [18]. - The company does not rely on discounting as a marketing strategy, maintaining a flat sales structure that enhances price competitiveness [25]. Operational Performance - The company has seen a steady increase in store numbers, with a total of 8,219 stores by 2022, despite a decline in total store count in 2023 due to the sale of a brand [28]. - Revenue for the first three quarters of 2023 reached 155.69 billion CNY, reflecting a year-on-year growth of 13.85% [30]. Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 29.41, 32.53, and 38.48 billion CNY from 2023 to 2025, with corresponding EPS of 0.61, 0.68, and 0.80 CNY [4][44]. - The report anticipates continued growth in the main brand's revenue, driven by the planned expansion of direct stores and a focus on high-quality franchise operations [44].

7d 源达 增持回购策略周报(20240318-20240322) 分析师：刘丽影 执业登记编号：A0190519050001 liuliying@yd.com.cn 2024 年 3 月 18 日至 3 月 22 日，共计 103 家公司发布回购情况公告，其中， 评级机构家数大于 10 家（含 10 家）的有 22 家公司。聚和材料拟以 3-6 亿 元回购公司股票，用于股权激励或员工持股计划，占预案日市值的 4.21%- 8.42%。欢乐家拟以 1.50-2.25 亿元回购公司股票，以维护公司价值及股东 权益，占预案日市值的 3.17%-4.76%。兔宝宝拟以 1-2 亿元回购公司股票， 用于出售，占预案日市值的 1.35%-2.70%。 1） 增持：建议关注增持比例较大，公司基本面向好的标的：伊力特、喜临门、 浙江鼎力、林洋能源； -10% -5% 0% 5% 2023/03 2023/08 000300.SH 图表目录 一、A 股上市公司增持情况 表 1：2024/03/18-2024/03/22 上市公司增持公告披露情况 | --- | --- | --- | --- | --- | --- | -- ...

-25% -15% -5% 5% 15% 2023/03 2023/07 2023/11 2024/03 000300.SH Q：公司已披露 2023 年业绩快报，营收及利润指标双双取得高速增长，公司业绩增长主 证券研究报告/投资策略 ➢ 机构调研热门公司梳理 1）中控技术：公司是流程工业智能控制解决方案领域的领军供应商。公司多 项智能控制软件均在国内市场市占率保持多年第一。中东、东南亚等新兴市 场逐步拓展有望成为新的增长点。 资本市场发生波动的风险、上市公司业绩不达预期的风险。 7d 源达 | --- | --- | |---------------------------------------------------------------------|-------| | | | | | | | 表 2: 近 7 天机构调研次数前二十公司排名（2024/03/16-2024/03/22） . | | | 表 3：部分业绩存在亮点的公司简介 | | | 表 4：近 30 天外资机构调研次数前十公司排名（2024/02/22-2024/03/22） | | | 表 5: 中控技术机构调研公告摘录 (202 ...

投资要点 ➢ ➢ 40% 30% 20% 10% 0% -10% -20% -30% ➢ 000300.SH 886067.TI ...

证券研究报告/行业研究 人形机器人商业化图景远大，引爆六维力传感器市场空间 ——力传感器专题研究系列一 投资要点 投资评级： 看好 ➢ 六维力传感器是机器人重要部件，市场空间有望加速扩容 分析师：吴起涤 力传感器的测量对象是力，并将力量值转换为相关电信号。力传感器是机器 执业登记编号：A0190523020001 人感知力的核心器件，常见的力传感器包括一维力传感器、三维力传感器和 wuqidi@yd.com.cn 六维力传感器。六维力传感器适用于力作用点随机并对测量精度要求较高的 场景，适合在人形机器人和协作机器人中应用。根据MIR睿工业数据，2023 年中国六维力传感器市场规模为2.35亿元，同比增长14.3%，并预计在2026- 研究助理：程治 2030年，人形机器人的规模量产将显著增加六维力传感器需求，并推动生产 执业登记编号：A0190123070008 成本降低，市场有望迎来快速扩容期。从2023年六维力传感器下游行业看， chengzhi@yd.com.cn 工业自动化是第一大下游应用，人形机器人是增速最快的下游应用。 传感器指数与沪深300指数走势对比 ➢ 人形机器人商业图景远大，推动六维力传感 ...