李美岑 SAC 证书编号: S0160521120002 limc(@ctsec.com 相关报告 1. 《当前地产链如何演绎? -- 一A 股翼 略专题报告(20240519)》 2024-05-19 2.《全球资金流入股票市场 119亿美元 -- 全球资金观察系列 106》 2024- 05-19 3. 《盈利和估值双击上行的方向有哪 些》 2024-05-18 ■ 证券研究报告 -2 ij -2 请阅读最后一页的重要声明! | --- | |----------------------------------------------------------------------------------------------------| | | | 图表目录 | | 图 1. 本周市场指数均收跌,小盘股跌幅较大 . | | 图 2. 相对估值洼地的金融地产调整幅度相对较少 . | | 图 3. 周内上涨公司降至同期低位. | | 图 4. 北向资金本周净流入 8 亿元, 相较前期有所缩水. | | 图 5. 市场换手率和杠杆资金情绪双双回落至 4月以来低点 | | 图 6. 市场调整下,高股息板块再 ...

安井食品(603345) /食品加工 / 公司点评 / 2024.05.25 重视股东回报，经营思路清晰 证券研究报告 投资评级:买入(维持) 核心观点 ❖ 事件：公司股东大会通过《安井食品未来三年（2024 年-2026 年）股东回报 基本数据 2024-05-24 规划》，确认公司每年以现金形式分配的利润从之前的20%上修到40%。同时 收盘价(元) 93.85 授予董事会中期分红决策权，分红率预期有望持续提升。公司提升分红率，重 流通股本(亿股) 2.93 每股净资产(元) 44.46 视股东回报。 总股本(亿股) 2.93 最近12月市场表现 ❖ 品类思路：高端化持续推进，开始重视区域爆品。公司认为高端产品对 品牌建设很重要，公司将继续高端化的路线上还会持续推进；在锁鲜装 1.0、 安井食品 沪深300 2.0、3.0、4.0 之后，公司还会陆续推出更适合区域产区域销售的锁鲜装产品。 上证指数 食品加工 4% 此外公司也会通过区域爆品，加大对区域产品、区域市场的份额争夺。 -8% -20% ❖ 渠道思路：顺应趋势开发大 B 客户。2023 年下半年以来，公司积极顺应 -32% 餐饮连锁化率提升的市场趋 ...

轻工制造 /行业投资策略月报 /2024.05.24 4 月家具出口改善，美国通胀放缓 证券研究报告 投资评级:看好(维持) 轻工出口月度跟踪 最近12月市场表现 核心观点  2024年4月家具出口改善，弹簧床垫景气延续。据海关数据，2024年4 轻工制造 沪深300 月家具及其零件出口额62.6亿美元，同比+8.7%（前值-5.2%），增速转正。2024 8% 年前4月家具及其零件出口额237.2亿美元，同比+16.5%。各品类来看，4月 1% 弹簧/乳胶床垫出口额分别同比+33.2%/+3.7%，弹簧床垫出口延续高景气，乳 -6% 胶床垫增速放缓；4 月木框架/金属框架沙发出口额分别同比-20.0%/-36.8%， -12% 降幅均有所扩大；4月PVC地板、不锈钢保温杯出口额分别同比-6.3%、-7.8%， -19% 降幅均有所收窄。4月弹簧床垫出口表现较优，PVC地板和不锈钢保温杯出口 -26% 有所改善。  2024年4月美国成屋销售同比降幅收窄，新建住房销售同比增速转负。 分析师 吕明璋 SAC证书编号：S0160523030001 新建住房方面，2024 年 4 月美国新建住房销售 63.4 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The acquisition of Tongtuo Technology is expected to exceed expectations in terms of cost-effectiveness and is likely to act as a business accelerator [4] - The company is continuously expanding its product categories and platforms, with the acquisition expected to enhance scale [17] Financial Performance Summary - In 2023, Tongtuo's revenue was 34.13 billion, a year-on-year decrease of 1.0%, with a net profit of -1.07 billion due to inventory impairment losses and credit impairment losses [12] - The company is projected to achieve revenues of 84.48 billion, 102.18 billion, and 114.39 billion from 2024 to 2026, with corresponding net profits of 4.55 billion, 5.85 billion, and 6.95 billion [17] - The projected PE ratios for 2024, 2025, and 2026 are 11, 9, and 7 respectively [17] Business Model and Market Position - The company has a high concentration of categories, with home and electronic categories generating revenues of 2.67 billion and 0.58 billion respectively, accounting for 78.8% and 17.1% of total revenue [5] - The company has diversified its channels, with significant growth in emerging platforms such as Amazon, AliExpress, and Meituan, which generated revenues of 1.66 billion, 0.49 billion, and 0.28 billion respectively [5] - As of 2023, Tongtuo has a total of 10,856 third-party e-commerce platform stores, with 3,274 on Amazon, indicating a strong resource base for rapid expansion [5] Profitability and Efficiency Metrics - Tongtuo's gross margin in 2023 was 28.85%, lower than Yibai's 37%, indicating significant room for improvement [6] - The company's operating cash flow was 0.75 billion, with cash and cash equivalents amounting to 4.36 billion, suggesting a strong financial position for the acquisition [12] - The projected net profit growth rates from 2024 to 2026 are 36.89%, 28.63%, and 18.90% respectively [7]

Industry Overview - The global semiconductor market is showing signs of recovery, with Q1 2024 sales reaching $137.7 billion, a 15.2% YoY increase [7] - China's semiconductor market is leading the recovery, with a 27.4% YoY growth in Q1 2024, driven by strong demand in AI, IoT, and consumer electronics [8][9] - The US has escalated semiconductor trade restrictions, increasing tariffs on Chinese semiconductor products from 25% to 50% [13] Memory Market - Memory prices are steadily rising, with DRAM contract prices expected to increase by 13%-18% and NAND Flash by 15%-20% in Q2 2024 [2] - Server memory, particularly HBM, is in high demand, with SK Hynix and Micron reporting sold-out HBM chips for 2024 [19][20] - Niche memory markets, including DDR3 and NOR Flash, are experiencing price increases, with some products seeing up to 30% price hikes [25] Foundry Market - TSMC reported a 59.6% YoY revenue increase in April 2024, driven by strong demand for AI chips [27] - SMIC has become the world's third-largest foundry, with an 80.8% capacity utilization rate in Q1 2024 [28] - Chinese foundries like SMIC and Hua Hong Semiconductor are expected to see continued revenue growth in Q2 2024 [29] Semiconductor Equipment - China's demand for semiconductor equipment is boosting the performance of global equipment manufacturers, with Japan's semiconductor equipment shipments increasing by 8.5% YoY in March 2024 [30] - Domestic Chinese equipment manufacturers, such as Naura and AMEC, are making significant progress, winning multiple bids for equipment procurement projects [37][38] - ASML's revenue from China increased to 49% of total revenue in Q1 2024, highlighting the importance of the Chinese market [35] Investment Recommendations - Memory companies like Jiangbolong, Biwin Storage, and Dongxin are recommended due to the rising prices and demand for memory products [2] - Foundry companies like SMIC and Hua Hong Semiconductor are key to the semiconductor supply chain and are expected to benefit from the industry's recovery [42] - Semiconductor equipment and material companies, including Naura, AMEC, and Dinglong, are expected to see growth due to the expansion of domestic production lines [43][44]

证券研究报告 财通证券 CAITONGSECURITIES 三大运价指数回升 实体经济图谱 2024年第17期 ...

证证券券研研究究报报告告 4 轮地产行情的启示 ——A 股策 略专题报 告 分析师：李美岑 ...

证证券券研研究究报报告告 分红比例增加，组合夏普超 1 — — “泛红利资产”研究九 分析师：李美岑 ...

电子 /行业深度分析报告 / 2024.05.23 铜互联，数据中心通信网络重要解决方案 证券研究报告 投资评级:看好(维持) AI 行业深度跟踪报告（二） 最近12月市场表现 核心观点 ❖ 数据中心网络架构加速向高速率带宽迭代：AI 算力需求大幅增长，通信 电子 沪深300 上证指数 网络带宽速率提升势在必行。以全球两大网络通信协议以太网和InfiniBand为 10% 例，2025年预期将发布的 PCIe 7.0将提供比PCIe 6.0翻倍的双向传输带宽； 2% 2025年将发布的InfiniBand GDR每通道传输速率提升至400 Gb/s，4通道速 -5% 率将达到1.6Tb/s水平，数据中心网络架构加速向高速率带宽迭代。 -13% -20% ❖ 短距通信场景铜互联相对优势明确：铜连接产品在数据中心高速互联中一 -28% 直扮演着重要角色。在数据中心能耗攀升，以及建设成本高企的背景下，铜互 联在散热效率、低功耗、低成本方面有着一定优势。行业龙头英伟达在最新的 GB200 NVL72大机柜中大量采用铜连接方案，实现性能、能耗和成本的平衡。 分析师 张益敏 SAC证书编号：S0160522070002 ...

数据来源：Wind，财通证券研究所 数据来源：Wind，财通证券研究所 复锐医疗科技：2023 年实现营收 3.59 亿美元，同比增长 1.4%；实现经调整净利 润 0.38 亿美元，同比下滑 22.9%。 公司作为全球能量源设备领军者，形成医美+生美+牙科共振，随直销占比扩 大及注射管线布局毛利率持续提升，渠道趋于稳定后有望迎来净利率拐点 谨请参阅尾页重要声明及财通证券股票和行业评级标准 13 相关报告 证券研究报告 展望 2024-2025 年，建议关注核心厂商新品获批节奏：1）2024 年：透明 质酸类建议关注爱美客宝尼达 2.0、昊海生科第四代有机交联透明质酸填 充剂、华熙生物颈纹填充产品等；胶原蛋白类建议关注巨子生物、锦波生 物；痤疮治疗类建议关注科笛外用 4%米诺环素泡沫剂。2）2025 年：建议 关注爱美客 Hutox 肉毒、巨子生物重组胶原蛋白植入剂&交联重组胶原蛋 白凝胶、锦波生物 17 型重组胶原蛋白、科笛外用非那雄胺等。 美容护理 / 行业投资策略周报 / 2024.05.22 医美业绩总结：对标海外具备高成长性，关注品类迭代 投资评级:看好(维持) 最近 12 月市场表现 -39% - ...