证券研究报告·行业点评报告 2024 年 12 月 18 日 江海证券研究发展部 机械设备行业 分析师：任沐昕 执业证书编号：S1410524050002 近十二个月行业表现 数据来源：聚源 注：相对收益与沪深 300 相比 注：2024 年 12 月 17 日数据 相关研究报告 1. 江海证券-行业点评报告-机械设备行 业：中小企业数字化赋能，带动数智化产 业链设备发展 – 2024.12.16 2. 江海证券-行业点评报告-机械设备行 业：新型城市基础设施建设，相关配套设 备市场有待发掘 – 2024.12.11 3. 江海证券-行业点评报告-机械设备行 业：冰雪经济助力东北振兴详细方案出炉， 具体设备产业发展前景落实 – 2024.12.09 4. 江海证券-行业研究报告-机械设备行 业：机械设备行业跟踪报告 （2024.11.18~2024.12.01） – 2024.12.04 5. 江海证券-行业点评报告-机械设备行 业：西部鼓励类产业目录更新，促进相关 领域机械设备发展 – 2024.12.02 2024 年 12 月 17 日，工业和信息化部、生态环境部、应急管理部、国家标准化 管理委员会联合 ...

证券研究报告·行业点评报告 2024 年 12 月 18 日 江海证券研究发展部 社会服务行业 11 月社零数据出炉，政策端提振消费 可期 分析师：吴春红 执业证书编号：S1410524050001 联系人：黄燕芝 执业证书编号：S1410123120005 数据来源：聚源 注：相对收益与沪深 300 相比 注：2024 年 12 月 17 日数据 相关研究报告 1. 江海证券-行业点评报告-社会服务行 业：亚冬会叠加政策推动，冰雪旺季再次 来临 – 2024.11.12 2. 行业点评报告-社会服务行业：暑运收 官，中秋假期旅游预定起势明显 – 2024.09.12 3. 行业点评报告-社会服务行业：《关于 促进服务消费高质量发展的意见》的解读 – 2024.08.07 4. 行业点评报告-社会服务行业：端午出 行景气度高，旅游市场年轻化、性价比与 下沉趋势明显 – 2024.06.13 12 月 5 日，国家发展改革委印发《推动东北地区冰雪经济高质量发展助力全面 振兴取得新突破实施方案》（以下简称《实施方案》），具体举措包括着力提 升冰雪旅游品质、加快发展冰雪运动、积极发展冰雪文化产业、培育壮大冰雪 装备 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 27.2 CNY over a 12-month period [2]. Core Views - The company, Guangdong Audiwei Sensor Technology Co., Ltd., has established itself as a leader in the smart sensor and actuator industry since its inception in 1999, focusing on research, design, production, and sales of intelligent sensors and actuators [2][30]. - The company's revenue and net profit have shown steady growth, with total revenue increasing from 293 million CNY in 2018 to 467 million CNY in 2023, reflecting a 5-year CAGR of 9.77%. The net profit has also grown significantly from 28 million CNY in 2018 to 77 million CNY in 2023, with a 5-year CAGR of 22.42% [2][47]. - The sensor market is experiencing rapid growth, particularly in automotive applications due to the increasing penetration of electric vehicles and advanced driver-assistance systems (ADAS) [2][75]. Summary by Sections Company Overview - The company specializes in smart sensors and actuators, holding multiple core technologies essential for providing components and solutions for the Internet of Things (IoT) [2][30]. - Audiwei has a diverse product line that includes distance, flow, and pressure sensors, as well as atomization transducers and alarm sounders, serving various sectors such as automotive electronics, smart instruments, and security [2][30]. Financial Performance - The company's total revenue has shown a steady increase, with a notable recovery in 2023 after a dip in 2022 due to external factors affecting sales [2][47]. - The net profit has also demonstrated strong growth, with a slight increase in the first three quarters of 2024 compared to the previous year [2][51]. Main Business Segments - The primary products are categorized into sensors and actuators, with sensors based on piezoelectric effects used for detecting information such as distance and position, while actuators utilize reverse piezoelectric effects for feedback actions [2][68]. - The company’s sensor products include ultrasonic sensors and modules, flow sensors, and pressure sensors, which are critical components in smart instruments [2][69]. Market Trends - The automotive sensor market is poised for rapid growth, driven by advancements in ADAS and autonomous driving technologies, which require an increased number of sensors for enhanced safety and intelligence [2][75]. - The company is well-positioned to benefit from the growing demand for smart water meters and the increasing adoption of ultrasonic flow sensors in both domestic and international markets [2][75].

证券研究报告·行业点评报告 2024 年 12 月 16 日 江海证券研究发展部 机械设备行业 执业证书编号：S1410524050002 数据来源：聚源 注：相对收益与沪深 300 相比 注：2024 年 12 月 13 日数据 相关研究报告 1. 江海证券-行业点评报告-机械设备行 业：新型城市基础设施建设，相关配套设 备市场有待发掘 – 2024.12.11 2. 江海证券-行业点评报告-机械设备行 业：冰雪经济助力东北振兴详细方案出炉， 具体设备产业发展前景落实 – 2024.12.09 3. 江海证券-行业研究报告-机械设备行 业：机械设备行业跟踪报告 （2024.11.18~2024.12.01） – 2024.12.04 4. 江海证券-行业点评报告-机械设备行 业：西部鼓励类产业目录更新，促进相关 领域机械设备发展 – 2024.12.02 5. 江海证券-行业点评报告-机械设备行 业：粮食节约与反食品浪费风潮将起，相 关设备领域静待起风 – 2024.11.27 2024 年 12 月 13 日，工信部、财政部等 4 部门联合发布《中小企业数字化赋能 专项行动方案（2025—2027 年）》 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Viewpoints - The report highlights the positive trend in the industrial mother machine sector, driven by government policies and local initiatives aimed at enhancing the competitiveness of the supply chain and manufacturing capabilities [1][3] - The production of machine tools in China has shown consistent growth, with metal cutting and forming machine tool outputs increasing by 7.4% and 7.1% year-on-year, respectively, as of October [1] - The manufacturing PMI for November indicates a recovery in demand for machine tools, with a reading of 50.3%, suggesting an expansion in manufacturing activity [1] Summary by Relevant Sections Industry Performance - As of October, the cumulative output of metal cutting machine tools reached 567,000 units, while forming machine tools totaled 136,000 units, both showing positive growth for four consecutive months [1] - Machine tool exports also increased, with a total of 14.86 million units exported from January to October, marking a 6.6% year-on-year increase [1] Government Initiatives - The Zhejiang Provincial Economic and Information Technology Department issued a plan to boost the industrial mother machine industry, targeting an output value exceeding 120 billion yuan by 2025 and 150 billion yuan by 2027 [1] - Other provinces, including Jiangsu, Liaoning, and Chongqing, are also implementing initiatives to support the development of the industrial mother machine sector [1] Investment Opportunities - The report suggests focusing on companies involved in machine tools, CNC systems, cutting tools, and automation components, as they are expected to benefit from increased fixed asset investments in the manufacturing sector [3]

Investment Rating - The report assigns a "Hold" rating for the company [4]. Core Views - The company focuses on the dairy and sugar industries, engaging in feed and sugar beet planting, dairy cattle breeding, fresh milk supply, and the production of dairy products and white sugar, forming a comprehensive agricultural and livestock industry chain [4][21]. - In 2023, the company's revenues from its three main business segments—livestock, dairy, and sugar—were 485 million, 304 million, and 454 million CNY, accounting for 38.61%, 24.20%, and 36.15% of total revenue, respectively [4][21]. - The company has significantly increased its self-owned pasture ratio, with the proportion of self-owned pastures in the fresh milk supply rising from 1.79% in 2020 to 26.41% in 2022, leading to higher procurement prices for organic fresh milk [4][37]. - The company primarily generates revenue from Inner Mongolia, with revenue from this region accounting for 63.97%, 68.24%, and 73.42% of total revenue in 2020, 2021, and 2022, respectively. However, revenue from outside the province grew rapidly in 2023, with a growth rate of 93.69% [4][44]. - The report forecasts the company's operating revenues for 2024, 2025, and 2026 to be 1,316.57 million, 1,437.03 million, and 1,623.55 million CNY, representing year-on-year growth rates of 4.80%, 9.15%, and 12.98%, respectively [5]. Summary by Sections Company Overview - The company was established in 2007 and listed on the Beijing Stock Exchange in 2023, initially focusing on the dairy industry and later expanding into sugar production [18]. - The management team has extensive experience, with key executives having worked in the company for many years [30][35]. Industry Overview - The fresh milk prices in China have been on a downward trend since February 2022 due to increased supply from new large-scale pastures, leading to a decline in procurement prices in major production areas [4][63]. - The dairy product industry is experiencing a slowdown in growth, with a stable competitive landscape dominated by two national leaders [4][63]. - The sugar industry in China is transitioning towards a model primarily driven by domestic circulation, while also promoting the integration of international and domestic markets [4][63]. Financial Forecast and Valuation - The company's projected net profits for 2024, 2025, and 2026 are 342.8 million, 853.5 million, and 1,118.1 million CNY, with year-on-year growth rates of -63.47%, 148.96%, and 31.01%, respectively [5]. - The current market capitalization corresponds to price-to-earnings ratios of 61.5, 24.7, and 18.9 for 2024, 2025, and 2026 [5].

执业证书编号：S1410523100001 联系人：刘瑜 执业证书编号：S1410123110011 近十二个月行业表现 | --- | --- | --- | --- | --- | |----------------|-------|--------|--------------------|-----------| | | | | | | | | | | | | | | | | | | | % | | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | | -0.78 | 43.28 | -8.52 | | 绝对收益 | | -3.27 | 69.72 | 9.29 | | 数据来源：聚源 | | | 注：相对收益与沪深 | 300 相比 | | | | 注： | 2024 年 12 月 | 12 日数据 | | --- | --- | |---------------------|--------------------| | 2024 年 12 月 16 日 | 江海证券研究发展部 | | 计算机行业 | | | 谷歌推出 Gemini 2.0 | ， OpenAI 启动 | | 12 天 ...

证券研究报告·行业点评报告 2024 年 12 月 12 日 江海证券研究发展部 医药生物行业 执业证书编号：S1410524050001 近十二个月行业表现 数据来源：聚源 注：相对收益与沪深 300 相比 注：2024 年 12 月 11 日数据 相关研究报告 1. 江海证券-行业点评报告-医药生物行 业：医保个人账户打破地域限制，"家庭共 济"模式升级 – 2024.12.06 2. 江海证券-行业点评报告-医药生物行 业：2024 年国家医保药品目录调整：创新 药企的新机遇与挑战 – 2024.12.05 3. 江海证券-行业点评报告-医药生物行 业：医保基金预付政策实施，关注医药行 业个股机会 – 2024.11.26 4. 江海证券-行业点评报告-医药生物行 业：国家医保药品目录调整顺利结束，新 版医保目录将于 2025 年 1 月正式实施 – 2024.11.12 5. 江海证券-行业点评报告-医药生物行 业：抗肿瘤药物临床试验中的 SUSAR 分 析与处理技术指导原则发布，提升研发效 率与安全性 – 2024.10.14 医药行业研究组 国家医保局与卫健委完善医药集中带 量采购政策 分析师：吴 ...

Industry Investment Rating - The report maintains a **Neutral** rating for the machinery and equipment industry [1] Core Viewpoints - The **Opinion on Promoting New Urban Infrastructure Construction to Build Resilient Cities** issued by the Central Committee and the State Council is expected to drive the development of related equipment sectors [1] - The integration of new-generation information technologies (big data, cloud computing, blockchain, AI) with urban construction and governance is a key focus, aiming for significant progress by 2027 and substantial achievements by 2030 [1] - The policy is anticipated to boost the machinery and equipment industry related to new urban infrastructure construction, building on the successful pilot projects in 21 cities since 2020 [1] Key Areas of Development Smart Municipal Infrastructure - Digital upgrades in water supply, power supply, drainage, gas, heat, fire hydrants, and underground utility tunnels are expected to increase demand for smart municipal equipment [1] - Accelerated intelligent upgrades in video surveillance and security equipment in public areas and roads will expand the market for smart security devices [1] - Synchronized construction of IoT devices with new municipal infrastructure will further advance the development of IoT automation equipment [1] - Real-time monitoring and 3D visualization of underground pipelines, along with intelligent monitoring of gas leaks, bridge and tunnel safety, and water quality, will drive demand for various sensors [1] - Flood prevention measures for residential pressure regulation facilities and improvements in urban drainage systems will boost demand for pumps and water gates [1] Transportation Infrastructure - The construction of integrated sensing systems for urban roads, buildings, and public facilities will promote the development and demand for various sensor products [1] - Enhanced urban logistics facilities and emergency logistics systems will create new opportunities for transportation equipment, automation devices, and logistics robots [1] Smart Construction - The development of digital design, intelligent production, and smart construction will drive the integration and innovation of automated construction machinery, construction robots, and 3D printing equipment [1] Investment Recommendations - The report suggests focusing on listed companies related to the aforementioned key machinery and equipment products [1]

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