天风证券：晨会集萃-20241225

Group 1 - The report highlights the strong market position of the company, Edifier (漫步者), as a leading audio brand, driven by a diverse brand matrix that caters to consumer needs with high cost-performance products [4][11] - The company has developed six distinct brands to enhance its market competitiveness, focusing on the preferences of younger consumers through collaborations with popular media and influencers, significantly increasing brand awareness [4][11] - The projected net profits for Edifier from 2024 to 2026 are estimated at 5.07 billion, 5.96 billion, and 6.78 billion yuan respectively, with a target price of 20.1 yuan based on a 30x PE ratio for 2025, indicating a "buy" rating [4][11] Group 2 - The report discusses the transformation of Zhao Chi (兆驰股份) from a terminal manufacturer to a technology-driven enterprise, with a focus on expanding into the optical communication sector, which is expected to become a significant growth area [5][35] - The projected net profits for Zhao Chi from 2024 to 2026 are estimated at 18.5 billion, 23.3 billion, and 26.9 billion yuan respectively, maintaining a "buy" rating based on favorable valuation multiples [5] - The report emphasizes the company's strategic acquisitions and vertical integration in the optical communication field, enhancing its production capabilities and technological advancements [5][35] Group 3 - The report indicates that the semiconductor industry is currently at a relative bottom in its long cycle, with expectations for growth driven by new flagship smartphone releases and seasonal consumption peaks [16] - The report identifies AI hardware innovation as a key driver for increased demand for FPGA technology, highlighting local companies like Unisoc (紫光国微) and Fudan Microelectronics (复旦微电) as potential beneficiaries [16] - The report suggests that the semiconductor sector is poised for recovery, with companies that continuously optimize their operations likely to gain market share and improve profitability in the next cycle [16]