国泰海通证券：6月开始逐步迎来低基数期 玻璃加工、玻纤龙头持续价值回归 智通财经6月10日电，国泰海通证券研报表示，从建材需求来看，2024年6月是一个关键的转折时间， 2024年6—9月建材需求开始明显走低，核心在于发达地区的地方债务需求压力开始体现。玻璃加工需求 强韧性，龙头竞争力高壁垒，估值和股息有优势，迎来持续价值回归；玻璃纤维板块长协提价逐步落 地，龙头企业销售占比更高的高端粗纱以及电子纱、布需求和格局更优。 ...

长江商报奔腾新闻记者注意到，若按照本次交易价格上限4.5亿元计算，本次交易中，网营科技整体估 值将达到8.82亿元，较其2024年末净资产增值约105.2%。 长江商报奔腾新闻记者徐佳 通过对外并购，海南发展（002163）(002163.SZ)谋求产业转型。 5月7日晚间，海南发展公告称，公司拟通过现金方式收购杭州网营科技股份有限公司(以下简称"网营科 技")51%股权，预计本次交易金额不超过4.5亿元，最终交易金额以后续签署的正式股份转让协议相关约 定为准。 本次交易完成后，海南发展将持有网营科技51%股权，网营科技将成为海南发展的控股子公司，纳入上 市公司合并范围。 资料显示，网营科技成立于2009年，是一家以服务为导向的品牌电商服务商，通过构建覆盖电商"全平 台+全链路"服务体系，为全球优质消费品牌提供一站式电商服务。 目前，网营科技的品牌营销渠道覆盖天猫、京东、抖音、小红书、唯品会等十余家主流电商平台，品牌 客户主要聚焦在母婴营养健康、时尚宠物、食品生活和美妆等领域，并积极布局汽车和文化旅游等电商 新赛道，长期服务美素佳儿、大宠爱、爱敬、歌帝梵、布朗博士、德运等知名的全球品牌。 根据网营科技未经审计 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company has a strong foundation in optical glass processing and is experiencing a recovery in its main business due to the rebound in demand from downstream consumer electronics and structural updates from new technologies [1][2]. - The glass substrate business is expected to open a second growth curve for the company, with significant potential in both display and semiconductor fields, supported by rapid client adoption and solid technical accumulation [2][3]. Summary by Sections Company Overview - The company, established in 2009, has been a leader in optical glass processing for 15 years and is one of the first to industrialize technologies for thinning, coating, and cutting flat panel display glass [12]. - The ownership structure is stable, with the founder holding a significant share, ensuring efficient decision-making [16]. Business Layout - The company focuses on glass substrates, with its main business transitioning from traditional processing to products in the display and semiconductor sectors [22]. - It has developed a comprehensive business matrix covering various regions in China, enhancing its market presence [22]. Financial Analysis - Revenue is projected to grow significantly, with estimates of CNY 2.905 billion, CNY 3.741 billion, and CNY 4.988 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 30.8%, 28.8%, and 33.3% [3][8]. - The company is expected to reach profitability with net profits of CNY 0.73 million, CNY 1.48 million, and CNY 2.35 million for the same years [3][8]. Glass Substrate Potential - Glass substrates are gaining traction in the display and semiconductor sectors due to their advantages in thermal stability, mechanical performance, and high transparency [65][76]. - The market for glass substrates is projected to grow at a CAGR of 30%, with penetration in IC packaging expected to reach 30% in three years and over 50% in five years [2][3]. Product Development - The company has made significant advancements in glass substrate technology, including TGV (Through Glass Via) technology, which has been successfully mass-produced [2][3]. - The introduction of glass-based MiniLED products has begun, with notable advantages in brightness, color accuracy, and thickness [2][3].

随着上市公司陆续发布最新持仓公告，多位明星基金经理近期的调仓动作提前曝光，调仓涉及医疗、新 能源、AI算力等产业。 券商中国记者注意到，今年以来，葛兰执掌的中欧医疗健康减持了九安医疗，何帅、沈楠管理的多只基金 增持了威力传动，韩创管理的大成新锐产业则大举加仓沃格光电。 葛兰减持九安医疗 3月28日，九安医疗发布的公告显示，截至3月26日，由葛兰管理的中欧医疗健康持有九安医疗的股份数 量约423万股，占公司总股本的0.89%。而2024年的年报显示，中欧医疗健康持有577万股，今年减持 154万股。另一位知名基金经理赵蓓的持仓则较去年底没有变化。 公开资料显示，九安医疗是一家在国内外具有影响力的个人健康管理产品供应商，所处行业为全球体外诊 断（IVD）及家用医疗健康产品领域、互联网医疗领域，主要从事家用医疗器械的研发、生产及销售。公 司具备同时开发多品类智能硬件、向智能硬件项目提供产品定义、研发、设计、生产制造、营销等全过程 服务的能力，拥有涵盖血压、血糖、血氧、心电、心率、体重、体脂、睡眠、运动等领域的较为完备的个 人健康类可穿戴设备产品线。 数据显示，截至2024年末，有多家公募机构持股九安医疗，包括华宝基 ...