证券研究报告·行业深度报告·电子 电子行业深度报告 卫星通信高速发展，Starlink 产业链保持领 2024 年 03月 19日 先 证券分析师 马天翼 增持（维持） 执业证书：S0600522090001 maty@dwzq.com.cn [ 投TT aa 资b bl 要e e_ 点T Sa g m] [ l _ u mary] 证券分析师 周高鼎 执业证书：S0600523030003 ◼ 短期通信需求与长期国防需要驱动卫星市场发展：卫星通信是以卫星作 zhougd@dwzq.com.cn 为中继实现地球上的无线电通信站间的通信。相比高轨卫星，低轨卫星 具有时延低和系统覆盖率高等优势，成为了最有应用前景的卫星通信技 行业走势 术之一。由于国外基站数量较少，基站覆盖率不足，许多偏远地区的通 信需求未能得到满足，这部分通信需求成为了国外卫星通信市场发展的 电子 沪深300 短期驱动力。而长期来看，由于低轨卫星资源有限，具有“先占先得” 9% 的特性，加上各国对国防安全的需要，卫星网络建设和自主可控将具有 5% 1% 必要性。据 QYResearch 研究报告显示，2021 年我国卫星互联网行业市 -3% - ...

证券研究报告·行业深度报告·电子 电子行业深度报告 AI PC 元年开启，换机潮推动产业链景气度 2024 年 03月 19日 提升 证券分析师 马天翼 增持（维持） 执业证书：S0600522090001 maty@dwzq.com.cn [ 投TT aa 资b bl 要e e_ 点T Sa g m] [ l _ u mary] 证券分析师 鲍娴颖 执业证书：S0600521080008 ◼ 全球 PC 出货量 2023Q4同比降幅缩窄至 0.1%，2024年全年预计增长 baoxy@dwzq.com.cn 8%：23Q2-Q3 全球 PC 出货量均环比回升，2023 年全球 PC 出货量同 比降幅逐季度缩窄，23Q4同比降幅缩窄至0.1%。根据IDC数据，全球 行业走势 PC出货量22Q4环比下行9%，23Q1环比下行15%；23Q2全球PC出 货量环比回升8%，同比降幅收窄至14%，23Q3全球PC出货量环比回 电子 沪深300 升11%，同比降幅进一步收窄到8%。至23Q4全球PC出货量6170万 9% 台，同比下滑0.1%，PC行业逐步走出下行周期，行业拐点出现。根据 5% 1% Canalys 预 ...

证券研究报告·公司深度研究·半导体 海光信息（688041） 信创造就 X86 CPU 龙头，AI 打开 DCU 广阔 2024 年 02月 02日 空间 证券分析师 马天翼 买入（首次） 执业证书：S0600522090001 maty@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2021A 2022A 2023E 2024E 2,025E 证券分析师 王紫敬 执业证书：S0600521080005 营业总收入（百万元） 2,310 5,125 6,008 8,353 11,136 021-60199781 同比 126.07% 121.83% 17.23% 39.03% 33.32% wangzj@dwzq.com.cn 归母净利润（百万元） 327.11 803.54 1,243.66 1,749.11 2,378.72 证券分析师 王世杰 同比 935.65% 145.65% 54.77% 40.64% 36.00% 执业证书：S0600523080004 EPS-最新摊薄（元/股） 0.14 0.35 0.54 0.75 1.02 wangshijie@dwzq.com ...

Investment Rating - The report initiates coverage with a "Buy" rating for Ziel Home Furnishing Technology, indicating an expected stock price increase of over 15% relative to the market in the next six months [4][41]. Core Insights - Ziel is positioned as a leading cross-border e-commerce platform in the home furnishing sector, primarily targeting developed markets in Europe and America. The company has established three major brands: SONGMICS, VASAGLE, and FEANDREA, which account for significant portions of its revenue [5][14]. - The cross-border e-commerce market is experiencing robust growth, with China's export scale reaching RMB 6.6 trillion in 2022 and a projected CAGR of 16.4% from 2022 to 2025. This trend is expected to favor domestic consumer goods brands leveraging supply chain advantages [5][14]. - Ziel's competitive advantages include brand recognition, a well-established overseas logistics system, and strong supply chain management capabilities. The company has over 300,000 square meters of self-owned overseas warehouses, enhancing its logistics efficiency [5][13][32]. Financial Forecasts - Revenue projections for Ziel are as follows: RMB 6,110 million in 2023, RMB 7,385 million in 2024, and RMB 8,653 million in 2025, reflecting year-on-year growth rates of 12%, 21%, and 17% respectively [4][8]. - Net profit is expected to reach RMB 408 million in 2023, RMB 511 million in 2024, and RMB 607 million in 2025, with growth rates of 63%, 25%, and 19% respectively [4][8]. - The earnings per share (EPS) forecast is RMB 1.02 for 2023, RMB 1.27 for 2024, and RMB 1.51 for 2025, with a decreasing price-to-earnings (P/E) ratio from 22.81 in 2023 to 15.41 in 2025 [4][8]. Market Position and Strategy - Ziel's products are primarily sold through online platforms like Amazon, with significant revenue contributions from Europe and the United States, accounting for 56% and 41% of total revenue in 2022 [5][14]. - The company focuses on high-margin segments of the market, emphasizing brand, design, and supply chain management, which are critical barriers to entry in the home furnishing e-commerce space [24][25]. - Ziel's logistics capabilities, including a self-built overseas logistics system, provide a competitive edge by reducing costs and improving delivery times compared to traditional fulfillment methods [5][13][32].