Investment Rating - The investment rating for Shanxi Fenjiu is maintained at "Accumulate" [2] Core Views - The report emphasizes the company's commitment to high-quality development and strategic marketing initiatives, including a focus on premium products and expanding market share both domestically and internationally [4][5] - The company aims to achieve significant revenue growth, with projected revenues of 370.6 billion, 415.1 billion, and 469.0 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 16.1%, 12.0%, and 13.0% [5][10] - The report highlights the successful performance of various product lines, with the Qinghua series and others achieving full-year revenue targets by October 2023 [4] Summary by Sections Market Performance - The stock price of Shanxi Fenjiu is currently at 198.77 yuan, with a market performance comparison showing a decline of 23% against the CSI 300 index [2] Financial Data and Forecast - The projected operating income for 2024 is 37,060 million yuan, with a net profit forecast of 12,339 million yuan, indicating a year-on-year growth of 18.2% [10] - The gross margin is expected to remain stable at around 75.5% for the next few years, with a slight increase to 76.0% by 2026 [10] Strategic Initiatives - The company is focusing on a "123" revival program, with specific phases aimed at consolidating achievements and enhancing production efficiency from 2025 to 2030 [4] - Shanxi Fenjiu plans to implement a controlled volume strategy in its home market while expanding its dealer network in other regions to enhance overall market presence [4][5]

[Table_Main] 证券研究报告 | 行业年度策略 有色金属 2024 年 12 月 05 日 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------|-------|-------|-------|-------|------------------------------|-------|-------| | 有色金属 | | | | 2025 | 年年度策略：下游空间广 | | | | 优于大市（维持） | | | | | 阔，黄金持续看好，铜铝静待绽 | | | | 证券分析师 | | | | | | | | | | | | | | 放 | | | | 翟堃 | | | | | | | | [Table_Summary] 投资要点： 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 康宇豪 资格编号：S0120524050001 邮箱：kangyh＠tebon.com.cn 研究助理 ...

0 证券研究报告|行业深度 医药生物 行业投资评级|优大于市（维持） 2024年12月5日 药用玻璃行业报告：中硼硅药玻行 业持续扩容，国产厂家快速放量 证券分析师 姓名：周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 1 核心逻辑 1.我国药包材在药物整体价值占比、中硼硅渗透率均远低于欧美发达国家：我国医药包装产业的生产总值已占全国包装业生产总值的10%以上。 但距发达国家医药包装产业占医药工业总产值30%以上的水平还有一定差距；与此同时，中硼硅在性能上优于传统钠钙玻璃，同时性价比优于 高硼硅，因此欧美市场注射剂型药包材大多选用中硼硅，但2018年我国中硼硅玻璃的渗透率仅约7-8%，据中国玻璃网和力诺药包招股说明书 （2021年），未来5-10年内，我国将会有30%-40%的药用玻璃由低硼硅玻璃、钠钙玻璃升级为中硼硅药用玻璃。2.医药支出偏刚性，下游医 药行业需求随人口老龄化稳步增长，药用玻璃行业持续受益。根据IQVIA，自2021年起的未来5年，受创新药上市数量和用量增加驱动，中国 药品支出预计将以3.8%的CAGR增长。以此推算，我们预计到2027年，中硼硅 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a leading player in high-end processors, leveraging its state-backed status and technological origins from AMD to achieve independent iteration [3] - The company's DCU (Deep Computing Unit) is expected to benefit from the generative AI boom, with potential for significant market expansion in commercial sectors such as the internet [3] - The CPU business is poised to capture a substantial share of the x86 commercial market, driven by strong ecosystem support and increasing demand in the server market [4] - The company's financial performance is expected to grow significantly, with projected revenue and net profit increases from 2024 to 2026 [5] Market Performance - The company's stock has shown significant volatility, with a 62.14% absolute increase over the past three months, outperforming the CSI 300 index [2] CPU Business - The company's CPU products are compatible with the x86 instruction set, which dominates the server market with an 88% share in 2023 [4] - The x86 server market in China is expected to grow by 5.7% in 2024, reaching a market size of 306 billion yuan [4] - The company has completed product refinement in the domestic market and is expected to expand into the internet customer base, driving future growth [4] DCU Business - The DCU market is expected to benefit from the AI boom, with the Chinese accelerated server market projected to reach $12.4 billion by 2028, growing at a CAGR of 5.7% from 2023 [3] - The company's DCU products are compatible with mainstream AI frameworks and have achieved leading domestic performance in large model applications [3] Financial Projections - Revenue is projected to grow from 8.154 billion yuan in 2024 to 14.513 billion yuan in 2026, with a CAGR of 30.27% [5] - Net profit is expected to increase from 1.647 billion yuan in 2024 to 3.023 billion yuan in 2026, with a CAGR of 31.97% [5] - The company's PE ratio is expected to decrease from 177.0 in 2024 to 96.4 in 2026, reflecting strong growth prospects [5] Industry Trends - The AI server market in China is growing rapidly, with the internet sector accounting for nearly 60% of the accelerated server market in 2023 [56] - The government and operators are increasing investments in AI infrastructure, with operators expected to spend over 110 billion yuan on computing in 2024 [62] Competitive Advantages - The company's DCU products are compatible with the "CUDA-like" environment, providing a strong ecosystem advantage for AI applications [66] - The company's CPU products have strong compatibility with mainstream operating systems and software, making them suitable for a wide range of applications [80] Supply Chain and Inventory - The company has significantly increased its prepayments and inventory, indicating improved upstream supply and optimistic demand forecasts [46] - Inventory levels have risen sharply, with a 177.84% year-on-year increase in Q2 2024, reflecting strong demand and supply chain improvements [46]

[Table_Main] 证券研究报告 | 行业点评 通信 2024 年 12 月 03 日 | --- | --- | |------------------|----------------------------------| | | | | | | | | | | 通信 | 商业航天发射场投入使用，规模化发 | | 优于大市（维持） | 射开启 | 证券分析师 李宏涛 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 市场表现 -29% -20% -10% 0% 10% 20% 29% 39% 2023-12 2024-04 2024-08 通信 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《卫星互联网加速落地，有望形成 商业闭环》，2024.11.30 2.《科技自主与产业链完善，国内硬 科技崛起》，2024.11.29 3.《国产算力持续发展，液冷为伴生 需求》，2024.11.23 4.《关税和小院高墙，无法压制中国 通信向纵深升级》，2024.11.22 5.《垣信"千帆"出海，全球商业闭 环初现》，2024.11.21 [Table_S ...

Investment Rating - The report assigns a "Buy" rating for Tongyu Communication (002792.SZ) [2][6] Core Views - The company has a strong technical foundation with nearly 30 years of experience in antenna research and development, focusing on communication antennas and RF devices [3][30] - The company is expected to benefit from the commercialization of 5G-A and the development of new application scenarios driven by policies and operators [4][46] - The satellite industry layout is anticipated to create a second growth curve for the company, with significant investments in satellite communication products [5][100] Summary by Sections 1. Company Overview - Tongyu Communication has a stable ownership structure, with the founder and current chairman holding a significant share [29][30] - The company has developed a comprehensive range of products, including base station antennas, RF devices, and microwave antennas, catering to various communication standards [30][38] 2. Market Development and Technology Innovation - The company is positioned to benefit from the ongoing 5G infrastructure development, with a focus on enhancing communication technology through policy support [44][46] - The introduction of green antennas aims to address the energy consumption challenges associated with 5G networks, promoting energy-efficient solutions [61][65] - The low-altitude economy is gaining traction, supported by government policies and market potential, which may enhance the company's growth prospects [69][70] 3. Satellite Industry Layout - The company has made strategic investments in the satellite communication sector, establishing subsidiaries to enhance its capabilities in satellite technology [5][101] - The satellite internet market is expected to grow significantly, with the company poised to benefit from this trend [83][100] 4. Revenue Forecast and Valuation Analysis - Revenue projections for the company are estimated at 1,372 million, 1,696 million, and 1,968 million yuan for 2024, 2025, and 2026, respectively [6][104] - The company's PE ratios are higher than the average of comparable companies, reflecting expectations for high growth in satellite products [6][107]

[Table_Main] 证券研究报告 | 行业周报 食品饮料 2024 年 12 月 02 日 | --- | --- | |------------------|--------------------------------------| | 食品饮料 | 宏观数据改善向好，看多年底 | | 优于大市（维持） | 春节旺季 | | 证券分析师 | | | 熊鹏 | 食品饮料行业周报 20241125-20241129 | [Table_Summary] 投资要点： 资格编号：S0120522120002 邮箱：xiongpeng＠tebon.com.cn 黄欣培 资格编号：S0120524100002 邮箱：huangxp3＠tebon.com.cn 白酒：茅台中期分红落地，优先把握低估值龙头布局机会。本周贵州茅台 2024 年 中期现金分红正式落地，拟派发现金红利超过 300 亿元。当前白酒行业仍处于调 整期，但贵州茅台的基本属性与基本需求面没有变，虽然需求有所走弱，但行业龙 头仍在进行自我能力的进化，除现有渠道以外，茅台进一步开拓私域流量，不断增 加需求触达面。我们认为，伴随一系列经济政策落地，25 ...

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [3]. Core Viewpoints - The industrial silicon market is transitioning from oversupply to supply resistance, with a focus on supply-side policy efforts. The demand for industrial silicon is primarily driven by polysilicon, which has seen a significant price drop due to slowing photovoltaic installation growth and declining silicon prices. This has led to reduced production and maintenance measures by several companies, impacting industrial silicon demand. In contrast, the supply side is expected to see a substantial increase in domestic industrial silicon production in 2024, with a year-on-year increase of 31.6% to 3.977 million tons from January to October 2023. The recent production cuts by major companies may provide a crucial opportunity to improve the supply-demand balance [7][8]. - The use of biodiesel in shipping is gaining traction, supported by policies in Zhejiang province aimed at expanding market opportunities. The International Maritime Organization reported that biodiesel bunkering reached approximately 390,000 tons in 2023, a nearly 70% increase from 2022. The new policies may lower costs for international shipping companies in China and enhance the operational efficiency of domestic biodiesel refining companies [8][9]. Summary by Sections 1. Core Viewpoints - Industrial silicon is experiencing a shift from oversupply to supply resistance, with significant production cuts expected to improve market conditions [7]. - Biodiesel adoption in shipping is supported by new policies, indicating a growing market potential [8]. 2. Overall Performance of the Chemical Sector - The basic chemical industry index increased by 1.5% in the week of November 22-29, 2023, underperforming compared to the Shanghai Composite Index and the ChiNext Index [36]. 3. Individual Stock Performance in the Chemical Sector - Among 426 stocks in the basic chemical sector, 323 stocks rose while 102 fell during the reporting week, with notable gainers including Nanjing Chemical Fiber (+61.1%) and Jiaao Environmental Protection (+37.5%) [44]. 4. Key News and Company Announcements - Industrial silicon production is decreasing in the southwest region due to seasonal factors, with significant production cuts announced by major companies [49].

[Table_Main] 证券研究报告 | 行业周报 电气设备 2024 年 12 月 1 日 证券分析师 市场表现 | --- | --- | |------------------|----------------------------------| | | | | | | | | | | 电气设备 | 硅料龙头逐步减产，国内前十月光伏 | | 优于大市（维持） | 装机维持增长 | 彭广春 资格编号：S0120522070001 邮箱：penggc＠tebon.com.cn 白鑫 资格编号：S0120524080003 邮箱：baixin3＠tebon.com.cn -34% -26% -17% -9% 0% 9% 17% 26% 2023-11 2024-03 2024-07 电力设备 沪深300 资料来源：聚源数据，德邦研究所 相关研究 1.《光伏产业链发展良好，各环节降 价有望刺激 23 年需求》，2022.12.16 2.《风电行业策略年度报告-不惧一 番寒彻骨，已闻梅花扑鼻香》， 2022.12.16 3.《发挥新能源战略性新型产业优 势，推动扩大内需战略发展》， 2022.12.15 4. ...

[Table_Main] 证券研究报告 | 行业周报 有色金属 2024 年 11 月 30 日 证券分析师 | --- | --- | |------------------|------------------------------| | | | | | | | 有色金属 | 有色金属周报：降息预期降温， | | 优于大市（维持） | 氧化铝价格继续维持强势 | 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 康宇豪 资格编号：S0120524050001 邮箱：kangyh＠tebon.com.cn 研究助理 市场表现 -22% -15% -7% 0% 7% 15% 22% 29% 2023-11 2024-03 2024-07 有色金属 沪深300 资料来源：聚源数据，德邦研究所 相关研究 1.《有色金属周报：俄乌冲突加剧， 金银价格走高，氧化铝价格继续维持 强势》，2024.11.24 2.《铝：退税政策变动，内外价差要 缩到多少？》，2024.11.18 3.《有色金属周报：取消铜、铝等产 品出口退税，氧化铝价格维持强势》， 2024.11.17 4 ...