Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 165 RMB, indicating a potential upside of over 35% [5][8]. Core Insights - The establishment of the third phase of China's semiconductor big fund, which has a registered capital of 344 billion RMB, is expected to enhance the domestic semiconductor industry's competitiveness. The company, as a leading semiconductor etching equipment manufacturer, is well-positioned to benefit from this investment [6]. - The company has recently expanded its product line to include advanced deposition equipment, which is expected to contribute to future revenue growth. The first quarter of 2024 saw record high revenues of 1.61 billion RMB, a year-on-year increase of 31.2% [6]. - The company is set to be included in the SSE 50 Index on June 14, which is anticipated to further boost its stock price [6]. Company Overview - The company operates in the machinery and equipment sector, with a market capitalization of approximately 80.46 billion RMB. The stock price has seen a decline of 25.1% over the past year [1]. - The product mix consists of 79% sales of specialized equipment, 19% sales of spare parts, and 1% from equipment maintenance [3]. Financial Performance - The company reported a net profit of 1.17 billion RMB in 2022, with projections of 1.97 billion RMB for 2024, reflecting a year-on-year growth of 10.3% [3]. - Earnings per share (EPS) are expected to grow from 2.89 RMB in 2023 to 3.19 RMB in 2024, with a projected price-to-earnings (P/E) ratio of 40.7 for 2024 [3]. Market Position - The company has a significant market presence, with institutional investors holding 54% of the circulating A-shares, including 22.4% by funds and 31.6% by general corporations [4].

Compa n y U pda te Ch in a Re sea rch Dep t . m 2 024年6月3日 比亚迪(002594.SZ/01211.HK) Buy 买进 沈嘉婕 H70455@capital.com.tw 公司5月销量保持高增，有望加快抢占燃油车市场，建议“买进” 目标价(元/港元) 275RMB/270HKD 结论与建议： 公司基本资讯 产业别 汽车 公司 5 月销售汽车 33.2 万辆，MOM+6%，YOY+38%。销量明显高于行业整 A股价(2024/5/31) 229.02 体水平，其中插电混乘用车月销 18.4 万辆，MOM+3.7%，YOY+54%，“电比油 深证成指(2024/5/31) 9364.38 低”的价格策略效果显着。5月28日公司发布了第五代DM插混技术，能耗指 股价12个月高/低 276.58/162.77 标显着优于燃油车，有望加速抢占燃油车市场份额。 总发行股数(百万) 2909.27 公司在20万以下市场具备强大的市场竞争力，通过新一代电混技术和积 A股数(百万) 1162.47 极的定价策略，我们认为公司今年能够更多地抢占燃油车市场份额。并且随 A ...

Compa n y U pda te Ch in a Rese ar ch Dep t . 2024年06月03日 爱尔眼科(300015.SZ) 区间操作 王睿哲 C0062@capital.com.tw 目标价(元) 13.3 分级连锁体系继续深化，公司拟收购52家医疗机构部分股权 事件： 公司基本信息 产业别 医药生物 公司发布公告，拟以自有资金出资13.4亿元，收购重庆眼视光、周口爱 A股价(2024/5/31) 12.12 尔等52家医疗机构部分股权。 深证成指(2024/5/31) 9364.38 股价12个月高/低 21.27/11.8 点评： 总发行股数(百万) 9327.01 A股数(百万) 7905.00  并购重组，深化分级连锁体系：公司自2014年期陆续参与设立了多支产 A市值(亿元) 958.09 业基金，储备了大量优质眼科医院项目，公司近些年通过内生增长+外延 主要股东 爱尔医疗投资集 团有限公司 扩张双轮驱动模式实现规模的扩大，并且实现了医疗网络的全国及分级 (34.33%) 每股净值(元) 1.96 连锁布局。公司此次计划收购的52家眼科医疗机构，除重庆眼视光和南 股价/账面 ...

Compa n y U pda te Ch in a Re sea rch Dep t . 阿 2024年06月03日 安琪酵母(600298.SH) TRADING BUY 区间操作 顾向君 H70420@capitalcom.tw 目标价(元) 35 发布股权激励计划，调动骨干员工积极性 公司基本资讯 结论与建议： 产业别 农林牧渔 A股价(2024/5/31) 30.58 事件概要： 上证指数(2024/5/31) 3086.81 股价12个月高/低 37.66/27.93 公司发布2024年员工股权激励计划（草案），拟一次性向1006名员工 总发行股数(百万) 868.67 （董事、高管、核心技术人员、管理骨干等）授予限制性股票1189万股，约 A股数(百万) 865.97 A市值(亿元) 264.81 为当前总股本的1.37%，股票来源于二级市场回购，授予价格为15.41元/股。 主要股东 湖北安琪生物  激励计划有望进一步激发经营活力。根据激励草案来看，本次激励解锁 集团有限公司 (38.07%) 期为2024-2026年，对应年份业绩考核目标分别为：1）净资产现金回报 每股净值(元) 11.2 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 17.7 RMB per share [6]. Core Insights - The company is a leading player in the domestic industrial robot market, having improved its market share from sixth to second place in 2023, just behind Fanuc [6]. - The demand for industrial robots in traditional industries is recovering, and the company plans to expand its business in electronics and steel sectors [6]. - The report anticipates continued growth in the company's industrial robot business, supported by a recovery in the market and an increase in production [6]. Financial Summary - **Revenue Forecast**: The company's revenue is projected to grow from 4,652 million RMB in 2023 to 7,590 million RMB by 2026, reflecting a compound annual growth rate (CAGR) of approximately 16.5% [3]. - **Net Profit**: The net profit is expected to increase from 135 million RMB in 2023 to 408 million RMB in 2026, with a year-on-year growth of 77.13% in 2025 [12]. - **Earnings Per Share (EPS)**: EPS is forecasted to rise from 0.16 RMB in 2023 to 0.47 RMB in 2026, indicating strong profitability growth [12]. - **Price-to-Earnings Ratio (P/E)**: The P/E ratio is projected to decrease from 94.63 in 2023 to 32.23 by 2026, suggesting improved valuation as earnings grow [12]. Market Position and Strategy - The company is actively expanding its market presence in traditional industries, which is expected to enhance its market share further [6]. - The report highlights the company's strategic focus on automation in traditional sectors, which is anticipated to drive growth in the industrial robot market [6]. Production and Market Trends - In the first four months of 2024, the cumulative production of industrial robots reached 171,000 units, representing a year-on-year increase of 9.9% [6]. - The report notes that the recovery in the industrial robot market is becoming more evident, with significant contributions from traditional industries [6]. Investment Recommendations - Given the expected growth in the industrial robot sector and the company's strategic initiatives, the report maintains a positive outlook and recommends a "Buy" rating for investors [6].

Compa n y U pda te Ch in a Re sea rch Dep t . 2024年05月31日 宝信软件 (600845.SH) BUY 买进 何利超 H70529@capital.com.tw 目标价(元) 50 持续加大高科技产业投入，未来关注工业机器人、IDC等产业布局 公司基本信息 事件： 产业别 计算机 公司钢铁信息化相关主要业务正伴随工业复苏而逐步回暖，后续有望带 A股价(2024/5/31) 39.55 动公司盈利能力逐步提升；此外公司近些年持续加大研发投入，近期拟在张 上证指数(2024/5/31) 3091.68 股价12个月高/低 55.4/35.28 江软件园投资5.4亿元建设智慧制造研发中心，后续高科技产业如工业机器人、 总发行股数(百万) 2403.67 IDC、大型PLC等产品有望逐步放量，带动公司业绩增长。考虑到目前估值处 A股数(百万) 1745.28 于较低位置，给予“买进”建议。 A市值(亿元) 690.26 主要股东 宝山钢铁股份  持续加大高新技术领域研发投入，拟投入5.4亿元建造智能制造研发中心： 有限公司 公司近年来研发投入持续增长，2023年 ...

Compa n y U pda te Ch in a Re sea rch D ep t . 2024年05月31日 兆易创新（603986.SH） Buy 买进 朱吉翔 H70138@capital.com.tw 存储领域2H24向好趋势未变，公司业绩弹性大 目标价(元) 100 结论与建议： 公司基本资讯 自4Q23起，存储芯片原厂逐步调升产品价格，Nand、Dram产品价格显著 产业别 电子 A股价(2024/5/30) 82.38 提升。而Nor Flash、SLC Nand产品价格表现较弱，反应细分领域去库存速度 上证指数(2024/5/30) 3091.68 偏缓。但是随着去库存的推进，目前细分领域供需逐渐好转，并且基于下游 股价12个月高/低 123.3/55.2 需求持续稳步增长的判断（AI引领的服务器、终端产品需求提振、手机等领 总发行股数(百万) 666.91 域的恢复增长），我们预计后续包括Nor Flash在内的存储产品有望在2H24获 A股数(百万) 665.24 A市值(亿元) 548.02 得量价齐升的机会。 主要股东 朱一明(06.86%) 兆易创新作为国内存储领域的龙头，长期 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside in the stock price [2][5]. Core Insights - The company is a global leader in communication technology solutions, with a focus on emerging businesses such as 5G-A and computing power, which are expected to drive revenue growth [3][4]. - The company has increased its investment in high-margin, high-technology businesses, leading to improved profitability [3]. - The company’s gross margin for 2023 rose to 41.53%, a year-on-year increase of 4.34 percentage points, while the net profit margin reached 7.44%, up 1.1 percentage points year-on-year [3]. Summary by Sections Company Overview - The company operates in the telecommunications industry, with a current A-share price of 26.85 yuan as of May 30, 2024, and a target price of 35 yuan [1]. - The company has a market capitalization of 108.126 billion yuan and a total share count of 4,783.25 million [1]. Financial Performance - In 2023, the company’s revenue from operator services was 82.759 billion yuan, a year-on-year increase of 3.40%, with a gross margin of 49.11% [3]. - Consumer business revenue was 27.909 billion yuan, slightly down by 1.33%, with a gross margin of 22.26% [3]. - Government enterprise business revenue was 13.584 billion yuan, down 7.14%, but with a gross margin of 34.94%, up 9.6 percentage points year-on-year [3]. Future Outlook - The company is expected to achieve net profits of 10.493 billion yuan, 11.954 billion yuan, and 13.537 billion yuan for the years 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 12.51%, 13.93%, and 13.24% [5]. - The company plans to focus on growth in 2024, particularly in the 5G-A and AI sectors, which are anticipated to serve as new growth engines for performance [4].

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年05月30日 宝丰能源(600989.SH) Buy 买进 费倩然 H70507@capital.com.tw 目标价(元) 20 能效标杆企业成长可期，绿氢助力节能降碳 事件： 公司基本资讯 国务院印发《2024-2025年节能降碳行动方案》，细化重点领域和行业节能目 产业别 化工 标。对于石化化工行业，《方案》提出：1.严格石化化工产业政策要求。2. A股价(2024/5/29) 16.63 加快石化化工行业节能降碳改造。2024—2025年，石化化工行业节能降碳改 上证指数(2024/5/29) 3111.02 造形成节能量约4000万吨标准煤、减排二氧化碳约1.1亿吨。3.推进石化化 股价12个月高/低 17.6/11.95 总发行股数(百万) 7333.36 工工艺流程再造。大力推进可再生能源替代，鼓励可再生能源制氢技术研发 A股数(百万) 7333.36 应用，支持建设绿氢炼化工程，逐步降低行业煤制氢用量。 A市值(亿元) 1219.54 结论及点评： 主要股东 宁夏宝丰集团 节能降碳目标重提，预 ...

2024 年 05 月 30 日 费倩然 H70507@capital.com.tw 目标价(元) 25.5 | --- | --- | --- | --- | |-----------------------|----------|--------|---------------| | | | | | | | | | | | 公司基本资讯 | | | | | 产业别 | | | 化工 | | A 股价 (2024/5/29) | | | 20.98 | | 上证指数 (2024/5/29) | | | 3111.02 | | 股价 12 个月高/低 | | | 21.08/13.44 | | 总发行股数(百万 ) | | | 1834.33 | | A 股数(百万 ) | | | 1834.33 | | A 市值(亿元) | | | 384.84 | | | | | | | 主要股东 | | | 云天化集团有 | | | | | 限责任公司 | | | | | | | | | | (38.12%) | | 每股净值 (元) | | | 10.04 | | | | | | | 股价/账面净值 | | | 2. ...