Company Overview - The company in focus is China Merchants Energy Shipping (CMES), a major player in international shipping with a diversified portfolio including oil tankers, dry bulk carriers, and container ships [3][4][8] - CMES was established in 2004 and listed in 2006, with its stock code "601872" referencing the founding year of its predecessor, China Merchants Steamship Navigation Company [6] - The company is majority-owned (54 02%) by China Merchants Group, a state-owned enterprise under the State Council [24] Business Segments Oil Tanker Shipping - CMES operates the world's largest VLCC fleet with 52 vessels, accounting for 5 8% of global VLCC capacity [12][14][32] - The VLCC fleet represents over 90% of CMES's total oil tanker capacity, with 57 vessels totaling 16 65 million DWT [32] - Oil tanker shipping contributed 39 8% of total revenue in 2023, generating 9 67 billion RMB [25] - The segment has experienced significant volatility, with gross margins ranging from -10% to 40% [26] Dry Bulk Shipping - CMES is the world's largest VLOC operator with 34 vessels, representing 70 7% of its dry bulk capacity [47][73] - Dry bulk shipping accounted for 29 3% of 2023 revenue, generating 7 11 billion RMB [25] - The segment benefits from long-term contracts, with 100% of VLOC operating days locked in for 2024 [52][77] - A 27-year contract with Vale contributes approximately 40% of dry bulk revenue, generating 2 7 billion RMB in 2023 [54][55] Container Shipping - Container shipping represents a smaller portion of CMES's business, contributing 22 8% of 2023 revenue (5 54 billion RMB) [25] - The company operates 19 owned and 10 chartered vessels, ranking 33rd globally with 45,200 TEU capacity [57] - The container shipping market is highly concentrated, with the top 10 players controlling over 80% of capacity [80] Market Dynamics Oil Tanker Market - The oil tanker market is experiencing strong demand due to geopolitical shifts, with EU sanctions on Russian oil increasing shipping distances [17] - VLCC supply is constrained, with only 2 and 5 new vessels expected for delivery in 2024 and 2025 respectively [18] - The market is expected to remain tight, with demand growth outpacing supply growth by 3 3% in 2024 and 2 8% in 2025 [66] Dry Bulk Market - The dry bulk market is showing signs of recovery, with the Baltic Dry Index (BDI) rebounding in late 2023 [74] - Iron ore and coal dominate dry bulk trade, accounting for 27 8% and 23 2% of volumes respectively [69] - The market is highly fragmented, with the top 10 players controlling only 16% of capacity [72] Financial Performance - CMES reported 25 88 billion RMB in revenue for 2023, a 12 9% year-on-year decrease [11] - Net profit reached 4 84 billion RMB, down 4 9% year-on-year [11] - The company has maintained strong cash flow, generating 40 billion RMB in operating cash flow and 20 billion RMB in free cash flow from 2018-2023 [94] - ROE has remained above 10% for four consecutive years, reaching 13 3% in 2023 [85] Strategic Advantages - CMES's diversified business model helps mitigate cyclical risks across different shipping segments [61][90] - The company benefits from long-term contracts, particularly in dry bulk shipping, providing stable cash flow [52][54] - CMES maintains a strong market position in both VLCC and VLOC segments, ranking first globally in both categories [14][73] Future Outlook - The company plans to implement its first interim dividend in 2024, with a payout ratio potentially reaching 50% [65][96] - CMES expects continued strength in the oil tanker market, supported by tight supply and growing demand [41][42] - The dry bulk market is anticipated to enter a sustained upward trend, driven by stable new vessel deliveries and potential scrapping of older vessels [51]

导语：盈利取决于钢铁周期、稀土矿价格以及包钢集团资产注入。 作者：市值风云 APP：木盒 随后，上交所迅速出手，向包钢股份下发监管工作函，就公司关联交易相关议案被 否决明确监管要求。 一、"钢铁+稀土"双轮驱动 (1) 钢铁业务收入为 567 亿, 占比 80%, 产品涵盖有管材、板材、型材、线棒材; (2) 稀土及其他业务收入为 134 亿，占比 19%。 从包钢股份的收入来看，这几年的收入波动很大，2021 年-2023 年的营业收入分别 为 861.8 亿、721.7 亿、705.7 亿，同比变化 45.4%、-16.3%、-2.2%。 (来源：市值风云 App) (民) 黑云黄郎因 ● (来源：市值风云 App) | --- | --- | --- | --- | --- | |-------------------------------|-------------------|-------------------|--------------------------|-------------------| | 主要会计 数据 | 2021年 | 2020年 | 本期比 上年同 期增减 (%) ...

导语：朱老板已经到手近 2 个小目标。 作者：市值风云 App：贝壳 XY 递表前忙套现，拿不稳授权 IP，玩不转自有 IP：股民们你们相信光 吗？靠一款"奥特曼"玩具，布鲁可冲刺港股 IPO 2024 年 5 月 17 日，手握"奥特曼"IP 的布鲁可集团有限公司（以下简称"布 鲁可集团"）递表港交所，奔赴资本之光而来。 全球拼搭角色類玩具市場參與者排名，以2023年GMV(1)計 "你相信光吗？" 各位老铁或信或不信，但玩具厂商布鲁可集团肯定相信。"谁说这个世界没有奥 特曼，如果没有奥特曼，那怪物都去哪里了？" 布鲁可集团质地如何，值得资本市场相信吗? 话不多说，我们一起来看看。 一、全球第三、全国第一? 2014年，布鲁可集团正式成立，距今满打满算也就十年时间。 那布鲁可集团能否寄希望于自有 IP 呢？ （来源：市值风云 APP） (来源：布鲁可集团招股书) 布鲁可集团 10 250% 200% 8 150% ნ 100% 4 50% 2 0% -50% 0 2022年 2023年 2021年 2024Q1 ■营业收入（亿元） ——同比增速（%） 如此迅猛的业绩爆发，布鲁可集团发生了什么? 二、靠"奥特 ...

Core Viewpoints - The report highlights the strategic importance of high-end electronic ceramic shells in the semiconductor industry, particularly for linking internal chips with external circuits, which directly impacts device performance, quality, and reliability [1] - The domestic market for high-end electronic ceramic shells is dominated by foreign companies, but domestic players like Zhongci Electronics are making significant strides in breaking technological barriers and achieving import substitution [2][4] - Zhongci Electronics, backed by CETC (China Electronics Technology Group Corporation), has become the largest domestic producer of high-end electronic ceramic shells, leveraging its proprietary technologies in simulation design, ceramic materials, and multilayer co-firing processes [11][53] Business Overview Electronic Ceramic Business - Zhongci Electronics' core business revolves around electronic ceramic shells, with four major product categories: communication devices, industrial lasers, consumer electronics, and automotive electronics [91][92] - The communication device segment, particularly optical communication devices, has filled a domestic gap, with products meeting international standards and becoming a key player in import substitution [93] - The company has established partnerships with major terminal manufacturers like Huawei, ZTE, and InnoLight, benefiting from the growth in data centers and 5G communication infrastructure [69] Expansion into Third-Generation Semiconductors - Zhongci Electronics has expanded into third-generation semiconductor materials, including gallium nitride (GaN) and silicon carbide (SiC), through asset injections from its parent company, CETC [75][64] - The GaN business focuses on 5G communication base station RF chips, with applications in high-power base stations and MIMO base stations, competing with international players like Sumitomo [28][77] - The SiC business targets the automotive electronics market, particularly for electric vehicles, with products like 1200V SiC MOSFETs already being supplied to BYD [22][23] Financial Performance - Zhongci Electronics has shown strong revenue growth, with revenues increasing from 407 million yuan in 2018 to 1.305 billion yuan in 2022, a five-year growth of over 2 times [60][46] - The company's net profit attributable to shareholders also grew significantly, from less than 60 million yuan in 2018 to 149 million yuan in 2022 [47] - In 2023, the company's revenue surged by 105% to 2.676 billion yuan, and net profit increased by 230% to 490 million yuan, driven by a major asset restructuring in September 2023 [86] Market and Competitive Landscape - The global market for GaN is expected to grow to over $2 billion by 2025, with a compound annual growth rate (CAGR) of 12%, driven by applications in defense and communication infrastructure [27] - The SiC market is projected to grow from $1 billion in 2021 to $6.3 billion by 2027, with the automotive sector accounting for 79% of the market [19] - Despite the promising growth, the third-generation semiconductor market is highly competitive, with international giants like Sumitomo, Wolfspeed, and STMicroelectronics dominating the GaN and SiC markets [76][80] Strategic Developments - Zhongci Electronics has completed significant acquisitions, including a 73% stake in Boway Company and a 94.6% stake in Guolian Wanzhong, with a total transaction value of 3.831 billion yuan [6][7] - The company has raised 2.5 billion yuan in supporting funds for projects such as GaN microwave product precision manufacturing, third-generation semiconductor process and packaging platform construction, and SiC high-voltage power module R&D [50] - The IPO-funded factory, which began operations at the end of 2023, has achieved international-level technical indicators for ceramic heating plates, enabling mass production for domestic semiconductor equipment [24] Financial Health - Zhongci Electronics maintains a strong financial position, with 3.5 billion yuan in cash and 200 million yuan in financial assets as of the end of 2023, against less than 100 million yuan in interest-bearing debt [38] - The company's ROE has declined in recent years, falling below 10%, partly due to the dilutive effects of its IPO and subsequent capital raises [39] - Despite the high valuation, with a price-to-book ratio of 3.5x, the company's financials remain robust, supported by consistent operating cash flow and low leverage [40][83]

2、磷酸铁锂：公司已经迈入新能源电池材料领域，为客户提供磷酸铁前驱体、 磷酸铁锂正极材料以及六氟磷酸锂电解液产品。 4、饲料添加剂：公司致力于饲料磷酸钙盐生产、应用技术的创新研究，核心产 品"小太子（chanphos）"磷酸二氢钙（MCP）生产应用技术达到国际较高水平。 5 月 29 日国务院印发《2024-2025 年节能降碳行动方案》，提出严格石化化工产 业政策要求，强化石化产业规划布局刚性约束。严控炼油、电石、磷铵、黄磷等 行业新增产能，禁止新建用汞的聚氯乙烯、氯乙烯产能，严格控制新增延迟焦化 生产规模。新建和改扩建石化化工项目须达到能效标杆水平和环保绩效 A 级水 平，用于置换的产能须按要求及时关停并拆除主要生产设施。 （一）机构调研 公司 2023 年生产磷矿石近 300 万吨。目前，公司鸡公岭磷矿正按照 250 万吨/年 的产能在建设，参股公司天一矿业正按照 500 万吨/年的产能在建设。 天一矿业老虎洞磷矿自 2023 年已有工程矿产出，预计 2024 年可产出工程矿 40 万吨，按照建设计划，预计在 2026 年年末建设完成。 (数据来源: Choice 金融终端,制图:市值风云 APP) ( ...

标题：AI 芯片概念股，国产 CPU+DCU 芯片设计厂商，公司一季度扣非净利润增长 42.7% 摘要：“大基金三期”投资AI芯片，未来营收和利润有望保持高速增长 作者：市值风云APP：天成henry 公司近期看点： 1、“半导体大基金三期”成立，或将重点投资AI芯片产业。 2、公司DCU芯片产品与国内包括文心一言等大模型全面适配。 3、最近三年营收复合增长率达80.5%。 一、公司简介及业绩情况 海光信息成立于2014年，主要从事高端处理器、加速器等计算芯片产品和系统的研究与开发。目前，公司在通用处理器（CPU）和协 处理器（DCU）方向已经具备海光系列、深算系列两大成熟产品线并持续迭代升级。 （公司CPU产品） 海光CPU已被国内多家服务器厂商采用。自公司产品推出以来，逐步开拓了浪潮、联想、新华三、同方等国内服务器厂商，开发了多 款基于海光处理器的服务器。相关产品成功应 ...

特高压核心概念：业务布局全面，在手订单充足，业绩稳步增长 摘要：这家公司亮相第22届南非国际电力及能源展览会。 作者：市值风云App：赤道以北 近期看点： 1、中标多个特高压项目，在手订单超16亿； 2、一季度归母净利润增长近五成； 3、4月以来超400家机构密集调研，股东户数减少，“北向资金”流入。 ——————以下为付费部分（不可见）—————— 一、公司简介及业绩情况 许继电气是一家从事电力装备的企业，主要包括特高压、智能电网、新能源、电动汽车充换电、轨道交通及工业智能化五大核心业 务，综合能源服务、先进储能、智能运维、电力物联网等新兴业务。产品主要分为智能变配电系统、直流输电系统、智能中压供用电 设备、智能电表、电动汽车智能充换电系统、EMS加工服务等六类，广泛应用于电力系统各环节。 （智能配电系统示意图） 公司在特高压方面，成功中标张北柔性直流、乌东德直流工程。宜昌港口岸电等多个示范项目成功落地，智能配电终端在山东智能台 ...

标题：核电概念股，核电建造市场份额遥遥领先，核电工程业务保持 40%增速 摘要：全国核电投资进入加速期，核电工程建设需求快速增长 作者：市值风云APP：天成henry 公司近期看点： 1、国务院发布《2024—2025年节能降碳行动方案》，核电迎新一轮景气周期。 2、公司业绩稳步提升，核电建设增速快。 3、核电“一带一路”，出海需求提升。 一、公司简介及业绩情况 公司主要业务为工程建设，按板块可分为核电工程、工业与民用工程建设两大业务板块。 核电工程建设一直是公司的核心业务，掌握了包括 CNP、M310、CPR1000、EPR、VVER、AP1000、CAP1400、华龙一号、高温堆、重水堆、 实验快堆、先进研究堆等各种堆型、各种规格 ...

Group 1 - The core viewpoint of the report highlights the growth and challenges faced by the company, Tibet Pharmaceutical (600211.SH), which has achieved a revenue CAGR of 25% from 2018 to 2023, with revenue reaching 3.13 billion in 2023 [2][11][22] - The company's main product, "Xinhua Su," is a recombinant human brain natriuretic peptide injection, filling a gap in the domestic market for acute heart failure treatment [12][18] - The report indicates that the company has been heavily reliant on its major product, with "Xinhua Su" accounting for 90% of its revenue, generating 2.82 billion in 2023 [13][29] Group 2 - The company has faced significant challenges in its operational history, particularly in its partnership with Kangzhe Pharmaceutical, which has become a controlling shareholder, raising concerns about the company's governance and decision-making [21][27][73] - The report notes that the company has not demonstrated strong research and development capabilities, with total R&D investment of only 290 million from 2018 to 2023, resulting in a consistently low R&D expense ratio of less than 1% [66][84] - The financial performance shows fluctuations in net profit margins and return on equity (ROE), with a notable drop in 2021 due to significant impairments, but a recovery in 2023 with a net profit margin of 25.6% [78][82][84] Group 3 - The report discusses the impact of national medical insurance negotiations on the pricing and market share of "Xinhua Su," which has been included in the insurance catalog since 2017, leading to a price reduction of 40% initially and further reductions in subsequent years [30][57][74] - The company has also faced challenges with other products, such as "Yimuduo" and "Nodikon," which have not gained significant market traction, with revenues of 130 million and 97 million respectively in 2023 [65][66] - The report highlights the company's reliance on external partnerships for product promotion, with high promotional costs impacting profitability, as seen in the promotional expense rates for "Xinhua Su" [31][58][59]

Investment Rating - The report indicates that the company is rated positively as a leading player in the EEPROM market, being the third largest globally [21]. Core Insights - The company has seen significant growth in its non-volatile memory chip business, particularly in the EEPROM sector, with a nearly threefold increase in net profit in the first quarter of 2024 [2][6]. - The demand for AI PCs is expected to boost the storage chip market, with a projected increase in memory capacity by at least 50%, benefiting EEPROM and NOR flash products [20][32]. Financial Performance - In Q1 2024, the company reported total revenue of 247 million yuan, a year-on-year increase of 72.49%, and a net profit of 51 million yuan, up 138.05% [6]. - The company's revenue for 2023 was 703 million yuan, a decline of 28.25% compared to the previous year, with a net profit of 100 million yuan, down 71.63% [24]. Product Development and Market Position - The company has developed a new generation of DDR5 memory modules in collaboration with another tech firm, enhancing its product offerings in the memory chip sector [3]. - The company has achieved significant sales in its NOR Flash products, with over 56 million units shipped in Q1 2024, representing nearly 70% of its total sales for 2023 [33]. Market Trends and Demand - The report highlights a recovery in downstream market demand, contributing to the company's improved performance in early 2024 [20]. - The company is actively expanding its product lines in automotive electronics, with a full range of A2 grade EEPROM products certified for automotive applications [30][31].