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【华泰电话会议纪要】关注优质次新股——策略联合行业深挖优质次新股

来源: 南方日报网络版     时间: 2019年05月21日 09:19:10
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全国大发快三最安全赔率最高的是哪个平台平台直属招商最高㊖100返9♔诚招代理【微信QQ同步】860925559 腾讯分分彩,腾讯5分彩,腾讯10分彩,时时彩龙虎和,U米彩票代理,U米官网,U米平台注册,U米乐官网,U米娱乐官方网站。【华泰电话会议纪要】关注优质次新股——策略联合行业深挖优质次新股

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(原)(标)(题)(:【华)(泰)(电)(话)(会)(议)(纪)(要)(】关)(注)(优)(质)(次)(新)(股)(——策)(略)(联)(合)(行)(业)(深)(挖)(优)(质)(次)(新)(股)(
钱)(海)(/策)(略)(分)(析)(师)((S0570518060002)
新)(治)(理)(,新)(经)(济)(,论)(次)(新)(股)(的)(崛)(起)(
核)(心)(观)(点)(:在)(监)(管)(日)(趋)(完)(善)(的)(背)(景)(下)(,A股)(的)(投)(资)(者)(结)(构)(、估)(值)(体)(系)(、治)(理)(模)(式)(等)(正)(在)(逐)(步)(与)(发)(达)(国)(家)(的)(成)(熟)(资)(本)(市)(场)(接)(轨)(,A股)(在)(经)(历)(大)(的)(洗)(礼)(后)(,正)(从)(过)(去)(流)(动)(性)(冲)(击)(主)(导)(的)(市)(场)(慢)(慢)(回)(归)(到)(公)(司)(内)(生)(增)(长)(主)(导)(的)(市)(场)(,一)(些)(真)(正)(优)(秀)(的)(公)(司)(开)(始)(被)(市)(场)(广)(泛)(追)(捧)(。次)(新)(股)(是)(新)(治)(理)(模)(式)(的)(代)(表)(,又)(是)(真)(正)(的)(新)(经)(济)(,建)(议)(未)(来)(重)(点)(关)(注)(次)(新)(股)(的)(投)(资)(机)(会)(。
1、A股)(旧)(模)(式)(——资)(本)(套)(利)(的)(历)(史)(。在)(大)(股)(东)(主)(导)(的)(公)(司)(治)(理)(模)(式)(背)(景)(下)(,在)(过)(去)(股)(价)(的)(大)(幅)(波)(动)(中)(,大)(股)(东)(和)(机)(构)(投)(资)(者)(利)(用)(内)(部)(信)(息)(精)(准)(把)(握)(增)(持)(和)(减)(持)(的)(时)(点)(,收)(割)(中)(小)(股)(东)(,我)(们)(认)(为)(,这)(是)(A股)(公)(司)(治)(理)(的)(问)(题)(所)(在)(,即)(“大)(股)(东)(侵)(害)(小)(股)(东)(利)(益)(”。
2、四)(个)(“新)(规)(”推)(动)(旧)(模)(式)(的)(覆)(灭)(。2017年)(以)(来)(,监)(管)(层)(先)(后)(出)(台)(重)(组)(新)(规)(、再)(融)(资)(新)(规)(、减)(持)(新)(规)(,意)(在)(打)(破)(过)(去)(大)(股)(东)(治)(理)(下)(的)(“忽)(悠)(式)(”重)(组)(的)(套)(利)(行)(为)(。2018年)(重)(磅)(文)(件)(资)(管)(新)(规)(出)(台)(,直)(接)(推)(动)(金)(融)(体)(系)(内)(的)(去)(杠)(杆)(。而)(过)(去)(大)(股)(东)(治)(理)(下)(的)(产)(物)(:信)(托)(、资)(管)(、股)(权)(质)(押)(也)(在)(资)(管)(新)(规)(的)(框)(架)(下)(逐)(渐)(被)(清)(退)(,并)(推)(动)(旧)(治)(理)(模)(式)(的)(覆)(灭)(。
3、旧)(模)(式)(的)(出)(清)(与)(新)(模)(式)(的)(认)(。未)(来)(在)(监)(管)(日)(趋)(完)(善)(的)(背)(景)(下)(,旧)(模)(式)(有)(望)(逐)(渐)(出)(清)(,新)(治)(理)(模)(式)(或)(将)(真)(正)(崛)(起)(,真)(正)(优)(质)(的)(公)(司)(会)(慢)(慢)(在)(产)(业)(竞)(争)(中)(积)(累)(优)(势)(,成)(长)(为)(国)(内)(的)(龙)(头)(企)(业)(。
4、投)(资)(逻)(辑)(:次)(新)(股)(是)(出)(清)(了)(的)(新)(经)(济)(,未)(来)(有)(望)(成)(为)(新)(经)(济)(的)(先)(锋)(。次)(新)(股)(作)(为)(政)(策)(支)(持)(下)(的)(上)(市)(公)(司)(代)(表)(,从)(行)(业)(分)(布)(来)(看)(,新)(经)(济)(的)(成)(分)(较)(高)(,并)(且)(商)(誉)(减)(值)(、股)(权)(质)(押)(等)(问)(题)(的)(风)(险)(较)(小)(,此)(外)(次)(新)(股)(的)(估)(值)(、营)(收)(增)(速)(均)(优)(于)(创)(业)(板)(。因)(此)(,我)(们)(建)(议)(未)(来)(重)(点)(关)(注)(次)(新)(股)(。
孔)(凌)(飞)(/中)(小)(市)(值)(首)(席)((S0570517040001)
我)(们)(认)(为)(下)(半)(年)(的)(次)(新)(股)(板)(块)(将)(是)(反)(弹)(动)(力)(最)(强)(的)(板)(块)(。原)(因)(有)(三)(:
1、次)(新)(股)(本)(身)(的)(特)(性)(决)(定)(大)(跌)(后)(往)(往)(有)(上)(佳)(表)(现)(。次)(新)(股)(历)(史)(包)(袱)(小)(,筹)(码)(结)(构)(简)(单)(。次)(新)(股)(刚)(刚)(经)(历)(了)(IPO严)(审)(,基)(本)(面)(健)(康)(,也)(不)(存)(在)(大)(规)(模)(商)(誉)(和)(股)(票)(质)(押)(的)(问)(题)(。交)(易)(层)(面)(,新)(上)(市)(公)(司)(短)(期)(内)(不)(存)(在)(套)(牢)(盘)(,因)(此)(在)(行)(情)(不)(佳)(时)(,次)(新)(股)(板)(块)(反)(弹)(面)(临)(的)(抛)(压)(较)(小)(。因)(此)(2015年)(股)(灾)(后)(,次)(新)(股)(迎)(来)(一)(波)(行)(情)(,6月)(以)(来)(大)(跌)(企)(稳)(后)(,次)(新)(股)(也)(是)(站)(出)(来)(率)(先)(反)(弹)(的)(品)(种)(。今)(年)(整)(体)(市)(场)(环)(境)(存)(在)(较)(多)(不)(确)(定)(性)(,无)(差)(别)(攻)(击)(之)(后)(次)(新)(股)(修)(复)(能)(力)(更)(强)(。
2、次)(新)(股)(行)(业)(属)(性)(新)(,盈)(利)(能)(力)(佳)(。2014年)(IPO重)(启)(后)(,证)(监)(会)(对)(新)(股)(上)(市)(的)(把)(关)(逐)(步)(趋)(严)(,尤)(其)(是)(2017年)(10月)(大)(发)(审)(委)(上)(任)(后)(,IPO过)(会)(率)(进)(一)(步)(趋)(严)(,能)(够)(顺)(利)(通)(过)(发)(审)(委)(审)(核)(成)(功)(上)(市)(的)(公)(司)(,其)(经)(营)(健)(康)(程)(度)(和)(盈)(利)(能)(力)(均)(有)(一)(定)(保)(障)(。今)(年)(IPO发)(行)(偏)(好)(行)(业)(中)(有)(相)(当)(规)(模)(和)(地)(位)(的)(龙)(头)(公)(司)(,因)(此)(下)(半)(年)(次)(新)(股)(走)(牛)(的)(逻)(辑)(将)(不)(同)(于)(2016年)(的)(次)(新)(股)(牛)(市)(。2016年)(的)(炒)(新)(逻)(辑)(在)(于)(追)(求)(β,在)(对)(手)(盘)(少)(,市)(值)(小)(的)(板)(块)(用)(较)(少)(的)(资)(金)(撬)(动)(较)(高)(的)(涨)(幅)(。而)(2018年)(下)(半)(年)(次)(新)(股)(板)(块)(的)(逻)(辑)(是)(追)(求)(α,细)(分)(龙)(头)(公)(司)(的)(资)(产)(质)(量)(和)(成)(长)(性)(高)(,上)(市)(更)(有)(可)(能)(是)(这)(些)(公)(司)(二)(次)(成)(长)(的)(起)(点)(。
3、IPO改)(革)(背)(景)(下)(“炒)(新)(”与)(“炒)(小)(”逻)(辑)(分)(化)(,炒)(新)(更)(具)(有)(生)(命)(力)(。“炒)(小)(”的)(核)(心)(逻)(辑)(在)(于)(新)(经)(济)(公)(司)(在)(原)(有)(上)(市)(制)(度)(安)(排)(下)(难)(以)(正)(常)(IPO,只)(能)(通)(过)(借)(壳)(上)(市)(的)(方)(式)(谋)(求)(登)(陆)(A股)(,而)(市)(值)(较)(小)(的)(公)(司)(是)(理)(想)(的)(借)(壳)(选)(择)(。这)(就)(造)(成)(了)(一)(部)(分)(经)(营)(不)(善)(、业)(绩)(不)(佳)(的)(公)(司)(因)(为)(存)(在)(被)(借)(壳)(预)(期)(而)(享)(受)(高)(溢)(价)(的)(畸)(形)(定)(价)(现)(象)(。IPO独)(角)(兽)(通)(道)(的)(开)(启)(,直)(接)(威)(胁)(到)(壳)(价)(值)(的)(存)(在)(。当)(独)(角)(兽)(公)(司)(可)(以)(通)(过)(IPO或)(者)(CDR的)(方)(式)(登)(陆)(A股)(,借)(壳)(失)(去)(意)(义)(,小)(市)(值)(公)(司)(不)(会)(再)(因)(为)(被)(借)(壳)(预)(期)(而)(产)(生)(溢)(价)(,直)(接)(动)(摇)(“炒)(小)(”逻)(辑)(。而)(次)(新)(股)(则)(短)(期)(内)(成)(为)(细)(分)(龙)(头)(公)(司)(和)(新)(经)(济)(公)(司)(最)(集)(中)(的)(板)(块)(,很)(可)(能)(是)(中)(小)(创)(中)(最)(具)(成)(长)(性)(吸)(引)(力)(的)(板)(块)(。
2017年)(以)(来)(上)(市)(的)(新)(股)(中)(,模)(型)(打)(分)(前)(10的)(次)(新)(股)(包)(括)(中)(源)(家)(居)(、亿)(嘉)(和)(、科)(森)(科)(技)(、锐)(科)(激)(光)(、横)(店)(影)(视)(、尚)(品)(宅)(配)(、视)(源)(股)(份)(、金)(牌)(厨)(柜)(、精)(研)(科)(技)(、德)(赛)(西)(威)(。
华)(泰)(中)(小)(盘)(次)(新)(推)(荐)(组)(合)(
中)(新)(赛)(克)(:公)(司)(专)(注)(于)(数)(据)(提)(取)(、数)(据)(融)(合)(计)(算)(在)(信)(息)(安)(全)(等)(领)(域)(的)(应)(用)(,具)(备)(整)(体)(解)(决)(方)(案)(提)(供)(能)(力)(,以)(网)(络)(可)(视)(化)(基)(础)(架)(构)(、网)(络)(内)(容)(安)(全)(、大)(数)(据)(运)(营)(为)(三)(大)(主)(营)(业)(务)(。公)(司)(在)(手)(未)(确)(认)(收)(入)(订)(单)(和)(2018年)(新)(签)(订)(单)(有)(望)(成)(为)(公)(司)(未)(来)(业)(绩)(增)(长)(点)(。公)(司)(2015-2017年)(H1,公)(司)(的)(订)(单)(总)(和)(与)(营)(业)(收)(入)(存)(在)(一)(定)(的)(差)(额)(,2015-2017年)(H1公)(司)(在)(手)(未)(确)(认)(收)(入)(订)(单)(数)(总)(额)(高)(达)(4.6亿)(元)(。我)(们)(预)(计)(2017下)(半)(年)(的)(新)(增)(订)(单)(量)(与)(确)(认)(的)(收)(入)(同)(样)(存)(在)(差)(额)(,2017年)(全)(年)(的)(在)(手)(未)(确)(认)(订)(单)(额)(将)(大)(于)(2.37亿)(元)(。公)(司)(的)(订)(单)(极)(少)(有)(取)(消)(或)(撤)(销)(的)(可)(能)(,订)(单)(大)(概)(率)(1-2年)(会)(全)(部)(确)(认)(收)(入)(,在)(手)(未)(确)(认)(收)(入)(订)(单)(利)(好)(于)(公)(司)(未)(来)(业)(绩)(增)(长)(。
公)(司)(是)(A股)(网)(络)(可)(视)(化)(基)(础)(架)(构)(产)(品)(龙)(头)(,预)(计)(2018年)(至)(2020年)(的)(EPS为)(1.69/2.27/2.99元)(。可)(比)(公)(司)(2018年)(的)(平)(均)(PE为)(46倍)(,考)(虑)(到)(为)(未)(来)(网)(络)(可)(视)(化)(基)(础)(设)(施)(的)(需)(求)(增)(长)(与)(公)(司)(在)(行)(业)(中)(的)(龙)(头)(地)(位)(,我)(们)(认)(为)(公)(司)(未)(来)(六)(个)(月)(的)(PE区)(间)(为)(56-61倍)(,合)(理)(价)(格)(区)(间)(为)(94.64-103.09元)(,给)(予)(“增)(持)(”评)(级)(。
元)(隆)(雅)(图)(:公)(司)(是)(国)(内)(促)(销)(品)(服)(务)(行)(业)(的)(龙)(头)(公)(司)(,正)(在)(向)(整)(合)(营)(销)(服)(务)(迈)(进)(。我)(们)(认)(为)(公)(司)(凭)(借)(丰)(富)(的)(优)(质)(客)(户)(资)(源)(储)(备)(,未)(来)(业)(务)(规)(模)(的)(增)(长)(空)(间)(很)(大)(;同)(时)(业)(务)(延)(展)(方)(向)(多)(,未)(来)(可)(围)(绕)(客)(户)(需)(求)(进)(行)(上)(下)(游)(的)(产)(业)(链)(拓)(展)(,进)(一)(步)(提)(升)(整)(合)(营)(销)(服)(务)(能)(力)(。公)(司)(主)(业)(增)(长)(潜)(力)(大)(,新)(业)(务)(延)(展)(方)(向)(多)(。2016年)(底)(,公)(司)(服)(务)(客)(户)(数)(量)(达)(300家)(,其)(中)(收)(入)(超)(过)(2000万)(元)(的)(客)(户)(仅)(有)(9家)(,大)(量)(优)(质)(的)(客)(户)(资)(源)(尚)(未)(充)(分)(开)(发)(。未)(来)(公)(司)(将)(深)(度)(开)(发)(现)(有)(客)(户)(、继)(续)(开)(拓)(新)(客)(户)(;同)(时)(提)(高)(数)(字)(化)(促)(销)(品)(、促)(销)(品)(电)(商)(平)(台)(服)(务)(等)(新)(业)(务)(在)(业)(务)(构)(成)(中)(的)(比)(重)(,持)(续)(发)(展)(纪)(念)(品)(、品)(牌)(代)(理)(、IP衍)(生)(品)(等)(文)(创)(业)(务)(,并)(通)(过)(内)(生)(和)(外)(延)(的)(方)(式)(进)(行)(上)(下)(游)(的)(拓)(展)(,包)(括)(前)(端)(的)(策)(划)(、新)(媒)(体)(营)(销)(和)(渠)(道)(拓)(展)(等)(。
我)(们)(预)(计)(公)(司)(2017-19年)(净)(利)(润)(为)(6826/8502/10963万)(元)(,EPS为)(0.89/1.11/1.43元)(,当)(前)(股)(价)(对)(应)(2018年)(PE为)(33.75倍)(。按)(照)(相)(对)(估)(值)(和)(FCFF绝)(对)(估)(值)(法)(,我)(们)(认)(为)(公)(司)(合)(理)(价)(格)(区)(间)(为)(26.80-28.21元)(。给)(予)(“增)(持)(”评)(级)(。
拓)(斯)(达)(:国)(内)(机)(器)(人)(新)(锐)(,主)(要)(产)(品)(为)(机)(械)(手)(及)(配)(套)(解)(决)(方)(案)(、多)(关)(节)(机)(器)(人)(应)(用)(方)(案)(、注)(塑)(机)(辅)(机)(设)(备)(、自)(动)(供)(料)(及)(水)(电)(气)(系)(统)(。短)(期)(增)(长)(来)(源)(于)(成)(熟)(期)(产)(品)(的)(扩)(张)(,长)(期)(增)(长)(来)(源)(于)(业)(务)(拓)(展)(以)(及)(自)(主)(核)(心)(零)(部)(件)(、软)(件)(系)(统)(等)(业)(务)(对)(整)(体)(毛)(利)(率)(的)(提)(升)(。预)(计)(18年)(增)(速)(40-50%;
华)(体)(科)(技)(:户)(外)(照)(明)(龙)(头)(,智)(慧)(路)(灯)(先)(行)(者)(。看)(点)(,长)(期)(内)(智)(慧)(路)(灯)(处)(于)(培)(育)(期)(,行)(业)(拐)(点)(看)(5G;短)(期)(内)(受)(益)(夜)(游)(经)(济)(行)(业)(红)(利)(,亮)(化)(工)(程)(18年)(有)(望)(贡)(献)(较)(大)(业)(绩)(。预)(计)(18年)(增)(速)(50-70%;
新)(坐)(标)(:新)(坐)(标)(主)(要)(从)(事)(精)(密)(冷)(锻)(件)(的)(研)(发)(、生)(产)(和)(销)(售)(,主)(要)(产)(品)(是)(使)(用)(在)(汽)(车)(、摩)(托)(车)(发)(动)(机)(上)(的)(气)(门)(组)(精)(密)(零)(部)(件)(。看)(点)(,气)(门)(传)(动)(组)(精)(密)(冷)(锻)(件)(放)(量)(增)(长)(,今)(年)(下)(半)(年)(供)(货)(吉)(利)(,欧)(洲)(和)(墨)(西)(哥)(出)(口)(量)(持)(续)(增)(长)(。预)(计)(18年)(增)(速)(50%-60%。
肖)(群)(稀)(/机)(械)(分)(析)(师)((S0570512070051)
成)(长)(股)(推)(荐)(
1-长)(川)(科)(技)(
今)(年)(以)(来)(国)(产)(半)(导)(体)(设)(备)(需)(求)(及)(采)(购)(占)(比)(均)(显)(著)(上)(升)(。设)(备)(公)(司)(的)(中)(报)(业)(绩)(预)(计)(增)(速)(较)(高)(,且)(下)(半)(年)(业)(绩)(有)(望)(好)(于)(上)(半)(年)(。
国)(内)(产)(能)(增)(加)(,为)(国)(产)(设)(备)(渗)(透)(率)(上)(升)(提)(供)(“土)(壤)(”。优)(势)(企)(业)(的)(高)(成)(长)(趋)(势)(已)(确)(认)(。
两)(类)(装)(备)(可)(能)(较)(快)(国)(产)(化)(,并)(先)(于)(产)(业)(链)(兑)(现)(业)(绩)(高)(增)(长)(:
1)具)(备)(进)(入)(国)(内)(一)(流)(制)(造)(、封)(装)(企)(业)(实)(力)(,且)(对)(精)(度)(要)(求)(较)(低)(或)(对)(良)(率)(影)(响)(小)(的)(装)(备)(,如)(刻)(蚀)(机)((中)(后)(道)()、测)(试)(设)(备)(等)(;
2)硅)(晶)(圆)(制)(造)(设)(备)(,包)(括)(单)(晶)(炉)(及)(切)(磨)(抛)(设)(备)(。
建)(议)(布)(局)(半)(导)(体)(设)(备)(龙)(头)(企)(业)(,看)(好)(长)(川)(科)(技)(。
2-亿)(嘉)(和)(:电)(力)(行)(业)(无)(人)(巡)(检)(服)(务)(机)(器)(人)(龙)(头)(,充)(分)(受)(益)(智)(能)(电)(网)(建)(设)(提)(速)(
亿)(嘉)(和)(是)(A股)(稀)(缺)(的)(工)(业)(服)(务)(机)(器)(人)(标)(的)(,应)(用)(于)(智)(能)(电)(网)(无)(人)(巡)(检)(服)(务)(,未)(来)(3~5年)(电)(力)(无)(人)(巡)(检)(开)(始)(普)(及)(,智)(能)(巡)(检)(机)(器)(人)(需)(求)(提)(速)(,我)(们)(测)(算)(2018~2020年)(,电)(力)(智)(能)(巡)(检)(机)(器)(人)(需)(求)(477亿)(,未)(来)(三)(年)(年)(均)(市)(场)(需)(求)(159亿)(,其)(中)((变)(电)(站)(年)(均)(需)(求)(24亿)(,配)(电)(站)(年)(均)(需)(求)(135亿)()。
亿)(嘉)(和)(配)(电)(站)(智)(能)(巡)(检)(机)(器)(人)(市)(场)(先)(发)(优)(势)(明)(显)(:1)产)(品)(技)(术)(领)(先)((体)(现)(在)(自)(主)(导)(航)(、图)(像)(识)(别)(、人)(机)(交)(互)(等)(领)(域)();2)项)(目)(经)(验)(丰)(富)(,积)(累)(了)(相)(当)(丰)(富)(的)(电)(力)(行)(业)(设)(备)(运)(行)(数)(据)(。变)(电)(站)(巡)(检)(机)(器)(人)(市)(场)(由)(山)(东)(鲁)(能)(、杭)(州)(申)(昊)(、浙)(江)(国)(自)(、深)(圳)(朗)(驰)(主)(导)(,亿)(嘉)(和)(通)(过)(研)(发)(投)(入)(与)(产)(品)(快)(速)(迭)(代)(,成)(为)(变)(电)(站)(巡)(检)(机)(器)(人)(行)(业)(有)(力)(的)(挑)(战)(者)(。
我)(们)(预)(计)(公)(司)(2018~2020年)(EPS分)(别)(为)(3.05、4.28和)(5.9元)(,PE为)(35.37、25.17和)(18.27倍)(,目)(标)(价)(129.40~143.78元)(/股)(,对)(应)(2018年)(PE为)(42~47倍)(,给)(予)(买)(入)(评)(级)(。
黄)(斌)(/电)(新)(首)(席)((S0570517060002)
麦)(格)(米)(特)(深)(度)(——稀)(缺)(的)(平)(台)(型)(电)(气)(自)(动)(化)(龙)(头)(
1.智)(能)(制)(造)(叠)(加)(消)(费)(升)(级)(,电)(气)(自)(动)(化)(龙)(头)(有)(望)(高)(成)(长)(
深)(耕)(电)(力)(电)(子)(行)(业)(十)(余)(年)(,围)(绕)(家)(电)(电)(控)(、工)(业)(电)(源)(、工)(业)(自)(动)(化)(等)(板)(块)(,产)(品)(定)(位)(清)(晰)(;公)(司)(擅)(长)(切)(入)(高)(端)(电)(源)(、工)(业)(微)(波)(等)(细)(分)(领)(域)(。三)(大)(亮)(点)(共)(筑)(公)(司)(成)(长)(基)(石)(:智)(能)(卫)(浴)(市)(场)(先)(行)(者)(——智)(米)(等)(爆)(品)(有)(望)(引)(领)(智)(能)(马)(桶)(市)(场)(崛)(起)(;与)(优)(质)(客)(户)(共)(同)(成)(长)(——电)(控)(产)(品)(随)(北)(汽)(新)(能)(源)(乘)(用)(车)(加)(速)(放)(量)(;聚)(焦)(与)(平)(台)(——围)(绕)(核)(心)(技)(术)(平)(台)(不)(断)(孵)(化)(新)(兴)(业)(务)(,医)(疗)(电)(源)(、焊)(机)(等)(产)(品)(有)(望)(延)(续)(高)(增)(长)(。智)(能)(制)(造)(叠)(加)(消)(费)(升)(级)(,公)(司)(有)(望)(成)(长)(为)(电)(力)(电)(子)(应)(用)(领)(域)(的)(龙)(头)(企)(业)(。
2.不)(止)(工)(业)(自)(动)(化)(,还)(是)(电)(气)(自)(动)(化)(的)(平)(台)(公)(司)(
跨)(领)(域)(的)(生)(产)(经)(营)(模)(式)(依)(托)(于)(三)(大)(技)(术)(核)(心)(平)(台)(的)(交)(叉)(应)(用)(及)(技)(术)(延)(伸)(,满)(足)(和)(挖)(掘)(众)(多)(国)(内)(外)(优)(质)(客)(户)(的)(需)(求)(,快)(速)(开)(发)(新)(产)(品)(及)(行)(业)(解)(决)(方)(案)(是)(公)(司)(独)(特)(且)(难)(以)(复)(制)(的)(竞)(争)(优)(势)(。研)(发)(、供)(货)(周)(期)(缩)(短)(及)(规)(模)(化)(供)(应)(链)(管)(理)(,在)(收)(入)(体)(量)(增)(长)(的)(同)(时)(,规)(模)(效)(应)(逐)(步)(显)(现)(。公)(司)(高)(度)(重)(视)(自)(主)(研)(发)(创)(新)(及)(多)(样)(化)(产)(品)(布)(局)(,2014年)(以)(来)(研)(发)(投)(入)(占)(比)(始)(终)(在)(总)(营)(收)(10%以)(上)(,多)(品)(类)(产)(品)(随)(客)(户)(认)(知)(度)(提)(升)(及)(产)(品)(迭)(代)(,有)(望)(迎)(来)(市)(场)(机)(遇)(期)(。
3.拟)(收)(购)(少)(数)(股)(东)(权)(益)(,事)(业)(部)(模)(式)(加)(速)(业)(绩)(增)(长)(
收)(购)(少)(数)(股)(东)(权)(益)(进)(一)(步)(加)(强)(控)(制)(权)(,提)(升)(上)(市)(公)(司)(核)(心)(竞)(争)(力)(。拟)(公)(司)(发)(行)(股)(份)(及)(支)(付)(现)(金)(购)(买)(怡)(和)(卫)(浴)(34.0%股)(权)(、深)(圳)(驱)(动)(58.7%股)(权)(、深)(圳)(控)(制)(46.0%股)(权)(,获)(得)(证)(监)(会)(并)(购)(重)(组)(委)(无)(条)(件)(通)(过)(。智)(能)(马)(桶)(逐)(步)(成)(为)(美)(好)(生)(活)(的)(标)(配)(,传)(统)(卫)(浴)(行)(业)(渴)(求)(专)(业)(的)(零)(部)(件)(供)(应)(商)(,怡)(和)(有)(望)(成)(为)(全)(球)(领)(先)(的)(零)(部)(件)(供)(应)(商)(。深)(圳)(驱)(动)(作)(为)(北)(汽)(新)(能)(源)(一)(级)(供)(应)(商)(,PEU产)(品)(的)(推)(出)(将)(强)(化)(其)(在)(北)(汽)(供)(应)(链)(的)(竞)(争)(力)(。深)(圳)(控)(制)(PLC产)(品)(市)(场)(认)(可)(度)(高)(,将)(继)(续)(延)(中)(型)(化)(、运)(动)(控)(制)(功)(能)(方)(向)(及)(客)(户)(定)(制)(化)(方)(向)(发)(展)(。
4.立)(志)(做)(电)(气)(自)(动)(化)(细)(分)(蓝)(海)(市)(场)(的)(佼)(佼)(者)(
公)(司)(工)(业)(电)(源)(业)(务)(紧)(抓)(医)(疗)(及)(大)(功)(率)(LED显)(示)(电)(源)(等)(高)(端)(应)(用)(领)(域)(,继)(续)(做)(大)(做)(强)(。“平)(台)(+团)(队)(”模)(式)(,在)(数)(字)(化)(焊)(机)(、工)(业)(微)(波)(、智)(能)(采)(油)(系)(统)(等)(细)(分)(领)(域)(蓝)(海)(市)(场)(精)(耕)(细)(作)(。公)(司)(连)(续)(多)(年)(蝉)(联)(国)(内)(机)(器)(人)(焊)(接)(电)(源)(的)(销)(售)(冠)(军)(,年)(初)(中)(集)(龙)(腾)(计)(划)(独)(家)(中)(标)(,标)(志)(着)(技)(术)(得)(到)(行)(业)(领)(导)(者)(的)(认)(可)(。我)(们)(预)(计)(,工)(业)(微)(波)(及)(智)(能)(采)(油)(系)(统)(今)(年)(收)(入)(均)(有)(望)(实)(现)(翻)(倍)(增)(长)(。
收)(购)(少)(数)(股)(东)(权)(益)(的)(动)(态)(估)(值)(,2018-2020年)(净)(利)(润)(分)(别)(为)(2.3亿)(、3亿)(、3.9亿)(,对)(应)(PE分)(别)(为)(36倍)(、28倍)(、22倍)(。
王)(鹤)(岱)(/家)(电)(分)(析)(师)((S0570116080095)
市)(场)(现)(在)(对)(欧)(普)(的)(担)(心)(,主)(要)(来)(自)(于)(房)(地)(产)(下)(滑)(对)(公)(司)(终)(端)(销)(售)(的)(影)(响)(,我)(们)(认)(为)(欧)(普)(受)(地)(产)(影)(响)(相)(对)(较)(小)(。
首)(先)(,欧)(普)(所)(处)(的)(通)(用)(照)(明)(行)(业)(有)(数)(万)(家)(厂)(商)(,市)(场)(集)(中)(度)(低)(,欧)(普)(作)(为)(行)(业)(龙)(头)(,市)(场)(份)(额)(只)(有)(不)(到)(5%,未)(来)(市)(场)(份)(额)(有)(望)(持)(续)(提)(升)(。最)(近)(几)(年)(,LED替)(代)(传)(统)(照)(明)(带)(来)(行)(业)(整)(合)(契)(机)(。LED时)(代)(产)(品)(更)(新)(换)(代)(速)(度)(很)(快)(,中)(小)(企)(业)(技)(术)(创)(新)(能)(力)(不)(强)(,产)(品)(低)(价)(低)(质)(,设)(计)(以)(跟)(风)(模)(仿)(为)(主)(,渠)(道)(建)(设)(能)(力)(也)(比)(较)(弱)(,不)(具)(备)(持)(续)(竞)(争)(的)(基)(础)(,有)(利)(于)(欧)(普)(依)(靠)(品)(牌)(和)(渠)(道)(优)(势)(扩)(张)(市)(场)(份)(额)(。
其)(次)(,欧)(普)(渠)(道)(扩)(张)(能)(力)(强)(。欧)(普)(线)(下)(门)(店)(主)(要)(分)(为)(专)(卖)(店)(以)(及)(流)(通)(渠)(道)(五)(金)(店)(两)(种)(,专)(卖)(店)(数)(量)(2000多)(家)(,与)(老)(板)(、华)(帝)(相)(同)(体)(量)(的)(公)(司)(3000多)(家)(专)(卖)(店)(相)(比)(,未)(来)(有)(较)(大)(的)(扩)(张)(空)(间)(。流)(通)(渠)(道)(对)(标)(公)(牛)(,公)(牛)(目)(前)(流)(通)(网)(点)(数)(量)(100多)(万)(家)(,欧)(普)(只)(有)(10几)(万)(家)(,如)(果)(未)(来)(铺)(满)(100多)(万)(家)(流)(通)(网)(点)(,按)(照)(单)(店)(提)(货)(每)(年)(1万)(来)(计)(算)(,将)(带)(来)(80-90亿)(的)(增)(量)(。
公)(司)(推)(出)(锁)(定)(期)(限)(6年)(的)(股)(票)(期)(权)(与)(限)(制)(性)(股)(票)(激)(励)(计)(划)(,行)(权)(与)(解)(锁)(条)(件)(2018-2023年)(净)(利)(润)(年)(均)(复)(合)(增)(速)(20%,行)(权)(价)(格)(43.79元)(/股)(。预)(计)(2018-2020年)(公)(司)(EPS分)(别)(为)(1.55/2.03/2.64元)(,根)(据)(可)(比)(公)(司)(给)(予)(2018年)(33-35倍)(PE,对)(应)(合)(理)(价)(格)(区)(间)(为)(51.15-54.25元)(,建)(议)(投)(资)(者)(积)(极)(关)(注)(。
彭)(茜)(/电)(子)(分)(析)(师)((S0570517060001)
锐)(科)(激)(光)(:实)(现)(高)(功)(率)(进)(口)(替)(代)(的)(国)(内)(光)(纤)(激)(光)(器)(龙)(头)(
激)(光)(加)(工)(相)(对)(传)(统)(加)(工)(方)(式)(具)(有)(非)(接)(触)(、速)(度)(快)(、能)(耗)(低)(等)(多)(种)(优)(点)(,成)(为)(制)(造)(业)(升)(级)(的)(理)(想)(工)(具)(。激)(光)(器)(是)(激)(光)(加)(工)(设)(备)(的)(核)(心)(部)(件)(,其)(中)(的)(光)(纤)(激)(光)(器)(拥)(有)(结)(构)(简)(单)(、转)(换)(效)(率)(高)(、光)(束)(质)(量)(好)(、维)(护)(成)(本)(低)(、散)(热)(性)(能)(好)(等)(优)(点)(,已)(成)(为)(宏)(观)(微)(观)(材)(料)(加)(工)(和)(标)(记)(等)(传)(统)(工)(业)(制)(造)(领)(域)(的)(主)(流)(光)(源)(,2012-2017年)(复)(合)(增)(长)(率)(高)(达)(25.27%,远)(高)(于)(这)(5年)(激)(光)(器)(行)(业)(的)(复)(合)(增)(速)(7.32%。此)(前)(大)(功)(率)(光)(纤)(激)(光)(器)(长)(期)(被)(国)(外)(IPG、SPI、Coherent等)(厂)(商)(垄)(断)(,随)(着)(锐)(科)(激)(光)(系)(列)(产)(品)((从)(25w脉)(冲)(-10000w连)(续)(激)(光)(器)()的)(诞)(生)(,打)(破)(了)(国)(外)(企)(业)(在)(光)(纤)(激)(光)(器)(领)(域)(的)(垄)(断)(及)(定)(价)(权)(,加)(速)(激)(光)(加)(工)(在)(国)(内)(工)(业)(领)(域)(的)(渗)(透)(。
锐)(科)(激)(光)(是)(国)(内)(光)(纤)(激)(光)(器)(龙)(头)(,控)(股)(股)(东)(航)(天)(科)(工)(集)(团)(,在)(副)(董)(事)(长)(兼)(总)(工)(程)(师)(闫)(大)(鹏)(、董)(事)(兼)(副)(总)(经)(理)(李)(成)(、副)(总)(经)(理)(兼)(董)(秘)(卢)(昆)(忠)(3名)(“千)(人)(计)(划)(”领)(军)(人)(才)(的)(技)(术)(带)(领)(下)(,除)(技)(术)(领)(先)(,激)(光)(器)(泵)(浦)(源)(、特)(种)(光)(纤)(、传)(输)(光)(缆)(等)(核)(心)(零)(部)(件)(高)(度)(自)(治)(,目)(前)(毛)(利)(率)(和)(净)(利)(率)(已)(接)(近)(国)(际)(光)(纤)(激)(光)(器)(龙)(头)(IPG,品)(牌)(亦)(受)(国)(内)(激)(光)(设)(备)(公)(司)(高)(度)(认)(可)(。此)(前)(产)(能)(是)(公)(司)(瓶)(颈)(,随)(募)(投)(项)(目)(逐)(步)(达)(产)(,产)(业)(链)(的)(自)(主)(可)(控)(进)(一)(步)(提)(升)(,降)(低)(制)(造)(成)(本)(,助)(力)(公)(司)(持)(续)(高)(成)(长)(。预)(计)(2018-2020年)(归)(母)(净)(利)(润)(为)(4.48、6.73、9.80亿)(,同)(比)(增)(长)(61.80%、50.14%、45.51%,3年)(复)(合)(增)(长)(率)(48%,对)(应)(EPS为)(3.50、5.26、7.65元)(.
系)(
列)(
会)(
议)(
【0709】环)(保)(督)(查)(回)(头)(看)(周)(期)(行)(业)(联)(席)(电)(话)(会)(议)(
【0708】关)(注)(错)(杀)(优)(质)(股)(——全)(行)(业)(错)(杀)(优)(质)(股)(梳)(理)(
【0705】金)(融)(行)(业)(研)(究)(分)(析)(框)(架)(培)(训)(——金)(融)(首)(席)(沈)(娟)(
【0704】反)(弹)(行)(情)(看)(成)(长)(·甄)(选)(优)(质)(成)(长)(股)(TMT中)(小)(盘)(联)(席)(电)(话)(会)(议)(
【0701】探)(底)(中)(拥)(抱)(中)(报)(业)(绩)(确)(定)(性)(——全)(行)(业)(中)(报)(前)(瞻)(
【0701】七)(月)(金)(股)(电)(话)(会)(议)(
【0629】港)(股)(公)(用)(事)(业)(研)(究)(框)(架)(培)(训)(
【0625】湖)(南)(锂)(电)(产)(业)(链)(调)(研)(以)(及)(近)(期)(新)(能)(源)(车)(板)(块)(观)(点)(电)(话)(会)(议)(
【0621】存)(量)(博)(弈)(,资)(源)(为)(王)(—房)(地)(产)(行)(业)(分)(析)(框)(架)(和)(估)(值)(体)(系)(分)(享)(
【0619】知)(是)(力)(专)(家)(第)((15)讲)(:赣)(州)(行)(,保)(卫)(蓝)(天)(,环)(保)(和)(有)(色)(机)(遇)(几)(何)(?钨)(钴)(稀)(土)(超)(预)(期)(停)(限)(产)(!返)(回)(搜)(狐)(,查)(看)(更)(多)(责)(任)(编)(辑)(:
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