Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The debt reduction policy is expected to positively impact the collection of receivables and the advancement of new projects [3] - The company reported a revenue of 22.45 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.77%, and a net profit attributable to shareholders of 2.545 billion yuan, a year-on-year decrease of 1.74% [3] - The company is focusing on enhancing system capabilities with minimal investment, particularly around digital transformation [3] Financial Performance Summary - Revenue (in million yuan): - 2022A: 30,565 - 2023A: 32,218 - 2024E: 32,991 - 2025E: 36,739 - 2026E: 41,657 [5] - Net Profit (in million yuan): - 2022A: 2,324 - 2023A: 7,362 - 2024E: 3,439 - 2025E: 3,901 - 2026E: 4,675 [5] - EPS (in yuan): - 2022A: 0.79 - 2023A: 2.31 - 2024E: 1.04 - 2025E: 1.18 - 2026E: 1.42 [5] - PE Ratios: - 2024E: 15.75 - 2025E: 13.88 - 2026E: 11.58 [3][5] Market Outlook - The company expects revenue improvement in the fourth quarter due to market recovery and strategic positioning in emergency and public welfare projects [3] - The government debt reduction initiative is anticipated to enhance local government investment capabilities in the digital economy, which may boost demand for the company's services [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][4] Core Views - The company reported Q3 2024 revenue of 1.328 billion yuan, a year-on-year increase of 2.23%, and a net profit attributable to shareholders of 226 million yuan, up 32.90% year-on-year [3] - The revenue growth is attributed to the increase in sales of chicken essence and powder, while the company is undergoing reforms including the launch of low-sodium and zero-additive soy sauce [3] - The company expects continued improvement in revenue and profitability in Q4 2024 due to low base effects and price increases implemented in September [3][4] Financial Performance Summary - Q3 2024 revenue by product category: soy sauce +0.47%, chicken essence and powder +13.99%, cooking oil -9.16%, and other products -9.05% [3] - Q3 2024 gross margin improved to 38.82%, up 4.95 percentage points year-on-year, driven by lower raw material costs and improved marketing efficiency [3] - The company forecasts revenue for 2024-2026 to be 5.402 billion, 6.106 billion, and 6.961 billion yuan respectively, with year-on-year growth rates of 5.11%, 13.03%, and 14.02% [4][5] - Expected net profit for 2024-2026 is 745 million, 889 million, and 1.071 billion yuan, with corresponding year-on-year growth rates of -56.10%, 19.36%, and 20.51% [4][5]

立讯精密(002475) / 消费电子 / 公司点评 / 2024.10.26 业绩符合预期，指引稳健增长 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 43.35 | | 流通股本 ( 亿股 ) | 72.09 | | 每股净资产 ( 元 ) | 8.87 | | 总股本 ( 亿股 ) | 72.26 | | 最近 12 月市场表现 | | -22% -7% 7% 21% 35% 49% 立讯精密 沪深300 上证指数 消费电子 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 相关报告 1. 《收购 Leoni AG 股权，蓄力汽车业 务成长》 2024-09-14 2. 《业绩稳健指引乐观，AI 浪潮深度受 益》 2024-08-24 3. 《业绩稳健指引乐观，蓄力 AI 浪潮 长线发展 》 2024-04-28 ❖ 事件：公司发布 3Q2024 财报，前三季度公司实现营收 1771. ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 3.963 billion yuan for the first three quarters of 2024, a year-on-year increase of 12.93%, while the net profit attributable to shareholders decreased by 6.69% [2] - The company's star products, such as smart locks, continue to grow rapidly, with Q3 2024 revenue reaching 1.379 billion yuan, a year-on-year increase of 12.70% and a quarter-on-quarter increase of 2.43% [2] - The gross margin for Q3 2024 was 42.01%, down 2.29 percentage points year-on-year and 1.90 percentage points quarter-on-quarter, primarily due to product mix adjustments and rising raw material costs [2] - Increased marketing expenses for new product launches and channel expansions, along with costs associated with moving into a new office building, led to a significant decline in net profit for Q3 2024, which was 0.093 billion yuan, down 34.87% year-on-year and 40.46% quarter-on-quarter [2] - The controlling shareholder's plan to increase their stake in the company by 200-400 million yuan reflects confidence in the company's future development [2] Financial Performance Summary - For 2024, the company is expected to achieve revenues of 5.506 billion yuan, 6.503 billion yuan in 2025, and 7.897 billion yuan in 2026, with corresponding net profits of 477.96 million yuan, 782.85 million yuan, and 905.55 million yuan [3][4] - The projected PE ratios for 2024, 2025, and 2026 are 55.62, 33.96, and 29.36 respectively [3] - The company’s revenue growth rates are forecasted at 13.76% for 2024, 18.11% for 2025, and 21.43% for 2026 [4] - The net profit growth rates are expected to be -15.10% for 2024, 63.79% for 2025, and 15.67% for 2026 [4] - The gross margin is projected to be 43.0% in 2024, 44.4% in 2025, and 45.2% in 2026 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company demonstrates strong performance stability, reflecting its leadership position in the industry. The revenue for the first three quarters of 2024 reached 120.8 billion yuan, a year-on-year increase of 17%, with net profit attributable to shareholders at 60.8 billion yuan, up 15% year-on-year [3][4] - The company is actively managing its market value through increased regular dividends and share buybacks, which is expected to boost market confidence and lead to valuation recovery [4] Financial Performance Summary - For Q3 2024, the company achieved revenue of 38.8 billion yuan, a year-on-year increase of 15.3%, and a net profit of 19.1 billion yuan, up 13.2% year-on-year [3] - The revenue from Moutai liquor in Q3 2024 was 32.56 billion yuan, reflecting a year-on-year growth of 16.3%, showcasing the company's strong growth even in a challenging environment [3] - The gross profit margin for Q3 2024 was 91.2%, a slight decrease of 0.4 percentage points year-on-year, while the net profit margin was 48.2%, down 1 percentage point year-on-year [3] - The company expects to achieve revenues of 173.2 billion yuan, 194.2 billion yuan, and 215.2 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 86.3 billion yuan, 97.6 billion yuan, and 108.9 billion yuan for the same years [4][5] Market Position and Strategy - The company is positioned as a strong leader in the liquor industry, with a stable growth trajectory and a focus on enhancing direct sales channels, which accounted for 47.1% of total sales in Q3 2024, up 2.9 percentage points year-on-year [3] - The international revenue growth was notable, with a year-on-year increase of 35.7% in Q3 2024, indicating an accelerated internationalization process [3]

Investment Rating - Maintained "Overweight" rating [1][3] Core Views - The company achieved robust growth in Q3 2024, with significant progress in DRAM business [3] - Revenue for the first three quarters of 2024 reached 5.65 billion yuan, up 28.56% YoY, and net profit attributable to shareholders was 832 million yuan, up 91.87% YoY [3] - Q3 2024 revenue was 2.041 billion yuan, up 42.83% YoY and 2.97% QoQ, with net profit of 315 million yuan, up 222.55% YoY and 0.93% QoQ [3] - Gross margin improved to 41.77% in Q3 2024, up 5.41 ppts YoY and 3.62 ppts QoQ, driven by optimized cost structure and reduced high-cost inventory [3] - Increased DRAM-related transaction volume with ChangXin Memory, raising the estimated transaction amount from 120 million USD to 140 million USD [3] Financial Performance and Projections - Revenue for 2024E is projected at 7.54 billion yuan, with a growth rate of 30.88% YoY, and net profit of 1.103 billion yuan, up 584.35% YoY [2][3] - Revenue for 2025E is expected to reach 9.477 billion yuan, with a growth rate of 25.69% YoY, and net profit of 1.614 billion yuan, up 46.38% YoY [2][3] - Revenue for 2026E is forecasted at 11.254 billion yuan, with a growth rate of 18.75% YoY, and net profit of 2.257 billion yuan, up 39.81% YoY [2][3] - EPS for 2024E, 2025E, and 2026E is projected at 1.66 yuan, 2.42 yuan, and 3.39 yuan, respectively [2][3] - ROE is expected to improve from 6.83% in 2024E to 11.61% in 2026E [2][3] Business Highlights - DRAM product prices declined due to intensified competition and weakened demand, while MCU shipments remained stable [3] - NOR and NAND product lines achieved sequential growth [3] - The company plans to launch more DDR4 products and expand into overseas markets [3] Valuation Metrics - PE ratios for 2024E, 2025E, and 2026E are 53.83x, 36.77x, and 26.30x, respectively [2][3] - PB ratios for 2024E, 2025E, and 2026E are 3.68x, 3.39x, and 3.05x, respectively [2][3]

海康威视(002415) / 计算机设备 / 公司点评 / 2024.10.26 3Q2024 收入总体平稳，大额回购彰显长期价值 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 30.95 | | 流通股本 ( 亿股 ) | 91.06 | | 每股净资产 ( 元 ) | 8.32 | | 总股本 ( 亿股 ) | 92.33 | | 最近 12 月市场表现 | | -27% -17% -8% 2% 11% 21% 海康威视 沪深300 上证指数 计算机设备 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号：S0160522090001 wujc01@ctsec.com 联系人 郑元昊 zhengyh03@ctsec.com 证券研究报告 ❖ 事件：2024 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's Q3 performance showed improvement with revenue of 3.893 billion yuan, a year-on-year increase of 8.27%, while net profit attributable to shareholders was 572 million yuan, a year-on-year decrease of 6.38%. However, the net profit after deducting non-recurring items increased by 49.18% year-on-year [2][3] - The price increase of products has led to improved profitability, with the average price of alkali-free glass fiber yarn rising by 2.90% year-on-year to 4315 yuan/ton, and fine yarn prices increasing by 16.66% year-on-year to 9199 yuan/ton. Export demand for glass fiber and its products grew by 21.88% year-on-year in July-August 2024 [2][3] - The company is expected to achieve net profits of 2.554 billion, 3.077 billion, and 3.773 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -16.1%, 20.5%, and 22.6% [3] Summary by Sections Financial Performance - Q3 2024 revenue was 3.893 billion yuan, up 8.27% year-on-year, while net profit was 572 million yuan, down 6.38% year-on-year. The net profit after deducting non-recurring items was 528 million yuan, up 49.18% year-on-year [2] - The gross margin for Q3 was 28.18%, an increase of 1.04 percentage points year-on-year, while the net margin was 15.38%, a decrease of 2.33 percentage points year-on-year [2] - The company’s revenue for 2024 is projected to be 14.378 billion yuan, with a revenue growth rate of -3.3% [4] Market Outlook - The economic recovery and the introduction of favorable policies are expected to boost the demand for glass fiber, leading to improved profitability for the company [3] - The company’s stock is projected to have a price-to-earnings ratio (PE) of 17x, 14x, and 11x for 2024, 2025, and 2026 respectively [3] Key Financial Metrics - The company’s return on equity (ROE) is projected to be 8.4%, 9.4%, and 10.7% for 2024, 2025, and 2026 respectively [4] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.64 yuan, 0.77 yuan, and 0.94 yuan respectively [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue recognition continues to slow down, and operating cash flow is under pressure year-on-year [2] - In the first three quarters of 2024, the company achieved revenue of 53.963 billion yuan, a year-on-year decrease of 9.96%, and a net profit attributable to shareholders of 0.962 billion yuan, down 9.55% year-on-year [2] - The company has seen a rapid growth in new contracts for traditional infrastructure, while emerging businesses are gradually showing growth potential [2][3] - The company expects to achieve operating revenues of 81.95 billion yuan, 78.58 billion yuan, and 81.49 billion yuan for 2024-2026, with net profits of 1.27 billion yuan, 1.16 billion yuan, and 1.35 billion yuan respectively [3] Financial Performance Summary - For Q1-Q3 2024, the company's gross profit margin was 12.22%, an increase of 0.62 percentage points year-on-year, while the net profit margin was 1.78%, an increase of 0.01 percentage points year-on-year [3] - The company reported a net cash outflow from operating activities of 5.255 billion yuan, which is an increase in outflow of 5.367 billion yuan compared to the same period last year [3] - The company signed new contracts worth 103.76 billion yuan in the first three quarters of 2024, a year-on-year increase of 2.21% [2][3] - The company’s new business segments, including design testing, intelligent manufacturing, and building materials trade, have shown significant growth, with new orders increasing by 37.9%, 255.8%, and 157.5% respectively [2] Future Projections - The company forecasts a revenue growth rate of -10.19% for 2024, -4.11% for 2025, and a recovery to 3.69% in 2026 [4] - The projected earnings per share (EPS) for 2024 is 0.74 yuan, decreasing from 0.91 yuan in 2023, with a PE ratio of 6.65 for 2024 [4][5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported better-than-expected performance, benefiting significantly from the recovery in A-share trading activity [1] - For the first three quarters of 2024, the company achieved total operating revenue and net profit attributable to shareholders of 7.304 billion and 6.042 billion yuan, respectively, representing year-on-year changes of -14.0% and -2.7% [2][3] - The decline in fund distribution revenue is attributed to a prolonged downturn in the fund sales market, which has dropped to 30% of total revenue [2] - The company's brokerage business market share continues to improve, contributing positively to performance despite a 11.1% year-on-year decline in market stock trading volume [3] Summary by Sections Financial Performance - For Q3 2024, the company’s operating revenue was 7.304 billion yuan, with a net profit of 6.042 billion yuan, showing a decline of 14.0% and 2.7% year-on-year respectively [2] - The revenue breakdown includes fund distribution revenue of 2.243 billion yuan, net interest income of 1.506 billion yuan, and net commission income of 3.555 billion yuan, with year-on-year changes of -26.8%, -9.7%, and -5.3% respectively [2] - The company’s operating costs and various expenses showed mixed results, with significant reductions in sales expenses by 38.5% [2] Market Position and Outlook - The company’s market share in brokerage services has increased, with a notable rise in trading volume in the Tibet region, reaching 3.93% by the end of September [3] - Investment income and fair value changes increased by 49.3% to 2.406 billion yuan, driven by a 19.7% increase in financial asset positions [3] - The company is expected to benefit from the overall recovery of the A-share market, with projected net profits for 2024-2026 of 8.996 billion, 12.649 billion, and 15.256 billion yuan, reflecting year-on-year growth rates of 9.8%, 40.6%, and 20.6% respectively [3]