证券研究报告 | 公司动态点评 2024 年 10 月 27 日 亚太股份（002284.SZ） 3Q24 收入、毛利率超预期，电控业务潜力加速释放 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 3,750 | 3,874 | 4,326 | 5,012 | 5,977 | 股票信息 | | | 增长率 yoy （ % ） | 3.3 | 3.3 | 11.7 | 15.9 | 19.3 | | | | 归母净利润（百万元） | 68 | 97 | 217 | 258 | 346 | 行业 | 汽车 | | 增长率 yoy （ ...

证券研究报告 | 公司动态点评 2024 年 10 月 27 日 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------------------|-----------|-------|-------|----------|-------------------------------------------|-----------| | | | | | | | | | | 兆易创新（ 24Q3 | 扣非归母净利润环比 | 603986.SH | +5% | ） | ，利基型 | DRAM 业务加速成长 | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 8,130 | 5,761 | 7,435 | 9,333 | 11,062 | | | | 增长率 yoy （ % ） | -4.5 | -29.1 | 29.1 | 25.5 | 18.5 | 股票信息 | | | 归母净利润（百万元） | ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% relative to the industry index over the next six months [9]. Core Views - The company demonstrated strong earnings resilience in Q3 2024, with revenue reaching 9.225 billion and a year-on-year growth of 27.5%. The net profit attributable to shareholders was 977 million, up 25.0% year-on-year [1]. - The report highlights the optimization of customer structure and the ramp-up of new projects as key drivers for future growth [1]. Financial Performance Summary - **Revenue**: The company achieved revenue of 35.09 billion in Q3 2024, with a year-on-year increase of 24.8% and a quarter-on-quarter increase of 6.2% [1]. - **Net Profit**: The net profit for Q3 2024 was 383 million, reflecting a year-on-year growth of 21.6% and a quarter-on-quarter growth of 9.0% [1]. - **Profit Margins**: The gross margin for Q3 2024 was 19.9%, with a slight decline compared to previous periods, while the net profit margin was 10.9% [1]. Future Projections - The company is projected to achieve revenues of 131.7 billion, 162.9 billion, and 197.2 billion for the years 2024, 2025, and 2026, respectively. Corresponding net profits are expected to be 14.2 billion, 17.9 billion, and 22.6 billion [1]. - The report anticipates a decrease in the price-to-earnings (P/E) ratio from 29.8 in 2024 to 18.7 in 2026, indicating improving valuation metrics [1]. Strategic Developments - The company is expanding its global customer base, transitioning from traditional automakers to new energy vehicle manufacturers and global car companies, with several projects set to launch from 2024 to 2026 [1]. - New product developments in smart automotive lighting and electronic technologies are underway, including innovations based on Micro LED and DMD technologies [1].

Investment Rating - The report maintains a "Buy" rating for Zhejiang Medicine, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [15]. Core Views - The company achieved record high performance in Q3 2024, with total revenue reaching 7.113 billion yuan, a year-on-year increase of 21.04%, and net profit attributable to shareholders at 850 million yuan, up 181.96% [1][2]. - The growth momentum from Q2 2024 continues, driven by strong performance in the vitamin E and A segments, with both volume and price increases contributing to the results [2][4]. - The approval of the "Segmented Production Pilot Work Plan for Biological Products" by the National Medical Products Administration is expected to facilitate the approval process for the company's innovative drug ARX788, potentially driving long-term growth [6][7]. Financial Summary - For the first three quarters of 2024, the company reported a gross profit margin of 40.05%, an increase of 6.48 percentage points year-on-year [2]. - The net profit margin for the same period was 10.66%, up 7.58 percentage points from the previous year, primarily due to rising prices of vitamin E and A [2]. - The company’s cash flow from operating activities increased by 68.51% year-on-year, reaching 692 million yuan [3]. Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 10.213 billion yuan, 11.074 billion yuan, and 11.861 billion yuan, respectively, with corresponding net profits of 1.573 billion yuan, 1.705 billion yuan, and 1.770 billion yuan [7]. - The expected EPS for the same years is 1.63 yuan, 1.77 yuan, and 1.83 yuan, with current P/E ratios of 5.8X, 5.4X, and 5.2X [7]. Market Conditions - The vitamin E and A prices are expected to remain strong, with the domestic market prices for vitamin A and E significantly higher than the average prices in 2023 [4]. - The report highlights that there are no new players or production capacity expected in the short term, which is favorable for the company's performance in the vitamin segment [7].

Investment Rating - The overall investment rating for the automotive sector is "Outperform" [2] Core Insights - The automotive sector experienced a weekly increase of 2.42%, outperforming the CSI 300 index by 2.33 percentage points during the week of October 21-25 [8] - The retail sales of passenger vehicles in October are expected to reach 2.2 million units, reflecting a year-on-year growth of 8.2% and a month-on-month increase of 4.3% [5] - The price-to-earnings ratio (PE-TTM) for the automotive industry is 24.45, which has increased by 0.84 compared to the previous week [3][9] Summary by Sections Market Review - The automotive sector's performance included a 1.96% increase in the passenger vehicle segment, a 0.82% increase in the commercial vehicle segment, and a 2.43% increase in the automotive parts segment [8] - The overall performance of the automotive sector was better than the CSI 300 index, with significant gains in automotive services, which rose by 4.36% [8] Company and Industry Major Events - The report highlights significant quarterly earnings from various companies, including: - Precision Technology reported a revenue of 460 million yuan, down 17.52% year-on-year [21] - Shanghai Yanpu reported a revenue of 511 million yuan, up 28.28% year-on-year [22] - FAW Jiefang is planning to transfer its stake in FAW Finance to China First Automobile Group [21] New Vehicle Launches - The report includes a section on new vehicle launches, indicating ongoing innovation and product development within the automotive sector [6] Investment Recommendations - The report maintains a positive outlook on the automotive sector, suggesting continued investment opportunities in the context of rising sales and improving market conditions [6]

Investment Rating - The report maintains a "Buy" rating for Guodian Power and a "Hold" rating for other companies like China Minmetals Energy and Sichuan Investment Energy [1][2]. Core Insights - The report highlights a continuous high growth in installed capacity, with the wind and solar sectors showing outstanding market performance [1][2]. - The overall public utility sector index increased by 0.79% during the week, underperforming compared to the Shanghai Composite Index [6][9]. - The report emphasizes the importance of monitoring performance expectations in the third quarter due to market style shifts affecting sector performance [2][20]. Summary by Sections 1. Market Performance - The public utility sector index's PE (TTM) stands at 17 times, unchanged from the previous week, while the PB is at 1.83 times, also stable [11][12]. - The sector's performance is ranked 26th among 31 sectors, with notable increases in wind (+4.91%) and solar (+6.49%) generation [6][9]. 2. Industry and Company Dynamics - The National Energy Administration reported that as of September 2024, the cumulative installed capacity for solar power reached approximately 770 million kilowatts, a year-on-year increase of 48.3% [20][21]. - The report notes that the cumulative average utilization of power generation equipment decreased by 106 hours compared to the previous year [20]. 3. Key Data Tracking - The average trading price of green certificates during the week was recorded at 2.08 yuan, with significant trading volumes in wind and solar energy certificates [1][20]. - The report tracks coal prices, with the closing price for Shanxi mixed coal (5500) at 853 yuan per ton [1][20].

证券研究报告 | 行业周报 2024 年 10 月 26 日 非银行金融 外部影响或进入倒计时，继续关注低估值非银金融板块-非银周观点 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|----------------------------------------------------------------------| | | | | | | | | | 市场受互换便利政策落地、汇率波动、美国降息预期幅度波动、北向资金波 | | 强于大市（维持评级） | | 动等影响，成交量有所放大，市场振幅加大，券商估值有望波动修复，要关 | | | | 注加征关税及美国大选对市场风偏的影响。我们多次强调，以券商为代表的 | 行业走势 | | | 非银金融仍相对低估，亦是市场维持稳定及进 ...

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Investment Rating - The report assigns a "Buy" rating for Zijin Mining, indicating an expected price increase of over 15% relative to the industry index within the next six months [17]. Core Views - The company's performance is driven by both volume and price increases, with significant contributions expected from new projects [1][10]. - The report highlights the company's robust resource reserves and excellent mining exploration capabilities, which are anticipated to support long-term stable development [10][11]. - The ongoing projects are expected to enhance metal production, further boosting the company's performance [9][10]. Financial Summary - For 2022A, the company reported revenue of 270,329 million yuan, with a year-on-year growth rate of 20.1%. The projected revenue for 2024E is 326,496 million yuan, reflecting an 11.3% growth [1]. - The net profit attributable to shareholders for 2022A was 20,042 million yuan, with a year-on-year growth of 27.9%. The forecast for 2024E is 32,734 million yuan, indicating a substantial growth of 55.0% [1]. - The company's return on equity (ROE) for 2024E is projected to be 23.0%, up from 19.2% in 2023A [1]. Production and Cost Metrics - In the first three quarters of 2024, the company produced 54,265 kg of gold and 789,459 tons of copper, marking increases of 8.33% and 4.67% year-on-year, respectively [2]. - The gross profit margin for the mining segment was 57.71% in the first three quarters of 2024, an increase of 7.42 percentage points year-on-year [3]. Cash Flow and Expenses - The net cash flow from operating activities increased by 40.38% year-on-year to 36,109 million yuan in the first three quarters of 2024 [4]. - The company's cash and cash equivalents at the end of the period were 25,424 million yuan, up 54.81% year-on-year [4]. Resource Reserves and Exploration - The company has significant copper and gold resources, with total copper resources amounting to 10,467 million tons and gold resources of 3,528 tons as of mid-2024 [8]. - Recent exploration successes include the discovery of additional copper and molybdenum resources at the Jilong Copper Mine, which is expected to enhance future production capabilities [6][8]. Project Development - Key ongoing projects include the Jilong Copper Mine expansion, which is expected to increase annual copper production significantly by 2026 [6][9]. - The acquisition of the Akyem Gold Mine in Ghana for $1 billion is anticipated to add substantial gold resources to the company's portfolio [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Insights - The company has experienced steady revenue growth, driven by the increasing demand for high-speed optical devices, particularly due to advancements in AI technology and the growing need for computing power in global data centers [2][3]. - For the first three quarters of 2024, the company reported a revenue of 2.395 billion yuan, representing a year-on-year growth of 98.55%, and a net profit attributable to shareholders of 976 million yuan, up 122.39% year-on-year [2][3]. - The company is focusing on enhancing its core business capabilities through increased R&D investment, which reached 173 million yuan in the first three quarters of 2024, a 65.07% increase year-on-year [3]. Financial Performance Summary - Revenue (in million yuan): - 2022A: 1,196 - 2023A: 1,939 - 2024E: 3,802 - 2025E: 6,059 - 2026E: 7,809 - Year-on-year growth rates: - 2023A: 62.0% - 2024E: 96.1% - 2025E: 59.4% - 2026E: 28.9% [1][9] - Net Profit (in million yuan): - 2022A: 403 - 2023A: 730 - 2024E: 1,453 - 2025E: 2,277 - 2026E: 2,955 - Year-on-year growth rates: - 2023A: 81.1% - 2024E: 99.0% - 2025E: 56.8% - 2026E: 29.8% [1][9] - R&D Expense (in million yuan): - 2024 Q3: 173 - R&D Expense Ratio: 7.22% [3] Market Position and Strategy - The company is actively expanding its global presence, with a strategic layout that includes a headquarters in Suzhou, an overseas headquarters in Singapore, and production bases in Jiangxi and Thailand [3]. - The focus on high-speed optical devices and the development of specialized products for various applications positions the company well for future growth, particularly as AI and computing demands continue to rise [3].