顶点软件（603383.SH）/计 算机 证券研究报告/公司点评 2024 年 9 月 10 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------------|---------|--------------------------|-------|---------------------|-------| | [Table_Industry] [Table_Title] 评级：买入（维持） \n市场价格： 25.51 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：闻学臣 | 营业收入（百万元） | 625 | 744 | 831 | 937 | 1,065 | | | 增长率 yoy% | 24% | 1 ...

锦纶持续景气，公司稳步成长 聚合顺（605166.SH）/化工 证券研究报告/公司点评 2024 年 09 月 11 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------|-------|------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------|------------------------------------------------|------------------------------|--------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 7.76 yuan [1][2][7] Core Views - The company has shown a continuous improvement in gross margin and has secured significant overseas contracts, indicating strong growth potential [1][4] - Despite a short-term revenue decline due to project implementation cycles, the company has a robust order performance, particularly in its digital finance and big data application sectors [4] - The company has successfully reduced costs, leading to a notable increase in gross margin, which reached 38.07% in H1 2024, up 1.73% year-on-year [4] - The company is committed to expanding its overseas business, having signed a significant contract worth 49.6 million USD with a Thai bank, showcasing its competitive edge in Southeast Asia [4] Financial Summary - Revenue projections for 2024-2026 are estimated at 22.30 billion, 26.45 billion, and 31.93 billion yuan respectively, with corresponding net profits of 0.94 billion, 1.31 billion, and 1.77 billion yuan [4][6] - The company experienced a revenue of 7.04 billion yuan in H1 2024, a decrease of 5.99% year-on-year, while net profit increased by 118.44% to 0.02 billion yuan [4] - The company’s net asset return is projected to improve from 2% in 2023 to 11% by 2026, indicating enhanced profitability [1][6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.63 CNY [1][5][7] Core Insights - The company is gradually validating its customer strategy and exploring AI application scenarios, with a focus on digital transformation in the financial sector [4] - Revenue for the first half of 2024 reached 2.244 billion CNY, a year-on-year increase of 10.90%, while net profit was 120 million CNY, down 20.17% year-on-year [4] - The company is actively expanding its cooperation with various financial institutions, achieving significant revenue from state-owned banks and private banks [4] Financial Performance Summary - **Revenue Forecast**: Projected revenues for 2024, 2025, and 2026 are 4.771 billion CNY, 5.417 billion CNY, and 6.202 billion CNY respectively, with growth rates of 12%, 14%, and 15% [1][5] - **Net Profit Forecast**: Expected net profits for the same years are 411 million CNY, 490 million CNY, and 590 million CNY, with growth rates of 18%, 19%, and 21% [1][5] - **Earnings Per Share (EPS)**: Forecasted EPS for 2024, 2025, and 2026 are 0.56 CNY, 0.66 CNY, and 0.79 CNY respectively [1][5] Business Segments - The information technology services segment generated 1.436 billion CNY in revenue, a 9.50% increase year-on-year, while the business process outsourcing segment achieved 808 million CNY, a 13.50% increase [4] - The company has successfully implemented various AI applications, including natural language processing and large model algorithm services, enhancing its service offerings [4]

斯达半导(603290.SH)/电子 证券研究报告/公司点评 2024 年 9 月 10 日 | --- | |---------------------------------------------------| | | | | | [Table_Title] 评级：买入（维持） [Table_Industry] | | 市场价格： | 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师：游凡 执业证书编号：S0740522120002 Email：youfan@zts.com.cn | --- | --- | |---------------------------|--------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 239 | | 流通股本 ( 百万股 ) | 239 | | 市价 ( 元 ) | 71.52 | | 市值 ( 百万元 ) | 17,120 | ...

[Table_Industry] 证券研究报告/月度报告 2024 年 9 月 10 日 天气影响消退，中国出口回归正轨 ——2024 年 8 月进出口数据解读 [Table_Summary] 要点 [Table_Main] [Table_Title] 分析师：张德礼 执业证书编号：S0740523040001 ◼ 2024 年 8 月，中国以美元计价的出口当月同比为 8.7%，高于 7.0%的市场预 期值和前值。进口当月同比为 0.5%，较前值 7.2%大幅回落。贸易顺差为 91 0.2 亿美元，较前值 846.5 亿美元回升明显，主要因进口增速回落而出口增 速上升。环比来看，8 月中国以美元计价的出口环比为 2.7%，过去 5 年同期 的出口环比均值为-0.8%，环比表现强于季节性。 ◼ 分产品来看，8 月中国机电产品出口同比为 12.9%，高于前值 9.8%。其中集 成电路出口同比18.6%，较前值27.8%回落幅度明显，但仍然显著高于机电产 品整体的出口增速，全球半导体处于上行周期是主要原因；汽车（包括底 盘）出口单月同比 32.7%，较前值 13.9%显著回升。劳动密集型产品 8 月当月 出口同比降 ...

强出口有何"隐忧"？——8 月进出口数据点评 证券研究报告/固定收益点评 2024 年 9 月 10 日 | --- | --- | |------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

交通运输（公铁港链） 证券研究报告/行业月报 2024 年 9 月 10 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------|------------------------------------------|-------------|--------|-------|-------|---------|-------|-------|-------|------------|-------|-------| | 评级：增持（ 维持 ） \n分析师：杜冲 \n执业证书编号： S0740522040001 | [ 重点公司基本状况 Table_Finance] \n简称 | 股价 \n(元) | \n2022 | 2023 | EPS | \n2024E | 2025E | 2022 | 2023 | PE \n2024E | 2025E | 评级 | ...

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 120.5 CNY per share [1]. Core Insights - The company achieved a record high revenue of 1.267 billion CNY in H1 2024, representing a year-on-year increase of 26.22%. The net profit attributable to the parent company was 129 million CNY, up 3.64% year-on-year [3]. - The company has a strong order backlog, with a contract liability of 2.038 billion CNY as of H1 2024, reflecting a growth of 47.49% compared to the end of 2023, which lays a solid foundation for future revenue growth [3]. - The company is expanding its product offerings in the thin film deposition field and has successfully industrialized several new equipment platforms, which are receiving positive customer feedback [4][8]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 1,706 million CNY - 2023A: 2,705 million CNY - 2024E: 3,936 million CNY - 2025E: 5,372 million CNY - 2026E: 6,852 million CNY - Revenue growth rates are projected at 125% for 2022A, 59% for 2023A, and gradually decreasing to 27.5% by 2026E [1]. - **Net Profit Forecasts**: - 2022A: 369 million CNY - 2023A: 663 million CNY - 2024E: 780 million CNY - 2025E: 1,093 million CNY - 2026E: 1,479 million CNY - Net profit growth rates are expected to be 438% for 2022A, 80% for 2023A, and stabilizing around 35.3% by 2026E [1]. - **Earnings Per Share (EPS)**: - 2022A: 1.32 CNY - 2023A: 2.38 CNY - 2024E: 2.80 CNY - 2025E: 3.93 CNY - 2026E: 5.31 CNY [1]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio is projected to decrease from 91.0 in 2022A to 22.3 by 2026E [1]. - Price-to-Book (P/B) ratio is expected to decline from 9.0 in 2022A to 4.2 by 2026E [1]. Growth Drivers - The company is benefiting from increased domestic demand for semiconductor equipment, with a significant rise in shipment value of 32.49 billion CNY in H1 2024, up 146.50% year-on-year [3]. - The company has successfully industrialized new equipment in the PECVD and ALD processes, which are critical for the semiconductor manufacturing process [4][8].

[Table_Industry] [公Ta司ble盈_F利in预anc测e1及] 估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2,598 3,127 3,658 4,134 4,589 增长率 yoy% 24% 20% 17% 13% 11% 净利润（百万元） 186 160 178 204 231 增长率 yoy% 12% -14% 11% 15% 13% 每股收益（元） 0.82 0.71 0.78 0.90 1.02 每股现金流量 0.40 1.00 0.04 2.49 1.12 净资产收益率 16% 13% 13% 13% 13% P/E 10.4 12.1 10.9 9.5 8.4 P/B 1.7 1.6 1.5 1.3 1.2 备注：股价以 9 月 9 日收盘价为准。 新大正（002968.SZ）/房地 产行业 证券研究报告/公司点评 2024 年 9 月 10 日 收入稳健增长，多重因素致业绩承压 [评Ta级ble：_T买itle入] （维持） 市场价格：8.55 元 分析师：由子沛 执业证书编号：S0740523020005 Email：youz ...