表观数据平淡背后的边际改善 ——极米科技 24H1 点评 极米科技（688696）/家电 证券研究报告/公司点评 2024 年 8 月 31 日 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------|---------|--------------------------------------------------------------------------|---------------------------------------------------------------------------|--------------------------------------------|----------------------------------------|-------------------------------|--------- ...

[Table_Title] 评级：买入（维持） 市场价格：19.45 元 [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 5,648 8,141 10,337 13,464 16,534 增长率 yoy% 16% 44% 27% 30% 23% 净利润（百万元） 248 508 659 883 1,116 增长率 yoy% -43% 104% 30% 34% 26% 每股收益（元） 0.54 1.10 1.43 1.91 2.42 每股现金流量 3.46 3.04 1.30 2.59 4.27 净资产收益率 6% 11% 13% 15% 16% P/E 36.1 17.7 13.6 10.2 8.0 PEG 5.8 1.8 0.9 0.2 0.3 P/B 2.4 2.0 1.8 1.6 1.3 备注：以 2024 年 9 月 2 日收盘价计算 [Table_Profit] 基本状况 总股本(百万股) 462 流通股本(百万股) 401 市价(元) 19.45 市值(百万元) 8,978 流通市值(百万元) 7,796 ...

Investment Rating - The investment rating for the company is "Increase" [1][4] Core Views - The company has solidified its position as a global leader in solar module shipments, achieving 43.8GW in shipments in the first half of 2024, maintaining its industry-leading status [4] - The company is advancing its global supply chain layout, with a 2GW module factory in the U.S. already in operation and plans for a 10GW high-efficiency solar cell and module project in Saudi Arabia [4] - The company is focusing on enhancing its TOPCon technology, with expectations to achieve an annual shipment target of 100-110GW in 2024, with N-type shipments expected to account for 90% [4] - Due to significant declines in product prices, revenue and profit forecasts have been adjusted downwards, with expected revenues of 104.1 billion, 117 billion, and 125 billion for 2024, 2025, and 2026 respectively [4] Financial Performance Summary - In H1 2024, the company reported revenue of 47.25 billion, a decrease of 12% year-on-year, and a net profit of 1.2 billion, down 69% year-on-year [4] - The company’s Q2 2024 revenue was 24.17 billion, a 21% decrease year-on-year, with a net profit of 24 million, down 99% year-on-year [4] - The company’s earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.22, 0.26, and 0.30 respectively, with corresponding P/E ratios of 33, 28, and 24 [4][5]

江河集团（601886） /机械设备 证券研究报告/公司点评 2024 年 9 月 2 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------- ...

[Table_Title] 评级：买入（维持） 市场价格：35.95 分析师：熊欣慰 执业证书编号：S0740519080002 电话：021-20315733 Email：xiongxw@ zts.com.cn 分析师：范劲松 执业证书编号：S0740517030001 Email：fanjs@zts.com.cn 分析师：晏诗雨 执业证书编号：S0740523070003 Email：yansy@zts.com.cn | --- | --- | |---------------------------|---------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 5,561 | | 流通股本 ( 百万股 ) | 5,561 | | 市价 ( 元 ) | 35.95 | | 市值 ( 百万元 ) | 199,904 | | 流通市值 ( 百万元 ) | 199,904 | [Table_QuotePic] 股价与行业-市场走势对比 公司持有该股票比例 相关报告 1 海天味业（603288.SH）_点评报告： 23Q4+24Q1 表现平稳，期待 2024 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company is undergoing store adjustments and benefiting from cost reductions, leading to improved profitability [1] - Despite weak consumer demand, the company is optimizing its store network and enhancing the quality of existing stores [1] - Cost reductions are accelerating, driving a recovery in profitability, with gross margin improving by 2.38 percentage points year-over-year in Q2 2024 [1] - The company's net profit margin increased by 0.33 percentage points year-over-year in Q2 2024, supported by lower raw material costs and reduced low-margin business revenue [1] Financial Performance Summary Revenue and Profit - 2024H1 revenue: RMB 3.34 billion, down 9.73% year-over-year [1] - 2024H1 net profit: RMB 296 million, up 22.20% year-over-year [1] - 2024Q2 revenue: RMB 1.644 billion, down 12.35% year-over-year [1] - 2024Q2 net profit: RMB 131 million, up 25.08% year-over-year [1] Store Performance - Net store reduction in H1 2024: 981 stores, bringing the total to 14,969 stores [1] - Average store count decreased by 1.02% year-over-year, with average store fresh goods revenue down 11.04% [1] Cost and Margin Improvements - Gross margin improved to 30.55% in Q2 2024, up 2.61 percentage points year-over-year [1] - Sales, management, R&D, and financial expense ratios increased slightly, with sales expense ratio rising due to higher advertising costs [1] Financial Forecasts - 2024-2026 revenue forecasts: RMB 6.734 billion, RMB 7.094 billion, and RMB 7.411 billion, respectively [1] - 2024-2026 net profit forecasts: RMB 631 million, RMB 764 million, and RMB 855 million, respectively [1] - EPS forecasts for 2024-2026: RMB 1.02, RMB 1.23, and RMB 1.38, respectively [1] Key Financial Ratios - 2024E P/E: 12.3x, 2025E P/E: 10.2x, 2026E P/E: 9.1x [1] - 2024E ROE: 8.8%, 2025E ROE: 10.1%, 2026E ROE: 10.6% [2] - 2024E net profit margin: 9.0%, 2025E: 10.5%, 2026E: 11.3% [2] Cash Flow and Dividends - 2024H1 cash dividend: RMB 0.3 per share, with a payout ratio of 64% [1] - 2024E operating cash flow: RMB 963 million, 2025E: RMB 992 million, 2026E: RMB 1.073 billion [2]

三环集团：24Q2 同环比高增，盈利能力提升显著 三环集团（300408.SZ）/电子 证券研究报告/公司点评 2024 年 09 月 02 日 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 23.88 CNY per share [1]. Core Insights - The company reported stable performance in H1 2024, achieving revenue of 2.147 billion CNY, a year-on-year increase of 5.2%, while net profit decreased by 20% to 222 million CNY [3]. - The company is actively expanding into the server, AIPC, and automotive sectors, which are expected to drive future growth [4]. - A partnership with Meiko Electronics to establish a factory in Thailand aims to enhance high-end production capacity in response to the AI trend [5]. - The projected net profit for 2024, 2025, and 2026 is estimated at 603 million CNY, 750 million CNY, and 917 million CNY respectively, with a corresponding P/E ratio of 13, 10, and 8 [6]. Financial Performance Summary - Revenue for 2022 was 4.567 billion CNY, with a forecasted increase to 4.928 billion CNY in 2024, representing a growth rate of 14% [1]. - Net profit for 2022 was 307 million CNY, expected to rise to 603 million CNY in 2024, reflecting a growth rate of 16% [1]. - Earnings per share (EPS) is projected to increase from 1.63 CNY in 2023 to 1.90 CNY in 2024 [1]. - The company’s return on equity (ROE) is expected to improve from 13% in 2024 to 15% in 2026 [1].

[Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：24.28 元/股 [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 10,514 10,757 12,654 14,707 17,467 增长率 yoy% 10% 2% 18% 16% 19% 净利润（百万元） 1,066 936 1,355 1,574 1,903 增长率 yoy% 14% -12% 45% 16% 21% 每股收益（元） 1.14 1.00 1.45 1.69 2.04 每股现金流量 1.67 2.51 2.32 2.47 2.74 净资产收益率 13% 10% 13% 14% 14% P/E 21.2 24.2 16.7 14.4 11.9 P/B 2.8 2.6 2.3 2.0 1.7 备注：股价更新于 2024 年 8 月 30 日，每股指标按照最新股本数全面摊薄 [Table_Profit] 基本状况 总股本(百万股) 933 流通股本(百万股) 921 市价(元) 24.28 市值(百万元) 22 ...

[Table_Title] 评级：买入（维持） 市场价格：34.39 元 [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 768 1,037 1,339 1,853 2,271 增长率 yoy% 67% 35% 29% 38% 23% 净利润（百万元） -29 -20 -8 51 103 增长率 yoy% -751% 34% 57% 710% 102% 每股收益（元） -0.07 -0.05 -0.02 0.12 0.25 每股现金流量 -0.27 -0.64 -0.15 0.27 0.22 净资产收益率 -8% -1% 0% 2% 5% P/E -479.3 -721.9 -1693.0 277.4 137.1 PEG - -21.5 -29.5 0.4 1.3 P/B 38.9 6.0 6.2 6.3 6.2 备注：以 2024 年 9 月 2 日收盘价计算 [Table_Profit] 基本状况 总股本(百万股) 410 流通股本(百万股) 40 市价(元) 34.39 市值(百万元) 14,100 流通市值( ...