①跨年行情启动的条件；②英伟达Blackwell出货可能超出指引，云服务商强劲资本开支对算力需求增 长形成有力支撑，分析师看好GB200驱动的高业绩弹性环节正处于GPU迭代驱动下的景气加速阶段；③ 今日全市场机构研报共发布391篇，燕麦科技等4股评级得到上调，21家公司获得首度覆盖，其中祥源 文旅等4股获新财富分析师深度覆盖；④在个股机构关注度排行中，宝丰能源首次上榜，前五名依次为 鼎捷数智>上海电影>梅花生物>汇顶科技>宝丰能源。 【宏观策略·机构观点】 | --- | --- | --- | |-----------------------------------------------|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains a "Buy" rating for Megmeet (002851 SZ) [9] Core Views - Megmeet achieved a 21% YoY revenue growth to RMB 5 903 billion in the first three quarters of 2024 despite a complex macroeconomic environment demonstrating the effectiveness of its core strategy and balanced risk approach [6][7] - Net profit attributable to the parent company decreased by 14 8% YoY to RMB 411 million in the first three quarters but increased by 3 9% YoY to RMB 97 million in Q3 [6] - Gross margin remained stable at 25 66% in the first three quarters up 0 57 percentage points YoY with Q3 gross margin at 25 28% [7] - R&D expenses increased significantly with the R&D expense ratio rising by 1 29 percentage points to 13 2% in Q3 reflecting the company's increased investment in innovation [7] - Inventory increased by 28 5% YoY to RMB 2 236 billion at the end of Q3 indicating strong delivery trends [8] Financial Performance - Revenue for Q3 2024 was RMB 1 892 billion a 19% YoY increase [6] - Net profit attributable to the parent company for Q3 2024 was RMB 97 million a 3 9% YoY increase [6] - Non-GAAP net profit for Q3 2024 was RMB 81 million a 16 3% YoY increase [6] - The company received other income of RMB 42 63 million in Q3 a 142 6% YoY increase mainly due to increased government subsidies [8] Future Projections - The report forecasts net profit attributable to the parent company of RMB 560 million and RMB 720 million for 2024 and 2025 respectively with corresponding valuations of approximately 45x and 35 5x [8] - The company's EPS is projected to be RMB 1 07 and RMB 1 36 for 2024 and 2025 respectively [18] - The P/E ratio is expected to be 45 33x and 35 50x for 2024 and 2025 respectively [18]

2024 年 11 月 14 日 公司点评 买入/首次 麦格米特(002851) 目标价: 昨收盘:47.40 麦格米特 2024 年三季报点评：持续高比例研发投入，服务器电 源获国际一流客户认可 ◼ 走势比较 (40%) (16%) 8% 32% 56% 80% 23/11/1424/1/2624/4/824/6/2024/9/124/11/13 麦格米特 沪深300 ◼ 股票数据 总股本/流通(亿股) 5.27/4.39 总市值/流通(亿元) 249.99/208.14 12 个月内最高/最低价 (元) 50.02/18 相关研究报告 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 证券分析师：万伟 电话： E-MAIL： 分析师登记编号：S1190524100003 事件：公司发布 2024 年三季报，扣非净利润较快增长。 1）2024 年前三季度收入 59.03 亿，同比+21.06%；归母净利润 4.11 亿，同比-14.82%；扣非净利润 3.63 亿，同比+18.10%；剔除汇兑损益影 响后，扣非净利润 3.80 亿，同 ...

麦格米特（ [Table_StockNameRptType] 002851） 公司点评 保持高研发投入，AI 服务器电源业务进展加速 | --- | --- | |-------------------------------------|-------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： | 2024-11-04 | | [Table_BaseData] 收盘价（元） | 45.51 | | 近 12 个月最高 / 最低（元） | 50.02/18.00 | | 总股本（百万股） | 504 | | 流通股本（百万股） | 416 | | 流通股比例（ % ） | 82.48 | | 总市值（亿元） | 229 | | 流通市值（亿元） | 189 | [公司价格与沪深 Table_Chart] 300 走势比较 -40% -8% 25% 57% 89% 11/23 2/24 5/24 8/24 麦格米特 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@ha ...

证券代码：002851 证券简称：麦格米特 编号：2024-004 债券代码：127074 债券简称：麦米转 2 深圳麦格米特电气股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |-------|--------------------------------------------------------------------|--------------------------------------------------------------------------------|--------------------------------------------------------------------| | | | | | | 投资 | | | | | 者 | √ 特定对象调研 □ | 分析师会议 | | | 关系 | □ 媒体采访 □ | 业绩说明会 | | | 活动 | □ 新闻发布会 □ | 路演活动 | | | 类别 | □ 现场参观 □ | 其他（请文字说明其他活动内容） | | | | 共计 77 家机构投资者（排名不分先后）： | ...

证券研究报告 =[Table_ReportClosing] 资料来源：Wind，信达证券研发中心预测; 股价为 2024 年 10 月 30 日收盘价 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 麦格米特(002851.SZ) 投资评级：买入 上次评级：买入 武浩 电力设备与新能源行业首席分析 师 执业编号：S1500520090001 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 孙然 电力设备与新能源行业分析师 执业编号：S1500524080003 联系电话：18721956681 邮 箱：sunran@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 高研发驱动多级增长，AI 电源前景广阔 [Table_ReportDate] 2024 年 10 月 31 日 [Table_S ➢ 公司发布 ummary]2024 三季报：2024Q1-Q3 年实现收入 59.0 ...

Financial Performance - Revenue for Q3 2024 reached 1.89 billion yuan, a year-on-year increase of 19.02%[3] - Net profit attributable to shareholders in Q3 2024 was 96.56 million yuan, up 3.86% year-on-year[3] - Non-GAAP net profit in Q3 2024 was 81.13 million yuan, a 16.30% increase year-on-year[3] - Total revenue for the first three quarters of 2024 was 5.90 billion yuan, up 21.06% year-on-year[3] - Net profit attributable to shareholders for the first three quarters of 2024 was 411.15 million yuan, down 14.82% year-on-year[3] - Revenue for the period reached 5.90 billion yuan, up 21.1% from 4.88 billion yuan in the previous year[21] - Net profit attributable to the parent company rose to 2.73 billion yuan from 2.43 billion yuan, an increase of 12.4%[20] - Net profit attributable to parent company shareholders reached RMB 411.15 million, a decrease of 14.8% compared to the same period last year[22] - Basic earnings per share were RMB 0.8241, a decrease of 14.8% compared to the same period last year[22] - Total comprehensive income was RMB 419.04 million, a decrease of 12.8% compared to the same period last year[22] R&D and Innovation - R&D expenses increased by 33.22% due to expanded company scale and continuous investment in R&D[7] - R&D expenses increased to 695.73 million yuan, up 33.2% from 522.23 million yuan, indicating continued investment in innovation[21] Financial Expenses and Investments - Financial expenses surged by 304.53% primarily due to exchange rate fluctuations[7] - Investment income rose by 143.99% due to increased returns from large-denomination deposit products[7] - Short-term borrowings surged to 920.25 million yuan from 324.39 million yuan, a significant increase of 183.7%[19] - Long-term investments in fixed assets grew to 1.39 billion yuan from 1.27 billion yuan, up 9.8%[18] - Investment cash outflow was RMB 3.19 billion, a decrease of 29.9% compared to the same period last year[24] - Financing cash inflow was RMB 1.23 billion, an increase of 98.2% compared to the same period last year[24] Assets and Liabilities - Total assets as of the end of Q3 2024 were 11.55 billion yuan, a 14.23% increase from the previous year-end[3] - Shareholders' equity reached 4.76 billion yuan, up 7.68% from the previous year-end[3] - Total assets increased to 11.55 billion yuan from 10.11 billion yuan, reflecting a growth of 14.2%[18][20] - Accounts receivable grew to 2.30 billion yuan from 2.23 billion yuan, reflecting a 3.0% increase[18] - Inventory levels rose to 2.24 billion yuan from 1.92 billion yuan, up 16.6%[18] - Total liabilities increased to 6.67 billion yuan from 5.57 billion yuan, a growth of 19.6%[19][20] - Cash and cash equivalents more than doubled to 1.30 billion yuan from 595.51 million yuan, a 117.5% increase[18] - Cash and cash equivalents increased by RMB 643.71 million, compared to a decrease of RMB 64.73 million in the same period last year[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 23,139[10] - Tong Yongsheng holds 19.12% of the shares, totaling 96,359,275 shares[10] - Wang Ping holds 7.19% of the shares, totaling 36,240,117 shares[10] - Hong Kong Securities Clearing Company holds 5.58% of the shares, totaling 28,135,118 shares[10] - Zhang Zhi holds 3.16% of the shares, totaling 15,949,050 shares, with 3,000,000 shares pledged[10] - Li Shengfu holds 3.01% of the shares, totaling 15,181,908 shares[10] - The company repurchased 852,300 shares, accounting for 0.17% of the total shares, with a total expenditure of RMB 20,008,007[17] - The company plans to repurchase shares with a total amount between RMB 20 million and RMB 40 million, at a price not exceeding RMB 32 per share[16] Convertible Bonds - The "Maimi Convertible Bond 2" had a total issuance of RMB 1.22 billion, with 40 bonds converted into 129 shares during Q3 2024[13][14] - The remaining "Maimi Convertible Bond 2" is 12,199,156 bonds, with a total face value of RMB 1.219 billion[14] Cash Flow and Expenses - Operating cash flow for the period was RMB 285.58 million, a decrease of 10% compared to the same period last year[24] - Sales revenue from goods and services reached RMB 4.64 billion, an increase of 7.3% compared to the same period last year[23] - Tax refunds received were RMB 92.53 million, an increase of 73.6% compared to the same period last year[24] - Cash paid for employee compensation was RMB 1.07 billion, an increase of 30.7% compared to the same period last year[24]

优于大市 麦格米特（002851.SZ） 参与英伟达 GB200 系统开发，AI 服务器电源有望放量 公司研究·公司快评 电力设备·其他电源设备Ⅱ 投资评级：优于大市（维持） 证券分析师：王蔚祺010-88005313wangweiqi2@guosen.com.cn 证券分析师：袁阳0755-22940078yuanyang2@guosen.com.cn 执证编码：S0980520080003 执证编码：S0980524030002 事项： 公司公告：10 月 17 日晚，公司发布公告称，公司在近期召开的 OCP 全球峰会上正式推出适用于 NVIDIA MGX ™平台的最新电源系统，此完全模块化的解决方案共具有 6 个 5,500W 电源模块，在 1U 服务器电源架中提 供总计 33kW 的功率，效率高达 97.5%。公司是行业领先的电源解决方案提供商，目前作为 40 余家数据中 心部件提供商之一参与英伟达 Blackwell GB200 系统的开发，此次公司与英伟达的合作项目是基于合作意 愿而形成的合作伙伴关系，预计将对公司未来生产经营产生积极影响。 国信电新观点：考虑到上半年公司公允价值变动净收益同比减少 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——麦格米特事件点评 股票研究 /[Table_Date] 2024.10.20 [table_Authors]徐强(分析师) 010-83939805 xuqiang@gtjas.com 登记编号S0880517040002 | --- | --- | --- | |----------------------|----------------|----------------------------| | | | | | 庞钧文 ( 分析师 ) | 孙炫浩 ( | 研究助理 ) | | 021-38674703 | 0755-23976014 | | | pangjunwen@gtjas.com | | sunxuanhao028733@gtjas.com | | S0880517120001 | S0880123070160 | | 本报告导读： 公司 AI 高功率电源送样进展顺利，全球化产能布局本土化交付，有望实 ...

证券研究报告 华泰研究 公告点评 投资评级(维持): 买入 目标价(人民币): 36.52 2024 年 10 月 18 日│中国内地 电气设备 目标价 (人民币) 36.52 收盘价 (人民币 截至 10 月 17 日) 30.78 市值 (人民币百万) 15,515 6 个月平均日成交额 (人民币百万) 375.35 52 周价格范围 (人民币) 18.92-31.15 BVPS (人民币) 9.26 麦格米特 (002851 CH) 与英伟达官宣合作，服务器电源加速 与英伟达官宣合作，服务器电源业务按下加速键 10 月 17 日公司公告与英伟达就服务器电源产品形成合作伙伴关系，作为指 定供应商参与 GB200 系统设计与建设。根据 TrendForce 预测，麦格米特 与英伟达合作的 NVL72 产品将于明年推出，我们建议持续关注相关订单进 展及份额情况。AI 技术的蓬勃发展为服务器电源市场的发展带来更大的市 场空间和增长潜力，公司服务器电源业务携手行业大客户，业务发展有望提 速，未来可期，我们继续看好公司长期发展，目标价 36.52 元（前值 30.03 元），维持"买入"评级。 风险提示：宏观经济波 ...