司总评报 | --- | --- | |------------------------------|--------------------------------| | | | | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024/12/17 | | 收盘价（元） | 15.75 | | 总股本（百万股） | 128.72 | | 流通股本（百万股） | 61.38 | | 净资产（百万元） | 451.89 | | 总资产（百万元） | 831.91 | | 每股净资产（元） | 3.51 | | 来源： iFinD | ，兴业证券经济与金融研究院整理 | 风险提示：销售不及预期风险、竞争格局恶化风险、汇率波动风险、原材料价 格波动风险 | --- | --- | --- | --- | --- | |-----------------------------------------|--------|---------|--------|--------| | ＄ 会计 zy 年 c 度 wzb\| 主要财务指标＄ | 2020 | 2021 | 2022 | 2023 | ...

司总 评 公 | --- | --- | |------------------------------|--------------------------------| | | | | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024/12/17 | | 收盘价（元） | 19.83 | | 总股本（百万股） | 141.25 | | 流通股本（百万股） | 79.43 | | 净资产（百万元） | 930.58 | | 总资产（百万元） | 1329.66 | | 每股净资产（元） | 6.59 | | 来源： iFinD | ，兴业证券经济与金融研究院整理 | yinyongzhi@xyzq.com.cn 公司专注于光学玻璃及特种功能玻璃材料研发、制造和销售，产品包括光学玻 璃及特种功能玻璃两大类。光学玻璃材料已形成冕牌玻璃、火石玻璃、镧系玻 璃、磷酸盐玻璃等产品系列。特种功能玻璃根据不同功能可分为纳米微晶玻璃、 防辐射玻璃、耐高温高压玻璃等。被广泛应用于安防监控、车载镜头、光学仪 器、智能投智能投影、照相摄像、激光雷达、光学传感器、VR/AR 设备、半 导体等应用领域；此 ...

司总评报 ＃相关relatedReport＃ S0190520010004 投资要点 ＃summary＃ 事件：公司发布 2024 年三季报，2024 年 1-9 月公司实现收入 202.82 百万元， 同比+61.21%，实现归母净利润 31.17 百万元，同比+16.59%，实现扣非归母净 利润 29.92 百万元，同比+23.82%。 Q3 单季度毛利率与净利率均下滑，费用率整体稳健。2024 年 1-9 月，公司毛 利率42.60%，同比-13.68pp, 净利率为15.37%，同比-5.88pp。销售费用率6.58%， 同比-2.19pp，管理费用率 5.07%，同比-2.77pp，研发费用率 5.42%，同比-2.58pp， 财务费用率 1.34%。 yinyongzhi@xyzq.com.cn 公司主营业务为网络总线产品和特种显示产品的研发、生产及销售，产品目前 主要应用于国防军工领域。公司是一家研发驱动型的制造业企业，在主营业务 相关领域拥有多项自主知识产权，创新性以及技术优势突出。公司董事长、技 术研发团队带头人邱昆教授是我国光纤通信领域著名专家、国务院特殊津贴获 得者、国家技术发明二等奖获 ...

Investment Rating - The report does not provide a specific investment rating for the company [7] Core Views - The company reported a revenue of 161.81 million yuan for the first nine months of 2024, a year-on-year decrease of 11.54% [5] - Net profit attributable to the parent company was 1.92 million yuan, a year-on-year decrease of 90.31% [5] - Non-GAAP net profit attributable to the parent company was a loss of 21.33 million yuan [5] - Gross margin for the first nine months of 2024 was 52.98%, an increase of 3.49 percentage points year-on-year [5] - Net profit margin was 0.53%, a decrease of 9.42 percentage points year-on-year [5] - Sales expense ratio was 7.59%, an increase of 2.67 percentage points year-on-year [5] - Management expense ratio was 14.02%, an increase of 4.43 percentage points year-on-year [5] - R&D expense ratio was 52.85%, an increase of 19.27 percentage points year-on-year [5] - Financial expense ratio was 1.09% [5] Financial Performance - For Q3 2024, the company achieved a revenue of 67.94 million yuan, a year-on-year increase of 7.64% [7] - Net profit attributable to the parent company for Q3 2024 was 0.53 million yuan, a year-on-year decrease of 94.45% [7] - Non-GAAP net profit attributable to the parent company for Q3 2024 was a loss of 4.86 million yuan [7] - Gross margin for Q3 2024 was 51.30%, a decrease of 2.46 percentage points year-on-year [8] - Net profit margin for Q3 2024 was 0.77%, a decrease of 13.23 percentage points year-on-year [8] - Sales expense ratio for Q3 2024 was 7.19%, an increase of 2.79 percentage points year-on-year [8] - Management expense ratio for Q3 2024 was 16.29%, an increase of 6.57 percentage points year-on-year [8] - R&D expense ratio for Q3 2024 was 39.94%, an increase of 8.62 percentage points year-on-year [8] - Financial expense ratio for Q3 2024 was 0.82% [8] Company Overview - The company specializes in the development of RF communication testing instruments and provides comprehensive testing solutions [5] - It focuses on enhancing the potential of wireless testing instruments, with main business directions including wireless communication testing, vehicle networking testing, and wireless communication equipment [5] - The company owns a series of core patented technologies for testing instruments and is a national-level "little giant" enterprise with complete independent intellectual property rights [5] - Main products include signal analysis and spectrum analysis series, signal simulation and signal generation series, radio monitoring and Beidou navigation testing series, vector network analysis series, and wireless network testing and channel simulation series [5] Market Data - As of December 17, 2024, the company's market capitalization was 2.447 billion yuan, with a TTM PE ratio of 155.68 [6] - The closing price on December 17, 2024, was 17.13 yuan [10] - Total share capital was 142.84 million shares, with 105.44 million shares in circulation [10] - Net assets were 752.73 million yuan, and total assets were 1.21885 billion yuan [10] - Net asset per share was 5.27 yuan [10] Historical Financials - Revenue for 2020 was 304.50 million yuan, with a year-on-year growth of 38.36% [6] - Revenue for 2021 was 421.42 million yuan, with a year-on-year growth of 38.40% [6] - Revenue for 2022 was 317.99 million yuan, with a year-on-year decrease of 24.54% [6] - Revenue for 2023 was 270.35 million yuan, with a year-on-year decrease of 14.98% [6] - Net profit attributable to the parent company for 2020 was 48.60 million yuan, with a year-on-year growth of 53.76% [6] - Net profit attributable to the parent company for 2021 was 51.59 million yuan, with a year-on-year growth of 6.16% [6] - Net profit attributable to the parent company for 2022 was 22.27 million yuan, with a year-on-year decrease of 56.83% [6] - Net profit attributable to the parent company for 2023 was 33.58 million yuan, with a year-on-year growth of 50.77% [6] - Gross margin for 2020 was 42.68%, for 2021 was 42.61%, for 2022 was 45.44%, and for 2023 was 49.59% [6] - ROE for 2020 was 9.41%, for 2021 was 7.53%, for 2022 was 3.14%, and for 2023 was 4.62% [6] - Earnings per share for 2020 was 0.34 yuan, for 2021 was 0.36 yuan, for 2022 was 0.16 yuan, and for 2023 was 0.24 yuan [6] - PE ratio for 2020 was 41.74, for 2021 was 55.50, for 2022 was 68.76, and for 2023 was 58.54 [6]

Investment Rating - No rating provided for the company [15] Core Views - The company's revenue declined due to market conditions and equipment relocation, with some customer demand and product prices dropping, and insufficient capacity utilization during the transition period [2] - The company's performance continues to be under pressure due to a significant increase in depreciation costs, with a gross margin of 25.4% in the first three quarters of 2024, a significant decline compared to previous years [10] - The company reported a revenue of 190 million yuan in the first three quarters of 2024, a year-on-year decrease of 17.68%, and a net loss of 15.18 million yuan, a year-on-year decrease of 124.51% [11] Financial Performance - The company's revenue growth rate was 31% in 2020, 48% in 2021, and -3% in 2022, with a slight recovery to 15% in 2023 [16] - Net profit attributable to the parent company was 56 million yuan in 2020, 90 million yuan in 2021, 70 million yuan in 2022, and 75 million yuan in 2023, with a growth rate of 49% in 2020, 61% in 2021, -22% in 2022, and 7% in 2023 [16] - Gross margin was 52.8% in 2020, 53.9% in 2021, 49.7% in 2022, and 51.1% in 2023 [16] - ROE was 16.5% in 2020, 21.9% in 2021, 9.4% in 2022, and 7.0% in 2023 [16] - Earnings per share were 0.25 yuan in 2020, 0.40 yuan in 2021, 0.30 yuan in 2022, and 0.28 yuan in 2023 [16] Operational Highlights - The company is an independent professional integrated circuit testing enterprise, engaged in testing technology research, testing software and hardware development, testing equipment development, testing verification analysis, wafer testing, integrated circuit product testing, reliability testing, and equipment leasing [2] - The company's sales expenses increased by 83.1% year-on-year to 7.61 million yuan, mainly due to increased marketing efforts and additional marketing expenses for the subsidiary Shenci [6] - The company's management expenses were 28.5 million yuan, with a management expense ratio of 41.7% in the third quarter, consistent with the previous two quarters [6] - R&D expenses were 50.96 million yuan, a year-on-year increase of 10.8% [6] - The company's fixed assets increased by 381 million yuan due to the completion and acceptance of the "Lingang Integrated Circuit Testing Industrialization Project," leading to higher depreciation costs [10]

＃assAuthor＃ | --- | --- | |------------------------------|------------| | | | | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024/12/17 | | 收盘价（元） | 11.12 | | 总股本（百万股） | 84.58 | | 流通股本（百万股） | 62.75 | | 净资产（百万元） | | | | 475.09 | | 总资产（百万元） | 543.98 | | 每股净资产（元） | 5.62 | yinyongzhi@xyzq.com.cn S0190520010004 ＃dyCompany＃ 海能技术 （ 430476.BJ ） 000009 ＃title＃ 前三季度利润大幅下滑，业绩短期承压 ＃createTime1＃ 2024 年 12 月 19 日 | --- | --- | --- | --- | --- | |-----------------------------------------|--------|--------|---------|--------| | ＄ 会计 ...

证券研究报告 请阅读最后评级说明和重要声明 1/10 行业周报 | 环保 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------| | | | | | 重要数据追踪……………………………………………………………………………………………………………………………………… 3 | | = ( | 板块行情： 本期 A 股环保指数-2.32%，H 股环保指数-0.73%…………… 5 | | 三、 行业要闻: 财政部提前下达 2025 年大气污染防治资金预算共 204 亿元6 | | | 四、 重点公司公告…………………………………………………………………………………………………………………………… 7 | | | 五、 投资建议及风险提示………… ...

证券研究报告 ＃industryId＃ 交通运输 ⚫ 风险提示：行业件量增速不及预期；行业竞争加剧；政策的不确定性影响等。 行业点评报告 图表 1、11 月快递行业数据 行业集中度 当月值 同比(pct) 环比(pct) CR8 85.2% 1.2 0.0 重点城市单价（元/件） 业务量占比 本月单价 上月单价 环比变化值 同比变化值 义乌 9.1% 2.57 2.47 0.10 -0.11 广州 7.8% 6.87 6.80 0.06 -1.16 深圳 4.1% 8.54 8.16 0.38 -2.56 揭阳 2.2% 4.50 4.33 0.18 -0.63 杭州 2.6% 9.29 9.29 0.00 0.44 资料来源：Wind，国家邮政局，国家统计局，兴业证券经济与金融研究院整理 -30.0% -10.0% 10.0% 30.0% 50.0% 70.0% 90.0% 请务必阅读正文之后的信息披露和重要声明 - 2 - -20% 0% 20% 40% 60% 80% 2023-01 2023-02 2023-03 2023-04 2023-05 2023-06 2023-07 2023-08 2023 ...

Investment Rating - The report gives Cloudflare an "Outperform" rating, indicating a positive outlook for the stock [3][6] Core Views - Cloudflare is a leader in the content delivery network (CDN) market with strong revenue growth, achieving $1.297 billion in revenue in 2023, a 32.97% YoY increase [1][7] - The company has a competitive edge in the cybersecurity market, with its integrated platform offering comprehensive solutions, competing against major players like IBM, Microsoft, Broadcom, and Cisco [1][7] - Cloudflare's product portfolio is well-suited for the AI era, with offerings like Workers AI and Firewall for AI, positioning it as a key player in AI application development and security [1][7] - The company's subscription-based business model, with 190,000 paying customers and an ARPU of $6,833, is driven by developer services, which are expected to grow at a CAGR of 15.9% from 2024 to 2027 [1][7] Financial Performance - Cloudflare's revenue is projected to grow to $1.662 billion in 2024, $2.101 billion in 2025, and $2.649 billion in 2026, with YoY growth rates of 28.1%, 26.4%, and 26.1% respectively [4][10] - Non-GAAP net income is expected to be $265 million in 2024, $305 million in 2025, and $386 million in 2026, with net margins of 16%, 15%, and 15% respectively [4][10] Product and Market Analysis - Cloudflare's global network uses Anycast routing, which provides built-in security and efficient data transmission, making it a key differentiator in the CDN market [1][7] - The company has a strong presence in the SMB market, with a focus on cost-effective solutions, and has surpassed Akamai in customer numbers, indicating effective market entry strategies [102][103] - Cloudflare's edge computing platform, Workers, offers zero cold start time, giving it a performance advantage over competitors like Akamai and Fastly [108][109] AI and Future Growth - Cloudflare is well-positioned for AI-driven growth, with products like Workers AI and Firewall for AI, which cater to the increasing demand for AI application development and security [1][7] - The company's AI Gateway provides a unified interface for managing and scaling generative AI workloads, supporting multiple AI providers and offering features like caching and rate limiting [120][121]

规律： 我们选取以市值统计的美股TOP30食饮企业，探究食饮企业分红回购的规律。 1、规模扩张：资产负债率优化后，股份回购规模逐渐扩大（2009年-2015年）。 2、收入增速放缓：为保障估值稳定，企业股份回购规模逐渐扩大（2012年-2015年）。 3、收入增速较低的特定年份：为保障估值稳定，派息比率增加（2012年、2017年、2020年）。 风险提示： 1）产品安全问题：若发生食品安全问题，将损害品牌形象，从而影响所涉及公司未来产品销售。 2）超预期激烈的市场竞争：若有超预期激烈的市场竞争，将影响所涉及公司利润表现。 3）原材料成本的显著超预期波动：影响公司成本价格，从而拉低毛利率水平，进而影响所涉及公司净利润表现。 4 目 录 CATALOGUE 01 美股回购制度的历史沿革 02 报告日期：2024年12月20日 1 投资要点 KEY POINTS 1、受限阶段：《1933证券法》（Securities Act of 1933）加强对内幕交易和操纵市场的法律监督，提高上市公司回购股票的法 律风险，限制上市公司的回购行为。 2、逐步放松：自1954年按个人所得税税率对股息征税以及1970年《经济稳定法 ...