股 票 研 究 证 券 研 究 报 告 单季利润环比持平，期待 Q4 业绩释放 香港交易所(0388) [Table_Industry] 综合金融 [Table_Invest] 评级： 增持 ——香港交易所 2024 年三季报点评 | --- | --- | --- | --- | |----------|-------------------------------------|---------------------------|---------------------------| | | | | | | | [table_Authors] 刘欣琦 ( 分析师 ) | 吴浩东 ( 分析师 ) | 王思 玥 ( 研究助理 ) | | | 021-38676647 | 010-83939780 | 021-38031024 | | | liuxinqi@gtjas.com | wuhaodong029780@gtjas.com | wangsiyue028676@gtjas.com | | 登记编号 | S0880515050001 | S0880524070001 | S0880123070151 | ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The company is positioned as a leader in the information technology sector and a key player in the network information business under China Electronics Technology Group Corporation (CETC) [2][21]. - Government debt relief measures are expected to drive rapid development in the trusted computing and data element sectors, enhancing the company's growth prospects [3][21]. - The company is strategically positioned in core areas of trusted computing and data elements, with potential for exceeding expectations in growth [3][21]. Financial Summary - The company’s projected earnings per share (EPS) for 2024-2026 are estimated at 0.61, 0.96, and 1.40 yuan, with growth rates of 1.3%, 57.8%, and 45.6% respectively [3][14]. - Revenue forecasts for 2024-2026 are 8.71 billion, 11.00 billion, and 13.77 billion yuan, with corresponding net profits of 380 million, 600 million, and 873 million yuan [4][14]. - The company’s revenue in 2023 was 9.19 billion yuan, reflecting a decline of 13.3% from 2022 [4]. Business Segments - **Cloud and Data Services**: Revenue for this segment in 2023 was 1.04 billion yuan, with a growth rate of 37.12%. Expected growth rates for 2024-2026 are 10%, 15%, and 15% [12][15]. - **Self-developed Software Products**: This segment achieved revenue of 2.06 billion yuan in 2023, growing by 13.06%. Forecasted growth rates for 2024-2026 are 12%, 18%, and 18% [12][15]. - **Industry Solutions**: Revenue in 2023 was 4.09 billion yuan, down 36.02%. Expected growth rates for 2024-2026 are -10%, 40%, and 35% [13][15]. - **Digital Infrastructure**: This segment generated 1.85 billion yuan in 2023, with a growth of 25.70%. Forecasted growth rates for 2024-2026 are -15%, 15%, and 15% [13][15]. Valuation - The report employs both PE and PS valuation methods, concluding a target price of 39.71 yuan based on a PE ratio of 41.25 for 2025 [17][19][20].

股 票 研 究 证 券 研 究 报 告 ——贝斯特 2024 年三季报业绩点评 业绩基本符合预期，关注公司丝杠产品放量节奏 贝斯特(300580) 机械制造业[Table_Industry] /可选消费品 | --- | --- | --- | |----------|-------------------------------------|---------------------------| | | | | | | [table_Authors] 肖群稀 ( 分析师 ) | 欧阳蕤 ( 分析师 ) | | | 0755-23976830 | 021-38676550 | | | xiaoqunxi027589@gtjas.com | ouyangrui029285@gtjas.com | | 登记编号 | S0880522120001 | S0880523120002 | 本报告导读： 公司 2024 年前三季度业绩基本符合预期，后续关注丝杠业务进展情况。 投资要点： [Table_Summary] 投资建议：考虑到行业竞争加剧以及经济环境提振仍需时间，下调 2024-2026 年公司 EPS 至 0 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][12]. Core Views - The company is a leading player in the power cable assembly industry, benefiting from the high demand in the downstream new energy vehicle sector and the recovery in home appliances and personal computers, which is expected to drive rapid growth in performance [3][4]. - The projected net profits for 2024-2026 are estimated at 218 million, 255 million, and 297 million yuan, representing year-on-year growth of 1.96%, 17%, and 16.26% respectively, with corresponding EPS of 0.56, 0.66, and 0.76 yuan [4][12]. - The target price for 2025 is set at 17.94 yuan based on PE and PB valuation methods [4][12]. Summary by Sections 1. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 30.79 billion, 37.56 billion, and 42.84 billion yuan for 2024-2026, with year-on-year growth rates of 24.19%, 21.98%, and 14.06% respectively [12][15]. - The power cable assembly business is projected to generate revenues of 18.70 billion, 21.85 billion, and 24.15 billion yuan for 2024-2026, with growth rates of 11.91%, 16.84%, and 10.53% [13][15]. - The special cable business, particularly in new energy vehicle charging products, is expected to see significant growth, with revenues projected at 12.00 billion, 15.55 billion, and 18.45 billion yuan for 2024-2026, reflecting growth rates of 49.30%, 29.58%, and 18.65% [13][15]. 2. Deepening in Power Cable Assembly Industry - The company has over 20 years of experience in the power cable assembly sector, establishing itself as a well-known brand and a qualified supplier for major clients like LG and Samsung [19][20]. - The product structure is diverse, including power cable assemblies for computers and home appliances, as well as special cables for various applications, including new energy vehicles [20][21]. 3. Market Growth and Application Prospects - The power cable assembly market is expanding, driven by increasing demand in various sectors, including home appliances and personal computing [19][20]. - The special cable segment, particularly for new energy vehicles, is expected to grow rapidly, supported by partnerships with leading automotive manufacturers [12][13]. 4. Technical Advantages and Client Relationships - The company has established strong technical capabilities and deep relationships with key clients, enhancing its competitive position in the market [19][20]. - The establishment of a production base in Thailand has facilitated international business expansion and reduced trade friction risks [4][12]. 5. Financial Performance and Stability - The company has shown stable revenue growth, with 2023 revenues reaching 24.79 billion yuan, a year-on-year increase of 8.31% [27][29]. - The net profit for 2023 was 214 million yuan, reflecting a growth of 19.34% compared to the previous year [27][29].

Investment Rating - Maintains "Overweight" rating with a target price of CNY 60.03 [1][4] Core Views - Strong performance growth driven by insulin procurement price increases and overseas business expansion [1][3] - GLP-1 data shows excellent results, with R&D pipeline progressing steadily [1][3] - Insulin procurement saw both volume and price increases, with core products like insulin glargine securing a 34.1% price hike [3] - Overseas business is accelerating, with emerging markets showing a 37.63% YoY increase in international sales [3] - GLP-1 receptor agonist GZR18 demonstrated a 17.29% weight reduction in Phase IIb trials, indicating best-in-class potential [3] Financial Summary - Revenue for 2024E is projected at CNY 3,418 million, a 31.1% YoY increase [2] - Net profit attributable to parent company for 2024E is forecasted at CNY 715 million, a 110.3% YoY increase [2] - EPS for 2024E is expected to be CNY 1.19, with ROE at 6.2% [2] - Revenue for 2024Q1-Q3 reached CNY 2.245 billion, up 17.81% YoY, with net profit attributable to parent company at CNY 507 million, up 90.36% YoY [3] Business Highlights - Domestic insulin sales for 2024Q1-Q3 reached CNY 1.802 billion, up 13.94% YoY, with volume contributing 4.45% and price contributing 9.49% [3] - International sales for 2024Q1-Q3 reached CNY 242 million, up 37.63% YoY, with Q3 sales up 72.10% YoY [3] - Franchise service revenue for 2024Q1-Q3 reached CNY 135 million, up 34.49% YoY [3] R&D Progress - GLP-1 receptor agonist GZR18 showed a 17.29% weight reduction in Phase IIb trials, indicating strong potential [3] - Insulin weekly formulation GZR4 and dual insulin compound GZR101 are progressing through Phase II trials [3] Valuation Metrics - 2024E P/E ratio is 42.16x, with a P/B ratio of 2.60x [2][6] - 2025E P/E ratio is projected at 24.86x, with a P/B ratio of 2.39x [2][6]

Investment Rating - The report assigns an "Accumulate" rating for the industry, consistent with the previous rating [2]. Core Insights - A research team has achieved a breakthrough in lithium extraction technology from salt lakes, which is expected to accelerate the application of membrane separation technology in lithium extraction, benefiting leading companies with core membrane separation technologies [2][3]. - The new technology significantly shortens the production cycle for lithium extraction from salt lakes, enhancing the efficiency of lithium and magnesium ion separation [3]. - The domestic market for lithium extraction from salt lakes is characterized by a high magnesium-to-lithium ratio, making membrane separation technology particularly suitable due to its high recovery rates and short process flows [3]. Summary by Sections Industry Overview - The report highlights the rapid development of lithium extraction from salt lakes in China, driven by advancements in membrane materials and technology [2][3]. Technological Advancements - The newly developed EDTA-assisted loose nanofiltration (EALNF) process improves lithium recovery rates and allows for the production of battery-grade lithium carbonate [3]. Market Dynamics - The report notes that the increasing domestic production of nanofiltration and reverse osmosis membranes is expected to enhance the market share of local leading companies, such as Walton Technology, Weiserbo, and Sandamembrane [3].

Investment Rating - The report maintains a "Buy" rating with a target price of 23.70 CNY, corresponding to a 32x P/E for 2024 [4][5]. Core Insights - The company is acquiring 92% of Shenzhen JianYuan Pharmaceutical Technology Co., which is expected to enhance its profitability and capitalize on growth opportunities in the biopharmaceutical sector [3][4]. - The acquisition aligns with the company's strategic plan to invest in high-potential enterprises with strong cash flow and disruptive technologies [4]. - Shenzhen JianYuan is recognized for its scale advantages in peptide raw materials, with a promising business outlook and rapid profit growth [4]. Financial Summary - The adjusted net profit forecasts for 2024-2026 are 565 million CNY, 1.196 billion CNY, and 1.518 billion CNY, respectively, with corresponding EPS of 0.74 CNY, 1.57 CNY, and 1.99 CNY [4][12]. - The company's total market capitalization is approximately 13.032 billion CNY, with a current share price of 18.78 CNY [6][5]. - The projected revenue for 2024 is 1.193 billion CNY, reflecting a decrease of 2.2% from the previous year, but expected to grow significantly in subsequent years [12].

Investment Rating - Maintains "Overweight" rating [4][5] - Target price raised to 17.48 RMB (from 14.56 RMB) [4][5] Core Views - Stable revenue growth with Q1-Q3 2024 revenue of 4.456 billion RMB (+24.43% YoY) and net profit of 1.076 billion RMB (+68.07% YoY) [4] - Q3 2024 revenue of 1.261 billion RMB (+8.31% YoY) and net profit of 310 million RMB (+24.20% YoY) [4] - Gross margin for Q1-Q3 2024 reached 35.82% (+5.89 pct YoY), with Q3 gross margin at 37.11% (+3.98 pct YoY) [4] - Net profit margin for Q1-Q3 2024 was 24.14% (+6.27 pct YoY), with Q3 net profit margin at 24.56% (+3.15 pct YoY) [4] - Synthetic biology business is gradually materializing, with new products entering sales and trial production stages [4] Financial Performance - 2024E revenue forecast adjusted to 5.969 billion RMB (+23.8% YoY), with net profit of 1.405 billion RMB (+49.3% YoY) [9] - 2025E revenue forecast adjusted to 6.862 billion RMB (+15.0% YoY), with net profit of 1.688 billion RMB (+20.2% YoY) [9] - 2026E revenue forecast adjusted to 7.801 billion RMB (+13.7% YoY), with net profit of 1.949 billion RMB (+15.4% YoY) [9] - EPS forecasts for 2024-2026 raised to 0.63/0.76/0.87 RMB (from 0.56/0.69/0.83 RMB) [4] Industry and Market Data - Total market capitalization of 29.911 billion RMB [6] - 52-week stock price range: 7.19-17.75 RMB [6] - Current price: 13.43 RMB [5] - PE ratio (2024E): 21.29x [9] - PB ratio (current): 4.0x [7] Synthetic Biology Development - Established a synthetic biology research institute in Shanghai, with products like RCB112 (squalane), RCB114 (inositol), and RCB108 (melatonin) in development [4] - New production capacity includes 300 tons of bisabolol, 300 tons of 5-HTP, 0.5 tons of ergothioneine, and 10 tons of ectoine [4] - Strategic partnerships with Beijing Microstructure Workshop and Shanghai Jincheng Technology to accelerate PHA industrialization and AI-driven R&D [4] Financial Ratios - ROE (2024E): 17.8% [9] - Gross margin (2024E): 34.9% [9] - Net profit margin (2024E): 23.5% [9] - Asset turnover ratio (2024E): 0.6x [9]

Investment Rating - The report initiates coverage on the company with an "Overweight" rating, setting a target price of 50.72 RMB [3][4] Core Views - The company is a leader in the digital earth field, leveraging its core advantages in geospatial big data to expand into low-altitude economy and commercial aerospace sectors, driving rapid revenue growth [2][3] - The company's core product, GEOVIS Digital Earth, has undergone multiple technological iterations and is a well-known brand in the industry [3] - The company is actively exploring new opportunities in commercial aerospace and low-altitude economy, aiming to integrate AI deeply into these sectors to enhance product and service intelligence [3][10] Financial Projections - Revenue is projected to grow from 3.856 billion RMB in 2024 to 6.988 billion RMB in 2026, with EPS expected to increase from 0.89 RMB in 2024 to 1.79 RMB in 2026 [3][11] - Net profit attributable to the parent company is forecasted to rise from 482 million RMB in 2024 to 972 million RMB in 2026 [11] Business Segments - GEOVIS software sales and data services are expected to maintain a high growth rate of 40% from 2024 to 2026, with a gross margin of around 70% [11] - The system integration equipment business is projected to grow at a slower pace, with revenue growth rates of 40%, 30%, and 20% from 2024 to 2026, respectively, and a declining gross margin [11] Valuation Analysis - Using the PE valuation method, the company is valued at 38.5 times its 2025 earnings, resulting in a fair value of 27.557 billion RMB [13][14] - The PS valuation method suggests a fair value of 27.741 billion RMB, based on a 5.1 times multiple of 2025 sales [15][17] Industry and Market Position - The company is a pioneer in the digital earth industry in China, with a strong market position and technological advantages [19][20] - The global digital earth market is expected to grow significantly, with the company well-positioned to capitalize on this growth due to its leading position in the domestic market [54][55] Strategic Initiatives - The company is focusing on expanding its commercial aerospace and low-altitude economy businesses, aiming to build a comprehensive and self-sufficient industrial system [3][10] - The company is also developing a "4+2" model for commercial aerospace, covering satellite manufacturing, launch, application, and service, as well as ground infrastructure [36] Technological Innovation - The company has built its own digital earth supercomputer and connected it to a national-level intelligent computing center, enhancing its technological capabilities [3][21] - The company is continuously innovating in areas such as big data, cloud computing, and AI, which are critical for its future growth [22][23] Market Opportunities - The company is well-positioned to benefit from the rapid growth of the commercial aerospace and low-altitude economy sectors, which are expected to drive future revenue growth [3][10] - The company's strategic focus on digital earth technology and its integration with AI and other advanced technologies will likely open up new market opportunities [20][21]

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 22.10 CNY, while the current price is 18.29 CNY [4][10]. Core Insights - The company's Q3 performance exceeded market expectations, with revenue of 12.875 billion CNY, a year-on-year increase of 9.89% and a quarter-on-quarter increase of 21.51%. Net profit reached 1.637 billion CNY, up 2.08% year-on-year and 58.36% quarter-on-quarter [10]. - The company has successfully commenced its α-olefin high-end new materials industrial park, with multiple projects contributing to incremental growth [2][10]. - The price spreads of major products have expanded, indicating a recovery in chemical product prices, supported by recent economic stimulus policies [10]. Financial Summary - Revenue for 2024 is projected to be 51.731 billion CNY, reflecting a growth of 24.7% compared to 2023. Net profit is expected to reach 5.720 billion CNY, a 19.4% increase [11]. - The company reported a net asset value per share of 7.80 CNY, with a current price-to-book ratio of 2.3 [6]. - The company’s R&D investment for the first three quarters of 2024 was 1.293 billion CNY, a year-on-year increase of 4.30% [10].