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 ——天虹股份 2024 年三季报点评 股票研究 /[Table_Date] 2024.11.05 | --- | |-------------------------------------| | | | [table_Authors] 刘越男 ( 分析师 ) | | 021-38677706 | | liuyuenan@gtjas.com | | 登记编号 S0880516030003 | | --- | --- | |--------------------------|-------| | | | | | | | 021-38677906 | | | chenxiao015813@gtjas.com | | | S0880518020002 | | 本报告导读： Q3 经营波动，超市首店升级取得优异效果，期待后续推广。 投资要点： [Table_Summary] 维持增持。前三季度营收 90.5 亿元/-2.22%，归母 1.18 亿元/-47.3%， 扣非 0 ...

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 ——吉宏股份 2024 年三季报点评 [table_Authors]刘越男(分析师) 021-38677706 liuyuenan@gtjas.com 登记编号S0880516030003 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------|-------|----------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | 陈笑 ( 分析师 ) | | 赵国振 ( 分析师 | | ) | | | | | 021-38677906 | | 021-38031044 | | | | | | | chenxiao015813@gtjas.com | m | zhaoguozhen028586@gtjas.co | | | | | | | S08805180200 ...

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 2024 年三季报点评 [table_Authors] 舒迪(分析师) 刘校(分析师) 021-38676666 shudi@gtjas.com 登记编号S0880521070002 | --- | --- | |-------------------------|-------| | | | | | | | | | | | | | 021-38038661 | | | liuxiao026731@gtjas.com | | | S0880524080004 | | 本报告导读： 公司 24Q3 多项指标创新高，中长期成长逻辑清晰，有望迎来长期快速发展。 投资要点： 证 券 研 究 报 告 [Table_Summary] 维持增持评级。考虑到公司的毛利率显著提升以及在费用管控方面 的成效，我们上调公司 2024-2026 年 EPS 分别至 0.75（+0.15）/0.93 （+0.19）/1.17（+0.28）元，参考可比公司平均估值水平，考虑到公 司的微棱镜及其他 ...

安训 顺周期再迎节点，三季报消化悲观预期 评级: | --- | --- | --- | --- | |-------|-------------------------|---------------------|---------------------------| | | | | | | | 鲍羅辛(分析师) | 花使祎(分析师) | 巫佬洋(研究助理) | | | 0755-23976830 | 0755-23976858 | 0755-23976666 | | | baoyanxin@gtjas.com | huajianyi@gtjas.com | wukaiyang028675@gtjas.com | | | 赛记编号 S0880513070005 | $0880521010001 | S0880123070145 | 本报告导读: 对财政政策落地和外围环境催化的期待意味着预期交易还将强势,三季报落地消化 悲观预期，优先推荐建材龙头公司。 投资要点: 水泥:本周全国水泥市场价格环比继续大幅上涨,涨幅为 1.4%。价 格上涨区域有辽宁、江西、河南、湖北和云南等地;价格回落区域 主要是湖南、广东和 ...

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 | --- | |-------| | | | | | | 公 司 更 新 报 告 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.11.05 [table_Authors]徐强(分析师) 010-83939805 xuqiang@gtjas.com 登记编号S0880517040002 | --- | --- | --- | --- | --- | |--------------------|-------|-------|-------|-------| | | | | | | | 牟俊宇 ( 分析师 ) | | | | | | 0755-23976610 | | | | | | moujunyu@gtjas.com | | | | | | S0880521080003 | | | | | 业绩逐步探底，需求拐点将至 信德新材(301349) [Table_Industry] 资本货物/工业 | --- | --- | |----------------- ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 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 ——2024 年三季报点评 股票研究 /[Table_Date] 2024.11.05 | --- | |-----------------------------------| | | | [table_Authors] 王彦龙 ( 分析师 ) | | 010-83939775 | | wangyanlong@gtjas.com | | 登记编号 S0880519100003 | | --- | --- | --- | |----------------------|-------|-------| | | | | | 黎明聪 ( 分析师 ) | | | | 0755-23976500 | | | | limingcong@gtjas.com | | | | S0880523080008 | | | 业绩兑现加速，盈利提升显著 光迅科技(002281) 电信运营 [Table_Industry] /信息技术 | --- ...

Industry Overview - The textile machinery industry is experiencing a cyclical upturn, with demand for industrial sewing machines improving, especially in South Asia and Southeast Asia [2][11] - The global textile industry is shifting from China to Southeast Asia, South Asia, and Central Asia due to labor cost advantages, driving capital expenditure growth in these regions [2][10] - In 2023, China's textile machinery industry revenue reached 952.2 billion yuan, down 1.5% YoY, but showed signs of recovery with a 12.84% YoY revenue growth in the first 8 months of 2024 [11] Industrial Sewing Machine Market - The industrial sewing machine market is dominated by Chinese and Japanese companies, with Jack Sewing Machine holding an 18% global market share [33] - The sewing machinery market is cyclical, with each cycle lasting 3-4 years, and 2024 is expected to mark the beginning of a new upward cycle [21] - In 2023, China's sewing machinery industry revenue was 28.6 billion yuan, with industrial sewing machines accounting for 56% of production [17][19] Export Trends - China's industrial sewing machine exports showed strong growth in 2024, with a 8.7% YoY increase in export value to $1.137 billion in the first 9 months [24] - Major export destinations for China's sewing machinery in 2024 were India, Vietnam, and Pakistan, with growth rates of 26.4%, 68.3%, and 157.2% respectively [30] - Vietnam's textile and garment exports grew by 15.86% YoY in September 2024, indicating strong demand in Southeast Asia [14] Key Companies Jack Sewing Machine (603337) - Jack Sewing Machine is China's leading industrial sewing machine manufacturer, focusing on core product development and global expansion [37] - The company's revenue grew from 4.152 billion yuan in 2018 to 5.294 billion yuan in 2023, with a CAGR of 4.98% [39] - Jack Sewing Machine launched innovative products like "Fast Response King" and "Seam King" in 2023-2024, driving profitability improvements [58] Dahao Technology - Dahao Technology is a leader in sewing and knitting equipment control systems, with a strong presence in the embroidery machine control market [46] - The company's revenue grew from 1.075 billion yuan in 2018 to 2.033 billion yuan in 2023, with a CAGR of 13.59% [47] - Dahao's knitting equipment control system business grew significantly, from 7 million yuan in 2015 to 550 million yuan in 2023 [49] Market Outlook - The textile machinery industry is expected to continue its upward trend, driven by industry cycle recovery and strong export demand [2][21] - With the shift of textile production to Southeast Asia and South Asia, demand for textile machinery in these regions is expected to grow significantly [10][30] - Chinese textile machinery companies are expected to benefit from technological innovation and global market expansion [33][37]

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 股票研究 /[Table_Date] 2024.11.03 | --- | |-------------------------------------| | | | | | | | [table_Authors] 刘越男 ( 分析师 ) | | 021-38677706 | | liuyuenan@gtjas.com | | 登记编号 S0880516030003 | ——丽尚国潮 2024 年三季报点评 | --- | --- | |--------------------------|-------| | | | | | | | | | | | | | | | | 021-38677906 | | | chenxiao015813@gtjas.com | | | S0880518020002 | | Q3 净利改善，拟定增强化业务开展 丽尚国潮(600738) 批零贸易业[Table_Industry] /可选消费品 | --- | --- | --- | |- ...

股 票 研 究 证 券 研 究 报 告 ——矿山行业专题研究 | --- | --- | --- | |----------|-------------------------------------|---------------------------| | | | | | | [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： 矿山资本开支持续高景气，中资矿山出海背景下，国内矿山装备公司有望迎来业绩 放量期。 投资要点： [Table_Summary] 投资建议：受益于海外矿山资本开支持续高增以及中资矿山出海的 推动，国内矿山装备企业有望迎来发展良机，核心矿山装备公司将 持续受益。耗材类：推荐标的为耐普矿机；装备类：推荐标的为北 矿科技（浮选设备），受益标的为中信重工（磨机）、南矿集 ...

股 票 研 究 ——安徽合力 2024 年三季报点评 业绩短期承压，看好国际化进展 安徽合力(600761) [Table_Industry] 资本货物/工业 | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|---------------------------|-------|-------|-------|-------| | | | | | | | | | | [table_Authors] 肖群稀 ( 分析师 ) | 刘麒硕 ( 研究助理 ) | | | | | | | 0755-23976830 | 0755-23976666 | | | | | | | xiaoqunxi027589@gtjas.com | liuqishuo028693@gtjas.com | | | | | | 登记编号 | S0880522120001 | S0880123070153 | | | | | 本报告导读： 公司是国内叉车行业龙头，受国内叉车行业影响而短期业绩承压，公司在国际 ...