股 票 研 究 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 股票研究 /[Table_Date] 2024.11.03 投资业绩弹性有限，综合性龙头优势突出 投资银行业与经纪业 [Table_Industry] [Table_Invest] ——上市券商 2024Q3 业绩综述 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|----------------------|-------|---------------------------|-------|-------|---------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | [table_Autho ...

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 证 券 研 究 报 告 ——2024 年三季报点评 股票研究 /[Table_Date] 2024.11.03 稳定份额为先，利润短期承压 千味央厨(001215) 食品饮料 [Table_Industry] /必需消费 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|------------------|--------------------|-------|-------|-------|-------|-------|-------| | | [table_Authors] | | | | | | | | | | 訾猛 ( 分析师 ) | 陈力宇 ( 分析师 ) | | | | | | | | | 021-38676442 | 021-38677618 | | | | | | | | | zimeng@gtjas.com | chenliyu@gtjas.com | | | ...

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 ——天宇股份 2024 年三季报点评 盈利能力短期承压，一体化布局推进 天宇股份(300702) [Table_Industry] 医药/必需消费 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|-----------------|-----------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | [table_Authors] 丁丹 ( 分析师 ) | 吴晗 ( 分析师 ) | | | | | | | | | 0755-23976735 | 010-83939773 | | | | | | | | | ding ...

股 票 研 究 ——新泉股份 2024 年三季报 | --- | |-----------------------------------| | | | [table_Authors] 吴晓飞 ( 分析师 ) | | 0755-23976003 | | wuxiaofei@gtjas.com | | 登记编号 S0880517080003 | | --- | --- | |------------------------|-------| | | | | 管正月 ( 分析师 ) | | | 021-38032026 | | | guanzhengyue@gtjas.com | | | S0880521030003 | | 本报告导读： 公司 2024 年三季报超预期，新项目顺利放量，盈利能力不断改善，收入业绩保持快 速增长。海外布局加速，全球化打开成长新空间。 投资要点： 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 股票研究 /[Table_Date] 2024.11.03 Q3 ...

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 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.11.03 | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|--------------------|------------------------|--------------------------------|-------------------------|-------------------------------------------------| | | 业绩短期承压，期待竞争格局优化 | | \n—— 2024Q3 业绩点评 | [Table_Invest] 评级： | 小熊电器 \n家用电器业 / | (002959) \n[Table_Industry] 可选消费品 \n增持 | | | [table_Authors] 蔡雯娟 ( ...

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 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.11.03 ——公牛集团 2024 年 Q3 业绩点评 主业彰显经营韧性，新兴业务维持高增 公牛集团(603195) 家用电器业[Table_Industry] /可选消费品 | --- | --- | --- | --- | |----------|-------------------------------------|----------------------------|----------------------| | | | | | | | [table_Authors] 蔡雯娟 ( 分析师 ) | 曲世强 ( 研究助理 ) | 谢丛睿 ( 分析师 ) | | | 021-38031654 | 021-38031025 | 021-38038437 | | | caiwenjuan024354@gtjas.com | qushiqiang028674@gtjas.com | xie ...

Investment Rating - Maintains an "Overweight" rating with a target price increase to 43.75 RMB [5][13] Core Views - The company's Q3 2024 performance exceeded expectations, driven by new project ramp-ups and the digestion of high-cost inventory materials, leading to rapid revenue growth and improving profitability [3][5] - Revenue for the first nine months of 2024 reached 1.99 billion RMB, a 25.2% YoY increase, with net profit attributable to shareholders at 190 million RMB, up 76.9% YoY [5] - Q3 2024 revenue was 760 million RMB, a 20.1% YoY increase, with net profit attributable to shareholders at 80 million RMB, up 117% YoY [5] - Gross margin improved significantly to 28.8% in Q3 2024, up 3.97 pct YoY and 3.89 pct QoQ, while net margin reached 10.14%, up 4.5 pct YoY and 2.05 pct QoQ [5] - The company benefits from the automotive acoustics upgrade trend, with key clients like Huawei, Li Auto, and Xiaomi driving new vehicle deliveries and new product releases [5] Financial Summary - Revenue for 2024E is projected at 2.85 billion RMB, a 22.5% increase from 2023A, with net profit attributable to shareholders expected to reach 282 million RMB, up 77.3% YoY [6] - EPS for 2024E is forecasted at 1.76 RMB, up 0.18 RMB from previous estimates, with 2025E and 2026E EPS projected at 2.22 RMB and 2.88 RMB, respectively [5][6] - ROE is expected to rise from 12.2% in 2023A to 22.2% in 2026E, reflecting improving profitability [6] - The company's P/E ratio is projected to decrease from 34.03 in 2023A to 11.74 in 2026E, indicating potential undervaluation [6] Industry and Market Position - The company is a domestic leader in automotive acoustics, benefiting from the trend of increased speaker and amplifier configurations in electric and intelligent vehicles [5] - Key clients include Huawei, Li Auto, and Xiaomi, with new vehicle deliveries and orders driving growth [5] - The company is expected to expand its customer base and order book, leveraging its advantages in production capacity, manufacturing, and R&D [5] Valuation and Target Price - The target price is raised to 43.75 RMB, based on a 20x PE multiple for 2025E, up from the previous target of 31.60 RMB [5][13] - The current price is 33.81 RMB, with a 52-week price range of 20.45-48.70 RMB [7][8] - The company's market capitalization is 5.41 billion RMB, with a total of 160 million shares outstanding [8]

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 ——美诺华 2024 年三季报点评 业绩环比改善，一体化及新业务布局推进 美诺华(603538) [Table_Industry] 医药/必需消费 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|-----------------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | [table_Authors] 丁丹 ( 分析师 ) | 吴晗 ( 分析师 ) | | | | | | | | | 0755-23976735 | 010-83939773 | | | | | | | | | dingdan@gtjas. ...

Investment Rating - Maintains an "Overweight" rating with a target price of 19.60 RMB [2] - The current price is 16.96 RMB, indicating potential upside [2] Core Views - Short-term pressure on gross margin, but order backlog supports growth [3] - Capacity expansion and internationalization are progressing steadily [3] - Revenue for 2024 Q1-Q3 was 1.335 billion RMB, down 15.87% YoY [3] - Net profit attributable to shareholders was -70 million RMB, with a significant loss from changes in fair value of biological assets [3] - Q3 revenue was 486 million RMB, down 15.51% YoY, with net profit of 99 million RMB, down 58.04% YoY [3] - EPS forecasts for 2024-2026 revised to 0.08/0.52/0.68 RMB from 0.65/0.76/0.88 RMB [3] - Gross margin for Q1-Q3 2024 was 27.48%, down 16.29 pct YoY, with Q3 gross margin at 22.43%, down 20.36 pct YoY [3] - Order backlog as of H1 2024 was 2.9 billion RMB, with new orders of 900 million RMB [3] Financial Summary - Revenue for 2024E is projected at 2.001 billion RMB, down 15.8% YoY [4] - Net profit attributable to shareholders for 2024E is expected to be 56 million RMB, down 85.8% YoY [4] - EPS for 2024E is forecasted at 0.08 RMB, with ROE at 0.7% [4] - Revenue for 2025E and 2026E is projected to grow by 15.2% and 14.2% respectively [4] - Net profit for 2025E and 2026E is expected to be 392 million RMB and 510 million RMB respectively [4] Capacity and Internationalization - Suzhou Zhaoyan Phase II facility (20,000 m²) is expected to be operational by early 2025 [3] - Suzhou's 22,000 m² supporting facility is expected to be completed by the end of 2024 [3] - Guangzhou safety evaluation base construction is progressing [3] - Overseas subsidiary Biomere secured new orders of approximately 140 million RMB in H1 2024 [3] - International revenue in 2023 was 579 million RMB, up 51.20% YoY [3] Market Data - 52-week stock price range is 12.46-28.58 RMB [5] - Total market capitalization is 12.711 billion RMB [5] - Total shares outstanding are 749 million, with 630 million A-shares [5] Balance Sheet Highlights - Shareholders' equity is 8.002 billion RMB [6] - Net asset per share is 10.68 RMB [6] - Price-to-book ratio is 1.6 [6] - Net debt ratio is -39.84% [6] Peer Comparison - Comparable companies include Pharmaron (300759 SZ) and WuXi AppTec (603259 SH) [10] - Average PE ratio for peers is 37.63x for 2024E and 22.62x for 2026E [10] Catalysts - Rapid release of new capacity [3] - Expansion of new businesses exceeding expectations [3] - Growth in order backlog [3]

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 证 券 研 究 报 告 ——惠泰医疗 2024 年三季报点评 股票研究 /[Table_Date] 2024.11.03 高增长延续，彰显业绩韧性 惠泰医疗(688617) [Table_Industry] 医药/必需消费 | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|-----------------------|-------|-------|-------|-------| | | | | | | | | | | [table_Authors] 丁丹 ( 分析师 ) | 谈嘉程 ( 分析师 ) | | | | | | | 0755-23976735 | 021-38038429 | | | | | | | dingdan@gtjas.com | tanjiacheng@gtjas.com | | | | | | 登记编号 | ...