股 票 研 究 证 券 研 究 报 告 ——国瓷材料 2024 年三季报点评 | --- | |---------------------------------| | | | | | | | [table_Authors] 沈唯 ( 分析师 ) | | 0755-23976795 | | shenwei024936@gtjas.com | | 登记编号 S0880523080006 | | --- | --- | --- | --- | --- | --- | --- | --- | |-------|--------------------------|-----------------------------|--------|-------|-------|-------|-------| | | | | | | | | | | | | 周志鹏 ( | 分析师 | ) | | | | | | | 021-38676666 | | | | | | | | zhonghao027638@gtjas.com | zhouzhipeng027980@gtjas.com | | | | | | | | | S0 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——中国国航 2024 年三季度点评 Q3 盈利大超预期，建议淡季逆向布局 中国国航(601111) [Table_Industry] 运输/工业 | --- | --- | --- | --- | --- | |----------|-----------------------------------|---------------------------|-------|-------| | | | | | | | | [table_Authors] 岳鑫 ( 分析师 ) | 陈亦凡 ( 研究助理 ) | | | | | 0755-23976758 | 0755-23976666 | | | | | yuexin@gtjas.com | chenyifan029909@gtjas.com | | | | 登记编号 | S0880514030006 | S0880124070025 | | | 本报告导读： 公司 2024Q3 盈利大超预期，宽体机继续消化且收益管理策略较行业更积极。换季 保障供需继续恢复，待供需恢复盈利中枢上升将超预期。建议 ...

Investment Rating - Maintains an "Overweight" rating with a target price of 23.70 yuan, corresponding to a 32x P/E for 2024 [3][5] Core Views - The company's investment business turned negative, leading to a significant decline in performance, with adjusted revenue and net profit for 2024Q3 dropping by 39% and 63% year-over-year, respectively [3] - The acquisition of Shenzhen Jianyuan aims to capture growth opportunities in the biopharmaceutical industry, with Shenzhen Jianyuan's operating profit reaching 89.99 million yuan in 2023 and 82.68 million yuan in 2024H1, showing rapid growth [3] - The completion of the new fund's fundraising is expected to increase management fee income, with the Harmony Green Industry Fund raising 10.5 billion yuan in July 2024 [3] - Improved capital market conditions are favorable for the company's project exits, particularly in the areas of new industrialization and artificial intelligence [3] Financial Summary - Revenue for 2022A, 2023A, 2024E, 2025E, and 2026E is projected at 1,220 million yuan, 1,219 million yuan, 1,193 million yuan, 2,074 million yuan, and 2,761 million yuan, respectively, with significant growth expected in 2025E and 2026E [1] - Net profit attributable to the parent company for 2022A, 2023A, 2024E, 2025E, and 2026E is projected at 825 million yuan, 985 million yuan, 565 million yuan, 1,206 million yuan, and 1,529 million yuan, respectively, with a notable decline in 2024E followed by strong recovery in 2025E and 2026E [1] - EPS for 2022A, 2023A, 2024E, 2025E, and 2026E is projected at 1.08 yuan, 1.29 yuan, 0.74 yuan, 1.58 yuan, and 2.00 yuan, respectively [1] - ROE for 2022A, 2023A, 2024E, 2025E, and 2026E is projected at 12.7%, 13.2%, 7.2%, 13.8%, and 15.5%, respectively [1] Business Performance - Investment income turned negative in 2024Q3, with a loss of 37 million yuan compared to a profit of 493 million yuan in the same period last year, primarily due to fair value changes in financial assets [3] - Management fee income from private equity business increased by 81% year-over-year in 2024H1, reaching 220 million yuan, driven by the successful fundraising of the Harmony Green Industry Fund [3] - Building materials business revenue declined by 41% year-over-year in 2024H1, reaching 261 million yuan, due to weak market conditions in the cement and aggregate sectors [3] Strategic Moves - The company acquired 92% of Shenzhen Jianyuan for 1.596 billion yuan, aiming to strengthen its position in the biopharmaceutical sector [3] - The Harmony Green Industry Fund, with a total commitment of 10.5 billion yuan, is expected to enhance management fee income and focus on innovative technology enterprises [3] Market Performance - The stock price has shown significant growth over the past year, with a 52-week range of 10.20-19.98 yuan and a current price of 18.49 yuan [6] - The company's market capitalization stands at 13.956 billion yuan, with a total share capital of 763 million shares [6]

股 票 研 究 证 券 研 究 报 告 ——易普力 2024 年三季报点评 三季度业绩同比稳增，收入体现龙头韧性 易普力(002096) 基础化工 [Table_Industry] /原材料 | --- | --- | --- | --- | |----------|-----------------------------------|----------------------------|-------| | | [table_Authors] 沈唯 ( 分析师 ) | 钱伟伦 ( 分析师 ) | | | | | | | | | 0755-23976795 | 021-38038878 | | | | shenwei024936@gtjas.com | qianweilun027712@gtjas.com | | | 登记编号 | S0880523080006 | S0880523040003 | | 本报告导读： 三季度业绩环比下滑主要系研发费用计提影响，但收入端在行业下行态势中逆势增 长，体现了公司作为龙头的较强韧性。 投资要点： [Table_Summary] 维持"增持"评级。公司三季报略低于预 ...

股 票 研 究 证 券 研 究 报 告 ——王府井 2024 年三季报业绩点评 [table_Authors]刘越男(分析师) 021-38677706 liuyuenan@gtjas.com 登记编号S0880516030003 | --- | |-----------------------------| | | | 宋小寒 ( 分析师 ) | | 010-83939087 | | songxiaohan026736@gtjas.com | | S0880524080011 | 本报告导读： 需求仍待恢复，期待公司免税业务增量。 投资要点： 股票研究 /[Table_Date] 2024.11.01 Q3 消费需求延续疲软，期待 Q4 回暖 王府井(600859) 批零贸易业[Table_Industry] /可选消费品 | --- | --- | --- | |--------------------------------|------------|-------| | | | | | [Table_Invest] 评级： | | 增持 | | | 上次评级 : | 增持 | | [Table_Tar ...

股 票 研 究 证 券 研 究 报 告 ——华阳股份 2024 年三季报点评 Q3 量利环比齐增，资源储备优势保障产量增量 华阳股份(600348) [Table_Industry] 煤炭/能源 | --- | --- | --- | --- | --- | |----------|-----------------------------------|---------------------------|-------|-------| | | | | | | | | [table_Authors] 黄涛 ( 分析师 ) | 王楠 瑀 ( 研究助理 ) | | | | | 021-38674879 | 021-38032030 | | | | | huangtao@gtjas.com | wangnanyu028176@gtjas.com | | | | 登记编号 | S0880515090001 | S0880123060041 | | | 本报告导读： 业绩略低于预期，Q3 量利环比齐增，成本环降，产量下滑压力最大的时刻已过，同 时预计 Q4 煤价易涨难跌；资源储备优势保障产量后续仍有增量。 投资要点 ...

股 票 研 究 证 券 研 究 报 告 --云路股份 2024 年三季报点评 股票研究 /[Table_Date] 2024.11.01 Q3 业绩稳健，静待新应用赋能成长 云路股份(688190) 金属，采矿，制品 [Table_Industry] /原材料 | --- | --- | --- | |----------|-------------------------------------|----------------------------| | | | | | | [table_Authors] 于嘉懿 ( 分析师 ) | 刘小华 ( 分析师 ) | | | 021-38038404 | 021-38038434 | | | yujiayi@gtjas.com | liuxiaohua027843@gtjas.com | | 登记编号 | S0880522080001 | S0880523120003 | 本报告导读： 24Q3，公司非晶带材产品价格企稳，归母净利润环比提升，业绩符合预期。作为非 晶带材行业全球龙头，公司将受益于海内外配电网升级、以及新能源汽车等下游领 域高景气度，业绩有望持续 ...

Investment Rating - Maintains an "Overweight" rating with a target price increase to 76.51 RMB [2][3][4] Core Views - The company's Q3 2024 performance aligns with expectations, showing rapid revenue growth [3] - Revenue for the first three quarters of 2024 reached 738 million RMB, a 41% YoY increase [3] - Net profit attributable to shareholders grew by 19.53% YoY to 56 million RMB [3] - Single-quarter revenue reached 318 million RMB, with a 21.6% QoQ growth, driven by laser radar and optical communication device businesses [3] - Gross margin for the quarter improved to 36.83%, up 1.3 percentage points QoQ [3] - The company's equity incentive plan was approved, with expected profits of 60 million RMB in 2024 and 100 million RMB in 2025 [3] - Guangdong Province's policy to accelerate the development of the optical chip industry is expected to benefit the company's lithium niobate business [3] Financial Performance - Forecasted net profit for 2024-2026 is 73 million RMB, 146 million RMB, and 193 million RMB, respectively [3] - EPS for 2024-2026 is projected at 0.29 RMB, 0.59 RMB, and 0.78 RMB [3] - The company's 2025 PE ratio is estimated at 129.68x, leading to the target price adjustment [3] - Revenue growth targets for 2024 and 2025 are set at 26.78% and 22.22%, respectively [3] Industry and Market Context - Guangdong's policy supports the development of high-speed optical communication chips, lithium niobate, and other advanced materials [3] - The company is expected to benefit from local government policies and potential mass production of lithium niobate products [3] - The optical chip industry is poised for growth, with the company well-positioned to capitalize on emerging opportunities [3] Financial Metrics - Total market capitalization is 12,751 million RMB [5] - Shareholder equity stands at 1,920 million RMB, with a book value per share of 7.71 RMB [6] - The company's net debt ratio is -20.96%, indicating a strong financial position [6] - Revenue for 2024E is projected at 987 million RMB, with a 39% YoY growth [9] - Net profit for 2024E is forecasted at 73 million RMB, a 22.6% YoY increase [9] Peer Comparison - The company's 2024E PE ratio is 192.82x, compared to the industry average of 129.68x [12] - The company's 2025E PE ratio is 97.08x, lower than the industry average of 129.68x [12]

股 票 研 究 证 券 研 究 报 告 ——骄成超声 2024 年三季报点评 业绩拐点已现，产品切换初见成效 骄成超声(688392) 机械制造业[Table_Industry] /可选消费品 | --- | --- | --- | |----------|-------------------------------------|---------------------------| | | | | | | [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： 公司作为是超声波焊接平台企业，在新能源电池下游需求减弱后，通过研发投入成 功拓展新产品，看好公司产品切换后带动业绩成长。 投资要点： [Table_Summary] 投资建议：公司业绩低于预期，公司因 2024 年下游动力电池 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——招商轮船 2024 年三季报点评 | --- | |----------| | | | | | | | | | 登记编号 | | --- | |--------------------| | | | | | | | 尹嘉骐 ( 分析师 ) | | 021-38038322 | | yinjiaqi@gtjas.com | | S0880524030004 | 本报告导读： 公司多板块业务布局保障盈利稳健。2024Q3 干散盈利对冲油运波动，公司主业盈利 同比持平，汇兑与补贴波动主导业绩同比下降。继续看好油运景气上行与持续。 投资要点： [Table_Summary] 维持增持。公司航运多版块业务布局保障盈利穿越周期而相对稳健。 地缘油价导致 2024Q3 油运市场经历压力测试，公司干散货业务盈 利同比上升对冲油运波动，主业盈利同比持平而好于市场预期。预 计未来数年油运景气上行与持续将超预期，公司将继续受益。维持 2024-26 年净利预测 60/74/83 亿元。维持目标价 10.70 元。 2024Q3 主业盈利同比持平，汇兑与补贴主导业绩 ...