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] 2024.10.30 [table_Authors] 于嘉懿(分析师) 兰洋(研究助理) 021-38038404 021-38031027 yujiayi@gtjas.com lanyang028684@gtjas.com 登记编号 S0880522080001 S0880123070158 证 券 研 究 报 告 Q3 超配依旧，Q4 加工可期 [Table_Industry] 有色金属 [Table_Invest] 评级： 增持 上次评级: 增持 ——有色金属 2024 年三季度机构配置综述 本报告导读： 2024Q3 基金超配有色，但持仓比例较 24Q2 有所下降，其中铜、金减持较多。 投资要点： [Table_Summary] 维持有色行业增持评级，看好铝、稀土磁材和 PCB/CCL 新材料板 块。1）持仓角度上，有色金属板块整体被减持，但仍处超配状态， 24Q3 铜、金板块被减持较多。2）基本面角度，我们看好铝、稀土 ...

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 [table_Authors] 刘欣琦(分析师) 孙坤(分析师) 021-38676647 021-38038260 liuxinqi@gtjas.com sunkun024098@gtjas.com [当前价格： Table_CurPrice] 21.49 登记编号S0880515050001 S0880523030001 52 周内股价区间（元） 11.30-27.77 总市值（百万元） 17,952 总股本/流通A股（百万股） 800/734 流通 B股/H 股（百万股） 0/0 [Table_Balance] 资产负债表摘要(LF) 股东权益（百万元） 3,768 每股净资产（元） 4.71 市净率（现价） 4.8 净负债率 -156.80% 证 券 研 究 报 告 [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 55% 94% 39% 相对指数 43% 69% 30% [Table_Finance] 财务摘要（百万元） 2022A 2023A 2024 ...

Investment Rating - Maintains an "Overweight" rating with a target price increase to 47.75 RMB [3][6] Core Views - The company's overseas business growth is below previous expectations, leading to a downward revision of net profit forecasts for 2024-2026 to 641/784/969 million RMB, with EPS adjusted to 1.30/1.59/1.97 RMB, representing reductions of 21%/22%/24% respectively [4] - The company's revenue for the first three quarters of 2024 reached 1.941 billion RMB, a year-on-year increase of 16.79%, with net profit attributable to the parent company at 422 million RMB, up 21.95% year-on-year [4] - The company has a robust order backlog, with total orders reaching 3.766 billion RMB by September 2024, a 28.7% increase year-on-year [4] - The company's overseas revenue for the first three quarters of 2024 was 329 million RMB, accounting for 17% of total revenue, with a year-on-year growth of 105.9% [4] - The company signed a memorandum of cooperation with the UAE Ministry of Energy on October 7, 2024, focusing on smart buildings, power distribution networks, and intelligent water management, indicating significant market expansion potential in the Middle East [4] Financial Performance - Revenue for 2024E is projected at 2.670 billion RMB, a 20.0% increase year-on-year, with net profit attributable to the parent company expected to reach 641 million RMB, up 22.0% year-on-year [5] - The company's ROE (Return on Equity) is forecasted to be 19.2% in 2024E, with a net profit margin of 24.1% [5] - The company's EPS (Earnings Per Share) for 2024E is projected at 1.30 RMB, with a P/E ratio of 31.05 [5] Industry and Market Trends - The "Dual Carbon" policy and the large-scale integration of new energy are driving unprecedented opportunities in the construction of new power systems, with State Grid and Southern Grid planning a total investment of 2.9 trillion RMB during the 14th Five-Year Plan period [4] - The global energy transition trend is accelerating, with green energy and digital transformation becoming key drivers, providing the company with significant growth opportunities in international markets [4] Company's Strategic Focus - The company is committed to providing comprehensive solutions from data intelligent perception to efficient data transmission and smart data applications [4] - The company's chip module business showed strong growth in the first three quarters of 2024, with revenue reaching 597 million RMB, a 22.3% increase year-on-year, accounting for 30.9% of total revenue [4] - The company's HPLC chip modules are a major product category in the digital energy scenarios of State Grid and Southern Grid, with long-term sustainable demand [4]

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] 2024.10.30 收入表现稳健，盈利能力提升 德尔玛(301332) 家用电器业[Table_Industry] /可选消费品 | --- | --- | --- | --- | |----------|-------------------------------------|--------------------|---------------------------| | | | | | | | [table_Authors] 蔡雯娟 ( 分析师 ) | 樊夏俐 ( 分析师 ) | 李汉颖 ( 研究助理 ) | | | 021-38031654 | 021-38676666 | 010-83939833 | | | caiwenjuan024354@gtjas.com | fanxiali@gtjas.com | lihanying026725@gtjas.com | | 登记编号 | S088 ...

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 ——永安期货 2024 年三季报点评 股票研究 /[Table_Date] 2024.10.30 [table_Authors]刘欣琦(分析师) 021-38676647 liuxinqi@gtjas.com 登记编号S0880515050001 | --- | --- | --- | --- | --- | |---------------------------|---------------------------|--------|-------|-------| | | | | | | | 王思 玥 ( 研究助理 ) | 吴浩东 ( | 分析师 | ) | | | 021-38031024 | 010-83939780 | | | | | wangsiyue028676@gtjas.com | wuhaodong029780@gtjas.com | | | | | S0880123070151 | S08805 ...

Investment Rating - The report maintains a "Buy" rating for Yunnan Energy Investment (002053) with a target price of 16.32 RMB, unchanged from the previous rating [3] Core Views - The company's Q3 2024 performance met expectations, with revenue of 2.58 billion RMB (+31.7% YoY) and net profit of 570 million RMB (+71.7% YoY) [9] - The new energy sector showed strong growth, with revenue of 150 million RMB (+27.9% YoY) and net profit of 20 million RMB (+60 million RMB YoY) [9] - The salt and natural gas businesses dragged down performance, with salt revenue declining 19.7% YoY to 280 million RMB and natural gas contributing a net loss of 17 million RMB [9] - The company's wind power assets are undervalued, with potential for revaluation due to tight power supply-demand dynamics in Yunnan [9] - There is potential for clean energy asset injection from the parent group, which controls 2.8 GW of new energy assets [9] Financial Performance - Revenue is expected to grow from 2.904 billion RMB in 2023 to 5.001 billion RMB in 2026, with a CAGR of 19.8% [8] - Net profit is forecasted to increase from 482 million RMB in 2023 to 1.361 billion RMB in 2026, with a CAGR of 41.2% [8] - ROE is projected to rise from 7.0% in 2023 to 14.8% in 2026 [8] - The company's P/E ratio is expected to decline from 23.03 in 2023 to 8.16 in 2026, indicating improving valuation metrics [8] Industry and Market Position - The company is the only listed power generation platform under Yunnan Energy Investment Group [9] - The parent group controls significant clean energy assets, including 12.6 GW of hydropower and 2.8 GW of new energy [9] - The company has signed agreements for 1.2 GW of projects under the parent group's cultivation [9] - The average P/E ratio of comparable companies in 2025 is 16.1x, while Yunnan Energy Investment's P/E is projected at 10.4x, indicating potential undervaluation [12] Operational Highlights - New energy power sales reached 537 million kWh in Q3 2024, up 67.8% YoY [9] - The average market transaction price for new energy increased by approximately 0.01 RMB/kWh in September 2024 [9] - The company's installed capacity is expected to grow significantly, with total assets projected to increase from 17.584 billion RMB in 2023 to 23.640 billion RMB in 2026 [11]

股 票 研 究 公 司 首 次 覆 盖 证 券 研 究 报 告 投资要点： 本报告导读： 公司为综合实力最强的本土 EDA 厂商，已构建显著竞争优势，随着我国集成电路产 业的快速发展、国产替代的加速推进，公司成长性有望超出市场预期。 请务必阅读正文之后的免责条款部分 国产 EDA 龙头实力领先，全流程布局助力自主可控 华大九天(301269) 计算机 [Table_Industry] /信息科技 [Table_Invest] | --- | --- | --- | |----------|-------------------------------------|-----------------------------| | | | | | | [table_Authors] 李博伦 ( 分析师 ) | 陈剑鑫 ( 研究助理 ) | | | 0755-23976516 | 021-38038262 | | | libolun@gtjas.com | chenjianxin027974@gtjas.com | | 登记编号 | S0880520020004 | S0880123030056 | | --- | ...

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 股票研究 /[Table_Date] 2024.10.30 华能国际 2024 年三季报点评 煤电经营稳健，新能源恢复增长 华能国际(600011) [Table_Industry] 电力/公用事业 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|----------------------------|-------|--------|-------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | [table_Authors] 于鸿光 ( 分析师 ) | 分析师 ) | | 汪玥 ( | 研究助理 | ) | | | | | | 021-3 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 投资要点： 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 ——2024Q3 业绩点评 股票研究 /[Table_Date] 2024.10.30 外销延续高增，业绩稳健 新宝股份(002705) 家用电器业[Table_Industry] /可选消费品 | --- | --- | --- | --- | |----------|-------------------------------------|--------------------|----------------------------| | | | | | | | [table_Authors] 蔡雯娟 ( 分析师 ) | 樊夏俐 ( 分析师 ) | 曲世强 ( 研究助理 ) | | | 021-38031654 | 021-38676666 | 021-38031025 | | | caiwenjuan024354@gtjas.com | fanxiali@gtjas.com | qushiqian ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 42.89 yuan, down 5% from the previous target of 45.11 yuan [4] Core Views - The company's performance in 2024Q3 was slightly below expectations due to the impact of extreme weather, particularly typhoons, which pressured tourist traffic [3] - Revenue for 2024Q1-3 was 569 million yuan, up 1.31% YoY, with gross profit of 295 million yuan, up 2.77% YoY [3] - Net profit attributable to the parent company for 2024Q1-3 was 154 million yuan, up 1.19% YoY [3] - Single Q3 revenue was 174 million yuan, down 4.15% YoY, with gross profit of 81 million yuan, down 2.72% YoY [3] - The company's Lion Peak project is progressing as planned, with construction expected to start in December 2024 and completion in November 2026, which is expected to boost profits through additional cable car and hotel business [3] Financial Performance - The company's 2024Q3 gross margin was 46.33%, up 0.68% YoY [3] - Operating expenses for 2024Q3 increased by 0.85% YoY, with tax and surcharges, sales, management, and financial expense ratios rising by 0.63%, -0.19%, 0.34%, and 0.08% respectively [3] - Net profit margin for 2024Q3 was 22.59%, up 0.3% YoY [3] Industry and Market Context - The company's 52-week stock price range is between 24.67 yuan and 39.32 yuan, with a total market capitalization of 3.868 billion yuan [5] - The company's stock has shown a 36% increase over the past 12 months, outperforming the index by 27% [8] - The company's financial forecasts for 2024-2026 show expected revenue growth of 3.4%, 9.7%, and 7.9% respectively, with net profit growth of 4.0%, 12.6%, and 11.9% [9] Future Outlook - The report highlights the potential for improved traffic due to transportation infrastructure enhancements, such as the newly opened Chihuang High-Speed Rail, which could support future growth in passenger business [3] - The company's parking lot expansion is expected to increase passenger capacity, providing further support for growth in the transportation business [3]