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 [table_Authors]徐强(分析师) 010-83939805 xuqiang@gtjas.com 登记编号S0880517040002 | --- | --- | |--------------------|-----------------------| | | | | 邵潇 ( 分析师 ) | 于歆 ( 分析师 ) | | | | | 0755-23976520 | 021-38038345 | | shaoxiao@gtjas.com | yuxin024466@gtjas.com | | S0880517070004 | S0880523050005 | 本报告导读： 公司环保主业快速发展，积极转型切入光伏运营和氢能领域。 投资要点： 公 司 更 新 报 告 4380781 [Table_Summary] 维持"增持"评级。维持公司 2024- 2026 年预测净利润 4.14、4.97、 5.93 亿 ...

股 票 研 究 证 券 研 究 报 告 ——华立科技 2024 年三季报业绩点评 | --- | --- | --- | |----------|-----------------------------------|---------------------| | | | | | | [table_Authors] 陈筱 ( 分析师 ) | 李 芓 漪 ( 分析师 ) | | | 021-38675863 | 021-38038428 | | | chenxiao@gtjas.com | liziyi@gtjas.com | | 登记编号 | S0880515040003 | S0880523080004 | 本报告导读： Q3 业绩符合预期，其中动漫 IP 衍生产品销售显著回暖，IP 周边产品的上新有望贡 献增量；游戏游艺设备销售持续高增，通过各项展会、赛事保持客户及消费者粘性。 投资要点： 公 司 更 新 报 告 [Table_Summary] 24Q3 业绩符合预期，维持"增持"评级。我们维持 24-26 年 EPS 预 测值 0.60/0.90/1.10 元，参考可比公司给予公司 2025 年 30 ...

Investment Rating - The report suggests that the integration of cultural and tourism assets can optimize resource allocation and enhance the operational efficiency of listed companies [1] Core Views - The integration of cultural and tourism assets is seen as a key pathway to improve the quality of supply and operational efficiency [1] - This integration is also a significant method to achieve "equity finance," potentially stimulating local capital vitality and enhancing state-owned assets' control over local regions [1] - Cultural and tourism companies are noted for their superior business models, strong profitability, and stable cash flow, with many existing projects having passed their capital expenditure cycles, thus benefiting from high operational leverage [1] Regional Analysis - The report highlights that Zhejiang and Xinjiang have a large amount of unlisted assets, with significant potential for group asset injection [2] - Top regions with high-quality resources are concentrated in Jiangsu, Zhejiang, Sichuan, and Xinjiang, with state-owned assets dominating these areas [2] - The likelihood of integration is higher in regions like Zhejiang, Xinjiang, Hainan, and Anhui, while regions like Shanghai, Inner Mongolia, Tibet, and Ningxia show lower tendencies for integration [2] Company Focus - Companies such as Western Region Tourism, Zhangjiajie, and Nanjing Commercial Travel are worth attention due to their significant revenue and profit contributions to their respective groups [2] - Western Region Tourism, Xi'an Tourism, and Three Gorges Tourism are noted for their high revenue contributions, while Zhangjiajie, Nanjing Commercial Travel, and Western Region Tourism lead in profit contributions [2] Integration Progress - Western Region Tourism has seen a change in its controlling shareholder, with richer group assets now under the control of the Xinjiang State-owned Assets Supervision and Administration Commission [3] - Xiangyuan Cultural Tourism has transitioned into the cultural and tourism industry, significantly boosting its revenue and profits through asset acquisitions [3] - Three Gorges Tourism is planning to acquire the operation rights of the Three Gorges Dam tourism area's transportation services [3] - Lander Sports has achieved a turnaround through asset swaps and is now focusing more on the cultural and tourism industry [3] - Nanjing Commercial Travel has completed a five-year asset injection plan, incorporating high-quality assets like the Confucius Temple cruise into its financial statements [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 ——中科星图 2024 年三季报点评 | --- | |-----------------------------------| | | | [table_Authors] 李博伦 ( 分析师 ) | | 0755-23976516 | | libolun@gtjas.com | | S0880520020004 | | --- | --- | --- | |------------------------------|-------|-------| | | | | | | | | | 钟明翰 | | | | 021-38031383 | | | | zhongminghan029903@gtjas.com | | | | S0880124070047 | | | 本报告导读： 公司整体业绩符合市场预期，前三季度收入利润增速均高于 40%，随着公司在低空 经济和商业航天领域开展前瞻性布局，有望实现业绩超预期。 投资要点： 股票研究 /[Tab ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 投资要点： 本报告导读： 高效管理之下公司毛利率环比提升，单季度利润重回增长 4380781 [Table_Summary] 上调目标价至 25.00 元，维持"增持"评级。业绩符合预期，维持 盈利预测。2024-2026 年公司 EPS 分别为 0.55、0.66、0.77 元。参考 可比公司 2025 年平均 37.87 倍 PE，上调目标价至 25.00 元，维持 "增持"评级。 业绩符合预期，Q3 利润重回增长。2024 年前三季度公司实现营业 收入 34.36 亿元，同比增长 10.05%，Q3 单季度实现营收 11.92 亿 元，同比增长 8.47%，收入增速符合预期。前三季度实现归母净利 润 2.26 亿元，同比下滑 9.34%，降幅较上半年有所收窄。其中单季 度实现归母净利润 1.06 亿元，同比增长 7.15%，单季度利润重新回 到增长轨道。 毛利率提升是业绩止跌企稳的关键。2024 年，银行业尤其是国有大 行的 IT 开支增速放缓，叠加信创进入攻坚期，项目实施难度提升， 行业竞争加剧导致行业整体毛利率持续承压。公司通过提升内部 ...

Investment Rating - The report maintains an "Overweight" rating for the company, with a target price of 8.90 yuan, up from the previous target of 7.40 yuan [4] Core Views - The company's Q3 2024 performance slightly exceeded expectations, driven by the Alashan project, which supports its ongoing growth [3] - The company achieved revenue of 10.372 billion yuan in the first three quarters of 2024, a year-on-year increase of 29.04%, and net profit attributable to shareholders of 1.805 billion yuan, up 19.84% year-on-year [9] - Q3 2024 revenue was 3.303 billion yuan, a year-on-year increase of 23.13%, and net profit attributable to shareholders was 596 million yuan, up 31.30% year-on-year [9] - The outperformance in Q3 was partly due to the profit contribution from the coal sector, while the core business performance was in line with expectations [9] Market and Industry Analysis - The soda ash market faced oversupply in Q3 2024, with prices declining due to reduced demand from the glass industry, particularly in photovoltaic and float glass production [9] - Domestic soda ash apparent consumption in the first nine months of 2024 was 26.06 million tons, up 23.56% year-on-year, but September saw a slight decline of 0.15% year-on-year and 11.85% month-on-month [9] - Photovoltaic glass and lithium carbonate production grew significantly year-on-year, with photovoltaic glass production reaching 21.3 million tons (up 47.38%) and lithium carbonate production at 500,000 tons (up 64.56%) in the first nine months of 2024 [9] - Export volume of soda ash in September 2024 increased by 128.86% year-on-year to 128,500 tons [9] Company Growth and Projects - The Alashan natural soda ash project's first phase has reached production capacity, with an annual output of 5 million tons of soda ash and 400,000 tons of baking soda [9] - The second phase of the Alashan project has been initiated, planning to add 2.8 million tons of soda ash and 400,000 tons of baking soda annually [9] - The company's low-cost expansion strategy, leveraging its natural soda ash production method, ensures long-term growth [9] Financial Performance - The company's revenue for 2024E is projected to be 16.206 billion yuan, up 34.6% year-on-year, with net profit attributable to shareholders expected to reach 2.509 billion yuan, a 78.0% increase year-on-year [10] - EPS for 2024E, 2025E, and 2026E is forecasted at 0.67 yuan, 0.79 yuan, and 0.93 yuan, respectively [10] - The company's ROE is expected to improve from 10.5% in 2023A to 16.0% in 2024E, 16.3% in 2025E, and 16.5% in 2026E [10] Valuation and Comparables - The report values the company at 11.31x PE for 2025E, based on comparable companies [9] - Comparable companies include Sanyou Chemical, Zhongyan Chemical, and Yuntu Holdings, with average PE ratios of 22.52x for 2023A, 14.20x for 2024E, and 11.31x for 2025E [12]

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 ——口子窖 2024 年三季报点评 迈入调整阶段，静待修复 口子窖(603589) 食品饮料 [Table_Industry] /必需消费 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|-----------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | [table_Authors] 訾猛 ( 分析师 ) | 李耀 ( 分析师 ) | | | | | | | | 021-38676442 | 021-38675854 | | | | | | | | zimeng@gtjas.com | liyao022899@gtjas.com | | | | | | | 登记编号 | S0880513120 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 本报告导读： 利润低预期主要系餐饮宴会需求疲弱+资本开支周期影响，预计年内 10 家富茂开业 计划不变，随着 25 年新店爬坡，预计盈利能力将逐步提升。 投资要点： | --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|--------|--------|-------------------------------------------------------------------------------------------------------------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 1,670 | 2,401 | 2,658 | 3,279 | 3,929 | | (+/-)% | 3.9% | 43.8% | 10.7% | 23.4% | 19.9% | | 净利 ...

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] 2024.10.29 ——英华特 24Q3 季报点评 Q3 收入环比修复，盈利能力有所承压 英华特(301272) 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 | ) | | | | | | 021-380316 ...

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 公 司 更 新 报 告 证 券 研 究 报 告 ——杭氧股份 2024 年三季报点评 股票研究 /[Table_Date] 2024.10.29 气体价格逐步回暖，零售气有望量价齐升 杭氧股份(002430) [Table_Industry] 资本货物/工业 | --- | --- | --- | --- | |----------|-------------------------------------|--------------------------|-------| | | [table_Authors] 肖群稀 ( 分析师 ) | 张越 ( 分析师 ) | | | | 0755-23976830 | 0755-23976385 | | | | xiaoqunxi027589@gtjas.com | zhangyue025639@gtjas.com | | | 登记编号 | S0880522120001 | S0880522090004 | | | --- ...