股 票 研 究 证 券 研 究 报 告 ——公用事业行业周报（2024.10.21-2024.10.25） | --- | --- | --- | --- | |----------|-------------------------------------|----------------------------|-------------------------| | | [table_Authors] 于鸿光 ( 分析师 ) | 孙辉贤 ( 分析师 ) | 汪玥 ( 研究助理 ) | | | 021-38031730 | 021-38038670 | 021-38031030 | | | yuhongguang025906@gtjas.co m | sunhuixian026739@gtjas.com | wangyue028681@gtjas.com | | 登记编号 | S0880522020001 | S0880524080012 | S0880123070143 | 本报告导读： 3Q24 公用事业基金持仓水平环比下降，被动型基金占比逆势增加；基金 3Q24 增持 燃气公司，火电、核电持仓下降。 ...

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 ——天融信 2024 年三季报点评 Q3 扭亏为盈，费用端提质增效作用显著 天融信(002212) 计算机 [Table_Industry] /信息科技 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|-------|-------|-------|-------|-------|-------|------------------------------| | | | | | | | | | | | | [table_Authors] 李博伦 ( 分析师 ) | | | | | | | 钟明翰 ( 研究助理 ) | | | 0755-23976516 | | | | | | | 021-38031383 | | | libolun@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 股票研究 /[Table_Date] 2024.10.27 ——华东医药 2024 年三季报点评 业绩稳健增长，创新管线持续推进 华东医药(000963) [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.com | wuhan024878@gtjas.com | | 登记编号 | S0880514030001 | S0880523080005 | 本报告导读： 业绩稳定增长，创新管线 ...

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 ——建筑行业第 370 期周报 股票研究 /[Table_Date] 2024.10.27 | --- | --- | --- | |-------------------------|------------|------------------------------------| | [Table_Invest] 评级： | | [Table_Industry] 建筑工程业 \n增持 | | | 上次评级 : | 增持 | 预期三季报业绩差强人意，把握结构性机会 | --- | --- | --- | |----------|-------------------------------------|---------------------------| | | | | | | [table_Authors] 韩其成 ( 分析师 ) | 郭浩然 ( 分析师 ) | | | 021-38676162 | 010-83939793 | | | hanqicheng ...

股票研究 /[Table_Date] 2024.10.27 [table_Authors] 沈唯(分析师) 钟浩(分析师) 王瑞健(研究助理) 0755-23976795 021-38038445 021-38031022 shenwei024936@gtjas.com zhonghao027638@gtjas.com wangruijian028700@gtjas.com 登记编号 S0880523080006 S0880522120008 S0880123070136 证 券 研 究 报 告 景气无需过分担忧，长期把握龙头量增的确定性 [Table_Industry] 钛白粉 [Table_Invest] 评级： 增持 上次评级: 增持 ——钛矿行业专题报告 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_Report] 相关报告 钛白粉《钛白外需表现强劲， 8 月出口量持续上 升》2023.09.26 钛白粉《外需持续旺盛，环比量高位、价好转》 2023.04.25 钛白粉《钛白粉外需相对稳定， ...

股票研究 /[Table_Date] 2024.10.27 ——国君交运周观察 [table_Authors] 岳鑫(分析师) 尹嘉骐(分析师) 陈亦凡(研究助理) 0755-23976758 021-38038322 0755-23976666 [Table_subIndustry] yuexin@gtjas.com yinjiaqi@gtjas.com chenyifan029909@gtjas.com 登记编号 S0880514030006 S0880524030004 S0880124070025 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 航司收益策略改善，布局油运增产预期 [Table_Industry] 运输 [Table_Invest] 评级： 增持 上次评级: 增持 本报告导读： 维持航空与油运增持评级。航空：换季保障供需恢复，航司策略或改善，建议淡季 逆向布局。油运：2024 下半年经历压力测试，预计中远海能 Q3 业绩同比降约两成， 招商南油 Q3 业绩超预期。重申原油增产将利好油 ...

公 司 更 新 报 告 证 券 研 究 报 告 股 票 研 究 投资要点： [Table_Summary] 调整盈利预期，维持"增持"评级。受下游需求疲弱拖累，行业整 体压力加剧，公司依托优异的成本管控及生产工艺技术，较好地保 持了利润率水平，考虑公司业绩略低于预期，以及当前行业经营趋 势，我们下调盈利预期，预计公司 2024-2026 年 EPS 为 1.04/1.34/1.61 元（原 1.37/1.75/2.09 元），参考行业估值水平，考虑公司多品类趋 势扩张赋予的估值溢价，给予公司 2025 年 12xPE，下调目标价至 16.13 元（原 19.20 元），维持"增持"评级。 新产能投放驱动营收增长，特种纸均价平稳。2024Q3 公司湖北三条 工业包装纸产线 PM11/15/16 投产，预计贡献产销~11 万吨，拉动整 体营收增长。特种纸方面，预计 2024Q3 本部产销环比小幅向上，龙 游产销平稳。单价方面，预计格拉辛、描图纸等特种纸品均价稳定， 2024Q3 中国双胶纸/白卡纸市场均价 5442/4391/2609 元，环比-6%/- 1%/-1%。 特种纸单吨盈利稳定，包装纸正向贡献盈利。成 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of CNY 28.87, unchanged from the previous forecast [4] Core Views - The company's performance in the first three quarters of 2024 showed year-on-year growth, driven by a significant increase in the prices of second and third-generation refrigerants [4] - The company is expected to benefit from the industry's favorable cycle as a leading player in third-generation refrigerants, especially with the implementation of the 2024 quota system [4] - Despite a lower-than-expected Q3 2024 performance due to declining prices of fluoropolymers and basic chemical products, the company's refrigerant business remains strong, with prices up 29.81% year-on-year [10] - The company's strategic expansion into high-value-added fluorochemical products and its leadership in third-generation refrigerants position it well for long-term growth [10] Financial Performance - In Q3 2024, the company reported revenue of CNY 5.826 billion, a year-on-year decrease of 1.53%, and net profit of CNY 423 million, a year-on-year increase of 64.76% [10] - For the first three quarters of 2024, the company achieved revenue of CNY 17.906 billion, up 11.83% year-on-year, and net profit of CNY 1.258 billion, up 68.40% year-on-year [10] - The company's refrigerant production and sales in Q3 2024 were 141,100 tons and 85,000 tons, respectively, representing year-on-year increases of 21.73% and 10.46% [10] Industry and Market Position - The company holds a significant share of the third-generation refrigerant quota, with 37.4% of the total quota for R32, R134A, R125A, and R143A in 2025 [10] - The company's leadership in the refrigerant market is further strengthened by its ability to maintain stable prices and volumes despite policy changes [10] - The company is expanding its presence in high-value-added fluorochemical products, including the production of fourth-generation refrigerants and cooling fluids for data centers [10] Financial Forecasts - The report forecasts the company's revenue to grow from CNY 22.902 billion in 2024 to CNY 28.991 billion in 2026, with net profit expected to increase from CNY 2.033 billion in 2024 to CNY 4.238 billion in 2026 [11] - The company's EPS is projected to rise from CNY 0.75 in 2024 to CNY 1.57 in 2026 [11] - The company's ROE is expected to improve from 11.6% in 2024 to 18.6% in 2026, reflecting strong profitability and growth potential [11] Valuation and Comparables - The company's current P/E ratio is 27.87x for 2024, which is lower than the average P/E ratio of comparable companies at 27.15x [13] - The company's P/B ratio is 3.24x for 2024, indicating a reasonable valuation relative to its book value [11] - The company's EV/EBITDA ratio is projected to decline from 17.23x in 2024 to 9.32x in 2026, suggesting improving valuation metrics [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 | --- | |-------| | | | | | | | --- | |-------| | | | | | | 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.10.26 [Table_Industry]传播文化业 10 月游戏版号下发，AI"操控电脑/手机"能力突破 [Table_Invest] 评级： 增持 增持 ——传媒行业周报 2024 年 42 期 | --- | --- | --- | --- | --- | |----------|-----------------------------------|-------------------------|---------------------|----------------------------------------------------------------| | | [table_Authors] 陈筱 ( 分析师 ) | 杨昊 ( 分析师 ) | 李 芓 漪 ( 分析师 ...

股 票 研 究 证 券 研 究 报 告 公用事业 3Q24 基金持仓点评 评级： 股票研究 /[Table_Date] 2024.10.27 | --- | |---------------------------| | | | | | | | [Table_Industry] 公用事业 | | 增持 | | 增持 | 配置比例回落，主被动基金分化 [Table_Invest] | --- | --- | --- | --- | |-----------------|------------------------------|----------------------------|-------------------------| | | | | | | [table_Authors] | 于鸿光 ( 分析师 ) | 孙辉贤 ( 分析师 ) | 汪玥 ( 研究助理 ) | | | 021-38031730 | 021-38038670 | 021-38031030 | | | yuhongguang025906@gtjas.co m | sunhuixian026739@gtjas.com | wang ...