公 司 研 究 [Table_Reportdate] 2024年11月1日 公 司 简 评 汽 车 爱柯迪 沪深300 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn | --- | --- | |-----------------------------|-------------| | [ 数据日期 Table_cominfo] | 2024/10/31 | | 收盘价 | 15.36 | | 总股本 ( 万股 ) | 97,736 | | 流通 A 股 /B 股 ( 万股 ) | 91,099/0 | | 资产负债率 (%) | 41.49% | | 市净率 ( 倍 ) | 1.81 | | 净资产收益率 ( 加权 ) | 9.81 | | 12 个月内最高 / 最低价 | 23.63/11.59 | [Table_QuotePic] -57% -44% -31% -19% -6% 6% 19% 32% 23-10 24-01 24-04 24-07 [相关研究 Tab ...

公 司 研 究 [Table_Reportdate] 2024年11月01日 公 司 简 评 机 械 设 备 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 商俭 shangjian@longone.com.cn | --- | --- | |---------------------------|-------------| | | | | 数据日期 Table_cominfo] | 2024/10/31 | | 收盘价 | 50.70 | | 总股本 ( 万股 ) | 50,635 | | 流通 A 股 /B 股 ( 万股 ) | 50,635/0 | | 资产负债率 (%) | 35.52% | | 市净率 ( 倍 ) | 2.60 | | 净资产收益率 ( 加权 ) | 15.71 | | 12 个月内最高 / 最低价 | 74.45/44.71 | [Table_QuotePic] -23% -14% -4% 6% 16% 26% 36% 46% 23-11 ...

总 量 研 究 [Table_Reportdate] 2024年10月31日 [开启基本面验证序幕 Table_NewTitle] ——国内观察：2024年10月PMI [table_main] 投资要点 ➢ 事件：10月31日，国家统计局公布10月官方PMI数据。10月，制造业PMI为50.1%，前值 49.8%；非制造业PMI为50.2%，前值50.0%。 ➢ 核心观点：10月制造业PMI超季节性回升，反映出一揽子稳增长政策对预期提振的作用 明显，也为即将开始的基本面验证开了一个好头。对政策以及预期最为敏感的行业景气 度提升明显，例如黑色、有色金属加工，以及金融等相关行业。不过供需恢复的不平衡、 小企业景气度依然低于荣枯线等问题仍然存在。预期的提振、内需的恢复也并非一蹴而 就，全年经济增长目标的完成或仍需政策加力，下一步关注人大常委会会议后，货币财 政形成合力。 ➢ PMI超季节性回升。不管是从绝对水平（50.1%，近五年同期均值49.7%），还是环比变 化（+0.3pct，近五年同期均值-0.5pct），10月PMI无疑均超季节性。另一方面，制造业 PMI也是自今年4月以来首次高于荣枯线。 ➢ 供需两端 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its initial coverage [6]. Core Insights - The company has achieved a three-stage leap in growth, transitioning from component manufacturing to ODM and now to OBM, focusing on intelligent electric sofas and beds, with over 40 partnerships with top 100 U.S. home retailers [6][19]. - Revenue has shown a strong recovery since Q2 2023, with quarterly revenue growth exceeding 20% year-on-year, driven by inventory reduction in the U.S. market and effective new customer acquisition strategies [6][25]. - The company has a robust cost transfer capability and has benefited from favorable currency and interest rate conditions, leading to an increase in net profit margin from 12% in 2017 to 23% in the first three quarters of 2024 [6][25]. Company Overview - The company was established in 2002 and has evolved through three stages: component manufacturing, ODM, and OBM, with a focus on intelligent electric sofas and beds [19]. - The management team is experienced and has a strong international background, with a significant portion of employees based overseas [20]. Financial Performance - For the first three quarters of 2024, the company reported revenue and net profit of 1.849 billion and 431 million RMB, respectively, representing year-on-year growth of 27% and 34% [6][25]. - The company’s revenue is projected to grow from 1.921 billion RMB in 2023 to 3.618 billion RMB by 2026, with a compound annual growth rate (CAGR) of 21.48% [10]. Product and Market Analysis - The company’s primary products are intelligent electric sofas, which contributed 77% of revenue in the first half of 2024, while intelligent electric beds accounted for 13% [30]. - The U.S. market remains the primary sales region, with 99% of revenue coming from exports, and the company is also expanding into markets like Canada, Australia, and Italy [30]. Profitability and Cost Structure - The gross margin for the first half of 2024 was 33.22%, reflecting a steady improvement due to effective cost management and product upgrades [36]. - The company maintains a low sales expense ratio of under 5%, which is advantageous given its focus on B2B operations [36]. Future Outlook - The company is expected to continue its growth trajectory, with net profit forecasts of 517 million, 623 million, and 762 million RMB for 2024, 2025, and 2026, respectively, indicating a strong growth outlook [10].

公 司 研 究 [Table_Reportdate] 2024年10月31日 机 械 设 备 同力股份 沪深300 [Table_Report] [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 商俭 shangjian@longone.com.cn | --- | --- | |---------------------------|------------| | | | | 数据日期 Table_cominfo] | 2024/10/31 | | 收盘价 | 14.49 | | 总股本 ( 万股 ) | 45,652 | | 流通 A 股 /B 股 ( 万股 ) | 22,712/0 | | 资产负债率 (%) | 61.08% | | 市净率 ( 倍 ) | 2.42 | | 净资产收益率 ( 加权 ) | 17.64 | | 12 个月内最高 / 最低价 | 15.85/7.23 | [Table_QuotePic] -35% -12% 12% 35% 58% ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's profitability continues to improve, with a revenue of 16.789 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.64%. The net profit attributable to shareholders reached 2.471 billion yuan, up 25.85% year-on-year [6][7] - The structure of infusion products is continuously optimized, with significant growth in the revenue of raw materials and intermediates. The revenue from antibiotic intermediates and raw materials reached 4.456 billion yuan, a year-on-year increase of 24.43% [7] - The commercialization of innovative products is imminent, with four innovative varieties expected to be launched in the next year. The commercialization team is fully prepared for the sales of these products [8] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 16.789 billion yuan, with a net profit of 2.471 billion yuan, reflecting a year-on-year growth of 25.85% [6] - The operating cash flow for the period was 3.275 billion yuan, down 22.97% year-on-year, indicating a need for monitoring cash flow management [6] Product and Market Analysis - The infusion product segment has shown stable revenue with significant profit growth, driven by a decrease in sales expenses and an increase in the proportion of closed infusion products [7] - The antibiotic intermediates and raw materials segment has seen a substantial increase in both volume and price, contributing to the overall revenue growth [7] Future Outlook - The company expects to maintain stable revenue growth, with projected revenues of 23.639 billion yuan, 25.875 billion yuan, and 28.042 billion yuan for 2024, 2025, and 2026 respectively [9] - The net profit attributable to shareholders is forecasted to be 2.917 billion yuan, 3.443 billion yuan, and 4.021 billion yuan for the same years, indicating a positive growth trajectory [9]

公 司 研 究 [Table_Reportdate] 2024年10月31日 食 品 饮 料 甘源食品 沪深300 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 陈涛 cht@longone.com.cn | --- | --- | |---------------------------|-------------| | | | | 数据日期 Table_cominfo] | 2024/10/30 | | 收盘价 | 72.51 | | 总股本 ( 万股 ) | 9,322 | | 流通 A 股 /B 股 ( 万股 ) | 4,969/0 | | 资产负债率 (%) | 21.46% | | 市净率 ( 倍 ) | 4.18 | | 净资产收益率 ( 加权 ) | 15.65 | | 12 个月内最高 / 最低价 | 91.36/47.54 | [Table_QuotePic] -48% -37% -26% -15% -4% 8% 19% 30% ...

公 司 研 究 汽 车 赛轮轮胎 沪深300 [Table_Reportdate] 2024年10月31日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 张晶磊 S0630524090001 zjlei@longone.com.cn 联系人 马小萱 mxxuan@longone.com.cn | --- | --- | |-----------------------------|-------------| | [ 数据日期 Table_cominfo] | 2024/10/30 | | 收盘价 | 14.71 | | 总股本 ( 万股 ) | 328,810 | | 流通 A 股 /B 股 ( 万股 ) | 328,810/0 | | 资产负债率 (%) | 48.89% | | 市净率 ( 倍 ) | 2.46 | | 净资产收益率 ( 加权 ) | ...

公 司 研 究 电 子 [数据日期 Table_cominfo] 2024/10/30 收盘价 88.76 总股本(万股) 66,587 流通A股/B股(万股) 66,474/0 资产负债率(%) 11.93% 市净率(倍) 3.69 净资产收益率(加权) 5.34 12个月内最高/最低价 110.22/55.20 兆易创新 沪深300 [Table_Reportdate] 2024年10月31日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [Table_QuotePic] -59% -46% -33% -20% -7% 6% 19% 32% 23-10 24-01 24-04 24-07 [相关研究 Table_Report] 1.《兆易创新（603986.SH）：利基存 储价格有望继续回暖，增资长鑫产能 或有保障 — — 公 司 简 评 报 告 》 2024.07.10 2.《兆易创新（603986.SH） ...

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