公 司 研 究 [Table_Reportdate] 2024年10月30日 公 司 简 评 机 械 设 备 恒立液压 沪深300 [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 收盘价 | 2024/10/29 53.00 | | 总股本 ( 万股 ) | | | | 134,082 | | 流通 A 股 /B 股 ( 万股 ) | 130,536/0 | | 资产负债率 (%) | 21.73% | | 市净率 ( 倍 ) | 4.70 | | 净资产收益率 ( 加权 ) | 12.16 | | 12 个月内最高 / 最低价 | 69.30/41.55 | [Table_QuotePic] -37% -28% -18% -9% 0% 9% 19% 28% 23- ...

公 司 研 究 [Table_Reportdate] 2024年10月30日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师 张帆远 S0630524070002 zfy@longone.com.cn 电 力 设 备 与 新 能 源 | --- | --- | |--------------------------|------------------| | | | | 收盘价 | 2024/10/29 22.44 | | 总股本 ( 万股 ) | 105,590 | | 流通 A 股 /B 股 ( 万股 ) | 102,795/0 | | 资产负债率 (%) | 67.12% | | 市净率 ( 倍 ) | 3.01 | | 净资产收益率 ( 加权 ) | 6.59 | | 12 个月内最高 / 最低价 | 25.90/15.03 | [Table_QuotePic] -23% -14% -4% 6% 15% 25% 35% 44% 23-10 24 ...

公 司 研 究 医 药 生 物 [Table_Reportdate] 2024年10月30日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn 联系人 付婷 futing@longone.com.cn | --- | --- | |------------------------------------|------------------| | | | | 数据日期 Table_cominfo] 收盘价 | 2024/10/29 19.21 | | 总股本 ( 万股 ) | 111,692 | | 流通 A 股 /B 股 ( 万股 ) | 88,138/0 | | 资产负债率 (%) | 33.11% | | 市净率 ( 倍 ) | 2.21 | | 净资产收益率 ( 加权 ) | 3.60 | | 12 个月内最高 / 最低价 | 34.18/12.93 | [Table_QuotePi ...

公 司 研 究 银 行 [数据日期 Table_cominfo] 2024/10/29 收盘价 26.28 总股本(万股) 660,359 流通A股/B股(万股) 652,360/0 资产负债率(%) 92.72% 市净率(倍) 0.78 净资产收益率(加权) 10.88 12个月内最高/最低价 28.27/18.35 [Table_Reportdate] 2024年10月30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] 王鸿行 S0630522050001 whxing@longone.com.cn [Table_QuotePic] -30% -22% -14% -6% 3% 11% 19% 27% 23-10 24-01 24-04 24-07 宁波银行 沪深300 [相关研究 Table_Report] 《宁波银行（002142）：规模增长强 劲，减值计提与不良处置保持审慎— —公司简评报告》 2024.09.01 《宁波银行（002142）： 对公贷款 增长强劲，息差降幅收窄——公司简 评报告》 2024.05.05 《 ...

公 司 研 究 汽 车 拓普集团 沪深300 公 司 简 评 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 | --- | --- | |---------------------------|-------------| | | | | | | | 数据日期 Table_cominfo] | 2024/10/29 | | 收盘价 | 45.59 | | 总股本 ( 万股 ) | 168,603 | | 流通 A 股 /B 股 ( 万股 ) | 159,797/0 | | 资产负债率 (%) | 45.63% | | 市净率 ( 倍 ) | 4.08 | | 净资产收益率 ( 加权 ) | 12.43 | | 12 个月内最高 / 最低价 | 77.95/30.69 | [Table_Reportdate] 2024年10月30日 [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 [Table_QuotePic] -41 ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年10月29日 [晨会纪要 Table_NewTitle] 20241029 [table_main] 重点推荐 ➢ 1.原生鸿蒙正式开启公测，国内汽车电子相关需求旺盛——电子行业周报2024/10/21- 2024/10/27 ➢ 2."特朗普交易"博弈升温，美债利率走高————FICC&资产配置周观察(20241021- 20241027） ➢ 3.宁德骁遥电池助力增混市场，9月逆变器出口环比下降——电池及储能行业周报 （2024/10/21-2024/10/27） ➢ 4.新一轮国谈启动，关注创新药链——医药生物行业周报（2024/10/18-2024/10/27） ➢ 5.光伏组件试探性涨价，陆风中标价格稳中向好——新能源电力行业周报（2024/10/21- 2024/10/27） ➢ 6.国际医学（000516）：经营稳健，利润端持续向好——公司简评报告 ➢ 7. 重视当前化工并购重组相关机会——基础化工行业深度报告 财经要闻 ➢ 1.央行：从即日起启用公开市场买断式逆回购操作工具 ➢ 2.财政部：1-9月， ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's revenue for the first three quarters of 2024 increased slightly by 2.71% YoY to 177.857 billion yuan, while net profit attributable to shareholders decreased by 10.45% YoY to 5.105 billion yuan [7] - In Q3 2024, the company's net profit attributable to shareholders was 1.087 billion yuan, a significant decrease of 59.01% YoY and 42.14% QoQ, below market expectations [7] - Crude oil price fluctuations impacted product spreads and inventory valuation, with Brent crude futures averaging $78.82/barrel in Q3 2024, down 7.30% QoQ and 8.26% YoY [8] - The company is building a second growth engine through its "Optimize, Extend, and Complement the Chain" strategy, with key projects expected to be fully operational in H2 2024 [9] - The company has maintained strong cash flow returns, with monetary funds reaching 27.692 billion yuan in the first three quarters of 2024 [9] - The company is actively promoting overseas cooperation, signing a strategic agreement with Saudi Aramco in September 2024 [10] Financial Performance - For 2024-2026, the report forecasts EPS of 1.01 yuan, 1.50 yuan, and 1.80 yuan respectively, with corresponding P/E ratios of 13.88x, 9.31x, and 7.80x based on the closing price on October 29, 2024 [10] - The company's revenue growth rate is expected to be 2.43% in 2024, 6.35% in 2025, and 4.53% in 2026 [12] - Net profit attributable to shareholders is projected to grow by 2.93% in 2024, 48.98% in 2025, and 19.37% in 2026 [12] - The company's ROE is forecasted to be 10.99% in 2024, 14.77% in 2025, and 15.79% in 2026 [12] Industry and Market Performance - The company's stock price underperformed the CSI 300 index, with a year-to-date decline of 29% as of October 2024 [5] - The company's P/B ratio stands at 1.61x, with a weighted ROE of 8.44% [4] - The stock's 12-month high and low prices were 17.23 yuan and 11.11 yuan respectively [4]

公 司 研 究 汽 车 公 司 简 评 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 | --- | --- | |---------------------------|-------------| | | | | | | | | | | 数据日期 Table_cominfo] | 2024/10/29 | | 收盘价 | 30.63 | | 总股本 ( 万股 ) | 52,483 | | 流通 A 股 /B 股 ( 万股 ) | 52,465/0 | | 资产负债率 (%) | 43.77% | | 市净率 ( 倍 ) | 2.55 | | 净资产收益率 ( 加权 ) | 7.56 | | 12 个月内最高 / 最低价 | 38.80/18.45 | [Table_Reportdate] 2024年10月29日 [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 [相关研究 Table_Report] 《华阳集团（00 ...

公 司 研 究 医 药 生 物 [Table_Reportdate] 2024年10月29日 公 司 简 评 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn 联系人 付婷 futing@longone.com.cn | --- | --- | |--------------------------|-------------| | | | | 收盘价 | 32.36 | | 总股本 ( 万股 ) | 50,425 | | 流通 A 股 /B 股 ( 万股 ) | 42,594/0 | | 资产负债率 (%) | 7.06% | | 市净率 ( 倍 ) | 2.15 | | 净资产收益率 ( 加权 ) | 5.55 | | 12 个月内最高 / 最低价 | 41.98/22.91 | [Table_QuotePic] -32% -22% -12% -2% 8% 19% 29% 39% 23-10 24-01 24-04 24-07 博雅生物 沪深300 ...

Industry Overview - The semiconductor industry is characterized by cyclicality and growth, with the current cycle bottoming out in 2023-2024 [1] - Global semiconductor sales from Jan-Aug 2024 increased by 17.74% YoY, driven by a significant rise in memory module prices compared to 2023 [1] - Silicon wafer shipment area in H1 2024 decreased by 11.02% YoY, reflecting weak global demand [1] - Inventory levels for CPU, memory, analog, and MCU products remain historically high, with domestic companies maintaining elevated inventory for 8 consecutive quarters [1] Market Trends - Memory module prices have shown a slight downward trend, with memory chip prices fluctuating at the bottom [1] - Short-term supply is tight, while long-term supply remains ample, with a weak recovery expected in H2 2024 [1] - The semiconductor industry is driven by traditional sectors like smartphones, PCs, tablets, and servers, which account for 70% of demand [1] - Emerging technologies such as AI, smart wearables, and XR are driving structural growth in the industry [1] Investment Opportunities AI Innovation - AI servers are experiencing rapid growth, benefiting from data center construction and the shift from cloud to consumer AI products [2] - Key companies to watch include Haiguang Information, Loongson Technology, Cambricon, and Luxshare Precision [2] Consumer Electronics Recovery - The semiconductor cycle typically lasts 3-6 years, with the current cycle bottoming out in 2019 and a weak recovery expected in H1 2024 [2] - Companies like GigaDevice, Maxscend, and Will Semiconductor are well-positioned to benefit from the recovery [2] Domestic Supply Chain - The urgency for domestic supply chain development has increased due to overseas restrictions on advanced logic and memory industries [2] - Companies such as AMEC, Naura, and Huahai Qingke are making breakthroughs in equipment and materials, with potential for significant growth [2] Automotive and Industrial - The electrification of new energy vehicles is driving high growth in power devices and MCUs [3] - Companies like MacroMicro, StarPower, and Yangjie Technology are expected to benefit from the increasing demand for automotive and industrial chips [3] Global Semiconductor Market - Global semiconductor sales in 2023 were dominated by integrated circuits, accounting for 81% of total sales [45] - Memory circuits, particularly DRAM and NAND, are highly sensitive to demand fluctuations and exhibit significant price volatility [46][47] - Silicon wafer shipments in H1 2024 decreased by 11.02% YoY, indicating a slowdown in global demand [49] Regional Insights - China's semiconductor industry faces challenges in advanced technologies like 7nm chips and 18nm DRAM, but progress is being made in mid-to-low-end markets [1] - The domestic semiconductor market is expected to benefit from long-term localization efforts, with a focus on upstream equipment, materials, and high-end chips for industrial and automotive applications [1] Future Outlook - The semiconductor industry is expected to maintain a weak recovery trend in H2 2024, with potential improvement in 2025 as global and domestic economies recover [1] - Key drivers for future growth include AI, new energy vehicles, and smart wearables, which are expected to drive both volume and structural growth in the industry [1]