证券研究报告 | 公司动态点评 2024 年 11 月 05 日 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------|--------------------------------------------------|------------------------|---------------------|----------------------------------------------|----------------------|-------------------------------------------------------------------------------|----------------------------------| | 卓胜微（ 24 年前三季度营收同比 \n财务指标 | 2022A | 300782.SZ \n2023A | ） +10%，25 \n2024E ...

感持续放量—顺络电子（002138.SZ）公司动态点评》 2024-06-04 2、《LTTC 产品持续放量，23 年净利润同比高增—顺络 电子（002138.SZ） 公司动态点评》2024-03-04 证券研究报告 | 公司动态点评 2024 年 11 月 05 日 顺络电子（002138.SZ） 24Q3 净利润同比快速增长，充分受益 AI 驱动+新兴业务成长 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|-----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 4,238 | 5,040 | 6,050 | 7,250 | 8,650 | 股票 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the industry index within the next six months [16]. Core Insights - The company has solidified its core business in connectors and MIM components while strategically positioning itself in the semiconductor cooling sector, which is expected to drive steady performance growth [1][3]. - For the first three quarters of 2024, the company achieved revenue of 644 million, a year-on-year increase of 27.57%, and a net profit attributable to shareholders of 29.57 million, up 21.01% year-on-year [2][3]. - The company is increasing its R&D investment, focusing on product innovation in semiconductor heat sinks, photovoltaic fields, and 3D printing, which is expected to support the development of its second growth curve [3]. Financial Performance Summary - Revenue (in million): - 2022A: 594 - 2023A: 721 - 2024E: 877 - 2025E: 1,239 - 2026E: 1,721 - Year-on-year growth rates: -3.9% (2022), 21.3% (2023), 21.7% (2024E), 41.2% (2025E), 38.9% (2026E) [1][10]. - Net profit (in million): - 2022A: 49 - 2023A: 31 - 2024E: 55 - 2025E: 132 - 2026E: 211 - Year-on-year growth rates: -21.4% (2022), -37.0% (2023), 76.3% (2024E), 141.3% (2025E), 59.9% (2026E) [1][10]. - R&D expenses for the first three quarters of 2024 amounted to 56.08 million, a 67.90% increase year-on-year, with an R&D expense ratio of 8.70% [3]. Market Position and Strategy - The company is deepening its traditional business in consumer electronics connectors and MIM components while optimizing its customer structure, which is contributing to steady performance improvements [2]. - The company is expanding into new business areas, including automotive connectors and semiconductor cooling materials, which are expected to drive long-term stable growth [3].

证券研究报告|行业专题报告 2024 年 11 月 05 日 电力及公用事业 Q3 基金持仓比例回落，水电持仓占比持续提高 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------|---------------------|---------------------|----------------------------------------------------------|----------------------------------|------------------------|--------------|-------------------------------------|--------------------------------------------------------------------------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | ...

2023-11 2024-03 2024-07 2024-11 证券研究报告|行业动态点评 2024 年 11 月 05 日 电力及公用事业 2024 年 9 月行业数据：风电单月发电量增幅 31.6%，9 月水风光 发电量比例为 27.6% | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|---------------|---------------|---------------|------------------|-------|-------|-------|----------|---------------------------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | 2024E | PE \n | 2025E | | 强于大市（维持评级） | | 600163.SH | 中闽能源 | 增持 | 0.39 | 0.42 | 15.08 | | 14.0 | 行业走势 | | | 600674.SH | 川 ...

证券研究报告 | 公司动态点评 2024 年 11 月 04 日 中 际 联合（605305.SH） Q3 业绩快速增长,产品结构持续升级 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------|-------|-------|-------|-------|-------|------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入(维持评级) | | | 营业收入(百万元) | 799 | 1,105 | 1,448 | 1,776 | 2,236 | | | | 增长率 yoy (%) | -9.5 | 38.2 | 31.1 | 22.6 | 25.9 | 股票信息 | | | 归母净利润(百万元) | 155 | 207 | 323 | 417 | 511 | 行业 | 机械 | | 增长率 yoy (%) | -33.0 | 33.3 | 5 ...

证券研究报告 | 公司动态点评 2024 年 11 月 01 日 三安光电（600703.SH） Q3 利润端表现亮眼，LED&集成电路产品持续推进 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|--------|--------|--------|--------|--------|-------------------------------------------|-----------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 13,222 | 14,053 | 17,860 | 21,611 | 25,961 | 股票信息 | | | 增长率 yoy （ % ） | 5.2 | 6.3 | 27.1 | 21.0 | 20.1 | 行业 | 电子 | | 归母净利润（百万元） ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the industry index over the next six months [15]. Core Views - The company has shown resilience in a competitive environment, with its component business turning profitable despite industry challenges. The company achieved a battery component shipment of approximately 57GW in the first three quarters of 2024, a year-on-year increase of about 51.47% [2]. - The report highlights a recovery in the photovoltaic industry, with the company expected to benefit from improved market conditions and operational stability. The company plans to exceed 100GW in component capacity by the end of the year [3]. - Financial projections indicate that the company will experience a revenue decline in 2024, followed by significant growth in subsequent years, with expected revenues of 739.23 billion yuan in 2024, 823.05 billion yuan in 2025, and 902.72 billion yuan in 2026 [3]. Financial Summary - In 2023, the company reported a revenue of 81,556 million yuan, with a year-on-year growth rate of 11.7%. However, a decline of 9.4% is expected in 2024 [1]. - The net profit attributable to shareholders for 2023 was 7,039 million yuan, with a significant projected loss of 355 million yuan in 2024, followed by a recovery to 2,573 million yuan in 2025 and 4,674 million yuan in 2026 [1][3]. - The company's operating cash flow for Q3 2024 was 20.9 billion yuan, reflecting a 24.2% increase from the previous quarter, indicating a positive cash flow trend [3].

证券研究报告 | 公司动态点评 2024 年 11 月 04 日 金风科技（002202.SZ） Q3 利润同比增长，大兆瓦风机订单充沛 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|--------|--------|--------|--------|--------|------------------------------------------|------------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 46,437 | 50,457 | 59,484 | 65,472 | 73,699 | 股票信息 | | | 增长率 yoy （ % ） | -8.8 | 8.7 | 17.9 | 10.1 | 12.6 | | | | 归母净利润（百万元） | 2,383 | 1,331 | 2,345 | 3,005 | 3,590 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company achieved a record high revenue in Q3 2024, driven by sustained demand in the automotive electronics sector, with a quarter-on-quarter revenue growth of 6% [2][3] - The company is expected to experience rapid growth in 2025, as three categories of automotive-grade new products have already secured project designations from clients [4][5] - The company plans to acquire 100% of Maiguan, enhancing its technical capabilities and product layout in the magnetic sensor field [5] Financial Summary - Revenue for 2022 was 1,670 million, with a significant decline to 1,311 million in 2023, but projected to recover to 1,874 million in 2024 and grow to 2,514 million in 2025 [2][15] - The net profit attributable to shareholders is expected to improve from -434 million in 2024 to 32 million in 2025, and further to 187 million in 2026 [2][15] - The company's return on equity (ROE) is projected to recover from -7.5% in 2024 to 0.6% in 2025 and 3.1% in 2026 [2][15] Revenue Breakdown - In Q3 2024, revenue from the automotive sector was 197 million, accounting for 38% of total revenue, with a quarter-on-quarter growth of 26% [3] - The energy sector contributed 259 million, representing 50% of total revenue, but saw a slight decline of 3% quarter-on-quarter [3] - The consumer electronics sector generated 62 million, making up 12% of total revenue, with a minor decline of 2% [3] Product Performance - In Q3 2024, revenue from signal chain products was 264 million, accounting for 51% of total revenue, while power management products generated 197 million, representing 38% [4] - The company anticipates significant growth in 2025 from three major product categories, including motor drive products for vehicle body electronics and integrated motor drive SoC chips for automotive thermal management [4][5]