证券研究报告 | 公司动态点评 2024 年 10 月 28 日 北京君正（300223.SZ） 24Q3 扣非归母净利润环比增长 2%，更先进制程 DRAM 陆续推出，静待行业市场复苏 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|-------------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 5,412 | 4,531 | 4,303 | 5,073 | 6,161 | | | | 增长率 yoy （ % ） | 2.6 | -16.3 | -5.0 | 17.9 | 21.5 | 股票信息 | | | 归母净利润（百万元） | 789 | 537 | 458 | 589 | 725 | 行业 | 电子 | | 增长率 yoy ...

证券研究报告 | 公司动态点评 2024 年 10 月 29 日 海兴电力（603556.SH） 24Q3 业绩稳健，海外业务带动毛利率创新高 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|-------------------------------------------|------------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 3,310 | 4,200 | 5,259 | 6,416 | 7,822 | 股票信息 | | | 增长率 yoy （ % ） | 23.0 | 26.9 | 25.21 | 21.99 | 21.91 | | | | 归母净利润（百万元） | 664 | 982 | 1,194 | 1,441 | 1,752 | 行业 | 电力设备及新能源 | | 增长率 yoy ...

煤炭营业成本为 144.2 亿元（同比-3.48%），煤炭实现毛利 63.2 亿元（同比 下降 11.24%）。 证券研究报告 | 公司动态点评 2024 年 10 月 28 日 平煤股份（601666.SH） | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------|--------------------|----------------------------|--------------------------|------------------|---------------|---------------------------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 36,044 | 31,561 | 31,439 | 35,055 | 3 ...

证券研究报告 | 公司动态点评 2024 年 10 月 29 日 新集能源（601918.SH） Q3 利辛电厂二期投运，公司电力业务增长可期 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------|------------------------------|-----------------|-----------------------------------------|---------------------|----------------------|-----------------------------------------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 12,003 | ...

Investment Rating - The report maintains a "Buy" rating for Hengli Petrochemical (600346 SH) [1] Core Views - Short-term profit pressure due to weaker demand for refining products, but new materials projects are gradually coming online [1] - PTA and new materials segments show strong production and sales growth [4][6] - New materials capacity expansion is expected to boost long-term growth [8] Financial Performance - 2024 Q3 revenue reached 652 25 billion yuan, up 2 42% YoY and 20 46% QoQ [1] - 2024 Q3 net profit attributable to parent company was 1 087 billion yuan, down 59 01% YoY and 42 14% QoQ [1] - 2024 Q1-Q3 gross margin was 10 36%, down 1 63 percentage points YoY [2] - 2024 Q1-Q3 net profit margin was 2 88%, down 0 41 percentage points YoY [2] Operational Highlights - PTA segment revenue in 2024 Q1-Q3 was 55 165 billion yuan, up 14 11% YoY [4] - New materials segment revenue in 2024 Q1-Q3 was 31 403 billion yuan, up 30 38% YoY [4] - PTA production volume in 2024 Q1-Q3 was 12 4449 million tons, up 41 27% YoY [6] - New materials production volume in 2024 Q1-Q3 was 4 5394 million tons, up 49 23% YoY [6] Industry and Market Conditions - International oil prices fluctuated downward in Q3 2024, with OPEC+ planning to increase production in Q4 2024 [7] - Global demand remains weak due to sluggish European economy and lack of significant improvement in China's crude oil demand [7] - Refining product prices declined overall due to weak supply-demand dynamics and cost-side support collapse [7] Future Outlook - 1600 ktpa high-performance resin and new materials project expected to achieve full production in H2 2024 [8] - Suzhou Fenhu base's 12 functional film production lines have been put into operation [8] - Nantong base's 12 functional film production lines and lithium battery separator project are progressing steadily [8] - Expected 2024-2026 revenue of 2635 82/2780 54/2886 29 billion yuan [9] - Expected 2024-2026 net profit attributable to parent company of 7 089/10 043/11 700 billion yuan [9]

Investment Rating - The report maintains a "Buy" rating for Shanxi Coal International Energy Group (600546 SH) [1][8] Core Views - The company's coal production and sales volume increased QoQ in Q3 2024, with effective cost control measures [1][3] - Self-produced coal business showed improved profitability in Q3 2024, with tonnage gross profit increasing 10 22% YoY [3] - Coal trading business demonstrated growth in Q3 2024, with trading volume increasing 9 99% YoY and tonnage gross profit improving 61 72% QoQ [4][7] Financial Performance Revenue and Profit - Q3 2024 revenue reached 7 908 billion yuan, up 2 68% QoQ but down 3 84% YoY [2] - Net profit attributable to shareholders in Q3 2024 was 791 million yuan, increasing 11 82% QoQ but decreasing 13 56% YoY [2] - 2024E revenue is projected at 30 147 billion yuan, with net profit attributable to shareholders expected to be 2 784 billion yuan [1] Production and Sales - Self-produced coal output in Q3 2024 reached 9 1218 million tons, up 15 96% QoQ and 1 81% YoY [3] - Self-produced coal sales volume in Q3 2024 was 6 9033 million tons, increasing 6 93% QoQ but decreasing 8 85% YoY [3] - Coal trading volume in Q3 2024 reached 5 3758 million tons, up 5 82% QoQ and 9 99% YoY [4][7] Cost and Pricing - Average selling price of self-produced coal in Q3 2024 was 660 30 yuan/ton, down 6 46% QoQ but up 3 08% YoY [3] - Average cost of self-produced coal in Q3 2024 was 268 33 yuan/ton, decreasing 12 23% QoQ and 5 83% YoY [3] - Gross profit per ton of self-produced coal in Q3 2024 reached 391 97 yuan/ton, up 10 22% YoY [3] Valuation Metrics - 2024E P/E ratio is projected at 9 6x, with P/B ratio at 1 5x [1] - 2024E EPS is forecasted at 1 40 yuan, increasing to 1 64 yuan by 2026E [1][8] - ROE is expected to be 17 1% in 2024E, gradually decreasing to 16 8% by 2026E [1] Industry and Market Position - The company has established a diversified coal production base, including thermal coal, coking coal, and anthracite [8] - The company maintains a nationwide coal trading network with significant regional and market advantages [8] - The company implements a cost leadership strategy, maintaining industry-leading cost control levels [8] Future Projections - Revenue is expected to grow from 30 147 billion yuan in 2024E to 32 655 billion yuan in 2026E [1][8] - Net profit attributable to shareholders is projected to increase from 2 784 billion yuan in 2024E to 3 259 billion yuan in 2026E [1][8] - The company's EPS is forecasted to grow from 1 40 yuan in 2024E to 1 64 yuan in 2026E [1][8]

2024-06-18 2、《Q4 业绩同环比大幅改善，半导体业务交付能力提 升—精测电子（300567.SZ）公司动态点评》2024-01-24 证券研究报告 | 公司动态点评 2024 年 10 月 29 日 精测电子（300567.SZ） 盈利端明显修复，半导体业务成业绩增长新引擎 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------------------------------|-------|-------------------------------------------|-----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | | | | | | | | | | | | | 2,731 2,429 2,880 3,750 4,380 | | ...

增加，以及中药海外接受度的不断提升，中药材资源的供需矛盾日益突出。 野生抚育或人工繁育技术起效期较长，替代品开发受到高度重视。《公告》支 持将临床急需的珍稀濒危中药材替代品研究纳入相关科研项目，推动研究成 果登记，深化产学研医协同创新，推动珍稀濒危中药材替代品研究关键技术 联合攻坚，有望加快促进珍稀濒危中药材替代品科研成果转化和推广应用。 2024-09-12 证券研究报告 | 行业动态点评 2024 年 10 月 29 日 中小市值 珍稀中药材替代品研制获支持，新品研发上市有望提速 | --- | --- | --- | --- | --- | --- | --- | |------------------|------------------------------------------------------------------------|-------|--------------------------------------------------------------------|-------|-------|----------------------| | | | | | | | ...

证券研究报告 | 公司动态点评 2024 年 10 月 28 日 巨化股份（600160.SH） 制冷剂行业维持高景气，供给端约束有望推动公司业绩稳步增长 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|--------------|------------|--------------|--------------|------------|-------------------------------------------|-----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 21,489 | 20,655 | 22,889 | 25,524 | 28,271 | 股票信息 | | | 增长率 yoy （ % ） 归母净利润（百万元） | 19.5 2,381 | -3.9 944 | 10.8 1,8 ...

证券研究报告 | 公司动态点评 2024 年 10 月 28 日 国电电力（600795.SH） 电量同环比增长，单季度风光新增 1.54GW | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|---------|---------|---------|---------|---------|-------------------------------------------|----------------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 194,674 | 180,999 | 188,064 | 192,380 | 198,284 | 股票信息 | | | 增长率 yoy （ % ） | 15.6 | -7.0 | 3.9 | 2.3 | 3.1 | | | | 归母净利润（百万元） | 2,821 | 5,609 | 9,782 | 9,104 | ...