Q3 公司自产煤销售收入为 186.67 亿元（同比-5.07%，环比-3.46%），销售 | --- | |-------------------------------------------------------------------------------| | | | 成本为 93.84 亿元（同比 -13.82% ，环比 -6.01% ），吨煤售价为 545.98 | | 吨（同比 -3.32% ，环比 -4.34% ），吨煤成本为 274.46 元 / 吨（同比 -12.23% | | 环比 -6.86% ）。 | 中煤能源（601898.SH） 24Q3 业绩符合预期，高分红性质凸显 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------|------------------------------|-------------------|--------------------- ...

证券研究报告|公司动态点评 2024 年 10 月 24 日 志特新材（300986.SZ） Q3 业绩及现金流改善明显，看好海外业务发展 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|--------|-------|-------|-------|-------------------------------------------|----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 1,930 | 2,238 | 2,544 | 3,312 | 4,199 | 股票信息 | | | 增长率 yoy （ % ） | 30.3 | 16.0 | 13.7 | 30.2 | 26.8 | | | | 归母净利润（百万元） | 178 | -45 | 92 | 212 | 334 | 行业 | ...

证券研究报告 | 公司动态点评 2024 年 10 月 24 日 扬杰科技（300373.SZ） 下游需求回暖+汽车业务高增，业绩同比实现稳健增长 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-------------------------------------------|-----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 5,404 | 5,410 | 6,035 | 7,255 | 8,445 | 股票信息 | | | 增长率 yoy （ % ） | 22.9 | 0.1 | 11.6 | 20.2 | 16.4 | | | | 归母净利润（百万元） | 1,060 | 924 | 935 | 1,155 | 1,4 ...

证券研究报告 | 公司动态点评 2024 年 10 月 24 日 汇成股份（688403.SH） Q3 营收同环比稳健增长，期待高阶测试平台新产能释放 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-------------------------------------------|----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 940 | 1,238 | 1,480 | 1,850 | 2,300 | | | | 增长率 yoy （ % ） | 18.1 | 31.8 | 19.5 | 25.0 | 24.3 | 股票信息 | | | 归母净利润（百万元） | 177 | 196 | 154 | 229 | 296 | 行 ...

证券研究报告 | 公司动态点评 2024 年 10 月 24 日 腾景科技（688195.SH） 24Q3 业绩实现稳步提升，研发投入持续加大助力长期发展 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-------------------------------------------|----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 344 | 340 | 496 | 673 | 862 | 股票信息 | | | 增长率 yoy （ % ） | 13.7 | -1.3 | 46.0 | 35.7 | 28.0 | | | | 归母净利润（百万元） | 58 | 42 | 71 | 103 | 132 | 行业 | 电子 | ...

证券研究报告 | 公司动态点评 2024 年 10 月 23 日 小鹏汽车-W（09868.HK） 高性价比车型再次点燃消费者购车热情，公司交付量创历史新高 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|----------|-----------|----------|----------|----------|---------------------------------------------|-----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 26855.12 | 30676.07 | 51393.79 | 76691.72 | 99994.50 | 股票信息 | | | 增长率 yoy （ % ） | 27.95 | 14.23 | 67.54 | 49.22 | 30.39 | 行业 | 汽车 | | 归母净利润（百万元） | -91 ...

证券研究报告 | 公司动态点评 2024 年 10 月 22 日 中控技术（688777.SH） 2024 三季度业绩点评：业绩向好预期仍存，下半年公司持续赋能 工业数字化需求 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|--------|--------|-------------------------------------------|-----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 6,624 | 8,620 | 9,815 | 11,571 | 13,987 | 股票信息 | | | 增长率 yoy （ % ） | 46.6 | 30.1 | 13.9 | 17.9 | 20.9 | | | | 归母净利润（百万元） | 798 | 1,102 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company achieved both revenue and profit growth in the first three quarters of 2024, driven by the recovery of communication orders and increasing demand for 112G products [2] - Revenue for the first three quarters of 2024 reached RMB 703 million, a year-on-year increase of 43.24%, while net profit attributable to the parent company was RMB 78.34 million, up 47.72% year-on-year [2] - The company continues to increase R&D investment, with R&D expenses reaching RMB 62.86 million in the first three quarters of 2024, a year-on-year increase of 16.32% [2] - The company's 112G products are gaining traction, with demand increasing significantly, and the company is actively developing liquid cooling solutions for high-speed connectors [2] - The company's capacity utilization in Dongguan is gradually improving, reaching near saturation, while its subsidiary in Xinyang focuses on automotive connectors, with plans to further enhance capacity utilization [2] Financial Performance Summary Revenue and Profit - Revenue for 2024 is projected to be RMB 901 million, with a year-on-year growth rate of 32.0%, and is expected to reach RMB 1.594 billion by 2026 [1] - Net profit attributable to the parent company is forecasted to be RMB 95 million in 2024, with a year-on-year growth rate of 42.8%, and is expected to reach RMB 171 million by 2026 [1] - In Q3 2024, the company achieved revenue of RMB 251 million, a year-on-year increase of 58.15%, and net profit attributable to the parent company of RMB 29.04 million, up 262.57% year-on-year [2] Profitability - The company's gross margin for the first three quarters of 2024 was 28.39%, slightly down by 0.1 percentage points year-on-year, while the net profit margin improved by 0.34 percentage points to 11.14% [2] - In Q3 2024, the gross margin and net profit margin were 29.88% and 11.57%, respectively, representing year-on-year increases of 4.73 and 6.52 percentage points [2] Valuation Metrics - The company's P/E ratio is projected to be 63.5x in 2024, decreasing to 35.4x by 2026, while the P/B ratio is expected to remain stable at around 3.2x to 3.5x [1][8] - EPS for 2024 is forecasted to be RMB 0.69, increasing to RMB 1.23 by 2026 [1][8] Industry and Market Context - The company operates in the electronics industry, with a focus on communication and automotive connectors [1] - The recovery in communication market demand and the increasing adoption of AI servers are driving growth opportunities for the company [2] - The company's market capitalization as of October 23, 2024, was RMB 6.04168 billion, with a total share capital of 138.73 million shares [1]

证券研究报告 | 公司动态点评 2024 年 10 月 23 日 威胜信息（688100.SH） 2024 三季度业绩点评：业绩稳健，积极出海引领行业标准 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|-------------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 2,004 | 2,225 | 3,024 | 3,950 | 5,079 | | | | 增长率 yoy （ % ） | 9.7 | 11.1 | 35.9 | 30.6 | 28.6 | 股票信息 | | | 归母净利润（百万元） | 400 | 525 | 666 | 833 | 1,042 | 行业 | 计算机 | | 增长率 yoy （ % ） | 17.2 | ...

证券研究报告 | 行业周报 2024 年 10 月 21 日 风电周报（2024.10.14-2024.10.20） 国际风能大会在京召开，行业共吁避免低价竞争 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|----------|-------|-------|-------|--------|-------|-------|---------|-------------------|----------------------| | | | | | | | | | | | | | | | | | | | | | | | | | 股票 | 股票 | 投资 | | EPS | （元） | PE | | | | 强于大市（维持评级） | | 代码 | 名称 | 评级 | | 2024E | 2025E | 2024E | 2025E | | | | | 002531.SZ | 天顺风能 | 增持 | | 0.60 | 0.86 | 13.15 | 9.16 | | 行业走势 | | | 300129 ...