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中控技术: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
长城证券· 2024-10-27 08:41
Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [11]. Core Views - The company has shown positive performance in Q3 2024, achieving a revenue of 6.337 billion yuan, a year-on-year increase of 11.58%, and a net profit attributable to shareholders of 717 million yuan, up 3.36% year-on-year. Excluding GDR exchange losses, the net profit was 737 million yuan, reflecting a 32.02% increase [2][4]. - The company is accelerating the implementation of its "AI + Robotics" strategy, with significant advancements in humanoid robotics and the introduction of a new intelligent factory construction model [2][4]. - The company is expected to continue its growth trajectory, with projected revenues of 9.815 billion yuan, 11.571 billion yuan, and 13.987 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 1.233 billion yuan, 1.474 billion yuan, and 1.769 billion yuan for the same years [4][5]. Financial Summary - For Q3 2024, the company reported a revenue of 2.085 billion yuan, a 2.30% year-on-year increase, and a net profit of 200 million yuan, up 9.52% year-on-year. The non-GAAP net profit was 183 million yuan, reflecting a 25.81% increase [2]. - The company’s operating expenses for the reporting period included sales expenses of 522 million yuan, management expenses of 288 million yuan, and R&D expenses of 674 million yuan, with respective year-on-year changes of -1.11%, -11.15%, and +7.56% [2]. - The company’s financial metrics indicate a projected EPS of 1.56 yuan, 1.86 yuan, and 2.24 yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 32.4X, 27.1X, and 22.6X [4][7].
鼎通科技:112G产品持续上量,前三季度实现营收利润双增长
长城证券· 2024-10-25 06:54
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]
威胜信息:2024三季度业绩点评:业绩稳健,积极出海引领行业标准
长城证券· 2024-10-25 06:54
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 | ...
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
长城证券· 2024-10-24 04:03
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 ...
AI继续推动需求增长,全年业绩指引持续上调
长城证券· 2024-10-24 04:03
证券研究报告 | 公司动态点评 2024 年 10 月 22 日 台积电(TSM.N) AI 继续推动需求增长,全年业绩指引持续上调 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|--------|--------|--------|---------|---------|-----------------------------------------|------------| | | | | | | | | | | | 财务指标 | | 2022A | 2023A | 2024E | 2025E | 2026E | 买入(维持评级) | | | 营业收入(百万美元) | | 73,670 | 70,599 | 91,687 | 116,240 | 138,749 | | | | 增长率 yoy ( % ) | | 28.7 | -4.2 | 29.9 | 26.8 | 19.4 | 股票信息 | | | 归母净利润(百万美元) | ...
通信行业周报:数据要素持续迎来政策催化,卫星互联网建设稳步推进,持续看好相关产业投资机会
长城证券· 2024-10-24 03:55
证券研究报告 | 行业周报 2024 年 10 月 24 日 通信 数据要素持续迎来政策催化,卫星互联网建设稳步推进,持续看好 相关产业投资机会 | --- | --- | --- | --- | --- | --- | --- | |---------------|---------------|---------------|---------------|------------------|------------|-------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | (元) \n2025E | PE \n2024E | 2025E | | 300394.SZ | 天孚通信 | 买入 | 2.59 | 3.6 | 45.63 | 32.83 | | 301285.SZ | 鸿日达 | 买入 | 0.26 | 0.64 | 101.81 | 41.36 | | 600941.SH | 中国移动 | 买入 | 6.65 | 7.25 | 15.69 | 14.39 | | 601728.SH | 中国电信 | 买入 | 0.37 | 0.42 | 1 ...
台积电:AI继续推动需求增长,全年业绩指引持续上调
长城证券· 2024-10-24 02:41
证券研究报告 | 公司动态点评 2024 年 10 月 22 日 台积电(TSM.N) AI 继续推动需求增长,全年业绩指引持续上调 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|--------|--------|--------|---------|---------|-----------------------------------------|------------| | | | | | | | | | | | 财务指标 | | 2022A | 2023A | 2024E | 2025E | 2026E | 买入(维持评级) | | | 营业收入(百万美元) | | 73,670 | 70,599 | 91,687 | 116,240 | 138,749 | | | | 增长率 yoy ( % ) | | 28.7 | -4.2 | 29.9 | 26.8 | 19.4 | 股票信息 | | | 归母净利润(百万美元) | ...
江中药业:响应政策引导,增持彰显发展信心
长城证券· 2024-10-24 02:40
证券研究报告 | 公司动态点评 2024 年 10 月 22 日 江中药业(600750.SH) 响应政策引导,增持彰显发展信心 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-------------------------------------|-----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持(维持评级) | | | 营业收入(百万元) | 3,885 | 4,390 | 4,275 | 4,756 | 5,425 | 股票信息 | | | 增长率 yoy ( % ) | 35.2 | 13.0 | -2.6 | 11.3 | 14.1 | | | | 归母净利润(百万元) | 598 | 708 | 795 | 902 | 1,038 | 行业 | 医药 | | 增 ...
【长城电新】光伏电池组件逆变器出口月报(24年9月)
长城证券· 2024-10-24 02:09
| --- | --- | --- | --- | |--------------|-------|-------|-------| | | | | | | | | | | | 证券研究报告 | | | | | | | | | 核心观点 ◼ 传统与新兴市场需求各受扰动,国内主力出口地区遇极端天气。(1)24年9月,中国太阳能电池组件合 计出口额为20.2亿美元,同比-40.2%,环比-17.3%,以infolink均价测算对应合计出口量为22.78GW,同 比+3.2%,环比-10.7%。欧洲市场受观望降息、组件价格战加剧、政策补贴未明确等影响,终端装机出现 乏力、库存累积影响拉货动力(9月出口荷兰光伏组件约2.52GW,环比-30.62%)、亚洲市场整体增长韧 性持续(印度、巴基斯坦阶段性受挫,阿联酋、沙特阿拉伯同比维持高增)。(2)逆变器方面,2024年 9月国内出口总额6.79亿美元,同比+5.04%,环比-21.21%;单月逆变器出口规模达429.55万台,同比 +10.82%,环比-18.76%。欧洲市场的主力国家中仅有波兰保持活跃、实现单月同环比双增(9月逆变器出 口欧洲地区88.74万台,环比- ...
工信部提出培育壮大新质生产力,特斯拉Optimus实现新突破
长城证券· 2024-10-24 02:03
证券研究报告 | 行业周报 2024 年 10 月 21 日 机械 工信部提出培育壮大新质生产力,特斯拉 Optimus 实现新突破 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...