证券研究报告 | 行业周报 2024 年 11 月 04 日 风电周报（2024.10.28-2024.11.3） 三季度海风并网提速，上海深远海示范项目启动 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|---------------|---------------|---------------|------------------|------------|-------|----------|-----------------------------|----------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | PE \n2024E | 2025E | | 强于大市（维持评级） | | | 002531.SZ | 天顺风能 | 增持 | 0.48 | 0.72 | 18.96 | 12.91 | | | | | 300129.SZ | 泰胜风能 | 增持 | 0.5 | 0.71 | 15.88 | 11.18 ...

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 [16]. Core Insights - The company's Q3 2024 performance exceeded expectations, with revenue and net profit both showing significant growth. The total revenue for the first three quarters of 2024 reached 40.465 billion, a year-on-year increase of 18.01%, while the net profit attributable to shareholders was 683 million, up 41.02% year-on-year [1][2]. - The improvement in profitability is attributed to strong sales growth in the company's main products and a reduction in losses in the green petrochemical segment, which positively impacted overall performance [2]. - The company is experiencing a robust increase in sales volume and revenue in its modified plastics segment, with Q3 2024 revenue from this segment reaching 8.497 billion, a 5.48% increase year-on-year [4]. Financial Summary - For 2024, the company is projected to achieve revenues of 55.665 billion, 63.071 billion in 2025, and 69.503 billion in 2026, with corresponding net profits of 972 million, 1.557 billion, and 2.274 billion respectively [8]. - The earnings per share (EPS) are expected to be 0.36, 0.58, and 0.85 for the years 2024, 2025, and 2026 respectively, with current price-to-earnings (P/E) ratios of 20.6, 12.8, and 8.8 [8]. - The company's cash flow from operating activities for the first three quarters of 2024 was 1.467 billion, a decrease of 53.11% year-on-year, primarily due to increased inventory levels to ensure stable production [3]. Segment Performance - The green petrochemical products segment saw production of 497,600 tons in Q3 2024, a 5.33% increase year-on-year, with sales volume increasing by 16.19% [4]. - The average selling price for green petrochemical products was 7,477.53 per ton, reflecting an 11.03% year-on-year increase [4]. - The modified plastics segment also showed resilience, with production and sales reaching historical highs, supported by the company's competitive advantages in providing comprehensive solutions and global services [4][7]. Emerging Opportunities - The company is actively expanding into emerging fields such as flying cars, drones, and robotics, with new materials expected to contribute significantly to future growth [7]. - The development of lightweight, high-strength materials for flying cars and drones is underway, addressing key technical challenges and expanding market applications [7].

证券研究报告 | 公司动态点评 2024 年 11 月 04 日 盛弘股份（300693.SZ） 充电桩驱动收入稳健增长，静待储能业务修复 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|------------------------------------------|------------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 1,503 | 2,651 | 3,202 | 4,102 | 5,087 | 股票信息 | | | 增长率 yoy （ % ） | 47.2 | 76.4 | 20.78 | 28.12 | 24.02 | | | | 归母净利润（百万元） | 224 | 403 | 404 | 528 | 671 | 行业 | 电力设备及新能源 | | 增长率 yoy （ % ） | 9 ...

证券研究报告 | 公司动态点评 2024 年 11 月 04 日 恒逸石化（000703.SZ） 3Q24 公司盈利短期承压，静待炼化板块盈利修复 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|---------|---------|---------|---------|---------|------------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 152,050 | 136,148 | 142,625 | 155,325 | 168,288 | 股票信息 | | | 增长率 yoy （ % ） | 17.3 | -10.5 | 4.8 | 8.9 | 8.3 | | | | 归母净利润（百万元） | -1,080 | 435 | 452 | 683 | 1,09 ...

证券研究报告 | 公司动态点评 2024 年 11 月 04 日 东方电气（600875.SH）/（1072.HK） 新生效订单持续高增，盈利能力如期修复 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------|------------------|------------------|------------------|------------------|----------------|------------------------------------------|------------------| | 财务指标 \n营业收入（百万元） | 2022A \n54,190 | 2023A \n59,567 | 2024E \n65,939 | 2025E \n74,557 | 2026E \n81,042 | 买入 \n股票信息 | | | 增长率 yoy （ % ） | 15.9 | 9.9 | 10.7 | 13.1 | 8.7 | | | | 归母净利润（百万元） | 2,8 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][6]. Core Views - The company has demonstrated strong growth in revenue and profit, with a projected revenue increase from 72.25 billion in 2023 to 87.11 billion in 2024, representing a year-on-year growth rate of 20.6% [1][6]. - The inverter segment is expected to see a shipment of 108GW in the first three quarters of 2024, a year-on-year increase of approximately 29% [2]. - The global energy storage market is expanding rapidly, with a projected shipment of 17GWh in the first three quarters of 2024, reflecting a year-on-year growth of 57% [3]. - The company is focusing on enhancing its competitive edge through continuous investment in sales and R&D, with sales expenses and R&D expenses increasing by 8 million and 6.3 million respectively in the first three quarters of 2024 [4]. Financial Summary - The company achieved a revenue of 49.946 billion in the first three quarters of 2024, a year-on-year increase of 7.61%, and a net profit attributable to the parent company of 7.6 billion, up 5.21% year-on-year [1][4]. - The gross margin for Q3 2024 is reported at 29.52%, with a net margin of 14.16% [1]. - The company's inventory as of Q3 2024 stands at 32.151 billion, indicating a significant increase in project reserves [4]. - The projected earnings per share (EPS) for 2024 is 5.02, with corresponding P/E ratios of 18.0X, 15.3X, and 13.6X for the years 2024, 2025, and 2026 respectively [6][9].

股票 股票 投资 EPS （元） PE 代码 名称 评级 2024E 2025E 2024E 2025E 01952.HK 云顶新耀-B 买入 -2.93 -0.12 02105.HK 来凯医药-B 买入 -0.9 -1 301367.SZ 怡和嘉业 买入 2.36 3.04 30.65 23.79 603259.SH 药明康德 买入 3.22 3.72 15.89 13.75 688315.SH 诺禾致源 买入 0.49 0.57 25.86 22.23 688321.SH 微芯生物 增持 -0.13 0.05 -172.0 447.2 688799.SH 华纳药厂 买入 2.79 3.4 14.01 11.49 资料来源：长城证券产业金融研究院 证券研究报告 | 行业周报 2024 年 11 月 04 日 医药 天境生物 IgAN 新药 2 期数据公布，关注创新药入保情况 医药整体回调，药房表现亮眼。本周申万医药生物板块跌幅为 2.90%，跑输 沪深 300 指数 1.22 个百分点，在 31 个申万一级行业涨跌幅中排名第 29 位。 二级子板块中，医药商业上涨 1.37%；中药 II 下跌 0.79%； ...

展票 展票 EPS（元） 投资 PE 2025E 2024E 2025E 代码 名称 评级 2024E 01952.HK 云顶新耀-B 买入 -2.93 -0.12 02105.HK 来 凯 医药-B -0.9 -1 买入 2.36 3.04 301367.SZ 恰和嘉业 买入 30.65 23.79 603259.SH 药明康德 买入 3.22 3.72 15.89 13.75 0.49 0.57 688315.SH 诺禾致源 买入 25.86 22.23 688321.SH 微芯生物 增持 -0.13 0.05 -172.0 447.2 2.79 华纳药厂 3.4 14.01 688799.SH 买入 11.49 资料来源:长城证券产业金融研究院 证券研究报告 | 行业周报 2024 年 11 月 04 日 医药 天境生物 IgAN 新药 2 期数据公布，关注创新药入保情况 医药整体回调,药房表现亮眼。本周申万医药生物板块跌幅为 2.90%,跑输 沪深 300 指数 1.22个百分点,在 31个申万一级行业涨跌幅中排名第 29位。 二级子板块中，医药商业上涨 1.37%；中药 Ⅱ下跌 0.79%; 化学制 ...

展景 展票 投资 EPS (元) PE 2025E 2024E 2025E 代码 名称 评级 2024E 天 孚 通信 2.62 4.11 47.6 30.34 300394.SZ 买入 301285.SZ 鸿日达 0.26 0.64 90.31 36.69 买入 600941.SH 中国移动 买入 6.65 7.25 15.55 14.26 0.37 0.42 17.32 601728.SH 中国电信 买入 15.26 603516.SH 浮中科技 0.66 1.03 43.59 27.93 买入 资料来源:长城证券产业金融研究院 证券研究报告 | 行业周报 2024 年 11 月 03 日 通信 端侧 AI 加速落地,车路云一体化持续提速,持续看好相关产业投资 机会 强于大市(维持评级) 行业走势 通信 沪 深 300 37% 30% 22% 15% 7% -1% -8% -16% 2024-10 2023-11 2024-03 2024-07 本周策略观点: 1. 苹果 AIPC 推出,增侧 Al加速落地。2024年 10月 31日,苹果推出全 新 MacBook Pro,全系搭载商性能 M4 系列芯片 ...

股票 股票 投资 EPS （元） PE 代码 名称 评级 2024E 2025E 2024E 2025E 300394.SZ 天孚通信 买入 2.62 4.11 47.6 30.34 301285.SZ 鸿日达 买入 0.26 0.64 90.31 36.69 600941.SH 中国移动 买入 6.65 7.25 15.55 14.26 601728.SH 中国电信 买入 0.37 0.42 17.32 15.26 603516.SH 淳中科技 买入 0.66 1.03 43.59 27.93 资料来源：长城证券产业金融研究院 证券研究报告 | 行业周报 2024 年 11 月 03 日 通信 端侧 AI 加速落地，车路云一体化持续提速，持续看好相关产业投资 机会 强于大市（维持评级） 行业走势 -16% -8% -1% 7% 15% 22% 30% 37% 2023-11 2024-03 2024-07 2024-10 通信 沪深300 本周策略观点： 1. 苹果 AI PC 推出，端侧 Al加速落地。2024 年 10 月 31 日，苹果推出全 新 MacBook Pro，全系搭载高性能 M4 系列芯片 ...