证券研究报告 | 行业周报 2024 年 11 月 04 日 机械 10 月我国制造业重回扩张区间，国内首台超轻量级人形机器人发布 行业要闻：10 月我国制造业重回扩张区间。10 月份，制造业采购经理指数 （PMI）为 50.1%，比上月上升 0.3 个百分点，制造业景气水平回升。从分 类指数看，生产指数为 52.0%，比上月上升 0.8 个百分点，表明制造业企业 生产活动继续加快。新订单指数为 50.0%，比上月上升 0.1 个百分点，位于 临界点，表明制造业市场需求总体水平与上月基本持平。原材料库存指数为 48.2%，比上月上升 0.5 个百分点，仍低于临界点，表明制造业主要原材料 库存量降幅继续收窄。从业人员指数为 48.4%，比上月上升 0.2 个百分点， 表明制造业企业用工景气水平有所回升。供应商配送时间指数为 49.6%，比 上月上升 0.1 个百分点，仍低于临界点，表明制造业原材料供应商交货时间 较上月延长。 总投资 7749.63 亿元，9月全国 679 个重大项目开工。据国家统计局数据， 前三季度，全国固定资产投资（不含农户）378978 亿元，同比增长 3.4%。 其中，制造业投资同比增长 ...

证券研究报告 | 公司动态点评 2024 年 11 月 04 日 美格智能（002881.SZ） 前三季度营收利润实现大幅增长，国内外业务加速布局 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 2,306 | 2,147 | 2,813 | 3,432 | 4,084 | | | | 增长率 yoy （ % ） | 17.1 | -6.9 | 31.0 | 22.0 | 19.0 | 股票信息 | | | 归母净利润（百万元） | 128 | 65 | 93 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company has shown significant revenue growth, with a 20.34% year-on-year increase in the first three quarters of 2023, achieving a revenue of 3.554 billion yuan [2] - The net profit attributable to shareholders increased by 102.93% year-on-year, reaching 124 million yuan [2] - The company is focusing on high-value projects in smart grids, ultra-high voltage, rail transit, and new energy sectors, which are expected to drive future growth [2] - Cost control measures have improved operational efficiency, leading to a positive cash flow from operating activities in Q3 2024 [2] Financial Summary - Revenue is projected to grow from 5.442 billion yuan in 2024 to 6.690 billion yuan in 2026, with corresponding net profits of 185 million yuan and 320 million yuan respectively [3] - The company's EPS is expected to increase from 0.42 yuan in 2024 to 0.73 yuan in 2026, indicating strong earnings growth potential [3] - The P/E ratio is projected to decrease from 21.7 in 2024 to 12.5 in 2026, suggesting improving valuation metrics as earnings grow [3] - The company has a solid order backlog of 8.618 billion yuan, with a peak delivery period expected in the second half of 2024 [2]

Investment Rating - The report maintains a "Buy" rating for Hikvision, expecting the stock price to outperform the industry index by over 15% in the next six months [10]. Core Views - The report highlights that the PBG revenue growth has turned positive, supported by government funding in sectors such as water conservancy and disaster management. This improvement in funding is expected to enhance business flexibility [2][3]. - Despite a challenging domestic and international environment impacting revenue growth, the company has managed to stabilize its cost structure, with a gross margin of 44.51% in Q3 2024 [2][3]. - The report projects revenue and net profit growth for the years 2024 to 2026, estimating revenues of 98 billion, 107.9 billion, and 119.3 billion respectively, with net profits of 14.5 billion, 16.8 billion, and 19.7 billion [3]. Financial Summary - For 2024, the expected operating revenue is 98,024 million, with a year-over-year growth rate of 9.7%. The net profit attributable to the parent company is projected at 14,503 million, reflecting a 2.8% increase year-over-year [1]. - The report indicates a stable cost structure, with operating expenses growing at a slower pace and personnel size remaining stable [2]. - The company's financial metrics show a projected EPS of 1.57 for 2024, with a P/E ratio of 18.4 and a P/B ratio of 3.2 [1][3].

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 [14]. Core Views - The company has experienced significant growth in revenue and net profit due to favorable water conditions and high electricity demand, with a year-on-year revenue increase of 14.65% and a net profit increase of 30.2% in the first three quarters of 2024 [1][2]. - The gross profit margin has reached a record high of 70.93% in Q3 2024, reflecting improved profitability [3]. - The report forecasts continued revenue growth, projecting revenues of 88.115 billion in 2024, 90.517 billion in 2025, and 92.582 billion in 2026, with corresponding net profits of 33.935 billion, 35.346 billion, and 36.713 billion respectively [1][3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 663.31 billion, a 14.65% increase year-on-year, and a net profit of 280.25 billion, a 30.2% increase year-on-year [1]. - The company's Q3 2024 revenue was 315.22 billion, reflecting a year-on-year increase of 17.27% and a quarter-on-quarter increase of 64.5% [1]. - The weighted average ROE for the first three quarters of 2024 was 13.54%, an increase of 3.01 percentage points year-on-year [1]. Operational Highlights - The total power generation from six hydropower stations increased by 15.97% year-on-year, with Q3 2024 generation reaching 1151.96 billion kWh, a 15.05% increase year-on-year and a 69.73% increase quarter-on-quarter [2]. - The report highlights that the company’s financing cost has decreased, with a financial expense ratio of 12.75% in the first three quarters, down 3.56 percentage points year-on-year [3].

证券研究报告 | 公司动态点评 2024 年 10 月 29 日 华宝新能（301327.SZ） 渠道、产品优势尽显，降本增效助力业绩修复 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|-----------|---------------|-------------|------------|----------|-------------------------------------------|------------------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（首次评级） | | | 营业收入（百万元） | 3,203 | 2,314 | 3,016 | 3,985 | 5,160 | | | | | | | | | | 股票信息 | | | 增长率 yoy （ % ） | 38.3 | -27.8 | 30. ...

Investment Rating - Maintain "Overweight" rating [1][5] Core Views - Q3 performance exceeded expectations, driven by strong growth in wearable devices and AIoT demand [1][2] - Revenue and net profit for Q3 reached record highs, with significant year-over-year growth [1][2] - The company's new BES2800 chip is expected to contribute to revenue growth in the second half of 2024 [3][5] - The company is well-positioned to benefit from the development of edge AI in the wearable device market [3][4] Financial Performance - Q3 2024 revenue: RMB 942 million, up 44.01% YoY and 7.23% QoQ [1] - Q3 2024 net profit: RMB 141 million, up 106.45% YoY and 17.85% QoQ [1] - 2024E revenue: RMB 3.308 billion, up 52.0% YoY [1] - 2024E net profit: RMB 399 million, up 223.1% YoY [1] - 2024E EPS: RMB 3.33, with a P/E ratio of 67.6x [1][5] Market and Product Development - The company continues to lead in the TWS headset market and is expanding its presence in the smartwatch and smart glasses markets [2] - The BES2800 chip, based on 6nm FinFET technology, has started mass production and is being adopted by major clients [3] - The company's SoC chips are highly compatible with the development of edge AI, enhancing the performance of wearable devices [3][4] Future Outlook - The company expects continued improvement in gross margins in Q4 2024 and beyond [2] - Revenue and net profit are projected to grow significantly from 2024 to 2026, driven by new product launches and market expansion [1][5]

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 [10]. Core Views - The company's Q3 2024 performance was under pressure, with a revenue of 859 million yuan, a year-on-year decrease of 10.36% and a quarter-on-quarter decrease of 16.83%. The net profit attributable to shareholders was 140 million yuan, down 23.82% year-on-year and 47.19% quarter-on-quarter [1][3]. - Despite the pressure on profits, the company announced a quarterly dividend of 2 yuan per share, totaling 144 million yuan, with a cumulative dividend of 466 million yuan for the first three quarters of 2024, representing a payout ratio of 71% [1][3]. - The report anticipates revenue growth for 2024-2026, projecting revenues of 3.686 billion yuan, 4.372 billion yuan, and 4.609 billion yuan respectively, with net profits of 925 million yuan, 1.129 billion yuan, and 1.218 billion yuan [3]. Financial Summary - For Q3 2024, the company reported a revenue of 859 million yuan, a decrease of 10.36% year-on-year and 16.83% quarter-on-quarter. The net profit attributable to shareholders was 140 million yuan, down 23.82% year-on-year and 47.19% quarter-on-quarter [1]. - The company's revenue for 2022 was 5.168 billion yuan, which decreased to 4.185 billion yuan in 2023, with an expected further decline to 3.686 billion yuan in 2024 [1][5]. - The report highlights a significant increase in sales expense ratio to 28.9% due to increased marketing costs for new game launches, impacting overall profitability [3]. Game Performance - The report notes that the revenue from major existing games has shown a significant narrowing of decline in Q3, with "Wandao" PC game revenue reaching 881 million yuan in the first three quarters of 2024, a year-on-year increase of 7.7% [2]. - New games such as "Zhang Jian Chuan Shuo" and "Wang Du Chuang Shi Lu" are expected to launch in the first half of 2025, which may help stabilize and improve revenue [2].

沃格光电（603773.SH） 24Q3 业绩符合预期，TGV 应用前景值得期待 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|---------|---------|--------|-------|-------|-------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 1,398 | 1,814 | 2,066 | 2,681 | 3,488 | 股票信息 | | | 增长率 yoy （ % ） | 33.1 | 29.8 | 13.9 | 29.8 | 30.1 | | | | 归母净利润（百万元） | -328 | -5 | -40 | 98 | 205 | 行业 | 电子 | | 增长率 yoy （ % ） | -1121.9 | 98.6 | -77 ...

3、《黑色链条修复明显，行业高估值特性仍需重视》 2024-10-14 证券研究报告 | 行业周报 2024 年 11 月 03 日 煤炭 平煤率先进行贷款回购股份，板块投资属性凸显 | --- | --- | --- | --- | --- | --- | --- | |---------------|---------------|---------------|---------------|------------------|------------|-------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | PE \n2024E | 2025E | | 600256.SH | 广汇能源 | 买入 | 0.65 | 0.97 | 12.09 | 8.1 | | 600985.SH | 淮北矿业 | 买入 | 1.95 | 2.14 | 8.03 | 7.32 | | 601088.SH | 中国神华 | 增持 | 3.07 | 3.17 | 13.38 | 12.96 | | 601225.SH | 陕西煤业 | 增持 | ...