证券研究报告|行业周报 2024 年 11 月 02 日 电力及公用事业 行业周报（10.28-11.03）：分布式占新增光伏装机比例 53%，板 块市场表现跑赢大盘 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------|---------------------------------|-------------------------|--------------------------|-------------------------------------------------------------------------------------|-----------------------------|--------------------|--------|--------------------------------------------------------|-------------------------- ...

证券研究报告 | 行业周报 2024 年 11 月 04 日 汽车 10 月前四周乘用车零售环比+2%，自主车企销量同比高增 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------|-------------|-------------|-------------------|-------|------------|-------|----------|-----------------|---------| | 展果 \n代码 | 展渠 \n名称 | 投资 \n评级 | EPS（元） \n2024E | 2025E | PE \n2024E | 2025E | | 强于大市(维持) | | | 000625.SZ | 长安汽车 | 增 持 | 0.94 | 1.27 | 14.35 | 10.62 | 行业走势 | | | | 000887.SZ | 中鼎股份 | 增持 | 0.99 | 1.17 | 13.2 | 11.17 | | | | | 002284.SZ | 亚太殷份 | 增持 | 0.29 | ...

Investment Rating - The report maintains a "Buy" rating for Dahua Technology Co., Ltd. (002236.SZ) with an expected stock price increase of over 15% relative to the industry index in the next six months [10]. Core Views - The company reported a slight revenue growth of 0.77% year-on-year for the first three quarters of 2023, with total revenue reaching 22.45 billion yuan. However, the net profit attributable to shareholders decreased by 1.74% year-on-year to 2.545 billion yuan [1]. - The gross margin for the first three quarters was 40.81%, showing a slight decline of 0.46% year-on-year. The company’s strategic investments in AI and public cloud services are expected to support future growth [2][3]. - The collaboration with China Mobile has shown steady progress, with joint efforts in standard product integration and AI technology cooperation [3]. Financial Summary - Revenue is projected to grow from 32.22 billion yuan in 2023 to 48.49 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 17.3% [1]. - Net profit is expected to increase from 7.362 billion yuan in 2023 to 5.450 billion yuan in 2026, with a notable fluctuation in growth rates [1]. - The report highlights an expected EPS of 1.21 yuan in 2024, increasing to 1.66 yuan by 2026, with corresponding P/E ratios decreasing from 13.8 to 10.1 over the same period [1][3].

Investment Rating - The report maintains a "Buy" rating for Chizicheng Technology (09911 HK) [1] Core Views - Chizicheng Technology's Q3 2024 revenue slightly exceeded expectations, with social business maintaining high-quality growth [1] - The company's social business revenue for Q1-Q3 2024 is expected to reach RMB 3 24-3 28 billion, a year-on-year increase of 60 7%-62 7% [1] - The company's innovative business revenue for Q1-Q3 2024 is expected to be RMB 300-320 million, a year-on-year increase of 12 4%-19 9% [1] - The company's self-developed and externally distributed premium game achieved a turnover of approximately RMB 576 million, a year-on-year increase of about 182 5%, but has not yet been reflected in the company's revenue [1] Financial Performance - The company's revenue for 2024E is expected to be RMB 4 773 billion, with a year-on-year growth rate of 44 3% [1] - The company's net profit attributable to the parent company for 2024E is expected to be RMB 383 million, a year-on-year decrease of 25 2% [1] - The company's ROE for 2024E is expected to be 25 5% [1] - The company's EPS for 2024E is expected to be RMB 0 32 [1] - The company's P/E ratio for 2024E is expected to be 10 3x [1] Social Business - The company's social business revenue for Q1-Q3 2024 is expected to reach RMB 3 24-3 28 billion, a year-on-year increase of 60 7%-62 7% [2] - The company's social business revenue for Q3 2024 is expected to be RMB 1 17-1 21 billion, a significant increase compared to the same period last year [2] - The company's social business growth is driven by the expansion of the pan-population social business in the Middle East and North Africa, with the SUGO platform achieving a monthly turnover of over USD 10 million [2] - The company's acquisition of BlueCity in August 2023 has contributed to the growth of social business revenue [2] - The company's new products, such as SUGO, TopTop, and HeeSay, are expected to contribute to the growth of social business revenue [2] Innovative Business - The company's innovative business revenue for Q1-Q3 2024 is expected to be RMB 300-320 million, a year-on-year increase of 12 4%-19 9% [5] - The growth of innovative business is driven by the steady development of social e-commerce business [5] - The company's flagship game, "Alice's Dream: Merge Games," achieved a turnover of approximately RMB 576 million, a year-on-year increase of about 182 5% [5] Acquisition of NBT Minority Stake - The company plans to acquire a minority stake in its subsidiary NBT Social Networking [3] - NBT's net profit after tax for 2022, 2023, and Q1 2024 were RMB 440 million, RMB 660 million, and RMB 170 million, respectively [3] - The acquisition is expected to be completed by the end of 2024 and will increase the company's net profit attributable to the parent company [3] Investment Recommendation - The report recommends maintaining a "Buy" rating for Chizicheng Technology [5] - The report expects the company's revenue for 2024-2026 to be RMB 4 773 billion, RMB 5 395 billion, and RMB 6 028 billion, respectively [5] - The report expects the company's net profit attributable to the parent company for 2024-2026 to be RMB 383 million, RMB 729 million, and RMB 844 million, respectively [5] - The report expects the company's P/E ratio for 2024-2026 to be 10 3x, 6 4x, and 5 5x, respectively [5]

证券研究报告 | 行业周报 2024 年 11 月 04 日 汽车 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------|---------------|---------------|---------------|------------------|------------|-------|----------|-------------------|---------| | 1 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） | | | 000625.SZ | 长安汽车 | 增持 | 0.94 | 1.27 | 14.35 | 10.62 | 行业走势 | | | | 000887.SZ | 中鼎股份 | 增持 | 0.99 | 1.17 | 13.2 | 11.17 | | | | | 002284.SZ | 亚太股份 | 增持 | 0.29 | 0.35 | 2 ...

证券研究报告 | 公司动态点评 2024 年 11 月 03 日 诺禾致源（688315.SH） 盈利能力边际改善，全球本土化稳步推进 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | | | | | | | | | | 营业收入（百万元） | 1,926 | 2,002 | 2,174 | 2,445 | 2,766 | 股票信息 | | | 增长率 yoy （ % ） | 3.2 | 4.0 | 8.6 | 12.5 | 13.1 | | | | 归母净利润（百万元） | 177 | 178 | 195 | 222 | 259 | 行业 | 医药 | | ...

证券研究报告 | 行业周报 2024 年 11 月 02 日 非银行金融 市场进入重要窗口期，持续关注低估值非银金融板块-非银周观点 | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|-------------------------------------------------------------------------------------------|---------| | | | | | | | | | | | 市场受互换便利政策落地、汇率波动、美国降息预期幅度波动、北向资金波 | | 强于大市（维持评级） | | | 动、高标股波动调整等影响，周五市场放量调整，振幅有所加大，券商估值 | | | | | 有望波动修复。市场步入重要窗口期，要关注美国大选、 ...

2023-11 2024-03 2024-07 2024-10 证券研究报告 | 行业周报 2024 年 11 月 03 日 医药 医保竞价即将启动，关注三季报边际改善个股 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|---------------------------------------------|-------|-------|--------|--------|-------|---------------|----------------------| | | | | | | | | | | | | | | | | | | | | | 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 | | | | 01952.HK | 云顶新耀 -B | 买入 | -2.93 | -0.12 | | | 行业走势 | | | 02105.HK | 来凯医药 -B | 买入 | ...

Industry Investment Rating - Stronger than the market (initial rating) [4] Core Views - The Japanese life insurance industry faced severe interest rate spread losses in the 1990s due to the bursting of the economic bubble, but eventually recovered around 2013 through adjustments in liability-side strategies, asset-side diversification, and government regulatory reforms [1][2][3] Liability-Side Adjustments - The industry adjusted the assumed interest rates and optimized product structures to reduce liability costs, with the assumed interest rate being lowered from 6.25% in 1990 to 2.0% by 2001 [1][23] - The surplus and policyholder dividend distribution ratio was reduced from 80% to 20%, increasing reserve provisions and mitigating interest rate spread risks [1][23] - Third-sector products such as health insurance and medical insurance became mainstream, driven by low fertility rates, aging populations, and declining birth rates [1][31] - Operational efficiency was improved through workforce reductions, organizational restructuring, and cost-cutting measures [1][36] Asset-Side Adjustments - The Financial Services Agency (FSA) lifted investment ratio restrictions on certain assets starting in 2012, allowing for more diversified and flexible asset allocation [2][39] - Japanese insurers increased overseas investments to leverage higher-yielding foreign assets, with foreign securities accounting for 31.44% of total investments by 2022 [2][42] - Insurers extended the duration of their assets, particularly by increasing holdings of long-term government bonds, which rose from 1.99% in 1990 to 9.88% by 2022 [46] Government Regulatory Reforms - The Japanese government transitioned from centralized management to a tripartite collaboration model, unifying financial regulation across banking, securities, and insurance sectors [48] - The introduction of the "Solvency Margin Ratio" in 1996 required insurers to maintain a ratio of 100%-200%, with stricter measures for those below 100% [50] - The establishment of the Policyholder Protection Fund in 1998 provided financial assistance to rescue insurers and protect policyholders during bankruptcies [53] Corporate Self-Rescue and Restructuring - Many Japanese life insurers transitioned from mutual to stock company structures to enhance capital-raising capabilities and operational flexibility [62][63] - Mergers and acquisitions were prevalent, with foreign capital playing a significant role in restructuring Japanese insurers, such as AIG's acquisition of Chiyoda Life [66] - Market concentration increased, with the top nine traditional life insurers accounting for nearly half of the annual premium income from effective policies [69] Market Performance and Trends - The Japanese life insurance market is highly concentrated, with the top nine insurers holding significant market shares in new policy premiums, effective policy premiums, and total assets [70] - The shift towards third-sector products and overseas investments has been a key driver of profitability and stability in the industry [31][42]

2024-09-02 证券研究报告 | 公司动态点评 2024 年 10 月 29 日 铂科新材（300811.SZ） AI 持续景气驱动芯片电感放量，业绩同比实现高速增长 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-------------------------------------------|-----------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 1,066 | 1,159 | 1,650 | 2,063 | 2,510 | 股票信息 | | | 增长率 yoy （ % ） | 46.8 | 8.7 | 42.5 | 25.0 | 21.7 | | | | 归母净利润（百万元） | ...