证券研究报告 | 公司动态点评 2024 年 10 月 30 日 东材科技（601208.SH） 新建项目逐步放量，看好公司电子材料项目建设 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|------------|-------------|-----------|------------|----------|-------------------------------------------|----------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 3,640 | 3,737 | 4,425 | 5,591 | 6,695 | | | | | | | | | | 股票信息 | | | 增长率 yoy （ % ） | 12.1 | 2.7 | 18.4 | 26.4 | 1 ...

证券研究报告 | 公司动态点评 2024 年 10 月 29 日 泰和新材（002254.SZ） 氨纶行业静待复苏，看好公司芳纶涂覆隔膜项目下游验证进展 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------|-----------------------------------------------|-----------------------------------|-------------------------------|-----------------------|---------------------|------------------------------------------------------------------------|--------------| | | | | | | | | | | ...

证券研究报告 | 公司动态点评 2024 年 10 月 30 日 皇马科技（603181.SH） 产销双增推动业绩环比向好，看好公司"小品种"战略进一步深化 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------|------------------------------------|---------------------------------------------------|------------------------|---------------------------------------------|-----------------------------|--------------------------------------------------------------------------|---- ...

证券研究报告 | 公司动态点评 2024 年 10 月 29 日 金石资源（603505.SH） 萤石产销量下滑拖累短期业绩，看好包头"选化一体"项目逐步放 量 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-------------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 1,050 | 1,896 | 2,934 | 4,012 | 4,925 | 股票信息 | | | 增长率 yoy （ % ） | 0.7 | 80.5 | 54.8 | 36.7 | 22.8 | | | | 归母净利润（百万元） | 222 | 349 | 462 | 704 | 895 | 行业 | 基础化工 | ...

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 [12]. Core Views - The semiconductor sector is experiencing a recovery, which, combined with the company's cost control measures, has led to impressive performance in Q3 2024. The company reported a revenue of 2.426 billion yuan for the first three quarters of 2024, a year-on-year increase of 29.54%, and a net profit attributable to shareholders of 376 million yuan, up 113.51% year-on-year [1][2]. - The semiconductor business has become a significant driver of revenue and profit growth, with a 93% year-on-year increase in revenue from this segment, which now accounts for 45% of total revenue [2][3]. - The company is actively expanding its production capacity and has initiated plans to issue convertible bonds to fund projects aimed at enhancing its semiconductor materials production capabilities [5][6]. Financial Performance Summary - For 2024, the company expects revenues to reach 3.241 billion yuan, with a projected net profit of 447 million yuan, reflecting a year-on-year growth of 101.2% [1][6]. - The gross margin for the first three quarters of 2024 was 46.45%, an increase of 10.67 percentage points year-on-year, while the net margin was 19.46%, up 7.76 percentage points year-on-year [2][3]. - The company achieved a record high in sales for its CMP polishing pad business, with Q3 sales reaching 225 million yuan, a 90% increase year-on-year [3][4]. Business Segment Insights - The CMP polishing pad segment generated 523 million yuan in revenue for the first three quarters of 2024, marking a 95% increase year-on-year [3]. - The semiconductor materials and chip business is expected to continue its growth trajectory, supported by positive market feedback and ongoing product development [4][5]. - The company is focusing on three key segments within the semiconductor innovation materials field, which are expected to drive further revenue growth [6].

证券研究报告 | 公司动态点评 2024 年 10 月 29 日 税友股份（603171.SH） 2024 三季度业绩点评：业绩增长，AI 赋能高价值产品，未来持续 受益税改趋势 | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 1,698 | 1,829 | 2,029 | 2,356 | 2,858 | | 增长率 yoy （ % ） | 5.8 | 7.7 | 10.9 | 16.1 | 21.3 | | 归母净利润（百万元） | 144 | 83 | 194 | 288 | 440 | | 增长率 yoy （ % ） | -37.6 | -42.1 | 132.6 | 48.6 | 52.8 | | ROE （ % ） | 5.9 | 3.4 | 7.5 | 10.3 | 14.0 | | EPS 最新摊薄（元） | 0.3 ...

恒铭达（002947.SZ） 三季度业绩高速增长，消费电子+数通业务双擎发力 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-------------------------------------------|----------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 1,548 | 1,818 | 2,850 | 5,208 | 6,869 | 股票信息 | | | 增长率 yoy （ % ） | 36.9 | 17.5 | 56.7 | 82.7 | 31.9 | | | | 归母净利润（百万元） | 193 | 281 | 460 | 725 | 935 | 行业 | 电子 | | 增长率 yo ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2] Core Views - The company has shown significant growth in its enterprise-level storage segment, with expectations for continued revenue growth driven by the mass shipment of enterprise-grade SSDs [2][3] - The overall storage market is expected to benefit from the global AIGC wave and the "Digital China" initiative, providing substantial growth opportunities for the company [3][4] Financial Summary - For 2022A, the company's revenue was 8,330 million yuan, with a year-on-year growth rate of -14.6%. In 2023A, revenue is projected to increase to 10,125 million yuan, reflecting a growth rate of 21.6%. By 2024E, revenue is expected to reach 16,434 million yuan, representing a growth rate of 62.3% [1][10] - The net profit attributable to the parent company was 73 million yuan in 2022A, with a significant decline to -828 million yuan in 2023A. However, it is projected to recover to 747 million yuan in 2024E, with a growth rate of 190.3% [1][10] - The company's return on equity (ROE) is expected to improve from -13.0% in 2023A to 10.4% in 2024E, and further to 18.5% by 2026E [1][10] Business Segments - The embedded storage segment accounted for 44% of the company's revenue in 2023, with a revenue of 44.23 billion yuan and a gross margin of 3.11%. This segment is expected to face challenges in Q3 2024 due to slower-than-expected recovery in consumer electronics [3][7] - The solid-state drive (SSD) segment generated 28.02 billion yuan in revenue in 2023, representing 28% of total revenue, with a gross margin of 5.46%. This segment is anticipated to benefit from the mass shipment of enterprise-grade eSSD products [3][7] Market Position - The company has successfully expanded its international business, with notable growth in overseas revenue, particularly from its Lexar brand, which achieved a global sales increase of 70.6% in H1 2024 [3][4] - The company completed acquisitions in Brazil, enhancing its supply chain resilience and positioning itself favorably in the international market [3][4] Future Projections - The company is expected to achieve net profits of 747 million yuan in 2024, 1,288 million yuan in 2025, and 1,929 million yuan in 2026, with corresponding P/E ratios of 52, 30, and 20 [3][4]

2024-08-22 证券研究报告 | 公司动态点评 2024 年 10 月 29 日 尚太科技（001301.SZ） 行业出清初见端倪，成本优势力保盈利韧性 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-------------------------------------------|-----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 4,782 | 4,391 | 4,925 | 6,112 | 7,487 | 股票信息 | | | 增长率 yoy （ % ） | 104.7 | -8.2 | 12.2 | 24.1 | 22.5 | | | | 归母净利润（百万元） | 1,289 | 723 | 746 | 905 ...

证券研究报告 | 公司动态点评 2024 年 10 月 29 日 淮河能源（600575.SH） 电力业务发电量增长明显，费用端同比上升挤压利润 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------|------------------------------------|--------------------------|-----------------|--------------------------|-------------------------|----------------------------------------------------------------------|-------------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | | | ...