技（688372.SH）公司动态点评 》2024-03-05 | --- | |------------------------------------------------------| | | | 2 、《 Q3 营收创历史新高，加大研发投入助力长期成长 | | —伟测科技（ 688372.SH ）公司动态点评》 2023-11-14 | | 3 、《 Q2 业绩环比改善，超募资金加码高端测试产能— | | 伟测科技（ 688372 ）公司动态点评》 2023-09-20 | 证券研究报告 | 公司动态点评 2024 年 09 月 03 日 伟测科技（688372.SH） 24H1 营收实现稳健增长，期待高端测试业务助力长期盈利修复 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-----------------------------------------|---------- ...

证券研究报告 | 公司动态点评 2024 年 09 月 03 日 源杰科技（688498.SH） 电信及数据中心业务订单复苏，带动公司上半年营收稳步提升 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-----------------------------------------|----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 283 | 144 | 273 | 461 | 572 | 股票信息 | | | 增长率 yoy （ % ） | 21.9 | -49.0 | 89.0 | 69.0 | 24.0 | | | | 归母净利润（百万元） | 100 | 19 | 46 | 139 | 175 | 行业 | 电子 | | ...

证券研究报告 | 公司动态点评 2024 年 09 月 04 日 贝泰妮（300957.SZ） 24H1 收入增长 18%，多品牌矩阵日益完善 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|-----------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 5,014 | 5,522 | 6,586 | 7,656 | 8,837 | 股票信息 | | | 增长率 yoy （ % ） | 24.6 | 10.1 | 19.3 | 16.3 | 15.4 | | | | 归母净利润（百万元） | 1,051 | 757 | 995 | 1,202 | 1,448 | 行业 | 基础化工 | | 增长率 yoy （ % ） | 21.8 | - ...

证券研究报告 | 公司动态点评 2024 年 09 月 02 日 中国神华（601088.SH） 24H1 业绩符合预期，一体化能源巨头经营稳健 | --- | --- | --- | --- | --- | --- | |----------------------|---------|---------|---------|---------|---------| | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 344,533 | 343,074 | 336,117 | 347,390 | 362,596 | | 增长率 yoy （ % ） | 2.6 | -0.4 | -2.0 | 3.4 | 4.4 | | 归母净利润（百万元） | 69,648 | 59,694 | 59,869 | 64,158 | 67,815 | | 增长率 yoy （ % ） | 39.1 | -14.3 | 0.3 | 7.2 | 5.7 | | ROE （ % ） | 17.8 | 14.5 | 13.9 | 14. ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating, expecting a stock price increase of over 15% relative to the industry index in the next six months [11]. Core Views - The differentiated product strategy of the company is showing initial success, particularly with the high-voltage conductive carbon black project gradually coming to fruition [4]. - The company reported a significant increase in net profit for the first half of 2024, with a year-on-year growth of 105.94% [2]. - The overall performance of the company is expected to improve further due to the optimization of product structure and the successful implementation of high-value-added products [2][4]. Financial Summary - Revenue for 2022 was 1,835 million, with projections of 1,917 million for 2023, 2,493 million for 2024, 3,006 million for 2025, and 3,324 million for 2026, indicating a growth rate of 26.8% in 2022 and 30.1% in 2024 [1][4]. - Net profit for 2022 was 111 million, with projections of 169 million for 2023, 255 million for 2024, 348 million for 2025, and 397 million for 2026, showing a year-on-year growth of -31.9% in 2022 and 51.2% in 2024 [1][4]. - The company's return on equity (ROE) is projected to increase from 8.3% in 2022 to 13.5% in 2024 [1][4]. Product Performance - In the first half of 2024, the company's revenue from carbon black, silica, and sodium silicate was 5.27 million, 5.07 million, and 0.07 million respectively, with year-on-year changes of -5.12%, 44.66%, and -3.21% [2]. - The gross margin for silica products has significantly increased, attributed to a higher proportion of high-value-added products [2]. - The high-dispersion silica project has reached full operational status, with a capacity utilization rate of 91.13% in the first half of 2024 [2]. Cost and Cash Flow Analysis - Sales expenses increased by 39.63% year-on-year, while financial expenses decreased by 83.03% [2]. - The net cash flow from operating activities for the first half of 2024 was 0.94 billion, a year-on-year increase of 106.81% [2]. - The company's cash and cash equivalents at the end of the period were 6.15 billion, showing a year-on-year decrease of 1.63% [2].

证券研究报告 | 公司动态点评 2024 年 09 月 03 日 珀莱雅（603605.SH） 上半年收入、利润均大幅增长，国货龙头地位不断巩固 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|--------|--------|--------|-----------------------------------------|-----------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 6,385 | 8,905 | 11,249 | 13,904 | 17,015 | | | | 增长率 yoy （ % ） | 37.8 | 39.5 | 26.3 | 23.6 | 22.4 | 股票信息 | | | 归母净利润（百万元） | 817 | 1,1 ...

证券研究报告 | 公司动态点评 2024 年 09 月 04 日 云顶新耀-B（01952.HK） 商业化成绩亮眼，耐赋康收入超预期 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|---------|-------------------------------------|---------|----------|----------|-------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 12.79 | 125.93 | 702.70 | 1,749.72 | 2,817.06 | 股票信息 | | | 增长率 yoy （ % ） | | 23588.89 884.46 458.00 149.00 61.00 | | | | | | | 归母净利润（百万元） ...

证券研究报告 | 公司动态点评 2024 年 09 月 02 日 美格智能（002881.SZ） 智能网联车及 IoT 业务持续发力，公司 24H1 营收实现稳步增长 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-----------------------------------------|----------| | 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 | 股票信息 | | | 增长率 yoy （ % ） | 17.1 | -6.9 | 31.0 | 22.0 | 19.0 | 行业 | 电子 | | 归母净利润（百万元） | 128 | 65 | 93 | 1 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1]. Core Views - The company's revenue for H1 2024 reached 6.718 billion yuan, a year-on-year increase of 32.02%, while the net profit attributable to shareholders was 223 million yuan, up 254.23% year-on-year [1][2]. - The integrated circuit market is gradually recovering, leading to significant improvements in the company's profitability, with a gross margin of 10.91% and a net margin of 3.45% in H1 2024 [2][5]. - The company is expanding its advanced packaging scale and expects to capture more orders as production ramps up [2][5]. Financial Performance Summary - Revenue (million yuan): - 2022A: 11,906 - 2023A: 11,298 - 2024E: 13,300 - 2025E: 15,825 - 2026E: 18,217 - Year-on-year growth rates: -1.6% (2022A), -5.1% (2023A), 17.7% (2024E), 19.0% (2025E), 15.1% (2026E) [1][6]. - Net profit attributable to shareholders (million yuan): - 2022A: 754 - 2023A: 226 - 2024E: 684 - 2025E: 1,088 - 2026E: 1,549 - Year-on-year growth rates: -46.7% (2022A), -70.0% (2023A), 202.3% (2024E), 59.1% (2025E), 42.3% (2026E) [1][6]. - ROE (%): - 2022A: 5.3 - 2023A: 1.5 - 2024E: 4.3 - 2025E: 6.5 - 2026E: 8.5 [1][6]. Industry Outlook - The semiconductor market is experiencing a recovery, with global and Chinese semiconductor sales maintaining double-digit growth since 2024 [5]. - The company is focusing on advanced packaging technology and product innovation, with R&D expenditures constituting over 5% of revenue [5][6]. - The automotive electronics packaging product scale is expanding, with several projects progressing towards mass production [2][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 in the next six months [1][13]. Core Views - The company is experiencing a multi-product resonance that is expected to stabilize and improve in the upcoming season. Despite a decline in revenue and net profit in the first half of 2024, the company is positioned for recovery with a focus on cost advantages and market expansion [1][5]. - The company has a strong market position in the plant extract sector, with stable development of key products and a robust growth trajectory for scalable varieties. The ongoing construction of overseas planting bases is anticipated to further reduce costs and enhance competitive advantages [5][6]. Financial Summary - **Revenue**: The company reported a revenue of 6,872 million yuan in 2023, with a projected slight decrease to 6,817 million yuan in 2024, followed by an increase to 7,839 million yuan in 2025 and 9,564 million yuan in 2026 [1][6]. - **Net Profit**: The net profit for 2023 was 480 million yuan, expected to drop significantly to 257 million yuan in 2024, before recovering to 426 million yuan in 2025 and 546 million yuan in 2026 [1][6]. - **EPS**: The earnings per share (EPS) are projected to be 0.48 yuan in 2024, increasing to 0.80 yuan in 2025 and 1.03 yuan in 2026 [1][6]. - **ROE**: The return on equity (ROE) is expected to decline to 6.3% in 2024, with a recovery to 9.6% in 2025 and 11.1% in 2026 [1][6]. - **P/E Ratio**: The price-to-earnings (P/E) ratios are projected to be 15.6x in 2024, 9.4x in 2025, and 7.3x in 2026 [1][6]. Product Performance - The plant extract business saw a revenue increase of 9.28% year-on-year, while the cottonseed business experienced a revenue decline of 13.61%. The overall sales performance of key products remains stable, although profit margins are under pressure due to pricing impacts [2][5]. - The company has successfully updated its inventory and achieved record sales in feed-grade lutein, with a significant increase in overseas raw material sourcing expected to enhance cost advantages [2][5].