%% %% 丨证券研究报告丨 公司研究丨点评报告丨福瑞达（600223.SH） [Table_Title] 福瑞达 2024 年三季报点评：医药业务实现恢复 性增长，化妆品和原料经营质量改善 | --- | --- | --- | |----------|-------|-------| | | | | | 报告要点 | | | 分析师及联系人 [Table_Author] 李锦 罗祎 秦意昂 SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 请阅读最后评级说明和重要声明 福瑞达（600223.SH） cjzqdt11111 相关研究 [Table_Title 福瑞达 20242]年三季报点评：医药业务实现恢复 性增长，化妆品和原料经营质量改善 [Table_Summary2] 事件描述 2024Q3，公司实现营业收入 8.77 亿元，同比下降 4.8%，实现归母净利润 0.44 亿元，同比下 降 7.8%。 事件评论 分业务，2024Q3 公司化妆品和原料业务收入阶段性承压，产品结构优化下毛利率改善， 医药业务销售止跌回升。2024Q3，公司化妆品业务营收同比 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨华致酒行（300755.SZ） [Table_Title] 华致酒行 2024 年三季报点评：行业需求扰动， 利润阶段承压 | --- | --- | --- | --- | --- | |----------|-------|-------|-------|-------| | | | | | | | 报告要点 | | | | | 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 张彦淳 请阅读最后评级说明和重要声明 华致酒行（300755.SZ） cjzqdt11111 2024-11-17 公司研究丨点评报告 资料来源：Wind 相关研究 [Table_Title 华致酒行 2024 2] 年三季报点评：行业需求扰动， 利润阶段承压 [Table_Summary2] 事件描述 公司发布 2024 年三季报，前三季度，公司实现营收 78.3 亿元，同比下滑 5.1%，实现归母净 利润 1.7 亿元，同比下滑 27.4%。单三季度，公司实现营收 18.9 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨丸美股份（603983.SH） [Table_Title] 丸美股份 2024 年三季报点评：核心品类增长提 速，盈利能力显著优化 | --- | --- | --- | --- | --- | |----------------------------------------------------------------|--------------------------|---------------------------|-------|-------| | 报告要点 | | | | | | [Table_Summary] 2024Q3 公司实现营收 6.0 亿元，同比增长 | 25.8% ；归母净利润 0.6 | 亿元，同比增长 44.3% ， | | | | 扣非净利润 0.6 亿元，同比增长 56.1% 。 | | | | | 分析师及联系人 [Table_Author] 李锦 罗祎 曾维朵 SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 请阅读最后评级说明和重要声明 丸美股份（603983. ...

Investment Rating - The report maintains a "Buy" rating for Cambricon-U (688256 SH) [8] Core Views - Cambricon-U reported revenue of 1 85 billion yuan in the first three quarters of 2024, a year-on-year increase of 27 09%, with a net loss attributable to the parent company of 7 24 billion yuan [2] - In Q3 2024, the company achieved revenue of 1 21 billion yuan, a year-on-year increase of 284 59%, and a net loss of 1 94 billion yuan, showing significant improvement in losses both year-on-year and quarter-on-quarter [2][6] - The company's inventory increased significantly, reaching 1 015 billion yuan at the end of Q3 2024, up by 780 million yuan from the mid-year report, indicating strong preparation for future growth [6] - The AI industry is in a rapid growth phase, with increasing demand for domestic AI chips, which is expected to drive Cambricon-U's future performance [2][6][7] Financial Performance - Cambricon-U's gross margin in Q3 2024 was 51 20%, a decrease of 14 88 percentage points quarter-on-quarter, likely due to changes in product structure [7] - The company's R&D expenses were effectively controlled, with some low-margin R&D projects being paused [7] - The company's cash flow showed active preparation in the supply chain, with cash used for purchasing goods and receiving services reaching 1 128 billion yuan in Q3 2024, an increase of 514 million yuan quarter-on-quarter [7] Industry Outlook - The AI hardware demand is expanding, and the demand for domestic AI chips in China is continuously increasing, providing long-term growth momentum for the industry [6][7] - Cambricon-U, as a leading domestic AI chip company, is expected to benefit from the industry's growth and the increasing demand for domestic AI chips [6][7]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨达梦数据（688692.SH） [Table_Title] 业绩超预期，受益信创有望再迎加速 | --- | --- | |------------------------------------------------------------------------------------|-------| | | | | 年前三季度营收 6.29 亿，同比增长 40.96% ；归母净利润 1.74 亿， | | | Q3 季度实现总营收 2.78 亿元，同比增长 74.46% ，实现归母净 | | | 58.60% 。公司营收和业绩高速增长，超市场预期，单一大项目对当 | | | 期营收增速提振较大且行业需求快速增长。当前信创行业有望迎来新的一轮推广，公司作为国 | | | | | 分析师及联系人 [Table_Author] 宗建树 余庚宗 SAC：S0490520030004 SAC：S0490516030002 SFC：BUX668 请阅读最后评级说明和重要声明 达梦数据（688692.SH） cjzqdt11111 2024-11-17 相关研究 ...

%% %% 丨证券研究报告丨 联合研究丨公司点评丨厦钨新能（688778.SH） [Table_Title] 厦钨新能 2024 年三季报点评：出货快速增长， 原料价格波动影响净利 | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 厦钨新能发布 2024 年三季报，前三季度实现营收 98.82 亿元，同比下降 24.69% ；归母净利润 | | | 3.67 亿元，同比下降 10.89% ；扣非净利润 3.41 亿元，同比下降 7.32% 。 Q3 实现营收 35.82 亿元，同比下降 28.37% ，环比增长 19.35% ；归母净利润 1.28 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨信德新材（301349.SZ） [Table_Title] 信德新材 2024 年三季报点评：大连基地产能扰 动，看好后续一体化逻辑 | --- | --- | |------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 信德新材发布 2024 年三季报，前三季度公司实现营收 5.65 亿元，同比下降 19.40% ；归母净 | | 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 喻亨一 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 请阅读最后评级说明和重要声明 信德新材（301349.SZ） cjzqdt11111 2024-11-17 公司研究丨点评报告 [Table_Rank]投资评级 买 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨国轩高科（002074.SZ） [Table_Title] 出货结构调整扰动盈利，静待海外业务兑现 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 国轩高科发布 2024 年三季报， 2024Q3 实现收入 83.81 亿元，同比增长 28.16% ，环比下降 | | | 9.75% ；归母净利润 1.41 亿元，同比增长 69.82% ，环比下降 30.1% ；扣非净利润 0.08 亿元， 同比下降 47.31% ，环比下降 78.91% 。 | | | | | 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 S ...

Investment Rating - The report maintains a "Buy" rating for Sanhua Intelligent Controls (002050 SZ) [8] Core Views - Sanhua Intelligent Controls achieved stable growth in Q3 2024 with strong profitability [1] - Revenue for the first three quarters reached 20 56 billion yuan, up 8 36% YoY [2] - Net profit attributable to shareholders was 2 3 billion yuan, a 6 59% YoY increase [6] - Q3 revenue grew 6 82% YoY to 6 887 billion yuan, with net profit up 2 95% to 788 million yuan [6] - Gross margin for the first three quarters reached 27 7%, up 0 21pct YoY [7] - The company is expected to accelerate growth in 2025 due to stricter European carbon emission regulations and rapid development in the robotics industry [7] Financial Performance Revenue and Profit - Q3 2024 revenue: 6 887 billion yuan (+6 82% YoY) [6] - Q3 2024 net profit: 788 million yuan (+2 95% YoY) [6] - Q3 2024 non-GAAP net profit: 721 million yuan (-4 53% YoY) [6] Profitability - Gross margin: 27 7% (first three quarters), 28 16% (Q3) [7] - Operating expense ratio: 13 86% (first three quarters), 15 75% (Q3) [7] Balance Sheet - Asset-liability ratio: 45 8% at end of Q3, up 0 96pct QoQ and 3 22pct YoY [7] Industry and Market Position - The company is a leader in thermal management with a clear market position [7] - Traditional refrigeration business is expected to achieve double-digit growth in Q3 [6] - Automotive thermal management revenue growth slowed slightly in the first three quarters [6] - Robotics industry development is progressing rapidly, offering significant future growth potential [7] Valuation and Projections - Estimated net profit for 2024: 3 2 billion yuan (25x PE) [7] - Estimated net profit for 2025: 3 8 billion yuan (21x PE) [7]

%% %% 丨证券研究报告丨 行业研究丨行业周报丨金属、非金属与采矿 [Table_Title] 关注能源金属板块回调机会，铝铜维持推荐 | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...