%% %% 丨证券研究报告丨 公司研究丨点评报告丨继峰股份（603997.SH） [Table_Title] 继峰股份点评：出售 TMD LLC 等短期因素扰动 Q3 盈利，减轻包袱后未来盈利能力有望提升 | --- | --- | |----------|-------| | | | | 报告要点 | | 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 继峰股份（603997.SH） cjzqdt11111 2024-10-17 [Table_Title 继峰股份点评：出售 2] TMD LLC 等短期因素扰动 Q3 盈利，减轻包袱后未来盈利能力有望提升 [Table_Summary2] 事件描述 公司 2024Q3 实现营收 59.0 亿元，同比增长 7.2%；归母净利润-5.9 亿元，同比下降 915.6%。 事件评论 受益于国内座椅等新业务放量，公司三季度收入实现较好同环比增长。2024Q3 全球汽车 产销同比均略有下滑，其中中国车市产量环比有所提升，Q3 中国 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨良品铺子（603719.SH） [Table_Title] 良品铺子 2024 年三季报点评：线下门店闭店速 度放缓，盈利能力仍然承压 | --- | --- | |----------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 公司 2024Q1-3 营业总收入 54.8 亿元，同比下滑 8.66% ；归母净利润 1939.03 万元，同比下 | | 分析师及联系人 [Table_Author] 董思远 SAC：S0490517070016 SFC：BQK487 请阅读最后评级说明和重要声明 良品铺子（603719.SH） cjzqdt11111 相关研究 [Table_Title 良品铺子 2024 2] 年三季报点评：线下门店闭店速 度放缓，盈利能力仍然承压 [Table_Summary2] 事件 ...

Investment Rating - The report maintains a **Buy** rating for Kstar (002518 SZ) [3] Core Views - Kstar's Q3 2024 financial performance shows a decline in revenue and net profit, with revenue at 2 912 billion yuan, down 28 43% YoY, and net profit at 357 million yuan, down 48 41% YoY [1][4] - The household energy storage business is stabilizing, with signs of recovery in European demand and contributions from emerging markets like Southeast Asia, Africa, and Ukraine [5] - The charging pile business is expected to grow significantly, with entry into the Middle East market and progress in European and US certifications [5] - Data center business remains stable, with a projected 10% growth in 2025 [5] - The company's gross margin for Q3 2024 is 31 11%, with a net margin of 13 49%, showing slight improvement [5] Financial Performance Summary - Q3 2024 revenue: 10 20 billion yuan, down 18 11% YoY [4] - Q3 2024 net profit: 138 million yuan, down 27 86% YoY [4] - Q3 2024 non-GAAP net profit: 122 million yuan, down 34 87% YoY [4] - Forecasted net profit for 2024 and 2025: 480 million yuan and 597 million yuan, respectively [10] Business Outlook - The energy storage business is expected to recover gradually as downstream inventory clears and overseas customers resume orders in 2025 [5] - The charging pile business is projected to achieve high growth in 2025, driven by market expansion and certification progress [5] - The data center business is expected to grow steadily, with a 10% YoY increase in 2025 [5] Valuation Metrics - Current stock price: 19 82 yuan [6] - Forecasted PE ratios for 2024 and 2025: 24x and 19x, respectively [5] - Forecasted EPS for 2024 and 2025: 0 82 yuan and 1 03 yuan, respectively [10]

%% %% 公司研究丨深度报告丨宏达股份（600331.SH） [Table_Title] 宏达股份，即将迎来华丽转身 丨证券研究报告丨 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 宏达股份曾坐拥亚洲最大铅锌矿，在中国快速工业化阶段于资源板 ...

%% %% 丨证券研究报告丨 联合研究丨公司点评丨先导智能（300450.SZ） [Table_Title] 先导智能 2024Q3 点评：业绩环比改善，静待行 业度过低点 | --- | --- | |-------|-------| | | | | | | 分析师及联系人 [Table_Author] 赵智勇 倪蕤 叶之楠 屈奇 邬博华 SAC：S0490514040001 SFC：BQK482 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490520090003 SAC：S0490524070003 SFC：BRP550 请阅读最后评级说明和重要声明 先导智能（300450.SZ） cjzqdt11111 2024-11-12 联合研究丨公司点评 [Table_Rank]投资评级 买入丨维持 相关研究 [Table_Title 先导智能 2024Q3 2] 点评：业绩环比改善，静待 行业度过低点 [Table_Summary2] 事件描述 公司发布 2024 年三季报，前三季度营收 91.12 亿元，同比-30.90%，归母净利润 6.08 亿元， 同比-73 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨太平鸟（603877.SH） [Table_Title] 太平鸟 2024Q3 点评：Q3 业绩延续承压，期待 长期高质量增长 | --- | --- | |----------|-------| | | | | 报告要点 | | 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 请阅读最后评级说明和重要声明 太平鸟（603877.SH） cjzqdt11111 2024-11-11 公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 预计 2024-2026 年公司归母净利润为 3.0、3.7、4.4 亿，PE 为 21、17、15X，维持"买 入"评级。 [Table_Title 太平鸟 2024Q3 2] 点评：Q3 业绩延续承压，期待 长期高质量增长 [Table_Summary2] 事件描述 公司 2024Q3 实现营收、归母净利润、扣非归母净利润 14.0、-0.6、-0.7 亿元，同比变动-13.9%、 增亏 0.2 亿、增 ...

Investment Rating - The report maintains a "Buy" rating for Shuangliang Energy (600481 SH) [4] Core Views - Shuangliang Energy's Q3 2024 revenue was 3 367 billion yuan, down 49 44% YoY but up 23 26% QoQ The net profit attributable to the parent company was -82 million yuan, showing a significant improvement from the previous quarter [4] - Despite industry-wide pressure on silicon wafer profitability, the company optimized its cost structure and raw material management, leading to a substantial reduction in losses [4] - The equipment segment, particularly in energy-saving and water-saving sectors, contributed stable profits during the peak delivery season in H2 2024 [4] - The company's expense control improved, with the Q3 2024 period expense ratio dropping to 9 64%, a decrease of 3 51 percentage points QoQ [4] - Operating cash inflow in Q3 2024 was 205 million yuan, indicating an improvement in the company's financial position [4] Financial Performance - For the first three quarters of 2024, Shuangliang Energy reported revenue of 10 347 billion yuan, a 44 93% YoY decline, and a net loss attributable to the parent company of 1 339 billion yuan [4] - The company's silicon wafer business saw a reduction in unit losses despite lower shipment volumes, exceeding expectations [4] - The equipment segment, particularly in energy-saving and water-saving sectors, contributed stable profits during the peak delivery season in H2 2024 [4] Future Outlook - The silicon wafer industry is expected to see improved pricing and profitability as leading companies reduce production capacity, with Shuangliang Energy likely to benefit from its cost advantages [5] - The equipment segment is expected to maintain stable profit contributions, with overseas and hydrogen energy businesses expanding steadily, potentially becoming new growth drivers [5] - In September 2024, Shuangliang Energy began delivering equipment for a 100 000-ton high-purity silicon-based material project in Oman, marking a significant step in expanding its international presence in the new energy market [5] Financial Data - As of November 6, 2024, the company's stock price was 7 20 yuan, with a total market capitalization of 1 87068 billion shares [6] - The company's net asset per share was 2 86 yuan, with the stock price ranging between 9 87 yuan and 3 46 yuan over the past 12 months [6]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨晶科能源（688223.SH） [Table_Title] 美国出货规模超预期，资本结构持续优化 | --- | --- | |---------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 晶科能源发布 2024 年三季报， 2024 前三季度实现收入 717.7 亿元，同比下降 15.66% ；归母 | | 分析师及联系人 [Table_Author] 邬博华 曹海花 任佳惠 SAC：S0490514040001 SAC：S0490522030001 SFC：BQK482 请阅读最后评级说明和重要声明 晶科能源（688223.SH） cjzqdt11111 2024-11-12 2024-05-16 [Table_Title2] 美国出货规模超预期，资本结构持续优化公司研究丨点评报告 [Table_R ...

%% %% 丨证券研究报告丨 联合研究丨公司点评丨科华数据（002335.SZ） [Table_Title] 科华数据 2024 年三季报点评：扩大费用投入， 业绩暂时承压，蓄力未来增长 | --- | --- | --- | --- | |----------------------------------------------------------------------------|-----------------------------------------|-------|-------| | | | | | | 报告要点 | | | | | [Table_Summary] 科华数据发布 2024 年三季报， 2024 前三季度实现营收 | 53.93 亿，同比下降 1.97% ，归母净利 | | | | 润 2.38 亿元，同比下降 46.53% ，扣非归母净利润 2.19 | 亿元，同比增长 47.90% 。 2024Q3 实 | | | | 现收入 16.63 亿元，同比下降 21.02% ，归母净利润 0.12 | 亿元，同比下降 89.92% ，扣非净利 | | | | 润 0.1 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨通威股份（600438.SH） [Table_Title] Q3 大幅减亏，硅料经营性现金流转正 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | | | | [Table_Summary] 2024 年三季报， 2024 前三季度实现收入 682.72 亿元，同比下降 38.73% ；归母 | | | 亿元，同比下降 124.37% ；其中， 2024Q3 实现收入 244.75 亿元，同比下降 34.47% ， ；归母净利 -8.44 亿元，同比下降 127.84% ，环比减亏。 | | | | | 分析师及联系人 [Table_Author] 邬博华 曹海花 任佳惠 SAC：S0490514040001 SAC：S0490522030001 SFC ...