证券研究报告 | 季报点评 gszqdatemark 2024 10 31 年 月 日 湘电股份（600416.SH） 2024 前三季度实现营业收入 35.18 亿，同比+2.34% 事件：公司发布 2024 三季报。2024 年前三季度实现营收 35.18 亿元， 同比+2.34%；归母净利润 1.68 亿元，同比-35.65%；扣非归母净利润 1.35 亿元，同比-32.78%。单季度来看，2024Q3 实现营收 10.85 亿元，同比 +5.22%，环比-7.35%；归母净利润 0.01 亿元，同比-98.51%，环比99.04%；扣非归母净利润-0.12 亿元，同比-120.79%，环比-113.00%。 1、利润表：2024 前三季度营收稳健增长，电机价格下行导致盈利能力 受损严重。 1）收入端，2024 前三季度实现营收同比+2.34%，完成全年经营目标 53 亿 66%，按年度经营目标测算对应 2024Q4 营收应为 17.82 亿，同比 +58.26%。 2）盈利能力端，2024 前三季度公司毛利率 17.30%，同比-4.26pct；销售 净利率 4.76%，同比-2.85pct，公司盈利 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 31 年 月 日 潞安环能（601699.SH） 成本抬升拖累业绩，增储保障可持续发展 公司发布 2024 年三季度业绩公告。公司发布 24 年三季报，24Q1-3 实现 收入 266.49 亿，同比-19.28%，实现归母净利 27.98 亿，同比-61.51%； 其中，Q3 单季实现归母净利 5.72 亿元，环比-39.09%，同比-71.03%。 三季度业绩环比下降，或主因公司煤炭售价环比下降&成本上升，此外 Q3 期间费用环比增加 2.4 亿元也造成一定影响。 安监压力有所消退，Q3 产销环比恢复。 ➢ 24Q3 公司原煤产量 1480 万吨，同比-1.9%，环比+2.6%；其中混煤 产量 744 万吨，同比+8.6%，环比+1.6%；喷吹煤 529 万吨，同比9.0%，环比+9.1%。 ➢ 24Q3 商品煤销量 1352 万吨，同比+1.8%，环比+6.1%；其中混煤 销量 739 万吨，同比+10.8%，环比+1.2%；喷吹煤 552 万吨，同比 -2.6%，环比+15.7%。 吨煤售价环降&成本上升拖累业绩。 ➢ 24Q3 吨 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 31 年 月 日 濮耐股份（002225.SZ） 主业持续探底，新拓业务放量可期 事件：濮耐股份发布 2024 三季报。公司前三季度实现营收 40.03 亿元， 同比略降 1.19%，实现归母净利润 1.23 亿元，同比下滑 40.81%，扣非后 归母净利润 7707 万元，同比下滑 60.32%。单季度来看，Q3 公司收入 13.05 亿元，同比下降 8.11%，本季度亏损 1027 万元，去年同期为+6265 万元，剔除非经常性损益后亏损 2069 万元，去年同期为+5964 万元。 国内主业出现量价齐跌，海外增量部分对冲国内颓势。Q3 公司收入同环 比分别下降 8.11%、6.72%，且自 2022 年以来首次出现季度亏损，其业 绩主要受下游钢铁行业拖累。单 Q3 国内钢铁行业减产 8.5%，由于炼钢 用耐材属耗材（1 吨粗钢需要 15kg 左右耐材），对应 Q3 公司整包销售结 算量有所下滑；同时钢企效益恶化后对上游相应提出降价要求，导致本季 度耐材结算价格降幅较大。短期来看国内耐材及下游钢铁行业低迷状况或 持续，濮耐股份重点发力出 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 31 年 月 日 益生股份（002458.SZ） 种苗涨价逐步兑现，看好后续盈利弹性 公司公告 2024 年三季度报告。2024 年前三季度，公司实现收入 21.54 亿元，同比减少 18.98%；归母净利润 3.01 亿元，同比减少 56.04%。2024 年第三季度，公司实现收入 7.78 亿元，同比减少 3.36%；归母净利润 1.18 亿元，同比减少 0.94%。 父母代贡献主要利润，商品代缩量涨价。2024 年前三季度，我们估算公司 销售商品代鸡苗约 4.2 亿羽，同比减少 14%，销售均价 3.1 元/羽；父母 代鸡苗约 900 万套，同比减少 22%，销售均价约 39 元/套。2024 年第三 季度，我们估算公司销售商品代鸡苗约 1.5 亿羽，同比减少 12%，销售均 价 2.9 元/羽；父母代鸡苗约 300 万套，同比减少 25%，销售均价超过 50 元/套。三季度以来，父母代鸡苗价格上涨明显，市场对于优质种源品种的 需求提升，带动公司盈利能力提升，我们假设公司父母代成本 17 元/套、 商品代成本 2.7 元/套，则父母代 ...

Investment Rating - The report initiates coverage on Haige Communication (002465 SZ) with a "Buy" rating, citing its leadership in autonomous and controllable communication and its strategic positioning in the BeiDou and satellite communication sectors [1] Core Views - Haige Communication is a leading player in China's military communication sector, with a comprehensive layout across the entire industrial chain of BeiDou communication terminals, from chips to systems and operations [1] - The company is well-positioned to benefit from the increasing penetration of BeiDou and satellite communication in both military and civilian markets, which opens up new growth opportunities [1] - The importance of communication security is rising globally, and China's robust communication infrastructure, including its autonomous BeiDou navigation system, provides a solid foundation for the development of domestic communication equipment [2] - Haige Communication has achieved significant growth in its BeiDou navigation business, with a 275% year-on-year increase in revenue in the first half of 2024, driven by accelerated domestic BeiDou adoption and breakthroughs in sectors like IoT, power, and energy [2] - The company is actively participating in China's satellite internet projects, with key products and terminals being selected for in-orbit testing, and is expanding its presence in the satellite communication market, including mobile phone and automotive applications [3] Financial Performance and Projections - The company's revenue is projected to grow from 5 616 million yuan in 2022 to 9 883 million yuan in 2026, with a compound annual growth rate (CAGR) of 15 2% [4] - Net profit attributable to the parent company is expected to increase from 668 million yuan in 2022 to 1 285 million yuan in 2026, with a CAGR of 17 9% [4] - The company's EPS is forecasted to grow from 0 27 yuan in 2022 to 0 52 yuan in 2026, with a corresponding P/E ratio decreasing from 41 6x to 21 6x over the same period [4] Industry and Market Analysis - The global communication security landscape is evolving, with a shift from purely military applications to both military and civilian uses, driven by incidents like the Lebanon communication device attack, which has heightened the importance of communication security [16] - The BeiDou navigation system has completed its third phase of deployment, enhancing its global coverage and performance, and is now entering a replacement cycle, which is expected to drive demand for BeiDou-compatible devices [30] - The satellite communication industry is rapidly developing, with low-earth orbit (LEO) satellites becoming a key focus, and China's satellite internet projects, such as the "StarNet" and "G60" constellations, are expected to create significant market opportunities [36] Company Strategy and Competitive Advantages - Haige Communication has a comprehensive layout in the BeiDou navigation industry, with a strong presence in both upstream chip development and downstream terminal products, giving it a competitive edge in the market [42] - The company is actively expanding its satellite communication capabilities, with a focus on ground equipment and upstream components, and has secured key positions in major national satellite internet projects [45] - Haige Communication's wireless communication business covers a wide range of frequencies and applications, making it a key player in the military communication sector, with significant potential for growth as defense informatization progresses [46] Valuation and Investment Recommendation - The report values Haige Communication at a 2024 P/E ratio of 36x, based on projected net profits of 768 million yuan, 1 059 million yuan, and 1 285 million yuan for 2024, 2025, and 2026, respectively [51] - Compared to industry peers, Haige Communication's valuation is considered conservative, with an average industry P/E of 89 71x, suggesting potential upside for the stock [51]

证券研究报告 | 季报点评 gszqdatemark 2024 10 31 年 月 日 粤电力 A（000539.SZ） 电价回落业绩承压，清洁能源持续增长 事件：公司发布 2024 年三季度报告。2024 年前三季度，公司实现营业 收入 425.17 亿元，同比减少 5.88%；归母净利润 14.67 亿元，同比下降 15.04%；扣非归母净利润 14.87 亿元，同比下降 13.09%，基本每股收益 0.2794 元/股。单三季度，公司实现营业收入 164.39 亿元，同比减少 2.35%；归母净利润 5.64 亿元，同比下降 35.18%；扣非归母净利润 6.01 亿元，同比下降 30.27%；基本每股收益 0.1074 元。公司业绩下滑主要系 电价下跌及沙角电厂关停人员安置成本增加。 电价下跌拉低发电毛利，气电装机增长。三季度公司燃煤发电实现上网电 量 253.71 亿千瓦时，同比下滑 1.49%，预计系水电挤压效应消退带来火 电电量降幅收窄。截至三季度末，燃煤装机 1989 万千瓦，占比 53.66%。 三季度气电实现上网电量 78.69 亿千瓦时，同比增长 31.5%。前三季度气 电控股装机容量 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 31 年 月 日 绿的谐波（688017.SH） Q3 业绩显著修复，研发投入持续加强 事件：公司发布 2024 年三季报 2024 年前三季度营收增长，其中 Q3 单季度业绩已显著修复。2024 年前 三季度，公司实现营业收入 2.76 亿元，同比增长 8.64%，实现归母净利 润 0.59 亿元，同比下降 18.85%。单季度看，2024Q3 实现营业收入 1.04 亿元，同比增长 25.59%；实现归母净利润 0.22 亿元，同比增长 1.63%， 单季度利润增速转正，业绩开始显著修复。 研发投入持续加强，新产品线逐步发力。公司持续加大研发投入，2024 年 前三季度研发费用总额达到 0.36 亿元，同比增长 14.49%；前三季度研发 费用率为 12.99%，是四费中最高项，体现了公司研发驱动的战略。公司 在保持现有产品线稳定的同时，积极拓展新的应用领域和产品线，特别是 在工业自动化和机器人领域的布局逐步显现成效。公司已成功研发多款新 产品，并在多个关键技术领域取得突破，为未来的增长打下坚实基础。 紧抓机电一体化趋势，进一步驱动研发 ...

证券研究报告 | 季报点评 gszqdatemark 2024 11 01 年 月 日 赤峰黄金（600988.SH） 前三季度矿产金产量稳中有增，"量价齐升"逻辑逐步兑现 事件：公司发布 2024 年三季度报告，2024 年前三季度实现营收 62.23 亿 元，同比增长 22.93%；实现归母净利润 11.05 亿元，同比增长 112.59%； 实现扣非归母净利润 10.38 亿元，同比增长 84.35%。2024 单三季实现营 收 20.27 亿元，同比增长 19.88%，环比减少 13.47%；实现归母净利润 3.95 亿元，同比增长 89.83%，环比减少 22.61%；实现扣非归母净利润 3.99 亿元，同比增长 108.77%，环比减少 8.13%。整体看公司前三季度 产量稳中有增，叠加金价高位，"量价齐升"逻辑正逐步兑现。 矿产金产销量稳步增长，金价高位对冲海外矿山成本上行。2024Q1-Q3 公 司生产矿产金 10.75 吨，同比增加 5.05%；销售矿产金 10.95 吨，同比增 加 4.95%。2024 年公司主营黄金品种产销量逐步提升，产能释放趋稳。 成本方面：2024Q1-Q3 公司矿 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 31 年 月 日 增持（维持） 股票信息 行业 自动化设备 前次评级 增持 10 月 30 日收盘价（元） 21.65 总市值（百万元） 12,228.39 总股本（百万股） 564.82 其中自由流通股（%） 90.17 30 日日均成交量（百万股） 16.20 股价走势 锐科激光（300747.SZ） 业绩短期承压，持续降本增效+产品高端化修复盈利能力 锐科激光发布 2024 年三季报，量增价减，业绩短期承压。2024 年前三 季度公司实现营业收入 23.49 亿元，同比下降 9.06%；实现归母净利润 1.2 亿元，同比下降 30.33%。 Q3 单季度实现营收 7.62 亿元，同比下降 3.76%；实现归母净利润 0.24 亿元，同比下降 59.9%。 出货量方面，2024 年前三季度，公司产品总出货量为 12.35 万台，同比增 长 9.89%，其中连续产品出货 5.75 万台，同比增长 30.56%。公司连续产 品中万瓦及以上功率段产品出货量持续保持增长。 持续降本增效，毛利率稳中有升。公司持续深化降本，公司毛利率保持稳 定，2 ...

Investment Rating - The report maintains a "Buy" rating for Dingzhi Technology (873593 BJ) [5] Core Views - Dingzhi Technology's Q3 2024 performance showed significant recovery with revenue reaching 67 million yuan, a 55 84% YoY increase and 12 43% QoQ growth Net profit for Q3 was 14 million yuan, up 4 65% YoY and 15 99% QoQ, indicating a clear recovery trend [1] - The company's gross margin remained high at 52 67% for the first three quarters of 2024, up 0 28pct from 2023, reflecting strong profitability in its medical precision transmission business [2] - Dingzhi Technology has made significant progress in its robotics product development, including the completion of multiple production lines for ball screws and planetary roller screws, as well as advancements in frameless motors and joint motor modules [3] Financial Performance - For the first three quarters of 2024, Dingzhi Technology reported revenue of 170 million yuan, down 28 58% YoY, and net profit of 31 million yuan, down 54 43% YoY [1] - The company's gross margin for Q1-Q3 2024 was 54 04%/53 28%/51 25%, respectively, maintaining a high level despite market adjustments [2] - Operating expenses increased, with sales, management, and R&D expense ratios rising by 4 24pct, 1 79pct, and 3 06pct, respectively, compared to 2023 [2] Future Projections - Revenue is projected to be 254 million yuan, 318 million yuan, and 417 million yuan for 2024, 2025, and 2026, respectively, with net profit expected to reach 66 million yuan, 84 million yuan, and 108 million yuan [3] - The company's PE ratio for 2024 is estimated at 54 8X, reflecting its positioning in the high-end market and potential for market share growth [3] Industry and Market Position - Dingzhi Technology operates in the automation equipment industry, with a focus on high-value medical precision transmission and robotics [3][5] - The company's advancements in robotics, including improved motor performance and modular designs, position it well for future growth in the robotics sector [3] Financial Ratios and Metrics - The company's EPS for 2024, 2025, and 2026 is projected to be 0 49 yuan, 0 62 yuan, and 0 81 yuan, respectively [4] - ROE is expected to improve from 9 5% in 2024 to 13 6% in 2026, indicating a recovery in profitability [4] - The company's P/B ratio is projected to decline from 5 2X in 2024 to 4 6X in 2026, reflecting potential undervaluation [4]