Investment Rating - Strong Buy (Maintained) with a target price of 31 CNY [1] Core Views - The company's performance is under pressure due to declining gross margins and weakened downstream demand, with a significant drop in net profit [1][2] - Despite short-term challenges, the scientific services industry has a bright future, driven by China's innovation-driven strategy and the potential for domestic growth in the sector [2] - The company continues to invest in R&D, focusing on product and platform technologies to enhance its core capabilities [2] Financial Performance Summary - **Revenue**: 2,126 million CNY in the first three quarters of 2024, a year-on-year increase of 3.49% [1] - **Net Profit**: 10 million CNY in the first three quarters of 2024, a year-on-year decrease of 86.49% [1] - **Q3 2024 Revenue**: 729 million CNY, a year-on-year increase of 0.48% [1] - **Q3 2024 Net Profit**: 5 million CNY, a year-on-year decrease of 78.48% [1] - **Gross Margin**: 19.57% in the first three quarters of 2024, down 3.87 pct year-on-year [2] - **R&D Expenses**: 114 million CNY in the first three quarters of 2024, with continued investment in product and platform technologies [2] Industry Outlook - The scientific services industry is crucial for China's innovation-driven strategy and industrial upgrading, offering significant growth potential despite the late start compared to developed countries [2] - The industry covers a wide range of applications, providing ample opportunities for domestic scientific service providers [2] Valuation and Forecast - **2024-2026 Net Profit Forecast**: 20 million CNY, 70 million CNY, and 133 million CNY, with year-on-year changes of -73%, 258%, and 90% respectively [2] - **PE Ratio**: 198x for 2024, 55x for 2025, and 29x for 2026 [2] - **PS Valuation**: 1.7x PS for 2025, with a target market cap of 5 billion CNY and a target price of 31 CNY [2] Financial Ratios and Metrics - **Revenue Growth**: 2.1% in 2024, 6.3% in 2025, and 12.4% in 2026 [6] - **Net Profit Growth**: -73.1% in 2024, 257.8% in 2025, and 89.7% in 2026 [6] - **Gross Margin**: 20.4% in 2024, 21.5% in 2025, and 23.1% in 2026 [6] - **Net Margin**: 0.7% in 2024, 2.4% in 2025, and 4.1% in 2026 [6] - **ROE**: 0.7% in 2024, 2.4% in 2025, and 4.4% in 2026 [6]

证 券 研 究 报 告 瀚蓝环境（600323）2024 年三季报点评 强推（维持） 回款加快，经营持续向好 目标价：29 元 当前价：21.72 元 事项： 2024 年前三季度公司实现营业收入 87.31 亿元，同比降低 2.58%；实现归母净 利润 13.85 亿元，同比增长 18.82%，基本 EPS 为 1.7 元。 其中单 Q3 实现营业收入 29.07 亿元，同比降低 4.21%，归母净利润 4.98 亿元， 同比增长 4.65%。 评论： 收入利润增长有所背离。首先收入层面来看，2024 年前三季度固废工程业务 收入规模下降导致营业收入下降。其次利润层面的推动要素主要有：一是济宁 项目补确认 2020 年 11 月至 2024 年 8 月电费收入影响净利润约 1.2 亿元；二 是天然气板块进销价差有所改善，能源业务经营情况有所好转；三是公司持续 落实降本增效举措取得良好成效，保持较高运营效率。 固废及能源业务经营向好。固废处理业务 2024 年前三季度实现收入 45.11 亿 元，同比下降 2.10%；实现净利润为 9.54 亿元，同比增长 14.89%。其中工程 与装备业务收入及利润分别 3 ...

Industry Investment Rating - The report maintains a "Recommended" rating for the media and internet industry, with a focus on cyclical recovery and growth opportunities in emerging sectors [1] Core Views - The media and internet sector is expected to benefit from cyclical recovery, driven by consumer demand, content supply cycles, and industry structure changes [1] - Key areas of focus include gaming, film, advertising, and internet platforms, with potential recovery opportunities in 2025 [1] - Emerging technologies such as AI, IP derivatives, and data elements are highlighted as growth drivers [1] Cyclical Recovery Opportunities Film Industry - The film industry is expected to see a recovery in 2025, driven by the release of high-quality domestic and imported films [1] - Key domestic films expected in 2025 include "Nezha 2," "Detective Chinatown 1900," and "Jiao Long Action" [1] - Imported films such as "Captain America: Brave New World" and "Avatar 3" are also anticipated to boost the market [1] - Companies to watch include Bona Film Group, Maoyan Entertainment, and Wanda Film [1] Gaming Industry - The gaming industry is expected to see structural opportunities driven by product cycles and marginal changes in market structure [1] - Mid-sized companies, particularly those listed on the A-share market, may benefit from product release windows [1] - Companies to watch include Kingnet, Giant Network, and Perfect World [1] Advertising & Internet - The advertising sector is expected to recover alongside macroeconomic improvements, with a focus on companies with strong alpha [1] - Internet advertising platforms such as Tencent, Bilibili, and Kuaishou are highlighted for their resilience [1] - Traditional brand advertising companies like Focus Media are also recommended [1] Growth Opportunities AI - AI is expected to drive application breakthroughs, with a focus on model iteration, application-side growth, and hardware innovation [1] - Domestic AI models are catching up with international counterparts, and model calling costs are expected to continue declining [1] - Companies to watch include Kingnet, Giant Network, and Kunlun Tech [1] IP Derivatives - The IP derivatives market is experiencing high growth, driven by the rise of "goods" culture and the commercialization of domestic IPs [1] - Companies to watch include Yaoji Technology, Alpha Group, and Shanghai Film [1] Data Elements - The data elements sector is expected to benefit from ongoing policy support, with multiple key policies already in place [1] - The industry is poised for further development, with more policies expected to be introduced [1] Resilient Sectors Publishing - The publishing sector is expected to remain stable, driven by the rigid demand for textbooks and teaching materials [1] - Companies to watch include Southern Media, Changjiang Publishing & Media, and Shandong Publishing [1] Education & Training - The education and training sector is expected to maintain high growth, with leading companies likely to see their advantages amplified [1] - Companies to watch include New Oriental, TAL Education, and Xueda Education [1] Industry Data - The media and internet industry comprises 141 listed companies with a total market capitalization of 1.535 trillion yuan [2] - The industry's relative performance over the past 12 months has been -3.5%, underperforming the broader market [2]

证 券 研 究 报 告 恩捷股份（002812）2024 年三季报点评 强推（维持） 业绩符合预期，海外市场拓展顺利 目标价：42.48 元 当前价：37.59 元 事项： 恩捷股份发布 2024 年三季度报告：公司 2024 年前三季度营业收入 74.65 亿 元，同比-17.91%；归母净利润 4.43 亿元，同比-79.41%；扣非归母净利润 4.17 亿元，同比-79.71%。 评论： 出货量环比增长显著，推动高附加值新产品导入。三季度市场环境向好，公司 把握市场机遇，三季度出货量实现较大的环比增长，同时国内湿法隔膜市场占 有率有所提升。在目前整体行业的盈利承压情况下，公司核心任务为新产品开 发，为客户提供性能更优的新产品，从而改善公司的产品结构和盈利水平。目 前，公司在积极推进快充隔膜、超薄高强度隔膜、耐高温隔膜等产品在下游电 池厂商的送样、导入验证工作。 海外产能布局顺利，突破全球化客户。公司持续推进海外布局，分别在匈牙利、 美国和马来西亚布局产能。其中匈牙利工厂二期项目，规划投建 4 条产线，隔 膜产能约 8 亿平方米。9 月 23 日，公司决议新设子公司投资建设锂电池隔离 膜项目，拟规划建设产 ...

证 券 研 究 报 告 星源材质（300568）2024 年三季报点评 强推（维持） 业绩符合预期，不断推进技术突破 目标价：13.12 元 当前价：11.30 元 事项： 星源材质发布 2024 年三季度报告：公司 2024 年前三季度营收 26.05 亿元，同 比 17.86%；归母净利润 3.49 亿元，同比-47.66%；扣非归母净利润 2.67 亿元， 同比-53.49%。 评论： 第五代产线大幅提高生产效率。公司制造工艺升级创新的第五代超级湿法线 单线，设备宽幅超 8 米，产能 2.5 亿平方米，在品质、效率、智能化、低碳 化等指标方面均刷新行业标准。目前公司产能利用率充足，随着工艺突破和海 外订单落地，有望获得更多的话语权。 积极布局固态电池领域。在固态电池方面，星源材质研发团队开发的氧化物、 聚合物固态电解质膜已经具备量产化制备的条件，在客户的半固态电池评测 中，低温性能、电池循环稳定性、安全性能表现优异，处于行业领先地位，相 关产品已经进入多家客户认证或测试阶段，并小批量供货给多家知名头部客 户。 持续推进海外客户验证与产能建设。星源材质积极拓展海外客户，以开放发展 的心态紧跟行业发展步伐， ...

证 券 研 究 报 告 猫眼娱乐（01896.HK）深度研究报告 推荐（首次） 在线票务&娱乐内容龙头，电影主业拐点在 即，现场演出贡献新增长 ❖ 猫眼娱乐：在线娱乐票务龙头。公司是国内领先的"科技+全文娱"服务提供 商，大股东包括光线、腾讯、美团。目前业务主要包括在线娱乐票务服务、娱 乐内容服务、广告服务及其他三部分。其中 1）在线娱乐票务（24H1 营收占 比~48%）：基石业务，主要包括电影（占大头）及现场娱乐演出相关票务服务； 2）娱乐内容服务（24H1 占比~47%）：基于自身票务系统大数据优势涉足电影 上游出品与发行环节，近几年成长迅速，已成为国内领先的电影主控发行方； 3）广告服务及其他（24H1 占比~5%）：目前体量较小，基于自身丰富的宣传/ 服务产品以及多样的合作平台，为电影提供宣发、内容营销等增值服务。 ❖ 电影大盘：24 年受供给周期影响承压，25 年低基数下增长确定性较强，长期 看好政策支持下行业工业化程度提升。1）复盘 24 年：受供给周期影响承压， 但市场已有充分预期。截至 10 月 30 日，24 年电影大盘实现票房（含服务费） 383.5 亿元（YOY-22%），核心为供给周 ...

证券研究报 告 交通运输行业周报（20241111-20241117） 聚焦：航空裸票转正，关注财政发力—>航空早周 推荐（维持） 期超额收益机会 ❑ 一、聚焦：航空裸票转正，关注财政发力—>航空早周期超额收益机会 1、近期，行业进入四季度淡季，旅客量仍维持韧性增长，近一周国内民航 旅客量同比+11%，超 19 年 9%，客座率 85%，同比+6pts，较 19 年+2pts；而 全票价跌幅持续收窄，裸票已转正，国内 7 日市场平均全票价（含油）551 元，环比上周+4%，同比-6%，较 19 年同比-17%。最新一周测算裸票价同比 +11%。 2、我们在 11 月 10 日发布研究报告《财政发力->航空表现如何传导？2008-10 行情复盘启示》，提出核心逻辑，航空是经典内需顺周期品种，我们特别建 议关注航空的两段式超额收益：集中体现在财政发力早期，航空数据及业绩 的灵敏反应推动行情表现的阶段，以及中后期各行业回升，航空释放业绩强 弹性的阶段。 3、投资建议：继续强推华夏航空，化债预计受益标的；继续推荐中国国航大 航弹性；吉祥航空国际航线领先恢复，宽体机高效运营助力弹性释放；持续 看好春秋航空凭借低成本核心 ...

证 券 研 究 报 告 光伏行业周报（20241111-20241117） 推荐（维持） 光伏出口退税调降，落后产能出清或将加速 | --- | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证 券 研 究 报 告 宏观研究 宏观快评 2024 年 11 月 18 日 | --- | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

@2021华创版权所有 证券研究报告 | --- | --- | |----------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | 创新药周报 20241117 ： | | | 首款 menin 抑制剂获批上市治疗 | KMT2A 基因易位的急性白血病 2024-11-17 | | | 证券分析师刘浩 联系人段江瑶 | | | 执业编号： S0360520120002 邮箱： duanjiangyao@hcyjs.com | | 本报告由华创证券有限责任公司编制 | 邮箱： liuhao@ ...