[Table_MainInfo] 公司研究/汽车与零配件/汽车零配件 证券研究报告 德赛西威（002920）公司季报点评 2024 年 11 月 12 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------------|--------------| | 股票数据 | | | 11 [ Table_StockInfo 月 11 日收盘价（元） ] | 140.19 | | 52 周股价波动（元） | 76.44-140.57 | | 总股本 / 流通 A 股（百万股） | 555/552 | | 总市值 / 流通市值（百万元） | 77806/77317 | | 相关研究 | | | [Table_ReportInfo] 《多智能化新品获定点，推进海外布局》 | | | 2024.08.28 | | 市场表现 [Table_QuoteInfo] -33.61% -23.61% -13.61% -3.61% 6.39% 2023/11 2024/2 2024/5 ...

[Table_MainInfo] 公司研究/机械工业/通用机械 证券研究报告 双环传动（002472）公司季报点评 2024 年 11 月 12 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 11 日收盘价（元） ] | 32.45 | | 52 周股价波动（元） | 18.09-33.18 | | 总股本 / 流通 A 股（百万股） | 847/752 | | 总市值 / 流通市值（百万元） | 27492/24409 | | 相关研究 | | | [Table_ReportInfo] 《新能源车齿轮和智能执行机构引领增长，盈 | | | 利能力持续上行》 2024.09.06 | | | 《盈利能力持续提升，构建多元化产品生态》 | | | 2024.04.16 | | | 《精密传动平台型公司，新能源齿轮、减速器 等持续发力》 ...

Investment Rating - The investment rating for Crystal Optech (002273) is "Outperform" and is maintained [2] Core Views - Crystal Optech's Q3 2024 performance showed significant growth with revenue reaching 4.71 billion yuan (YoY +32.69%) and net profit attributable to shareholders of 862 million yuan (YoY +96.77%) [5] - The company's Q3 gross margin improved to 36.71%, an increase of 8.14 percentage points YoY, driven by increased production efficiency, new product launches, and cost reductions [6] - Crystal Optech is deepening its collaboration with a major North American customer, with potential growth driven by AI-driven optical upgrades and AR glasses [6][7] - The company is strategically positioned in the AR glasses market, with breakthroughs expected in reflective waveguide mass production [7] Financial Performance and Forecast - Crystal Optech's Q3 2024 revenue was 2.055 billion yuan (YoY +21.19%, QoQ +56.91%), with net profit attributable to shareholders of 435 million yuan (YoY +66.99%, QoQ +75.30%) [5] - The company's 2024-2026 revenue is forecasted to be 6.23 billion yuan, 8.023 billion yuan, and 9.367 billion yuan, respectively, with net profit expected to reach 1.004 billion yuan, 1.334 billion yuan, and 1.642 billion yuan [7] - EPS for 2024-2026 is projected to be 0.72 yuan, 0.96 yuan, and 1.18 yuan, respectively [7] - The company's gross margin is expected to improve from 27.8% in 2023 to 31.5% by 2026 [8] Market and Industry Analysis - Crystal Optech's stock price has shown strong performance, with a 52-week range of 8.61-23.88 yuan and a total market capitalization of 31.887 billion yuan [2] - The company's valuation is supported by its strategic positioning in the AR and AI-driven optical upgrade markets, with a PE ratio of 25-30x for 2025, implying a fair value range of 24.00-28.80 yuan [7] - Compared to peers, Crystal Optech's 2024E PE ratio of 30.08x is slightly below the industry average of 31.61x, indicating potential undervaluation [9] Operational Highlights - Crystal Optech's Q3 2024 sales, management, and R&D expense ratios improved, with management and R&D expense ratios decreasing by 0.9 and 0.12 percentage points, respectively [6] - The company's operational efficiency is expected to improve, with total asset turnover projected to increase from 0.45 in 2023 to 0.69 by 2026 [10] - Crystal Optech's cash flow from operations is forecasted to grow from 1.23 billion yuan in 2023 to 1.912 billion yuan by 2026, reflecting strong operational performance [11]

[Table_MainInfo] 公司研究/医药与健康护理/医疗保健设备与用品 证券研究报告 爱博医疗（688050）公司季报点评 2024 年 11 月 12 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |--------------------------------------------------------------|--------------| | 股票数据 | | | 11 [ Table_StockInfo 月 11 日收盘价（元） ] | 103.23 | | 52 周股价波动（元） | 65.17-198.47 | | 总股本 / 流通 A 股（百万股） | 190/190 | | 总市值 / 流通市值（百万元） | 19567/19567 | | 相关研究 | | | [Table_ReportInfo] 《营收大幅加速，隐形眼镜板块贡献比例提 | | | 高》 2024.04.23 《公司 23 年快报：隐形眼镜等视力保健产品 | | | 快速增长》 2024.02.08 | | | 《收 ...

[Table_MainInfo] 公司研究/信息设备/电子元器件 证券研究报告 工业富联（601138）公司季报点评 2024 年 11 月 12 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------------|----------------| | 股票数据 | | | 11 [ Table_StockInfo 月 11 日收盘价（元） ] | 27.01 | | 52 周股价波动（元） | 12.63-29.47 | | 总股本 / 流通 A 股（百万股） | 19868/19864 | | 总市值 / 流通市值（百万元） | 536632/536526 | | 相关研究 | | | [Table_ReportInfo] 《 AI 服务器强势增长，新一代产品蓄势待发》 | | | 2024.08.24 | | | 《盈利整体平稳增长， AI | 业务表现强劲》 | | 2024.03.25 | | ...

[Table_MainInfo] 公司研究/机械工业/仪器仪表 证券研究报告 柯力传感（603662）公司季报点评 2024 年 11 月 12 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 11 日收盘价（元） ] | 42.65 | | 52 周股价波动（元） | 19.38-39.26 | | 总股本 / 流通 A 股（百万股） | 282/281 | | 总市值 / 流通市值（百万元） | 12013/11977 | | 相关研究 | | | [Table_ReportInfo] 《业绩略有承压，新增子公司预计贡献业绩增 | | | 量》 2024.09.18 | | 市场表现 [Table_QuoteInfo] -37.37% -26.37% -15.37% -4.37% 6.63% 17.63% 2023/11 2024 ...

[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 孚能科技（688567）公司研究报告 2024 年 11 月 12 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 11 日收盘价（元） ] | 13.62 | | 52 周股价波动（元） | 8.28-20.20 | | | | | 总股本 / 流通 A 股（百万股） | 1222/1222 | | 总市值 / 流通市值（百万元） 相关研究 | 16645/16645 | 市场表现 [Table_QuoteInfo] -57.95% -41.95% -25.95% -9.95% 6.05% 2023/11 2024/2 2024/5 2024/8 孚能科技 海通综指 | --- | --- | --- | --- | |--------------------------| ...

[Table_MainInfo]行业研究/汽车与零配件 证券研究报告 行业跟踪报告 2024 年 11 月 12 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------|----------------------------|------------|-------------------------------------------------| | | | | | | | | | | | [Table_QuoteInfo] 20.64% | 汽车与零配件 | | 海通综指 | | 12.06% 3.48% | | | | | -5.10% -13.67% -22.25% 2023/11 | 2024/2 | 2024/5 | 2024/8 | | | | | | | 资料来源：海通证券研究所 | | | | | 相关研究 [Ta ...

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 伟星股份（002003）公司季报点评 2024 年 11 月 12 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|----------------| | 股票数据 | | | 1 [ 1 Table_StockInfo 月 11 日收盘价（元） ] | 12.74 | | 52 周股价波动（元） | 9.33-15.28 | | 总股本 / 流通 A 股（百万股） | 1169/1010 | | 总市值 / 流通市值（百万元） | 14892/12871 | | 相关研究 | | | [Table_ReportInfo] 《产能利用率再提高，核心竞争力持续提升》 | | | 2024.08.21 | | | 《 24Q1 扣非归母同比增 46% | 》 2024.05.16 | | 《 2023 年归母净利润同比增 | 14.2% ，超业绩 | | ...

Investment Rating - The investment rating for the company is "Outperform" and is maintained [1] Core Viewpoints - The company's performance continues to grow rapidly, with significant increases in both revenue and net profit driven by AI-related business [4] - The company is expected to maintain its leading position in the optical module industry, with stable growth in business revenue and further expansion of growth space [5] - The company's 2024-2026 revenue is forecasted to be 75.17 billion, 142.27 billion, and 184.82 billion yuan, respectively, with net profit attributable to the parent company expected to be 2.40 billion, 4.55 billion, and 5.88 billion yuan [5] Financial Performance - In the first three quarters of 2024, the company achieved revenue of 51.30 billion yuan, a year-on-year increase of 145.82%, and net profit attributable to the parent company of 16.46 billion yuan, a year-on-year increase of 283.20% [4] - The gross profit margin for the first three quarters of 2024 was 42.34%, an increase of 14.14 percentage points year-on-year [4] - In Q3 2024, the company's revenue was 24.03 billion yuan, a year-on-year increase of 207.12%, and net profit attributable to the parent company was 7.81 billion yuan, a year-on-year increase of 453.07% [4] Valuation and Forecast - The company's 2025 dynamic PE range is estimated to be 28-30X, with a reasonable value range of 179.76-192.60 yuan [5] - The company's EPS for 2024-2026 is forecasted to be 3.39, 6.42, and 8.29 yuan, respectively [5] - The company's gross profit margin is expected to be 44.8%, 43.9%, and 42.9% for 2024-2026, respectively [7] Industry Comparison - The average PE ratio for comparable companies in 2024 and 2025 is 40X and 25X, respectively [8] - The company's valuation is supported by its strong performance and leading position in the optical module industry [5] Financial Ratios and Efficiency - The company's net profit margin is expected to be 31.9%, 32.0%, and 31.8% for 2024-2026, respectively [9] - The company's asset turnover ratio is forecasted to be 0.93, 1.11, and 0.96 for 2024-2026, respectively [10] - The company's inventory turnover days are expected to decrease from 204.83 days in 2023 to 157.29 days in 2024 [10]