Investment Rating - The investment rating for the company is "Outperform the Market" [2][7]. Core Views - The company has shown strong revenue growth driven by the electric vehicle charging business, with a year-on-year increase of 45% in the third quarter [5][6]. - The energy storage segment has faced challenges, with a significant decline in revenue in the third quarter, but future growth is anticipated as the U.S. enters a rate-cutting cycle [6][7]. - The company is expected to benefit from the recovery in industrial storage demand and expansion in overseas large-scale storage business, projecting a 35% growth in energy storage revenue for 2025 [6][7]. Summary by Sections Financial Performance - For the first three quarters, the company reported revenue of 2.095 billion yuan, a year-on-year increase of 20.91%, with net profit attributable to shareholders at 271 million yuan, down 0.93% year-on-year [5]. - The revenue breakdown includes 402 million yuan from industrial power supply (up 8.93% YoY), 619 million yuan from new energy power conversion equipment (up 6.84% YoY), and 859 million yuan from electric vehicle charging equipment (up 45% YoY) [5][6]. Revenue Forecast - The company forecasts revenues of 3.153 billion yuan for 2024, with a year-on-year growth of 18.9%, and expects to reach 4.969 billion yuan by 2026 [8][15]. - The electric vehicle charging segment is projected to grow significantly, with expected revenues of 1.19 billion yuan in 2024, reflecting a 40% increase [9][12]. Profitability Metrics - The company anticipates net profits of 410 million yuan for 2024, with earnings per share (EPS) of 1.32 yuan [8][15]. - The gross margin is expected to decline slightly from 41% in 2023 to 38.9% in 2024, reflecting competitive pressures in the energy storage market [8][15]. Market Comparison - The company is compared to peers with a projected price-to-earnings (P/E) ratio of 25-30 times for 2024, suggesting a fair value range of 32.96 to 39.56 yuan per share [7][8].

[Table_MainInfo]行业研究/农业 证券研究报告 行业周报 2024 年 11 月 18 日 [Table_InvestInfo] 投资评级 优于大市 维持 [Table_AuthorInfo] 联系人:蔡子慕 市场表现 [Table_QuoteInfo] -20.97% -13.74% -6.50% 0.74% 7.98% 15.22% 2023/10 2024/1 2024/4 2024/7 农业 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《猪价持续调整，关注冬季消费的提振作 用》2024.11.11 《猪价小幅下行，上市猪企扩产谨慎》 2024.11.04 《业绩大幅改善，禽业务优势愈发凸显》 2024.11.03 分析师:李淼 Tel:(010)58067998 Email:lm10779@haitong.com 证书:S0850517120001 分析师:冯鹤 Tel:(021)23185702 Email:fh15342@haitong.com 证书:S0850523040003 分析师:巩健 Tel:(021)23185702 Email:g ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][7]. Core Insights - The company's revenue for the first nine months of 2024 was 51.563 billion yuan, a decrease of 27.7% year-on-year, while the net profit attributable to shareholders was 1.455 billion yuan, down 41.3% year-on-year [5][6]. - The company has seen a significant decline in contract sales, with a total of approximately 31.833 billion yuan, a decrease of 47.11% compared to the same period in 2023 [6]. - The rental income from commercial operations was stable, amounting to 9.484 billion yuan, an increase from 8.131 billion yuan in the same period last year, with a rental occupancy rate of 97.65% [6][7]. Summary by Sections Financial Performance - For the first nine months of 2024, the gross profit margin was 20.19%, an increase of 1.94 percentage points compared to the same period in 2023, while the net profit margin was 2.82%, a decrease of 0.66 percentage points [5][21]. - The company's operating cash flow net amount decreased by 79.59% year-on-year to 1.781 billion yuan, primarily due to a reduction in contract signing amounts [21]. Market Outlook - The report indicates that the industry policy bottom has emerged, with expectations for sales improvement due to increased government support for the real estate market [6][7]. - The report predicts that the company's earnings per share (EPS) for 2024 will be 0.38 yuan, with a price-to-book (PB) ratio of 0.5-0.6, suggesting a reasonable value range of 13.51-16.21 yuan per share [7][23]. Valuation Metrics - The company’s total market capitalization is approximately 30.857 billion yuan, with a total share capital of 2.256 billion shares [2][19]. - The projected earnings per share for 2024 is 0.38 yuan, with a net asset value per share of 27.02 yuan [7][23].

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| --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------| | | | | | | | 杨 林（科技金融 & 计算机行业首席分析师） SAC 号码： S0850517080008 魏 宗（计算机行业分析师） SAC 号码： S0850524040003 2024 年 11 月 18 日 《计算机投资原理，寻找最锋利的矛》 | 证券研究报告 （优于大市，维持） | 概要 1. 回溯 2. 总结 3. 展望 2 请务必阅读正文之后的信息披露和法律声明 1. 1回溯：计算机大行情梳理 图：从2013年1月至2024年11月，计算机板块走势可以分为7段，呈现明显的"牛-熊-牛-熊-牛-熊-牛"特征 0 2000 4000 6 ...

[Table_MainInfo]行业研究/机械工业/新能源板块 证券研究报告 行业周报 2024 年 11 月 18 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -11.27% -5.36% 0.54% 6.45% 12.36% 18.26% 2023/11 2024/2 2024/5 2024/8 新能源板块 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《10 月新能源车产销量同比向上，关注 锂电厂商招标、新技术方向》2024.11.14 《光伏行业 2025 年策略报告——重视光 伏行业底部拐点机会-202411》 2024.11.15 《铜箔行业：至暗时刻已过，涨价曙光初 现》2024.11.11 分析师:徐柏乔 Tel:(021)23219171 Email:xbq6583@haitong.com 证书:S0850513090008 联系人:吴志鹏 Tel:(021)23215736 Email:wzp15273@haitong.com 联系人:罗青 Te ...

[Table_MainInfo] 公司研究/汽车与零配件 证券研究报告 耐世特（1316）公司信息点评 2024 年 11 月 18 日 | --- | --- | |-------------------------------------------------------------------|------------| | 股票数据 | | | 1 [ 1 T 月 ab 1 le 5 _ 日 S 收 to 盘 c 价 k （ In 元 fo ） ] | 3.11 | | 52 周股价波动（元） | 2.29-5.46 | | 总股本（百万股） | 2510 | | 流通 A 股（百万股） | 0 | | B 股/H 股（百万股） | 2510 | | 相关研究 | | | [ 《 Ta 继 b 续 le 看 _R 好 e 亚 p 太 or 区 tI 增 nf 长 o] 潜力》 | 2024.08.16 | | 《发布激励计划》 2024.07.15 | | | 《持续看好亚太区增长潜力》 | 2024.03.29 | 市场表现 [Table_QuoteInfo] | --- | --- | --- ...

Investment Rating - Outperform rating maintained for the company [2] Core Views - Q3 revenue showed year-on-year and quarter-on-quarter growth, with domestic demand expected to reach an inflection point [6] - The company acquired a 30% stake in Baosheng Submarine Cable, strengthening its competitiveness in the submarine cable and marine engineering sectors [7] - Revenue for 2024-2026 is forecasted to be RMB 12.849 billion, RMB 13.487 billion, and RMB 13.995 billion, with net profits of RMB 878 million, RMB 1.018 billion, and RMB 1.167 billion respectively [7] Financial Performance - 24Q1-Q3 revenue was RMB 8.694 billion, a year-on-year decrease of 13.31%, with net profit of RMB 573 million, down 34.94% year-on-year [6] - 24Q3 revenue was RMB 3.346 billion, up 7.46% year-on-year and 13.01% quarter-on-quarter, with net profit of RMB 195 million, down 28.65% year-on-year [6] - Gross margin for 24Q1-Q3 was 27.81%, up 1.83 percentage points year-on-year, while net margin was 6.59%, down 2.19 percentage points [6] Business Segments - Fiber preform and fiber segment revenue for 2024E is projected at RMB 2.908 billion, with a gross margin of 53.02% [10] - Optical cable segment revenue for 2024E is projected at RMB 4.944 billion, with a gross margin of 17.65% [10] - Optical devices and modules segment revenue for 2024E is projected at RMB 1.544 billion, with a gross margin of 18.00% [10] Valuation and Forecasts - 2024-2026 EPS is forecasted at RMB 1.16, RMB 1.34, and RMB 1.54 respectively [7] - The company's 2025 dynamic PE range is estimated at 24-26X, with a fair value range of RMB 32.24-34.93 [7] Market Performance - The company's stock price ranged between RMB 20.61 and RMB 33.49 over the past 52 weeks [2] - The stock underperformed the Haitong Composite Index by 28.64% over the past year [3] Industry Comparison - The average PE ratio for comparable companies in 2024E is 37X, with an average EPS of RMB 0.69 [13]

| --- | --- | --- | --- | |-------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------| | | | | | | | | | | | | 《 | 徐柏乔（电力设备及新能源首席分析师） SAC 号码： S0850513090008 马天一（电力设备及新能源联席首席分析师） SAC 号码： S0850523030004 余玫翰 （电力设备及新能源分析师） SAC 号码 :S0850523080002 2025 | 年是锂电新周期的起点》 证券研究报告 （优于大市，维持） | | | | 胡惠民 （电力设备及 ...

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