| --- | --- | --- | --- | |-------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------| | | | | | | | | | | | | | 张欣劼（建筑行业首席分析师） SAC 号码： S0850518020001 郭好格（建筑行业分析师） SAC 号码： S0850524060001 联系人：陈默婧 2024 年 11 月 18 日 《财政发力，建筑板块全面受益》 | 证券研究报告 （优于大市，维持） | 概要 | --- | --- | --- | --- | |-------|----------|----------------------|-------| | | | | | | | | | ...

[Table_MainInfo] 公司研究/医药与健康护理/中药 证券研究报告 云南白药（000538）公司季报点评 2024 年 11 月 18 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------|--------------------------------| | 股票数据 | | | 11 [ Table_StockInfo 月 15 日收盘价（元） ] | 58.94 | | 52 周股价波动（元） | 44.88-67.10 | | 总股本 / 流通 A 股（百万股） | 1784/1769 | | 总市值 / 流通市值（百万元） | 105164/104288 | | 相关研究 | | | [Table_ReportInfo] 《业绩持续稳健，提质增效驱动发展》 | | | 2024.09.09 | | | 《重聚焦 + | 提质效，百年老字号改革焕新生》 | | 2024.06.06 | | 市场表现 [Table_QuoteInfo ...

[Table_MainInfo]行业研究/金融/银行 证券研究报告 行业周报 2024 年 11 月 17 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -8.15% -0.11% 7.92% 15.96% 23.99% 32.03% 2023/11 2024/2 2024/5 2024/8 银行 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《化债议案点评：化债政策协同发力，利 好银行业》2024.11.09 《周报：Q3 上市银行营收由负转正，国 有大行息差表现最佳》2024.11.06 《周报：多家银行完成首笔 SFISF 回购 业务，重定价周期调整方案有待公布》 2024.10.27 分析师:董栋梁 Tel:(021)23185697 Email:ddl13206@haitong.com 证书:S0850523100001 周报：10 月居民信贷需求回升，A 股回购 贷款密集落地 [Table_Summary 投资要点：央行发布 10 月金融统计数据报告，M1 ...

[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 17 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -11.33% -5.42% 0.48% 6.38% 12.29% 18.19% 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 《海外新能源车销量月报：10 月美国销 量同比+15%，欧洲同比微降》2024.11.16 《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 分析师:马天一 Tel:(021)23185735 Email:mty15264@haitong.com 证书:S0850523030004 联系人:孔淑媛 Tel:(021)23183806 Email:ksy15683@haiton ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 4.791 billion yuan in Q3 2024, representing a year-on-year increase of 33.46%, while the net profit attributable to shareholders was 149 million yuan, down 53.4% year-on-year [5] - The decline in profitability is attributed to a focus on increasing market share, which has temporarily impacted earnings, along with the lag in passing on raw material cost increases to final sales prices, increased R&D and sales expenses, and exchange rate fluctuations [5][6] - The company continues to lead the smart display industry, leveraging innovation to enhance technology integration into daily life, with expectations for new revenue growth driven by the application of IoT, 5G, and human-computer interaction technologies [8] Financial Performance Summary - For the first three quarters of 2024, the cumulative revenue reached 11.391 billion yuan, up 33.05% year-on-year, while the net profit attributable to shareholders was 558 million yuan, down 35.45% year-on-year [5] - The gross margin for Q3 2024 decreased by 3.88 percentage points to 12.21%, and the net profit margin decreased by 5.81 percentage points to 3.12% [6] - By business segment, revenue from innovative display products increased by 38.58% year-on-year, while smart TV revenue rose by 60.08% year-on-year [7] Future Outlook - The company is expected to achieve a net profit of 880 million yuan in 2024, with a projected price-to-earnings (P/E) ratio of 16-20x, leading to a fair value range of 20.48 to 25.60 yuan per share [8] - Revenue forecasts indicate a growth trajectory with expected revenues of 16.181 billion yuan in 2024, 18.029 billion yuan in 2025, and 20.306 billion yuan in 2026, reflecting year-on-year growth rates of 20.3%, 11.4%, and 12.6% respectively [9][13]

[Table_MainInfo]行业研究/纺织与服装 证券研究报告 行业周报 2024 年 11 月 17 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 | --- | --- | --- | |------------------------------------------------------|------------|----------------| | | | | | [Table_QuoteInfo] 22.34% 纺织与服装 | | 海通综指 | | 14.33% | | | | 6.32% | | | | -1.69% | | | | -9.69% | | | | -17.70% | | | | 2023/11 2024/2 | 2024/5 | 2024/8 | | 资料来源：海通证券研究所 | | | | | | | | 相关研究 [Table_ReportInfo] 《越南 10 月鞋履出口 | +51% | ， UA 盈利 | | 大幅超预期》 《纺织服装行业 2024 | 2024.11.11 | 年三季报总 ...

| --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------- ...

[Table_MainInfo]行业研究/金融/银行 证券研究报告 行业专题报告 2024 年 11 月 17 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -8.15% -0.11% 7.92% 15.96% 23.99% 32.03% 2023/11 2024/2 2024/5 2024/8 银行 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《化债议案点评：化债政策协同发力，利 好银行业》2024.11.09 《周报：Q3 上市银行营收由负转正，国 有大行息差表现最佳》2024.11.06 《周报：多家银行完成首笔 SFISF 回购 业务，重定价周期调整方案有待公布》 2024.10.27 分析师:董栋梁 Tel:(021)23185697 Email:ddl13206@haitong.com 证书:S0850523100001 上市银行盈利温和改善，资产质量整体稳定 ——2024 年三季报业绩综述 [Table_Summary] 投资要点：41 家上市银行 2 ...

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 裕元集团（0551）公司公告点评 2024 年 11 月 17 日 | --- | --- | |----------------------------------------------------------------|--------------------| | 股票数据 | | | 1 [ 1 T 月 ab 1 le 5 _ 日 S 收 to 盘 ck 价 I （ nf 港 o ] 元） | 15.88 | | 52 周股价波动（港元） | 6.78-17.48 | | 总股本（百万股） | 1609 | | 总市值（百万港元） | 25544 | | 相关研究 | | | [ 《 Ta 24 b Q le 2 _ 制 R 造 ep 产 o 能 rtI 利 n 用 fo 率 ] | 进一步提升，净利润 | | 增 157.8%》2024.8.22 | | | 《全球头部运动鞋制造商，产能利用率修复带 | | | 动盈利水平持续改善》 2024.6.30 | | | 市场表现 | | [Table_QuoteInf ...

Investment Rating - The report maintains an "Outperform" rating for the company [7] Core Views - The company is expected to see a rebound in Q4 due to low base effects and the holiday season, despite facing pressure in North America and Asia-Pacific in Q3 [7] - The company anticipates flat revenue growth for 2024, with a positive outlook for 2025 [8] - The resilience of the Samsonite brand is noted, while TUMI is impacted by weak high-end consumer spending [9] Financial Performance Summary - In Q3 2024, revenue decreased by 8.3% year-on-year to $880 million, with a gross margin of 59.3%, down 0.3 percentage points year-on-year [7] - The adjusted EBITDA margin fell by 2.7 percentage points to 17.6% compared to the previous year [7] - Net profit attributable to shareholders dropped by 39.1% to $70 million, with a net profit margin of 7.5% [7] - The company added 83 stores year-on-year, with fixed SG&A expenses increasing by 0.4% [7] Regional Performance - Q3 2024 revenue by region showed declines: Asia (-12.2%), North America (-7.9%), Europe (-2.3%), and Latin America (-8.3%) [5] - The revenue decline in Asia was attributed to high base effects from the previous year and weak consumer demand, particularly in China and India [5] - North America faced challenges due to weak retail traffic and high-end consumer spending, with TUMI's revenue down 14.2% [5] - Latin America showed strong growth in local currency terms, with a revenue increase of 13.7% [5] Brand Performance - Revenue changes for Q3 2024 compared to the previous year: Samsonite (-3.9%), TUMI (-9.5%), and American Tourister (-17%) [9] - TUMI's revenue was significantly affected by weak high-end consumer spending in North America and Asia [9] - All brands experienced growth in Latin America, with revenue increases of 19.4% for Samsonite, 27.4% for TUMI, and 6.6% for American Tourister [9] Profit Forecast and Valuation - The company is projected to achieve net profits of $343 million and $375 million for 2024 and 2025, respectively [9] - The report assigns a PE valuation range of 14-15X for 2024, translating to a fair value range of HKD 25.72-27.56 per share [9]