[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 ...

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected returns above the benchmark index by more than 10% [1][7]. Core Insights - The report highlights a 10% year-on-year growth in the export chain, emphasizing the importance of companies engaged in manufacturing overseas [1][4]. - The report notes a slight appreciation of the US dollar against the Chinese yuan and a slight depreciation of the euro against the yuan, with shipping costs for various routes showing an upward trend [1][4]. - The textile and apparel export from China has seen a cumulative increase of 3% year-on-year from January to October 2024, with specific figures indicating textile exports at 829.52 billion yuan and apparel exports at 932.75 billion yuan [4][6]. Summary by Relevant Sections Macro Data - In October, the US inflation rate increased by 0.2% month-on-month, while the Eurozone's CPI year-on-year growth was 2% [1][4]. - The report provides insights into various regions, including Turkey's CPI at 48.58% year-on-year and Indonesia's CPI at 0.83% year-on-year [1][4]. Key Industry Tracking - The motorcycle industry in China reported a 9.01% month-on-month decline in export value for September 2024, but a 25.32% year-on-year increase, with export volume showing a similar trend [5][6]. - The golf cart industry experienced an 18.78% month-on-month decline in export volume but a significant year-on-year increase of 106.25% [5][6]. Digital Printing Industry - The digital printing sector is rapidly developing, with an equipment inventory of approximately 50,000 units as of 2023, and a significant annual growth rate of 37.4% in production from 2015 to 2023 [6][7]. - The report indicates that digital transfer printing costs are lower than traditional printing, leading to a high substitution rate [6][7]. Investment Recommendations - The report recommends continued investment in Honghua Digital Technology and suggests attention to companies like Juxing Technology, Yindu Co., and Taotao Vehicle [7].

Investment Rating - The report maintains an "Outperform" rating for the construction sector [1]. Core Insights - The construction sector is expected to benefit from fiscal stimulus measures, with a focus on debt resolution for state-owned enterprises and support for high-quality private enterprises in infrastructure [2][21]. - The construction industry has seen a cumulative increase of 16.06% since the beginning of 2024, ranking 12th among 29 sectors [5][8]. - Institutional holdings in the construction sector remain low, with a fund holding ratio of 0.92% as of Q3 2024, indicating potential for growth [9]. - New signed orders in the construction industry decreased by 4.74% year-on-year in Q3 2024, with most sub-sectors experiencing declines [11]. - The construction sector's revenue and net profit have been under pressure, with a year-on-year decrease of 5.09% in revenue and 12.66% in net profit for the first three quarters of 2024 [17]. Summary by Sections 1. Market Overview - The construction sector's performance has been weaker than the market, with a ranking of 12th in terms of growth among all industries [4][5]. - The sector's institutional holdings are below benchmark levels, indicating a potential for increased investment [9]. 2. Order and Revenue Trends - The construction industry saw a 4.74% decline in new signed orders in Q3 2024, with most sub-sectors experiencing a downturn [11]. - Revenue for the construction sector decreased by 5.09% year-on-year in the first three quarters of 2024, with net profit down by 12.66% [17]. 3. Policy and Investment Environment - Since the Central Political Bureau meeting on September 26, 2024, a series of supportive policies have been introduced to stimulate the construction sector [23][33]. - The issuance of special bonds by local governments has accelerated, with a total of 38,964.76 billion yuan issued by the end of October 2024, achieving a 99.91% issuance rate [34]. 4. Financial Health and Debt Management - The construction sector's asset-liability ratio has increased, while return on equity (ROE) has decreased, indicating a shift towards stabilizing leverage [19]. - A significant policy initiative has been approved to increase local government debt limits by 60,000 billion yuan to address hidden debt issues, which is expected to alleviate financial pressure on the sector [41][42].

[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 ...

Investment Rating - The industry investment rating is "Outperform the Market" [2][5] Core Viewpoints - Recent policies are favorable for the banking sector, with net interest margins expected to remain stable, revenue growth gradually stabilizing, and profit growth maintaining current levels. Non-performing loan ratios are expected to remain low, and provision coverage ratios are expected to stay high [5][6] - The report recommends several banks including Hangzhou Bank, Jiangsu Bank, Qilu Bank, Suzhou Bank, China Merchants Bank, and Shanghai Rural Commercial Bank due to their strong asset quality and growth potential [5][6] Summary by Sections Recent Industry Performance - From November 8 to November 15, the banking sector declined by 1.84%, outperforming the CSI 300 by 1.46 percentage points. State-owned banks fell by 0.98%, joint-stock banks by 2.69%, city commercial banks by 1.78%, while rural commercial banks increased by 0.37% [8][13] - Notable individual stock performances included Changshu Bank rising by 5.44% and Qilu Bank declining by 5.53% [8][13] Financial Statistics - In October, M1 decreased by 6.1% year-on-year, but the decline was less than in September. M2 increased by 7.5%, indicating a recovery in resident credit demand [6] - Resident loans increased by 160 billion yuan, with short-term loans up by 49 billion yuan and medium to long-term loans up by 110 billion yuan [6] Valuation Situation - As of November 15, the banking sector's 2024E price-to-book (PB) ratio is 0.60. State-owned banks have a PB of 0.60, joint-stock banks 0.62, city commercial banks 0.55, and rural commercial banks 0.53 [19][21] Recent Market Activity - The report notes a significant increase in stock repurchase loans, with major banks actively participating, which is expected to enhance market confidence and liquidity [7][8]

[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]

Investment Rating - The industry investment rating is "Outperform the Market" [2][3] Core Viewpoints - In October, China's textile and apparel retail sales increased by 8.0% year-on-year, showing significant recovery in both offline and online channels. The retail sales of clothing, shoes, hats, and textiles increased by 8.0%, compared to a decline of 0.4% in September [3][4] - The U.S. apparel retail sales showed a slight acceleration in October, with a year-on-year increase of 2.9%, indicating a stable inventory level in the industry [4] - In India, leading local bag companies are facing inventory backlogs, which are expected to take 1-2 quarters to clear. The revenue growth for VIP and Safari was flat and 8.0% respectively, with significant declines in net profit margins [5] - The report suggests focusing on brands with stable operations or those that are expected to bottom out, such as Bosideng, Samsonite, and TBO [6] Summary by Sections Retail Performance - In October, China's retail sales of clothing, shoes, hats, and textiles showed a year-on-year increase of 8.0%, with significant recovery observed in both offline and online sales channels. The retail sales of department stores also improved, indicating a positive trend [3][4] U.S. Market Insights - The U.S. apparel retail sales increased by 2.9% year-on-year in October, slightly up from 2.8% in September, with inventory levels remaining at a normal low [4] Indian Market Analysis - Indian bag companies are experiencing inventory issues, with VIP and Safari reporting flat and 8.0% revenue growth respectively. The companies are under pressure to clear excess inventory, which has been accumulating since FY24H1 [5] Investment Recommendations - The report recommends focusing on brands with stable performance or those expected to recover, highlighting companies like Bosideng, Samsonite, and TBO for their potential in the market [6]