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[Table_MainInfo]行业研究/信息服务 证券研究报告 行业跟踪报告 2024 年 11 月 16 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -35.68% -24.96% -14.23% -3.50% 7.23% 17.95% 2023/11 2024/2 2024/5 2024/8 信息服务 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《计算机行业跟踪周报 358 期：10 万亿 强力化债及特朗普当选背景下，建议关注 信创、工业软件及顺周期领域》 2024.11.13 《2024Q3 利润端好转，数据要素营收高 增，信创利润亮眼》2024.11.08 《计算机行业 2024 年 11 月研究观点： AI Agent 加速落地中，计算机行业 24Q3 利润端好转》2024.11.06 分析师:杨林 Tel:(021)23183969 Email:yl11036@haitong.com 证书:S0850517080008 分析师:杨蒙 Tel:(021 ...

证券研究报告 （优于大市，维持） 《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》 马天一（电力设备及新能源联席首席分析师） SAC号码：S0850523030004 联系人：李依雯 2024年11月16日 摘要 | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------ ...

[Table_MainInfo] 公司研究/机械工业/新能源板块 证券研究报告 星源材质（300568）公司公告点评 2024 年 11 月 16 日 [Table_InvestInfo] 投资评级 优于大市 维持 揽获海外大单，预计累计供货 20 亿平+ | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 15 日收盘价（元） ] | 11.30 | | 52 周股价波动（元） | 6.73-16.00 | | 总股本 / 流通 A 股（百万股） | 1343/1214 | | 总市值 / 流通市值（百万元） | 15175/13716 | | 相关研究 | | | [Table_ReportInfo] 《经营性盈利能力环比稳定》 | 2024.11.12 | 市场表现 [Table_QuoteInfo] -54.26% -39.26% -24.26% -9.26% 5.74% 星源材质 海通综指 | --- | --- | ...

[Table_MainInfo] 公司研究/机械工业/新能源板块 证券研究报告 南网储能（600995）公司研究报告 2024 年 11 月 15 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 15 日收盘价（元） ] | 10.67 | | 52 周股价波动（元） | 7.76-12.16 | | 总股本 / 流通 A 股（百万股） | 3196/1109 | | 总市值 / 流通市值（百万元） 相关研究 | 34101/11834 | 市场表现 [Table_QuoteInfo] -19.97% -10.97% -1.97% 7.03% 16.03% 25.03% 南网储能 海通综指 | --- | --- | --- | --- | |------------------------------------|-------|-------|-- ...

Investment Rating - The report assigns an "Outperform" rating to Nanjing Bank (601009) [2] Core Views - Nanjing Bank demonstrates stable profitability with a non-performing loan (NPL) ratio of 0.83% and a recovery in net interest margin (NIM) [4] - Corporate loans are the primary driver of loan growth [5] - The bank's asset quality remains stable, with a strong risk coverage ratio of 340.40% [5] Financial Performance - In Q3 2024, Nanjing Bank's revenue increased by 8.4% YoY, and net profit attributable to shareholders grew by 10.2% YoY [5] - For the first three quarters of 2024, revenue rose by 8.0% YoY, and net profit attributable to shareholders increased by 9.0% YoY [5] - The annualized ROE for Q3 2024 was 13.04%, a slight decrease of 0.04 percentage points YoY [5] - The core Tier 1 capital adequacy ratio decreased by 0.55 percentage points YoY to 9.02% [5] Asset Quality - The NPL ratio remained stable at 0.83% in Q3 2024, continuing a downward trend since the end of 2020 [5] - The special mention loan ratio increased by 7 basis points to 1.14% in Q3 2024 [5] - The provision coverage ratio decreased by 4.62 percentage points to 340.40% in Q3 2024 [5] Net Interest Margin (NIM) - Net interest income grew by 8.7% YoY in Q3 2024, while it decreased by 1.4% YoY for the first three quarters of 2024 [5] - The estimated NIM for Q3 2024 was 1.10%, up by 6 basis points from Q2 2024 [5] Loan Growth - Total loans increased by 13.7% compared to the end of 2023, with corporate loans growing by 23.2% and personal loans increasing by 7.3% [5] Valuation and Forecast - The report forecasts EPS for 2024-2026 to be 1.79, 1.95, and 2.14 yuan, respectively, with net profit attributable to shareholders growing at 6.42%, 9.01%, and 9.16% [6] - The fair value range is estimated at 10.93-11.28 yuan, based on DDM and PB-ROE models [6] Financial Projections - Revenue is projected to grow by 2.81%, 6.38%, and 7.15% in 2024E, 2025E, and 2026E, respectively [7] - Net profit attributable to shareholders is expected to grow by 6.42%, 9.01%, and 9.16% in 2024E, 2025E, and 2026E, respectively [7] - The average ROE is forecasted to be 13.29%, 13.12%, and 13.47% for 2024E, 2025E, and 2026E, respectively [7]

Investment Rating - The investment rating for Postal Savings Bank is "Outperform the Market" [2][4]. Core Views - The report indicates that Postal Savings Bank's profitability remains stable, with a net interest income growth rate improving. The bank's asset quality is overall stable, and it continues to deepen its support for rural revitalization [3][4]. Summary by Sections Financial Performance - In the first three quarters of 2024, Postal Savings Bank's revenue growth was +0.1%, and the net profit attributable to the parent company grew by +0.22%. In Q3 2024, revenue increased by +0.5% year-on-year, and net profit rose by +3.5%, both showing an increase compared to Q2 2024 [3]. - The net interest margin for Q1-Q3 2024 was 1.89%, a slight decrease of 2 basis points compared to H1 2024. The Q3 2024 net interest income grew by +0.7% year-on-year, an improvement from Q2 2024's growth of +0.6% [3]. Loan and Asset Growth - As of the end of Q3 2024, the total assets of Postal Savings Bank increased by 6.48% compared to the end of 2023. Customer loans grew by 7.74%, with personal loans increasing by 5.69% and corporate loans by 11.66%. The bank has significantly increased its credit investment in key areas of rural revitalization, with agricultural loans totaling 2.22 trillion yuan, an increase of 187.77 billion yuan from the end of 2023 [4]. Investment Recommendations - The report forecasts EPS for 2024-2026 to be 0.83, 0.85, and 0.89 yuan, with net profit growth rates of 1.16%, 3.19%, and 4.00% respectively. The DDM model suggests a fair value of 7.24 yuan, while the PB-ROE model gives a 2024E PB valuation of 0.70 times, leading to a reasonable value range of 5.94-7.24 yuan [4].

[Table_MainInfo]行业研究/信息服务 证券研究报告 行业信息点评 2024 年 11 月 15 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -36.22% -25.53% -14.84% -4.15% 6.55% 17.24% 2023/11 2024/2 2024/5 2024/8 信息服务 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《2024Q3 利润端好转，数据要素营收高 增，信创利润亮眼》2024.11.08 《计算机行业 2024 年 11 月研究观点： AI Agent 加速落地中，计算机行业 24Q3 利润端好转》2024.11.06 《美再收紧对中国AI与先进半导体投资， 国产替代趋势凸显》2024.11.02 分析师:杨林 Tel:(021)23183969 Email:yl11036@haitong.com 证书:S0850517080008 分析师:杨蒙 Tel:(021)23185700 Email:ym13254@hait ...

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Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company's revenue for the first three quarters of 2023 was 5.393 billion yuan, a year-on-year decrease of 1.97%, with a net profit attributable to the parent company of 238 million yuan, down 46.53% year-on-year. The decline in net profit is primarily attributed to impairment losses [4] - The company has seen an increase in capital expenditures from major internet and telecom operators in Q3, which has positively impacted market prices and overall service profits. The revenue share from data center services has increased [4] - The company is facing challenges in the domestic market due to price wars in the energy storage sector but is actively expanding overseas, particularly in the US and Europe, while also targeting emerging markets [5] - The company forecasts net profits for 2024-2026 to be 445 million, 600 million, and 733 million yuan respectively, with corresponding EPS of 0.96, 1.30, and 1.59 yuan. The estimated valuation range for 2024 is between 33.72 and 38.53 yuan based on a PE ratio of 35-40 times [5] Financial Summary - For the first three quarters of 2023, the company reported a revenue of 5.393 billion yuan, with a net profit of 238 million yuan. In Q3 alone, revenue was 1.663 billion yuan, down 21.02% year-on-year and 34.7% quarter-on-quarter, with a net profit of 12 million yuan, down 89.92% year-on-year and 91.82% quarter-on-quarter [4] - The company’s revenue is projected to grow from 8.141 billion yuan in 2023 to 12.538 billion yuan in 2026, with a compound annual growth rate of 21.2% [12] - The gross profit margin is expected to decline from 27.3% in 2023 to 22.6% in 2026, reflecting increased competition and cost pressures [12] Product Segment Analysis - The renewable energy segment is expected to see revenue growth of 0%, 35%, and 30% from 2024 to 2026, with a gross margin decreasing from 21.94% in 2023 to 16.5% in 2026 [8][10] - The IDC services segment is projected to grow by 5%, 10%, and 10% over the same period, with a gross margin of around 25% [8][10] - The data center products segment is also expected to grow by 5%, 10%, and 10%, maintaining a gross margin of approximately 36% [8][10]