| --- | --- | --- | |-------|--------------------------|------------------------------------------| | | | | | | | | | | 穿越周期，七十年稳健前行 | ——NIHON 证券研究报告 （优于大市，维持） | 概要 | --- | --- | --- | --- | --- | --- | --- | |-------|----------|------------------------------|------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | 1. | | 龙头物业十倍股，长期跑赢大盘 | | | | | | 2. | | NIHON HOUSING | ：日本后开发时代 | | 10 | 倍股 | | 3. | | 业务有进退，主营有聚焦 | | | | | | 4. | | 夯实住宅底盘，资源导流复用 | | | | | | 5. | | 开拓海外因地制宜 | | | | | | ...

[Table_MainInfo] 公司研究/机械工业/航空航天与国防 证券研究报告 国科军工（688543）公司研究报告 2024 年 11 月 13 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 12 日收盘价（元） ] | 55.49 | | 52 周股价波动（元） | 34.02-62.95 | | 总股本 / 流通 A 股（百万股） | 176/82 | | 总市值 / 流通市值（百万元） 相关研究 | 9750/4531 | | --- | --- | --- | --- | --- | |------------------------------|----------|--------|----------|-------| | 市场表现 \n[Table_QuoteInfo] | 国科军工 | | 海通综指 | | | 41.83% ...

[Table_MainInfo]行业研究/信息服务 证券研究报告 行业周报 2024 年 11 月 13 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@haiton ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The report highlights significant clinical advancements for the company's drug candidates, particularly BL-B01D1 and BL-M11D1, which are expected to be key catalysts for growth in 2025 [4][5] - The company is projected to achieve a substantial increase in revenue in 2024, with an estimated operating income of 6.213 billion yuan, representing a year-on-year growth of 1005.8% [6][11] - The report anticipates a return to profitability in 2024, with a forecasted net profit of 4.089 billion yuan and an earnings per share (EPS) of 10.20 yuan [6][11] Summary by Sections Clinical Development - Event 1: BMS has updated its clinical advancement plan for BL-B01D1, with expected results from Phase I trials in 2025, which are considered critical milestones [4] - Event 2: The company will present early clinical data for CD33 ADC BL-M11D1 at the 2024 ASH conference, showing promising treatment potential for r/r AML patients [5][8] Financial Forecast - The company is expected to report a net profit of 4.089 billion yuan in 2024, with a projected EPS of 10.20 yuan [6][11] - Revenue is forecasted to increase significantly in 2024, with a total operating income of 6.213 billion yuan [6][11] Market Potential - The report identifies a large unmet clinical need in the r/r AML market, with over 40,000 new cases annually in China and over 20,000 in the U.S. [7] - BL-M11D1 targets CD33, which is expressed in approximately 85-90% of AML patients, indicating a broad potential treatment scope [8]

Investment Rating - The report assigns an "Outperform" rating to the company [5][30]. Core Insights - The company maintains a leading position in the search engine market, with stable revenue growth driven by its AI innovations and global expansion efforts [9][23]. - Despite a slowdown in revenue growth, the company reported total revenue of $307.39 billion and a net profit of $73.80 billion in 2023, with search revenue accounting for 56.9% of total income [9][11]. - The company is diversifying its revenue streams, with cloud services growing from 5.5% of total revenue in 2019 to 10.8% in 2023, despite a decline in advertising revenue [11][12]. Summary by Sections 1. Search Engine Leadership and Revenue Growth - The company is recognized as the largest search engine globally, with a revenue of $307.39 billion in 2023 and a net profit of $73.80 billion [9][11]. - Revenue growth has slowed, with a year-on-year increase of approximately 10% in recent years, while gross margins remain stable around 55% [9][10]. 2. AI Product Development and Technological Barriers - The company has launched the Gemini AI model, which surpasses competitors in multi-modal capabilities, handling text, images, audio, video, and code [14][23]. - The Gemini model enhances the effectiveness of AI assistants and is designed to operate efficiently across various platforms [15][23]. 3. Investment in Asian Data Centers - The company plans to invest $2 billion in Malaysia to build its first data center, expected to create 26,500 jobs and generate an economic impact of $3.2 billion [24][25]. - A $1 billion investment in Thailand aims to enhance AI and cloud computing infrastructure, potentially contributing $4 billion to the local economy by 2029 [27][28]. 4. Earnings Forecast - Projected revenues for 2024-2026 are $345.21 billion, $380.02 billion, and $417.00 billion, with year-on-year growth rates of 12.3%, 10.1%, and 9.7% respectively [29][30]. - Earnings per share are expected to be $8.23, $8.41, and $9.12 for the same period [29][30].

[Table_MainInfo] 公司研究/机械工业/其他专用机械 证券研究报告 宏华数科（688789）公司季报点评 2024 年 11 月 13 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | --- | |---------------------------------------------------------------|--------------|---------| | 股票数据 | | | | 11 [ Table_StockInfo 月 12 日收盘价（元） ] | | 77.20 | | 52 周股价波动（元） | 55.50-122.29 | | | 总股本 / 流通 A 股（百万股） | | 179/179 | | 总市值 / 流通市值（百万元） | 13854/13854 | | | 相关研究 | | | | [Table_ReportInfo] 《与州际数码、东伸工业签战略合作，共推数 | | | | 码印花在家纺行业转型升级》 | 2024.10.11 | | | 《业绩持续高增，数码印花渗透率加速提升》 | | | | 2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company has achieved steady growth in the third quarter of 2024, with a revenue of 2.935 billion yuan, representing a year-on-year increase of 3.63%, and a net profit of 240 million yuan, up 10.33% year-on-year [6][9] - The company is focusing on enhancing service quality and optimizing customer structure through multi-channel marketing and innovative product development, aiming to meet the growing public demand for high-quality health management [7][8] - The company maintains its leading position in the health examination industry, with a total of 608 branches across more than 30 provinces, and continues to optimize its digital business processes [8] Financial Performance Summary - For the first three quarters of 2024, the company reported a total revenue of 7.141 billion yuan, a year-on-year decrease of 1.96%, and a net profit of 25 million yuan, down 88.96% year-on-year [6] - The projected revenues for 2024-2026 are 11.220 billion yuan, 12.877 billion yuan, and 14.397 billion yuan, with year-on-year growth rates of 3.0%, 14.8%, and 11.8% respectively [9][10] - The projected net profits for the same period are 480 million yuan, 803 million yuan, and 1.070 billion yuan, with year-on-year growth rates of -5.0%, 67.2%, and 33.3% respectively [9][10] Market Position and Strategy - The company is leveraging its operational advantages in professional, standardized, and large-scale health examination services to drive growth and enhance customer loyalty [8] - The company aims to create a new health management model that emphasizes personalized and sustainable health consumption, establishing a positive cycle of "professional examination - in-depth service - scientific customization - continuous repurchase" [8][9]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 4.024 billion yuan in Q3 2024, a year-on-year decrease of 12.96%, with a net profit attributable to shareholders of 211 million yuan, down 12.43% year-on-year [5] - The decline in revenue is attributed to a weak consumer environment, high temperatures in Chongqing, and temporary power restrictions [5] - The company expects a narrowing of revenue decline or stabilization in Q4 2024, with projected net profits for 2024-2026 of 1.217 billion yuan, 1.344 billion yuan, and 1.464 billion yuan, respectively [5][6] Summary by Sections Financial Performance - In Q3 2024, the company achieved a gross margin of 24.36%, a decrease of 0.85 percentage points year-on-year [5] - The company opened one new appliance store and closed two automotive trade stores, ending the period with a total of 273 stores [5] - The overall gross margin for the first three quarters of 2024 was 25.94%, an increase of 0.25 percentage points year-on-year [5] Business Segments - Department store revenue in Q3 2024 was 451 million yuan, down 15.09% year-on-year, with a gross margin of 72.93% [5] - Supermarket revenue was 1.713 billion yuan, down 0.75% year-on-year, with a gross margin of 24.56% [5] - Appliance business revenue increased by 4.44% year-on-year to 759 million yuan, with a gross margin of 19.50% [5] - Automotive trade revenue decreased by 33.55% year-on-year to 1.050 billion yuan, with a gross margin of 5.00% [5] Regional Performance - Revenue in the Chongqing region decreased by 12.70% to 3.955 billion yuan, while revenue in the Sichuan region fell by 13.62% to 68.44 million yuan [5][7] Profitability Forecast - The company forecasts net profits for 2024, 2025, and 2026 to be 1.217 billion yuan, 1.344 billion yuan, and 1.464 billion yuan, respectively, with year-on-year growth rates of -7.4%, 10.4%, and 8.9% [5][6][11] Valuation - The estimated reasonable market value range for the company is between 11.1 billion yuan and 13 billion yuan, translating to a reasonable value per share of 25.25 to 29.58 yuan [5][8]

[Table_MainInfo] 公司研究/机械工业/新能源板块 证券研究报告 天赐材料（002709）公司研究报告 2024 年 11 月 13 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 12 日收盘价（元） ] | 23.08 | | 52 周股价波动（元） | 12.86-28.63 | | 总股本 / 流通 A 股（百万股） | 1919/1385 | | 总市值 / 流通市值（百万元） 相关研究 | 44286/31966 | 市场表现 [Table_QuoteInfo] -53.36% -39.36% -25.36% -11.36% 2.64% 16.64% 2023/11 2024/2 2024/5 2024/8 天赐材料 海通综指 | --- | --- | --- | --- | |----------------------- ...

Investment Rating - The report maintains an "Outperform" rating for China World Trade Center (600007) [2] Core Views - Revenue remains flat while profits grow steadily: In the first 9 months of 2024, the company achieved revenue of 2.95 billion yuan, a slight increase of 0.02% YoY, and net profit attributable to the parent company of 1.019 billion yuan, up 1.63% YoY [6] - Office rental rates increased while occupancy rates were affected by tenant turnover: Average office rent rose to 645 yuan/sq.m/month, up 8 yuan YoY, while occupancy rate dropped 3 percentage points to 93.2% [6] - Mall rental rates continued to rise while apartment occupancy improved significantly: Average mall rent increased to 1,335 yuan/sq.m/month, up 64 yuan YoY, while apartment occupancy rate improved by 4.9 percentage points to 89.3% [7] Financial Performance - Gross margin improved to 60.51% in 1-9M 2024, up 0.17 percentage points YoY [6] - Three expense ratio decreased to 5.39%, down 0.70 percentage points YoY [6] - Total assets stood at 12.12 billion yuan as of September 2024, down 4.61% YoY [10] - Operating cash flow was 1.495 billion yuan in 1-9M 2024, down 7.09% YoY [10] Business Segments - Office segment: 356,200 sq.m leased, generating 1.121 billion yuan in rental income [7] - Mall segment: 180,500 sq.m leased, generating 929 million yuan in rental income [7] - Apartment segment: 80,100 sq.m leased, generating 140 million yuan in rental income [7] Valuation and Forecast - 2024-2025 EPS forecast at 1.27 yuan and 1.30 yuan respectively [8] - 2024 PE ratio estimated at 20-21x, with fair value range of 25.32-26.58 yuan [8] - Revenue growth expected at 0.1% in 2024, 4.0% in 2025, and 5.3% in 2026 [12] - Net profit growth projected at 1.3% in 2024, 3.0% in 2025, and 4.5% in 2026 [12] Market Performance - Stock price closed at 22.32 yuan on November 12, 2024 [2] - 52-week price range between 16.52 yuan and 30.34 yuan [2] - Total market capitalization of 22.48 billion yuan [2]