[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 大金重工（002487）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） ] | 23.13 | | 52 周股价波动（元） | 16.32-27.77 | | 总股本 / 流通 A 股（百万股） | 638/631 | | 总市值 / 流通市值（百万元） | 14751/14593 | | 相关研究 | | | [Table_ReportInfo] 《 24H1 海外收入占比 56% ，订单持续交付》 | | | 2024.09.09 | | | 《出口单桩一马当先，盈利能力持续提升》 | | | 2024.05.11 | | | 《出口海工业务快速增长，产品结构持续优 | | | ...

[Table_MainInfo] 公司研究/信息设备/半导体产品与半导体设备 证券研究报告 公司研究报告 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） ] | 56.54 | | 52 周股价波动（元） | 28.06-72.77 | | 总股本 / 流通 A 股（百万股） | 56/56 | | 总市值 / 流通市值（百万元） | 3165/3165 | | 相关研究 | | | [Table_ReportInfo] 《营收端逐季改善，毛利率季度较大提高》 | | | 2024.05.08 | | [Table_QuoteInfo] -46.70% -31.70% -16.70% -1.70% 13.30% 敏芯股份 海通综指 | --- | --- | --- | --- | |- ...

[Table_MainInfo] 公司研究/医药与健康护理/医疗保健设备与用品 证券研究报告 英诺特（688253）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） ] | 44.13 | | 52 周股价波动（元） | 23.45-52.69 | | 总股本 / 流通 A 股（百万股） | 136/69 | | 总市值 / 流通市值（百万元） | 6022/3037 | | 相关研究 | | | [Table_ReportInfo] 《国内感染快检龙头，小而美却大有可为》 | | | 2024.03.17 | | 市场表现 [Table_QuoteInfo] -25.64% 0.36% 26.36% 52.36% 78.36% 2023/11 2024/2 2024/5 2 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's Q3 2024 performance met expectations, with revenue reaching 4.08 billion yuan (YoY +41.10%, QoQ +93.42%) and net profit attributable to shareholders of 1.12 billion yuan (YoY +61.32%, QoQ +465.87%) [5] - The strong Q3 performance is attributed to increased demand for micro-prisms in periscope lenses, with two production lines operating at full capacity by mid-September [5] - The glass aspheric lens market shows significant growth potential in automotive, optical communication, and smartphone applications [6] - The company is well-positioned in the AR/VR market with its high-quality glass wafer production capabilities, supplying major players like Corning, DigiLens, and Magic Leap [6] Financial Performance - For 2024-2026, the report forecasts revenue of 1.11 billion yuan, 1.53 billion yuan, and 1.83 billion yuan respectively [7] - Net profit is expected to reach 258 million yuan, 373 million yuan, and 453 million yuan for 2024-2026 [7] - EPS projections are 0.64 yuan, 0.93 yuan, and 1.13 yuan for 2024-2026 [7] - The company's gross margin is expected to remain stable around 40% from 2024-2026 [8] Valuation - The report suggests a 2025 PE valuation range of 25-30x, corresponding to a fair value range of 23.25-27.90 yuan [7] - Compared to peers, the company's 2024E PE of 38.59x is higher than the industry average of 28.63x [9] Market Position - The company is one of the few global players capable of mass-producing 12-inch glass wafers with a refractive index of 2.0 [6] - Its micro-prism production capacity has been expanded and is operating at full capacity [5] Growth Drivers - Increasing demand for periscope lenses in smartphones [5] - Growth in automotive and optical communication applications for glass aspheric lenses [6] - Potential expansion into consumer electronics with glass molded aspheric lenses [6] - AR/VR market opportunities through glass wafer production [6]

[Table_MainInfo]行业研究/金融/银行 证券研究报告 行业信息点评 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] -11.62% -4.17% 3.28% 10.73% 18.18% 25.63% 2023/9 2023/12 2024/3 2024/6 银行 海通综指 | --- | --- | |------------------------------------------------------------------------------------------------------|-------------------------------------------------------------| | | | | | | | 资料来源：海通证券研究所 | | | 相关研究 | | | [Table_ReportInfo] 《 7 民长贷同比改善》 2024.08.13 《周报： 6 Q2 上市银行利润增速有望提升》 | 月社融数据点评 ...

Investment Rating - The investment rating for the company is "Outperform" [1] Core Views - The company reported a revenue of $8.708 billion for the first three quarters of 2024, representing a year-on-year growth of 3% [4] - Adjusted net profit for the same period was $796 million, up 8% year-on-year [4] - In Q3 2024, revenue reached $3.071 billion, a 5% increase year-on-year, with adjusted net profit growing by 20% to $297 million [4] - The diluted EPS for Q3 2024 was $0.77, reflecting a 33% increase compared to the previous year [4] Revenue and Profitability - The company’s same-store sales improved sequentially, with overall sales growth of 4%, 6% for KFC, and 2% for Pizza Hut [4] - The same-store sales declined by 3%, 2%, and 6% for overall, KFC, and Pizza Hut respectively, indicating a recovery to approximately 88% of 2019 levels, an improvement of about 1 percentage point from Q2 [4] - KFC and Pizza Hut's order volumes increased by 1% and 4%, while average transaction prices decreased by 3% and 9% respectively [4] Store Expansion and Performance - As of Q3 2024, the total number of restaurants reached 15,861, with net additions of 1,189 stores in the first three quarters [4] - KFC had 11,283 stores, with net additions of 352 in Q3, while Pizza Hut had 3,606 stores, with 102 net additions [4] - The proportion of new stores in lower-tier cities was 58% for KFC and 60% for Pizza Hut, with franchise stores accounting for 27% and 7% respectively [4] Digitalization and Shareholder Returns - The company is advancing digitalization and delivery services, with over 510 million combined members for KFC and Pizza Hut, and member sales accounting for 64% of total sales [4] - Digital orders contributed $2.61 billion, representing 90% of restaurant revenue [4] - Delivery sales grew by 18% year-on-year, making up approximately 40% of restaurant revenue [4] - The shareholder return plan has been increased by 50%, targeting $4.5 billion from 2024 to 2026 [4] Cost Control and Efficiency - The company has successfully reduced costs, with employee costs, property rents, and other operating expenses decreasing as a percentage of restaurant revenue [4] - The cost of materials and consumables accounted for 31.7% of restaurant revenue, up 0.6 percentage points year-on-year [4] - Employee costs represented 25.1% of restaurant revenue, down 0.2 percentage points year-on-year [4] Financial Forecast and Valuation - The company is expected to achieve net profits of $901 million, $963 million, and $1.048 billion for 2024, 2025, and 2026 respectively, with growth rates of 8.9%, 6.9%, and 8.9% [4] - The estimated reasonable value range for the stock is between HKD 354.0 and HKD 432.7 per share based on a PE ratio of 18-22 times for 2025 [4]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company has shown stable growth in revenue and profit, with a focus on cost reduction and efficiency improvement. For the first three quarters of 2024, the company achieved operating revenue of 12.16 billion yuan, a year-on-year increase of 12.01%, and a net profit attributable to the parent company of 620 million yuan, up 4.19% year-on-year [5][8] - The company is expanding its residential business and has signed new contracts worth 2.909 billion yuan in property management, reflecting a year-on-year growth of 3.94%. The residential sector saw a significant increase in new contracts, with a year-on-year growth of 79% [6] - The company is actively managing its assets and exploring innovative service models, which has led to an increase in service coverage and customer engagement [7] Financial Summary - For the first three quarters of 2024, the company reported total assets of 19.046 billion yuan and net assets of 10.207 billion yuan. The gross profit margin was 11.31%, down 1.35 percentage points from the same period in 2023 [5][9] - The company’s operating profit for the first three quarters of 2024 was 829.27 million yuan, a 2.50% increase year-on-year, while the total profit was 833.89 million yuan, up 2.13% year-on-year [8] - The company’s earnings per share (EPS) for 2024 is projected to be 0.85 yuan, with a reasonable valuation range of 12.71 to 14.41 yuan based on a P/E ratio of 15-17 times [6][11]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company's revenue and net profit for the first three quarters of 2024 showed significant declines, with a year-on-year decrease of 19.3% in revenue and 61.5% in net profit [5] - The company has successfully acquired coal exploration rights in Shanxi province, which is expected to enhance its resource reserves and support sustainable development [7] - The forecast for net profit from 2024 to 2026 indicates a gradual recovery, with expected figures of 36.7 billion, 49.6 billion, and 53.7 billion respectively [8] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 26.65 billion and net profit of 2.8 billion, reflecting a year-on-year decline of 19.3% and 61.5% respectively [5] - The third quarter alone saw a net profit of 570 million, down 71% year-on-year and 39% quarter-on-quarter [5] Operational Data - The company's coal production and sales in the third quarter increased by 3% and 6% respectively, while the average selling price decreased by 14.3% year-on-year [6] - The total coal production for the first three quarters was 42.47 million tons, a decrease of 4.8% year-on-year, with a total sales volume of 38.07 million tons, down 5.8% [6] Cost and Profitability - The comprehensive unit cost for the first three quarters was 376 yuan per ton, up 9.6% year-on-year, while the gross profit margin decreased to 43.2%, down 11.3 percentage points [6] - The gross profit from coal operations for the first three quarters was 10.89 billion, a decline of 34.6% year-on-year [6] Future Outlook - The company is expected to face continued pressure on performance in 2024 due to reduced production and increased costs, but improvements are anticipated in 2025 and 2026 [8] - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.23, 1.66, and 1.80 yuan respectively [8]

[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 金风科技（002202）公司研究报告 2024 年 11 月 12 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） ] | 10.94 | | 52 周股价波动（元） | 6.37-11.88 | | 总股本 / 流通 A 股（百万股） | 4225/3394 | | 总市值 / 流通市值（百万元） 相关研究 | 46222/45596 | 市场表现 [Table_QuoteInfo] -28.00% -17.00% -6.00% 5.00% 16.00% 27.00% 2023/11 2024/2 2024/5 2024/8 金风科技 海通综指 | --- | --- | --- | --- | |--------------------------| ...

[Table_MainInfo]行业研究/机械工业 证券研究报告 行业月报 2024 年 11 月 12 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -19.83% -11.93% -4.02% 3.88% 11.79% 19.69% 2023/11 2024/2 2024/5 2024/8 机械工业 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《铜箔行业：至暗时刻已过，涨价曙光初现》 2024.11.11 《无隔膜固态锂电池技术联合发布，小鹏 P7+ 正式上市》2024.11.11 《地方化债"三箭齐发"，10 月挖机销量同比 +15.1%》2024.11.10 [Table_AuthorInfo] 分析师:余伟民 Tel:(010)50 49926 Email:ywm11574@haitong.com 证书:S0850517090006 分析师:赵玥炜 Tel:(021)23185630 Email:zyw13208@haitong.com 证书:S0850520070002 分析师:刘一鸣 Te ...