[Table_MainInfo]行业研究/机械工业/航空航天与国防 证券研究报告 行业周报 2024 年 11 月 12 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -26.88% -17.45% -8.03% 1.40% 10.83% 20.26% 2023/11 2024/2 2024/5 2024/8 航空航天与国防 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《关注三季报业绩落地》2024.10.29 《船舶月报：船型结构和供求跟踪》 2024.10.31 《航天科技八院与蓝箭航天可重复回收 火箭技术多点突破》2024.09.14 分析师:张恒晅 Email:zhx10170@haitong.com Tel:(021)23183943 证书:S0850517110002 分析师:刘砚菲 Tel:(021)23185612 Email:lyf13079@haitong.com 证书:S0850524100003 分析师:胡舜杰 Tel:(021)23155686 Email:hsj14606@h ...

[Table_MainInfo] 公司研究/建筑工程/建筑 证券研究报告 华设集团（603018）公司季报点评 2024 年 11 月 12 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------|------------| | 股票数据 | | | 11 [ Table_StockInfo 月 11 日收盘价（元） ] | 9.73 | | 52 周股价波动（元） | 5.94-10.95 | | 总股本 / 流通 A 股（百万股） | 684/676 | | 总市值 / 流通市值（百万元） | 6653/6580 | | 相关研究 | | | [Table_ReportInfo] 《利润稳定增长，低空经济产业积极探索》 | | | 2024.04.03 | | 市场表现 [Table_QuoteInfo] -21.94% -10.94% 0.06% 11.06% 22.06% 33.06% 2023/1 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company achieved a revenue of 295.139 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 3.44%. The net profit attributable to the parent company was 3.604 billion yuan, up 17.28% year-on-year. However, the non-recurring net profit decreased by 1.35% year-on-year to 2.846 billion yuan [5] - The revenue growth turned positive in Q3 after a negative Q2, with quarterly revenues showing a year-on-year increase of 8.25% in Q3. The net profit for Q3 saw a significant increase of 97.93% year-on-year [5] - The gross profit margin for the first three quarters of 2024 increased by 0.59 percentage points to 11.54%. The net profit margin also improved, rising by 0.06 percentage points to 2.07% [6] Summary by Sections Financial Performance - The company signed new orders totaling 988.859 billion yuan in the first three quarters, a year-on-year increase of 5.03%. The breakdown includes engineering construction, surveying and design, industrial manufacturing, and other businesses [6] - The company’s new signed orders in traditional energy construction increased by 46.38% year-on-year, with domestic and overseas orders growing by 4.98% and 5.19% respectively [6] - The company’s EPS for 2024 and 2025 is projected to be 0.21 yuan and 0.23 yuan respectively, with a reasonable valuation range of 2.70 to 2.91 yuan based on a P/E ratio of 13-14 times for 2024 [5][7] Market Position - The company is positioned as a leader in the energy and power industry chain, with traditional energy providing performance support and new energy and industries offering future growth points [5] - The controlling shareholder plans to increase holdings by 300 to 500 million yuan, reflecting confidence in the company's future [5] Valuation Metrics - The company’s projected revenue for 2024 is 457.573 billion yuan, with a year-on-year growth rate of 12.7%. The net profit is expected to reach 8.656 billion yuan, reflecting an 8.4% increase [9] - The company’s gross margin is expected to improve gradually, reaching 12.9% by 2026 [9]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 7.28 billion yuan for Q3 2024, representing a year-on-year increase of 27% and a quarter-on-quarter increase of 20%. The net profit attributable to the parent company was 570 million yuan, up 61% year-on-year and 25% quarter-on-quarter. The gross margin was 20.9%, an increase of 2.2 percentage points year-on-year, while the net profit margin was 7.84%, up 1.7 percentage points year-on-year [5] - The company is focusing on the development of three main business areas: intelligent cockpits, intelligent driving, and connected services. The fourth-generation intelligent cockpit domain controller has been mass-produced for clients such as Li Auto and has received multiple new project orders from various automotive manufacturers [5][6] - The company expects revenues of 27.6 billion yuan, 34.6 billion yuan, and 42 billion yuan for the years 2024, 2025, and 2026, respectively, with net profits of 2.039 billion yuan, 2.667 billion yuan, and 3.368 billion yuan for the same years. The estimated EPS for these years is 3.67 yuan, 4.81 yuan, and 6.07 yuan [6][7] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 7.28 billion yuan, a year-on-year growth of 27% and a quarter-on-quarter growth of 20%. The net profit was 570 million yuan, reflecting a year-on-year increase of 61% and a quarter-on-quarter increase of 25% [5] - The company’s gross margin was reported at 20.9%, with a net profit margin of 7.84% [5] Business Development - The company is deeply focused on the development of intelligent cockpits, intelligent driving, and connected services. The fourth-generation intelligent cockpit domain controller has been successfully mass-produced for clients like Li Auto and has secured new project orders from several automotive manufacturers [5][6] - The high-performance intelligent driving domain controller has also been mass-produced for clients such as Li Auto and Zeekr, and has received new project orders from major clients including Toyota and Great Wall Motors [6] Earnings Forecast - The company forecasts revenues of 27.6 billion yuan, 34.6 billion yuan, and 42 billion yuan for 2024, 2025, and 2026, respectively. The net profit is expected to be 2.039 billion yuan, 2.667 billion yuan, and 3.368 billion yuan for the same years, with EPS projected at 3.67 yuan, 4.81 yuan, and 6.07 yuan [6][7]

[Table_MainInfo] 公司研究/机械工业/通用机械 证券研究报告 双环传动（002472）公司季报点评 2024 年 11 月 12 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 11 日收盘价（元） ] | 32.45 | | 52 周股价波动（元） | 18.09-33.18 | | 总股本 / 流通 A 股（百万股） | 847/752 | | 总市值 / 流通市值（百万元） | 27492/24409 | | 相关研究 | | | [Table_ReportInfo] 《新能源车齿轮和智能执行机构引领增长，盈 | | | 利能力持续上行》 2024.09.06 | | | 《盈利能力持续提升，构建多元化产品生态》 | | | 2024.04.16 | | | 《精密传动平台型公司，新能源齿轮、减速器 等持续发力》 ...

Investment Rating - The investment rating for Crystal Optech (002273) is "Outperform" and is maintained [2] Core Views - Crystal Optech's Q3 2024 performance showed significant growth with revenue reaching 4.71 billion yuan (YoY +32.69%) and net profit attributable to shareholders of 862 million yuan (YoY +96.77%) [5] - The company's Q3 gross margin improved to 36.71%, an increase of 8.14 percentage points YoY, driven by increased production efficiency, new product launches, and cost reductions [6] - Crystal Optech is deepening its collaboration with a major North American customer, with potential growth driven by AI-driven optical upgrades and AR glasses [6][7] - The company is strategically positioned in the AR glasses market, with breakthroughs expected in reflective waveguide mass production [7] Financial Performance and Forecast - Crystal Optech's Q3 2024 revenue was 2.055 billion yuan (YoY +21.19%, QoQ +56.91%), with net profit attributable to shareholders of 435 million yuan (YoY +66.99%, QoQ +75.30%) [5] - The company's 2024-2026 revenue is forecasted to be 6.23 billion yuan, 8.023 billion yuan, and 9.367 billion yuan, respectively, with net profit expected to reach 1.004 billion yuan, 1.334 billion yuan, and 1.642 billion yuan [7] - EPS for 2024-2026 is projected to be 0.72 yuan, 0.96 yuan, and 1.18 yuan, respectively [7] - The company's gross margin is expected to improve from 27.8% in 2023 to 31.5% by 2026 [8] Market and Industry Analysis - Crystal Optech's stock price has shown strong performance, with a 52-week range of 8.61-23.88 yuan and a total market capitalization of 31.887 billion yuan [2] - The company's valuation is supported by its strategic positioning in the AR and AI-driven optical upgrade markets, with a PE ratio of 25-30x for 2025, implying a fair value range of 24.00-28.80 yuan [7] - Compared to peers, Crystal Optech's 2024E PE ratio of 30.08x is slightly below the industry average of 31.61x, indicating potential undervaluation [9] Operational Highlights - Crystal Optech's Q3 2024 sales, management, and R&D expense ratios improved, with management and R&D expense ratios decreasing by 0.9 and 0.12 percentage points, respectively [6] - The company's operational efficiency is expected to improve, with total asset turnover projected to increase from 0.45 in 2023 to 0.69 by 2026 [10] - Crystal Optech's cash flow from operations is forecasted to grow from 1.23 billion yuan in 2023 to 1.912 billion yuan by 2026, reflecting strong operational performance [11]

[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 爱博医疗（688050）公司季报点评 2024 年 11 月 12 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |--------------------------------------------------------------|--------------| | 股票数据 | | | 11 [ Table_StockInfo 月 11 日收盘价（元） ] | 103.23 | | 52 周股价波动（元） | 65.17-198.47 | | 总股本 / 流通 A 股（百万股） | 190/190 | | 总市值 / 流通市值（百万元） | 19567/19567 | | 相关研究 | | | [Table_ReportInfo] 《营收大幅加速，隐形眼镜板块贡献比例提 | | | 高》 2024.04.23 《公司 23 年快报：隐形眼镜等视力保健产品 | | | 快速增长》 2024.02.08 | | | 《收 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights strong growth in AI servers driven by increased demand for cloud infrastructure, with a year-on-year revenue growth of 71% in the cloud computing business and a remarkable 228% growth in AI server revenue [5]. - The company has shown robust financial performance with a revenue of 436.37 billion yuan for the first three quarters, representing a year-on-year increase of 32.71%, and a net profit of 15.14 billion yuan, up 12.28% year-on-year [4]. - The report anticipates continued revenue growth, projecting revenues of 610.74 billion yuan, 789.46 billion yuan, and 927.72 billion yuan for 2024, 2025, and 2026 respectively [6][11]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 170.28 billion yuan, a year-on-year increase of 39.53% and a quarter-on-quarter increase of 15.52%. The net profit for the same period was 6.40 billion yuan, up 1.24% year-on-year and 40.57% quarter-on-quarter [4]. - The gross margin for Q3 2024 was 6.97%, showing a year-on-year decrease of 2.32 percentage points but an increase of 0.96 percentage points from the previous quarter [4]. Market Trends - The report notes a significant increase in capital expenditures from North American cloud providers, with Amazon, Microsoft, Google, and META showing year-on-year growth rates of 88%, 50%, 62%, and 41% respectively [6]. - The demand for high-speed network equipment has surged, with revenue from 400/800G high-speed switches increasing by 128% year-on-year and 27% quarter-on-quarter in Q3 2024 [5]. Revenue Projections - The company is expected to achieve revenues of 610.74 billion yuan in 2024, with a year-on-year growth rate of 28.22%, and further growth projected for the following years [11]. - The report provides a valuation range for the company, suggesting a target price of 23.51 to 29.39 yuan based on a price-to-earnings ratio of 20-25 times for 2024 [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company reported a revenue of 919 million yuan for the first three quarters of 2024, representing a year-on-year increase of 14.03%. However, the net profit attributable to shareholders decreased by 10.74% to 191 million yuan [6] - The company has shown stable revenue growth primarily due to the consolidation of newly acquired subsidiaries, although profitability has faced slight pressure [6][7] - The company is focusing on sensor and industrial IoT sectors through investments and acquisitions, establishing a diversified business layout across multiple sensor categories [8] - The projected net profits for 2024, 2025, and 2026 are estimated at 305 million yuan, 364 million yuan, and 454 million yuan respectively, with corresponding EPS of 1.08, 1.29, and 1.62 yuan [8][9] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 363 million yuan, a year-on-year increase of 21.87%, with a net profit of 74 million yuan, up by 0.38% [6] - The gross margin for the first three quarters of 2024 was 43.32%, slightly down by 0.35 percentage points year-on-year, while the net margin was 23.68%, down by 4.87 percentage points [6] - Operating cash flow for the first three quarters was 148 million yuan, reflecting a year-on-year increase of 28.28% [7] Business Segmentation and Forecast - The company’s revenue from mechanical sensors and instruments is projected to grow significantly, with expected revenues of 796.2 million yuan in 2024, 915.6 million yuan in 2025, and 1,053 million yuan in 2026 [10] - The industrial IoT and system integration segment is also expected to see growth, with revenues forecasted at 361.6 million yuan in 2024 and 470.1 million yuan in 2025 [10] - The overall revenue forecast for the company is 1,268.8 million yuan in 2024, 1,520.3 million yuan in 2025, and 1,832.5 million yuan in 2026, indicating a robust growth trajectory [10][12]

Investment Rating - The investment rating for the company is "Outperform the Market" [1][8]. Core Views - The company's Q3 revenue and net profit attributable to shareholders were under pressure, with a revenue of 9.21 billion yuan, down 17.98% year-on-year, and a net profit of -304 million yuan. Q3 revenue was 2.238 billion yuan, down 47.31% year-on-year, with a net profit of -113 million yuan. The gross margin was 14.21%, up 9.04 percentage points year-on-year, but down 0.43 percentage points quarter-on-quarter [5][8]. - The company expects a rebound in Q4 due to improved shipment volumes, with an estimated total shipment volume of 16.5 GWh for the year, representing a 2% year-on-year increase [5][10]. - The new SPS product line is expected to contribute to domestic gross margin improvement starting in 2025, with significant production planned for the Ganzhou and Guangzhou bases [6][10]. - The European new energy vehicle market is anticipated to benefit from stricter carbon emission regulations, with expected sales growth of over 28% in 2025 [7][10]. - The company forecasts net profits of -390 million yuan in 2024, 333 million yuan in 2025, and 606 million yuan in 2026, with corresponding EPS of -0.32, 0.27, and 0.50 yuan [8][10]. Financial Summary - For 2024, the company expects revenue of 14.204 billion yuan, a decrease of 13.6% year-on-year, followed by revenue growth of 33.4% in 2025 and 27.3% in 2026 [9][14]. - The gross margin is projected to improve to 13.6% in 2024, 14.1% in 2025, and 13.4% in 2026 [9][14]. - The company has a total market capitalization of 16.645 billion yuan, with a total share capital of 1.222 billion shares [1][9].