[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]

[Table_MainInfo] 公司研究/金融/银行 证券研究报告 邮储银行（601658）公司季报点评 2024 年 11 月 16 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------|----------------------| | 股票数据 | | | [ 11 Table_StockInfo 月 14 日收盘价（元） ] | 5.19 | | 52 周股价波动（元） | 4.21-5.83 | | 股本结构 | | | [ 总股本（ Table_CapitalInfo 百万股） ] | 99161 | | 流通 A 股（百万股） | 67122 | | B 股 /H 股（百万股） | 0/19856 | | 相关研究 [Table_ReportInfo] 《邮储银行 2023 | 年年报点评：规模稳健 | | 增长，不良率保持低于 1% | 》 2024.04.03 | | 《邮储银行 23 年 Q3 | 业绩点评：营收利 | 市场表现 [Table ...

[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]

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 金地集团（600383）公司季报点评 2024 年 11 月 15 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 14 日收盘价（元） ] | 5.53 | | 52 周股价波动（元） | 2.89-6.76 | | 总股本 / 流通 A 股（百万股） | 4515/4515 | | 总市值 / 流通市值（百万元） | 24966/24966 | | 相关研究 | | | [Table_ReportInfo] 《毛利率承压，减值计提影响经营业绩》 | | | 2024.09.13 | | | 《结算下滑影响当期增速，坚守财务安全线》 | | | 2024.03.22 | | 市场表现 [Table_QuoteInfo] -46.22% -32.22% -18.22% ...

Investment Rating - The investment rating for Guotou Electric Power is "Outperform the Market" [1] Core Views - The introduction of social security strategic investment accelerates the development of clean energy and enhances the stability of the capital market. Guotou Electric Power is a comprehensive power generation company under the National Development Investment Group, sharing hydropower development rights in the Yalong River Basin with Chuan Investment Energy [4] - As of Q3 2024, the company has an installed capacity of 42.54 million kilowatts, with hydropower, thermal power, and wind/solar power capacities of 21.30 million, 13.20 million, and 8.03 million kilowatts respectively. The net profit attributable to shareholders for Q1-3 2023/24 was 6.7 billion and 6.6 billion yuan, representing year-on-year growth of 64% and 9% [4] - The company signed a strategic cooperation agreement with the social security fund in September 2024, planning to raise 7 billion yuan at a price of 12.72 yuan per share, corresponding to the issuance of 550 million shares, approximately 7.4% of the total share capital before issuance [4] Summary by Sections Market Performance - Guotou Electric Power's stock performance has shown a decline of 2.92% compared to the Haidong Composite Index, with a relative performance of -14.3% over the past month [2][3] Hydropower and Renewable Energy - The Yalong River hydropower segment has seen an increase in electricity generation, with 79.9 billion kWh and 71.5 billion kWh for hydropower and Yalong River respectively, year-on-year growth of 15.6% and 16.1%. The on-grid electricity prices have decreased by 2.2% and 1.9% respectively [5] - The company is advancing the integrated layout of hydropower, wind, and solar energy, with a planned installed capacity of 78 million kilowatts in the Yalong River hydropower and wind-solar base [5] Thermal Power - The company focuses on the construction of clean and efficient large thermal power units, with 64% of its operational thermal power being million-kilowatt units. The profitability of the thermal power segment is supported by capacity pricing [6] Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 7.5 billion, 8.5 billion, and 9.5 billion yuan for 2024-2026, with corresponding EPS of 1.00, 1.14, and 1.28 yuan. The estimated dividend yield for 2024 is 3.2% [7] - The reasonable value range for the company is estimated to be between 17.10 and 19.38 yuan, based on a PE ratio of 15-17 times for 2025 [7][14] Financial Performance - The company's revenue for 2023 is projected at 56.71 billion yuan, with a year-on-year growth of 12.3%. The net profit for 2023 is expected to be 6.71 billion yuan, reflecting a significant increase of 64.3% [8][15] - The gross profit margin is expected to improve from 36.1% in 2023 to 40.6% by 2026 [15] Shareholder Returns - According to the company's shareholder return plan, it aims to distribute at least 55% of the annual distributable profits in cash from 2024 to 2026 [7]

Investment Rating - The report assigns an "Outperform" rating to the company, indicating a positive outlook on its future performance [4] Core Views - The company is a leading domestic AI technology service provider, leveraging large language models, NLP, deep machine learning, and cloud computing to offer Model-as-a-Service (MaaS) and Business-as-a-Service (BaaS) solutions [1] - MaaS focuses on decision-making AI, helping businesses digitize their KYC and KYP processes, while BaaS uses generative AI for intelligent customer interaction and transaction facilitation [1] - The company's services are widely applied across industries such as banking, consumer finance, insurance, e-commerce, automotive, logistics, and energy [1] Financial Performance - In 2023, the company achieved revenue of approximately RMB 2.68 billion, a 31% YoY increase, with MaaS revenue at RMB 891 million (17% YoY growth) and BaaS revenue at RMB 1.79 billion (38% YoY growth) [2] - The company maintained a high gross margin of 73% in 2023, with operating profit reaching RMB 347 million, a 48% YoY increase [4] - In H1 2024, revenue grew 6% YoY to RMB 1.32 billion, with BaaS revenue increasing 11% YoY to RMB 900 million, while MaaS revenue declined 2% YoY to RMB 421 million [4] Business Segments - MaaS is the company's core business, generating stable cash flow through model output and evaluation services, with over 7,000 clients and 165 core clients in H1 2024 [6] - BaaS is the company's second growth curve, utilizing generative AI for intelligent marketing and operations, supporting over 50 million daily intelligent voice communications with a semantic understanding accuracy rate exceeding 97% [7] - BaaS financial cloud revenue grew 20% YoY in H1 2024, while BaaS insurance cloud revenue declined 3% YoY [4] Market Potential - The company is expanding its BaaS model into new sectors such as healthcare, with plans to deploy multi-modal AvatarGPT in non-financial retail scenarios like hotels, malls, and airports [8] - The company expects BaaS to facilitate transactions exceeding RMB 200 billion, with increasing bargaining power as user data and profiles expand [8] Share Repurchase - The company expanded its share repurchase plan to HKD 375 million, demonstrating confidence in its business prospects and commitment to creating shareholder value [10] Valuation and Forecast - The report forecasts 2024-2026 revenue of RMB 2.89 billion, RMB 3.26 billion, and RMB 3.76 billion, with YoY growth rates of 7.92%, 12.56%, and 15.48%, respectively [11] - Net profit is expected to be RMB 291 million, RMB 387 million, and RMB 495 million for 2024-2026, with EPS of RMB 0.59, RMB 0.79, and RMB 1.01 [11] - The company's 2025E PE is estimated at 18-20x, with a fair value range of HKD 15.44-17.15 [11]