Investment Rating - The report maintains a rating of "Accumulate" for the company, indicating a positive outlook for its performance relative to the market index [4]. Core Insights - The company's revenue for the first three quarters of 2024 decreased by 19.5% year-on-year to 1.013 billion yuan, and net profit attributable to shareholders fell by 56.98% to 35 million yuan [1]. - The decline in revenue is attributed to external macroeconomic factors, fluctuations in the real estate industry, and adjustments in downstream customer demand [1]. - The company is actively expanding its overseas business by increasing resource investment in key markets and establishing a robust distribution network [1]. - The company focuses on the smart water supply sector, developing a range of smart water meter products and related services [1]. Summary by Sections Financial Performance - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue down 19.5% and net profit down 56.98% [1]. - The revenue forecast for 2024-2026 is adjusted to approximately 1.485 billion, 1.710 billion, and 1.982 billion yuan, respectively, with net profit estimates of 73 million, 76 million, and 85 million yuan [2]. Business Strategy - The company is enhancing its overseas business development by targeting key markets and customers, participating in international exhibitions, and strengthening customer relationships [1]. - The focus remains on the smart water supply sector, with an emphasis on smart metering and operational solutions [1]. Market Outlook - The report suggests that the operational challenges faced by the company may persist throughout 2024 due to a complex domestic and international environment [2]. - Despite the current challenges, the company is viewed as a leader in the water meter industry with strong growth potential [2].

社会服务 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 24Q3 板块业绩承压，关注冰雪游表现 ——社服行业周报（20241028-1103） ◼ 核心观点 24Q3 社服板块业绩压力显现 在去年同期基数较高的背景下，三季度旅游及景区板块营收增长有所 放缓，与文旅部口径 24Q3 国内游客出游总花费增长放缓的趋势基本 一致；具体来看，根据 wind，24 年前三季度申万旅游及景区板块实现 总营收 266.27 亿元、同比增长 18.14%，其中 24Q3 旅游及景区总营收 108.25 亿元、同比增长 6.59%；24 年前三季度申万旅游及景区板块实 现归母净利润 28.32 亿元、同比增长 11.37%，其中 24Q3 旅游及景区 归母净利润 17.49 亿元、同比增长 10.78%； 在去年同期基数较高以及供给端压力增加等因素影响下，从季度趋势 来看，今年以来酒店餐饮板块营收与归母净利润均呈现出逐季放缓的 趋势；具体来看，根据 wind，24 年前三季度申万酒店餐饮板块实现总 营收 225.98 亿元、同比下滑 0.58%，其中 24Q3 酒店餐饮总营收 80.58 亿元、同 ...

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东威科技(688700) 公司研究/公司深度 证 券 研 究 报 告 公 司 研 究 分析师： 刘荆 E-mail： liujing@yongxingsec.com SAC编号： S1760524020002 分析师： 汪成 E-mail： wangcheng@yongxingsec.com SAC编号： S1760524110001 总股本(百万股) 298.40 无限售 A 股/总股本 100.00% 流通市值（亿元） 92.33 公 司 深 度 国内电镀设备龙头，复合铜箔+光伏电镀铜打开新兴 成长曲线 ——东威科技首次覆盖深度报告 ◼ 核心观点 国内电镀设备龙头，下游覆盖 PCB、通用五金、新能源等行业。发 展历程端，公司成立于 2005 年，2006 年第一条 VCP 垂直连续电镀设 备诞生，2007 年自主研发推出针对 PCB 的 VCP 垂直连续电镀设备， 由此开启 PCB+通用五金电镀业务并行的局面，同时近年来积极布局 复合铜箔水电镀设备、光伏电镀铜设备。财务端，2019-2023 年公司 实现营收 CAGR 19.8% ，归母净利润 CAGR 19.5%，同时公司持续保 持较高研发投入，期间平 ...

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宏观研究/宏观点评 证 券 研 究 报 告 宏 观 研 究 宏 观 点 评 货币政策的新目标、新效果、新环境 ——10 月金融数据分析 ◼ 核心观点 我们认为，下一阶段国内货币政策可以从三个方面进行观察：一是从 政策目标来看，推动价格温和回升已成为货币政策重要考量，可观察 PPI 转正、CPI 修复的持续性等。二是从政策效果来看，已经能观察到 股指、货币供应量等指标的变化，但信贷、房地产价格等仍在筑底。 三是从全球环境来看，美联储 11 月再一次降息，但美国国债收益率与 美元指数再次反弹至高位，人民币汇率稳定压力仍未解除。 一、当前货币政策坚持支持性立场，逆周期调节力度加大，促进价格 回升仍然是货币政策重要考量。9 月 24 日国新办新闻发布会提出货币 政策的五个考量：支持中国经济的稳定增长；推动价格的温和回升； 兼顾支持实体经济增长和银行业自身健康性；保持人民币汇率在合理 均衡水平上基本稳定；支持积极财政政策更好发力见效。11 月 5 日的 《国务院关于金融工作情况的报告》提出下一阶段"坚持支持性货币 政策立场，加大货币政策调控强度，提高货币政策调控精准性，有效 落实存量政策，加力推动增量政策落地见效"。1 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 21.10 yuan as of October 23, 2024 [6][7] Core Views - The company is a global leader in smart display manufacturing, focusing on customized and differentiated display products, including smart interactive panels, professional displays, innovative displays, and smart TVs [2] - The company primarily operates through an OEM model, with 83.8% of its revenue coming from overseas sales in H1 2024 [2] - The global TV OEM market is expected to grow further due to increasing demand for cost-effective local brands and channel-owned brands, benefiting the company's smart TV business [3] - The company's smart interactive display business is expected to improve, driven by the replacement cycle in overseas education markets and emerging market demand [4] - The innovative display segment, including products like mobile smart screens and VR glasses, has shown rapid growth, with revenue increasing by 128.92% YoY in 2023 and 94.1% YoY in H1 2024 [5] Business Segments Smart TV - The company's smart TV business has shown strong growth, with a 20.7% CAGR from 2019 to 2023 and a 52.7% YoY increase in H1 2024 [16][17] - The company ranks fourth in the global TV OEM market in H1 2024, with a 43.7% YoY increase in shipments [40][41] - The global TV OEM market is expected to grow further, driven by cost pressures on brand manufacturers and the shift towards local brands and channel-owned brands [37] Smart Interactive Display - The company is the global leader in smart interactive panel shipments, with a 35.7% revenue share in 2023 [44] - The global IFPD (Interactive Flat Panel Display) market is expected to grow, with education and conference markets showing significant potential [46] - The company's smart interactive display business is expected to grow, with revenue projected to reach 40.1 billion yuan in 2024, 45.8 billion yuan in 2025, and 50.3 billion yuan in 2026 [61] Innovative Display - The innovative display segment, including products like mobile smart screens, VR glasses, and smart mirrors, has shown rapid growth, with revenue increasing by 128.92% YoY in 2023 and 94.1% YoY in H1 2024 [5][57] - The company's KTC brand ranks third in the domestic online market for gaming monitors, with a 142% YoY increase in sales in H1 2024 [53] - The innovative display segment is expected to continue its strong growth, with revenue projected to reach 14.4 billion yuan in 2024, 18.0 billion yuan in 2025, and 20.7 billion yuan in 2026 [62] Financial Projections - The company's revenue is expected to grow at a CAGR of 13.9% from 2024 to 2026, reaching 153.2 billion yuan in 2024, 174.4 billion yuan in 2025, and 189.9 billion yuan in 2026 [6][65] - Net profit is expected to grow at a CAGR of 36.2% from 2024 to 2026, reaching 9.73 billion yuan in 2024, 13.25 billion yuan in 2025, and 16.01 billion yuan in 2026 [6][65] - The company's EPS is projected to be 1.42 yuan in 2024, 1.93 yuan in 2025, and 2.33 yuan in 2026, with corresponding P/E ratios of 14.7x, 10.8x, and 9.0x [6][65]

商贸零售 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 双十一临近尾声，家用电器、手机数码和服装品类展 现强劲势头 ——行业周报（20241104-1108） ◼ 行情回顾 本周，沪深 300 上涨 5.50%，商贸零售板块整体上涨 10.51%，跑赢沪深 300 指数 5.01pct，涨跌幅在申万Ⅰ级 31 个行业中排第 4 位。四大子板块皆呈上涨态势，贸 易Ⅱ、一般零售、专业连锁Ⅱ、互联网电商分别上涨 3.67%、12.34%、10.12%和 9.61%。 ◼ 核心观点 电商：双 11 的活动周期临近尾声，家用电器、手机数码和服装类目展现强劲势 头。据星图数据，截至 10 月 30 日，2024 年双十一全网累计销售额达到 8450 亿 元人民币，其中综合电商占比 80.3%，直播电商占比 19.7%，刷新 10 月历史销售 记录。从品类看，家用电器以 1324 亿元的销售额位居榜首，占据 15.7%的市场份 额。手机数码和服装类目也表现亮眼，分别以 1201 亿元和 1184 亿元的销售额占 据 14.2%和 14.0%的市场份额，位居第 2、3 位。从各平台看： 天猫：8 ...

出口提速，内销向好 ——家电行业周报（20241104-1110） 证 券 研 究 报 告 行 业 研 究 行 业 周 报 家用电器 行业研究/行业周报 ◼ 核心观点 10 月家电出口提速 海关总署披露最新家电行业出口数据，10 月家电整体出口实现收入 85.8 亿美元、同比增长 22.8%、增速环比上个月提升 18.3 个百分点， 10 月家电整体出口量 3.88 亿台、同比增长 24.5%、增速环比上个月提 升 16.6 个百分点；根据 wind，10 月家电整体出口均价同比下滑 1.4%、 增速较上个月改善 1.8 个百分点；考虑到 9 月国内受到多轮台风天气 影响，9-10 月合计来看相对更具参考性，家电整体出口收入 9-10 月合 计同比增长 12.9%，基本保持 24 年 4 月以来的两位数增长趋势；考虑 到去年基数有所恢复，24 年 10 月相对 22 年 10 月的两年复合增速为 15.2%，增速环比上月提升 6.8 个百分点；累计来看，24 年 1-10 月家 电整体出口实现收入 838.5 亿美元，同比增长 12.9%； 从产业在线披露的 11 月白电排产数据来看，空调方面，24 年 11 ...