机械设备 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 10 月挖机市场有望持续回暖，看好工程机械龙头 ——行业周报（20241028-20241101） ◼ 板块行情回顾 本期（10 月 28 日-11 月 1 日），沪深 300 下跌 1.68%，A 股申万机械 设备指数下跌 0.05%，在申万 31 个一级子行业中排名 15，跑赢沪深 300 指数 1.63 个百分点。申万机械设备二级子行业中工程机械表现较 好，上涨 4.9%，自动化设备表现较差，下跌 2.35%。申万机械设备三 级子行业中工程机械整机表现较好，上涨 5.99%，工控设备表现较差， 下跌 3.5%。 ◼ 核心观点 10 月挖机市场预计持续回暖。CME 预估 2024 年 10 月挖掘机（含出 口）销量 16000 台左右，同比增长 10%左右。按照 CME 观测数据， 2024 年 1-10 月，中国挖掘机械整体销量同比基本持平，降幅持续收 窄。其中，国内市场同比增长超过 9%，出口市场销量同比下降 8%。 数据环比 1-9 月均有改善。 挖机国内市场筑底回暖，出口市场修复。分市场看，国内市场筑底回 升态势 ...

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Investment Rating - The report maintains a "Buy" rating for the company [5][12]. Core Insights - The company achieved a revenue of 191 million yuan in the first three quarters of 2024, representing a year-on-year increase of 30.98%. The net profit attributable to the parent company reached 53 million yuan, up 107.68% year-on-year [1]. - The company is the only domestic enterprise in the neurosurgery field with a comprehensive range of implantable medical device products, including artificial dura mater patches and absorbable regenerated oxidized cellulose [1]. - New products, including absorbable regenerated oxidized cellulose and dura mater medical glue, have seen rapid sales growth, generating over 20 million yuan in revenue, nearly a 90% increase compared to the same period last year [1]. - The company has optimized its expense management, leading to an improved net profit margin of 27.65%, an increase of 10.21 percentage points year-on-year [1]. - The marketing network has expanded significantly, with partnerships established with nearly 800 distributors and product availability in over 1,700 hospitals domestically [1]. Financial Projections - The company is expected to see net profits of 67 million yuan, 92 million yuan, and 125 million yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 64.7%, 36.9%, and 35.3% [2]. - Revenue projections for the company are 291 million yuan in 2024, 380 million yuan in 2025, and 496 million yuan in 2026, with growth rates of 26.1%, 30.5%, and 30.6% respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the benchmark index by more than 20% [11]. Core Views - The company has experienced a decline in net profit for the first three quarters of 2024, with a year-on-year decrease of approximately 16%, and a significant drop of about 57% in Q3 compared to the previous quarter [2]. - The polyester filament industry is expected to see a recovery in demand, as the expansion rate of new capacity is slowing down, and smaller companies are likely to exit the market due to stricter environmental regulations [2]. - The company is advancing the construction of four major bases, which is anticipated to enhance its growth potential in the future [3]. Summary by Sections Financial Performance - For 2023, the company is projected to achieve a revenue of 61,469 million yuan, with a year-on-year growth rate of 21.0%. The net profit attributable to the parent company is expected to be 1,086 million yuan, reflecting a significant increase of 628.4% compared to the previous year [1]. - The average selling prices for POY and FDY in the first three quarters of 2024 have shown slight declines, while the price of the main raw material MEG has increased by 11.71%, leading to a reduction in profit margins [2]. Industry Outlook - The long filament industry is expected to recover due to a decrease in new capacity additions and the elimination of outdated production capacities, which will improve the competitive landscape [2]. - The report highlights that from 2023 to 2027, there will be a significant increase in PTA production capacity, leading to a favorable supply situation for raw materials, which is beneficial for the polyester segment [2]. Growth Strategy - The company is focusing on optimizing its product structure and enhancing its cost control capabilities through the development of its four major bases [3]. - Future growth is anticipated as the company continues to release new capacity and improve operational efficiencies [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the benchmark index by more than 20% [6][9][17]. Core Insights - The company reported a revenue of 1.784 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 3.74%. The net profit attributable to shareholders reached 310 million yuan, a significant increase of 163.81% year-on-year [5]. - The company is expected to benefit from a new replacement cycle in the domestic computer knitting machine market, as the typical replacement period is 5 to 8 years. The last peak in sales occurred in 2017, suggesting a strong demand ahead [5][6]. - The company is actively expanding into the Belt and Road countries, having sold over 25,000 units of its computer knitting machines to more than 20 countries along the Belt and Road since 2009 [5]. Revenue and Profit Forecast - The company is projected to achieve revenues of 2.68 billion yuan, 3.15 billion yuan, and 3.71 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 31.9%, 17.5%, and 17.9% [6][8]. - The earnings per share (EPS) are expected to be 0.49 yuan, 0.33 yuan, and 0.40 yuan for the years 2024, 2025, and 2026, with corresponding price-to-earnings (PE) ratios of 16.59, 24.83, and 20.14 [6][8].

公司短期业绩承压，加速布局海外市场 ——海天精工 2024 三季度报点评报告 | --- | |-------| | | | | | --- | |-------| | | | | | --- | |-------| | | | | ◼ 事件概述 公司发布 2024 年三季度报。前三季度公司实现营业收入 24.93 亿元， 同比-0.57%；归母净利润 4.04 亿元，同比-12.89%；扣非归母净利润 3.62 亿元，同比-9.55%；其中 24Q3 公司实现营业收入 8.14 亿元，同 比+0.26%；归母净利润 1.10 亿元，同比-22.47%；扣非归母净利润 1.05 亿元，同比-21.27%。 ◼ 核心观点 公司短期业绩承压，24Q3 盈利略微下降。前三季度公司业绩承压，营 业收入 24.93 亿元，同比-0.57%；归母净利润 4.04 亿元，同比-12.89%； 扣非归母净利润3.62亿元，同比-9.55%；24Q3公司实现毛利率27.33%， 上年同期为 31.05%；实现净利率 13.54%，上年同期为 17.51%。 国内数控机床行业龙头，产品布局多个行业。公司深耕行业二十余载， 致力于 ...

原材料降价带来毛利率提升，中硼硅模制瓶有望放量 证 券 研 究 报 告 ——力诺特玻 2024 年三季报业绩点评 公 司 研 究 公 司 点 评 ◼ 事件描述 公司发布 2024 年三季度报告, 业绩快速增长：2024 年前三季度收入 约 8.31 亿元，同比增长 20.19%；归母净利润约 0.7 亿元，同比增长 31.37%；扣非归母净利润约 0.63 亿元，同比增长 46.23%。前三季度 公司毛利率、归母净利率、扣非归母净利率分别为 19.7%、8.5%、7.6%， 分别同比提升 2.4 个百分点、0.7 个百分点、1.4 个百分点。24Q3 毛利 率、归母净利率、扣非归母净利率分别为 18.4%、7.1%、6.3%，分别 同比提升 0.2 个百分点、1.2 个百分点、1.2 个百分点。 ◼ 核心观点 毛利率提升导致净利润增长明显高于收入增长：2024 年前三季度公司 毛利率提升了 2.4 个百分点，据中报显示，主要系 2024 年以来，硼砂、 硼酸、中硼硅药用玻璃管等主要原材料以及电力、天然气价格等能源 价格采购成本均有了不同程度的下降，同时，公司加强采购管控，包 装物、辅料等采购价格降低，从而有利 ...

Group 1: Market Sentiment - The margin trading balance increased slightly, with an average of approximately 1.68 trillion yuan, up 3.12% from the previous week [2][12] - The proportion of financing purchases in total A-share trading volume decreased to an average of 10.54%, down 0.74 percentage points from the previous week [2][12] - Major indices experienced a general decline in trading volume, with the Shanghai Shenzhen 300 index seeing the largest drop of 21.75% [3][16] Group 2: Valuation Analysis - The PE valuation percentiles of major indices showed mixed results, with the CSI 1000 leading with an increase of 6.8 percentage points, while the SSE 50 saw the largest decline of 5.1 percentage points [4][18] - The financial sector led the decline in PE valuation percentiles, dropping 6.4 percentage points, while the cyclical sector saw an increase of 4.4 percentage points [24][27] - In terms of industry performance, the textile and apparel sector saw a significant increase of 9.9 percentage points, while the agriculture, forestry, animal husbandry, and fishery sector experienced the largest decline of 25.5 percentage points [5][28]

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电力设备 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 六部委联合发布指导意见，上海启动百万千瓦级深远 海海上风电示范项目 ——风电行业周报（20241028-20241101） ◼ 核心观点 政策催化，看好风电行业景气度上行。1）2024 年 10 月 30 日，国家 发改委等部门发布《关于大力实施可再生能源替代行动的指导意见》 （以下简称《意见》）。《意见》强调，要着力提升可再生能源安全可靠 替代能力，加快推进以沙漠、戈壁、荒漠地区为重点的大型风电光伏 基地建设，推动海上风电集群化开发。《意见》提出，开展深远海漂浮 式海上风电试点应用。2）上海市人民政府办公厅印发《美丽上海建设 三年行动计划（2024—2026 年）》。内容指出，启动实施百万千瓦级深 远海海上风电示范项目。 ◼ 数据跟踪 板块行情回顾：1）本周（2024 年 10 月 28 日-2024 年 11 月 1 日）电 力设备板块涨跌幅-2.44%，在 31 个申万一级行业涨跌幅排名中位列第 26 名。从电力设备板块各子行业行情来看，本周（2024 年 10 月 28 日 -2024 年 11 月 1 日）风电设备 ...