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长电科技:点评报告:24Q3营收创单季度新高,收购晟碟半导体完成交割
万联证券· 2024-11-05 01:00
Investment Rating - The investment rating for the company is "Add" [4] Core Insights - The company achieved a record high revenue of 94.91 billion yuan in Q3 2024, representing a year-on-year increase of 14.95% and a quarter-on-quarter increase of 9.79%. This growth was driven by increased business from certain clients and improved capacity utilization [2] - The gross margin for Q3 2024 was 12.23%, down 2.13 percentage points year-on-year and 2.05 percentage points quarter-on-quarter, primarily due to slow recovery in demand from automotive electronics and industrial sectors, adjustments in customer structure, and rising raw material costs [2] - The net profit margin for Q3 2024 was 4.78%, down 1.01 percentage points year-on-year and 0.81 percentage points quarter-on-quarter, with overall expense control remaining good [2] - The acquisition of 80% of Shengdian Semiconductor has been completed, which is expected to enhance the company's annual performance and strengthen its competitiveness in the storage packaging and testing sector [2] - The company forecasts revenue of 340.37 billion yuan for 2024, with a projected net profit of 16.72 billion yuan, corresponding to a PE ratio of 41.30x [7] Summary by Sections Revenue and Profitability - For the first three quarters of 2024, the company reported revenue of 249.78 billion yuan, a year-on-year increase of 22.26%, and a net profit attributable to shareholders of 10.76 billion yuan, up 10.55% year-on-year [1] - The company’s Q3 2024 net profit attributable to shareholders was 4.57 billion yuan, down 4.39% year-on-year and 5.57% quarter-on-quarter [2] Expense Management - The management expense ratio for the first three quarters was 2.13%, down 0.49 percentage points year-on-year, indicating effective expense control [2] - Financial expenses increased to 0.43% due to exchange losses from the appreciation of the RMB [2] Acquisition Impact - The acquisition of Shengdian Semiconductor is expected to significantly boost the company's annual performance and market share in the storage and computing electronics sector [2] Forecasts - The company anticipates revenue growth of 14.75% in 2024, with further increases projected for 2025 and 2026 [3][7]
万联证券:万联晨会-20241104
万联证券· 2024-11-04 01:05
[Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 11 月 04 日 星期一 [Table_Summary] 概览 核心观点 【市场回顾】周五 A 股三大指数集体收跌,截止收盘,沪指收跌 0.24%, 深成指收跌 1.28%,创业板指收跌 1.88%。沪深两市成交额 2.23 万亿 元。申万行业方面,有色金属、钢铁、煤炭领涨,计算机、电子、国 防军工领跌;概念板块方面,稀土永磁、金属锌、小金属概念概念领 涨,华为欧拉、DRG/DIP、智谱 AI 概念领跌。港股方面,恒生指数收 涨 0.93%,恒生科技指数收跌 0.34%;海外方面,美国三大指数集体 收涨,道指收涨 0.69%,标普 500 收涨 0.41%,纳指收涨 0.8%。 【重要新闻】 【广东前三季度经济增速 3.4%】截至 11 月 1 日,广东省以及省内 21 地市经济三季报全数出炉:作为第一经济大省,广东今年前三季度的 经济增速(3.4%,下同)低于全国平均水平(4.8%);珠三角 9 市当 中,也仅有深圳(5.4%)"跑赢"全国,广州(2%)、佛山(1.6%)甚至 低于全省平均水平。 【六部门:将 ...
策略跟踪报告:股票基金仓位回升,市场信心有所修复
万联证券· 2024-11-03 08:07
[Table_RightTitle] 策略研究|策略跟踪报告 | --- | --- | --- | --- | --- | |---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...
人形机器人行业快评报告:众擎SE01人形机器人发布,人形机器人量产渐进
万联证券· 2024-11-01 07:33
[Table_RightTitle] [Table_Title] 众擎 SE01 人形机器人发布,人形机器人量 产渐进 [Table_ReportType] ——人形机器人行业快评报告[Table_ReportDate] 2024 年 10 月 31 日 [行业Table_Summary] 事件: 10 月 24 日,深圳市众擎机器人科技有限公司于发布了其首款全尺寸通 用人形机器人 SE01。 投资要点: 证 券 研 究 报 告 行业快评报告 行业研究 3243 SE01 展现出优秀的自然步态,主定位为工业机器人。SE01 身高 170cm, 体重约为 55kg,整机共 32 个自由度,续航可达 2 小时,常态行走速度 达 2m/s,可实现上下蹲、俯卧撑、转圈走、抓取、跑跳等人类动作。 SE01 作为众擎的旗舰产品,致力于打造最拟人的通用人形智能体,核 心关节均采用自主研发的一体化谐波关节模组,内置 NVIDIA 和 Intel 双处理器,结合卓越的强化学习和模仿学习运控方案,并利用端到端神 经网络模型,实现了出色的自然步态,告别其它机器人小碎步、弯腿、 剁脚等不自然的步态,其设计显著缩小了 AI 与人类之间 ...
汽车行业快评报告:9月汽车产销同比下滑,新能源车表现亮眼
万联证券· 2024-11-01 07:33
[Table_RightTitle] [Table_Title] 9 月汽车产销同比下滑,新能源车表现亮眼 [Table_ReportType] ——汽车行业快评报告[Table_ReportDate] 2024 年 10 月 31 日 [行业Table_Summary] 事件: 近日,中国汽车工业协会发布 2024 年 9 月汽车产销数据及经济运行情 况。 投资要点: 汽车产销环比上涨,同比下滑。9 月我国汽车产销分别完成 279.6 万辆 和 280.9 万辆,环比分别增长 12.2%和 14.5%,同比分别下降 1.9%和 1.7%。1-9 月,汽车产销分别完成 2147 万辆和 2157.1 万辆,同比分别 增长 1.9%和 2.4%,产销增速较 1-8 月分别收窄 0.6 和 0.7 个百分点。 新能源汽车景气度较高。9 月新能源汽车产销分别达到 130.7 万辆和 128.7 万辆,同比分别增长 48.8%和 42.3%,新能源汽车新车销量占汽 车新车总销量的 45.8%。1-9 月,新能源汽车产销分别完成 831.6 万辆 和 832 万辆,同比分别增长 31.7%和 32.5%,新能源汽车新车 ...
轻工制造行业快评报告:1-9月消费品制造业保持良好增长,家具行业利润同比涨幅扩大
万联证券· 2024-11-01 07:33
[Table_RightTitle] 证券研究报告|轻工制造 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...
东鹏饮料:点评报告:渠道、产品建设高歌猛进,业绩增速亮眼
万联证券· 2024-11-01 01:45
Investment Rating - The report maintains an "Overweight" rating for the company [4] Core Views - The company's Q3 2024 net profit attributable to shareholders increased by 78.42% YoY, with further acceleration compared to Q2 2024 [2] - Revenue for Q1-Q3 2024 reached RMB 12.558 billion, a 45.34% YoY increase, with net profit attributable to shareholders at RMB 2.707 billion, up 63.53% YoY [1][2] - The company's performance exceeded expectations, driven by strong growth in core products and new product lines [2][5] Channel Performance - The company implemented a refined channel strategy, expanding nationwide sales channels, leading to growth in new products like the 500ml Gold Bottle and "Dongpeng Hydration" [2] - Revenue from Guangdong region, national region, and national direct sales for Q1-Q3 2024 were RMB 3.427 billion, RMB 7.329 billion, and RMB 1.774 billion, respectively, with YoY growth rates of 19.65%, 55.10%, and 69.87% [2] - The Southwest and North China regions showed particularly strong growth, with revenues of RMB 1.366 billion and RMB 1.503 billion, up 67.07% and 83.54% YoY, respectively [2] Product Performance - Core product Dongpeng Special Drink generated RMB 10.507 billion in revenue for Q1-Q3 2024, a 31.43% YoY increase [2] - Dongpeng Hydration revenue reached RMB 1.211 billion, up 292.11% YoY, accounting for 9.66% of total revenue [2] - Other beverage products grew by 145.43% YoY to RMB 812 million, contributing 6.48% to total revenue [2] Profitability and Cost Management - Gross margin for Q1-Q3 2024 was 45.05%, up 2.53 percentage points YoY, driven by lower raw material costs [5] - The company effectively controlled expenses, with sales, management, R&D, and financial expense ratios decreasing to 16.42%, 2.44%, 0.40%, and -1.07%, respectively [5] - Net profit margin improved to 21.56%, up 2.40 percentage points YoY [5] Financial Forecasts - Revenue for 2024E, 2025E, and 2026E is projected to be RMB 16.418 billion, RMB 23.071 billion, and RMB 31.136 billion, with YoY growth rates of 45.77%, 40.52%, and 34.96%, respectively [3][5] - Net profit attributable to shareholders is forecasted to be RMB 3.328 billion, RMB 4.438 billion, and RMB 5.907 billion for 2024E, 2025E, and 2026E, respectively [3][5] - EPS for 2024E, 2025E, and 2026E is expected to be RMB 6.40, RMB 8.53, and RMB 11.36, respectively [3][5] Strategic Development - The company is transitioning from a single-category focus to a multi-category comprehensive beverage group, with strategic synergies in electrolyte drinks, tea-based drinks, coffee-based drinks, and pre-mixed alcoholic beverages [5] - The company continues to strengthen its brand reputation through advertising and channel refinement, particularly in Guangdong, while expanding its national market presence [5]
五粮液:2024年三季报点评报告:Q3业绩承压,强化股东回报
万联证券· 2024-11-01 01:45
[Table_RightTitle] 数据来源:携宁科技云估值,万联证券研究所 证券研究报告|食品饮料 [Table_StockRank] 增持(维持) | --- | --- | |------------------|---------------------| | | | | 基础数据 | [Table_BaseData] | | 总股本(百万股) | | | 流通 A | 股(百万股) | | 收盘价(元) | | | 总市值(亿元) | | | | 流通A股市值(亿元) | | --- | |----------| | | | | | | | 3,881.61 | | | | 3,881.53 | | | | 148.80 | | 5,775.83 | | 5,775.71 | [Table_Chart] 个股相对沪深 300 指数表现 -40% -30% -20% -10% 0% 10% 20% 30% 五粮液 沪深300 数据来源:聚源,万联证券研究所 [Table_ReportList] 相关研究 业绩平稳增长,推进高端布局 营收利润稳增长,质量回报双提升 Q3 业绩超预期,营收利润增速环比大 ...
万联证券:万联晨会-20241101
万联证券· 2024-11-01 01:08
[Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 11 月 01 日 星期五 [Table_Summary] 概览 核心观点 【市场回顾】 周四 A 股三大指数集体收涨,截止收盘,沪指收涨 0.42%,深成指收 涨 0.57%,创业板指收涨 0.6%。沪深两市成交额 22166.51 亿元。申 万行业方面,房地产、非银金融、电子领涨,家用电器、美容护理、 银行领跌;概念板块方面,光刻机、信托概念、TOPCON 电池领涨,中 船系、同花顺出海 50、青蒿素概念领跌。港股方面,恒生指数收跌 0.31%,恒生科技指数收跌 0.32%;海外方面,美国三大指数集体收 跌,道指收跌 0.9%,标普 500 收跌 1.86%,纳指收跌 2.76%。 【重要新闻】 【一揽子增量政策显效,中国官方制造业 PMI 时隔 5 个月重回荣枯 线之上】国家统计局数据显示,10 月份制造业 PMI 为 50.1%,环比升 0.3 个百分点,连续两个月上升,且在连续 5 个月运行在 50%以下后 回到景气区间;非制造业 PMI 为 50.2%,环比升 0.2 个百分点,连续 5 个月稳定在 ...
2024年10月策略月报:流动性改善有望助推市场回暖
万联证券· 2024-10-31 03:35
[Table_RightTitle] 策略研究|策略月报 | --- | --- | --- | --- | |-------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...