分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 通用设备 最差阶段已过，明年风电装机有望高增长 带动业绩反转 ——新强联(300850)三季报点评 | --- | --- | --- | |----------------------------|----------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 证券研究报告 - 季报点评 | 买入 ( 维持 ) | | 市场数据 | (2024-11-04) | 发布日期： 2024 年 11 月 ...

传媒 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 区域性文化领军企业，主营业务发展稳健 ——中原传媒(000719)公司深度分析 | --- | --- | --- | --- | |--------------------------------------|------------------------------------------------------------------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 半导体 聚焦高性能先进封装，提升存储器封测 全球竞争力 ——长电科技(600584)季报点评 | --- | --- | --- | |----------------------------------------------|----------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 | - 季报点 ...

分析师:李琳琳 基记编码：S0730511010010 lill@ccnew.com 021-50586983 化学制药 业绩短期承压 安图生物(603658)季报点评 增持(维持) 发布日期: 2024 年 11 月 05 日 证券研究报告-季报点评 | --- | --- | --- | |---------------------------|---------------------|-------| | 市场数据(2024-11-04) | | | | 收盘价(元) | 45.65 | | | 一年内最高/最低(元) | 66.36/38.18 ● | | | 沪深 300 指数 | 3,944.76 | | | 市净率(倍) | 3.16 | | | 流通市值(亿元) | 265.23 | | | 基础数据(2024-09-30) | | | | 每股净资产(元) | 14.46 | | | 每股经营现金流(元) | 1.63 | | | 毛利率(%) | 65.86 | | | 净资产收益率_摊薄(%) | 11.38 | | | 资产负债率(%) | 25.49 | | | 总股本/流通股(万 ...

分析师:邹臣 基记编码：S0730523100001 zouchen@ccnew.com 021-50581991 半导体 聚焦高性能先进封装,提升存 长电科技(600584)季报点评 | --- | --- | --- | |-----------------------------------|-----------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 证券研究报告-季报点评 | 买入(维持) | | 市场数据(2024-11-04) | | 发布日期: 2024年11月05日 | ...

资料来源：中原证券研究所，聚源 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -21% -16% -11% -6% -1% 4% 9% 14% 2023.11 2024.03 2024.07 2024.11 上证指数 深证成指 资料来源：中原证券研究所，聚源 | --- | --- | --- | |-------------------------|--------------------------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 3,310.21 | 1.17 | | 深证成指 | 10,663.10 | 1.99 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,944.76 | 1.41 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3, ...

市场数据(2024-11-01) 收盘价(元) 27.28 一年内最高/最低(元) 57.52/21.72 沪深 300 指数 3,890.02 市净率(倍) 2.15 流通市值(亿元) 43.65 基础数据(2024-09-30) 每股净资产(元) 12.66 每股经营现金流(元) 0.58 毛利率(%) 66.86 净资产收益率_摊薄(%) 3.62 资产负债率(%) 27.15 总股本/流通股(万股) 16,000.00/16,000.00 B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 分析师：李琳琳 登记编码：S0730511010010 lill@ccnew.com 021-50586983 业绩持续承压，静待行业回暖 其他医药医疗 ——翔宇医疗(688626)中报点评 发布日期：2024 年 11 月 04 日 投资要点： 证券研究报告-季报点评 增持(维持) ⚫ 公司是国内康复医疗器械行业内研发引领型企业。主要布局康复 评定（包括评估肌力，神经障碍，功能损失程度等），训练康复 （包括运动，主被动训练等康复训练设备），理疗器械（包括声光 电测热设备，物理康复医疗设备） ...

分析师：李智 登记编码：S0730524080001 lizhi@ccnew.com 互换便利新工具及其影响 证券研究报告-宏观专题 互换便利创新工具迅速落地：9 月 24 日，国新办举行新闻发布会， 中国人民银行行长潘功胜首次提出创设证券、基金、保险公司互换便 利，首期操作规模 5000 亿元，未来可视情况扩大规模。10 月 22 日至 24 日，中金公司、国泰君安相继公告完成互换便利项下股票买入。 | --- | --- | |----------------------|---------------------| | | | | 相关报告 | | | 《宏观专题：金融加力 | 干字当头 未来可期》 | | （ 2024-10-04 ） | | 联系人：马嶔琦 互换便利的基本操作。互换便利（SFISF）是以一定比例换券的方式 进行操作：通过允许符合条件的证券、基金与保险公司等非银机构"以 券换券"的方式，将沪深 300 成分股、股票 ETF、债券等资产作为抵 押以获取如央行票据这样的高等级流动性资产。非银金融机构获得更 高流动性资产后，可通过质押式回购的方式质押高流动性资产，在遵 循风险自负的原则下将获 ...

Investment Rating - The report maintains a "Buy" rating for AVIC Optoelectronics (002179) [1] Core Views - AVIC Optoelectronics achieved a year-on-year revenue growth of 6.45% in Q3 2024, with a narrowing decline in net profit [1] - The company's overall orders have shown signs of recovery, and full-year performance is expected to grow [1] - The company's gross margin slightly declined, but cost control remained effective, maintaining stable profitability [1] - The company's military and civilian businesses are expected to sustain growth, driven by downstream demand in sectors such as military, communications, new energy vehicles, data centers, and photovoltaic energy storage [2] Financial Performance - In the first three quarters of 2024, AVIC Optoelectronics reported revenue of 14.095 billion yuan, a year-on-year decrease of 8.23%, and net profit of 2.513 billion yuan, a year-on-year decrease of 13.15% [1] - Q3 2024 revenue was 4.898 billion yuan, a year-on-year increase of 6.45%, while net profit was 845 million yuan, a year-on-year decrease of 10.14% [1] - The company's gross margin and net margin for the first three quarters of 2024 were 36.61% and 18.83%, respectively, down by 2.18 and 0.98 percentage points year-on-year [1] - The company's sales, management, R&D, and financial expense ratios were 2.1%, 5.64%, 8.82%, and -0.46%, respectively, with a total expense ratio of 16.1%, up 0.49 percentage points year-on-year [1] Business Segments - The company's civil business focuses on strategic emerging industries, with rapid development in liquid cooling, achieving a compound growth rate of over 50% in the past five years [2] - The company is actively expanding its civil aircraft business and providing supporting products and technical services for domestic large aircraft [2] - The company is also developing low-altitude economy solutions and promoting low-altitude aircraft interconnection solutions [2] Industry Outlook - The aerospace industry's financial performance has shown marginal improvement, with orders gradually recovering [2] - With the 14th Five-Year Plan entering its final year, military orders are expected to recover and grow, releasing delayed orders from previous years [2] - The company's downstream industries, including military, communications, new energy vehicles, data centers, and photovoltaic energy storage, are expected to maintain steady demand growth [2] Valuation and Forecast - The report revises down the company's revenue forecasts for 2024-2026 to 20.835 billion yuan, 24.931 billion yuan, and 28.764 billion yuan, respectively [3] - The net profit forecasts for 2024-2026 are revised down to 3.507 billion yuan, 4.373 billion yuan, and 5.149 billion yuan, respectively [3] - The corresponding P/E ratios for 2024-2026 are 26.13X, 20.96X, and 17.8X, indicating a relatively low valuation level [3] Historical Financial Data - In 2023, the company achieved revenue of 20.074 billion yuan, a year-on-year increase of 26.75%, and net profit of 3.339 billion yuan, a year-on-year increase of 22.86% [4] - The company's gross margin and net margin in 2023 were 37.95% and 16.63%, respectively [11] - The company's ROE in 2023 was 16.29%, with a debt-to-asset ratio of 38.11% [11]

分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 半导体 持续丰富产品矩阵，不断构筑半导体设 备平台核心优势 ——北方华创(002371)季报点评 | --- | --- | --- | |------------------------------------------------------|-----------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 | - 季报点评 | 买入 ( 维持 ) | ...