基本状况 报告摘要 上海机场于 2024 年 10 月 30 日发布 2024 年三季报： 上海机场（600009.SH） 航空机场 证券研究报告/公司点评报告 2024 年 11 月 02 日 Q3 业绩同比改善，静待非航收入提升 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|----------------------------------|-----------------|--------------------------------------------------|------------|-------------|-------------| | 评级： 买入（维持） | 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | | 营业收入（百万元） | 5,480 | 11,047 | 13,453 | 14,947 | 16,459 | | 分析师：杜冲 | 增长率 yoy% | 47% | 102% | 22% ...

东阿阿胶（000423.SZ） 中药Ⅱ 证券研究报告/公司点评报告 2024 年 11 月 04 日 Q3 高质量增长，业绩可持续性强 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------|---------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------|---------------------------------------------------- ...

晨光股份（603899.SH） 文娱用品 证券研究报告/公司点评报告 2024 年 11 月 02 日 收入稳定增长，线上业务表现靓丽 ——晨光股份 24Q3 点评 | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------|-----------|------------------------------------------------------------------------------------------------|-------------------------------------------------------------------|----------------------------------------------------|----------------------------------|------------------------------| | 评级： 买入（维持） | | 公 ...

海信视像（600060.SH） 黑色家电 证券研究报告/公司点评报告 2024 年 11 月 02 日 Q3 收入回温，期待 Q4 利润率提升 ——海信视像 24Q3 点评 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------|------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|----------------------------------|--------------------------------------------------|--------------------------- ...

索菲亚（002572.SZ） 家居用品 证券研究报告/公司点评报告 2024 年 11 月 02 日 Q3 收入端承压，盈利能力稳健，看好 Q4 订单改善 ——索菲亚 24Q3 点评 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|----------------------------------------------------------------------------------------------------------|--------------------------------------------------------------- ...

台华新材（603055.SH） 纺织制造 证券研究报告/公司点评报告 2024 年 11 月 03 日 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn 分析师：郭美鑫 执业证书编号：S0740520090002 Email：guomx@zts.com.cn 执业证书编号：S0740523070001 Email：zouwj@zts.com.cn 报告摘要 事件：三季度业绩靓丽符合预期。公司前三季度实现营业收入 51.85 亿元，同比 +47.46%；实现归母净利润 6.19 亿元，同比+89.19%；扣非后归母净利润 5.23 亿元， 同比+110.85%。分季度看，Q1/Q2/Q3 分别实现营业收入 14.72/19.46/17.66 亿元， 同比分别+51.72%/+58.74%/+33.86%；实现归母净利润 1.5/2.74/1.95 亿元，同比分 别+101.13%/+152.37%/+35.31%；扣非后归母净利润 1.35/2.36/1.51 亿元，同比分 别+377.67%/+150.26%/+20.9%。前三季度公司资产减值损失 7468 ...

Investment Rating - Buy (Maintained) [1] Core Views - Performance meets expectations with steady progress in mergers and acquisitions integration [1] - Sales expense ratio continues to optimize, and net profit margin shows a steady increase [1] - Kunming Pharmaceutical integration is progressing steadily, and the proposed acquisition of Tianjin Tasly is expected to contribute incremental growth [1] - The company's long-term strategic planning is clear, with a focus on innovative traditional Chinese medicine and prescription drugs [1] Financial Performance Summary Revenue and Profit - 2024 Q3 revenue: 19.74 billion CNY, up 6.08% YoY [1] - 2024 Q3 net profit attributable to parent company: 2.96 billion CNY, up 23.19% YoY [1] - 2024 Q3 non-GAAP net profit: 2.75 billion CNY, up 19.48% YoY [1] - 2024E revenue forecast: 26.57 billion CNY, up 7% YoY [1] - 2024E net profit attributable to parent company forecast: 3.35 billion CNY, up 17% YoY [1] Profit Margins - Gross margin for the first three quarters of 2024: 52.68%, up 2.08pp YoY [1] - Net margin for the first three quarters of 2024: 14.99%, up 0.89pp YoY [1] Key Financial Ratios - ROE: 12% for 2024E [1] - P/E: 17.6 for 2024E [1] - P/B: 2.7 for 2024E [1] Strategic Developments - Kunming Pharmaceutical integration is progressing steadily, with increased investment in the Panax notoginseng industry chain [1] - Proposed acquisition of Tianjin Tasly for 6.21 billion CNY, expected to be completed in Q1 2025 [1] - Post-acquisition, the company will focus on innovative traditional Chinese medicine and prescription drugs, while Kunming Pharmaceutical will focus on the elderly health industry [1] Financial Forecasts Revenue and Profit Forecasts - 2025E revenue: 29.28 billion CNY, up 10% YoY [1] - 2025E net profit attributable to parent company: 3.88 billion CNY, up 16% YoY [1] - 2026E revenue: 32.09 billion CNY, up 10% YoY [1] - 2026E net profit attributable to parent company: 4.46 billion CNY, up 15% YoY [1] Key Financial Ratios Forecasts - ROE: 12% for 2025E and 2026E [1] - P/E: 15.2 for 2025E and 13.3 for 2026E [1] - P/B: 2.3 for 2025E and 2.0 for 2026E [1] Balance Sheet and Cash Flow Balance Sheet Highlights - Total assets: 43.08 billion CNY for 2024E [2] - Total liabilities: 15.36 billion CNY for 2024E [2] - Equity attributable to parent company: 22.05 billion CNY for 2024E [2] Cash Flow Highlights - Operating cash flow: 5.87 billion CNY for 2024E [2] - Investment cash flow: -1.05 billion CNY for 2024E [2] - Financing cash flow: -865 million CNY for 2024E [2] Valuation and Ratios - P/E: 21 for 2023A, 18 for 2024E, 15 for 2025E, 13 for 2026E [2] - P/B: 3 for 2023A, 3 for 2024E, 2 for 2025E, 2 for 2026E [2] - EV/EBITDA: 40 for 2023A, 33 for 2024E, 30 for 2025E, 27 for 2026E [2] Growth and Profitability - Revenue growth rate: 7.4% for 2024E, 10.2% for 2025E, 9.6% for 2026E [2] - EBIT growth rate: 16.3% for 2024E, 13.4% for 2025E, 15.3% for 2026E [2] - Net profit growth rate: 17.4% for 2024E, 15.7% for 2025E, 14.9% for 2026E [2] - Gross margin: 53.6% for 2024E, 54.4% for 2025E, 55.4% for 2026E [2] - Net margin: 14.0% for 2024E, 14.7% for 2025E, 15.5% for 2026E [2]

北美云厂资本开支乐观，NV/国产自主双主线 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------- ...

执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn 分析师：郭美鑫 执业证书编号：S0740520090002 Email：guomx@zts.com.cn 分析师：邹文婕 执业证书编号：S0740523070001 2024/10/28-2024/11/01 上证指数-0.84%，深证成指-1.55%，轻工制造指数-0.64%， 在 28 个申万行业中排名第 17；纺织服装指数-2.46%，在 28 个申万行业中排名第 22。轻工制造指数细分行业涨跌幅分别为：包装印刷（0.81%），家居用品（-0.73%）， 造纸（-1.02%），文娱用品（-3.3%）。纺织服装指数细分行业涨跌幅分别为：饰 品（-1.29%），纺织制造（-1.68%），服装家纺（-3.34%）。 Email：zouwj@zts.com.cn 分析师：吴思涵 执业证书编号：S0740523090002 Email：wush@zts.com.cn | --- | --- | |---------------------|----------| | | | | 基本状况 | | | 上市公司数 ...

【中泰研究丨晨会聚焦】电子王芳：AI 全视角-科技大厂财报专题｜苹果 FY24Q4 点评：收入超预期，补缴税收影响利润表现 证券研究报告 2024 年 11 月 4 日 [Table_Industry] [T[分Taa析bbl师lee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： Email： [b_Suy 今日预览 今日重点>> 【电子】王芳：AI 全视角-科技大厂财报专题｜苹果 FY24Q4 点评：收入 超预期，补缴税收影响利润表现 欢迎关注中泰研究所订阅号 晨报内容回顾： 请务必阅读正文之后的重要声明部分 晨会聚焦 今日重点 【电子】王芳：AI 全视角-科技大厂财报专题｜苹果 FY24Q4 点评：收入超预期，补缴税收影响利 润表现 FY24Q4 苹果实现营业收入 949.3 亿美元，yoy+6.1%，qoq+10.7%，高于市场预期（943.6 亿美元）， 亦超公司预期（此前指引 yoy+5%），分业务来看，iPhone 业务超预期。分地区来看，美洲、欧洲、 日本、其他亚太地区均超市场预期。 盈利能力方面，FY24Q4 苹果综合毛利率 46.2%，yoy+1.1p ...