三环集团：24Q2 同环比高增，盈利能力提升显著 三环集团（300408.SZ）/电子 证券研究报告/公司点评 2024 年 09 月 02 日 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：23.88 元/股 [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 4,567 4,330 4,928 5,872 7,050 增长率 yoy% 3% -5% 14% 19% 20% 净利润（百万元） 307 519 603 750 917 增长率 yoy% -37% 69% 16% 24% 22% 每股收益（元） 0.97 1.63 1.90 2.36 2.89 每股现金流量 3.27 2.91 6.27 3.63 4.07 净资产收益率 8% 13% 13% 14% 15% P/E 24.7 14.6 12.6 10.1 8.3 P/B 2.0 1.8 1.7 1.4 1.3 备注：股价更新于 2024 年 8 月 30 日，每股指标按照最新股本数全面摊薄 [Table_Profit] 基本状况 总股本(百万股) 317 流通股本(百万股) 256 市价(元) 23.88 市值(百万元) 7,579 流通市值(百万元) 6 ...

[Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：24.28 元/股 [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 10,514 10,757 12,654 14,707 17,467 增长率 yoy% 10% 2% 18% 16% 19% 净利润（百万元） 1,066 936 1,355 1,574 1,903 增长率 yoy% 14% -12% 45% 16% 21% 每股收益（元） 1.14 1.00 1.45 1.69 2.04 每股现金流量 1.67 2.51 2.32 2.47 2.74 净资产收益率 13% 10% 13% 14% 14% P/E 21.2 24.2 16.7 14.4 11.9 P/B 2.8 2.6 2.3 2.0 1.7 备注：股价更新于 2024 年 8 月 30 日，每股指标按照最新股本数全面摊薄 [Table_Profit] 基本状况 总股本(百万股) 933 流通股本(百万股) 921 市价(元) 24.28 市值(百万元) 22 ...

[Table_Title] 评级：买入（维持） 市场价格：34.39 元 [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 768 1,037 1,339 1,853 2,271 增长率 yoy% 67% 35% 29% 38% 23% 净利润（百万元） -29 -20 -8 51 103 增长率 yoy% -751% 34% 57% 710% 102% 每股收益（元） -0.07 -0.05 -0.02 0.12 0.25 每股现金流量 -0.27 -0.64 -0.15 0.27 0.22 净资产收益率 -8% -1% 0% 2% 5% P/E -479.3 -721.9 -1693.0 277.4 137.1 PEG - -21.5 -29.5 0.4 1.3 P/B 38.9 6.0 6.2 6.3 6.2 备注：以 2024 年 9 月 2 日收盘价计算 [Table_Profit] 基本状况 总股本(百万股) 410 流通股本(百万股) 40 市价(元) 34.39 市值(百万元) 14,100 流通市值( ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 9.88 [1]. Core Views - The company is expected to benefit from the continuous growth in its aerospace and nuclear energy sectors, capitalizing on opportunities in the "low-altitude + low-carbon" development strategy [2][4]. - The company reported a revenue of 1.268 billion yuan in the first half of 2024, a year-on-year increase of 7.12%, while the net profit attributable to shareholders decreased by 5.95% to 152 million yuan [3]. - The company is actively extending its value chain and has a robust order backlog in its two-machine business, with significant growth in aerospace new materials and components [4][6]. Financial Summary - **Revenue Forecast**: - 2022A: 2,198 million yuan - 2023A: 2,412 million yuan - 2024E: 2,903 million yuan (20% growth) - 2025E: 3,195 million yuan (10% growth) - 2026E: 3,535 million yuan (11% growth) [1][8] - **Net Profit Forecast**: - 2022A: 402 million yuan - 2023A: 303 million yuan - 2024E: 409 million yuan (35% growth) - 2025E: 507 million yuan (24% growth) - 2026E: 642 million yuan (27% growth) [1][8] - **Earnings Per Share (EPS)**: - 2022A: 0.59 yuan - 2023A: 0.45 yuan - 2024E: 0.60 yuan - 2025E: 0.75 yuan - 2026E: 0.95 yuan [1][8] - **Valuation Ratios**: - P/E ratios are projected to decrease from 16.7 in 2022A to 10.4 in 2026E, indicating improving valuation attractiveness [1][8]. Business Performance - The company achieved a gross margin of 34.37% in the first half of 2024, a decrease of 2.18 percentage points year-on-year, while the net profit margin was 11.11%, down by 1.49 percentage points [4][5]. - The aerospace segment saw a revenue increase of 19.65% year-on-year, while the nuclear energy materials segment grew by 18.39% [4][6]. Research and Development - The company is increasing its R&D investment, with a focus on key projects such as the domestic F-class gas turbine and aerospace engine components, with completion timelines extending into 2026 [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 16.75 CNY [1][6]. Core Insights - The company's H1 2024 performance aligns with the forecasted median, showing an increase in profitability within the consumer electronics sector [2]. - The revenue for H1 2024 reached 23.92 billion CNY, a year-on-year increase of 7.6%, while the net profit attributable to shareholders was 820 million CNY, up 87.9% year-on-year [2]. - The report highlights a significant recovery in the consumer electronics segment, with Q2 2024 revenue growing by 10.1% year-on-year and 17.9% quarter-on-quarter, driven by a resurgence in global smartphone and PC sales [2]. - The company has improved its profitability, with a gross margin of 16.6% in Q2 2024, reflecting a year-on-year increase of 1.5 percentage points [2]. - The self-supply ratio of 3C battery cells continues to rise, enhancing product value and profitability, with the gross margin for consumer batteries reaching 18.1% in H1 2024, up 4.1 percentage points year-on-year [2]. - The investment recommendation has been adjusted upwards, with projected net profits for 2024-2026 revised to 1.68 billion, 2.07 billion, and 2.44 billion CNY, respectively [2]. Financial Summary - The company's total revenue for 2023 is projected at 47.86 billion CNY, with a growth rate of -8% year-on-year, while the forecast for 2024 is 54.92 billion CNY, representing a 15% growth [1]. - The net profit for 2023 is estimated at 1.08 billion CNY, with a slight increase of 1% year-on-year, while the forecast for 2024 is 1.68 billion CNY, indicating a significant growth of 56% [1]. - The earnings per share (EPS) for 2024 is projected at 0.58 CNY, increasing to 1.31 CNY by 2026 [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrates resilience in its performance amidst a subdued consumer sentiment, with expectations for improved sales in the second half of the year due to a trade-in program starting in September [9] - The company is projected to achieve steady annual performance, with revenue estimates for 2024-2026 at 208.9 billion, 215.8 billion, and 222.8 billion respectively, and net profit estimates at 32.3 billion, 33.5 billion, and 35.6 billion respectively [9] Financial Performance Summary - For the first half of 2024, the company reported a revenue of 100.3 billion (up 0.5% year-on-year) and a net profit of 14.1 billion (up 11.5% year-on-year) [6] - The second quarter of 2024 saw a revenue of 63.7 billion (down 0.6% year-on-year) and a net profit of 9.5 billion (up 10.5% year-on-year) [6] - The company's air conditioning segment generated a revenue of 78 billion (up 11%), with expectations for export growth of 16% and domestic sales growth of 10% [7] Profitability Insights - The increase in profit for the first half of 2024 is attributed to an improved revenue structure leading to a rise in gross margin, despite a decline in gross margin for most business segments [8] - The overall gross margin increased by 1.7 percentage points due to a reduction in the scale of low-margin businesses [8] Asset and Cash Flow Analysis - The company's contract liabilities decreased by 6.4 billion from the previous quarter, but there remains significant growth potential with 14.1 billion in contract liabilities [9] - Operating cash flow for the first half of 2024 decreased year-on-year, with a lower ratio of cash inflow to revenue, likely linked to the reduction in contract liabilities [9] Future Outlook - The company is expected to maintain a strong performance in the upcoming quarters, with a projected revenue growth rate of 2% for 2024, followed by 3% for 2025 and 2026 [5] - The net profit growth rate is anticipated to be 11% in 2024, followed by 4% in 2025 and 6% in 2026 [5]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 15% in the next 6 to 12 months compared to the benchmark index [10]. Core Views - The company is experiencing steady revenue growth, with a projected revenue increase from 71.50 billion in 2024 to 104.00 billion in 2026, reflecting year-on-year growth rates of 21.24%, 24.18%, and 17.13% respectively [2]. - The net profit forecast for 2024 is adjusted to 4.20 billion, with expected growth rates of 10.99%, 32.84%, and 36.76% for the following years [2]. - The company's air suspension and sensor businesses are showing significant growth, with air suspension revenue increasing by 44.48% and sensor revenue by 51.71% in the first half of 2024 [6][3]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 31.84 billion, a year-on-year increase of 21.68%, while the net profit was 1.48 billion, down 19.40% [3][5]. - The second quarter of 2024 saw revenue of 17.01 billion, up 18.97% year-on-year and 14.69% quarter-on-quarter [5][3]. Revenue Breakdown - The domestic business revenue in the first half of 2024 was 15.82 billion, a 42.75% increase year-on-year, driven by rapid growth in air suspension and sensor businesses [5]. - Traditional business segments such as metal pipe fittings and valve stems also showed positive growth, with revenues of 7.50 billion and 3.78 billion respectively [2]. Profitability Metrics - The company's gross margin for the first half of 2024 was 27.12%, slightly down by 0.66% year-on-year, primarily due to increased stock incentive costs [5]. - The projected earnings per share (EPS) for 2024 is 1.79, increasing to 3.60 by 2026, indicating a strong growth trajectory [2][9]. Valuation Ratios - The price-to-earnings (P/E) ratio is projected to decrease from 15.0 in 2024 to 8.3 in 2026, suggesting the stock may become increasingly attractive [2]. - The price-to-book (P/B) ratio is expected to decline from 1.9 in 2024 to 1.4 in 2026, further indicating potential value [2].

真实经营质量优于表观 ——光峰科技 24 中报点评 光峰科技（688007）/家电 证券研究报告/公司点评 2024 年 09 月 01 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------|-------|-------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

科沃斯（603486）/家电 证券研究报告/公司点评 2024 年 9 月 1 日 [Table_Title] 评级：买入（维持） 市场价格：40.17 [Table_Industry] 分析师：姚玮 执业证书编号：S0740522080001 Email：yaowei@zts.com.cn 利润修复如期兑现 ——科沃斯 24 中报点评 | --- | --- | --- | --- | --- | --- | |---------------------------------------------|---------|--------------------------|--------|--------|--------| | [Table_Finance] 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 15,325 | 15,502 | 14,794 | 16,673 | 18,906 | | 增长率 yoy% | 17% | 1% | -5% | 13% | 13% | | 净利润（百万元） | 1 ...