收入整体承压，毛利率持续提升 天味食品（603317.SH）/食 品加工 证券研究报告/公司点评 2024 年 9 月 3 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------|---------------------------------------------------------------------------------------------------------------------- ...

| --- | |-------------------------------| | | | 市场价格： 112.50 元 | | 分析师：范劲松 | | 执业证书编号： S0740517030001 | | 电话： 021-20315138 | | Email ： fanjs@zts.com.cn | 分析师：何长天 执业证书编号：S0740522030001 Email：hect@zts.com.cn 分析师：赵襄彭 执业证书编号：S0740524010001 Email：zhaoxp@zts.com.cn | --- | --- | |---------------------------|---------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 1,472 | | 流通股本 ( 百万股 ) | 1,467 | | 市价 ( 元 ) | 112.50 | | 市值 ( 百万元 ) | 165,596 | | 流通市值 ( 百万元 ) | 165,053 | [Table_QuotePic] 股价与行业-市场走势对比 公司持有该股票比例 相关报 ...

[Table_Industry] 境内业务快速增长，剔除股份支付影响后单 Q2 实现盈利 概伦电子（688206.SH）/行 业证券研究报告/公司点评报告 2024 年 09 月 02 日 [Table_Industry] [Table_ Invest ] | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------ ...

整体业务稳步恢复，新业务平台不断开拓有望带来长期增长 成都先导（688222.SH）/医药生物 证券研究报告/公司点评 2024 年 09 月 04 日 [Table_Industry] [Table_Title] 评级：买入(维持) 市场价格：8.79 分析师：祝嘉琦 执业证书编号：S0740519040001 电话：021-20315150 Email：zhujq@zts.com.cn 分析师：崔少煜 执业证书编号：S0740522060001 Email：cuisy@zts.com.cn | --- | --- | --- | --- | --- | --- | |---------------------------------------------|--------------|--------|--------|--------|--------| | [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） | 329.65 | 371.32 | 434.94 | 518.31 ...

[Table_Title] 评级：增持（维持） 市场价格：27.81 元 153.08 分析师：曾彪 执业证书编号：S0740522020001 Email：zengbiao@zts.com.cn 分析师：朱柏睿 执业证书编号：S0740522080002 Email：zhubr@zts.com.cn [Table_Profit] 基本状况 总股本（百万股） 503 流通股本（百万股） 404 市价（元） 27.81 市值（百万元） 13,998 流通市值（百万元） 11,240 24Q2 盈利环比改善，大储产品出货高增 鹏辉能源(300438.SZ)/电力 设备 证券研究报告/公司点评 2024 年 9 月 4 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|-----------------------|-------|-------|-------|--------------------------|-------| | [Tabl ...

[Table_Industry] 业绩亮眼，分红提升 中国重汽 000951.SZ/汽车 证券研究报告/公司点评报告 2024 年 9 月 3 日 | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------|----------------------------------------------|--------|--------|--------|--------------------------|--------| | [Table_Industry] [Table_ 评级： Invest 买入（ ] 维持） \n市场价格： 13.96 元 | [Table_Finance1] 公司盈利预测及估值 \n指标 | \n2022 | 2023 | 2024E | 2025E | 2026E | | | 营业收入（百万元） | 28,822 | 42,070 | 51,018 | 55,977 | 62, ...

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 10.59 CNY [2] Core Views - The company has shown significant year-on-year improvement in performance, with a positive outlook on demand recovery leading to an upward trend in the industry [5][6] - The company reported a revenue of 31.27 billion CNY in H1 2024, representing an 11.0% increase year-on-year, and a net profit of 600 million CNY, up 26.2% year-on-year [5][7] - The company is expected to benefit from a stable pricing model and a recovery in the long filament market, with projected net profits for 2024-2026 being 1.5 billion, 2.04 billion, and 2.57 billion CNY respectively [6][12] Financial Summary - Revenue projections for the company are as follows: 61.47 billion CNY for 2023, 63.16 billion CNY for 2024, 73.52 billion CNY for 2025, and 79.71 billion CNY for 2026, with growth rates of 21%, 3%, 16%, and 8% respectively [2][12] - The company’s net profit is projected to increase significantly from a loss of 205 million CNY in 2022 to 1.5 billion CNY in 2024, with a year-on-year growth rate of 628% [2][12] - The earnings per share (EPS) is expected to rise from -0.13 CNY in 2023 to 1.69 CNY in 2026 [2][12] - The company’s return on equity (ROE) is projected to improve from -1% in 2022 to 11% in 2026 [2][12] Market Position and Strategy - The company holds a significant market share in the polyester filament industry, with a production capacity of 7.4 million tons and a domestic market share exceeding 12% [5][6] - The company has implemented a pricing model that supports profitability, with a production and sales rate of 96.8% in H1 2024 [5][6] - The company is expanding its production capacity and product variety, including plans for differentiated filament production [5][6] Industry Outlook - The report indicates a rational expansion trend in the long filament industry, with only 95,000 tons of new capacity expected in 2024 [6] - Demand for textiles is showing signs of marginal improvement, with domestic retail sales in clothing categories showing slight growth [6] - The overall long filament market is expected to see an increase in profitability due to improved demand and stable pricing [6]

常规上游业务拐点已现，ad 血检、glp-1 中间体业务带来新增长点 诺唯赞（688105）/医疗器械 证券研究报告/公司点评 2024 年 9 月 3 日 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

凯莱英（002821.SZ）/医药生物 证券研究报告/公司点评 2024 年 09 月 03 日 | --- | |-------------------------------------------| | | | [Table_Title] 评级：买入 [Table_Industry] | 分析师：祝嘉琦 执业证书编号：S0740519040001 电话：021-20315150 Email：zhujq@zts.com.cn 分析师：崔少煜 执业证书编号：S0740522060001 Email：cuisy@zts.com.cn [Table_Profit] 基本状况 总股本(百万股) 367.72 流通股本 4,238.1 (百万股) 328.65 市价(元) 62.22 市值(百万元) 22,879.54 流通市值(百万元) 20,448.60 [Table_QuotePic] 股价与行业-市场走势对比 -50.0% 0.0% 50.0% 100.0% 150.0% 200.0% 凯莱英 沪深300 公司持有该股票比例 相关报告 1《凯莱英（002821）-公司点评：剔 除大订单影响主业快速增长，静待 ...

常规上游业务拐点已现，ad 血检、glp-1 中间体业务带来新增长点 诺唯赞（688105）/医疗器械 证券研究报告/公司点评 2024 年 9 月 3 日 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...