证券研究报告 报告日期：2024年11月3日 【中泰电子】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 分析师：王芳 S0740521120002，杨旭 S0740521120001， 张琼 S0740523070004，洪嘉琳 S0740524090003 1 苹果FY24Q4业绩一张图 图表：苹果FY24Q4业绩概览及FY25Q1指引 | --- | --- | --- | --- | --- | --- | |---------------------------------|-------|--------------------|------------------------|----------|-------------------------| | 营收（亿美元） | 实际 | yoy \n949.3 6.1% | FY24Q4 \nqoq \n10.7% | 市场预期 | 较市场预期 \n943.6 0.6% | | 1 ）按业务分类 | | | | | | | —iPhone | | 462.2 5.5% | 17.6% | | 450.4 2 ...

评级：无评级 分析师：由子沛 本周行情回顾： 本周（10.28-11.03）20 支 REITs 上涨，2 支持平，26 支下跌，整体下跌 0.27%，其 中中金科投光谷 REIT 涨幅最大为 4.19%，华夏南京高速 REIT 跌幅最大为 3.98%， 同期沪深 300 下跌 1.68%，中证 500 指数上涨 0.38%，中证全债指数上涨 0.14%， 中债 1 年期国债指数上涨 0.05%，中债 10 年期国债指数上涨 0.21%，中证转债指数 下跌 0.54%。 执业证书编号：S0740523020005 Email：youzp@zts.com.cn 分析师：陈希瑞 执业证书编号：S0740524070002 Email：chenxr@zts.com.cn 分析师：李垚 执业证书编号：S0740520110003 重点事件：1)华泰宝湾物流 REIT 于 10 月 29 日在深交所上市，首日上涨 0.3%；2） 华夏南京高速 REIT 将于 11 月 1 日在上交所上市，首日上涨 0.02%。3）中金联东科 创 REIT 将于 11 月 5 日于上交所上市，上市开盘参考价位 3.234 元/份。4)建 ...

特斯拉 Model 3 电池升级，东缆再中帆石一次回 500kV 海缆 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|-------------------------------------------------------------------------------------------------------------------|--------------|---------|-------|------ ...

沪农商行（601825.SH） 农商行Ⅱ 证券研究报告/公司点评报告 2024 年 11 月 03 日 详解沪农商行 2024 三季报：业绩增速改善；个贷增长回暖 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------|-----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------|--- ...

评级：增持（维持） 执业证书编号：S0740523020005 Email：youzp@zts.com.cn 执业证书编号：S0740520110003 Email：liyao01@zts.com.cn 分析师：侯希得 执业证书编号：S0740523080001 Email：houxd@zts.com.cn 报告摘要 一周行情回顾 本周，申万房地产指数上涨 6.01%，沪深 300 指数下跌 1.68%，相对收益为 7.69%， 板块表现强于大盘。 分析师：陈希瑞 执业证书编号：S0740524070002 Email：chenxr@zts.com.cn 行业基本面 本周(10.25-10.31)，中泰地产组跟踪的 38 个重点城市一手房合计成交 42907 套，同 比增速-4.1%，环比增速 34.3%；合计成交面积 440.3 万平方米，同比增速-8%，环比 增速 26.8%。 | --- | --- | |---------------------|-----------| | | | | 基本状况 | | | | | | 上市公司数 | 103 | | 行业总市值(亿元 ) | 13,300.11 | ...

宏观变化扰动需求预期，优选确定性标的 煤炭 证券研究报告/行业定期报告 2024 年 11 月 03 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|------------------------------------------------------------------------------------|----------------------------------------------------------------------------------- ...

Investment Rating - Buy (maintained) [2] Core Views - The company's Q3 performance met expectations, with Q3 revenue of 47.1 billion yuan (-16% YoY) and net profit attributable to the parent company of 7.8 billion yuan (+5.5% YoY) [2] - Q1-3 revenue was 147.4 billion yuan (-5% YoY), with net profit attributable to the parent company of 22 billion yuan (+9% YoY) [2] - The company's channel reform has been effective, leading to a significant decrease in sales expense ratio (4%, -4% YoY) [3] - The company's Q1-3 performance has consistently met or exceeded market expectations, with both domestic and export sales showing positive trends in Q4 [4] Financial Performance and Forecast Revenue and Profit - 2022A revenue: 190.151 billion yuan, 2023A revenue: 205.018 billion yuan (+8% YoY), 2024E revenue: 205.855 billion yuan (+0% YoY), 2025E revenue: 212.642 billion yuan (+3% YoY), 2026E revenue: 219.490 billion yuan (+3% YoY) [1] - 2022A net profit attributable to the parent company: 24.507 billion yuan, 2023A net profit attributable to the parent company: 29.017 billion yuan (+18% YoY), 2024E net profit attributable to the parent company: 31.870 billion yuan (+10% YoY), 2025E net profit attributable to the parent company: 33.165 billion yuan (+4% YoY), 2026E net profit attributable to the parent company: 34.970 billion yuan (+5% YoY) [1] Key Financial Ratios - 2022A ROE: 25%, 2023A ROE: 25%, 2024E ROE: 23%, 2025E ROE: 20%, 2026E ROE: 19% [1] - 2022A P/E: 9.9x, 2023A P/E: 8.4x, 2024E P/E: 7.6x, 2025E P/E: 7.4x, 2026E P/E: 7.0x [1] - 2022A P/B: 2.5x, 2023A P/B: 2.1x, 2024E P/B: 1.8x, 2025E P/B: 1.5x, 2026E P/B: 1.3x [1] Cash Flow and Balance Sheet - 2023A operating cash flow: 56.398 billion yuan, 2024E operating cash flow: 42.937 billion yuan, 2025E operating cash flow: 38.576 billion yuan, 2026E operating cash flow: 39.250 billion yuan [6] - 2023A total assets: 368.054 billion yuan, 2024E total assets: 392.591 billion yuan, 2025E total assets: 422.271 billion yuan, 2026E total assets: 446.419 billion yuan [6] Industry and Market Analysis - Q3 domestic sales of air conditioners decreased by 20%, while export sales increased by 43% [3] - Q4 production of air conditioners is expected to increase by 50%, with the company benefiting from this trend [4] - The company's export revenue accounts for only 15-20% of total revenue, which is lower than peers, making it less affected by tariff risks [4] Valuation and Investment Recommendation - The company's 2024-2026 revenue is forecasted to be 205.9/212.6/219.5 billion yuan, with net profit attributable to the parent company of 31.9/33.2/35.0 billion yuan [4] - The company's 2024/2025/2026 P/E ratios are 8/7/7x, supporting the "Buy" rating [4]

请务必阅读正文之后的重要声明部分 伟星新材（002372.SZ） 装修建材 证券研究报告/公司点评报告 2024 年 11 月 02 日 收入韧性凸显，保持高质量经营 ——伟星新材 2024 年三季报点评 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

美的集团（000333.SZ） 白色家电 证券研究报告/公司点评报告 2024 年 11 月 02 日 收入增长质量好，归母超预期 ——美的集团 24Q3 点评 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|-------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------- ...

【中泰研究丨晨会聚焦】银行戴志锋：深度综述与拆分｜42 家上市银行三季报: 增 速边际小幅提高、息差降幅收窄、资产质量平稳 证券研究报告 2024 年 11 月 3 日 [Table_Industry] [T[分Taa析bbll师ee__：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>> 【银行】戴志锋：深度综述与拆分｜42 家上市银行三季报: 增速边际小 幅提高、息差降幅收窄、资产质量平稳 【政策】杨畅：内需修复，分化加大——当前经济与政策思考 【有色】谢鸿鹤：战略看多系列-铝，供应刚性、资源重估 欢迎关注中泰研究所订阅号 研究分享>> 【固收】肖雨：10 月经济成色如何？——10 月 PMI 点评 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 【银行】戴志锋：深度综述与拆分｜42 家上市银行三季报: 增速边际小幅提高、息差降幅收窄、 资产质量平稳 3Q24 财报综述：营收和利润增速边际提高，个股业绩有所分化。1、营收：行业同比-1.5%（1H24 同比-2.2%），降幅有所收窄，息差企稳和非息提升共 ...