碧桂园服务（6098.HK）/物 业服务行业 证券研究报告/公司点评 2024 年 9 月 11 日 [Table_Industry] 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 碧桂园服务发布 2024 年中期业绩公告；公司 2024 年上半年实现主营业务收入 210.46 亿，同比+1.5%，归母净利润 14.40 亿，同比-38.7%；归母核心净利润 18.40 亿，同比 -31.7%。 Email：houxd@zts.com.cn 分析师：陈希瑞 执业证书编号：S0740524070002 Email：chenxr@zts.com.cn [基Ta本ble状_P况rofit] 总股本(百万股) 3,343 流通股本(百万股) 3,343 市价(港元) 4.30 市值(百万港元) 14,375 流通市值(百万港元) 14,375 [股Ta价ble与_Q行uo业te-P市ic]场走势对比 公司持有该股票比例 相关报告 | --- | --- | --- | --- | --- | --- | |-- ...

士兰微(600460.SH)/电子 证券研究报告/公司点评 2024 年 9 月 11 日 [Table_Title] 评级：买入（维持） 市场价格：18.40 元/股 [Table_Industry] 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师：游凡 执业证书编号：S0740522120002 Email：youfan@zts.com.cn | --- | --- | |---------------------------|--------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 1,664 | | 流通股本 ( 百万股 ) | 1,664 | | 市价 ( 元 ) | 18.40 | | 市值 ( 百万元 ) | 30,619 | | 流通市值 ( 百万元 ) | 30,619 | [Table_QuotePic] 股价与行业-市场走势对比 士兰微 沪深300 ...

价格下行拖累业绩，在建项目稳步推进 扬农化工（600486.SH）/化工 证券研究报告/公司点评 2024 年 09 月 11 日 | --- | |-------------------------------------------------------| | | | [Table_Title] 评级：买入（维持） [Table_Industry] | | 47.81 | | 分析师：孙颖 | | 执业证书编号： S0740519070002 | | sunying@zts.com.cn | 分析师：王鹏 执业证书编号：S0740523020001 Email：wangpeng07@zts.com.cn | --- | --- | |---------------------------|--------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 407 | | 流通股本 ( 百万股 ) | 403 | | 市价 ( 元 ) | 47.81 | | 市值 ( 百万元 ) | 19,445 | | 流通市值 ( 百万元 ) | 19,261 | [股 ...

中科飞测(688361.SH)/电子 证券研究报告/公司点评 2024 年 9 月 11 日 | --- | |---------------------------------------------------| | | | [Table_Title] 评级：买入（维持） [Table_Industry] | 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师：游凡 执业证书编号：S0740522120002 Email：youfan@zts.com.cn | --- | --- | |---------------------------|--------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 320 | | 流通股本 ( 百万股 ) | 244 | | 市价 ( 元 ) | 49.30 | | 市值 ( 百万元 ) | 15,776 | | 流通市值 ( 百万元 ) ...

顶点软件（603383.SH）/计 算机 证券研究报告/公司点评 2024 年 9 月 10 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------------|---------|--------------------------|-------|---------------------|-------| | [Table_Industry] [Table_Title] 评级：买入（维持） \n市场价格： 25.51 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：闻学臣 | 营业收入（百万元） | 625 | 744 | 831 | 937 | 1,065 | | | 增长率 yoy% | 24% | 1 ...

锦纶持续景气，公司稳步成长 聚合顺（605166.SH）/化工 证券研究报告/公司点评 2024 年 09 月 11 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------|-------|------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------|------------------------------------------------|------------------------------|--------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 7.76 yuan [1][2][7] Core Views - The company has shown a continuous improvement in gross margin and has secured significant overseas contracts, indicating strong growth potential [1][4] - Despite a short-term revenue decline due to project implementation cycles, the company has a robust order performance, particularly in its digital finance and big data application sectors [4] - The company has successfully reduced costs, leading to a notable increase in gross margin, which reached 38.07% in H1 2024, up 1.73% year-on-year [4] - The company is committed to expanding its overseas business, having signed a significant contract worth 49.6 million USD with a Thai bank, showcasing its competitive edge in Southeast Asia [4] Financial Summary - Revenue projections for 2024-2026 are estimated at 22.30 billion, 26.45 billion, and 31.93 billion yuan respectively, with corresponding net profits of 0.94 billion, 1.31 billion, and 1.77 billion yuan [4][6] - The company experienced a revenue of 7.04 billion yuan in H1 2024, a decrease of 5.99% year-on-year, while net profit increased by 118.44% to 0.02 billion yuan [4] - The company’s net asset return is projected to improve from 2% in 2023 to 11% by 2026, indicating enhanced profitability [1][6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.63 CNY [1][5][7] Core Insights - The company is gradually validating its customer strategy and exploring AI application scenarios, with a focus on digital transformation in the financial sector [4] - Revenue for the first half of 2024 reached 2.244 billion CNY, a year-on-year increase of 10.90%, while net profit was 120 million CNY, down 20.17% year-on-year [4] - The company is actively expanding its cooperation with various financial institutions, achieving significant revenue from state-owned banks and private banks [4] Financial Performance Summary - **Revenue Forecast**: Projected revenues for 2024, 2025, and 2026 are 4.771 billion CNY, 5.417 billion CNY, and 6.202 billion CNY respectively, with growth rates of 12%, 14%, and 15% [1][5] - **Net Profit Forecast**: Expected net profits for the same years are 411 million CNY, 490 million CNY, and 590 million CNY, with growth rates of 18%, 19%, and 21% [1][5] - **Earnings Per Share (EPS)**: Forecasted EPS for 2024, 2025, and 2026 are 0.56 CNY, 0.66 CNY, and 0.79 CNY respectively [1][5] Business Segments - The information technology services segment generated 1.436 billion CNY in revenue, a 9.50% increase year-on-year, while the business process outsourcing segment achieved 808 million CNY, a 13.50% increase [4] - The company has successfully implemented various AI applications, including natural language processing and large model algorithm services, enhancing its service offerings [4]

斯达半导(603290.SH)/电子 证券研究报告/公司点评 2024 年 9 月 10 日 | --- | |---------------------------------------------------| | | | | | [Table_Title] 评级：买入（维持） [Table_Industry] | | 市场价格： | 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师：游凡 执业证书编号：S0740522120002 Email：youfan@zts.com.cn | --- | --- | |---------------------------|--------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 239 | | 流通股本 ( 百万股 ) | 239 | | 市价 ( 元 ) | 71.52 | | 市值 ( 百万元 ) | 17,120 | ...

[Table_Industry] 证券研究报告/月度报告 2024 年 9 月 10 日 天气影响消退，中国出口回归正轨 ——2024 年 8 月进出口数据解读 [Table_Summary] 要点 [Table_Main] [Table_Title] 分析师：张德礼 执业证书编号：S0740523040001 ◼ 2024 年 8 月，中国以美元计价的出口当月同比为 8.7%，高于 7.0%的市场预 期值和前值。进口当月同比为 0.5%，较前值 7.2%大幅回落。贸易顺差为 91 0.2 亿美元，较前值 846.5 亿美元回升明显，主要因进口增速回落而出口增 速上升。环比来看，8 月中国以美元计价的出口环比为 2.7%，过去 5 年同期 的出口环比均值为-0.8%，环比表现强于季节性。 ◼ 分产品来看，8 月中国机电产品出口同比为 12.9%，高于前值 9.8%。其中集 成电路出口同比18.6%，较前值27.8%回落幅度明显，但仍然显著高于机电产 品整体的出口增速，全球半导体处于上行周期是主要原因；汽车（包括底 盘）出口单月同比 32.7%，较前值 13.9%显著回升。劳动密集型产品 8 月当月 出口同比降 ...