强出口有何"隐忧"？——8 月进出口数据点评 证券研究报告/固定收益点评 2024 年 9 月 10 日 | --- | --- | |------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

交通运输（公铁港链） 证券研究报告/行业月报 2024 年 9 月 10 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------|------------------------------------------|-------------|--------|-------|-------|---------|-------|-------|-------|------------|-------|-------| | 评级：增持（ 维持 ） \n分析师：杜冲 \n执业证书编号： S0740522040001 | [ 重点公司基本状况 Table_Finance] \n简称 | 股价 \n(元) | \n2022 | 2023 | EPS | \n2024E | 2025E | 2022 | 2023 | PE \n2024E | 2025E | 评级 | ...

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 120.5 CNY per share [1]. Core Insights - The company achieved a record high revenue of 1.267 billion CNY in H1 2024, representing a year-on-year increase of 26.22%. The net profit attributable to the parent company was 129 million CNY, up 3.64% year-on-year [3]. - The company has a strong order backlog, with a contract liability of 2.038 billion CNY as of H1 2024, reflecting a growth of 47.49% compared to the end of 2023, which lays a solid foundation for future revenue growth [3]. - The company is expanding its product offerings in the thin film deposition field and has successfully industrialized several new equipment platforms, which are receiving positive customer feedback [4][8]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 1,706 million CNY - 2023A: 2,705 million CNY - 2024E: 3,936 million CNY - 2025E: 5,372 million CNY - 2026E: 6,852 million CNY - Revenue growth rates are projected at 125% for 2022A, 59% for 2023A, and gradually decreasing to 27.5% by 2026E [1]. - **Net Profit Forecasts**: - 2022A: 369 million CNY - 2023A: 663 million CNY - 2024E: 780 million CNY - 2025E: 1,093 million CNY - 2026E: 1,479 million CNY - Net profit growth rates are expected to be 438% for 2022A, 80% for 2023A, and stabilizing around 35.3% by 2026E [1]. - **Earnings Per Share (EPS)**: - 2022A: 1.32 CNY - 2023A: 2.38 CNY - 2024E: 2.80 CNY - 2025E: 3.93 CNY - 2026E: 5.31 CNY [1]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio is projected to decrease from 91.0 in 2022A to 22.3 by 2026E [1]. - Price-to-Book (P/B) ratio is expected to decline from 9.0 in 2022A to 4.2 by 2026E [1]. Growth Drivers - The company is benefiting from increased domestic demand for semiconductor equipment, with a significant rise in shipment value of 32.49 billion CNY in H1 2024, up 146.50% year-on-year [3]. - The company has successfully industrialized new equipment in the PECVD and ALD processes, which are critical for the semiconductor manufacturing process [4][8].

[Table_Industry] [公Ta司ble盈_F利in预anc测e1及] 估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2,598 3,127 3,658 4,134 4,589 增长率 yoy% 24% 20% 17% 13% 11% 净利润（百万元） 186 160 178 204 231 增长率 yoy% 12% -14% 11% 15% 13% 每股收益（元） 0.82 0.71 0.78 0.90 1.02 每股现金流量 0.40 1.00 0.04 2.49 1.12 净资产收益率 16% 13% 13% 13% 13% P/E 10.4 12.1 10.9 9.5 8.4 P/B 1.7 1.6 1.5 1.3 1.2 备注：股价以 9 月 9 日收盘价为准。 新大正（002968.SZ）/房地 产行业 证券研究报告/公司点评 2024 年 9 月 10 日 收入稳健增长，多重因素致业绩承压 [评Ta级ble：_T买itle入] （维持） 市场价格：8.55 元 分析师：由子沛 执业证书编号：S0740523020005 Email：youz ...

、 销售环比回落，仍待政策加码 -房地产行业点评 [Table_Main] 评级：增持（维持） 分析师：由子沛 执业证书编号：S0740523020005 Email：youzp@zts.com.cn 分析师：侯希得 执业证书编号：S0740523080001 Email：houxd@zts.com.cn 分析师：李垚 执业证书编号：S0740520110003 Email：liyao01@zts.com.cn [Table_Profit] 基本状况 上市公司数 103 行业总市值(亿元) 9,036.45 行业流通市值(亿元) 4,141.76 [Table_QuotePic] 行业-市场走势对比 -50.00 -40.00 -30.00 -20.00 -10.00 - 10.00 20.00 23-0523-0623-0723-0823-0923-1023-1123-1224-0124-0224-0324-0424-0524-0624-0724-0824-09 公司持有该股票比例 [Table_Report] 相关报告 [Table_Finance] 重点公司基本状况 [投资要点 Table_Summar ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - The company is recognized as the first stock in the smart mining sector on the Beijing Stock Exchange, focusing on intelligent upgrades in three main areas: smart mining, IoT, and smart municipal services [2][10]. - The company has shown consistent revenue growth, with a projected increase in revenue from 563 million yuan in 2024 to 923 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of 29% [2][30]. - The net profit is expected to rise from 75 million yuan in 2024 to 94 million yuan in 2026, with a notable growth rate of 15% in 2026 [2][30]. Company Overview - The company has been deeply involved in the smart mining sector for over 20 years and has established itself as a leader in the field [2][10]. - It has developed a comprehensive smart mining solution based on CPS (Cyber-Physical Systems), which includes a range of standardized intelligent products and 365-day technical services [10][24]. Financial Overview - The company reported a revenue of 440 million yuan in 2023, with a year-on-year growth of 27% [2][11]. - The net profit for 2023 was 55 million yuan, showing a slight decrease of 3% compared to the previous year [2][11]. - The earnings per share (EPS) is projected to increase from 0.97 yuan in 2024 to 1.22 yuan in 2026 [2][30]. Market Potential - The smart mining market is expected to grow significantly, with the market size for newly built smart mines projected to reach 724.72 billion yuan by 2028, reflecting a CAGR of 33.6% [3][18]. - The company is well-positioned to capitalize on this growth due to its strong technological foundation and low current penetration of smart technologies in traditional mining operations [3][16]. Business Expansion - The company has expanded into the charging and battery swap service sector, developing a comprehensive management system for new energy vehicles [4][26]. - It has also ventured into the smart water management sector, collaborating with Longxin Zhongke to create innovative products, with the smart water market expected to grow to 565 billion yuan by 2027 [4][28]. Investment Recommendations - The report forecasts that the company's revenue will reach 563 million yuan in 2024, with net profits of 75 million yuan, leading to a price-to-earnings (P/E) ratio of 10.7x [4][30]. - The recommendation to "Accumulate" is based on the company's strong growth prospects and its strategic positioning in the smart mining and related sectors [4][30].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 127.45 CNY per share [1]. Core Views - The company has shown significant revenue growth, with a forecasted increase in new orders for 2024, indicating a strong upward trend in performance [4][10]. - The company is experiencing pressure on net profit margins due to increased R&D expenses, but the overall order growth and production capacity suggest a positive outlook for future earnings [6][10]. Summary by Sections Financial Performance - For the first half of 2024 (24H1), the company reported revenue of 3.448 billion CNY, a year-on-year increase of 36%. However, the net profit attributable to shareholders was 517 million CNY, a decrease of 48% year-on-year [5]. - The gross margin for 24H1 was 41.32%, down 2.59 percentage points from the previous year, primarily due to fluctuations in customer and product mix [5]. - The company expects new orders for 2024 to be between 11 billion and 13 billion CNY, representing a growth of 32% to 56% compared to 2023 [5]. Orders and Production - The company signed new orders worth 4.7 billion CNY in 24H1, a 40% increase year-on-year. The total new orders for the first three quarters of 2024 exceeded 7.5 billion CNY, up over 50% year-on-year [6]. - The company’s contract liabilities (prepayments) at the end of 24H1 were 2.535 billion CNY, showing a significant increase from 772 million CNY at the end of 2023 [6]. R&D and Technological Advancements - The company has made significant breakthroughs in advanced equipment development, including successful validation and mass production of high aspect ratio etching equipment [7]. - The R&D expenses for 24H1 reached 568 million CNY, a 95% increase year-on-year, accounting for 16.47% of revenue [6]. Profit Forecast - The net profit forecast for 2024-2026 has been adjusted to 1.8 billion, 2.42 billion, and 3.34 billion CNY respectively, reflecting the impact of fluctuating gross margins on net profit [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 15.35 yuan [1]. Core Insights - The company achieved a revenue of 28.19 billion yuan in H1 2024, representing a year-on-year growth of 7.17%. However, net profit decreased by 9.75% to 1.89 billion yuan [4]. - The company's system integration business saw a significant revenue increase of 53.80%, while software-related revenue declined by 1.63% due to reduced IT budgets from insurance clients [4]. - The company is focusing on technological innovation, particularly in AIGC vertical applications, with R&D expenses amounting to 4.49 billion yuan, which is 15.93% of its revenue [5]. - Revenue forecasts for 2024-2026 are projected at 68.58 billion yuan, 73.43 billion yuan, and 80.27 billion yuan, with corresponding net profits of 7.20 billion yuan, 8.32 billion yuan, and 9.87 billion yuan [5]. Financial Performance Summary - Revenue (million yuan): 2022A: 6,705; 2023A: 6,503; 2024E: 6,858; 2025E: 7,343; 2026E: 8,027 [1]. - Net Profit (million yuan): 2022A: 639; 2023A: 655; 2024E: 720; 2025E: 832; 2026E: 987 [1]. - Gross Margin: 29.10% in H1 2024, down 4.23% year-on-year [4]. - Cash flow from operating activities: -8.87 billion yuan in H1 2024, an increase of 2.33 billion yuan year-on-year [4].

主业快速增长，自研品种不断推进 [Table_Industry] [Table_Title] 评级：买入(维持) 市场价格：30.88 元 [Table_Finance] 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 676.61 932.12 1197.90 1492.91 1878.87 增长率 yoy% 37.06% 37.76% 28.51% 24.63% 25.85% 净利润（百万元） 156.47 184.76 240.76 303.32 397.01 增长率 yoy% 48.09% 18.08% 30.31% 25.98% 30.89% 每股收益（元） 1.40 1.65 2.15 2.71 3.54 每股现金流量 0.93 0.83 1.89 1.61 2.43 净资产收益率 17.45% 17.76% 19.07% 19.89% 21.14% P/E 22.10 18.72 14.37 11.40 8.71 PEG 0.46 1.04 0.47 0.44 0.28 P/B 3.86 3.33 2.74 2.27 1.84 备注：截止 ...

[Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：79.88 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） 1,071 691 835 1,075 1,323 增长率 yoy% 22% -35% 21% 29% 23% 净利润（百万元） 526 252 307 431 551 增长率 yoy% 20% -52% 22% 40% 28% 每股收益（元） 3.89 1.86 2.27 3.18 4.06 每股现金流量 2.91 2.37 1.48 2.54 3.36 净资产收益率 17% 8% 9% 11% 12% P/E 20.6 43.0 35.2 25.1 19.7 P/B 3.4 3.2 3.1 2.8 2.4 备注：每股指标按照最新股本数全面摊薄，股价按 9 月 9 日收盘价进行计算 [Table_Profit] 基本状况 总股本(百万股) 135 流通股本(百万股) 135 市价(元) 79.88 市值(百万元) 10,819 流通市值(百万元) 10,81 ...