味知香（605089.SH） 食品加工 证券研究报告/公司点评报告 2024 年 11 月 01 日 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|----------------------------------|----------|------------------------------------------|-------------|---------|---------| | 评级： 买入（维持） | 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：晏诗雨 | 营业收入（百万元） | 798 | 799 | 681 | 708 | 753 | | 执业证书编号： S0740523070003 | 增长率 yoy% 归母净利润（百万元） | 4% 143 | 0% 135 | -15% 88 | 4% 93 | 6% 99 | | | 增长率 yoy% | 8% | -5% | -35% | 5% | 7 ...

宇信科技（300674.SZ） IT 服务Ⅱ 证券研究报告/公司点评报告 2024 年 11 月 01 日 利润端超预期，布局个贷不良业务 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------|----------------|-----------------------------|-------------|------------------------------------------|---------------|-------------|-------------| | 评级： 买入（维持） | | 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | | | 营业收入（百万元） | 4,285 | 5,204 | 5,725 | 6,329 | 7,027 | | 分析师：闻学臣 | | 增长率 yoy% | 15% | 21% | 10% | 11% | 11% | | 执业证书编号： | S0740519090007 ...

山西汾酒（600809.SH） 白酒Ⅱ 证券研究报告/公司点评报告 2024 年 11 月 01 日 山西汾酒：回款质量较高，期待省外发力 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

恒生电子（600570.SH） 软件开发 证券研究报告/公司点评报告 2024 年 11 月 01 日 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------- ...

新集能源（601918.SH） 煤炭开采 证券研究报告/公司点评报告 2024 年 11 月 01 日 利辛电厂二期投运，火电业务有望持续高增 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|-------------------------------------------------------- ...

Investment Rating - Buy (maintained) [1] Core Views - Short-term performance pressure: The company reported a revenue of 421 million yuan for the first three quarters of 2024, a year-on-year decrease of 8%, and a net profit attributable to the parent company of 101 million yuan, a year-on-year decrease of 15.60% [2] - High gross margin maintained: The gross margin for the first three quarters of 2024 reached 70.58%, a slight increase of 0.06% compared to the same period last year [3] - High R&D investment: The company continues to invest heavily in R&D, with R&D expenses accounting for 27.69% of total expenses in the first three quarters of 2024 [3] - Launch of HTS 2X pure-blood Xinchuang version: The company has collaborated with Huawei and Tencent Cloud to develop the HTS 2X pure-blood Xinchuang version, which significantly improves performance, business capacity, reliability, and operation experience [3] Financial Forecasts - Revenue forecast: The company is expected to achieve revenues of 831 million yuan, 937 million yuan, and 1,065 million yuan in 2024, 2025, and 2026, respectively [1][3] - Net profit forecast: The net profit attributable to the parent company is expected to be 271 million yuan, 319 million yuan, and 376 million yuan in 2024, 2025, and 2026, respectively [1][3] - EPS forecast: The earnings per share (EPS) are projected to be 1.32 yuan, 1.55 yuan, and 1.83 yuan in 2024, 2025, and 2026, respectively [1][3] Financial Ratios - P/E ratio: The P/E ratio is expected to be 30, 26, and 22 in 2024, 2025, and 2026, respectively [1][3] - P/B ratio: The P/B ratio is expected to be 4.7, 4.1, and 3.5 in 2024, 2025, and 2026, respectively [1] - ROE: The return on equity (ROE) is expected to be 16%, 16%, and 16% in 2024, 2025, and 2026, respectively [1] Dividend Plan - The company announced a mid-term cash dividend plan for 2024, distributing 2 yuan per 10 shares (including tax), totaling 41,077,395.80 yuan, which accounts for 40.58% of the net profit attributable to the parent company for the first three quarters of 2024 [2] Industry Context - The financial Xinchuang sector has entered a "deep water" phase, and the company is a pioneer in this field, leading the new trading system [3]

三棵树（603737.SH） 装修建材 证券研究报告/公司点评报告 2024 年 11 月 01 日 零售业务稳健发展，现金流表现亮眼 ——三棵树 2024 年三季报点评 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------- ...

中科软（603927.SH） 软件开发 证券研究报告/公司点评报告 2024 年 11 月 01 日 现金流持续改善，布局垂直 AIGC 模型应用 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------|------------------- ...

分析师：徐驰 执业证书编号：S0740519080003 报告摘要 一、本轮市值管理下的并购重组有何特点？ 今年以来证监会，国资委等部门推出多项市值管理要求，其中包括将市值管理纳入央 国企负责人考核，对部分公司要求披露市值管理计划，以及严格打击非法"伪市值管 理"等。政策层推出一系列政策高度重视市值管理一方面为了稳定市场估值，另一方 面择是金融市场"拥抱新质生产力发展"的必然要求。 Email：xuchi@zts.com.cn 分析师：张文宇 执业证书编号：S0740520120003 Email：zhangwy01@zts.com.cn 本轮市值管理一方面通过严格的减持新规、量化新规、私募强监管、限制银行信贷资 金入市，且对于各路资金短期炒作进行严格监管；另一方面，本轮政策鼓励通过回购 专项再贷款利好分红率较高的国央企进行持续的借贷回购以提升估值中枢，鼓励国央 企加大并购重组，通过自身的高质量发展提升投资价值。与历次并购重组新政策相比， 2024 年初以来的并购重组新政具备如下两大特征： 相关报告 1、《如何通过资产价格追踪美国大 选？》2024-10-28 2、《美债收益率再次攀升背后：特 朗普交易的回归 ...

招商积余（001914.SZ） 房地产服务 证券研究报告/公司点评报告 2024 年 11 月 01 日 费用优化显著，外拓彰显功力 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------- ...