千味央厨（001215.SZ） 食品加工 证券研究报告/公司点评报告 2024 年 11 月 01 日 执业证书编号：S0740517030001 Email：fanjs@zts.com.cn 报告摘要 事件：公司发布 2024 年三季报。24 年前 3 季度，公司实现营业总收入 13.64 亿 元，同比+2.70%；归母净利润 0.82 亿元，同比-13.49%；扣非归母净利润 0.81 亿 元，同比-1.25%。3Q24，公司实现营业总收入 4.72 亿元，同比-1.17%；实现归母 净利润 0.22 亿元，同比-42.08%；扣非归母净利润 0.23 亿元，同比-23.54%。 需求偏淡，收入承压。3Q24，公司营收同比下滑 1.17%，环比增加 10%，需求展现 出一定的旺季不旺特征，对公司营收增长形成一定压力，静待下游餐饮景气度企 稳回暖。 费用投放有所加大，盈利能力仍旧承压。3Q24，公司毛利率为 22.44%，同比 +0.04pcts；公司销售/管理/研发/财务费用率为 4.89%/9.26%/1.28%/-0.07%，同 比+0.81/+1.19/+0.15/-0.41pcts，费用投放有所加 ...

博俊科技（300926.SZ） 汽车零部件 证券研究报告/公司点评报告 2024 年 10 月 30 日 业绩符合预期，收入创历史新高 ——博俊科技 2024 三季报点评 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------|------------------------------------------------------------------------|------------------------------ ...

多利科技（001311.SZ） 汽车零部件 证券研究报告/公司点评报告 2024 年 10 月 31 日 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

欣旺达（300207.SZ） 电池 证券研究报告/公司点评报告 2024 年 11 月 01 日 汇兑波动影响 Q3 利润表现，消费电子业务持续向好 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------|----------|--------|------------------------------------------|--------|--------| | 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：王芳 | 营业收入（百万元） | 52,162 | 47,862 | 54,918 | 64,190 | 74,069 | | | 增长率 yoy% | 40% | -8% | 15% | 17% | 15% | | 执业证书编号： S0740521120002 | 归母净利润（百万元） | 1,064 | 1,076 | 1,670 | ...

请务必阅读正文之后的重要声明部分 蒙娜丽莎（002918.SZ） 家居用品 证券研究报告/公司点评报告 2024 年 11 月 01 日 竞争加剧业绩承压，现金流持续改善 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|---------------------------------------------------------------------------------------- ...

许继电气（000400.SZ） 电网设备 证券研究报告/公司点评报告 2024 年 10 月 31 日 Q3 业绩符合市场预期，静待特高压释放业绩弹性 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

宝立食品（603170.SH） 调味发酵品Ⅱ 证券研究报告/公司点评报告 2024 年 11 月 01 日 Q3 复调增长放缓，盈利能力持续承压 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------- ...

| --- | --- | |-------------------------------------------------------------------------------------------------|-------| | | | | 报告摘要 事件：公司发布 2024 年三季报。单季度看， 2024Q3 公司实现收入 1.79 亿元，同比 | | | --- | --- | --- | |-------------------|----------|-------| | | | | | 总股本(百万股 ) | 140.95 | | | 流通股本(百万股 ) | 97.95 | | | 市价 (元) | 13.66 | | | 市值(百万元 ) | 1,925.32 | | | 流通市值(百万元 ) | 1,337.98 | | 富恒新材（832469.BJ） 塑料 证券研究报告/公司点评报告 2024 年 10 月 31 日 Q3 收入延续增长，利润受订单结构影响有所承压 ——2024Q3 点评报告 | --- | --- | --- | --- | --- | --- | --- ...

Investment Rating - Buy (Maintained) [1][2] Core Views - The company's revenue and net profit have declined significantly in 2024, with revenue decreasing by 19.28% YoY to RMB 26.649 billion and net profit attributable to shareholders decreasing by 61.51% YoY to RMB 2.798 billion [2] - The company's Q3 2024 performance showed a continued decline, with revenue decreasing by 19.19% YoY and net profit attributable to shareholders decreasing by 71.03% YoY [2] - Despite the decline in performance, the company's Q3 coal production and sales showed some improvement, with coal production increasing by 2.56% QoQ and coal sales increasing by 6.12% QoQ [2] - The company's profitability is under pressure due to declining coal prices and rising costs, with the gross profit per ton of coal decreasing by 30.53% YoY in the first three quarters of 2024 [2] - The company is expected to see a recovery in performance from 2025, with revenue and net profit expected to grow by 3.7% and 12.7% YoY, respectively [4] Financial Performance and Valuation - The company's revenue is expected to be RMB 34.405 billion, RMB 35.686 billion, and RMB 36.694 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of -20%, 4%, and 3% [1] - The company's net profit attributable to shareholders is expected to be RMB 3.511 billion, RMB 3.959 billion, and RMB 4.320 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of -56%, 13%, and 9% [1] - The company's EPS is expected to be RMB 1.17, RMB 1.32, and RMB 1.44 in 2024, 2025, and 2026, respectively [1] - The company's P/E ratio is expected to be 13.1X, 11.6X, and 10.6X in 2024, 2025, and 2026, respectively [1] - The company's ROE is expected to be 7%, 7%, and 8% in 2024, 2025, and 2026, respectively [1] Production and Sales - The company's coal production in the first three quarters of 2024 was 42.47 million tons, a decrease of 4.82% YoY, with mixed coal production of 21.21 million tons (down 4.29% YoY) and PCI coal production of 14.99 million tons (down 6.49% YoY) [2] - The company's coal sales in the first three quarters of 2024 were 38.07 million tons, a decrease of 5.79% YoY, with mixed coal sales of 21.24 million tons (down 3.59% YoY) and PCI coal sales of 14.88 million tons (down 3.94% YoY) [2] - In Q3 2024, the company's coal production was 14.80 million tons (down 1.86% YoY, up 2.56% QoQ), with mixed coal production of 7.44 million tons (up 8.61% YoY, up 1.64% QoQ) and PCI coal production of 5.29 million tons (down 8.95% YoY, up 9.07% QoQ) [2] - In Q3 2024, the company's coal sales were 13.52 million tons (up 1.81% YoY, up 6.12% QoQ), with mixed coal sales of 7.39 million tons (up 10.79% YoY, up 1.23% QoQ) and PCI coal sales of 5.52 million tons (down 2.65% YoY, up 15.72% QoQ) [2] Industry Outlook - The company is expected to benefit from the trend of large-scale blast furnaces in downstream steel mills, which will drive demand for PCI coal [2] - The company, as a leading PCI coal producer in China, is expected to see further growth in production in Q4 2024, driven by Shanxi's coal production target [2] Financial Ratios - The company's gross margin was 47.7% in 2023, but is expected to decline to 36.6% in 2024, before recovering to 37.8% and 38.7% in 2025 and 2026, respectively [4] - The company's net margin was 21.5% in 2023, but is expected to decline to 11.9% in 2024, before recovering to 13.0% and 13.8% in 2025 and 2026, respectively [4] - The company's ROE was 16.0% in 2023, but is expected to decline to 6.8% in 2024, before recovering to 7.3% and 7.6% in 2025 and 2026, respectively [4] - The company's debt-to-equity ratio was 18.3% in 2023, and is expected to remain stable at around 18.5% in 2024, before declining to 17.6% and 16.7% in 2025 and 2026, respectively [4]

| --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告摘要 | | | 事件。 2024 年 10 月 28 日，公司发布 2024 年三季报。 2024 年前三季度，公司实现 营业总收入 4.37 亿元，同比下降 8.07% ；实现归母净利润 0.76 亿元，同比下降 16.83% ； | | | 实现扣非后归母净利润 0.72 亿元，同比下降 19.57% 。 | | 中裕科技（871694.BJ） 橡胶 证券研究报告/公司点评报告 2024 年 10 月 31 日 中高端产品优势显著，新设孙公司提升竞争力 ——中裕科技 2024 三季度点评 | --- | --- | --- | --- | --- | --- | --- | |-- ...