欧派家居（603833.SH） 家居用品 证券研究报告/公司点评报告 2024 年 10 月 31 日 收入仍有承压，盈利改善显著 ——欧派家居 24Q3 点评 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------- ...

乖宝宠物（301498.SZ） 饲料 证券研究报告/公司点评报告 2024 年 10 月 30 日 乖宝宠物 2024 年三季报点评 ——业绩持续亮眼，现金分红注重股东回报 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------|----------|-------|------------------------------------------|-------|-------| | 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） | 3,398 | 4,327 | 5,295 | 6,586 | 8,155 | | 分析师：姚雪梅 | 增长率 yoy% | 32% | 27% | 22% | 24% | 24% | | 执业证书编号： S0740522080005 | 归母净利润（百万元） | 267 | 429 | 629 | ...

中粮糖业（600737.SH） 农产品加工 证券研究报告/公司点评报告 2024 年 10 月 31 日 中粮糖业 2024 年三季报点评： ——周期性因素拖累业绩，估值溢价逐步显现 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------|-------------|--------|------------------------------------------|--------|--------| | 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） | 26,439 | 33,114 | 33,419 | 36,032 | 39,914 | | 分析师：姚雪梅 | 增长率 yoy% | 5% | 25% | 1% | 8% | 11% | | 执业证书编号： S0740522080005 | 归母净利润（百万元） | 744 | ...

盐津铺子（002847.SZ） 休闲食品 证券研究报告/公司点评报告 2024 年 10 月 30 日 短期盈利波动，势能依旧向上 ——盐津铺子三季报点评 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|-----------------------------|-------------|-----------|------------------------------------------|-------------|-------------| | 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） 增长率 | 2,894 | 4,115 | 5,323 | 6,610 | 8,073 | | 执业证书编号： S0740523070003 | yoy% 归母净利润（百万元） | 27% 301 | 42% 506 | 29% 636 | 24% 808 | 22 ...

中航重机（600765.SH） 航空装备Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 30 日 商用及民用工程增长强劲，宏山型号发力有望转盈 ——2024 年三季报点评 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------|----------|--------|------------------------------------------|--------|--------| | 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） | 10,570 | 10,577 | 11,956 | 13,798 | 15,649 | | 分析师：陈鼎如 | 增长率 yoy% | 20% | 0% | 13% | 15% | 13% | | 执 业 证 书 编 号 ： | 归母净利润（百万元） | 1,202 | 1,329 | 1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected 15%+ outperformance relative to the benchmark index over the next 6-12 months [2] Core Views - The company's Q3 2024 performance was under pressure, with revenue and net profit declining significantly year-over-year [2] - Main brand sales fell short of expectations due to weak consumer demand, leading to increased sales expenses [2] - Online channels showed strong growth, with a 47% YoY increase in revenue for the first three quarters of 2024 [4] - Inventory levels rose significantly, with inventory turnover days increasing by 71.4 days to 346.07 days [5] - The company's cash flow position weakened, with operating cash flow down 98.9% YoY for the first three quarters [6] Financial Performance Summary Revenue and Profit - 2024 Q3 revenue was 3.889 billion yuan, down 11.01% YoY [2] - 2024 Q3 net profit attributable to parent company was 271 million yuan, down 64.88% YoY [2] - 2024 full-year revenue forecast is 21.183 billion yuan, down 1.6% YoY [7] - 2024 full-year net profit forecast is 2.366 billion yuan, down 19.8% YoY [7] Profitability Ratios - 2024E gross margin is expected to be 45.0%, up from 44.5% in 2023 [7] - 2024E net margin is forecast at 11.0%, down from 13.6% in 2023 [7] - ROE is expected to decline to 12.9% in 2024 from 18.4% in 2023 [7] Valuation Metrics - 2024E P/E ratio is 12x, up from 9x in 2023 [7] - 2024E P/B ratio is 1x, down from 2x in 2023 [7] - EV/EBITDA is expected to increase to 28x in 2024 from 22x in 2023 [7] Business Segment Performance Main Brand - Revenue declined 4.95% YoY in the first three quarters of 2024 [3] - Gross margin improved by 0.87 percentage points to 45.33% [3] - Q3 2024 revenue was 2.38 billion yuan, down 26.55% YoY [3] Online Channel - Revenue grew 47% YoY in the first three quarters of 2024 [4] - Gross margin declined 1.9 percentage points to 48.37% [4] - The company is focusing on live streaming and short video platforms to drive online sales [4] Store Network - 104 net store closures in the first three quarters of 2024 [4] - Direct-operated stores increased by 127, while franchised stores decreased by 231 [4] - Direct-operated channel revenue grew 4.28% YoY, while franchised channel revenue declined 17.9% [4] Future Outlook - The company expects main brand growth to remain stable, with faster growth in e-commerce and overseas business [6] - Traditional Q4 peak season is expected to bring some recovery [6] - The company is working on improving group buying business and reducing losses in sub-brands [6] - Strategic partnerships, including with JD.com's outlet business, are expected to provide new growth momentum [6]

沪光股份（605333.SH） 汽车零部件 证券研究报告/公司点评报告 2024 年 10 月 30 日 24Q3 业绩超预期，毛利率创历史新高 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------|------------------------------------------- ...

万华化学（600309.SH） 化学制品 证券研究报告/公司点评报告 2024 年 10 月 31 日 检修叠加成本抬升致业绩短期承压，看好公司长期成长性 ——万华化学 2024 年三季报点评 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|---------------------------------------------------- ...

基本状况 报告摘要 春秋航空于 2024 年 10 月 30 日发布 2024 年三季报： 春秋航空（601021.SH） 航空机场 证券研究报告/公司点评报告 2024 年 11 月 01 日 量增价减业绩同比下滑，成本管控优势始终维持 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|----------------------------------|----------------|----------------|------------------------------------------|-------------|-------------| | 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） | 8,369 | 17,938 | 20,436 | 22,784 | 26,442 | | 分析师：杜冲 | 增长率 yoy% | -23% | 114% | 14% ...

鹏鼎控股（002938.SZ） 元件 证券研究报告/公司点评报告 2024 年 10 月 31 日 鹏鼎控股：汇兑扰动 Q3 仍双位数成长，AI 浪潮注入成长新动能 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...