华鲁恒升（600426.SH） 农化制品 证券研究报告/公司点评报告 2024 年 10 月 31 日 三季度业绩符合预期，长期成长可期 ——华鲁恒升 2024 年三季报点评 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|----------------------------------------------------------------------------------------------- ...

苏州银行（002966.SZ） 城商行Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 31 日 详解苏州银行 2024 三季报：信贷平稳增长，资产质量稳健 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

广汇能源（600256.SH） 炼化及贸易 证券研究报告/公司点评报告 2024 年 11 月 01 日 非煤业务年度检修 Q3 业绩承压，马朗获采矿权产量有望持续高增 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------|----------|-------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - Buy (首次) [1] Core Views - The company has rapidly grown into a leader in AI and big data through continuous innovation, driving customer digital transformation [1] - Its core products include intelligent text recognition, commercial big data, and internet advertising, with intelligent text recognition contributing the highest revenue share [1] - Revenue and net profit have shown steady growth from 2019 to 2024H1, with improved cost control and employee efficiency [1] Business Overview - The company's main business covers three sectors: intelligent text recognition, commercial big data, and internet advertising [10] - Intelligent text recognition accounts for 75.91% of 2023 revenue, with C-end applications like CamScanner and Business Card King driving growth [10] - Commercial big data contributes 15.63% of 2023 revenue, with Qixinbao as a key product covering over 300 million enterprises [11] - Internet advertising accounts for 8.09% of 2023 revenue, primarily through C-end applications [12] Financial Analysis - Revenue grew from RMB 988 million in 2022 to RMB 1,187 million in 2023, with a projected increase to RMB 2,006 million by 2026 [1] - Net profit increased from RMB 284 million in 2022 to RMB 323 million in 2023, expected to reach RMB 505 million by 2026 [1] - The company's gross margin remained stable at 83%-85% from 2020 to 2024H1, while net margin improved significantly due to reduced expense ratios [20] Intelligent Text Recognition - The company leads the intelligent text recognition market with its C-end products, CamScanner and Business Card King, which dominate in user experience and activity [27] - In the B-end market, the company provides customized solutions for industries like banking, securities, and insurance, maintaining a competitive edge [31] - The intelligent text recognition market in China is expected to grow to RMB 16.89 billion by 2027, with a CAGR of 27.3% from 2022 to 2027 [25] Commercial Big Data - The company's commercial big data business empowers enterprises with decision-making and risk management tools, driving digital transformation [14] - Qixinbao, its C-end product, covers over 300 million enterprises and provides real-time data for business information queries [43] - The commercial big data service market in China is projected to reach RMB 104.09 billion by 2027, with a CAGR of 20.7% from 2022 to 2027 [39] Future Projections - Revenue is expected to grow to RMB 20.06 billion by 2026, driven by intelligent text recognition and commercial big data [62] - The company plans to invest in R&D and product upgrades to enhance its competitive position in intelligent text recognition and commercial big data [17]

保隆科技（603197.SH） 汽车零部件 证券研究报告/公司点评报告 2024 年 10 月 31 日 业绩环比持续改善，盈利拐点明确 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

爱玛科技（603529.SH） 摩托车及其他 证券研究报告/公司点评报告 2024 年 10 月 31 日 蓄力明年，表现可期 ——爱玛科技 24 年三季报点评 | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

锡业股份（000960.SZ） 小金属 证券研究报告/公司点评报告 2024 年 10 月 31 日 锡价中枢上移助力业绩高增 公司盈利预测及估值 | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------|-----------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|---------------------------------- ...

报告摘要 2024 年 10 月 31 日，国家统计局公布 10 月官方 PMI 指数。其中，制造业 PMI 为 50.1%， 较前值回升 0.3 个百分点，改善幅度高于过去 5 年同期均值（-0.5%）。非制造业 PMI 为 50.2%，较前值回升 0.2 个百分点。 从分项来看，构成制造业 PMI 的 5 个分类指数中，除供应商配送时间外，其余 4 项 对制造业 PMI 的回升均形成支撑，其中生产指数是最主要贡献项。10 月生产指数为 52.0%，较前值上升 0.8 个百分点，推动制造业 PMI 上升 0.2 个百分点。10 月新订单 指数为 50.0%，较前值上升 0.1 个百分点，相应支撑制造业 PMI 上升 0.03 个百分点。 供需指数双双回升，表明一揽子增量政策以及已出台的存量政策效应在逐步显现。 基础原材料行业 PMI 回升幅度明显，高技术制造、装备制造、消费品行业均有不同程 度的回落。高技术制造业和装备制造业 PMI 分别为 50.1%和 51.3%，较前值分别回 落 2.9 和 0.7 个百分点。基础原材料行业的 PMI 回升明显，可能受到了政策预期下大 宗商品涨价的带动。 10 月新出口 ...

报告摘要 陕西煤业于 2024 年 10 月 29 日发布 2024 年三季报： 陕西煤业（601225.SH） 煤炭开采 证券研究报告/公司点评报告 2024 年 10 月 29 日 经营业绩符合预期，股东增持彰显信心 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------|-------------|---------|------------------------------------------|---------|---------| | 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） | 166,848 | 170,872 | 185,391 | 189,315 | 191,293 | | 分析师：杜冲 | 增长率 yoy% | 10% | 2% | 8% | 2% | 1% | | 执业证书编号： S074052204 ...

恒顺醋业（600305.SH） 调味发酵品Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 31 日 收入环比改善，盈利能力修复 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------- ...