中国汽研（601965.SH） 汽车服务 证券研究报告/公司点评报告 2024 年 10 月 27 日 业绩持续稳健，增量业务成果渐显 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------|-----------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

世运电路（603920.SH） 元件 证券研究报告/公司点评报告 2024 年 10 月 30 日 世运电路：三季度稳健增长，汽车+数通驱动公司未来高成长 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------- ...

Investment Rating - The report initiates coverage on Putian Technology with an "Overweight" rating [1] Core Views - Putian Technology is a key asset under China Electronics Technology Group Corporation (CETC) with strong communication technology capabilities [1] - The company has integrated high-quality assets through multiple reorganizations and is actively expanding into satellite internet and low-altitude economy sectors [1] - Putian Technology's business covers four major sectors: public network communication, private network communication, smart applications, and intelligent manufacturing [1] - The company has a strong technical advantage in PCB manufacturing and 5G applications, solidifying its leading position in the communication industry [1] - Putian Technology has implemented a long-term equity incentive plan to motivate management and retain core talent, ensuring sustained performance growth [1] Business Overview Public Network Communication - Putian Technology provides consulting, design, 5G industry applications, and engineering services, aiming to build efficient communication networks for clients [30] - The company has formed a "one core, two solutions" capability system in the 5G field, including 5G small base stations, micro-distribution, and 5G industry terminals [50] - Putian Technology has supported the construction of over 2.7 million 5G base stations across more than 20 provinces in China [51] Private Network Communication - The global 5G private network market was valued at $3.09 billion in 2021 and is expected to reach $34.55 billion by 2030 [1] - Putian Technology leads in customized and secure private network solutions for industries such as rail transit, energy, and emergency communication [1] - The company has a significant market share in rail transit communication, digital transportation, and energy power dispatch communication [58][61] PCB Manufacturing - The global PCB market was approximately $69.5 billion in 2023 and is expected to grow to $90.4 billion by 2028 [1] - Putian Technology is the largest domestic manufacturer of military PCBs, with high technical barriers providing long-term market advantages [1] - The company's PCB products are widely used in military and communication industries, offering high frequency, high density, and high reliability [69] Growth Opportunities Satellite Internet - Putian Technology is leveraging its shareholder resources to gain a first-mover advantage in the satellite internet sector, driving communication transformation in the 6G era [1] - The company has established strategic partnerships and technological innovations to enhance its competitiveness in satellite internet [1] Low-Altitude Economy - As a member of the Guangdong Digital Low-Altitude Professional Committee, Putian Technology is actively participating in the construction of low-altitude intelligent networks [1] - The company has partnered with Xi'an Electronic Science and Technology University to establish a joint laboratory, advancing the development of integrated space-ground information networks [1] Financial Performance - Putian Technology's revenue declined to 5.463 billion yuan in 2023 due to delays in private network projects and weak market demand [1] - The company's net profit attributable to shareholders dropped to 36 million yuan in 2023, an 83.10% year-on-year decrease [40] - However, the public network communication business showed recovery in the first half of 2024, with revenue and profit returning to growth [1] Valuation and Forecast - The report forecasts Putian Technology's net profit attributable to shareholders to be 95 million yuan, 181 million yuan, and 260 million yuan for 2024, 2025, and 2026, respectively [1] - Based on the closing price on October 29, 2024, the corresponding P/E ratios are 182.1x, 95.3x, and 66.4x for 2024, 2025, and 2026 [1]

公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 172,991 186,269 203,088 204,333 213,708 增长率 yoy% -1% 8% 9% 1% 5% 归母净利润（百万元） 6,067 8,250 11,314 13,957 16,697 增长率 yoy% 19% 36% 37% 23% 20% 每股收益（元） 0.28 0.38 0.52 0.65 0.77 每股现金流量 0.72 0.72 1.17 -0.07 2.11 净资产收益率 10% 11% 13% 14% 14% P/E 27.6 20.3 14.8 12.0 10.0 P/B 3.2 2.8 2.4 2.1 1.7 备注：股价截止自2024 年 10 月 30 日收盘价，每股指标按照最新股本数全面摊薄 洛阳钼业（603993.SH） 小金属 证券研究报告/公司点评报告 2024 年 10 月 30 日 评级： 买入（维持） 分析师：郭中伟 执业证书编号：S0740521110004 Email：guozw@zts.com.cn 分析师：安永超 执业证书编号：S ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's short-term performance is impacted by terminal price adjustments and the implementation of centralized procurement, while there is a focus on the release of new products across multiple fields [1] - The company has shown a strong commitment to long-term growth through share buybacks and strategic pricing adjustments, particularly in the thoracic and abdominal stent markets [1] - The report anticipates that external policy changes, such as centralized procurement, may cause short-term disruptions but expects these impacts to gradually diminish as the company adapts [1] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 897 million - 2023A: 1,187 million - 2024E: 1,205 million - 2025E: 1,505 million - 2026E: 1,881 million - **Growth Rates**: - 2022A: 31% - 2023A: 32% - 2024E: 1% - 2025E: 25% - 2026E: 25% [1] - **Net Profit Forecasts**: - 2022A: 357 million - 2023A: 492 million - 2024E: 480 million - 2025E: 626 million - 2026E: 783 million - **Growth Rates**: - 2022A: 13% - 2023A: 38% - 2024E: -3% - 2025E: 30% - 2026E: 25% [1] - **Earnings Per Share (EPS)**: - 2022A: 4.96 - 2023A: 5.95 - 2024E: 5.80 - 2025E: 7.57 - 2026E: 9.47 [1] Market and Operational Insights - The company has experienced a revenue of 970 million in the first three quarters of 2024, representing a year-on-year growth of 9.13% [1] - The net profit attributable to the parent company for the same period was 553 million, showing a year-on-year increase of 42.46% [1] - The report notes a significant decline in revenue for Q3 2024, down 31.65% year-on-year, primarily due to price adjustments in key products [1][2] - The company is actively engaging with distributors and procurement parties to mitigate the impacts of policy changes and enhance product promotion in various fields [1]

青岛啤酒（600600.SH） 非白酒 证券研究报告/公司点评报告 2024 年 10 月 29 日 均价表现平稳，利润短期承压 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------|----------|--------|------------------------------------------|--------|--------| | 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） | 32,172 | 33,937 | 32,181 | 34,145 | 34,977 | | 分析师：熊欣慰 | 增长率 yoy% | 7% | 5% | -5% | 6% | 2% | | 执业证书编号： S0740519080002 | 归母净利润（百万元） | 3,711 | 4,268 | 4,428 | 5,132 | 5,64 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [83]. Core Insights - The company is a core strategic partner of Huawei, transitioning from IT services to a full-stack integration of software and hardware, with a focus on digital infrastructure and emerging business areas [2][7]. - The company completed the acquisition of Tongfang Computer and Tongfang International in February 2024, which is expected to enhance revenue and profit margins through integration [2][16]. - The software segment is leveraging HarmonyOS, Euler, and Gauss to penetrate the domestic software market, with significant advancements in the development and deployment of these systems [2][25][54]. - The hardware segment is benefiting from the acquisition, with a focus on creating a synergistic ecosystem that combines software and hardware solutions [2][57]. Summary by Sections Company Overview - The company has a stable shareholding structure, with the top five shareholders holding over 45% of the shares, and the management team has extensive industry experience [13][16]. - The company has evolved from IT services to a full-stack service provider, enhancing its capabilities through strategic partnerships and acquisitions [7][9]. Software Segment - The software and digital technology services form the core of the company's business, covering various sectors including technology, finance, and manufacturing [9][26]. - The company is a leader in IT consulting and has developed over 100 industry-specific solutions, particularly in the insurance and financial sectors [10][30]. - The domestic digital economy is growing, with the company's software services expected to benefit from increased IT spending and digital transformation initiatives [25][26]. Hardware Segment - The acquisition of Tongfang Computer and Tongfang International has strengthened the company's hardware capabilities, allowing it to offer comprehensive IT infrastructure solutions [57][58]. - The company is positioned as a partner for Huawei's Kunpeng and Ascend products, enhancing its product offerings in the AI and server markets [62][66]. - The company is actively developing AI PCs and other hardware products, with significant market potential as AI PC shipments are projected to grow rapidly [66][69]. Financial Projections - The company forecasts significant revenue growth from 2024 to 2026, with expected revenues of 31,043 million, 35,014 million, and 40,012 million respectively [2][69]. - Net profit is projected to increase from 5.63 billion in 2024 to 7.81 billion in 2026, reflecting a recovery in profitability following recent acquisitions [2][77]. - The report anticipates improvements in gross margins across various business segments, driven by operational efficiencies and market demand [73][74].

重庆啤酒（600132.SH） 非白酒 证券研究报告/公司点评报告 2024 年 10 月 30 日 短期量价下滑，盈利能力承压 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------|----------|--------|------------------------------------------|--------|--------| | 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） | 14,039 | 14,815 | 14,842 | 15,488 | 16,135 | | 分析师：熊欣慰 | 增长率 yoy% | 7% | 6% | 0% | 4% | 4% | | 执业证书编号： S0740519080002 | 归母净利润（百万元） | 1,264 | 1,337 | 1,304 | 1,422 | 1,519 ...

华夏航空（002928.SZ） 航空机场 证券研究报告/公司点评报告 2024 年 10 月 30 日 经营恢复持续向好，Q3 业绩略超预期 | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|----------------------------------|-----------------|--------------------------------------------------|---------------|-------------|-------------| | 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） | 2,643 | 5,151 | 7,065 | 8,623 | 9,469 | | 分析师：杜冲 执业证书编号： S0740522040001 | 增长率 yoy% 归母净利润（百万元） | -33% -1,974 | 95 ...

安琪酵母（600298.SH） 调味发酵品Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 30 日 国内收入大幅回暖，毛利短期承压 公司盈利预测及估值 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...