南方传媒（601900.SH） 出版 证券研究报告/公司点评报告 2024 年 10 月 30 日 南方传媒：Q3 利润总额实现高增，教育业态持续拓展 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|---------------------------------------------------------------------------------------------------------- ...

立高食品（300973.SZ） 休闲食品 证券研究报告/公司点评报告 2024 年 10 月 30 日 需求承压，盈利改善 ——立高食品三季报点评 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|----------------------------------|-------------|------------------------------------------|------------|------------|------------| | 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） | 2,911 | 3,499 | 3,812 | 4,273 | 4,777 | | 执业证书编号： S0740523070003 | 增长率 yoy% 归母净利润（百万元） | 3% 144 | 20% 73 | 9% 263 | 12% 300 | 12% 3 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q3 performance continues to grow strongly, with sufficient orders in the energy interconnection sector [1] - The company's profitability has improved due to technological R&D and cost control, with a net profit margin of 5.90% in Q3 2024, up 0.81 percentage points year-on-year [1] - The company's marine business is in the domestic first tier, with ample orders, and performance is expected to further improve as the offshore wind and cable market recovers [1] Financial Performance - Revenue for the first three quarters of 2024 reached 42.399 billion yuan, a year-on-year increase of 20.79% [1] - Net profit attributable to the parent company was 2.315 billion yuan, a year-on-year increase of 28.32% [1] - Non-GAAP net profit attributable to the parent company was 2.208 billion yuan, a year-on-year increase of 30.20% [1] - Q3 2024 revenue was 15.785 billion yuan, a year-on-year increase of 27.21%, and net profit attributable to the parent company was 693 million yuan, a year-on-year increase of 40.94% [1] Business Highlights - The company has actively seized market opportunities in the context of "new infrastructure," "carbon peaking and carbon neutrality," and "digital China," driving growth in its ultra-high voltage, grid intelligence, industrial and new energy intelligence, and marine communication businesses [1] - The company's offshore wind power projects are progressing well, with orders in the energy interconnection sector reaching 20 billion yuan by Q3 2024 [1] - The company has made significant progress in the development of special optical fibers and high-speed optical modules, with orders in the marine communication sector exceeding 6 billion yuan [1] Future Outlook - The company is expected to achieve revenue of 54.703 billion yuan, 61.733 billion yuan, and 68.754 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15%, 13%, and 11% [1] - Net profit attributable to the parent company is expected to reach 2.976 billion yuan, 3.755 billion yuan, and 4.267 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 38%, 26%, and 14% [1] - The company's EPS is expected to be 1.21 yuan, 1.52 yuan, and 1.73 yuan in 2024, 2025, and 2026, respectively [1] Valuation - The company's P/E ratio is expected to be 14.8, 11.8, and 10.4 in 2024, 2025, and 2026, respectively [1] - The company's P/B ratio is expected to be 1.6, 1.4, and 1.3 in 2024, 2025, and 2026, respectively [1]

生益科技（600183.SH） 元件 证券研究报告/公司点评报告 2024 年 10 月 30 日 生益科技：三季度业绩稳健，新品进展顺利成长性强 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------- ...

外部政策影响短期业绩,看好国内设备更新落地+海外市场持续突 40.0 迈瑞医疗 (300760.SZ) 医疗器械 证券研究报告/公司点评报告 2024 年 10 月 30 日 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------------------------------------------------------------------------- ...

药明康德(603259. SH) 医疗服务 在手订单增长提速,整体业务呈逐步恢复态 证券研究报告/公司点评报告 2024 年 10 月 30 日 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

三友医疗 (688085. SH) 医疗器械 集采出清国内快速恢复,自主品牌加速出海 证券研究报告/公司点评报告 2024 年 10 月 30 日 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [1][2][5] Core Insights - The company has achieved revenue and profit growth exceeding expectations, with a significant expansion in application markets. The revenue for the first three quarters of 2024 reached 2.268 billion yuan, a year-on-year increase of 24.22%, while the net profit attributable to shareholders was 390 million yuan, up 37.84% year-on-year [1][2] - The company is positioned as a leader in high-precision navigation and positioning, providing hardware and solutions across various scenarios. It is gradually expanding into new business models such as SaaS subscription services, which are expected to enhance profitability [2][4] - The report projects net profits for 2024, 2025, and 2026 to be 596 million yuan, 774 million yuan, and 988 million yuan respectively, with corresponding EPS of 1.09 yuan, 1.41 yuan, and 1.80 yuan [2][4] Financial Summary - Revenue (in million yuan): - 2022: 2,236 - 2023: 2,678 - 2024E: 3,358 - 2025E: 4,419 - 2026E: 5,741 - Year-on-year growth rates: - 2023: 20% - 2024E: 25% - 2025E: 32% - 2026E: 30% [1][4] - Net Profit (in million yuan): - 2022: 361 - 2023: 449 - 2024E: 596 - 2025E: 774 - 2026E: 988 - Year-on-year growth rates: - 2023: 24% - 2024E: 33% - 2025E: 30% - 2026E: 28% [1][4] - Key Financial Ratios: - P/E ratios are projected to decrease from 44.3 in 2023 to 20.1 in 2026 - P/B ratios are expected to decline from 6.6 in 2023 to 3.9 in 2026 [1][4] Market Position and Growth Drivers - The company benefits from the continuous expansion of its products and solutions in various industries, including resources and public utilities, and geographic information. The overseas revenue is also experiencing rapid growth, with a 34.98% year-on-year increase in the first half of 2024 [1][2] - The company maintains a strong growth momentum in emerging business areas, particularly in agricultural machinery automation and deformation monitoring, which are supported by significant government investments [1][2] - The report highlights the company's focus on enhancing its core technology capabilities and self-sufficiency in high-precision components, which is expected to further strengthen its competitive position in the market [2][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 5.381 billion yuan, a year-on-year increase of 31.05%, and net profit attributable to shareholders at 1.603 billion yuan, up 40.38% year-on-year [1] - The company's MLCC (Multi-Layer Ceramic Capacitor) business continues to show strong growth, with technological breakthroughs and increased market recognition [1] Financial Performance Summary - Revenue (in million yuan): - 2022A: 5,149 - 2023A: 5,727 - 2024E: 7,538 - 2025E: 8,987 - 2026E: 10,305 - Year-on-year growth rates for revenue: - 2022A: -17% - 2023A: 11% - 2024E: 32% - 2025E: 19% - 2026E: 15% [1] - Net profit attributable to shareholders (in million yuan): - 2022A: 1,505 - 2023A: 1,581 - 2024E: 2,148 - 2025E: 2,736 - 2026E: 3,184 - Year-on-year growth rates for net profit: - 2022A: -25% - 2023A: 5% - 2024E: 36% - 2025E: 27% - 2026E: 16% [1] Business Development - The company has achieved significant advancements in its two main business areas, with improved profitability despite overall weak demand in the market [1] - The MLCC business has seen a breakthrough in technology, achieving a dielectric layer thickness of 1 micron and a stacking layer count exceeding 1000 layers, with products covering mainstream specifications from 0201 to 2220 [1] - The company's MLCC products have received high recognition in the market, evidenced by winning the Innovation Gold Award at the 12th China Electronic Information Expo [1] Investment Recommendations - The company is expected to achieve net profits of 2.148 billion yuan, 2.736 billion yuan, and 3.184 billion yuan for the years 2024, 2025, and 2026 respectively, with a maintained "Buy" rating based on the current market conditions [1]

Investment Rating - Buy (maintained) [1] Core Views - Q3 revenue achieved high growth, with Q4 gross margin expected to improve sequentially [1] - High-performance computing business expanded rapidly, driving revenue growth, particularly in laptops and servers [2] - Automotive electronics grew rapidly, with comprehensive product layout in smart cockpit, smart driving, smart connectivity, and smart vehicle control [2] - Acquisition of Yiluda to enter North American specific customer supply chain, opening long-term growth potential [3] Financial Performance - Q3 2024 revenue: RMB 36.61 billion, +45.4% YoY, +58.0% QoQ [1] - Q3 2024 net profit attributable to parent company: RMB 760 million, +8.0% YoY, +10.6% QoQ [1] - Q3 2024 gross margin: 7.6%, -3.2pct YoY, -2.7pct QoQ [1] - Q3 2024 net margin: 2.1%, -0.7pct YoY, -0.9pct QoQ [1] - 2024E revenue: RMB 106.673 billion, +25% YoY [1] - 2024E net profit attributable to parent company: RMB 2.928 billion, +8% YoY [1] Business Highlights - High-performance computing: AI PC mass production and server/switch deliveries to major clients drove revenue growth [2] - Automotive electronics: Revenue reached RMB 640 million in H1 2024, +102% YoY [2] - Acquisition of Yiluda: Expected to generate cumulative net profit of at least HKD 750 million from 2024 to 2026 [3] Valuation and Forecast - 2024E P/E: 20.1x [1] - 2025E P/E: 16.3x [1] - 2026E P/E: 13.4x [1] - 2024E EPS: RMB 2.88 [1] - 2025E EPS: RMB 3.55 [1] - 2026E EPS: RMB 4.33 [1] Financial Ratios - 2024E ROE: 12% [1] - 2025E ROE: 13% [1] - 2026E ROE: 14% [1] - 2024E debt-to-equity ratio: 47.5% [32] - 2025E debt-to-equity ratio: 140.7% [32] - 2026E debt-to-equity ratio: 53.2% [32]