基本状况 东山精密（002384.SZ） 元件 证券研究报告/公司点评报告 2024 年 10 月 29 日 东山精密：三季度业绩稳健，AI+新能源业务驱动后续成长 | --- | --- | --- | --- | --- | --- | --- | |--------------------------------|---------------------------|-------------|--------|------------------------------------------|--------|--------| | 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） | 31,580 | 33,651 | 37,752 | 42,107 | 48,428 | | 分析师：王芳 | 增长率 yoy% | -1% | 7% | 12% | 12% | 15% | | 执业证书编号： S0740521120002 | 归母净利润（百万元） | 2,368 | 1,96 ...

中复神鹰（688295.SH） 化学纤维 证券研究报告/公司点评报告 2024 年 10 月 28 日 需求疲软增长承压，多举措提升竞争力 ——中复神鹰 2024 年三季报点评 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6]. Core Views - The report indicates that the company's Q3 performance showed stable growth in both volume and price, leading to improved performance compared to the previous quarter. The coal production and sales volume are expected to increase year-on-year [7]. - The report highlights that despite a weak coal price environment, the company managed to increase its self-produced coal prices, indicating a recovery in profitability [7]. - The forecast for 2024-2026 has been adjusted downwards due to weak coal prices, with expected revenues of 150.13 billion, 154.01 billion, and 156.44 billion respectively, and net profits of 27.87 billion, 30.03 billion, and 31.31 billion respectively [7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 112.34 billion yuan, a decrease of 0.19% year-on-year, and a net profit of 21.51 billion yuan, a decrease of 0.62% year-on-year [7]. - In Q3 2024, the company reported revenue of 38.55 billion yuan, a year-on-year increase of 1.38% and a quarter-on-quarter increase of 3.60% [7]. - The coal production for the first three quarters was 25.79 million tons, a year-on-year increase of 1.47%, while the sales volume was 22.07 million tons, a slight decrease of 0.30% year-on-year [7]. Price and Cost Analysis - The average unit price for coal in the first three quarters was 494 yuan/ton, a slight increase year-on-year, while the unit cost was 262 yuan/ton, a decrease of 0.62% year-on-year [7]. - In Q3 2024, the unit price was 492 yuan/ton, reflecting a year-on-year increase of 3.69% and a quarter-on-quarter increase of 2.19% [7]. Production Capacity - The company currently has a total production capacity of 34.5 million tons per year from its two controlling coal mines, with a capacity utilization rate of 102.80% in Q3 2024 [7]. - The report anticipates that the company will maintain high production levels in Q4, with a year-on-year increase in total production expected [7]. Earnings Forecast and Valuation - The earnings forecast for 2024-2026 has been revised, with expected earnings per share of 1.67, 1.79, and 1.87 yuan respectively [7]. - The current stock price of 15.45 yuan corresponds to a P/E ratio of 9.3X for 2024, 8.6X for 2025, and 8.3X for 2026 [7].

Core Viewpoints - China Electronics Technology Group Corporation (CETC) is positioned as a national strategic force in technology, focusing on military and information technology fields, with a strong emphasis on R&D and innovation [2][7] - CETC operates across four major business segments: electronic equipment, information systems, industrial foundations, and cybersecurity, with significant achievements in areas like AI, quantum computing, and advanced manufacturing [2][7] - The group has a robust organizational structure with a "three-tier architecture and two-level operation" model, enabling flexible management and continuous incubation of high-quality assets [13] - CETC has 19 listed companies under its umbrella, covering key sectors such as defense, electronics, communications, and cybersecurity, with significant revenue and market capitalization [42][46][47] Business Overview - CETC's business spans electronic equipment, information systems, industrial foundations, and cybersecurity, with a focus on military and civilian applications [2][6] - The group has developed advanced technologies in areas like AI, quantum computing, and advanced manufacturing, with significant contributions to national strategic needs [7] - CETC's financial performance in 2023 includes a revenue of 3970.30 billion yuan, a net profit of 282.65 billion yuan, and a total asset value of 6587.03 billion yuan [8] Organizational Structure - CETC operates under a "three-tier architecture and two-level operation" model, with the group headquarters at the top, sub-groups at the second level, and subsidiary companies at the third level [13] - This structure allows for flexible management and continuous incubation of high-quality assets, with sub-groups having significant autonomy in operations [13] Listed Companies - CETC has 19 listed companies, including Hikvision, Potevio, and CETC Chip, covering sectors such as defense, electronics, communications, and cybersecurity [42] - These companies have shown strong financial performance, with Hikvision reporting a revenue of 893.40 billion yuan and a net profit of 141.08 billion yuan in 2023 [46] - Other notable listed companies include CETC Chip, with a revenue of 15.24 billion yuan, and CETC Digital, with a revenue of 100.01 billion yuan [46][47] Investment Opportunities - CETC's listed platforms, such as Potevio, Guorui Technology, and Tianao Electronics, are recommended for investment due to their strong industry positioning and potential for growth [50] - The group's focus on military and information technology, combined with its strong R&D capabilities, positions it well for future growth and innovation [50] Industry Focus - CETC is heavily focused on the defense and information technology sectors, with significant contributions to national security and technological advancement [2][6] - The group's advancements in AI, quantum computing, and advanced manufacturing are expected to drive future growth and innovation in these sectors [7]

华利集团（300979.SZ） 纺织制造 证券研究报告/公司点评报告 2024 年 10 月 30 日 业绩靓丽符合预期，期待新客户放量 ——华利集团 24Q3 点评 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing strong growth driven by the expansion of overseas channels and the orderly advancement of new visualization products. The company reported a revenue of 2.012 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 15.31%, and a net profit attributable to shareholders of 451 million yuan, up 16.70% year-on-year [1][2] - The company is focusing on enhancing its sales management and expanding its product offerings in the visualization segment, which is expected to contribute to future revenue growth. The company is also actively exploring upgrades and improvements to its disposable endoscope products [1][2] Financial Summary - **Revenue Forecasts**: - 2022A: 1,980 million yuan - 2023A: 2,411 million yuan - 2024E: 2,939 million yuan - 2025E: 3,603 million yuan - 2026E: 4,450 million yuan - Year-on-year growth rates: 2% (2022), 22% (2023), 22% (2024), 23% (2025), 23% (2026) [1] - **Net Profit Forecasts**: - 2022A: 331 million yuan - 2023A: 486 million yuan - 2024E: 598 million yuan - 2025E: 744 million yuan - 2026E: 919 million yuan - Year-on-year growth rates: 2% (2022), 47% (2023), 23% (2024), 24% (2025), 23% (2026) [1] - **Earnings Per Share (EPS)**: - 2022A: 1.76 yuan - 2023A: 2.59 yuan - 2024E: 3.18 yuan - 2025E: 3.96 yuan - 2026E: 4.89 yuan [1] - **Valuation Ratios**: - P/E ratios: 41.0 (2022), 27.9 (2023), 22.7 (2024), 18.2 (2025), 14.8 (2026) - P/B ratios: 4.2 (2022), 3.8 (2023), 3.3 (2024), 2.8 (2025), 2.4 (2026) [1] Market Performance - The company's stock price as of October 29, 2024, was 72.20 yuan, with a market capitalization of approximately 13.56 billion yuan [1] - The company has maintained a stable gross margin of 67.64%, with a year-on-year increase of 23.06% [1]

传音控股（688036.SH） 消费电子 证券研究报告/公司点评报告 2024 年 10 月 30 日 Q3 毛利率环比改善，持续推进高端化&端侧 AI 发展 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------|-------------|--------|------------------------------------------|--------|--------| | 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） | 46,596 | 62,295 | 69,551 | 82,901 | 95,445 | | 分析师：王芳 | 增长率 yoy% | -6% | 34% | 12% | 19% | 15% | | 执业证书编号： S0740521120002 | 归母净利润（百万元） | 2,484 | 5,537 | ...

公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 378 467 597 746 895 增长率 yoy% -9% 24% 28% 25% 20% 归母净利润（百万元） 53 77 83 107 126 增长率 yoy% -11% 45% 8% 29% 18% 每股收益（元） 0.38 0.55 0.59 0.76 0.89 每股现金流量 0.55 0.51 0.66 0.35 0.56 净资产收益率 6% 8% 8% 10% 11% P/E 70.2 48.3 44.8 34.7 29.5 P/B 4.2 4.0 3.8 3.5 3.2 备注：股价截止自2024 年 10 月 29 日收盘价，每股指标按照最新股本数全面摊薄 评级： 增持（维持） 分析师：冯胜 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 分析师：万欣怡 执业证书编号：S0740524070005 Email：wanxy@zts.com.cn 基本状况 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 ...

【中泰研究丨晨会聚焦】固收肖雨：地产回升动能减弱｜高频数据观察 （10/21-10/28） 证券研究报告 2024 年 10 月 30 日 [Table_Industry] [T[分Taa析bbl师lee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： [b_Suy 今日预览 Email： 研究分享>> 【固收】肖雨：地产回升动能减弱 | 高频数据观察（10/21-10/28） 欢迎关注中泰研究所订阅号 晨报内容回顾： 请务必阅读正文之后的重要声明部分 晨会聚焦 研究分享 【固收】肖雨：地产回升动能减弱 | 高频数据观察（10/21-10/28） 生产：主要开工率涨跌互现。高炉开工率涨跌不一：截至上周五，全国高炉开工率周环比上升 0.46 个百分点，月初至今同比下降 3.97 个百分点，唐山高炉开工率周环比下降 0.98 个百分点，月初至 今同比下降 16.60 个百分点。汽车轮胎开工率涨跌互现：截至上周四，汽车全钢胎开工率周环比上 升 1.78 个百分点，月初至今同比下降 4.51 个百分点，半钢胎开工率周环比下降 0.08 个百分点，月 初至今同比下降 0.94 个百 ...

证券研究报告 2024年10月30日 【中泰电子】AI全视角 - 科技大厂财报专题 | AMD 24Q3点评：数据中心拉动公司增长 分析师： 王芳 S0740521120002 杨旭 S0740521120001 李雪峰 S0740522080004 1 单位：亿美元 下限 上限 中值 YoY QoQ 2 来源：AMD财报，彭博，中泰证券研究所 24Q3业绩概览 | --- | --- | --- | --- | --- | --- | --- | |-----------------|--------------|-------|-------|----------|----------|------------| | | 单位：亿美元 | 实际 | YoY | 24Q3 QoQ | 市场预期 | 是否超预期 | | 营收 | | 68.19 | +18% | +17% | 67.1 | 超预期 | | —— 数据中心业务 | | 35.49 | +122% | +25% | 35.2 | 超预期 | | —— 客户端业务 | | 18.81 | +29% | +26% | - | - | | —— 游戏业 ...