神州泰岳（300002.SZ） 游戏Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 29 日 利润高增，核心产品流水稳定 公司盈利预测及估值 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|---------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has exceeded performance expectations, with a strong demand for its database products in the Xinchuang (信创) sector, indicating a robust market environment [1] - The company reported a revenue of 629 million yuan for the first three quarters of 2024, representing a year-on-year increase of 40.96%, and a net profit of 174 million yuan, up 47.48% year-on-year [1] - The gross margin for the first three quarters of 2024 reached 86.32%, with a significant improvement in net profit margin due to effective cost control [1] - The company has established a comprehensive database product matrix with independent intellectual property rights, having adapted over 9,000 products from more than 2,000 vendors [1] - The company has won several key projects across various industries, including finance, energy, and healthcare, further solidifying its market position [1] Financial Summary - Revenue projections for 2024-2026 are 926 million yuan, 1,094 million yuan, and 1,314 million yuan respectively, with a compound annual growth rate (CAGR) of approximately 18% [2] - Net profit forecasts for the same period are 350 million yuan, 418 million yuan, and 510 million yuan, reflecting a strong growth trajectory [2] - The earnings per share (EPS) is expected to grow from 4.61 yuan in 2024 to 6.71 yuan in 2026 [2] - The company maintains a high return on equity (ROE) of 21% in 2024, projected to decrease slightly to 19% by 2026 [2] Market Position - The company is positioned as a leader in the Xinchuang database industry, with a fully self-developed centralized database technology and a comprehensive product capability [1] - The company has a strong channel construction and is well-prepared to support the transition of core systems in the Xinchuang sector [1]

恺英网络（002517.SZ） 游戏Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 29 日 Q3 业绩超预期，产品储备丰富 公司盈利预测及估值 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|---------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next 6 to 12 months compared to the benchmark index [1][8]. Core Insights - The company experienced significant revenue growth in Q3 2024, with a year-on-year increase of 19.67%, driven by strong performance in foreign trade and safety engineering sectors [1]. - The report highlights the company's strategic shift towards high-growth sectors such as safety engineering, food and pharmaceutical industries, and military nuclear power, aiming for long-term stable growth [1]. - The company is expanding its international presence, establishing operational centers in Europe, Central Asia, and Southeast Asia, which are expected to contribute to revenue in the coming year [1]. Financial Performance Summary - **Revenue Forecast**: - 2022A: 3,043 million - 2023A: 3,197 million (5% growth) - 2024E: 4,079 million (28% growth) - 2025E: 4,615 million (13% growth) - 2026E: 5,290 million (15% growth) [1] - **Net Profit Forecast**: - 2022A: 358 million - 2023A: 461 million (29% growth) - 2024E: 545 million (18% growth) - 2025E: 628 million (15% growth) - 2026E: 739 million (18% growth) [1] - **Earnings Per Share (EPS)**: - 2022A: 1.06 - 2023A: 1.37 - 2024E: 1.62 - 2025E: 1.86 - 2026E: 2.19 [1] - **Valuation Ratios**: - P/E Ratio: - 2022A: 18.8 - 2023A: 14.6 - 2024E: 12.4 - 2025E: 10.7 - 2026E: 9.1 [1] - P/B Ratio: - 2022A: 3.8 - 2023A: 3.5 - 2024E: 2.8 - 2025E: 2.3 - 2026E: 1.8 [1] Growth and Profitability - The company is expected to maintain a robust growth trajectory, with a projected net profit growth rate of 18.2% in 2024 and 15.3% in 2025 [7]. - The gross margin for the first three quarters of 2024 is reported at 50.17%, indicating a slight decrease from previous periods, attributed to lower margins in traditional markets [1][7]. - The report emphasizes the company's focus on enhancing its safety engineering systems, which are expected to benefit from increased demand due to regulatory changes in hazardous chemical production [1].

万孚生物（300482.SZ） 医疗器械 证券研究报告/公司点评报告 2024 年 10 月 29 日 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 37,715 40,624 43,108 46,218 48,751 增长率 yoy% 9% 8% 6% 7% 5% 归母净利润（百万元） 2,499 2,839 3,639 4,321 5,173 增长率 yoy% 9% 14% 28% 19% 20% 每股收益（元） 1.42 1.62 2.07 2.46 2.95 每股现金流量 1.36 2.24 4.74 0.33 5.50 净资产收益率 13% 13% 15% 15% 15% P/E 24.3 21.4 16.7 14.0 11.7 P/B 3.3 2.9 2.5 2.1 1.8 备注：股价截止自2024 年 10 月 28 日收盘价，每股指标按照最新股本数全面摊薄 华东医药（000963.SZ） 化学制药 证券研究报告/公司研究简报 2024 年 10 月 28 日 评级： 买入（首次） 分析师：祝嘉琦 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 分析师：曹泽运 执业证书编号：S0740524060 ...

开特股份（832978.BJ） 汽车零部件 证券研究报告/公司深度报告 2024 年 10 月 28 日 国产汽车热管理系统"小巨人" ，电动化、智能化有望驱动高增 ——开特股份（832978.BJ）首次覆盖报告 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

渝农商行（601077.SH） 农商行Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 29 日 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn Email：qiaodan@zts.com.cn 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 | --- | --- | |-------------------|-----------| | | | | 基本状况 | | | 总股本 (百万股) | 11,357.00 | | 流通股本(百万股 ) | 11,349.41 | | 市价 (元) | 5.80 | | 市值 (百万元) | 65,870.60 | | 流通市值(百万元 ) | 65,826.58 | 相关报告 1、《详解渝农商行 2024 半年报：非 息高增带动营收负增收窄，基数拖累 减弱净利润增速回升》2024-09-01 2、《深度 | 渝农商行：深耕区域带 来低成本和低风险偏好，高股息标的》 2024-05-28 ...

南方航空（600029.SH） 航空机场 证券研究报告/公司点评报告 2024 年 10 月 29 日 三季度量增价减，盈利符合预期 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|----------------------------------------------------------------------------------------------------------------------------- ...

安井食品（603345.SH） 食品加工 证券研究报告/公司点评报告 2024 年 10 月 29 日 执业证书编号：S0740517030001 Email：fanjs@zts.com.cn 报告摘要 事件：公司发布 2024 年三季报。2024 年前 3 季度，公司实现营业收入 110.77 亿 元，同比+7.84%；归母净利润 10.47 亿元，同比-6.65%；扣非归母净利润 10.01 亿元，同比-2.46%；其中 3Q24 收入 35.33 亿元，同比+4.63%；归母净利润 2.44 亿元，同比-36.76%；扣非归母净利润 2.29 亿元，同比-30.90%。 | --- | --- | |-------------------|-----------| | | | | 总股本(百万股 ) | 293.29 | | | | | 流通股本 (百万股) | 293.29 | | 市价 (元) | 91.79 | | 市值(百万元 ) | 26,921.48 | | 流通市值(百万元 ) | 26,921.48 | 短期净利率承压，静待基本面反转 ——安井食品三季报点评 | --- | --- | ...