九强生物（300406.SZ） 医疗器械 证券研究报告/公司点评报告 2024 年 10 月 28 日 政策扰动下增长稳健，看好国改赋能持续兑现 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|--------------------------------------------------------------------------------------------------------- ...

基本状况 力诺特玻（301188.SZ） 家居用品 证券研究报告/公司点评报告 2024 年 10 月 27 日 盈利水平季节性调整，期待模制瓶放量 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------|-------------|-------|------------------------------------------|-------|-------| | 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） | 822 | 947 | 1,128 | 1,433 | 1,702 | | 分析师：孙颖 | 增长率 yoy% | -8% | 15% | 19% | 27% | 19% | | 执业证书编号： S0740519070002 | 归母净利润（百万元） | 117 | 66 | 110 | 186 | 244 | | | ...

新产业（300832.SZ） 医疗器械 证券研究报告/公司点评报告 2024 年 10 月 28 日 国内外市场持续突破，中高端装机稳步提升 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------- ...

顺络电子（002138.SZ） 元件 证券研究报告/公司点评报告 2024 年 10 月 28 日 顺络电子：24Q3 营收再创新高，持续开拓新业务打开成长空间 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" [1][2][4] Core Insights - The report highlights that TCL Electronics has shown significant improvement in both sales volume and structure, particularly in the North American market, driven by the upcoming Black Friday sales [2] - The company's revenue and profit forecasts have been adjusted upwards, with expected revenues of HKD 95.8 billion, HKD 104.2 billion, and HKD 110.2 billion for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 21%, 9%, and 6% [1][2] - The report emphasizes the high certainty of performance and a dividend payout ratio exceeding 50%, indicating a balance of growth and value [2] Financial Projections - Revenue for 2023 is projected at HKD 79.1 billion, with a year-on-year growth of 11% [1] - The net profit attributable to shareholders is expected to reach HKD 1.32 billion in 2024, representing a 78% increase from the previous year [1][2] - Earnings per share (EPS) is forecasted to grow from HKD 0.29 in 2023 to HKD 0.52 in 2024, and further to HKD 0.64 in 2025 [1][2] Sales Performance - In Q3 2024, TCL's television shipment volume increased by 20%, with domestic sales growing by 5% and international sales by 20-25% [1][2] - The report notes that the sales structure has improved, with significant growth in high-end products such as miniled and large-screen televisions [2] Market Position - The company is expected to maintain a competitive edge in the market, with a focus on high-margin products and a strong presence in both domestic and international markets [2] - The report indicates that TCL's stock is expected to outperform the benchmark index by over 15% in the next 6-12 months [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's short-term performance is impacted by business adjustments and channel inventory, but multiple new drug and medical device products are expected to drive growth [1] - The company reported a revenue of 4.785 billion yuan for the first three quarters of 2024, a year-on-year decline of 40.70%, with net profit attributable to the parent company decreasing by 73.12% [1] - The company is undergoing structural adjustments, leading to increased expenses in the short term, while inventory clearance in the pharmaceutical sector is nearing completion, which may improve performance in the fourth quarter [1][2] Financial Performance Summary - **Revenue (Million Yuan)**: - 2022A: 10,609 - 2023A: 7,980 - 2024E: 6,407 - 2025E: 7,175 - 2026E: 8,059 [1] - **Net Profit (Million Yuan)**: - 2022A: 2,203 - 2023A: 1,258 - 2024E: 915 - 2025E: 1,026 - 2026E: 1,154 [1] - **Earnings Per Share (EPS)**: - 2022A: 0.67 - 2023A: 0.53 - 2024E: 0.49 - 2025E: 0.55 - 2026E: 0.61 [1] - **Return on Equity (ROE)**: - 2022A: 13% - 2023A: 7% - 2024E: 5% - 2025E: 5% - 2026E: 6% [1] - **Price-to-Earnings (P/E) Ratio**: - 2022A: 10.7 - 2023A: 18.8 - 2024E: 25.9 - 2025E: 23.1 - 2026E: 20.5 [1] - **Price-to-Book (P/B) Ratio**: - 2022A: 1.6 - 2023A: 1.5 - 2024E: 1.4 - 2025E: 1.4 - 2026E: 1.3 [1] Business Outlook - The cardiovascular intervention business maintains good growth momentum, with new products expected to become new growth points for performance [1] - The company has several innovative products in the pipeline, including a drug-eluting balloon and various absorbable devices, which are anticipated to contribute to revenue growth [1][2] - The company is expected to see improved performance in the pharmaceutical sector as inventory clearance nears completion and new products are introduced [1][2]

| --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------| | | 报告摘要 | | | | 事件：公司发布 2024 年三季报： 1 ）前三季度：收入 32.0 亿元，同比 -6.4% ；归母净利 3.0 亿元，同比 -17.4% ；扣非 | | | | 归母净利 3.2 亿元，同比 -8.3% 。毛利率 37.4% ，同比 +0.8pct ；净利率 9.5% ，同比 | | | | -1.0pct 。 | | | | 2）24Q3 ：收入 10.9 亿元，同比 -8.7% ，环比 -0.5% ；归母净利 1.1 亿元，同比 -26.9% ， | | | | 环比 -3.0% ；扣非归母净利 1.2 亿元，同比 -15.2% ，环比 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing pressure on its Q3 performance, but there is potential for recovery in downstream sectors due to policy catalysts [4] - The company is expected to benefit from the ongoing digital transformation and the AI wave, with improvements in model capabilities and cost efficiency [3] - The macroeconomic uncertainty has led to a downward adjustment in the company's earnings forecast for 2024-2026 [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 22.45 billion yuan, a year-on-year increase of 0.77%, and a net profit attributable to shareholders of 2.545 billion yuan, a decline of 1.74% year-on-year [4] - In Q3 alone, the company reported revenue of 7.583 billion yuan, a decrease of 0.8% year-on-year and a 12.69% decline quarter-on-quarter [4] - The gross profit margin for Q3 was 39.90%, down 2.37 percentage points year-on-year [4] Earnings Forecast and Valuation - The company's revenue projections for 2024, 2025, and 2026 are 32.927 billion yuan, 36.714 billion yuan, and 41.303 billion yuan, respectively [1] - The net profit attributable to shareholders is forecasted to be 3.303 billion yuan in 2024, 3.980 billion yuan in 2025, and 4.764 billion yuan in 2026 [1] - The P/E ratios for the forecasted years are 16.4 for 2024, 13.6 for 2025, and 11.4 for 2026 [1] Market Position and Business Segments - The company has seen a recovery in its overseas business, which has helped offset pressures in its domestic operations [4] - Government business segments, particularly in social governance and digital upgrades in transportation, are showing positive growth [4] - The company has a strong position in the machine vision sector and is expected to benefit from the implementation of edge AI scenarios [3]

伊之密（300415.SZ） 专用设备 证券研究报告/公司点评报告 2024 年 10 月 28 日 2024Q3 业绩大超预期，上调盈利预测 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

瑞芯微（603893.SH） 半导体 证券研究报告/公司点评报告 2024 年 10 月 28 日 Q3 收入再创新高，端侧 AI 有望带动量价齐升 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...