浙数文化（600633.SH） 游戏Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 28 日 主业维持稳定，投资收益突出 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|------------------------- ...

金力永磁（300748.SZ） 金属新材料 证券研究报告/公司点评报告 2024 年 10 月 28 日 603 Q3 盈利环比修复 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

中炬高新（600872.SH） 调味发酵品Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 27 日 经营触底反弹，利润增长超预期 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - Buy (Maintained) [1] Core Views - Short-term performance pressure due to high base effect and off-season factors, with significant declines in pharmaceutical industrial revenue [1] - New leadership changes expected to bring positive impacts, with potential for a performance turnaround [1] - Core product Huoxiang Zhengqi Oral Liquid underperformed, leading to revenue declines in key therapeutic areas [1] - Gross margin fluctuated due to structural changes, with pharmaceutical industrial gross margin dropping by 4.04pp to 61.11% [1] - Net profit margin has room for improvement, with channel inventory destocking ongoing [1] - Revenue and net profit forecasts adjusted due to underperformance of core products and external policy impacts on the chemical drug sector [1] Financial Performance Summary Revenue and Profit - 2024E revenue expected to be 12,892 million yuan, a 17% YoY decline [1] - 2024E net profit attributable to parent company expected to be 736 million yuan, a 10% YoY decline [1] - 2025E revenue forecasted at 14,242 million yuan, a 10% YoY increase [1] - 2025E net profit attributable to parent company forecasted at 867 million yuan, an 18% YoY increase [1] Key Financial Ratios - 2024E P/E ratio: 19.0, P/B ratio: 3.2 [1] - 2025E P/E ratio: 16.1, P/B ratio: 2.7 [1] - 2024E ROE: 16%, 2025E ROE: 16% [1] Segment Performance - Pharmaceutical industrial revenue in Q3 2024: 26.17 billion yuan, a 16.44% YoY decline [1] - Pharmaceutical commercial revenue in Q3 2024: 51.09 billion yuan, an 11.21% YoY decline [1] - Traditional Chinese medicine resource segment revenue in Q3 2024: 7.24 billion yuan, a 13.77% YoY decline [1] Cash Flow and Inventory - 2024E operating cash flow: 3,356 million yuan, a significant increase from 672 million yuan in 2023A [3] - Inventory turnover days in Q3 2024: 127 days, the highest in three years [1] - Accounts receivable turnover days in Q3 2024: 61 days, the highest in three years [1] Future Outlook - Revenue growth expected to rebound in 2025E and 2026E, with 10% and 11% YoY increases respectively [1] - Net profit growth expected to accelerate in 2025E and 2026E, with 18% and 16% YoY increases respectively [1] - Gross margin expected to stabilize around 47% in 2025E and 2026E [6] - Net profit margin expected to improve to 6.3% in 2025E and 6.7% in 2026E [6]

紫燕食品（603057.SH） 休闲食品 证券研究报告/公司点评报告 2024 年 10 月 27 日 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------- ...

公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 890 1,243 1,725 2,151 2,484 增长率 yoy% 24% 40% 39% 25% 16% 归母净利润（百万元） 113 164 228 284 328 增长率 yoy% 82% 46% 39% 25% 15% 每股收益（元） 0.62 0.90 1.25 1.55 1.79 每股现金流量 0.30 0.24 1.13 1.55 2.36 净资产收益率 20% 11% 13% 14% 14% P/E 34.3 23.5 16.9 13.6 11.8 P/B 6.9 2.6 2.3 2.0 1.7 备注：股价截止自2024 年 10 月 26 日收盘价，每股指标按照最新股本数全面摊薄 评级： 买入（维持） 分析师：何俊艺 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 基本状况 总股本(百万股) 183.01 流通股本(百万股) 59.47 市价(元) 21.11 市值(百万元) 3,863.33 流通市值(百万元) 1,255.40 华纬科 ...

山煤国际（600546.SH） 煤炭开采 证券研究报告/公司点评报告 2024 年 10 月 28 日 产销提升成本下降，Q3 业绩环比增长 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------|--------|----------------------------------|------------------------------|------------------|------------------------------------------|----------------|----------------| | 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） | 46,391 | 37,371 | 33,670 | 32,164 | 30,969 | | 分析师：杜冲 执业证书编号： | | 增长率 yoy% 归母净利润（百万元） | -3% 6, ...

景旺电子（603228.SH） 元件 证券研究报告/公司点评报告 2024 年 10 月 28 日 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------|------------------------------|------------- ...

彩讯股份（300634.SZ） IT 服务Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 28 日 C 端应用创新迭代，算力布局打造一体化 AI 能力 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|-------------------------------------------------------------------------------------------------------------------------------------------- ...

科大讯飞（002230.SZ） 软件开发 证券研究报告/公司点评报告 2024 年 10 月 28 日 讯飞星火 4.0 Turbo 发布，商业落地持续加速 ——科大讯飞 1024 开发者节及三季度业绩点评 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...