公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 13,772 11,268 24,775 27,748 30,523 增长率 yoy% 50% -18% 120% 12% 10% 归母净利润（百万元） 314 377 509 590 647 增长率 yoy% 40% 20% 35% 16% 10% 每股收益（元） 0.69 0.83 1.11 1.29 1.41 每股现金流量 -1.49 1.56 15.50 -9.84 10.95 净资产收益率 16% 14% 17% 17% 16% P/E 53.1 44.1 32.7 28.2 25.7 P/B 8.7 6.3 5.7 4.9 4.2 备注：股价截止自2024 年 10 月 27 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：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 基本状况 总股本(百万股) 457 ...

中宠股份（002891.SZ） 饲料 证券研究报告/公司点评报告 2024 年 10 月 28 日 中宠股份 24 年三季报点评 ——内外销增长超预期，单季利润创历史新高 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

江丰电子（300666.SZ） 半导体 证券研究报告/公司点评报告 2024 年 10 月 28 日 江丰电子：24Q3 收入继续创新高，靶材和零部件双驱动 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

鱼跃医疗（002223.SZ） 医疗器械 证券研究报告/公司点评报告 2024 年 10 月 28 日 Email：yujx03@zts.com.cn 执业证书编号：S0740523080002 报告摘要 事件：公司发布 2024 年三季度报告，2024 年前三季度公司实现营业收入 60.28 亿元， 同比下降 9.53%，归母净利润 15.32 亿元，同比下降 30.09%，扣非净利润 12.74 亿 元，同比下降 23.74%。 分季度来看：2024 年单三季度公司实现收入 17.20 亿元，同比增长 2.21%，归母净 利润 4.11 亿元，同比下降 40.95%，扣非净利润 3.10 亿元，同比下降 25.38%。因 2023Q3 同期基数以及资产处置收益影响，公司单季度业绩有所波动。 费用端：2024 年前三季度公司毛利率 50.13%，同比减少 1.43pp；2024 年前三季度 公司销售费用率 15.44%，同比提升 2.61pp，管理费用率 5.15%，同比提升 0.80pp， 财务费用率-2.18%，同比下降 0.95pp，研发费用率 6.72%，同比提升 0.76pp，公司 持续加大销售与 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [1] Core Views - The company's performance is gradually recovering, with a steady layout of its product pipeline [1] - The company continues to dominate the domestic sublingual desensitization market with a market share exceeding 80% [4] - The company's revenue and net profit are expected to grow steadily from 2024 to 2026, with revenue projected to increase by 9.64%, 15.61%, and 16.96% respectively, and net profit by 5.77%, 14.77%, and 15.98% [4] Financial Performance - In 2024 Q1-Q3, the company achieved revenue of 730 million yuan, a year-on-year increase of 8.38%, and net profit of 272 million yuan, a year-on-year increase of 0.78% [2] - The gross margin remained stable at 95.26% in 2024 Q1-Q3, with a slight decrease of 0.15 percentage points [2] - R&D expenses increased by 11.93% to 87.86 million yuan in 2024 Q1-Q3, accounting for 12.03% of revenue [2] Product Pipeline - The company is expanding its product matrix with new products such as "Platanus Pollen," "German Cockroach," and "Cat Dander" prick test solutions, which are in the approval stage and expected to contribute to future growth [2] - The company submitted a clinical trial application for "House Dust Mite Film" (solid dosage form) in September 2024, and its diagnostic IV dermatitis patch is in Phase II clinical trials [2] Market Performance - The company's core product, Dust Mite Drops, achieved revenue of 701 million yuan in 2024 Q1-Q3, a year-on-year increase of 7.22% [3] - Artemisia Pollen Drops saw rapid growth, with revenue reaching 20.57 million yuan, a year-on-year increase of 87.53%, driven by increased market promotion in northern regions [3] Future Outlook - The company is expected to achieve revenue of 9.30 billion yuan, 10.75 billion yuan, and 12.58 billion yuan in 2024, 2025, and 2026 respectively, with net profit of 3.28 billion yuan, 3.77 billion yuan, and 4.37 billion yuan [4] - The company's EPS is projected to be 0.63 yuan, 0.72 yuan, and 0.83 yuan in 2024, 2025, and 2026 respectively [4]

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燕京啤酒（000729.SZ） 非白酒 证券研究报告/公司点评报告 2024 年 10 月 27 日 收入表现平稳，控费释放利润弹性 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

顾家家居（603816.SH） 家居用品 证券研究报告/公司点评报告 2024 年 10 月 27 日 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...