Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing stable performance amidst multiple pressures, with a focus on potential turning points following policy clarifications [1] - The company has shown resilience in its conventional business operations, with expectations for accelerated growth as various policies are fully implemented [1] - The report highlights the company's ongoing investment in research and development, which is expected to drive long-term growth [1] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 4,442 million - 2023A: 4,444 million - 2024E: 4,630 million - 2025E: 5,359 million - 2026E: 6,415 million - Year-on-year growth rates: 2023A: 0%, 2024E: 4%, 2025E: 16%, 2026E: 20% [1] - **Net Profit Forecasts**: - 2022A: 1,167 million - 2023A: 1,217 million - 2024E: 1,330 million - 2025E: 1,545 million - 2026E: 1,872 million - Year-on-year growth rates: 2023A: 4%, 2024E: 9%, 2025E: 16%, 2026E: 21% [1] - **Earnings Per Share (EPS)**: - 2022A: 2.01 - 2023A: 2.10 - 2024E: 2.29 - 2025E: 2.66 - 2026E: 3.22 [1] - **Cash Flow and Profitability**: - Cash flow per share: 2023A: 2.53, 2024E: 3.32, 2025E: 3.06, 2026E: 3.32 [1] - Return on equity (ROE): 2023A: 14%, 2024E: 13%, 2025E: 14%, 2026E: 14% [1] - **Valuation Ratios**: - Price-to-earnings (P/E) ratio: 2023A: 21.3, 2024E: 19.5, 2025E: 16.8, 2026E: 13.9 [1] - Price-to-book (P/B) ratio: 2023A: 3.0, 2024E: 2.7, 2025E: 2.3, 2026E: 2.0 [1] Business Overview - The company reported a year-on-year revenue growth of 6.13% for the first three quarters of 2024, with a net profit of 3.37 billion, reflecting a decline of 5.18% year-on-year but a 14.01% increase quarter-on-quarter [1] - The company is expected to benefit from the gradual release of pressure from regulatory policies, with a focus on enhancing its research and development capabilities [1] - The report indicates that the company’s self-developed products and increasing customer demand are expected to support growth in the chemical luminescence business, while the biochemical segment may face short-term pressure due to pricing adjustments [1]

贵州茅台（600519.SH） 白酒Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 27 日 贵州茅台：业绩增长韧性延续，全年目标完成在望 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

兆易创新（603986.SH） 半导体 证券研究报告/公司点评报告 2024 年 10 月 27 日 兆易创新：三季度旺季不旺，营收利润双环增体现经营韧性 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

奕瑞科技（688301.SH） 医疗器械 证券研究报告/公司点评报告 2024 年 10 月 27 日 2024Q3 收入承压，定增申请获上交所受理 | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 13,704 14,628 15,066 16,693 18,480 增长率 yoy% -11% 7% 3% 11% 11% 归母净利润（百万元） 1,825 3,556 1,905 2,116 2,346 增长率 yoy% -14% 95% -46% 11% 11% 每股收益（元） 0.98 1.90 1.02 1.13 1.25 每股现金流量 0.29 0.58 1.49 2.06 2.58 净资产收益率 10% 17% 8% 9% 9% P/E 27.5 14.1 26.3 23.7 21.4 P/B 2.7 2.3 2.2 2.0 1.9 备注：股价截止自2024 年 10 月 26 日收盘价 评级： 增持（首次） 分析师：康雅雯 执业证书编号：S0740515080001 Email：kangyw@zts.com.cn 分析师：李昱喆 执业证书编号：S0740524090002 Email：liyz05@zts.com.cn 基本状况 报告摘要 公司概览：国有新媒体平台，打造多元融合生态。芒果超 ...

北路智控（301195.SZ） 软件开发 证券研究报告/公司深度报告 2024 年 10 月 26 日 执业证书编号：S0740524030002 Email：sunxz@zts.com.cn | --- | --- | |-------------------|----------| | | | | | | | 总股本(百万股 ) | 131.52 | | 流通股本(百万股 ) | 49.10 | | 市价 (元) | 33.19 | | 市值(百万元 ) | 4,365.21 | | 流通市值(百万元 ) | 1,629.48 | | --- | --- | --- | --- | --- | --- | |------------------------------|-------------|------------------------------------------|-------------|-----------|-----------| | 公司盈利预测及估值 \n指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 75 ...

缅甸供应不确定性增大，稀土价格回升 有色金属 证券研究报告/行业定期报告 2024 年 10 月 27 日 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

重点公司基本状况 评级： 增持（维持） 简称 股价 EPS PE 评级 （元） 2022A 2023A 2024E 2025E 2026E 2022A 2023A 2024E 2025E 2026E 药明康德 53.00 3.01 3.27 3.38 3.80 4.44 16.06 15.68 13.96 11.94 1.08 买入 康方生物 69.50 - -1.15 -1.15 -0.40 0.26 -26.30 15.20 -30.80 -89.70 135.9 买入 贝达药业 46.97 0.35 0.83 1.22 1.70 2.39 56.48 38.47 27.65 19.68 0.97 买入 诺泰生物 54.46 0.60 0.76 1.88 2.57 3.65 73.46 28.98 21.18 14.94 0.74 买入 爱尔眼科 14.98 0.36 0.36 0.46 0.58 - 41.60 32.66 25.78 - -0.33 买入 智飞生物 32.27 4.71 3.36 4.72 6.07 - 9.57 6.83 5.31 - -0.07 买入 诺唯赞 24.95 1.63 ...

评级： 增持（维持） 分析师：郭中伟 执业证书编号：S0740521110004 报告摘要 【本周关键词】：金九银十旺季邻近尾声、黄金 ETF 持仓继续走高 投资建议：趋势的延续，维持行业"增持"评级 1）贵金属：本周，避险情绪升温，海外黄金 ETF 持仓量继续走高，金价持续刷新历 史高点，中长期看，美国远端国债实际收益率处于 2%左右历史高位，高利率下美国 经济压力逐步显现，随着全球信用格局重塑，贵金属价格将保持长期上行趋势。 2）大宗金属：本周，旺季邻近尾声，市场等待更多增量逆周期政策出台，除电解铝 因成本支撑外，其余商品价格整体走弱。在长期供需格局重塑背景下，大宗金属价格 进一步下行的空间有限，随着国内外政策同步转向，行业有望迎来景气上行周期。 行情回顾：大宗金属涨跌互现：1）周内，LME 铜、铝、铅、锌、锡、镍本周涨跌幅 为-0.6%、2.2%、-1.4%、0.3%、0.3%、-5.2%，SHFE 铜、铝、铅、锌、锡、镍的 涨跌幅为-0.8%、0.6%、0.1%、-0.1%、-1.5%、-2.2%；2）COMEX 黄金收于 2760.8 美元/盎司，环比上涨 0.9%；SHFE 黄金收于 624.72 ...

重点公司基本状况 评级： 增持（维持） 简称 股价 EPS PE 评级 （元） 2022A 2023A 2024E 2025E 2026E 2022A 2023A 2024E 2025E 2026E 百亚股份 27.33 0.44 0.55 0.74 1 1.31 59.74 49.69 36.93 27.33 20.86 买入 台华新材 11.66 0.31 0.5 0.75 0.86 1.12 36.55 23.32 15.55 13.56 10.41 买入 欧派家居 67.8 4.41 4.98 5.31 5.72 6.31 12.80 13.61 12.77 11.85 10.74 买入 索菲亚 19.9 1.17 1.31 1.56 1.72 1.89 14.57 15.19 12.76 11.57 10.53 买入 志邦家居 9.14 1.75 1.36 1.51 1.67 1.84 6.74 9.93 8.95 8.09 7.34 买入 备注：股价取 2024/10/25 收盘价 分析师：张潇 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn ...