海泰新光（688677.SH） 医疗器械 证券研究报告/公司点评报告 2024 年 10 月 25 日 大客户库存持续消化，整机业务加速成熟 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------|---------------------------------------------------------------------------------------------------- ...

艾力斯（688578.SH） 化学制药 证券研究报告/公司点评报告 2024 年 10 月 25 日 Q3 收入利润双超预期，海外临床即将有进展 ——艾力斯三季报点评 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------ ...

巴比食品（605338.SH） 食品加工 证券研究报告/公司点评报告 2024 年 10 月 26 日 门店业务承压，盈利持续改善 ——巴比食品 2024 年三季报点评 | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------|----------------------------------|-------------|--------|------------------------------------------|-----------|-----------| | 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） | 1,525 | 1,630 | 1,959 | 2,294 | 2,586 | | 分析师：晏诗雨 执业证书编号： S0740523070003 | 增长率 yoy% 归母净利润（百万元） | 11% 222 | 7% 214 | 20% ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company's revenue and net profit are expected to grow steadily from 2024 to 2026, with revenue projected to increase from 2,375 million yuan in 2024 to 3,091 million yuan in 2026, and net profit expected to rise from 686 million yuan to 894 million yuan over the same period [1] - The company's EPS is forecasted to grow from 0.78 yuan in 2024 to 1.01 yuan in 2026, with a P/E ratio decreasing from 20.0 in 2024 to 15.4 in 2026 [1] - Despite short-term pressure in 2024Q3 due to economic and industry competition, the company's long-term growth potential remains strong, particularly in the oral CBCT and medical imaging sectors [2][3] Financial Performance - In 2024Q3, the company reported a revenue of 648 million yuan, a 6.11% YoY decline, and a net profit of 178 million yuan, a 17.88% YoY decrease, mainly due to intensified industry competition and foreign exchange fluctuations [2] - The company's gross margin for the first three quarters of 2024 was 50.45%, a 1.79 percentage point decline YoY, while the net margin dropped by 5.46 percentage points to 28.52% [2] - Operating cash flow improved significantly, with a 17.49% YoY increase to 481 million yuan in the first three quarters of 2024 [2] Operational Highlights - The company's oral CBCT sales surpassed 20,000 units, marking a significant milestone in its medical health sector [3] - The company's spinal surgical navigation and positioning equipment was listed as a major technological equipment in Anhui Province, further enhancing its product portfolio [3] - R&D investment increased by 10.37% YoY to 94.61 million yuan in the first three quarters of 2024, accounting for 6.00% of revenue [2] Valuation and Forecast - The company's P/E ratio is expected to decrease from 20.0 in 2024 to 15.4 in 2026, reflecting a more attractive valuation over time [1] - The company's ROE is projected to improve from 26.2% in 2024 to 31.2% in 2026, indicating strong profitability and efficient capital utilization [9] - The company's debt-to-equity ratio is expected to remain stable, with a slight increase from 22.1% in 2024 to 28.4% in 2026, reflecting manageable leverage levels [9]

朗新集团（300682.SZ） IT 服务Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 25 日 朗新集团：全面聚焦能源战略，现金流显著改善 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

中国巨石（600176.SH） 玻璃玻纤 证券研究报告/公司点评报告 2024 年 10 月 25 日 粗纱保持较快增长，盈利能力继续修复 ——中国巨石 2024 年三季报点评 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------|----------|--------|------------------------------------------|--------|--------| | 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） | 20,192 | 14,876 | 16,276 | 19,210 | 22,466 | | 分析师：孙颖 | 增长率 yoy% | 2% | -26% | 9% | 18% | 17% | | 执业证书编号： S0740519070002 | 归母净利润（百万元） | 6,610 | 3, ...

沪电股份（002463.SZ） 元件 证券研究报告/公司点评报告 2024 年 10 月 25 日 沪电股份：Q3 业绩再创新高，顺 AI 趋势扩高端产能 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|------------------------------ ...

伟思医疗（688580.SH） 医疗器械 证券研究报告/公司点评报告 2024 年 10 月 25 日 盆底、康复逐步企稳，看好医美等新品放量 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|----------------------------------------------------- ...

蓝特光学（688127.SH） 光学光电子 证券研究报告/公司点评报告 2024 年 10 月 25 日 24Q3 营收&利润均创历史新高，微棱镜贡献主要增量 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------- ...

普联软件（300996.SZ） 软件开发 证券研究报告/公司点评报告 2024 年 10 月 25 日 控费效果明显，现金流表现持续改善 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------|----------|-------|------------------------------------------|-------|-------| | 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） | 695 | 749 | 902 | 1,096 | 1,307 | | 分析师：闻学臣 | 增长率 yoy% | 19% | 8% | 20% | 21% | 19% | | 执业证书编号： S0740519090007 | 归母净利润（百万元） | 155 | 62 | 170 | 202 | 246 | | | 增长率 yoy% | ...