诺泰生物（688076.SH） 医疗服务 证券研究报告/公司点评报告 2024 年 10 月 24 日 业绩超过预告中枢，毛利率显著提升，全年高增有望持续 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|---------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing revenue growth driven by market recovery, although profit margins are under pressure due to ongoing R&D investments and increased financial costs [1] - The semiconductor market is recovering, with significant growth expected in the testing machine market, supported by the company's strategic focus on major clients [1] - The company has made strategic acquisitions to enhance its product offerings and market position, particularly in high-end intelligent manufacturing [1] Financial Performance Summary - Revenue (in million CNY): - 2022A: 2,577 - 2023A: 1,775 - 2024E: 3,300 - 2025E: 4,000 - 2026E: 5,000 - Year-over-year growth rates: - 2022A: 70% - 2023A: -31% - 2024E: 86% - 2025E: 21% - 2026E: 25% [1][2] - Net profit (in million CNY): - 2022A: 461 - 2023A: 45 - 2024E: 550 - 2025E: 750 - 2026E: 940 - Year-over-year growth rates: - 2022A: 111% - 2023A: -90% - 2024E: 1,119% - 2025E: 36% - 2026E: 25% [1][2] - Earnings per share (in CNY): - 2022A: 0.74 - 2023A: 0.07 - 2024E: 0.88 - 2025E: 1.20 - 2026E: 1.50 [1][2] Market and Strategic Insights - The semiconductor market is projected to grow significantly, with global semiconductor sales expected to reach $390.46 billion in 2024, a year-over-year increase of 20.62% [1] - The company is focusing on major clients to drive growth, with its products already recognized by leading integrated circuit manufacturers [1] - The company is expanding its production capacity and product offerings through strategic acquisitions, enhancing its competitive position in the market [1]

杜冲 S0740522040001 duchong@zts.com.cn 1 中泰证券研究所专业｜领先｜深度｜诚信 ｜证券研究报告｜ 大小航司现分化，下沉市场迎机遇 —2024年冬春航季国内航司换季概览— 2024 . 1 0 . 2 4 李鼎莹 S0740524080001 lidy@zts.com.cn 大小航司现分化，下沉市场迎机遇 Ø 换季概览：总量同比稳定，国内下滑、国际上涨。2024冬春航季国内航司总时刻量较2023年同期保持稳定，较2019年冬春航季增长约17.26%。国内航司国内时刻 量较2023年冬春航季下降0.96%，较2019年冬春航季上涨23.63%；国内航司国际时刻量（含中国始发、到达时刻，下同）较2023年冬春航季上涨16.23%，为 2019年冬春航季的74.04%；国内航司地区时刻量较2023年冬春航季下降12.10%，为2019年冬春航季的94.96%。 Ø 国际/地区恢复：非洲、中东领先，北美仅恢复至2019年的18%。2024年冬春航季，国内航司亚洲（含地区，不含中国始发、到达时刻，下同）、欧洲、大洋洲计 划时刻量占国际（含地区）总时刻量的比例分别达84.54%、8.77 ...

Investment Rating - Buy rating maintained for the company [1] Core Views - The company's Q3 2024 performance was strong, with revenue of 29.26 billion yuan, up 1.7% YoY and 38.9% QoQ, and net profit attributable to shareholders of 1.12 billion yuan, up 138.2% YoY and 32.5% QoQ [1] - New product launches from Meta and Apple drove Q3 revenue growth, while improved operational efficiency and utilization rates supported margin expansion [2] - The company's hedging strategy mitigated FX volatility, with hedging gains of 240 million yuan offsetting FX losses, allowing net profit to better reflect actual performance [2] - AR is expected to open a new product cycle, with the company well-positioned to benefit from AI+AR trends through its partnerships with Meta and Qualcomm [2] Financial Performance - 2024E revenue is forecast at 98.77 billion yuan, up 0.2% YoY, with net profit attributable to shareholders of 2.51 billion yuan, up 130.6% YoY [1] - 2025E revenue is projected to grow 21.5% YoY to 120 billion yuan, with net profit attributable to shareholders of 3.53 billion yuan, up 40.5% YoY [1] - 2026E revenue is expected to reach 144.27 billion yuan, up 20.2% YoY, with net profit attributable to shareholders of 4.54 billion yuan, up 28.7% YoY [1] - Gross margin improved to 11.4% in Q3 2024, up 1.2 ppts YoY, while net margin was 3.75%, up 2.14 ppts YoY [1] Valuation - 2024E P/E is 33x, declining to 24x in 2025E and 18x in 2026E [1] - 2024E P/B is 2.5x, falling to 2.3x in 2025E and 2.1x in 2026E [1] Balance Sheet and Cash Flow - Total assets are forecast to grow from 73.74 billion yuan in 2023A to 99.99 billion yuan in 2026E [4] - Operating cash flow is projected to increase from 8.15 billion yuan in 2023A to 10.25 billion yuan in 2026E [4] - Capital expenditures are expected to decline from 5.08 billion yuan in 2023A to 1.65 billion yuan in 2026E [6]

芯源微（688037.SH） 半导体 证券研究报告/公司点评报告 2024 年 10 月 24 日 芯源微：受交付节奏影响 Q3 收入下滑 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Insights - The company reported a steady revenue growth of 8% year-on-year for the first three quarters of 2024, with a significant increase in net profit attributable to shareholders of 27% year-on-year [2][3]. - The international market showed robust performance with a revenue increase of 23%, while the domestic market faced a slight decline of 3% due to slower demand [2]. - The company has successfully achieved self-supply of pressure sensors, enhancing its production capabilities and operational efficiency [3]. Financial Performance Summary - **Revenue Forecast**: The company expects revenues to grow from 498 million yuan in 2023 to 854 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 22% [1]. - **Net Profit Forecast**: The net profit attributable to shareholders is projected to increase from 102 million yuan in 2023 to 188 million yuan in 2026, reflecting a CAGR of around 26% [1]. - **Earnings Per Share (EPS)**: EPS is expected to rise from 0.48 yuan in 2023 to 0.88 yuan in 2026 [1]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is projected to decrease from 35.1 in 2023 to 19.0 in 2026, indicating an improving valuation over time [1]. Operational Efficiency - The company reported a gross margin of 64.67% for the first three quarters of 2024, with a net profit margin of 24.66%, showing improvements in profitability [2]. - The operating cash flow for the first three quarters of 2024 was 1.03 billion yuan, a significant increase of 259% year-on-year, indicating strong cash generation capabilities [2]. Market Position - The company is recognized as a leader in the domestic industrial pressure detection instruments market, with a strong focus on enhancing its product offerings and expanding into new growth areas [3].

证券研究报告 2024年10月23日 【中泰电子】AI全视角-科技大厂财报专题 | TI 24Q3点评：收入利润毛利率均环比向好 分析师： 王芳 S0740521120002 杨旭 S0740521120001 王九鸿 S0740523110004 1 目 录 1、24Q3财务情况：收入利润毛利率均环比向好 2、下游需求：中国市场表现持续强劲 3、资本开支：下修2026年资本开支 4、展望：24Q4收入同比降幅继续收窄 5、投资建议&风险提示 2 1、24Q3财务情况：收入利润毛利率均环比向好 ◼ 24Q3收入环比向上，高于指引中值 ➢ 收入：41.51亿美元，同比-8.4%，环比+8.6%，高于前期指引39.4-42.6亿美元的中值。 ➢ 分产品：模拟IC收入32.23亿美元，同比-3.9%，环比+10.1%，嵌入式处理器6.53亿美元，同比-26.6%，环比+6.2%。 营业收入 yoy qoq -20% -15% -10% -5% 0% 5% 10% 15% 20% 0 1000 2000 3000 4000 5000 6000 21Q121Q221Q321Q422Q122Q222Q322Q423Q12 ...

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 江苏银行 8.94 1.60 1.69 1.71 1.90 2.10 5.59 5.29 5.23 4.71 4.26 买入 渝农商行 5.99 0.89 0.94 1.01 1.06 1.11 6.73 6.37 5.93 5.65 5.40 买入 沪农商行 7.99 1.14 1.26 1.32 1.38 1.44 7.01 6.34 6.05 5.79 5.55 增持 招商银行 39.66 5.26 5.63 5.75 5.81 5.87 7.54 7.04 6.90 6.83 6.76 增持 农业银行 4.85 0.69 0.72 0.75 0.74 0.75 7.03 6.74 6.47 6.55 6.47 增持 备注：最新股价对应 2024/10/23 收盘价 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 分析师：邓美君 执业证书编号：S07 ...

证券研究报告 2024年10月23日 【中泰电子】AI全视角-科技大厂财报专题 | TI 24Q3点评：收入利润毛利率均环比向好 分析师： 王芳 S0740521120002 杨旭 S0740521120001 王九鸿 S0740523110004 1 目 录 1、24Q3财务情况：收入利润毛利率均环比向好 2、下游需求：中国市场表现持续强劲 3、资本开支：下修2026年资本开支 4、展望：24Q4收入同比降幅继续收窄 5、投资建议&风险提示 2 1、24Q3财务情况：收入利润毛利率均环比向好 ◼ 24Q3收入环比向上，高于指引中值 ➢ 收入：41.51亿美元，同比-8.4%，环比+8.6%，高于前期指引39.4-42.6亿美元的中值。 ➢ 分产品：模拟IC收入32.23亿美元，同比-3.9%，环比+10.1%，嵌入式处理器6.53亿美元，同比-26.6%，环比+6.2%。 营业收入 yoy qoq -20% -15% -10% -5% 0% 5% 10% 15% 20% 0 1000 2000 3000 4000 5000 6000 21Q121Q221Q321Q422Q122Q222Q322Q423Q12 ...

华友钴业（603799.SH） 能源金属 证券研究报告/公司点评报告 2024 年 10 月 23 日 603 一体化优势逐步显现，Q3 业绩超预期 | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...