安井食品（603345.SH） 食品加工 证券研究报告/公司点评报告 2024 年 10 月 29 日 执业证书编号：S0740517030001 Email：fanjs@zts.com.cn 报告摘要 事件：公司发布 2024 年三季报。2024 年前 3 季度，公司实现营业收入 110.77 亿 元，同比+7.84%；归母净利润 10.47 亿元，同比-6.65%；扣非归母净利润 10.01 亿元，同比-2.46%；其中 3Q24 收入 35.33 亿元，同比+4.63%；归母净利润 2.44 亿元，同比-36.76%；扣非归母净利润 2.29 亿元，同比-30.90%。 | --- | --- | |-------------------|-----------| | | | | 总股本(百万股 ) | 293.29 | | | | | 流通股本 (百万股) | 293.29 | | 市价 (元) | 91.79 | | 市值(百万元 ) | 26,921.48 | | 流通市值(百万元 ) | 26,921.48 | 短期净利率承压，静待基本面反转 ——安井食品三季报点评 | --- | --- | ...

Investment Rating - Buy rating maintained for Crystal Optoelectronics (002273 SZ) [1] Core Views - Q3 2024 results significantly exceeded expectations with record high revenue and profits [1] - Revenue in Q3 2024 reached 2 05 billion yuan up 21 2% YoY and 56 9% QoQ [1] - Net profit attributable to parent company in Q3 2024 was 430 million yuan up 67 0% YoY and 75 3% QoQ [1] - Gross margin in Q3 2024 hit 36 7% the highest since 2014 up 8 1 ppts YoY and 5 4 ppts QoQ [1] - Net margin in Q3 2024 was 21 4% up 5 8 ppts YoY and 2 0 ppts QoQ [1] - Strong growth driven by increased utilization of key products like micro prisms and internal cost optimization [1] - Positive outlook for optical innovation in Apple supply chain and AR waveguide technology [1] Financial Performance - 2024E revenue forecast increased to 6 205 billion yuan up 22 2% YoY [1][4] - 2024E net profit attributable to parent company forecast raised to 1 001 billion yuan up 66 7% YoY [1][4] - 2025E revenue forecast at 7 416 billion yuan up 19 5% YoY [1][4] - 2025E net profit attributable to parent company forecast at 1 301 billion yuan up 30 0% YoY [1][4] - 2026E revenue forecast at 8 680 billion yuan up 17 0% YoY [1][4] - 2026E net profit attributable to parent company forecast at 1 563 billion yuan up 20 2% YoY [1][4] - 2024E EPS forecast at 0 72 yuan up from previous estimate of 0 65 yuan [1][4] - 2025E EPS forecast at 0 94 yuan [1][4] - 2026E EPS forecast at 1 12 yuan [1][4] Growth Drivers - Micro prism products benefiting from periscope camera adoption and future specification upgrades [1] - Increased market share in coating business expected to drive growth [1] - Strategic positioning in high barrier AR waveguide technologies including array and volume holography [1] - Collaboration with industry leaders like Lumus and Digilens in AR space [1] Valuation - 2024E PE ratio at 27x [1] - 2025E PE ratio at 21x [1] - 2026E PE ratio at 17x [1] - Current market capitalization at 26 85 billion yuan [2] - Current share price at 19 31 yuan [2]

长电科技（600584.SH） 半导体 证券研究报告/公司点评报告 2024 年 10 月 29 日 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 分析师：游凡 执业证书编号：S0740522120002 Email：youfan@zts.com.cn 报告摘要 24Q3 营收创历史新高 【24Q1-Q3】公司实现营收 249.78 亿元，同比+22.26%；归母净利 10.76 亿元，同比 10.55%；扣非归母净利 10.21 亿元，同比+36.73%；毛利率 12.93%，同比-0.94pcts；净 利率 4.31%，同比-0.46pcts。 【24Q3】公司实现营收 94.91 亿元，同比+14.95%，环比+9.8%；归母净利 4.57 亿元， 同比-4.39%，环比-5.57%；扣非归母净利 4.4 亿元，同比+19.5%，环比-7.21%；毛利率 12.23%，同比-2.13pcts，环比-2.05pcts；净利率 4.82%，同比- ...

拓普集团（601689.SH） 汽车零部件 证券研究报告/公司点评报告 2024 年 10 月 29 日 24Q3 业绩符合预期，营收、利润双增长 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady performance with a record high in contract liabilities, indicating strong order backlog and proactive inventory management [1] - The revenue for the first three quarters of 2024 reached 738 million yuan, representing a year-on-year growth of 22.55%, while the net profit attributable to the parent company was 309 million yuan, up 14.41% year-on-year [1] - The gross margin for the first three quarters of 2024 was 54.61%, a decrease of 4.23 percentage points compared to the previous year, and the net profit margin was 39.55%, down 4.44 percentage points [1] Financial Performance Summary - Revenue (in million yuan): - 2022A: 672 - 2023A: 917 - 2024E: 1,215 - 2025E: 1,659 - 2026E: 2,080 [1] - Year-on-year growth rates for revenue: - 2022: 31% - 2023: 36% - 2024E: 32% - 2025E: 37% - 2026E: 25% [1] - Net profit (in million yuan): - 2022A: 333 - 2023A: 335 - 2024E: 507 - 2025E: 671 - 2026E: 858 [1] - Year-on-year growth rates for net profit: - 2022: 43% - 2023: 0% - 2024E: 51% - 2025E: 33% - 2026E: 28% [1] Business Expansion and Market Opportunities - The company is expanding its subsidiaries, which has led to an increase in expense ratios, but it is also benefiting from a robust order backlog and proactive production planning [1] - The company is integrating into the aerospace engine collaborative industry system, with plans to develop ceramic matrix composites and aerospace component processing [1] - The company is also exploring civilian markets by applying military technology to civilian products, such as protective materials and acoustic metamaterials [1]

骆驼股份（601311.SH） 电池 证券研究报告/公司点评报告 2024 年 10 月 29 日 24Q3 归母净利润高增长，铅酸电池龙头地位稳固 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|----------------------------------------------------------------|---------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady revenue growth, with a continued upward operational cycle [1] - The report highlights that the company's main business is steadily growing, with all three major product categories accelerating on a quarter-over-quarter basis [1] - The company achieved a revenue of 20.399 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 9.38% [1] - The net profit attributable to the parent company for the same period was 4.815 billion yuan, reflecting a year-on-year increase of 11.23% [1] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 25,610 million yuan - 2023A: 24,559 million yuan - 2024E: 27,059 million yuan (10% growth) - 2025E: 29,769 million yuan (10% growth) - 2026E: 32,431 million yuan (9% growth) [1] - **Net Profit Forecasts**: - 2022A: 6,198 million yuan - 2023A: 5,627 million yuan - 2024E: 6,256 million yuan (11% growth) - 2025E: 6,932 million yuan (11% growth) - 2026E: 7,588 million yuan (9% growth) [1] - **Earnings Per Share (EPS)**: - 2022A: 1.34 yuan - 2023A: 1.01 yuan - 2024E: 1.12 yuan - 2025E: 1.25 yuan - 2026E: 1.36 yuan [1] - **Gross Margin**: - The gross margin for the company improved year-on-year, primarily due to a decrease in raw material prices [1] - **Market Performance**: - The company’s stock price as of October 28, 2024, was 45.37 yuan, with a market capitalization of approximately 252.28 billion yuan [1] Segment Performance - **Product Categories**: - Revenue from soy sauce, seasoning sauce, and oyster sauce for Q3 2024 was 30.75 billion yuan, 5.83 billion yuan, and 11.05 billion yuan, respectively, with year-on-year growth rates of 8.72%, 10.17%, and 20.34% [1] - **Regional Performance**: - The company achieved revenue growth across various regions, with notable increases in the eastern, southern, central, northern, and western regions [1]

成都先导（688222.SH） 医疗服务 证券研究报告/公司点评报告 2024 年 10 月 28 日 Q3 呈逐步恢复态势，看好 DEL 平台长期发展 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [1][2][6] Core Views - The company achieved a record high revenue in Q3, with a year-on-year increase of 20.28%, reaching 4.64 billion yuan, and a net profit of 0.594 billion yuan, up 89.26% year-on-year [1] - The report highlights the successful progress of multiple product lines, including significant shipments of SoC and advancements in the W series and 8K chips, indicating a strong market position and growth potential [1][3] - The company is expected to leverage its platform advantages to gradually increase market share, with a projected net profit of 0.857 billion yuan in 2024, representing a 72% year-on-year growth [1][3] Financial Summary - Revenue projections for the company are as follows: 5,371 million yuan in 2023, 6,764 million yuan in 2024, 8,349 million yuan in 2025, and 10,102 million yuan in 2026, indicating a compound annual growth rate of approximately 26% from 2023 to 2024 [1][3] - The net profit is forecasted to grow from 498 million yuan in 2023 to 1,397 million yuan in 2026, reflecting a strong upward trend in profitability [1][3] - The report provides a detailed financial outlook, including earnings per share (EPS) projected to rise from 1.19 yuan in 2023 to 3.34 yuan in 2026 [1][3] Product Development and Market Position - The company has successfully launched multiple products, including a new generation of AI-enabled chips and has gained significant market share in domestic operator tenders [1][3] - The report emphasizes the importance of the company's platform strategy, which is expected to enhance its competitive edge in the semiconductor industry [1][3] - The anticipated growth in AI and smart home applications is expected to drive long-term demand for the company's products, positioning it favorably in the evolving market landscape [1][3]

Investment Rating - The investment rating for Changhong Meiling is "Buy" (maintained) [1] Core Views - The report indicates that the slowdown in the growth of the self-owned brand has impacted profits, with expectations for a recovery in Q4 driven by the old-for-new policy [1] - Q3 revenue reached 7.8 billion yuan, an increase of 23%, while net profit attributable to the parent company was 115 million yuan, down 18% [1] - The report highlights that the revenue met market expectations, but the slowdown in self-owned brand growth and rising raw material prices led to profits falling slightly below expectations [1] Financial Performance Summary - Revenue (in million yuan): - 2022A: 20,215 - 2023A: 24,248 - 2024E: 29,084 - 2025E: 32,184 - 2026E: 35,199 [1] - Net profit (in million yuan): - 2022A: 245 - 2023A: 741 - 2024E: 748 - 2025E: 856 - 2026E: 990 [1] - Earnings per share (in yuan): - 2022A: 0.24 - 2023A: 0.72 - 2024E: 0.73 - 2025E: 0.83 - 2026E: 0.96 [1] Business Segment Analysis - The report notes that the OEM business (mainly Xiaomi) is experiencing high growth, while the self-owned brand is under pressure [1] - In the air conditioning segment, external sales are expected to drive growth, while the self-owned brand is anticipated to decline [1] - For the refrigerator and washing machine segments, external sales are performing well, but internal brand performance is dragging down overall growth [1] Future Outlook - The report anticipates that the old-for-new policy will significantly boost performance in Q4, particularly for the Meiling refrigerator brand [1] - Revenue forecasts have been adjusted upwards, with expectations for continued strong growth in external sales [1] - The report projects net profit for 2024 to be 748 million yuan, with a slight increase in subsequent years [1]