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 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|------------------------------ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved record high revenue and profit in Q3 2024, primarily driven by the contribution from micro-prisms [1] - The revenue for Q3 2024 reached 408 million, representing a year-over-year increase of 41.1% and a quarter-over-quarter increase of 93.4% [1] - The net profit attributable to the parent company for Q3 2024 was 112 million, with a year-over-year increase of 61.3% [1] - The report highlights that the micro-prism segment's inventory buildup during the peak season significantly contributed to the revenue growth, alongside improved operational efficiency [1] Financial Performance Summary - Revenue (in million yuan): - 2022A: 380 - 2023A: 754 - 2024E: 1,175 - 2025E: 1,566 - 2026E: 1,839 [1] - Year-over-year growth rates for revenue: - 2022A: -8% - 2023A: 98% - 2024E: 56% - 2025E: 33% - 2026E: 17% [1] - Net profit (in million yuan): - 2022A: 96 - 2023A: 180 - 2024E: 273 - 2025E: 371 - 2026E: 447 [1] - Year-over-year growth rates for net profit: - 2022A: -31% - 2023A: 87% - 2024E: 51% - 2025E: 36% - 2026E: 20% [1] Market Position and Future Outlook - The company is expected to benefit from the ongoing trends in automotive intelligence and mobile optical upgrades, with significant growth potential in the micro-prism and glass wafer segments [1] - The report anticipates that the company will maintain a strong market position due to its deep integration with key industry players and the expected upgrades in product specifications [1] - The investment recommendation suggests that the company is likely to outperform the benchmark index by over 15% in the next 6 to 12 months [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the company's fundamentals have bottomed out, with expectations for continued improvement in profitability and operating cash flow [1] - The company has faced challenges due to multiple factors including medical reforms, pricing adjustments, and market competition, but is expected to stabilize and recover in the future [1][2] - The report highlights a significant improvement in operating cash flow and effective management of accounts receivable, which is anticipated to continue [1] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 20,282 million - 2023A: 13,408 million (down 34% YoY) - 2024E: 12,671 million (down 5% YoY) - 2025E: 12,965 million (up 2% YoY) - 2026E: 13,385 million (up 3% YoY) [1] - **Net Profit Forecasts**: - 2022A: 1,434 million - 2023A: 307 million (down 79% YoY) - 2024E: 335 million (up 9% YoY) - 2025E: 620 million (up 85% YoY) - 2026E: 885 million (up 43% YoY) [1] - **Earnings Per Share (EPS)**: - 2022A: 2.29 - 2023A: 0.49 - 2024E: 0.54 - 2025E: 0.99 - 2026E: 1.42 [1] - **Cash Flow**: - Operating cash flow is expected to improve significantly, with a net cash flow from operating activities of -0.12 billion in Q3 2024, indicating a recovery trend [1] Business Segment Performance - The report notes that the company's routine testing business is expected to see rapid growth, with a focus on enhancing its product offerings and stabilizing its market position [1] - The ICL business segment has shown a decline in revenue but is projected to stabilize as demand for diagnostic services recovers [1][2] Strategic Initiatives - The company is actively expanding its precision center strategy and accelerating its overseas operations, with new laboratories opening in Vietnam to tap into international markets [1][2] - The report emphasizes the importance of managing accounts receivable effectively to mitigate risks associated with bad debts [1]

Investment Rating - The report does not explicitly state an investment rating for the industry or company Core Insights - Tesla's Q3 2024 performance exceeded expectations with a revenue of $25.2 billion, a year-over-year increase of 7.8% but a quarter-over-quarter decrease of 1.2% [3][7] - The automotive business generated $20.02 billion in revenue, up 2.0% year-over-year and 0.7% quarter-over-quarter, accounting for 79.5% of total revenue [3][7] - The gross margin for Q3 2024 was 19.8%, up 2.0 percentage points year-over-year and 1.9 percentage points quarter-over-quarter, surpassing market expectations by 3.0 percentage points [7][10] - Net profit (GAAP) reached $2.17 billion, a 16.9% increase year-over-year and a 46.6% increase quarter-over-quarter, with a net profit margin of 8.6% [10][15] Summary by Sections Q3 2024 Performance: Gross Margin & Net Profit Exceeded Expectations - Revenue for Q3 2024 was $25.2 billion, with a year-over-year growth of 7.8% and a quarter-over-quarter decline of 1.2%, slightly below market expectations [3][7] - Automotive revenue was $20.02 billion, representing a 2.0% year-over-year increase and a 0.7% quarter-over-quarter increase [3][7] - The gross margin was 19.8%, with significant contributions from the automotive and energy sectors [7][10] - Net profit (GAAP) was $2.17 billion, exceeding market expectations, with a notable increase in net profit margin [10][15] Automotive Business: FSD V13 Launch and Robotaxi Service Expected in 2025 - Total revenue from the automotive business was $20.02 billion, with a year-over-year increase of 2.0% [19] - Global sales reached 462,900 units, a 6.4% year-over-year increase [19] - The gross margin for the automotive business was 20.1%, benefiting from reduced sales costs and the promotion of FSD [19][21] - Tesla plans to launch the Robotaxi service in 2025, with significant advancements in FSD technology [22][23] Other: Record High Energy Storage Margin and Optimus Performance Improvements - The gross margin for the energy and storage business reached a record high of 30.5%, with a significant year-over-year increase [24] - Tesla's energy storage capacity is expected to double in 2024, with new production facilities coming online [24] - The Optimus robot demonstrated improved flexibility and performance, with plans for limited production in early 2025 [24][25]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's main brand experienced a slowdown in sales growth in Q3, but the overall performance remains positive with improvements in online and offline sales due to consumer promotion policies [1][2] - The subsidiary brand, Saucony, continues to show strong growth, with retail sales increasing by over 50% year-on-year [1] - The company is expected to benefit from the gradual divestment of non-core businesses, which will enhance overall profitability [1] Financial Performance Summary - **Revenue Forecasts**: - 2023A: 14,346 million - 2024E: 14,977 million (growth rate: 4%) - 2025E: 15,225 million (growth rate: 2%) - 2026E: 16,634 million (growth rate: 9%) [1][2] - **Net Profit Forecasts**: - 2023A: 1,030 million - 2024E: 1,254 million (growth rate: 22%) - 2025E: 1,352 million (growth rate: 8%) - 2026E: 1,542 million (growth rate: 14%) [1][2] - **Earnings Per Share (EPS)**: - 2023A: 0.39 - 2024E: 0.47 - 2025E: 0.51 - 2026E: 0.58 [1][2] - **Price-to-Earnings (P/E) Ratio**: - 2023A: 13.4 - 2024E: 11.0 - 2025E: 10.2 - 2026E: 9.0 [1][2] - **Price-to-Book (P/B) Ratio**: - 2023A: 1.6 - 2024E: 1.3 - 2025E: 1.2 - 2026E: 1.0 [1][2] Market Position and Strategy - The company is focusing on a multi-brand strategy, with the main brand concentrating on the running segment, which has shown significant improvements in product, brand, and channel strength [1] - The company plans to enhance the Saucony brand's market presence by expanding its franchise channels [1] - The overall discount control remains healthy, with a retail discount of approximately 25% [1]

美好医疗（301363.SZ） 医疗器械 证券研究报告/公司点评报告 2024 年 10 月 24 日 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 执业证书编号：S0740518010004 Email：xiemq@zts.com.cn 执业证书编号：S0740523080002 报告摘要 事件：公司发布 2024 年三季报报告，2024 年前三季度公司实现营业收入 11.57 亿元， 同比增长 10.86%；归母净利润 2.58 亿元，同比下降 14.07%；扣非归母净利润 2.48 亿元，同比下降 11.15%。 分季度看，2024 年单三季度公司实现营业收入 4.50 亿元，同比增长 55.68%；归母 净利润 0.89 亿元，同比增长 49.91%；扣非归母净利润 0.85 亿元，同比增长 55.51%。 呼吸治疗业务下游库存消化完毕，同时叠加多款创新产品的逐步放量以及同期低基 数，公司单季度业绩迎来强劲增长。 从盈利能力角度分析，2024 年前三季度公司销售费用率 2.62%，同比提升 0.44pp， 管理费用率 6.46%，同比下降 0.50pp，研发 ...

公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2,691 3,149 3,375 3,843 4,280 增长率 yoy% 33% 17% 7% 14% 11% 归母净利润（百万元） 342 457 588 686 780 增长率 yoy% 85% 34% 29% 17% 14% 每股收益（元） 0.45 0.43 0.55 0.64 0.73 每股现金流量 0.51 0.57 0.52 0.69 0.79 净资产收益率 8% 10% 12% 13% 13% P/E 43.3 32.4 25.2 21.6 19.0 P/B 3.7 3.4 3.1 2.9 2.6 备注：股价截止自2024 年 10 月 24 日收盘价，每股指标按照最新股本数全面摊薄 天味食品（603317.SH） 调味发酵品Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 24 日 评级： 买入（维持） 分析师：熊欣慰 执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn 分析师：范劲松 执业证书编号：S0740517030001 Ema ...

Industry Overview - The snack industry in China has shown stable growth, with the market size reaching approximately 4718 billion yuan in 2024, with a 5-year CAGR of 1.2% and a 10-year CAGR of 2.9% [6] - Salty snacks are preferred by 41% of consumers, while sweet snacks are preferred by 38%, with China leading in salty snack innovation [6] - The competitive advantage in the snack industry is accumulated through product categories, with category innovation driven by agricultural and food technology advancements [6][10] Key Companies - **Saltalk (盐津铺子)**: Current stock price is 55.80 yuan, with EPS expected to grow from 2.58 in 2022 to 5.46 in 2026, and a "Buy" rating [1] - **Qiaqia Food (洽洽食品)**: Current stock price is 31.06 yuan, with EPS expected to grow from 1.58 in 2022 to 2.77 in 2026, and a "Buy" rating [1] - **Jinzai Food (劲仔食品)**: Current stock price is 13.81 yuan, with EPS expected to grow from 0.46 in 2022 to 1.11 in 2026, and a "Buy" rating [1] Category Innovation - **Konjac (魔芋)**: China leads in konjac production, accounting for 63% of global output, with konjac snacks rapidly growing, led by Weilong [21] - **Quail Eggs (鹌鹑蛋)**: Quail egg snacks have emerged as a star category in 2023, with low market concentration and significant growth potential [25] - Both konjac and quail egg snacks have transitioned from traditional ingredients to packaged snacks, driven by technological advancements in processing and packaging [27][29] Market Potential - **Konjac Snacks**: The konjac snack market is expected to grow significantly, with Weilong and Saltalk leading the market, but there is still room for national expansion [32] - **Quail Egg Snacks**: The quail egg snack market is still in its early stages, with Saltalk and Jinzai Food showing strong growth potential, particularly in regional markets [32] - Both konjac and quail egg snacks are expected to become billion-yuan categories, with the potential to produce billion-yuan single products [51] Investment Recommendations - **Weilong (卫龙)**: As a national leader in spicy snack categories, Weilong is well-positioned to benefit from the growth of konjac and quail egg snacks [54] - **Saltalk (盐津铺子)**: With strong product capabilities, Saltalk is recommended for its potential to expand nationally in the konjac and quail egg snack markets [54] - **Jinzai Food (劲仔食品)**: Jinzai Food is also recommended for its regional strength and potential to expand in the quail egg snack market [54]

【中泰研究丨晨会聚焦】银行戴志锋：测算｜LPR 与存款利率下调对银行的影响可 控 证券研究报告 2024 年 10 月 24 日 [Table_Industry] [T[分Taa析bbl师lee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： Email： [b_Suy 今日预览 今日重点>> 【银行】戴志锋：测算｜LPR 与存款利率下调对银行的影响可控 【电子】王芳：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 【交运】杜冲：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 欢迎关注中泰研究所订阅号 研究分享>> 【银行】戴志锋：银行视角看回购增持贷款：预计企业属性和股息率会 成为重要抓手 管数据点评 【固收】肖雨：银行基金增持，外资大幅减配——9 月中债登、上清所托 晨报内容回顾： 请务必阅读正文之后的重要声明部分 晨会聚焦 今日重点 【银行】戴志锋：测算｜LPR 与存款利率下调对银行的影响可控 存款利率、LPR 调降均略超预期。1）潘行长在 10 月 18 日 2024 金融街论坛年会上表示贷款市场 报价利 ...

中煤能源（601898.SH） 煤炭开采 证券研究报告/公司点评报告 2024 年 10 月 24 日 Q3 业绩符合预期，降本增利显著 公司盈利预测及估值 | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------- ...