华福证券 - A T T T 美好医疗（301363.SZ） 业绩符合预期，Q3 收入环比继续提升 投资要点： 事件：公司发布 2024 年三季报，2024 年单三季度实现收入 4.50 亿（同 比+55.7%），归母净利润 0.88 亿（同比+49.9%），扣非归母净利润 0.84 亿 （同比+55.5%）；2024 年前三季度实现收入 11.5 亿（同比+10.9%），归母 净利润 2.57 亿（同比-14.1%），扣非归母净利润 2.47 亿（同比-11.1%）。 Q3 同比增速亮眼，利润环比核心受汇兑损益影响：2024 单三季度同 比增速亮眼，环比来看，收入端环比提升 5.9%，延续正增长趋势；利润端 表观核心受汇兑损益及股权激励费用影响拖累。费用端，销售费用率 3.2% （同比+0.3pct），管理费用率 7.0%（同比-1.8pct），研发费用率 10.2%（同 比+0.7%），费用端总体维持稳定。 主业去库存结束+面罩增长加速，夯实收入基本盘。当前公司家用呼吸 机组件大客户去库存压力已经逐渐消退、回到正常水平。同时，呼吸机组 件业务上半年毛利率对比 23 年全年已有所提升，主业进入拐点向上阶段。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [11]. Core Insights - The company achieved a record high revenue of 940 million yuan in Q3 2024, representing a year-over-year increase of 44% and a quarter-over-quarter increase of 7%, benefiting from strong demand in the smart wearable and smart home sectors [1]. - Cumulative revenue for the first three quarters of 2024 reached 2.47 billion yuan, up 58% year-over-year, driven by growth in the domestic Bluetooth headset market, which saw a total shipment of 73.38 million units, a 19.5% increase year-over-year [1]. - The company's net profit attributable to shareholders for Q3 2024 was 140 million yuan, a 106% increase year-over-year, with a net profit margin of 15.02% [1]. - The report highlights the structural opportunities in the market, particularly in the OWS and TWS headset segments, with significant growth rates observed [1][2]. Financial Summary - The company is projected to achieve net profits of 420 million yuan, 620 million yuan, and 840 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 71, 48, and 35 [4]. - Revenue growth rates are forecasted at 47% for 2023, 53% for 2024, 27% for 2025, and 23% for 2026 [5][9]. - The gross profit margin for Q3 2024 was reported at 34.69%, showing a gradual improvement due to changes in product mix and reduced upstream costs [1][4]. Market Position and Trends - The company is positioned as a leader in the AIoT SoC market, with expectations for continuous innovation in consumer terminal products driven by the AI wave [2]. - The collaboration with Oladance for AI-enabled OWS headsets is anticipated to strengthen the company's market presence and product offerings [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [11]. Core Insights - The company reported a revenue of 38.03 billion yuan in Q3 2024, reflecting a year-on-year growth of 4.1%, with a net profit attributable to shareholders of 1.48 billion yuan, up 1.3% [1]. - The parent company achieved a revenue of 5.71 billion yuan in Q3 2024, a 9.2% increase year-on-year, with a net profit (excluding investment income) of 241 million yuan, marking an 18.7% growth [2]. - The company's operational efficiency has improved, with accounts receivable turnover days decreasing to 105.4 days, down 1.2 days from Q2 and 3.2 days from Q3 2023 [3]. - The gross margin for Q3 was 6.9%, with a net margin of 3.85%, indicating effective cost control across various expense ratios [4]. - The company has adjusted its profit forecasts for 2024-2026, projecting net profits of 2.2 billion, 2.38 billion, and 2.55 billion yuan respectively, with corresponding year-on-year growth rates of 2.5%, 8.1%, and 7.2% [5]. Financial Data Summary - For 2024, the company expects revenue to reach 52.18 billion yuan, with a growth rate of 5% [7]. - The projected net profit for 2024 is 2.2 billion yuan, with an expected growth rate of 3% [7]. - The earnings per share (EPS) is forecasted to be 2.92 yuan for 2024, with a price-to-earnings (P/E) ratio of 10.8 [7]. - The company maintains a solid financial position with a debt-to-asset ratio of 46.25% and a current market capitalization of approximately 17.5 billion yuan [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [10] Core Views - The company's Q3 performance exceeded expectations, with revenue of 2.364 billion yuan, a year-on-year increase of 5.84%, and a net profit of 432 million yuan, up 34.96% year-on-year [1] - The company is expected to perform well in the upcoming Q4 peak season, driven by improved sales strategies and product offerings [4] Summary by Sections Q3 Performance - In Q3, the company achieved revenue of 897 million yuan, a year-on-year increase of 10.93%, and a net profit of 186 million yuan, up 64.79% year-on-year [1] - The company’s gross margin improved to 38.83%, an increase of 0.76 percentage points year-on-year, attributed to economies of scale and lower raw material costs [3] Product and Channel Performance - Revenue growth in Q3 for specific products included hot pot condiments (+1%), Chinese cuisine condiments (+18%), and sausage and cured meat condiments (+20%) [2] - Online sales channels saw a significant year-on-year increase of 55%, while offline channels grew by 6% [2] Cost and Profitability - The company experienced a significant reduction in total expense ratios, down 8.04 percentage points year-on-year, with the sales expense ratio declining by 7.78 percentage points [3] - The net profit margin increased by 6.77 percentage points to 20.7% due to improved expense management [3] Future Outlook - The company is expected to continue benefiting from seasonal demand in Q4, particularly for hot pot base products, as well as ongoing growth in the Chinese condiment market [4] - The report projects net profits for 2024-2026 to be 594 million, 699 million, and 801 million yuan respectively, reflecting year-on-year growth rates of 30%, 18%, and 15% [4]

Investment Rating - The report assigns a "Buy" rating for Jiangfeng Electronics, marking its first coverage with a current price of 69.30 yuan [1]. Core Insights - Jiangfeng Electronics has established itself as a global leader in ultra-pure sputtering targets, with strong growth in semiconductor components. The company has been deeply rooted in the ultra-pure metal sputtering target industry for nearly two decades and has expanded its business into semiconductor precision components, showcasing robust growth momentum. The company serves major clients such as TSMC, SMIC, and SK Hynix, and has demonstrated strong revenue growth and profitability since 2018, with 2023 revenue reaching 2.602 billion yuan, a year-on-year increase of 11.89% [1][2][3]. Summary by Sections Company Overview - Jiangfeng Electronics specializes in ultra-pure metal materials and sputtering targets for semiconductor manufacturing, with a development history divided into three phases: resource accumulation, market expansion, and accelerated growth [5][6]. Sputtering Targets - The ultra-pure metal sputtering target market is vast, with Jiangfeng Electronics holding the largest market share in China and the second globally. The company has established a complete industrial chain from metal purification to final product, achieving international advanced standards in product purity [6][12]. Semiconductor Components - The semiconductor component business is rapidly developing, with significant growth in precision components such as gas distribution heads and Si electrodes. This segment is expected to fill domestic gaps and drive revenue growth, marking a new growth curve for the company [2][12]. Financial Performance - Revenue and net profit have shown steady growth, with 2023 revenue at 2.602 billion yuan and net profit at 255 million yuan. The company anticipates continued growth in 2024, with a projected revenue increase of 29% and net profit of 351 million yuan [2][9][12]. Research and Development - Jiangfeng Electronics has increased its R&D investment significantly, with 2023 R&D expenses reaching 172 million yuan, a 39.03% year-on-year increase. The company holds 827 domestic patents and is focused on developing advanced materials to enhance its competitive edge [14][18]. Supply Chain Management - The company has implemented diversified supply chain management measures, establishing a stable and secure supply chain through vertical integration and strategic investments. This has enhanced its market competitiveness and enabled it to meet diverse customer needs [16][18].

Investment Rating - The industry rating is "Outperform the Market" [3] Core Insights - Amphenol's Q3 2024 sales reached $4.04 billion, exceeding guidance and showing a 26% year-over-year growth, with organic growth of 15%. AI-related products contributed significantly, accounting for over 50% of the overall growth [2] - The order amount for Q3 2024 reached $4 billion, a 39% year-over-year increase, driven by strong growth in the IT data communication market [2] - The GB200 high-speed copper cable market is projected to reach $6-7 billion, with domestic suppliers expected to benefit significantly from this opportunity [3] Summary by Sections Sales Performance - Amphenol's Q3 2024 sales were $4.04 billion, surpassing the previous guidance of $3.7-3.8 billion, and showing a 26% year-over-year increase. Adjusted diluted EPS was $0.50, exceeding guidance of $0.43-0.45, and reflecting a 28% year-over-year growth [2] - For Q4 2024, Amphenol expects sales between $3.95-4.05 billion, representing a year-over-year growth of 19%-22% [2] Market Opportunities - The GB200 high-speed copper cable market is estimated to reach $6-7 billion, with significant demand driven by AI server shipments [3] - Domestic suppliers like Wolong and Shenyu are well-prepared to meet the demand, with substantial production capacity already in place [3] Future Outlook - Amphenol's full-year sales are projected to be between $14.85-14.95 billion, with an 18%-19% year-over-year growth, and adjusted EPS expected to be $1.82-1.84, reflecting a 21%-22% increase [2] - The report suggests a strong market penetration for GB200 products in data center interconnect applications, benefiting domestic suppliers [3]

Investment Rating - The report maintains a "Hold" rating for China General Nuclear Power Corporation (CGN) [2][4] Core Views - The company reported a revenue of 62.27 billion yuan for Q3 2024, a year-on-year increase of 4.06%, and a net profit attributable to shareholders of 9.98 billion yuan, up 2.93% year-on-year [1] - The company plans to issue convertible bonds to raise up to 4.9 billion yuan to support the construction of the Lufeng Nuclear Power Plant [1] - The company has a robust pipeline with 16 approved nuclear units under construction, which supports steady future performance [2] Financial Performance Summary - For the first three quarters of 2024, the company's revenue increased by 4.06% year-on-year, while net profit grew by 2.93% [1] - The company expects revenues of 88.97 billion yuan, 93.52 billion yuan, and 99.83 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 12.15 billion yuan, 12.40 billion yuan, and 13.19 billion yuan [2][3] - The projected P/E ratios for 2024, 2025, and 2026 are 17.5, 17.2, and 16.2 respectively [2][3] Operational Highlights - The company’s electricity generation increased by 5.02% year-on-year, contributing to the revenue growth [1] - The construction activities for the Huizhou and Cangnan nuclear projects have increased, positively impacting the engineering segment [1] - The company’s financial expenses have decreased, and other income and investment income have increased, contributing to the net profit growth [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [9]. Core Views - The company's Q3 2024 performance showed steady growth, with revenue reaching 540 million yuan, a year-on-year increase of 50% and a quarter-on-quarter increase of 1% [1]. - The net profit attributable to shareholders for Q3 2024 was 100 million yuan, reflecting a year-on-year increase of 340% and a quarter-on-quarter increase of 2% [1]. - The report highlights a significant increase in net profit due to revenue growth, improved gross margins, and controlled expense growth [1]. - The gross margin for Q3 2024 was 42.14%, up 1.56% year-on-year, while the net margin was 18.37%, up 12.10% year-on-year [1]. - The company is expected to achieve net profits of 330 million, 470 million, and 640 million yuan for the years 2024, 2025, and 2026, respectively, corresponding to current P/E ratios of 45, 31, and 23 times [2]. Summary by Sections Financial Performance - Q3 2024 revenue was 540 million yuan, with a year-on-year growth of 50% and a quarter-on-quarter growth of 1% [1]. - Q3 2024 net profit was 100 million yuan, with a year-on-year increase of 340% and a quarter-on-quarter increase of 2% [1]. - The company reported a non-recurring gain of 14.2 million yuan in Q3 2024, primarily from government subsidies [1]. Margin Analysis - The gross margin for Q3 2024 was 42.14%, with a year-on-year increase of 1.56% and a quarter-on-quarter decrease of 1.97 percentage points [1]. - The net margin for Q3 2024 was 18.37%, reflecting a year-on-year increase of 12.10% [1]. Research and Development - R&D expenses reached a record high of 120 million yuan in Q3 2024, with the number of R&D personnel increasing by 10.61% year-on-year to 542 [1]. Market Outlook - The report anticipates continued growth in the smart home and consumer electronics sectors, with expected growth rates of 30-35% for the year [2]. - The company is expected to benefit from increased market penetration in various IoT sectors, including energy management and healthcare [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [16]. Core Views - The company has shown accelerated operational performance in Q3 2024, achieving a total revenue of 3.89 billion yuan, a year-on-year increase of 17.56%, and a net profit attributable to shareholders of 282 million yuan, up 59.54% year-on-year [1][2]. - The company is focusing on enhancing its core self-owned brands and expanding its market presence both domestically and internationally, with specific revenue growth targets set for the next three years [2]. - The report projects significant revenue and profit growth for the company in the coming years, with expected revenues of 4.38 billion yuan, 5.10 billion yuan, and 5.98 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 16.8%, 16.5%, and 17.2% [2][3][12]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 1.23 billion yuan, a year-on-year increase of 23.55%, and a net profit of 140 million yuan, up 73.18% year-on-year [1]. - The gross margin for Q3 2024 was 26.9%, with a net profit margin of 11.3%, reflecting a year-on-year increase of 3.2 percentage points [1]. Revenue and Profit Forecast - The company expects to achieve revenue targets of 4.38 billion yuan in 2024, 5.10 billion yuan in 2025, and 5.98 billion yuan in 2026, with corresponding net profits of 366 million yuan, 406 million yuan, and 487 million yuan [2][3][12]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.25 yuan, 1.38 yuan, and 1.66 yuan respectively [3][12]. Strategic Initiatives - The company has launched an employee stock ownership plan aimed at aligning employee interests with long-term company growth, with specific revenue and profit targets set for the next three years [2]. - The focus remains on brand development and market expansion, particularly in the overseas markets, while maintaining a strong domestic presence [2].

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][19] Core Insights - The CPU/GPU sector experienced mixed performance, with Nvidia's stock reaching a new high, while domestic computing companies saw declines [3][4] - Qualcomm's Snapdragon 8 Elite was released, showcasing a 45% improvement in CPU performance and a 40% reduction in power consumption, indicating significant advancements in AI technology [4] - Nvidia has rebranded its Blackwell Ultra product line to the B300 series, which is expected to drive demand for advanced packaging technology [7] Summary by Sections CPU/GPU Sector - Nvidia's stock increased by 4.05%, reaching a market cap of over $3.5 trillion, while domestic companies like Haiguang Information and Loongson Technology saw declines of 5.99% and 7.66% respectively [3][12] - Qualcomm's Snapdragon 8 Elite features a custom Oryon CPU with a maximum frequency of 4.32GHz, outperforming competitors [4] AI Developments - Claude 3.5 has been upgraded to allow AI to operate computers, marking a significant innovation in human-computer interaction [5] - The latest AI models, including Claude 3.5 Sonnet, have shown improved capabilities, particularly in coding [5] Market Trends - ChatGPT and Pika have reached new highs in user traffic, indicating strong demand for AI applications [8] - The demand for HBM (High Bandwidth Memory) is expected to grow, with Nvidia projected to account for over 70% of the market by 2025 [7] Investment Recommendations - Suggested focus on domestic computing companies such as Cambrian, Haiguang Information, and Longxin Zhongke, as well as data center hardware firms like Zhongji Xuchuang and Industrial Fulian [10]