44 下 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|-----------------------------------------|-------------------------|--------------------------------------------------------| | 2024 年 11 月 07 日 \n联瑞新材（ 688300.SH ） \n24Q3 业绩同环比双增，高阶品占比持续提升 | 投资评级 | 基础化工 | \| 买入 -A( | 公司研究●证券研究报告 \n公司快报 \n其他化学原料Ⅲ 维持) | | 投资要点 | 股价 | (2024-11-07) ...

446 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

4-6 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|--------------------------------------------------------------|---------|----------------------------------| | 2024 年 11 月 06 日 \n晶合集成(688249.SH) | | | | 公司研究·证券研究报告 \n公司快报 | | | | | | 电子 \| 集成电路III | | 营收和毛利稳步提升, 28nm OLED 驱动芯片预计 | 投资评级 | | | 增持-A(下调) | | 25H1 放量 | 股价(2024-11-06) 交易數据 | | | 20.65 元 ...

446 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------|--------------------------|---------------------|---------------------------------|------------------------------------------------| | 2024 年 11 月 05 日 \n沃尔核材（ 002130.SZ ） \n多元业务稳健增长，高速通信线受益算力需求爆 \n发 | 投资评级 \n股价 交易数据 | 电子 \n(2024-11-05) | 公司研究●证券研究报告 \n\| 买入 | 公司快报 \n其他电子零组件Ⅲ -B(首次) \n20.29 元 | | 投资要点： | 总市值（百万元） | | | 25,563.34 | | 事件： 2024 年 10 月 29 日，公司发布 2024 ...

Investment Rating - The report maintains a "Buy" rating for Runze Technology (300442.SZ) with a target price of 33.01 CNY as of November 5, 2024 [1]. Core Insights - Runze Technology has demonstrated significant revenue growth driven by its AIDC business, achieving a revenue of 2.835 billion CNY in Q3 2024, a year-on-year increase of 184.0%. The net profit attributable to shareholders reached 547 million CNY, up 30.9% year-on-year [1]. - The company is expected to maintain high growth rates, with projected revenues of 6.030 billion CNY, 8.316 billion CNY, and 10.884 billion CNY for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 38.6%, 37.9%, and 30.9% [4]. - Runze Technology's R&D investment has increased significantly, with R&D expenses reaching 105 million CNY in the first three quarters of 2024, a 69.07% increase year-on-year, indicating a commitment to technological innovation and business expansion [1]. Financial Performance - In the first three quarters of 2024, the cumulative revenue reached 6.410 billion CNY, a 139.1% increase compared to the same period last year, with a net profit of 1.513 billion CNY, up 35.1% year-on-year [1]. - The company's operating costs increased to 4.440 billion CNY, a rise of 232.01% year-on-year, primarily due to the expansion of revenue scale [1]. - The projected net profits for 2024, 2025, and 2026 are 2.277 billion CNY, 3.122 billion CNY, and 4.193 billion CNY respectively, with corresponding year-on-year growth rates of 29.3%, 37.1%, and 34.3% [4]. Market Position and Strategy - Runze Technology is solidifying its market leadership in the IDC and AIDC sectors, with a national layout that includes seven intelligent computing infrastructure clusters and approximately 61 intelligent computing centers [1]. - The company has successfully delivered the industry's first pure liquid cooling intelligent computing center, enhancing the stability and environmental efficiency of its computing centers [1]. - The company is actively pursuing diversified financing strategies to support its robust expansion, including public REITs projects and interbank debt financing tools [1]. Valuation Metrics - The report provides a forecast for EPS of 1.32 CNY, 1.81 CNY, and 2.44 CNY for 2024, 2025, and 2026, with corresponding P/E ratios of 24.9, 18.2, and 13.5 [4].

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------|----------------|----------------------------------------|-------------------------|----------------------| | 2024 年 11 月 05 日 \n兆易创新（ 603986.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 电子 \| | 集成电路Ⅲ | | 收购苏州赛芯促模拟发展，调整/新增募投项目 | 投资评级 | | 买入 | -A(维持) | | 提升存储/MCU 竞争力 | 股价 | (2024-11-05) | | 92.08 元 | | | 交易数据 | | | | | 投资要点 | | 总市值（百万元） | | 61,313.51 | | 收购苏州赛芯 38.07% 股权，促进产品深 ...

Investment Rating - The investment rating for the company is maintained at "Accumulate-A" [1][4] Core Views - The company achieved record-high revenue in Q3 2024, with significant breakthroughs in new products and processes [1] - Revenue for Q3 2024 reached 1.011 billion yuan, representing a year-on-year increase of 44.67% and a quarter-on-quarter increase of 27.14% [1] - The company continues to benefit from high R&D investment, leading to breakthroughs in new products and processes validated by clients [1][4] Financial Performance - The company reported a net profit attributable to shareholders of 142 million yuan in Q3 2024, a decrease of 2.91% year-on-year but an increase of 19.87% quarter-on-quarter [1] - The gross profit margin for Q3 2024 was 39.27%, down 12.40 percentage points year-on-year and 7.62 percentage points quarter-on-quarter, primarily due to the high costs associated with new products and processes [1] - The company expects revenues of 3.870 billion, 5.250 billion, and 6.615 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 43.1%, 35.6%, and 26.0% [4][5] Product Development - The company has achieved full coverage of PECVD dielectric film materials, with multiple new products in mass production [4] - New equipment platforms (PF-300M and PF-300T Plus) and new reaction chambers (Supra-D) have been developed and are receiving orders from multiple clients [1][3] - The company’s SACVD equipment has seen increased application in domestic integrated circuit manufacturing lines [1][3] Market Position - The company’s equipment performance and capacity have reached international leading levels, with significant orders and repeat orders from clients [1][3] - The company is well-positioned to benefit from the rapid development of advanced packaging technologies [4]

Investment Rating - The investment rating for Huada Technology (002185.SZ) is maintained at "Buy-A" [1][3]. Core Views - The company has shown significant year-on-year growth in revenue and net profit for the first three quarters of 2024, driven by a recovering integrated circuit market and increased customer engagement [1][3]. - The gross margin has been steadily improving, with a comprehensive gross margin of 12.29% for the first three quarters of 2024, compared to lower margins in 2022 and 2023 due to market downturns [1][3]. - The company continues to focus on advanced packaging technology and has increased its R&D investment, which accounted for 6.29% of revenue in the first half of 2024 [1][3]. Summary by Sections Revenue and Profitability - In the first three quarters of 2024, Huada Technology achieved a revenue of 10.531 billion yuan, a year-on-year increase of 30.52%. The net profit attributable to shareholders was 357 million yuan, up 330.83% year-on-year [1][3]. - The third quarter alone saw a revenue of 3.813 billion yuan, representing a year-on-year growth of 27.98% and a quarter-on-quarter increase of 5.56% [1][3]. Gross Margin - The gross margin for the first three quarters of 2024 was 12.29%, with quarterly margins of 8.52%, 12.96%, and 14.72% respectively [1][3]. - The company is recovering from the low margins experienced in 2022 and 2023, with signs of improvement noted in the second half of 2023 and into 2024 [1][3]. R&D and Technological Focus - Huada Technology emphasizes advanced packaging as a key area of R&D, with a focus on technologies such as Fan-Out, FOPLP, and automotive electronics [1][3]. - The company has maintained R&D expenditures above 5% of revenue, with 423 million yuan spent in the first half of 2024 [1][3]. Market Position and Future Outlook - The company is expected to benefit from the increasing demand for advanced packaging driven by the growth of artificial intelligence and computing power needs [3]. - Revenue projections for 2024 to 2026 have been adjusted to 14.037 billion yuan, 16.175 billion yuan, and 17.999 billion yuan respectively, with growth rates of 24.2%, 15.2%, and 11.3% [3][5].

Investment Rating - The investment rating for the company is "Accumulate-A" [4] Core Views - The company achieved a total revenue of 4.433 billion in the first three quarters of 2024, representing a year-on-year growth of 28.43%, while the net profit attributable to shareholders decreased by 44.59% to 0.02 billion [1] - In Q3 2024 alone, the company generated a revenue of 1.48 billion, marking a year-on-year increase of 26.74% [1] - The company is focusing on short drama content and marketing models, providing comprehensive services from pre-investment to post-investment, and expanding its short drama business across multiple platforms [2] - The company has launched several short drama projects in collaboration with various brands, becoming a leading agent during the Double Eleven shopping festival [2] - The company's proprietary smart marketing tool, "Nuclear Power Star Push," has added multiple features to enhance brand communication and marketing efficiency [2] Financial Data and Valuation - The projected revenue for the company is expected to grow from 5.934 billion in 2024 to 10.280 billion in 2026, with a year-on-year growth rate of 25.2% in 2024 and 39.1% in 2025 [3][7] - The net profit attributable to shareholders is forecasted to increase from 0.57 billion in 2024 to 1.46 billion in 2026, with an EPS of 0.21 in 2024 and 0.54 in 2026 [3][7] - The company's P/E ratio is projected to decrease from 67.6 in 2024 to 26.2 in 2026, indicating an improvement in valuation [3][7] - The gross margin is expected to stabilize around 5.3% to 5.4% from 2024 to 2026 [3][7]