446 | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------|----------|-------------------------------------------------------------------|--------------------------|---------------------| | 2024 年 11 月 03 日 \n应流股份（ 603308.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | 24Q3 业绩环比稳增，拟发行可转债加码两机与 | 投资评级 | | 机械 买入 | 基础件Ⅲ -A(维持) | | 核能业务 | 股价 | (2024-11-01) | | 13.99 元 | | | 交易数据 | | | | | 投资要点 | | 总市值（百万元） | | 9,499.7 ...

下 下 = | --- | --- | |--------------------------------------------------------------------------------------------|----------------------------------------------| | 2024 年 11 月 02 日 \n外部风险有限，行情未完 | 策略类●证券研究报告 \n定期报告 | | 投资要点 | 邓利军 | | 今年 11 月美国大选结果、财政刺激政策落地、 10 月经济数据和三季报对 A 股走 | 分析师 SAC 执业证书编号： S0910523080001 | | 势的负面影响有限。（1）美国大选结果短期对国内市场情绪和出口可能存在一定 | denglijun@huajinsc.cn | | 影响。一是历史经验来看，美国大选结果对国内市场风险偏好和出口均有一定影响。 | 报告联系人 张欣诺 | | 二是如果特朗普当选，对市场情绪和出口可能都有一定影响。（ 2）11 月人大常委 | zhangxinnuo@huajinsc.cn | | 会的召开可能明确财 ...

华 发 集 闭 旗 下 个 业 | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------|------------------|----------------------------------------|------------------------------------------|---------------------------------------------| | 2024 年 11 月 03 日 \n安集科技（ 688019.SH ） \n24Q3 业绩高速增长，新品进入加速放量阶段 \n投资要点 | 投资评级 \n股价 | (2024-11-01) | 公司研究●证券研究报告 \n基础化工 \| 买入 | 公司快报 \n电子化学品Ⅲ -A(维持) \n148.05 元 | | 2024 年 10 月 29 日，公司发布 2024 年第三季 ...

飓风、罢工、涨薪，戏剧性要素过多如何理解？ 事件点评 美国就业数据点评（2024.10） 分析师 秦泰 SAC 执业证书编号：S0910523080002 qintai@huajinsc.cn 报告联系人 周欣然 zhouxinran@huajinsc.cn 投资要点 在飓风导致普遍性的就业停滞影响，以及波音公司员工罢工的叠加冲击下，美国 10 月非农就业仅新增 1.2 万人，与极为强劲的 ADP 产生重大背离，后续或迎来快 速改善。根据当地时间 11 月 1 日美国劳工统计局公布的数据，10 月美国新增非农 就业仅为 1.2 万，较 9 月大幅少增 21.1 万，创出 2021 年以来单月新低。行业分布 显示 10 月就业突然冰冻主要源于飓风和罢工等短期冲击的叠加影响。1）与极端天 气相关度低的政府部门新增就业达 4.0 万人，较 9 月多增 0.9 万人，维持稳定增长。 2）传统创造就业的几个"大户"接触性服务业领域，因消费场景对极端天气的敏 感度极高而就业受到剧烈冲击，专业商务服务教育医疗、休闲酒店、批零交运公用 事业三个大类新增就业分别比 9 月少 7.6 万、4.4 万和 2.8 万人，合计少增达 ...

Investment Rating - The report does not explicitly mention an investment rating for the company [1] Core Views - The company, Jintai Titanium (688750 SH), is a leading supplier of high-end titanium and titanium alloy materials in China, primarily serving the military aviation sector [1][23] - The company is expected to benefit from the increasing demand driven by China's ongoing military aviation development, with a 23 59% CAGR in aerospace titanium material sales from 2019 to 2023 [1][23] - The company is expanding its business into the civil aviation sector and has achieved mass production for some clients, with ongoing certification processes for others [1][24] - The company is also extending its product line to include ship components, achieving domestic substitution for certain high-pressure gas bottles used in ships [1][25] Financial Performance - The company reported revenues of 573 million yuan, 701 million yuan, and 801 million yuan for 2021, 2022, and 2023, respectively, with YoY growth rates of 24 01%, 22 41%, and 14 31% [1][4] - Net profits for the same periods were 95 million yuan, 132 6 million yuan, and 147 2 million yuan, with YoY growth rates of 275 49%, 39 53%, and 11 08% [1][4] - In H1 2024, the company achieved revenues of 409 million yuan, a 0 95% YoY increase, and a net profit of 81 million yuan, a 17 22% YoY increase [1][10] - The company forecasts a net profit of 110-125 million yuan for the first nine months of 2024, representing a YoY growth of 16 03%-31 86% [1][10] Industry Overview - The titanium and titanium alloy industry is a strategic sector in China, with applications in aerospace, marine, and military fields [16][21] - China's titanium material production reached 159,100 tons in 2023, with a CAGR of 20 58% from 2019 to 2023 [21] - The aerospace sector is the second-largest consumer of titanium materials, accounting for 19 79% of total consumption in 2023 [21] - The demand for titanium materials in aerospace and marine sectors has grown rapidly, with a CAGR of 23 24% from 2019 to 2023 [21] Company Highlights - The company holds a 6 24% market share in China's aerospace titanium alloy materials market, primarily serving military aviation [1][23] - It supplies products to major military groups such as Aviation Industry Corporation of China, China Aerospace Science and Technology Corporation, and China Shipbuilding Industry Corporation [1][23] - The company has achieved significant market shares in key clients, including a 70-90% supply share for certain products in Triangle Defense [1][23] - The company is expanding into civil aviation, with ongoing certification processes for supplying China's domestically produced large aircraft C919 and regional jet ARJ21 [1][24] Peer Comparison - The company's revenue in H1 2024 was 409 million yuan, lower than the industry average of 2 875 billion yuan, but its gross margin of 36 33% was higher than the industry average of 26 40% [28][29] - Comparable companies include Baoti Group and Western Superconducting, with average PE-TTM of 35 04X and gross margins of 26 40% [28][29] IPO and Fund Utilization - The company plans to use IPO funds for an advanced titanium alloy project and working capital [26][27] - The advanced titanium alloy project, with a total investment of 744 5968 million yuan, aims to produce 2,800 tons of titanium alloy rods and 200 tons of titanium alloy billets annually [27]

| --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------|------------------|----------------------------------------|------------------------------------------|--------------------------------------| | 2024 年 11 月 01 日 \n中国西电（ 601179.SH ） \n24Q3 业绩高增，盈利能力显著提升 | 投资评级 \n股价 | 电力设备及新能源 \n(2024-11-01) | 公司研究●证券研究报告 \n\| \n增持-B(维持 | 公司快报 \n输变电设备Ⅲ \n) \n8.67 元 | | 投资要点 | | | | | | | 交易数据 | | | | | ...

Investment Rating - The report maintains a "Buy-A" rating for the company [4] Core Insights - The company achieved a total revenue of 2.247 billion with a year-on-year growth of 25.29% and a net profit of 176 million, reflecting a 50.16% increase [1] - The sales gross margin for the first three quarters of 2024 was 34.98%, up by 0.55 percentage points year-on-year, while the net profit margin increased by 1.33 percentage points to 7.70% [2] - The company is focusing on business transformation and has identified four core business segments: personalized education, vocational education, cultural reading, and medical-education integration [2] - The company plans to invest 494 million in new business areas, including vocational education and cultural service projects [2] Financial Data and Valuation - The projected net profit for the company from 2024 to 2026 is estimated at 230 million, 323 million, and 464 million respectively, with EPS expected to be 1.86, 2.62, and 3.77 [3] - The P/E ratios for the same period are projected to be 25.3, 18.0, and 12.5 [3] - The company reported a total revenue of 2.748 billion for 2024E, with a year-on-year growth of 24.2% [7] - The net profit for 2024E is projected at 230 million, showing a year-on-year growth of 49.3% [7]

Investment Rating - The investment rating for the company is "Buy-A" [1] Core Views - The company has shown improvement in its non-net profit in Q3 2024, with a revenue of 930 million yuan, a year-on-year decrease of 13.42% but a quarter-on-quarter increase of 11.63% [1] - The company is experiencing short-term competitive pressure in the new energy sector, which has affected its performance, alongside losses from fair value changes [1] - The company is a leading manufacturer of high-power hydrogen production power supplies and has successfully expanded into overseas markets, achieving a 69.80% year-on-year increase in overseas revenue in the first three quarters of 2024 [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 2.312 billion yuan, a year-on-year decrease of 11.61%, and a net profit attributable to shareholders of 253 million yuan, down 36.91% year-on-year [1] - The gross profit margin for Q3 2024 was 35.88%, with a quarter-on-quarter increase of 0.89 percentage points [1] - The company’s sales, management, R&D, and financial expense ratios for Q3 2024 were 8.60%, 4.15%, 7.95%, and 1.25%, respectively, indicating good cost control capabilities [1] Business Segment Performance - The new energy electric control business stabilized with a revenue of 1.802 billion yuan in the first three quarters of 2024, a year-on-year decrease of 13.41%, but with a gross margin of 34.34%, up 2.84 percentage points year-on-year [1] - The engineering transmission business achieved a revenue of 316 million yuan in the first three quarters of 2024, down 6.34% year-on-year, with a gross margin of 41.30%, down 3.61 percentage points year-on-year [1] Future Outlook - The company is expected to continue expanding its overseas market and increase its focus on the hydrogen energy sector, which is anticipated to become a new growth driver for performance [1] - The projected net profits for the company from 2024 to 2026 are 470 million yuan, 598 million yuan, and 679 million yuan, respectively, with corresponding PE ratios of 17, 14, and 12 times [1][2]

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华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------|-----------------|-------------------------------------------|--------------------------------------|--------| | 2024 年 10 月 31 日 \n电子 | | | 行业研究●证券研究报告 \n行业动态分析 | | | 24Q3 电子持仓市值领先，设备领域环比增长 | 投资评级 | | 领先大市-A维持 | | | 最为显著 | 首选股票 | | 评级 | | | 投资要点 | | | | | | 本文分析数据均来自 Wind 数据库，基金重仓股数据采用基金各季度重仓股数 | | | | | | 据。公募基金样本选取股票型基金和混合型基金，投资类型剔除被动指数型基金、 | 一年行业表现 | | | | | 增强指数型基金、偏债混合型基金。 ...