[Table_Summary] [Table_Title] 三季度业绩环比下降 未来矿产铜增量可期 [Table_ReportDate] 铜陵有色(000630)公司简评报告 | 2024.11.06 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 吴轩 有色行业首席分析师 SAC 执证编号：S0110521120001 wuxuan123@sczq.com.cn 电话：021-58820297 [市场指数走势（最近 Table_Chart] 1 年） -0.5 0 0.5 6-Nov18-Jan 31-Mar 12-Jun 24-Aug 5-Nov 铜陵有色 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|-----------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 3.64 | | 一年内最高 / 最低价（元） | 4.36/2.78 | | 市盈率（当前） | 16.32 | | 市净率（当前） | 1.39 | | 总股本（亿股） | 1 ...

评级： 看好 [Table_Authors] 岳清慧 汽车首席分析师 SAC 执证编号：S0110521050003 yueqinghui@sczq.com.cn 黄璿 汽车研究助理 SAC 执证编号：S0110123010014 huangxuan2023@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 0.4 30-Oct 10-Jan 22-Mar 2-Jun13-Aug 24-Oct 汽车 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 汽车行业周报：十月前两周乘用车销 量同环比增长，高阶智能驾驶有望创 新突破 汽车行业周报：9 月乘用车市场回 暖，看好汽车板块 汽车行业周报：新车密集催化，九月 前两周乘用车零售销量同比增长 [Table_Title] 汽车行业周报：特斯拉 Q3 盈利超预期，预计明年交 付量增加二至三成 [Table_ReportDate] 汽车 | 行业简评报告 | 2024.10.30 核心观点 l [Table_Summary] 特斯拉 Q3 盈利超预期，预计明年交付量增加二至三 ...

[Table_Rank] 评级： 买入 [Table_Authors] 吴轩 有色行业首席分析师 SAC 执证编号：S0110521120001 wuxuan123@sczq.com.cn 电话：021-58820297 [市场指数走势（最近 Table_Chart] 1 年） -0.4 -0.2 0 0.2 0.4 30-Oct 10-Jan 22-Mar 2-Jun13-Aug 24-Oct 宝武镁业 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 10.97 | | 一年内最高 / 最低价（元） | 15.45/8.54 | | 市盈率（当前） | 81.83 | | 市净率（当前） | 2.04 | | 总股本（亿股） | 9.92 | | 总市值（亿元） | 108.80 | | 资料来源：聚源数据 | | 相关研究 [Table_OtherReport] 低镁价影响上半年业绩 静待青阳项 目产能释放 Q3 ...

Investment Rating - Buy rating for the company [1] Core Views - The company reported strong Q3 2024 results with revenue of 5.27 billion yuan, up 53.37% YoY, and net profit of 0.72 billion yuan, up 58.39% YoY [2] - Stabilizer bar revenue grew 138% YoY in the first three quarters of 2024, driving overall revenue growth [2] - Gross margin improved to 26.68% in Q3 2024, up 1.17 ppts YoY and 4.52 ppts QoQ, due to economies of scale and capacity expansion [2] - Market share for suspension springs exceeded 26% and stabilizer bars exceeded 12% in the first three quarters of 2024 [2] - The company is pursuing international expansion through partnerships and acquisitions, including a potential 20 million euro investment in MSSC AHLE GmbH assets [2] Financial Performance - Revenue for the first three quarters of 2024 reached 12.34 billion yuan, up 45.86% YoY [2] - Net profit for the first three quarters of 2024 was 1.53 billion yuan, up 39.92% YoY [2] - Revenue is forecast to grow to 17.8 billion yuan in 2024, 22.9 billion yuan in 2025, and 28.3 billion yuan in 2026 [2][3] - Net profit is expected to reach 2.2 billion yuan in 2024, 2.9 billion yuan in 2025, and 3.7 billion yuan in 2026 [2][3] - EPS is projected to be 1.19 yuan in 2024, 1.59 yuan in 2025, and 2.05 yuan in 2026 [3] Valuation - Current PE ratio is 30.52 and PB ratio is 2.39 [1] - Forecast PE ratios are 17.7 for 2024, 13.3 for 2025, and 10.3 for 2026 [2][3] - Forecast PB ratios are 2.20 for 2024, 1.93 for 2025, and 1.67 for 2026 [4] Business Segments - Suspension spring revenue reached 6.7 billion yuan in the first three quarters of 2024, up 30% YoY [2] - Stabilizer bar revenue reached 3.9 billion yuan in the first three quarters of 2024, up 138% YoY [2] Capacity and Market Position - The company is expanding production capacity in Henan, Chongqing, and Zhuji [2] - Suspension spring market share exceeded 26% and stabilizer bar market share exceeded 12% in the first three quarters of 2024 [2] International Expansion - The company began cooperation with Stellantis in 2023 [2] - A potential 20 million euro investment in MSSC AHLE GmbH assets is planned to support international growth [2] Financial Ratios - Gross margin improved to 26.68% in Q3 2024 [2] - Net margin reached 14.53% in Q3 2024, up 1.04 ppts YoY and 4.03 ppts QoQ [2] - ROE is forecast to increase from 10.9% in 2023 to 16.2% in 2026 [4] - ROIC is expected to grow from 9.9% in 2023 to 15.3% in 2026 [4]

[Table_Summary] [Table_Title] 经营环比改善，向上势能有望持续 [Table_ReportDate] 甘源食品(002991)公司简评报告 | 2024.10.30 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn ⚫ 事件：公司发布 2024 年三季报，24Q1-3 营业收入 16.06 亿元，同比 +22.23%；归母净利润 2.77 亿元，同比+29.48%；扣非归母净利润 2.48 亿元，同比+32.01%。对应 24Q3 营业收入 5.63 亿元，同比+15.58%；归 母净利润 1.11 亿元，同比+17.10%；扣非归母净利润 1.03 亿元，同比 +22.26%。 ⚫ 三季度营收增速环比提升明显，盈利水平同比小幅提升。24Q3 公司营 收同比增长 15.58%，较 24Q2 营收增速环比提升 10.68pct。24Q3 公司 毛利率 36.80%，同比-0.74pct，预计主要由于原材料成本变动以及渠道 结 构 变 化 所 致 。 2 ...

[Table_Summary] [Table_Title] 海外业务快速增长，盈利能力持续提升 [Table_ReportDate] 科兴制药(688136)公司简评报告 | 2024.10.30 [Table_Rank] 评级： 增持 核心观点 [Table_Authors] 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：86-10-81152643 [Table_Chart] 市场指数走势（最近 1 年） -0.5 0 0.5 30-Oct 11-Jan 24-Mar 5-Jun17-Aug 29-Oct 科兴制药 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 17.91 | | 一年内最高 / 最低价（元） | 22.82/10.61 | | 市盈率（当前） | -30.03 | | 市净率（当前） | 2.21 | | 总股本（亿股） | ...

[Table_Rank] 评级： 看好 [Table_Authors] 翟绪丽 首席分析师 SAC 执证编号：S0110522010001 zhaixuli@sczq.com.cn 电话：010- 81152683 甄理 行业分析师 SAC 执证编号：S0110524070001 zhenli@sczq.com.cn 电话：021-58820301 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 0.4 30-Oct 10-Jan 22-Mar 2-Jun13-Aug 24-Oct 基础化工 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 农药行业点评：部分农药价格反弹， 关注具有成本优势的龙头企业 国际油价回调，兴福电子获中国证监 会注册 化肥行业点评：化肥价格有所回暖， 关注冬储备肥情况 【首创化工】2023 年策略报告——周 期起伏中寻求确定性，关注龙头股、 磷化工、氟化工三条主线 [Table_Title] 液氯涨幅居前，兴发集团前三季度利润同比快速增 长 [Table_ReportDate] 基础化工 | 行业简评报告 | ...

[Table_Rank] 评级： 增持 [Table_Authors] 曲小溪 首席分析师 SAC 执证编号：S0110521080001 quxiaoxi@sczq.com.cn 电话：010-8115 2676 [市场指数走势（最近 Table_Chart] 1 年） -0.5 0 0.5 30-Oct 10-Jan 22-Mar 2-Jun13-Aug 24-Oct 鼎泰高科 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 20.90 | | 一年内最高 / 最低价（元） | 24.18/11.61 | | 市盈率（当前） | 38.55 | | 市净率（当前） | 3.54 | | 总股本（亿股） | 4.10 | | 总市值（亿元） | 85.69 | | 资料来源：聚源数据 | | 相关研究 [Table_OtherReport] 鼎泰高科 2024 年半年报点评：受益于 新兴业务增长，2024H1 收 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company is expected to benefit significantly from the ongoing price increase of refrigerants, marking the beginning of a favorable pricing cycle [4] - The company reported a revenue of 17.906 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 11.83%, and a net profit attributable to shareholders of 1.258 billion yuan, up 68.40% year-on-year [4] - The company maintains a leading position in the refrigerant market, holding significant production quotas for both second-generation and third-generation refrigerants [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a net profit of 1.258 billion yuan, with quarterly profits of 310 million yuan, 524 million yuan, and 423 million yuan for Q1, Q2, and Q3 respectively, showing year-on-year growth rates of 103.35%, 55.35%, and 64.76% [4] - The company’s revenue is projected to grow from 20.655 billion yuan in 2023 to 24.330 billion yuan in 2024, reflecting a growth rate of 17.8% [5] Product Performance - The company’s main products saw varying sales performance, with refrigerants and fluorinated fine chemicals showing significant growth, while other products faced price declines due to oversupply [4] - The average prices for the main refrigerants have increased significantly, with the second-generation refrigerant R22 averaging 30,231 yuan per ton in Q3 2024, and the third-generation refrigerant R32 averaging 36,159 yuan per ton [4] Market Position - The company holds a 26.1% market share in the production quota of second-generation refrigerants and a 39.16% share in third-generation refrigerants, solidifying its leading position in the industry [4] - The report anticipates that the refrigerant market will continue to recover positively as the new cooling season begins [4] Profit Forecast - The forecasted net profits for the company are 2.062 billion yuan in 2024, 3.109 billion yuan in 2025, and 4.563 billion yuan in 2026, with corresponding EPS of 0.76, 1.15, and 1.69 yuan [5]

[Table_Summary] [Table_Rank] 评级： 看好 [Table_Authors] 刘亚卓 分析师 SAC 执证编号：S0110524090001 liuyazhuo@sczq.com.cn 电话：010-81152650 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 0.4 30-Oct 10-Jan 22-Mar 2-Jun13-Aug 24-Oct 建筑材料 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 行业整体表现良好，预计后市将保持 稳定 [Table_Title] 行业个股大面积上涨，板块整体稳中向好 [Table_ReportDate] 建筑材料 | 行业简评报告 | 2024.10.29 核心观点 ⚫ 建材行业指数表现良好：本周（10 月 19 日-10 月 25 日）上证综指报 收 3299.70，周涨幅 1.17%，深证成指报收 10619.85，周涨幅 2.53 %， 中小板 100 指数报收 6562.36，周涨幅 2.90 %，申万建材指数报收 4552.02，周涨幅 4.39 %，跑 ...