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Investment Rating - Buy (Maintained) [1] Core Views - Revenue continues to grow at a high rate, with momentum remaining strong [1] - Channel structure adjustments have lowered gross margins [1] - The company achieved revenue of 3.861 billion yuan in 2024Q1-Q3, a year-on-year increase of 28%, and net profit attributable to the parent company of 493 million yuan, a year-on-year increase of 25% [1] - In 2024Q3, the company's revenue was 1.402 billion yuan, a year-on-year increase of 26%, and net profit attributable to the parent company was 174 million yuan, a year-on-year increase of 16% [1] - Gross margin in 2024Q3 decreased by 2 percentage points to 30.62%, mainly due to changes in channel structure [1] - The company aims to achieve a mid-term net profit margin target of 15% by focusing on brand building and enhancing B-end brand recognition [1] Business Performance and Strategy - Membership-based supermarkets maintain high momentum, with the "Egg King" quail eggs entering Sam's Club, achieving monthly sales of tens of millions [1] - The company maintains a leading position in the snack retail channel and has deep strategic cooperation with snack stores, showing high growth momentum [1] - The quantitative distribution channel focuses on building core products, with average double-digit growth this year, and is a key breakthrough direction for the next 3-5 years [1] - E-commerce channel achieved monthly sales exceeding 100 million yuan since Q2, with online pricing higher than offline for the "Big Devil" konjac product category [1] - The company has entered the nut and poultry product categories, promoting external growth through channel sinking and organizational restructuring [1] Financial Forecasts - Adjusted EPS for 2024-2026 are 2.33/3.04/3.78 yuan, with current stock price corresponding to PE ratios of 22/17/13 times [1] - Revenue growth rates for 2024-2026 are forecasted at 26.0%, 25.1%, and 22.3%, respectively [2] - Net profit attributable to the parent company growth rates for 2024-2026 are forecasted at 25.9%, 30.0%, and 24.6%, respectively [2] - ROE is expected to be 35.6%, 37.4%, and 37.5% for 2024-2026 [2] Financial Metrics - Gross margin for 2024-2026 is forecasted at 32.9%, 33.2%, and 33.5%, respectively [3] - Net profit margin for 2024-2026 is forecasted at 12.5%, 13.0%, and 13.2%, respectively [3] - Asset-liability ratio is expected to decrease from 46.0% in 2024 to 38.5% in 2026 [3] - Total asset turnover is forecasted to increase from 1.6 in 2024 to 1.8 in 2026 [3]

证 券 2024 年 11 月 01 日 研 报 告 公 司 研 究 | --- | --- | --- | --- | |----------------------------|---------------------------------------------------------------------------------|-----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | 重点项目有序推进，静待铝土矿增量逐步兑现 | | | ...

证 券 研 报 公 司 研 2024 年 11 月 01 日 究 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's international layout is becoming more complete, with revenue and profits maintaining growth [1] - The tire mold industry is experiencing strong demand, benefiting the company's products [1] - The company's overseas business performance is outstanding, with overseas revenue reaching 1.826 billion yuan in H1 2024, a year-on-year increase of 13.20% [1] - The company continues to increase R&D investment, with R&D expenses reaching 329 million yuan in Q1-Q3 2024, a year-on-year increase of 29.27% [2] - The company's overall sales gross margin in Q1-Q3 2024 was 34.94%, a year-on-year increase of 0.92 percentage points, and the net profit margin was 22.29%, a year-on-year increase of 0.26 percentage points [2] Financial Performance - In Q1-Q3 2024, the company achieved revenue of 6.365 billion yuan, a year-on-year increase of 20.05%, and net profit attributable to the parent company of 1.417 billion yuan, a year-on-year increase of 21.23% [1] - In Q3 2024, the company achieved revenue of 2.227 billion yuan, a year-on-year increase of 26.24%, and net profit attributable to the parent company of 457 million yuan, a year-on-year increase of 15.93% [1] - The company's revenue is expected to be 8.330 billion yuan, 9.498 billion yuan, and 10.612 billion yuan in 2024, 2025, and 2026, respectively, with EPS of 2.39 yuan, 2.70 yuan, and 3.07 yuan [3] Industry Analysis - The tire mold industry is benefiting from the rapid development of the tire and new energy vehicle industries [1] - The demand for tire molds is closely related to the production scale of tires and is also influenced by the speed of updates in tire specifications and patterns [1] - The company has mastered three mold processing technologies: EDM, engraving, and precision casting aluminum, and has applied new processes such as laser engraving and 3D printing in mold manufacturing [1] International Expansion - The company has established subsidiaries in the United States, Thailand, Hungary, India, Brazil, Vietnam, Mexico, and Cambodia, forming a comprehensive global production and service system [1] - The overseas business gross margin in H1 2024 was 42.93%, an increase of 0.34 percentage points compared to the same period in 2023, and 16.11 percentage points higher than the domestic gross margin [1] R&D and Innovation - The company has obtained more than 290 invention patents and has launched new technologies and products such as high-efficiency energy-saving molds, electric heating vulcanizers, and electric heating molds [2] - The company's R&D investment in Q1-Q3 2024 accounted for 5.17% of its revenue [2] Profitability and Growth - The company's gross margin in Q1-Q3 2024 was 34.94%, and the net profit margin was 22.29% [2] - The company's revenue growth rate is expected to be 16.3%, 14.0%, and 11.7% in 2024, 2025, and 2026, respectively [5] - The net profit attributable to the parent company is expected to grow by 18.8%, 12.9%, and 13.7% in 2024, 2025, and 2026, respectively [5]

Investment Rating - Buy (Maintained) [2] Core Views - The company's plasma collection and blood product sales continue to grow, with a significant increase in net profit attributable to the parent company of 66% YoY in the first three quarters of 2024 [4] - Operating efficiency has improved, with the net profit margin increasing from 23.70% in the first three quarters of 2023 to 28.71% in the same period of 2024 [5] - The company is actively expanding its overseas market, achieving sales in Pakistan and promoting long-term stable development of overseas business [4] Financial Performance Summary Revenue and Profit - Revenue for the first three quarters of 2024 reached RMB 1.89 billion, a YoY increase of 37.49% [2] - Net profit attributable to the parent company for the first three quarters of 2024 was RMB 543 million, a YoY increase of 66.38% [2] - In the third quarter of 2024, revenue was RMB 754 million, a YoY increase of 13.27%, and net profit attributable to the parent company was RMB 216 million, a YoY increase of 17.86% [3] Operating Efficiency - The company's sales expense ratio, management expense ratio, and R&D expense ratio for the first three quarters of 2024 were 9.98%, 6.93%, and 2.43%, respectively, showing a YoY decrease of 4.73pp, 1.92pp, and 1.48pp [5] Plasma Collection and Sales - The company's plasma collection volume in the first half of 2024 was approximately 700 tons, showing rapid growth [4] - The company continues to deepen its strategic cooperation with Xinjiang Deyuan, extending the cooperation period and increasing plasma supply [4] Overseas Expansion - The company has achieved sales in Pakistan, marking a step forward in its overseas market expansion [4] Financial Forecast - Revenue for 2024-2026 is forecasted to be RMB 2.942 billion, RMB 3.382 billion, and RMB 3.839 billion, respectively [6] - Net profit attributable to the parent company for 2024-2026 is forecasted to be RMB 777 million, RMB 913 million, and RMB 1.067 billion, respectively [6] - EPS for 2024-2026 is forecasted to be RMB 1.06, RMB 1.25, and RMB 1.46, respectively [6] - The current stock price corresponds to a PE ratio of 21.1x, 18.0x, and 15.4x for 2024-2026, respectively [6]

证 券 研 究 报 公 研 2024 年 10 月 31 日 | --- | --- | --- | |------------------------------------------------|----------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | 钾锂板块仍低迷，铜矿投资收益持续增长 —藏格矿业（ 000408.SZ ）公司事件点评报告 | | 买入 (维持) | | 事件 | | 分析师：傅鸿浩 fuhh@cfsc.com.cn ...

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证 2024 年 10 月 31 日 研 告 基本数据 2024-10-30 当前股价（元） 70.51 总市值（亿元） 164 总股本（百万股） 233 流通股本（百万股） 135 52 周价格范围（元） 39.73-88.2 日均成交额（百万元） 117.29 公 司 研 究 究 营业收入高速增长，产品业务多点开花 报 买入(维持) 事件 分析师：毛正 S1050521120001 maozheng@cfsc.com.cn 联系人：张璐 S1050123120019 zhanglu2@cfsc.com.cn 市场表现 -60 -40 -20 0 20 40 (%) 艾为电子 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《艾为电子（688798）：业绩短 期承压，工业+汽车应用领域蓄势待 发》2023-05-22 —艾为电子（688798.SH）公司事件点评报告 艾为电子发布 2024 年第三季度报告：2024 年第三季度公司 实现营业收入 7.85 亿元，同比增长 1.35%；实现归属于上市 公司股东的净利润 0.86 亿元，同比扭亏为盈；实现归属于上 市公司股东的扣除非经常性损益的净利润 ...

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