| --- | --- | --- | |-----------------------|-----------------------------------------|--------------| | 2024 | 年 10 月 31 日 | 公司研究 | | 研究所： 证券分析师： | 刘洁铭 S0350521110006 liujm@ghzq.com.cn | | | 证券分析师： | 秦一方 S0350523120001 qinyf@ghzq.com.cn | ——迎驾贡酒（ | 评级：买入(维持) [Table_Title] 业绩增速放缓，洞藏势能延续 603198）2024 年三季报点评 2024 年 10 月 29 日，迎驾贡酒发布 2024 年三季报。2024 年前三季度 公司实现营业收入 55.13 亿元，同比+13.81%；归母净利润 20.06 亿元， 同比+20.19%；扣非归母净利润 19.97 亿元，同比+23.94%。2024Q3 公 司实现营业收入 17.11 亿元，同比+2.32%；归母净利润 6.25 亿元，同比 +2.86%；扣非归母净利润 6.31 亿元，同比+8 ...

总市值（百万） 15,543.03 2024 年 10 月 30 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 万鹏辉 S0350524050003 wanph@ghzq.com.cn [Table_Title] 业绩短期承压，医疗设备需求市场蓄势待发 ——开立医疗（300633）2024 年第三季报点评 事件: 最近一年走势 2024 年 10 月 26 日，开立医疗发布 2024 年三季度报，公司 2024 年前 三季度实现营业收入 13.98 亿元(同比-4.74%)，归属于上市公司股东的 净利润为 1.09 亿元(同比-66.01%)，扣非后归属于上市公司股东净利润 为 0.86 亿元(同比-73.21%)。2024 年单 Q3 季度实现营业收入 3.86 亿元 （同比-9.18%），归属于上市公司股东的净利润为-0.62 亿元(同比转亏)。 投资要点: 相对沪深 300 表现 2024/10/30 中国医疗设备需求市场蓄势待发，设备更新政策有望落地。 2024 年 表现 1M 3M 12M 3 月 13 日，国务院正式发布《推动大规模设备更新和消费品以旧换新行 动方案》，鼓励具备条件的医 ...

52 周价格区间（元） 8.06-15.26 总股本（万股） 193,475.06 2024 年 10 月 31 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 谭瑞峤 S0350521120004 tanrq@ghzq.com.cn [Table_Title] 征途小游戏推动 24Q3 营收环比增长，积极关注 《王者征途》持续表现和《原始征途》版本大推 ——巨人网络（002558）2024 年三季报点评 最近一年走势 事件: 2024 年 10 月 30 日，公司发布 2024 年第三季度报告，2024 年 Q3 公司 实现营业收入7.91亿元，yoy-3.94%，归母净利润3.53亿元，yoy-16.18%， 扣非归母净利润 3.90 亿元，yoy-8.23%。 投资要点: 2024Q3 营收环比增长、利润环比略下滑。 相对沪深 300 表现 2024/10/30 2024Q3 公司营收 7.91 亿元，yoy-3.94%，qoq+8.28%；归母净利 润 3.53 亿元，yoy-16.18%，qoq-3. ...

Investment Rating - Buy (maintained) [1] Core Views - The company's Q3 performance was under short-term pressure, with revenue of 2.386 billion yuan, a year-on-year decrease of 2.88%, and net profit attributable to the parent company of 574 million yuan, a year-on-year decrease of 13.67% [1] - The company is expected to release its first whiskey product on November 19, which could become a new growth driver given the potential of the domestic whiskey market [2] - Despite short-term challenges, the company's pre-mixed alcohol business remains the market leader with over 80% market share, and its long-term growth potential is still promising [3] Financial Performance - Q3 revenue was 758 million yuan, a year-on-year decrease of 5.95%, with net profit attributable to the parent company of 172 million yuan, a year-on-year decrease of 24.01% [3] - Pre-mixed alcohol revenue for the first three quarters was 2.102 billion yuan, a year-on-year decrease of 3.13%, with Q3 revenue of 671 million yuan, a year-on-year decrease of 6.58% [3] - Gross margin increased by 1.34 percentage points to 70.18% in Q3, benefiting from lower production costs and reduced transportation expenses [3] - Sales expense ratio increased by 3.14 percentage points to 23.46% in Q3 due to increased market investment in a weak consumption environment [3] Industry and Product Analysis - The domestic whiskey market is dominated by high-priced imported brands, but domestic production capacity exceeded imports in 2023 [2] - The company has been preparing for its whiskey business since 2016, with production capacity far exceeding other distilleries, and its whiskey has reached a three-year aging period [2] - The company has innovatively developed whiskey with Chinese flavors, such as yellow wine barrel and Mongolian oak barrel whiskey, and has made significant progress in channel construction and consumer education [2] Future Outlook - Revenue for 2024-2026 is expected to be 3.3/4.0/4.7 billion yuan, with year-on-year growth rates of 1%/21%/18% [4] - Net profit attributable to the parent company for 2024-2026 is expected to be 721/889/1,077 million yuan, with year-on-year growth rates of -11%/23%/21% [4] - The company's pre-mixed alcohol "358" matrix continues to improve, and the upcoming whiskey product is highly anticipated [4] Valuation - The company's P/E ratio for 2024-2026 is expected to be 32/26/21 times, with P/B ratios of 5.53/5.29/5.08 times [6] - ROE for 2024-2026 is forecasted to be 17%/20%/24% [6]

2024 年 10 月 31 日 公司研究 评级：买入(维持) | --- | --- | |--------------|-------------------------------------------------------------| | | | | 研究所： | | | 证券分析师： | 李永磊 S0350521080004 | | 证券分析师： | liyl03@ghzq.com.cn 董伯骏 S0350521080009 dongbj@ghzq.com.cn | | 联系人 ： | 仲逸涵 S0350123070022 zhongyh@ghzq.com.cn | [Table_Title] 持续推进钛矿资源储备，前三季度股利支付率达 83.65% ——龙佰集团（002601）2024 年三季报点评 最近一年走势 事件: | --- | --- | --- | --- | |---------------------|-----------|-------|------------------| | 相对沪深 300 \n表现 | 表现 \n1M | 3M | 2024/10/30 \n12 ...

2024 年 10 月 31 日 公司研究 评级：买入(维持) | --- | --- | --- | |--------------|-------|--------------------------------------| | | | | | 研究所： | | | | 证券分析师： | | 罗琨 S0350522110003 | | 联系人 | ： | luok@ghzq.com.cn 禹露 S0350124070012 | | | | yul06@ghzq.com.cn | [Table_Title] 前三季度扣非归母净利润增速 78%，业绩增长 路线清晰 ——赛恩斯（688480）2024 年三季报点评 最近一年走势 | --- | --- | --- | --- | |---------------------|-----------|-------|------------------| | 相对沪深 300 \n表现 | 表现 \n1M | 3M | 2024/10/31 \n12M | | 赛恩斯 | 6.4% | 27.9% | -0.9% | | 沪深 300 | -3.2% | 13 ...

市场数据 2024/10/30 52 周价格区间（元） 6.83-13.75 2024 年 10 月 31 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 证券分析师： 陈云 S0350524070001 cheny17@ghzq.com.cn [Table_Title] 技改导致 Q3 业绩环比下降，长期业绩趋势向上 ——振华股份（603067）2024 年三季报点评 最近一年走势 事件: 2024 年 10 月 29 日，振华股份发布 2024 年三季度报告：2024 年前三季 度公司实现营业收入 29.94 亿元，同比+8.75%；实现归母净利润 3.64 亿 元，同比+25.97%；扣非后归母净利润 3.67 亿元，同比+23.63%；经营活 动现金流量净额 1.58 亿元，同比-16.83%。销售毛利率为 25.47%，同比 上升 0.24 个 pct，销售净利率为 12.16%，同比上升 1.61 个 pct。 2024Q3 ...

日均成交额（百万） 308.35 2024 年 10 月 31 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 年庆功 S0350524060001 nianqg@ghzq.com.cn [Table_Title] 控股股东变更，公司发展进入新阶段 ——上海莱士（002252）2024 年三季报点评 最近一年走势 事件: 2024 年 10 月 29 日，公司发布 2024 年三季报： 2024 年前三季度公司 营 业 收 入 63.14 亿 元 （ yoy+6.39% ） ， 归 母 净 利 润 18.38 亿 元 （yoy+2.81%），扣非归母净利润 17.39 亿元（yoy-3.64%）。2024 年 Q3 公司营业收入 20.62 亿元（yoy+1.34%），归母净利润 5.97 亿元 （yoy+8.82%），扣非归母净利润 6.10 亿元（yoy+1.12%）。 投资要点: 相对沪深 300 表现 2024/10/30 公司 2024 年 Q3 收入和利润平稳。2024 年前三季度公司营业收入 63.14 亿元（yoy+6.39%），归母净利润 18.38 亿元（yoy+2.81%） ...

| --- | --- | |--------------|-----------------------------------------| | 2024 | 10 月 31 日 | | 研究所： | | | 证券分析师： | 姚丹丹 S0350524060002 yaodd@ghzq.com.cn | | 证券分析师： | 郑奇 S0350524030006 zhengq@ghzq.com.cn | | 证券分析师： | 傅麒丞 S0350524080001 fuqc@ghzq.com.cn | 评级：买入(首次覆盖) 最近一年走势 | --- | --- | --- | --- | |---------------------|-----------|-------|------------------| | 相对沪深 300 \n表现 | 表现 \n1M | 3M | 2024/10/30 \n12M | | 韦尔股份 | 0.2% | 6.8% | -3.2% | | 沪深 300 | -3.2% | 15.4% | 8.5% | | 市场数据 | | | 2024/10/30 | | 当前价格（ ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's Q3 2024 performance was impacted by fluctuating crude oil prices, leading to a decline in profitability, but cash flow improved significantly [2] - Revenue for Q3 2024 reached 17,924 million yuan, up 11.91% YoY and 6.56% QoQ, while net profit attributable to shareholders was 141 million yuan, down 65.41% YoY and 57.23% QoQ [3] - The company's cash flow from operating activities in Q3 2024 surged to 4,745 million yuan, showing significant YoY and QoQ growth [3] - The report expects the company's performance to improve in Q4 2024 due to seasonal demand from e-commerce festivals and Christmas orders [3] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 49,197 million yuan, up 11.31% YoY, but net profit attributable to shareholders fell 15.91% YoY to 746 million yuan [2] - Gross profit margin for Q3 2024 was 4.92%, down 2.72 percentage points YoY and 1.19 percentage points QoQ [3] - Net profit margin for Q3 2024 was 0.79%, down 1.75 percentage points YoY and 1.17 percentage points QoQ [3] - The company's POY sales volume in Q3 2024 increased 18.83% QoQ to 1,479,300 tons, but the average price fell 3.19% QoQ to 6,690.11 yuan/ton [3] Industry and Market Position - The company is a leading player in the domestic polyester filament industry, with a market share of over 12% in the civilian polyester filament sector [5] - As of 2023, the company's polyester filament production capacity reached 7.4 million tons, ranking second in the domestic market [5] - The company has a vertically integrated production chain from PTA to polyester and spinning, enhancing its competitive advantage [5] - The polyester filament industry is expected to see further consolidation, with large enterprises leveraging scale and technological advantages to expand [4] Future Outlook - The report forecasts the company's revenue for 2024-2026 to be 63,651 million yuan, 70,854 million yuan, and 77,478 million yuan, respectively [6] - Net profit attributable to shareholders is expected to be 1,083 million yuan, 1,447 million yuan, and 1,711 million yuan for 2024-2026, with corresponding P/E ratios of 16x, 12x, and 10x [6] - The company plans to optimize its product structure and enhance competitiveness, focusing on differentiated filament production in the next 1-2 years [5] - The polyester fiber industry is expected to benefit from domestic economic stabilization policies, driving demand growth [6]