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安集科技:24Q3业绩快速增长,新品持续放量
中银证券· 2024-12-05 08:52
Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The company has shown rapid growth in Q3 2024, with continuous expansion of new products. The orderly advancement of the company's platform layout is viewed positively, maintaining the "Buy" rating [4][5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 1.312 billion RMB, a year-on-year increase of 46.10%. The net profit attributable to the parent company was 393 million RMB, up 24.46% year-on-year. In Q3 2024, revenue reached 515 million RMB, representing a year-on-year growth of 59.29% and a quarter-on-quarter increase of 22.95%. The net profit for Q3 was 159 million RMB, with a year-on-year growth of 97.20% and a quarter-on-quarter increase of 23.00% [4][5] Product Development and Market Expansion - The growth in demand for polishing liquids is driven by the recovery of wafer fab utilization rates. The company has successfully launched multiple polishing liquids, including those for advanced processes, and has achieved mass production of several products using domestic grinding particles. New products have entered the growth phase, and the company has made significant technological breakthroughs in its polishing liquid products [4][5] Profitability Metrics - The gross margin for the first three quarters of 2024 was 58.56%, an increase of 2.52 percentage points year-on-year. The net profit margin was 29.92%, a decrease of 5.20 percentage points year-on-year. In Q3 2024, the gross margin was 59.86%, up 2.12 percentage points year-on-year and 2.81 percentage points quarter-on-quarter. The net profit margin for Q3 was 30.79%, an increase of 5.92 percentage points year-on-year [4][5] Earnings Forecast - The company has raised its profit forecast, expecting net profits attributable to the parent company to be 544 million RMB, 708 million RMB, and 867 million RMB for 2024, 2025, and 2026 respectively. The corresponding earnings per share are projected to be 4.21 RMB, 5.48 RMB, and 6.71 RMB, with price-to-earnings ratios of 36.3, 27.9, and 22.8 times [4][5]
中银证券:中银晨会聚焦-20241205
中银证券· 2024-12-05 02:05
市场指数 指数名称 收盘价 涨跌% 上证综指 3364.65 (0.42) 深证成指 10604.01 (1.02) 沪深 300 3930.56 (0.54) 中小 100 6474.54 (1.24) 创业板指 2213.41 (1.43) 行业表现(申万一级) 指数名称 涨跌% 指数名称 涨跌% 煤炭 2.19 传媒 (3.21) 石油石化 1.01 纺织服饰 (2.29) 家用电器 0.74 美容护理 (2.20) 机械设备 0.25 房地产 (2.15) 银行 0.13 电力设备 (2.12) 资料来源:万得,中银证券 中银晨会聚焦-20241205 证券研究报告——晨会聚焦 2024 年 12 月 5 日 ■重点关注 【基础化工】蓝晓科技*余嫄嫄。公司发布 2024 年三季报,2024 年前三季度 公司实现营收 18.92 亿元,同比增长 19.99%;实现归母净利润 5.96 亿元,同 比增长 15.10%。其中 24Q3 实现营收 5.97 亿元,同比增长 4.92%,环比下降 10.00%;实现归母净利润 1.92 亿元,同比增长 11.71%,环比下降 18.13%。 中银国际证券股份有限 ...
蓝晓科技:吸附分离材料营收占比不断提升,“基本仓”业务稳健发展
中银证券· 2024-12-04 13:21
基础化工 | 证券研究报告 — 调整盈利预测 2024 年 12 月 4 日 300487.SZ 买入 原评级:买入 市场价格:人民币 54.20 板块评级:强于大市 本报告要点 24 年前三季度公司业绩稳健增长,24Q3 业绩环比下降。看好公司吸附材料业务 持续发展,维持买入评级。 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (25%) (15%) (4%) 6% 16% 27% Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Dec-24 蓝晓科技 深圳成指 绝对 4.6 8.5 28.8 8.4 相对深圳成指 (8.2) 9.1 (0.1) (1.3) | --- | --- | |-----------------------------------------------|-----------| | | | | 发行股数 ( 百万 ) | 507.34 | | 流通股 ( 百万 ) | 306.30 | | 总市值 ( 人民币 百万 ) | 27,497.90 | | 3 个月日均交易额 ( 人民 ...
房地产行业第48周周报:本周新房二手房同环比均改善,11月百强房企销售同比增速由正转负
中银证券· 2024-12-03 07:50
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医药生物行业周报:2024年医保谈判结果公布
中银证券· 2024-12-03 05:34
Industry Investment Rating - The report assigns a "Stronger than the Market" rating to the pharmaceutical and biotechnology industry [4] Core Views - The 2024 medical insurance negotiation results were announced, with a success rate of 76% and an average price reduction of 63% [4][28] - The medical insurance negotiations strongly support the development of innovative drugs, with 90 out of 91 newly added drugs being approved within the last 5 years [28] - Overseas expansion and commercial insurance payments are expected to bring new growth opportunities for the industry [29] Industry Performance - The Shenwan Pharmaceutical and Biological Index rose by 2.95% from November 25 to November 29, 2024, outperforming the CSI 300 Index by 1.63 percentage points [18] - All sub-sectors of the pharmaceutical and biological industry outperformed the CSI 300 Index during the same period [20] Valuation Performance - As of November 29, 2024, the price-to-earnings ratio (TTM) of the Shenwan Pharmaceutical and Biological sector was 27.57 times, showing a significant recovery compared to the valuation low in July-August 2024 [23] Individual Stock Performance - Top gainers from November 25 to November 29, 2024, included Huluwah (+49.64%), Hotgen Biotech (+21.78%), and Digital Human (+21.44%) [25] Investment Recommendations - The report recommends focusing on innovative medical devices and drugs, such as those from companies like Bairui Medical, Sanyou Medical, and Hengrui Pharmaceuticals [4] - Opportunities in traditional Chinese medicine, raw materials, CXO, medical services, vaccines, and retail pharmacies are also highlighted [4]
中银证券:中银晨会聚焦-20241203
中银证券· 2024-12-03 02:35
| --- | --- | --- | --- | --- | |----------------------------------|------------------------------------------------------|----------------------------|-------|----------------------------------------------------------------------------| | 证券研究报告 \n市场指数 指数名称 | —— \n收盘价 | 晨会聚焦 \n 涨跌 | % | 2024 年 12 月 3 日 \n中银晨会聚焦 -20241203 | | 上证综指 | | 3363.98 1.13 | | | | 深证成指 | | 10756.55 1.36 | | | | 沪深 300 | | 3947.63 0.79 | | ■ 重点关注 | | 中小 | | | | | | 100 创业板指 | | 6599.98 1.34 2255.50 1.42 | | 【电子】思特威 -W* 苏凌瑶。思特威发布 SC58 ...
交通运输行业周报:环保法规影响干散货航运市场,中办国办印发《有效降低全社会物流成本行动方案》
中银证券· 2024-12-03 02:24
Investment Rating - The report maintains a "Strong Buy" rating for the transportation industry, indicating a positive outlook for investment opportunities in this sector [2]. Core Insights - Environmental regulations are significantly impacting the dry bulk shipping market, leading to the retirement of older vessels and a transformation in global trade patterns. The International Maritime Organization (IMO) is tightening emission standards, which is expected to elevate freight rates in the dry bulk market in the coming years. The demand for younger and more efficient fleets is increasing, and the new shipbuilding market remains robust, particularly for smaller dry bulk vessels [21][22]. - Chengdu Tianfu International Airport has achieved a record annual passenger throughput of over 50 million, marking it as the sixth airport in mainland China to reach this milestone. Additionally, Korean Air's merger with Asiana Airlines has received final approval from the European Commission, enhancing its competitive position in the global airline market [23][26]. - The State Council of China has issued a plan to effectively reduce logistics costs across the country, which is expected to boost logistics operations. The total social logistics volume for the first ten months of the year reached 287.8 trillion yuan, reflecting a year-on-year growth of 5.7% [31][32]. Summary by Sections 1. Industry Hotspot Events - Environmental regulations are reshaping the dry bulk shipping market, with a focus on the retirement of older vessels and the introduction of stricter emission standards [21]. - Chengdu Tianfu International Airport has surpassed 50 million annual passengers, becoming a key aviation hub in China [23]. - The Chinese government has launched a comprehensive plan to lower logistics costs, aiming for a more efficient logistics network [31]. 2. Industry High-Frequency Data Tracking - Air freight prices have shown an upward trend, with domestic cargo flights increasing by 16.04% year-on-year in October 2024 [34][37]. - The shipping market is experiencing mixed trends, with container shipping rates rising while dry bulk rates are declining [43]. 3. Investment Recommendations - The report suggests focusing on the industrial goods export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics. It also highlights investment opportunities in low-altitude economy sectors and the cruise industry [7].
中银证券:中银晨会聚焦-20241202
中银证券· 2024-12-02 03:51
市场指数 指数名称 收盘价 涨跌% 上证综指 3326.46 0.93 深证成指 10611.72 1.72 沪深 300 3916.58 1.14 中小 100 6513.02 1.42 创业板指 2224.00 2.50 行业表现(申万一级) 指数名称 涨跌% 指数名称 涨跌% 商贸零售 3.49 银行 0.02 计算机 3.10 公用事业 0.15 纺织服饰 2.33 石油石化 0.25 机械设备 2.28 交通运输 0.29 非银金融 2.12 煤炭 0.33 资料来源:万得,中银证券 证券研究报告——晨会聚焦 2024 年 12 月 2 日 中银晨会聚焦-20241202 ■重点关注 【宏观经济】经济形势跟踪:实体与金融的预期差*徐高。从 2024 年 11 月 的制造业 PMI 数据,以及 11 月下半月的高频数据来看,我国实体经济延续 了今年 9 月政策转向后,预期回升、内需向好的局面。在本应是淡季的 11 月,经济体现出了"淡季不淡"的特征。经济复苏的势头主要来自民间情绪的 上升,与上半月数据呈现的"预期跑在政策前面"的局面相吻合。此外,近期 实体经济预期改善的背后,房价的企稳发挥着不能忽视的 ...
思特威:SC585XS发布,为高端手机CIS市场提供根据性价比的解决方案
中银证券· 2024-12-02 03:34
688213.SH 买入 原评级:买入 市场价格:人民币 71.22 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 28.3 1.7 47.7 34.3 (32%) (14%) 3% 20% 37% 54% Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Nov-24 思特威-W 上证综指 相对上证综指 16.0 0.5 29.9 24.2 | --- | --- | --- | --- | --- | |-------------------------------|------------|-------|-------|-----------| | | | | | | | 发行股数 ( 百万 ) | | | | 399.71 | | 流通股 ( 百万 ) | | | | 320.91 | | 总市值 ( 人民币 百万 ) | | | | 28,467.50 | | 3 个月日均交易额 ( 人民币 | 百万 ) | | | 434.47 | | 主要股东 | | | | | | 徐 ...