| --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

| --- | --- | |---------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

交通运输 | 证券研究报告 — 调整盈利预测 2024 年 11 月 19 日 002120.SZ 增持 原评级：增持 市场价格:人民币 8.12 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 11.2 (2.4) 22.7 (9.8) (36%) (26%) (15%) (5%) 5% 15% Nov-23Dec-23Jan-24Feb-24Mar-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Nov-24 韵达股份 深圳成指 相对深圳成指 (0.9) (4.2) (3.6) (15.4) | --- | --- | |----------------------------------------|-----------| | | | | 发行股数 ( 百万 ) | 2,899.19 | | 流通股 ( 百万 ) | 2,815.12 | | 总市值 ( 人民币 百万 ) | 23,541.46 | | 3 个月日均交易额 ( 人民币 百万 ) | 281.79 | | 主要股东 | | | 上海罗颉思投资管理有限公司 | 52.1 ...

交通运输 | 证券研究报告 — 调整盈利预测 2024 年 11 月 19 日 600057.SH 买入 原评级：买入 市场价格:人民币 6.14 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 (8.6) 0.8 21.3 (5.5) (25%) (16%) (7%) 3% 12% 21% Nov-23Dec-23Jan-24Feb-24Mar-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Nov-24 厦门象屿 上证综指 相对上证综指 (20.8) (1.1) 5.9 (14.4) | --- | --- | |----------------------------------------|-----------| | | | | | | | 发行股数 ( 百万 ) | 2,272.41 | | 流通股 ( 百万 ) | 2,192.11 | | 总市值 ( 人民币 百万 ) | 13,952.62 | | 3 个月日均交易额 ( 人民币 百万 ) | 149.96 | | 主要股东 | | | 厦门象屿集团有限公司 | 50.41 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its semiconductor business advantages and new product development progress [2][7]. Core Insights - The company has experienced rapid growth in performance, with a significant increase in revenue and net profit driven by its semiconductor business, which has become a key revenue and profit growth driver [1][2]. - The semiconductor segment's revenue reached 1.086 billion RMB in the first three quarters of 2024, representing a 93% year-on-year increase, and its contribution to total revenue rose from 32% in 2023 to 45% in 2024 [1][6]. - The company achieved a record high monthly sales of over 30,000 polishing pads in September 2024, reflecting strong market penetration and product stability [1][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 2.426 billion RMB, a year-on-year increase of 29.54%, and a net profit attributable to shareholders of 376 million RMB, up 113.51% [1][6]. - The gross margin for the first three quarters was 46.51%, an increase of 10.68 percentage points year-on-year, while the net margin was 19.46%, up 7.76 percentage points [1][6]. Semiconductor Business - The semiconductor business, including materials and integrated circuit design, generated 1.086 billion RMB in revenue in the first three quarters, with a 93% year-on-year growth [1][6]. - The company has made significant advancements in its polishing pad products, achieving a sales revenue of 523 million RMB in the first three quarters, a 95% increase year-on-year [1][6]. Product Development - The company is actively expanding its product lines, including CMP polishing liquids and advanced packaging materials, with sales of CMP polishing liquids reaching 140 million RMB in the first three quarters, a 190% increase year-on-year [1][6]. - The company is also progressing in the development of semiconductor display materials, with sales of 282 million RMB in the first three quarters, reflecting a 168% year-on-year increase [1][6]. Valuation - The report projects net profits for 2024, 2025, and 2026 to be 491 million RMB, 675 million RMB, and 877 million RMB respectively, with corresponding earnings per share of 0.52 RMB, 0.72 RMB, and 0.93 RMB [1][6].

| --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

交通运输 | 证券研究报告 — 行业周报 2024 年 11 月 18 日 美国大选落地短期或刺激集运出货，双十一快 递业务量创历史新高 航运方面，美国大选落地短期或刺激集运出货，进入 12 月传统淡季航运市 场维持增长态势。航空方面，多家中外航司调整对华航线航班，低成本航空 再次挑战长航线。快递物流方面，双十一快递业务量创历史新高，跨境电商 让"双 11"好物走向世界。 ◼ 核心观点： ①美国大选落地短期或刺激集运出货，进入 12 月传统淡季航运市场维 持增长态势。美国大选短期刺激出货，长期航运市场将迎来改变。中远 海控副总经理于涛表示，美国大选结果的出炉将带来航运市场短期波动 和中长期的结构性变化。短期来看，航运市场会出现一波行情，基于未 来的加税预期，今年年底至明年年初可能会有强烈出货需求。从中长期 来看，航运市场会迎来一些结构性的变化。在整体贸易需求没有太大变 化的前提下，一系列贸易保护措施的出台将导致货物供给地可能发生调 整，一些货物会加快向东南亚、墨西哥等市场转移，但中欧、中日、中 韩之间的贸易可能会迎来新的机遇。尽管进入 12 月份的传统淡季，航 运市场的运费依旧维持增长态势。中远海控副总经理于 ...

食品饮料 | 证券研究报告 — 行业周报 2024 年 11 月 18 日 强于大市 食品饮料行业周报 10 月餐饮类零售额表现平淡，提振内需背景下优先 关注大众消费 上周食品饮料板块涨跌幅-3.6%，在申万一级行业中排名第 15。10 月限额以 上餐饮数据增速低于整体餐饮类收入，烟酒、饮料类社零数据受淡季影响， 表现平淡。行业步入业绩真空期，在提振内需背景下优先关注具有口红效应 的大众消费。白酒基本面仍处于底部调整阶段，但龙头分红意愿提升，重视 股东回报。 市场回顾 上周食品饮料板块涨跌幅为-3.6%，在申万一级行业中排名第 15。子板块中，啤 酒、软饮料涨跌幅排名靠前，分别为-1.7%、-2.2%，保健品、零食涨跌幅排名靠 后，涨跌幅分别为-6.8%、-6.9%。截至 11 月 15 日，白酒板块估值（PE-TTM）为 21.0X，食品饮料板块估值（PE-TTM）为 21.9X。 行业数据 根据今日酒价、百荣酒价及同花顺数据，11.9-11.15 整箱飞天批价 2307-2390 元， 散瓶飞天批价 2207-2270 元。普五批价 930 元，国窖 1573 批价为 860 元。 截至 11 月 15 ...

| --- | --- | --- | --- | --- | |-----------------------------------------|------------------------------------------------------|--------------------------|----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 \n11 月金股组合 股票代码 | —— | 晨会聚焦 \n股票名称 | | 2024 年 11 月 18 日 \n中银晨会聚焦 -20241118 | | 600383.SH | | 金地集团 | | | | 1519.HK | | 极兔速递 | -W | | | | | 万华化学 | | ■ 重点关注 | | 600309.SH | | | ...

| --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...