Core Insights - The report highlights the performance of various companies in the oil and gas, electronics, and computer sectors, with a focus on revenue and profit trends in the third quarter of 2024 [1][2][6][10]. Oil and Gas Sector - China Petroleum achieved a revenue of 22,562.79 billion yuan in the first three quarters of 2024, a year-on-year decrease of 1.1%, while net profit attributable to shareholders was 1,325.18 billion yuan, an increase of 0.7% [2]. - In Q3 2024, the company reported a revenue of 7,024.10 billion yuan, down 12.5% year-on-year and 5.3% quarter-on-quarter, with a net profit of 439.11 billion yuan, a decrease of 5.3% year-on-year but an increase of 2.3% quarter-on-quarter [2][3]. - The company’s cash flow from operating activities was 3,389.28 billion yuan, with a net cash outflow from investing activities of 2,039.41 billion yuan, and an asset-liability ratio of 39.5%, the lowest in nearly 14 years [3]. - The group’s oil and gas equivalent production was 1,342.3 million barrels, a year-on-year increase of 2.0%, with crude oil production at 708.3 million barrels, up 0.3% [3][4]. - Natural gas sales reached 2,098.20 billion cubic meters, a growth of 8.6%, with domestic sales at 1,629.64 billion cubic meters, up 4.9% [4]. Electronics Sector - Deep South Circuit reported a revenue of 13,049 million yuan in the first three quarters of 2024, a year-on-year increase of 37.92%, and a net profit of 1,488 million yuan, up 63.86% [6][7]. - The company’s PCB business is capitalizing on structural opportunities, with a gross margin of 25.91%, an increase of 2.79 percentage points year-on-year [7]. - In Q3 2024, the company achieved a revenue of 4,728 million yuan, a year-on-year increase of 37.95% and a quarter-on-quarter increase of 8.45% [8]. Computer Sector - Chuangyi Huikang reported a revenue of 1,170 million yuan in the first three quarters of 2024, a year-on-year increase of 1.0%, but a net profit decrease of 42.3% to 52.75 million yuan [10][11]. - The company is expected to benefit from the government's debt replacement policy, which aims to alleviate the debt burden on local governments and improve cash flow [11][12].

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company achieved a revenue of RMB 29.485 billion in Q1-Q3 2024, representing a year-on-year growth of 7.99%, and a net profit attributable to shareholders of RMB 10.637 billion, up 8.16% year-on-year [2]. - Domestic market revenue is under pressure, while international market revenue continues to grow steadily, with international market revenue increasing by over 18% in Q1-Q3 2024 [2]. - The company’s gross margin for Q3 2024 was 61.69%, a decrease of 5.52 percentage points year-on-year [2]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of RMB 8.954 billion, a year-on-year increase of 1.43%, and a net profit of RMB 3.076 billion, down 9.31% year-on-year [2]. - The company’s revenue for 2024 is projected to reach RMB 42.058 billion, with a growth rate of 20.4% [3]. Market Analysis - Domestic market growth is constrained due to regulatory adjustments and delays in hospital procurement, with domestic revenue growth in Q1-Q3 2024 being less than 2% [2]. - The international market is benefiting from high-end strategic clients and significant growth in seed businesses such as animal healthcare and minimally invasive surgery [2]. Business Segments - The in-vitro diagnostics and medical imaging segments are showing robust growth, with in-vitro diagnostics revenue increasing by over 20% year-on-year [2]. - The life information and support business faced challenges, with a revenue decline of over 10% in Q1-Q3 2024, primarily due to delayed procurement processes [2]. Valuation - Expected net profits for 2024, 2025, and 2026 are projected at RMB 13.927 billion, RMB 16.723 billion, and RMB 20.099 billion respectively, with corresponding EPS of RMB 11.49, RMB 13.79, and RMB 16.58 [2][3].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] Core Views - The company's gross margin has improved due to optimization of product and customer structure, with a gross margin of 48.2% in Q3 2024, reflecting a QoQ increase of 0.9 percentage points and a YoY increase of 2.7 percentage points [3] - The revenue for the first three quarters of 2024 reached 467 million RMB, a YoY increase of 24%, with a net profit of 71 million RMB, a YoY increase of 51% [3] - The company has seen significant growth in its Bluetooth speaker SoC products, with increased penetration in leading brands and substantial revenue growth from low-latency, high-quality audio products [3] - The edge AI revenue has experienced exponential growth, driven by rising demand for edge AI computing [3] Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 693 million RMB, 827 million RMB, and 943 million RMB respectively, with growth rates of 33.2%, 19.4%, and 14.0% [4][5] - The expected EPS for 2024, 2025, and 2026 are 0.66 RMB, 0.82 RMB, and 0.99 RMB respectively, with corresponding P/E ratios of 46.4, 37.3, and 31.1 [4][5] - The gross margin is projected to be 47.2% in 2024, 47.0% in 2025, and 47.0% in 2026 [6]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company has shown a notable improvement in profit performance in Q3 2024, with a revenue of RMB 13.3 billion, up 2.2% year-on-year, and a net profit of RMB 2.3 billion, up 32.9% year-on-year [3][5]. - Internal reforms are ongoing, leading to a stabilization in the main seasoning business, with price adjustments and inventory control measures being implemented [3][5]. - The company is expected to benefit from a recovery in dining demand and consumer spending, with revenue growth forecasts of 7.1%, 14.1%, and 14.0% for 2024 to 2026, respectively [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a total revenue of RMB 39.5 billion, a slight decrease of 0.2% year-on-year, while the net profit attributable to shareholders was RMB 5.8 billion, reflecting a growth of 19.3% [3][5]. - In Q3 2024, the company achieved a gross margin of 38.8%, an increase of 5.0 percentage points year-on-year, attributed to lower raw material costs and a higher proportion of high-margin products [5][3]. Product and Regional Performance - The company's main product, soy sauce, generated RMB 7.4 billion in revenue in Q3 2024, a year-on-year increase of 0.5%, while chicken essence and powder saw a significant growth of 14.0% year-on-year [3][5]. - Revenue growth varied by region, with the eastern and southern regions showing increases of 8.6% and 1.2%, respectively, while the central region experienced a decline of 12.9% [3][5]. Valuation and Forecast - The report maintains previous profit forecasts, projecting net profit growth rates of 58.2%, 27.2%, and 22.9% for 2024 to 2026, with corresponding price-to-earnings ratios of 24.9X, 19.6X, and 16.0X [3][4].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company's Q3 profit surged significantly due to increased fair value gains from financial assets, despite a year-on-year revenue decline [3]. - The company is focusing on both internal growth and external investments, with plans to establish a subsidiary in Hong Kong to enhance its global presence [3]. - The company has increased its dividend frequency, distributing cash dividends to shareholders, which reflects a commitment to shareholder returns [3]. Financial Summary - For Q3 2024, the company reported revenue of RMB 342 million, a year-on-year decrease of 14.17%, while net profit attributable to shareholders was RMB 120 million, an increase of 142.97% [3][4]. - The company's total revenue for the first three quarters of 2024 was RMB 932 million, down 3.29% year-on-year, with a net profit of RMB 202 million, down 16.53% year-on-year [3]. - The company plans to adjust its net profit forecasts for 2024-2026 to RMB 259 million, RMB 292 million, and RMB 321 million, respectively, with corresponding P/E ratios of 20.5, 18.1, and 16.5 [3][4]. Business Operations - The company hosted 17 exhibitions and 9 events in the first three quarters of 2024, with a total area exceeding 1.01 million square meters and participation of over 33,000 people [3]. - The Shanghai World Expo Exhibition and Convention Center, operated by the company, hosted 65 events with a total rental area exceeding 8 million square meters [3]. - The company is actively investing in the artificial intelligence sector, with a commitment of RMB 50 million to establish a new company focused on AI-related services [3]. Valuation Metrics - The company's revenue growth is expected to stabilize, with projections for 2024-2026 showing slight increases in revenue and net profit [4][5]. - The report indicates a projected EBITDA of RMB 260 million for 2024, with a growth rate of -15.5% [4][5]. - The company’s dividend yield is projected to be 2.6% for 2024, reflecting a commitment to returning value to shareholders [4].

Investment Rating - The report maintains a "Buy" rating for the company [1][3] - The market price is reported at RMB 13.47, with a sector rating of "Outperform" [1] Core Insights - The company has shown robust revenue growth, with Q3 2024 revenue reaching RMB 1.372 billion, a year-on-year increase of 30.33%, and a net profit of RMB 471 million, up 31.52% year-on-year [3] - Several major products are in the testing phase, and the company is successfully advancing its overseas business [3] - The company has a rich pipeline of upcoming products and has made significant progress in securing IP licenses for new games [3] Financial Performance Summary - Q3 2024 revenue was RMB 1.372 billion, with a gross profit margin of 82.59%, slightly down by 1.07 percentage points year-on-year [3][4] - The sales expense ratio increased to 30.79%, while the management expense ratio decreased to 3.34% [3][4] - The company has adjusted its net profit forecasts for 2024, 2025, and 2026 to RMB 1.741 billion, RMB 2.111 billion, and RMB 2.547 billion respectively, with corresponding P/E ratios of 16.43, 13.55, and 11.23 [3][4] Product Pipeline and Market Position - The company has multiple high-profile games entering the testing phase, including "Douluo Dalu: Zhu Xie Chuan Shuo" and "Tomb Raider: Start" [3] - The company has successfully launched several games in overseas markets, achieving top rankings in app stores [3] - The company is exploring new technologies and has a strong IP reserve, including licenses for popular franchises [3]

电子 | 证券研究报告 — 调整盈利预测 2024 年 10 月 31 日 688008.SH 买入 原评级：买入 市场价格:人民币 69.08 板块评级:强于大市 股价表现 (22%) (8%) 6% 19% 33% 47% Oct-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 澜起科技 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 19.9 3.3 18.1 28.9 相对上证综指 9.6 5.4 4.7 20.8 | --- | --- | --- | |-------------------------------|--------|-----------| | | | | | 发行股数 ( 百万 ) | | 1,142.54 | | 流通股 ( 百万 ) | | 1,142.54 | | 总市值 ( 人民币 百万 ) | | 78,926.51 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 1,611.52 | | 主要股东 | | | | 香港中央結算有限公司 | | 10 ...

002938.SZ 买入 原评级：买入 市场价格:人民币 36.61 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 (21%) 3% 28% 52% 77% 101% Oct-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 鹏鼎控股 深圳成指 绝对 65.1 2.3 2.4 74.3 相对深圳成指 53.1 2.3 (22.0) 68.3 | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 2,318.56 | | 流通股 ( 百万 ) | | 2,305.49 | | 总市值 ( 人民币 百万 ) | | 84,882.51 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 688.74 | | 主要股东 | | | | 美港实业有限公司 | | 66.17 | | 资料来源：公司公告， Wind | ，中银证券 | | ...

Investment Rating - The report maintains a "Buy" rating for the company [1][2][3] Core Views - The company has shown steady growth in oil and gas production, with a year-on-year increase in net profit of 19.5% for the first three quarters of 2024 [2] - The average selling price of oil liquids increased by 2.9% year-on-year, contributing to a 13.9% increase in oil and gas sales revenue [2] - The company has a strong cash flow position, with net cash inflow from operating activities increasing by 14.9% year-on-year [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 3260.24 billion RMB, a year-on-year increase of 6.3%, and a net profit attributable to the parent company of 1166.59 billion RMB, up 19.5% year-on-year [2][4] - In Q3 2024, the company reported operating revenue of 992.54 billion RMB, a decrease of 13.5% year-on-year, and a net profit of 369.28 billion RMB, an increase of 9.0% year-on-year [5] Production and Cost Analysis - The company's net production reached 542.1 million barrels of oil equivalent in the first three quarters of 2024, an increase of 8.5% year-on-year, with a primary cost of 28.14 USD per barrel equivalent, remaining stable year-on-year [2][3] - The production from domestic and overseas sources accounted for 68% and 32% of total output, respectively, with domestic production increasing by 6.8% and overseas production by 12.2% [2] Sales and Revenue Breakdown - The product structure for the first three quarters of 2024 showed that oil liquids and natural gas accounted for 78% and 22% of total output, respectively [2] - The sales revenue from oil liquids was 2353.82 billion RMB, up 14.6% year-on-year, while natural gas sales revenue was 360.50 billion RMB, up 9.4% year-on-year [2] Cash Flow and Capital Expenditure - The company reported a net cash inflow from operating activities of 1827.68 billion RMB, a year-on-year increase of 14.9% [2] - Capital expenditures for the first three quarters of 2024 totaled 953.4 billion RMB, a 6.6% increase from the previous year [2]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company has shown significant growth in its non-recurring net profit, with a year-on-year increase of 39.5% in the first three quarters, despite a slight decline in total revenue [3] - The company is positioned to benefit from accelerated policies regarding data resources, as it serves as a key integrator and operator of data platforms in Shanghai [3] - The company's future in computing power leasing is promising, with ongoing developments in its data centers [3] Financial Summary - Total revenue for the first three quarters reached RMB 4.01 billion, reflecting an 8.3% year-on-year growth [3] - The net profit attributable to the parent company for the first three quarters was RMB 160 million, a 1.2% increase year-on-year, while the non-recurring net profit was RMB 140 million, marking a 39.5% increase [3] - Research and development expenses for the first three quarters amounted to RMB 290 million, a 12.7% increase year-on-year [3] - The company expects net profits for 2024, 2025, and 2026 to be RMB 230 million, RMB 280 million, and RMB 330 million respectively, with corresponding EPS of RMB 0.17, RMB 0.20, and RMB 0.24 [3][4] Valuation Metrics - The company’s projected P/E ratios for 2024, 2025, and 2026 are 87X, 72X, and 59X respectively [4][5] - The expected EBITDA for 2024, 2025, and 2026 is RMB 205 million, RMB 274 million, and RMB 328 million respectively [4][5] - The company’s market capitalization is approximately RMB 19.72 billion [2]