证券研究报告 非金融公司|公司点评|比亚迪（002594） DM5.0 带动公司量价齐升，三季度盈利 再创新高 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月04日 证券研究报告 |报告要点 5 月份 DM5.0 上市后，王朝海洋混动车型持续换代，公司车型产品力增强，带动混动车型销量 迅速扩张。2024Q3DM5.0 车型实现销量 28.3 万辆，占公司内销的 26.5%，环比提升 23.3pct。 换代后车型销售价格相较荣耀版车型有所恢复，例如秦 L 相较同系列荣耀款车型提升 1.4-2.0 万元，带动公司单车收入环比增长。 |分析师及联系人 高登 陈斯竹 SAC：S0590523110004 SAC：S0590523100009 请务必阅读报告末页的重要声明 1 / 5 高 非金融公司|公司点评 glzqdatemark2 2024年11月04日 比亚迪(002594) DM5.0 带动公司量价齐升，三季度盈利再创新 | --- | --- | |----------------------------|---------------| | | | | 行 业： | 汽车/乘用 ...

证券研究报告 非金融公司|公司点评|华帝股份（002035） 2024 三季报点评： 当季经营承压，后续弹性可期 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月04日 证券研究报告 |报告要点 9 月以来行业零售已显著改善，但终端传导至企业出货仍一定时滞，华帝三季度经营仍有压 力。后续考虑到政策对终端需求的大幅提振，同期较为充分的坏账计提，后续四季度公司收入 增长且盈利弹性值得期待；我们预计公司 2024-2026 年业绩分别同比+33%/+16%/+8%，对应当 前估值 11X/10X/9X，维持公司"买入"评级。 |分析师及联系人 管泉森 孙珊 崔甜甜 SAC：S0590523100007 SAC：S0590523110003 SAC：S0590523110009 请务必阅读报告末页的重要声明 1 / 6 非金融公司|公司点评 glzqdatemark2 2024年11月04日 华帝股份(002035) 2024 三季报点评： 当季经营承压，后续弹性可期 | --- | --- | |----------------------------|------------------ ...

证券研究报告 港股公司|公司点评|理想汽车-W（02015） 理想汽车三季度财务数据点评： 规模效应提升毛利率，业绩加速兑现 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月04日 证券研究报告 |报告要点 2024 年 10 月 31 日，理想汽车公布第三季度财务数据。理想汽车第三季度交付 15.3 万辆，同 比增长 45.4%，实现营业收入 428.7 亿元，同比增长 23.6%，实现净利润 28.2 亿元，gaap 净 利润 38.5 亿元。我们预计公司 2024-2026 年营业收入分别为 1473/2054/2800 亿元，同比增 速分别为 19.0%/39.4%/36.3%，归母净利润分别为 85.3/142.4/237.2 亿元，同比增速分别为 -27.1%/67.0%/66.6%，EPS 分别为 4.02/6.71/11.18 元/股，3 年 CAGR 为 40.6%。公司产品力 提升，智能电动加速，销量兑现和盈利能力兑现。维持"买入"评级。 |分析师及联系人 高登 SAC：S0590523110004 请务必阅读报告末页的重要声明 1 / 5 数据来源：公司公告、i ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4][6] Core Views - The company achieved a breakthrough in its screw-related business and saw steady development in component orders [1][4] - Revenue for 2024Q1-3 was RMB 1,042 million, up 3.52% YoY, with net profit attributable to the parent company at RMB 225 million, up 7.08% YoY [2][6] - For 2024Q3, revenue was RMB 345 million, down 7.58% YoY but net profit attributable to the parent company increased by 0.97% YoY to RMB 81 million [2][6] - Gross margin for 2024Q1-3 was 34.92%, up 0.4 pct YoY, while net margin was 21.59%, up 0.6 pct YoY [6] - The company's subsidiary, Anhui Best, is accelerating capacity ramp-up and developing new products to enhance customer stickiness [6] - The screw business achieved a key breakthrough, with potential for future performance elasticity [6] Financial Projections - Revenue for 2024-2026 is projected to be RMB 1,508 million, RMB 1,750 million, and RMB 1,917 million, with YoY growth rates of 12.28%, 16.06%, and 9.53% respectively [2][6] - Net profit attributable to the parent company for 2024-2026 is expected to be RMB 311 million, RMB 354 million, and RMB 383 million, with YoY growth rates of 18.15%, 13.58%, and 8.33% respectively [2][6] - EPS for 2024-2026 is forecasted to be RMB 0.62, RMB 0.71, and RMB 0.77 [6] Business Segments - The first-tier business includes turbocharger core components and intelligent equipment, with efforts to maintain existing customers and expand market share [6] - The second-tier business is undergoing customer certification, with Anhui Best accelerating capacity ramp-up and developing new products [6] - The third-tier screw business achieved a breakthrough, with orders for high-level C0-grade screw pairs and progress in linear actuator components for humanoid robots [6] Valuation Metrics - P/E ratios for 2024-2026 are projected at 27.3x, 24.0x, and 22.2x [7] - P/B ratios for 2024-2026 are expected to be 2.7x, 2.5x, and 2.3x [7] - EV/EBITDA ratios for 2024-2026 are forecasted at 13.5x, 11.8x, and 10.8x [7]

证券研究报告 行业研究 | 行业专题研究 | 电力 电力行业 2024Q3 业绩总结： 行业较为低配，电力资产盈利稳定 请务必阅读报告末页的重要声明 2024年11月04日 证券研究报告 |报告要点 裁至 2024 年 10 月 30 日, 电力及公用事业板块深幅为 11. 13%, 相对沪深 300 幅度低 3. 73pct, 依据 SW 分类，2024 年 Q1-Q3 公用事业板块归母净利润增速为 8.79%，位列 31 个板块中第 8 位。截至 2024Q3,SW 公用事业基金持仓占比为 2.33%，环比下降 1.18pct,同比提升 0.56pct, 从超配角度来看，2024Q3SW 公用事业低配 1.8%，同比降低0.7pct，板块目前处于低配阶段。 | 分析师及联系人 贺 朝晖 SAC: S0590521100002 请务必阅读报告末页的重要声明 1 / 25 行业研究 | 行业专题研究 | --- | --- | --- | |------------------------------------------------------------------------------------- ...

证券研究报告 行业研究|行业专题研究|建筑材料 24Q3 水泥等有亮点，关注 Q4 供需共振 机会 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月04日 证券研究报告 |报告要点 24Q1-3 装修建材：需求阶段收缩竞争激烈，收入利润增长持续承压；玻璃：药玻龙头增长强 劲，浮法/光伏景气承压；玻纤水泥：24Q3 玻纤扣非环比改善，水泥"淡季不淡"；其他新材 料：民爆/硅材料景气上行，耐火材料等压力加大。地产链材料或收益需求逐步走出底部，同 时重视供给侧积极变化，重视水泥和装修建材龙头。非地产链重视玻纤/药包材/民爆材料/硅 材料等，关注细分领域景气上行机会、关注药包材模制瓶龙头如山东药玻等。 |分析师及联系人 武慧东 朱思敏 吴红艳 SAC：S0590523080005 SAC：S0590524050002 请务必阅读报告末页的重要声明 1 / 17 单击或点击此处输入文字。 行业研究|行业专题研究 glzqdatemark2 2024年11月04日 建筑材料 24Q3 水泥等有亮点，关注 Q4 供需共振机会 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 -40 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported a revenue of 295.1 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 3.4%. The net profit attributable to shareholders was 3.6 billion yuan, up 17.3% year-over-year [2][6]. - In Q3 2024, the company achieved a revenue of 100.9 billion yuan, an increase of 8.2% year-over-year, with a net profit of 800 million yuan, reflecting a significant year-over-year growth of 98% [2][6]. - The growth in net profit is partly attributed to a low base effect, and Q3 included non-operating income from the disposal of non-current assets [6]. - The company's new energy and integrated smart energy business saw a revenue increase of 10.1% year-over-year, indicating a strong performance in this segment [6]. - The report highlights the company's confidence in its growth prospects, as evidenced by the controlling shareholder's plan to increase their stake by 300 to 500 million yuan [6]. Financial Data Summary - For the first three quarters of 2024, the company's gross profit margin was 11.5%, a year-over-year increase of 0.6 percentage points, while Q3's gross profit margin was 10.3%, a decrease of 0.7 percentage points year-over-year [6]. - The company's asset-liability ratio at the end of Q3 2024 was 77.6%, an increase of 0.9 percentage points year-over-year [6]. - The report projects net profits for 2024, 2025, and 2026 to be 8.1 billion, 9.0 billion, and 10.1 billion yuan respectively, with year-over-year growth rates of 2%, 11%, and 11% [6][7].

证券研究报告 非金融公司|公司点评|新乳业（002946） 业绩稳健增长，首次中期分红 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月04日 证券研究报告 |报告要点 公司发布 2024 三季报，2024Q1-3 实现营收 81.50 亿元，同比-0.54%；实现归母净利润 4.74 亿元，同比+24.37%；扣非归母净利润 5.07 亿元，同比+29.50%。2024Q3 实现营收 27.85 亿 元，同比-3.82%；实现归母净利润 1.77 亿元，同比+22.92%；扣非归母净利润 1.93 亿元，同 比+19.73%。公司作为乳业内近年发展势头较好的头部企业，尽管当前行业需求承压，但凭借 低温和新品等经营抓手保持相对更好的销售表现，同时按照五年规划持续改善利润率，利润 增速可观；同时首次公告中期分红，体现出对股东回报重视度提升，我们维持"买入"评级。 |分析师及联系人 刘景瑜 陆冀为 SAC：S0590524030005 SAC：S0590524080005 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年11月04日 ...

Investment Rating - The report maintains a "Buy" rating for Stone Technology [4][6]. Core Views - Stone Technology's performance has been affected by multiple factors, including revenue recognition issues, increased brand promotion, and intensified competition. However, with favorable subsidy policies, the company is expected to see improved performance in the fourth quarter [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, Stone Technology achieved revenue of 7.007 billion yuan, a year-on-year increase of 23.17%. The net profit attributable to shareholders was 1.472 billion yuan, up 8.22% year-on-year, while the net profit excluding non-recurring items was 1.186 billion yuan, down 5.40% year-on-year. In Q3 2024, revenue reached 2.591 billion yuan, an increase of 11.91% year-on-year, but the net profit attributable to shareholders fell by 43.40% to 351 million yuan [6][8]. Market Dynamics - The company experienced double-digit revenue growth despite a narrowing growth rate quarter-on-quarter. Domestic sales showed rapid growth, while international sales, particularly in North America, continued to perform well due to successful entry into major retail channels. However, European sales may face challenges due to a shift from a distribution model to a self-operated model, delaying revenue recognition [6][8]. Profitability Analysis - The gross margin in Q3 2024 decreased by 4.72 percentage points year-on-year, attributed to price adjustments and increased competition. The sales expense ratio increased by 7.29 percentage points due to heightened brand marketing efforts and the transition to a self-operated model in Europe. Overall, the net profit margin fell by 13.26 percentage points year-on-year, leading to a decline in performance [6][9]. Future Outlook - The report anticipates a recovery in demand driven by favorable policies, with significant sales growth observed in the online market. The company is actively expanding its presence in various channels, which is expected to boost revenue. Despite short-term profit declines due to competitive pressures, the company is expected to achieve stable profit growth in the long term [6][9]. Revenue and Profit Forecast - The report projects revenues of 11 billion yuan, 13.475 billion yuan, and 16.19 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 28%, 22%, and 20%. The net profit attributable to shareholders is expected to be 2.205 billion yuan, 2.502 billion yuan, and 2.846 billion yuan for the same years, with corresponding growth rates of 7%, 13%, and 14% [6][7].

证券研究报告 非金融公司|公司点评|索菲亚（002572） 2024 年三季报点评： 经营短期承压，以旧换新提振家居消费 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月04日 证券研究报告 |报告要点 2024Q3 索菲亚实现营收 27.26 亿元，同比-21.13%，实现归母净利润 3.57 亿元，同比-21.16%， 实现扣非后归母净利润 3.43 亿元，同比-21.70%。受地产下行导致的家居行业消费疲软影响， 公司经营短期承压，其中索菲亚和米兰纳品牌同比下滑，整装渠道则仍显韧性。为适应消费趋 势和市场的变化，公司对消费者和经销商进行双重让利，因此归母净利润降幅环比扩大，净利 率则维持去年同期水平。9-10 月 31 个省级行政区陆续发布了家居家装以旧换新细则，公司国 庆期间订单同比增长 106%，政策有望持续提振家居消费，带动行业回暖。 |分析师及联系人 管泉森 孙珊 戚志圣 SAC：S0590523100007 SAC：S0590523110003 SAC：S0590523120002 请务必阅读报告末页的重要声明 1 / 6 数据来源：公司公告、iFinD，国联证券研究 ...