Investment Rating - The report upgrades the investment rating to "Buy" [1] Core Views - The company has shown a mixed performance in revenue and profit, with a slight decline in revenue but an increase in net profit for the first three quarters of 2024 [4][5] - The company is experiencing strong growth in its emerging business segments, with international operations expanding significantly [6][7] - The company maintains a strong focus on shareholder returns through dividends and share buybacks [7] Financial Summary - For the first three quarters of 2024, the company achieved revenue of 343.9 billion yuan, a year-over-year decrease of 3.2%, while net profit increased by 10.0% to 31.4 billion yuan [4][9] - The gross margin and net margin for the first three quarters of 2024 were 28.4% and 9.1%, respectively, showing improvements compared to the previous year [5][9] - The company forecasts net profits of 40.6 billion yuan, 55.3 billion yuan, and 64.2 billion yuan for 2024, 2025, and 2026, respectively, indicating a strong growth trajectory [8][12] Business Performance - The company has seen significant growth in its concrete machinery exports and has improved its market share in various segments, including construction machinery [5][6] - The emerging business segments, such as high-altitude machinery and agricultural machinery, have contributed to over 50% of total revenue, showcasing a diversified product structure [6][7] - The international business has grown rapidly, with overseas revenue reaching 176.4 billion yuan in the first three quarters of 2024, a year-over-year increase of 35.4% [6][7] Shareholder Returns - The company distributed nearly 28 billion yuan in cash dividends in the third quarter of 2024 and has a history of significant share buybacks, totaling approximately 48 billion yuan over the past five years [7]

证券研究报告 晨会纪要 晨会纪要 2024 年 11 月 13 日 | --- | --- | --- | |---------------------|----------|--------| | 市场数据 \n指数名称 | 收盘 | 涨跌 % | | 上证指数 | 3421.97 | -1.39 | | 深证成指 | 11314.46 | -0.65 | | 创业板指 | 2390.80 | -0.07 | | 科创 50 | 1050.54 | -2.17 | | 北证 50 | 1374.52 | -1.98 | | 沪深 300 | 4085.74 | -1.10 | A 股市场概览 | --- | --- | --- | --- | --- | |------------|-----------------|--------------------|-----------|-----------| | 类别 | 总市值 ( 亿元 ) | 流通市 值 ( 亿元 ) | 市盈率 PE | 市净率 PB | | 上证指数 | 645956 | 502707 | 11.92 | 1.27 | | 深证成指 ...

证券研究报告 公司点评 高测股份(688556.SH) | --- | --- | |-------------------------------|-----------------| | | | | 2024 年 11 月 05 日 | | | 评级 | 买入 | | 交易数据 | 评级变动 维持 | | 当前价格（元） | 13.98 | | 52 周价格区间（元） | 9.47-46.95 | | 总市值（百万） | 7643.48 | | 流通市值（百万） | 7236.10 | | 总股本（万股） | 54674.40 | | 流通股（万股） | 51760.40 | 涨跌幅比较 -67% -47% -27% -7% 13% 2023-11 2024-02 2024-05 2024-08 2024-11 高测股份 光伏设备 | --- | --- | |----------|-------| | | | | % | 1M | | | | | 高测股份 | 0.87 | | 光伏设备 | 10.99 | 杨甫 分析师 执业证书编号:S0530517110001 yangfu@hnchasing.co ...

Investment Rating - The report assigns a "Buy" rating to Jianghai Capacitor (002484 SZ) [1] Core Views - The company's profitability declined year-on-year in the first three quarters of 2024, with operating income down 6 33% YoY to 3 539 billion yuan and net profit attributable to the parent company down 9 71% YoY to 494 million yuan [3] - In Q3 2024, the company's operating income was 1 175 billion yuan, down 9 94% YoY and 10 48% QoQ, while net profit attributable to the parent company was 147 million yuan, down 20 98% YoY and 30 20% QoQ [4] - The AI server market is expected to drive growth in the company's aluminum electrolytic capacitor business, with the global AI server market projected to grow from 21 1 billion USD in 2023 to 31 79 billion USD in 2025, representing a CAGR of 22 7% [5] - The company's film capacitor and supercapacitor businesses have broad application prospects, particularly in new energy vehicles and photovoltaic energy storage, with ongoing projects progressing well (79 51% and 82 37% completion rates respectively) [5] Financial Performance and Projections - The company's gross margin in the first three quarters of 2024 was 25 05%, down 1 08 percentage points YoY [3] - For 2024-2026, the company is expected to achieve operating revenues of 5 126 billion yuan, 6 143 billion yuan, and 7 115 billion yuan, representing YoY growth rates of 5 80%, 19 85%, and 15 82% respectively [7] - Net profit attributable to the parent company is projected to be 722 million yuan, 902 million yuan, and 1 076 billion yuan for 2024-2026, with YoY growth rates of 2 15%, 24 85%, and 19 29% respectively [7] - The company's EPS is forecasted to be 0 85 yuan, 1 06 yuan, and 1 26 yuan for 2024-2026, with corresponding P/E ratios of 18 53x, 14 85x, and 12 44x [7] Business Prospects - The company's MLPC and solid-liquid hybrid capacitors are expected to expand rapidly in high-end markets, driven by the growth of the AI server market [5] - The film capacitor business is focusing on new energy and electric vehicle applications, with ongoing technical upgrades and capacity expansion [5] - The supercapacitor business is contributing solutions in areas such as global grid intelligent transformation, comprehensive energy storage, and green manufacturing [5]

Investment Rating - The report assigns a "Buy" rating to Aihua Group (603989 SH) with a target price of 15 58 RMB [1] Core Views - Aihua Group's profitability showed sequential improvement in Q3 2024 despite market structure adjustments impacting gross margins [3] - The company is actively expanding its product portfolio in film capacitors and MLPC to enhance technological capabilities and competitiveness [4] - Aihua Group is strategically positioning itself in the film capacitor market to capitalize on growth opportunities in new energy sectors such as EVs photovoltaics and wind power [4] Financial Performance - In Q3 2024 Aihua Group reported revenue of 10 41 billion RMB a 2 57% YoY increase but a 6 42% QoQ decline [3] - Net profit attributable to shareholders in Q3 2024 was 94 million RMB down 26 79% YoY but up 35 78% QoQ [3] - Gross margin for Q3 2024 was 21 27% down 2 39 ppts YoY but up 0 5 ppts QoQ [3] R&D and New Projects - R&D expenses for the first three quarters of 2024 reached 171 million RMB a 34 22% YoY increase [4] - The Aiyuanda film capacitor and new materials project has cumulatively invested 106 million RMB (including tax) with key production lines progressing as planned [5] Market Positioning and Strategy - Aihua Group is leveraging its expertise in aluminum electrolytic capacitors to diversify into film capacitors aiming to create a dual-product portfolio [5] - The company is targeting new energy customers by offering integrated capacitor solutions enhancing its competitive edge in the sector [4] Financial Forecasts - Revenue for 2024E is projected at 35 90 billion RMB with net profit attributable to shareholders at 3 02 billion RMB [6] - EPS for 2024E is forecasted at 0 75 RMB with a P/E ratio of 20 71x [6] - The company's revenue is expected to grow to 40 44 billion RMB by 2026E with net profit reaching 4 01 billion RMB [6]

2024 年 11 月 08 日 重点股票 2023A 2024E 2025E 评级 EPS（元） PE（倍） EPS（元） PE（倍） EPS（元） PE（倍） 沃格光电 -0.03 -762.28 0.30 85.55 0.76 34.35 增持 资料来源：iFinD，财信证券 评级 领先大市 行业点评 电子 证券研究报告 ITGV2024 在深圳召开，沃格光电出席并演讲 评级变动： 维持 行业涨跌幅比较 投资要点： 事件：2024 年 11 月 6 日，首届国际玻璃通孔技术创新与技术论坛 （ITGV2024）在深圳召开。本次论坛演讲嘉宾包括中国科学院微电子 研究所、华为海思以及中国大陆/台湾供应链和海外厂商的相关人员， 论坛从需求和痛点出发，围绕玻璃基板在大芯片等新兴领域的应用价 值和技术挑战展开了充分讨论。 相关报告 沃格光电子公司通格微有关人员参会并发表演讲。通格微有关人员于 论坛发表主题为《TGV 金属线路制作的工艺难点及技术解决路径》的 演讲，介绍了公司在 TGV 技术具有的四大技术能力：全制程能力、 先进的激光打孔技术、特殊蚀刻、通孔和表面金属化；介绍了公司 TGV 的技术的市场化情况，主要应 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [1] Core Views - The company reported a revenue of 1.643 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 30.96%. The net profit attributable to shareholders was -49 million yuan, compared to a loss of 20 million yuan in the same period last year [3][4] - The gross margin for the first three quarters was 16.74%, down 2.73 percentage points year-on-year, while the net margin was -1.50%, a decrease of 1.67 percentage points year-on-year [4] - The company is actively expanding its business into the glass-based sector, focusing on mini/micro LED backlighting, semiconductor packaging, and CPI/PI film materials [4][5] - The company has a planned production capacity of 5.24 million square meters for glass-based mini LED substrates, with current production capacity at 1 million square meters [4] Financial Summary - The company’s revenue projections for 2024, 2025, and 2026 are 2.382 billion yuan, 2.959 billion yuan, and 3.964 billion yuan, respectively. The net profit attributable to shareholders is expected to be -76.3 million yuan in 2024, 67.96 million yuan in 2025, and 169.25 million yuan in 2026 [5][6] - The report indicates a significant increase in R&D expenses, which reached 83 million yuan in the first three quarters of 2024, a year-on-year increase of 36.52% [4][5] - The company’s total assets are projected to grow from 4.291 billion yuan in 2024 to 5.712 billion yuan in 2026 [6]

2024 年 11 月 06 日 评级 买入 | --- | --- | |-----------------------|-------------| | 评级变动 交易数据 | 维持 | | 当前价格（元） | 19.50 | | 52 周价格区间（元） | 11.88-19.66 | | 总市值（百万） | 166279.40 | | 流通市值（百万） | 142239.50 | | 总股本（万股） | 902730.30 | | 流通股（万股） | 901337.70 | | | | 涨跌幅比较 -30% -10% 10% 30% 50% 2023-11 2024-02 2024-05 2024-08 2024-11 华泰证券 证券Ⅱ | --- | --- | --- | --- | |----------|-------|-------|-------| | % | 1M | 3M | 12M | | 华泰证券 | 11.75 | 58.28 | 23.57 | | 证券Ⅱ | 12.12 | 55.19 | 32.85 | 周策 分析师 执业证书编号:S0530519020001 zhouce6 ...

证券研究报告 晨会纪要 晨会纪要 2024 年 11 月 12 日 | --- | --- | --- | |------------|----------|--------| | | | | | 市场数据 | | | | 指数名称 | 收盘 | 涨跌 % | | 上证指数 | 3470.07 | 0.51 | | 深证成指 | 11388.57 | 2.03 | | 创业板指 | 2392.44 | 3.05 | | 科创 50 | 1073.84 | 4.70 | | 北证 50 | 1402.30 | 0.79 | | 沪深 300 | 4131.13 | 0.66 | A 股市场概览 | --- | --- | --- | --- | --- | |------------|-----------------|--------------------|-----------|-----------| | 类别 | 总市值 ( 亿元 ) | 流通市 值 ( 亿元 ) | 市盈率 PE | 市净率 PB | | 上证指数 | 655019 | 509508 | 12.10 | 1.28 | | 深证成指 ...

2024 年 11 月 11 日 | --- | --- | --- | |---------------------|----------|--------| | 市场数据 \n指数名称 | 收盘 | 涨跌 % | | 上证指数 | 3452.30 | -0.53 | | 深证成指 | 11161.70 | -0.66 | | 创业板指 | 2321.59 | -1.24 | | 科创 50 | 1025.64 | -0.27 | | 北证 50 | 1391.35 | -1.25 | | 沪深 300 | 4104.05 | -1.00 | A 股市场概览 | --- | --- | --- | --- | --- | |------------|-----------------|--------------------|-----------|-----------| | 类别 | 总市值 ( 亿元 ) | 流通市 值 ( 亿元 ) | 市盈率 PE | 市净率 PB | | 上证指数 | 653032 | 507547 | 12.09 | 1.28 | | 深证成指 | 230447 | 19669 ...