证券研究报告 | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------|-----------|-----------------|---------|--------|----------------------------------------------------------------|------------------------------------| | | 2024 年 | 11 月 | 07 日 | | 晨会纪要 晨会纪要 | | | 市场数据 | | | | | 晨会聚焦 | | | 指数名称 | | 收盘 | 涨跌 | % | 一、财信研究观点 | | | 上证指数 | | 3383.81 | -0.09 | | 【市场策略】大盘冲高回落，沪指盘中站上 3400 | 点 | | 深证成指 | | 10968.14 | -0.35 | | | | | 创业板指 | | 2265.83 | -1.05 | | 【基金研究】基金数据日跟踪 | | | 科创 50 | | 99 ...

证券研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------------------------|-------|------------------------|------------------|----------|---------------------|-----------|----------------------------------------------------| | 电力设备｜ \n2024 年 11 月 01 日 | 公司点评 \n 光伏设备 | | \nQ3 \n预测指标 | 迈为股份 \n2022A | 2023A | (300751.SZ) \n2024E | \n2025E | 净利润环比改善，获首批回购增持贷款专项资金 \n2026E | | 评级 | 增持 | | 主营收入 ( 百万 元 ) | 4,148.25 | 8,088.55 | 10,757.91 | 13,321.76 | 14, ...

证券研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|--------------------------------|---------------------------------------------------|------------|----------|---------------------|-----------|-----------| | 电力设备｜ \n2024 年 11 月 01 日 | 公司点评 捷佳伟创 \n 光伏设备 | \n业绩持续高速增长，持续进行平台化布局 \n预测指标 | 2022A | 2023A | (300724.SZ) \n2024E | \n2025E | 2026E | | 评级 | 买入 | 主营收入 ( 百万 元 ) | 6,005.04 | 8,733.43 | 15,031.03 | 19,500.50 | 21,425.88 | | 交易数据 | 评级变动 维持 | 归母净利润 ( 百 万元 ...

| --- | --- | |-------------------------------|----------------------| | | | | 2024 年 11 月 03 日 | | | 评级 | 买入 评级变动 维持 | | 交易数据 | | | 当前价格（元） | 24.68 | | 52 周价格区间（元） | 14.71-26.55 | | 总市值（百万） | 70586.78 | | 流通市值（百万） | 70586.78 | | 总股本（万股） | 286008.00 | | 流通股（万股） | 286008.00 | | | | 涨跌幅比较 -33% -13% 7% 27% 47% 2023/11 2024/02 2024/05 2024/08 紫光股份 IT服务Ⅱ | --- | --- | |----------|-------| | | | | | | | | | | % | 1M | | 紫光股份 | 2.24 | | IT 服务Ⅱ | 11.97 | 何晨 分析师 执业证书编号:S0530513080001 hechen@hnchasing.com 黄奕景 研究助理 hu ...

2024 年 11 月 01 日 评级 增持 | --- | --- | |-----------------------|-------------| | 评级变动 交易数据 | 维持 | | 当前价格（元） | 28.12 | | 52 周价格区间（元） | 17.50-30.35 | | 总市值（百万） | 394838.23 | | 流通市值（百万） | 342404.62 | | 总股本（万股） | 1482054.70 | | 流通股（万股） | 1479662.80 | 涨跌幅比较 -21% -1% 19% 39% 59% 2023-11 2024-03 2024-07 2024-11 中信证券 证券Ⅱ | --- | --- | --- | --- | |--------------------------------------------|-----------------|--------|----------| | % | 1M | 3M | 12M | | 中信证券 | 13.71 | 52.45 | 33.11 | | 证券Ⅱ | 14.65 | 46.31 | 23.40 | | ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 370 million yuan for the first three quarters of 2024, a year-on-year decrease of 4.59%, while the net profit attributable to shareholders increased by 5.19% to 85 million yuan [4] - The company has a strong core technology in dynamic pressure oil film bearings, which supports its high profitability despite a decline in performance due to the wind power sector [9] - The company is expanding its international presence by establishing a joint venture in Germany and acquiring a German company to enhance its product offerings [8] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 109 million yuan, down 13.67% year-on-year and 25.08% quarter-on-quarter [5] - The gross margin for Q3 was 35.85%, a decrease of 4.97 percentage points year-on-year [5] - The company expects revenues of 5.5 billion yuan in 2024, with net profits projected at 1.15 billion yuan, and EPS of 1.33 yuan [9] Business Segment Performance - The company’s business segments showed varied performance, with shipbuilding and petrochemicals performing well, while energy generation, particularly wind power, faced significant declines [6] - The shipbuilding segment saw a revenue increase of 231% year-on-year, while the petrochemical segment continued to grow due to strategic partnerships [6] Future Outlook - The company anticipates a revenue growth trajectory with projections of 6.9 billion yuan in 2025 and 8.5 billion yuan in 2026, alongside increasing net profits [9] - The target price range for the company is set between 52.2 and 60.9 yuan, based on a PE ratio of 30-35 times for 2025 [9]

Investment Rating - The report maintains a "Buy" rating for Hengli Petrochemical (600346 SH) [1] Core Views - Despite raw material price declines impacting performance, Hengli Petrochemical demonstrates strong profit resilience [1] - The company's 160 000 tons/year performance resin and new materials project is expected to be operational by the end of 2024, focusing on differentiated quality improvement of resin materials [5] - The Fenhu base's 12 functional film production lines have been gradually put into operation, while the Nantong base's 12 functional film projects and lithium battery separator project are expected to be completed and operational in the first half of 2025 [5] Financial Performance - Q3 2024 revenue reached 65 225 billion yuan, a year-on-year increase of 2 42% and a quarter-on-quarter increase of 20 46% [4] - Q3 2024 net profit attributable to the parent company was 1 087 billion yuan, a year-on-year decrease of 59 01% and a quarter-on-quarter decrease of 42 14% [4] - For the first three quarters of 2024, the company achieved revenue of 1 777 64 billion yuan, a year-on-year increase of 2 69%, with a gross profit margin of 10 36% and a net profit margin of 2 88% [4] Industry and Market Performance - Hengli Petrochemical's stock price performance over the past year shows a 1-month decline of 10 09%, a 3-month increase of 4 22%, and a 12-month decrease of 0 35% [2] - The refining and trading industry sector shows a 1-month decline of 5 33%, a 3-month increase of 3 52%, and a 12-month increase of 0 15% [2] Future Projections - Revenue is projected to reach 254 522 billion yuan in 2024, 269 530 billion yuan in 2025, and 285 476 billion yuan in 2026 [3] - Net profit attributable to the parent company is expected to be 8 186 billion yuan in 2024, 10 156 billion yuan in 2025, and 11 917 billion yuan in 2026 [3] - EPS is forecasted to be 1 16 yuan in 2024, 1 44 yuan in 2025, and 1 69 yuan in 2026 [3] Valuation Metrics - The company's P/E ratio is expected to decrease from 14 58 in 2023 to 8 45 in 2026 [3] - P/B ratio is projected to decline from 1 68 in 2023 to 1 26 in 2026 [3] - The report suggests a target price range of 18 58-20 43 yuan based on 2 0-2 2 times PB for 2024 [6]

证券研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------|---------------------------|----------------------------------------------------------------------------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------- ...

2024 年 11 月 05 日 评级 增持 | --- | --- | --- | |---------------------------|----------|--------------| | 交易数据 \n当前价格（元） | 评级变动 | 维持 \n11.55 | | 52 周价格区间（元） | | 9.59-15.86 | | 总市值（百万） | | 17611.03 | | 流通市值（百万） | | 17460.96 | | 总股本（万股） | | 152476.50 | | 流通股（万股） | | 151177.20 | 涨跌幅比较 | --- | --- | --- | --- | |------------------------|---------|----------|---------| | | | | | | | 新凤鸣 | 化学纤维 | | | 33% | | | | | 13% | | | | | -7% | | | | | -27% 2023-11 2024-02 | 2024-05 | 2024-08 | 2024-11 | | % | 1M | 3M | 12M | | ...

Investment Rating - The investment rating for the company is "Buy" [2][10]. Core Views - The company has shown strong performance in its optical module testing equipment business, with Q3 revenue growth of 41.02% year-on-year, reaching 476 million yuan [4][6]. - The company reported a net profit of 49 million yuan in Q3, a year-on-year increase of 38.99% [4][6]. - The gross margin for the first three quarters of 2024 was 40.20%, an increase of 0.75 percentage points year-on-year, indicating strong profitability [5]. - The company is expanding its optical detection equipment segment, particularly in camera module testing, which is expected to drive future revenue growth [6][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 1.07 billion yuan, a year-on-year increase of 18.41%, and a net profit of 103 million yuan, up 23.05% [4][5]. - The projected revenue for 2024 is 1.44 billion yuan, with a net profit forecast of 158 million yuan [8]. Profitability Metrics - The company maintained a high gross margin of 40.20% and a net profit margin of 9.65% for the first three quarters of 2024 [5]. - The Q3 single-quarter gross margin was 39.91%, reflecting a slight decrease compared to the previous quarter [5]. Market Position and Growth Potential - The company is a leader in the MOPA laser market and is actively expanding into emerging fields such as perovskite technology [7]. - The company has received multiple customer orders for its perovskite film cutting equipment, indicating strong demand and a competitive edge in the market [7]. Earnings Forecast - The company is expected to achieve net profits of 158 million yuan, 200 million yuan, and 247 million yuan for the years 2024, 2025, and 2026, respectively [8]. - Corresponding EPS for these years are projected to be 1.66 yuan, 2.11 yuan, and 2.59 yuan [8].