[Table_Main] 证券研究报告 | 公司点评 美埃科技(688376.SH) 2024 年 08 月 20 日 | --- | --- | |----------------------------|------------------------| | 美埃科技（ 买入（维持） | 688376.SH ）：业绩稳 | | 所属行业：环保 / 环保设备Ⅱ | | | 当前价格 ( 元 ) ： 25.58 | 步增长，毛利率持续改善 | | | | 投资要点 证券分析师 郭雪 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 卢璇 资格编号：S0120524050004 邮箱：luxuan＠tebon.com.cn 研究助理 市场表现 -23% -11% 0% 11% 23% 34% 美埃科技 沪深300 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|--------| | 2023-08 \n沪深 300 对比 | 2023-12 ...

[Table_Main] 证券研究报告 | 公司点评 科思股份(300856.SZ) 2024 年 08 月 19 日 增持（维持） 所属行业：美容护理/化妆品 当前价格(元)：27.29 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 市场表现 -34% -23% -11% 0% 11% 23% 34% 2023-08 2023-12 2024-04 科思股份 沪深300 | --- | --- | --- | --- | |--------------------------------|--------|--------|--------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | -15.51 | -24.30 | -32.38 | | 相对涨幅 (%) | -10.85 | -18.98 | -23.66 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《科思股份：业绩符合预期，海外扩 充深化防晒优势、积极布局个护》， 2024.4.17 2.《科思股份（300856.SZ）：23Q ...

| --- | --- | --- | --- | |--------------------------------|-------|--------|--------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | -5.41 | -14.36 | -21.97 | | 相对涨幅 (%) | -0.75 | -9.04 | -13.24 | | 资料来源：德邦研究所，聚源数据 | | | | | --- | --- | |-------------------------------------------------------|------------------------------| | 金田股份（ 买入（维持） 所属行业：有色金属 / 工业金属 | 601609.SH ）：业绩短 | | 当前价格 ( 元 ) ： 5.07 | 期承压，产品向国际化、新能源 | | | | | | 化方向发展 | | 证券分析师 | | | 翟堃 资格编号： s0120523050002 | | 邮箱：zhaikun＠tebon.com.cn 康宇豪 资格编号：S01205 ...

[Table_Main] 证券研究报告 | 公司点评 东睦股份(600114.SH) 2024 年 08 月 19 日 | --- | --- | |-------------------------------------------------------|---------------------------------------------| | 东睦股份（ 买入（维持） 所属行业：机械设备 / 通用设备 | 600114.SH ）： P&S 收 | | 入增速较快， 当前价格 ( 元 ) ： 14.24 新高， | SMC 营收创单季度 MIM 受益折叠屏手机营收 | | 证券分析师 | | | 翟堃 | | | 资格编号： s0120523050002 | 翻倍增长 | | 邮箱： zhaikun ＠ tebon.com.cn | | | 康宇豪 资格编号： S0120524050001 | | 投资要点 市场表现 0% 17% 34% 51% 69% 86% 东睦股份 沪深300 | --- | --- | --- | --- | |------------------------------ ...

[Table_Main] 证券研究报告 | 公司点评 平煤股份(601666.SH) 2024 年 08 月 19 日 买入（维持） 所属行业：煤炭/煤炭开采 当前价格(元)：10.10 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 薛磊 资格编号：S0120524020001 邮箱：xuelei＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 平煤股份 沪深300 -23% 0% 23% 46% 69% 91% 114% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|--------|--------| | 资料来源: | | | | | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -2.51 | -16.25 | -18.11 | | 相对涨幅(%) | 2.15 | -10.93 | -9.39 | 资料来源：德邦研究所，聚源数据 相关研究 1.《平煤股份事件点评：煤 ...

[Table_Main] 证券研究报告 | 公司点评 明泰铝业(601677.SH) 2024 年 08 月 19 日 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 谷瑜 邮箱：guyu5＠tebon.com.cn 事件：公司发布 2024 年半年报。公司 2024 H1 实现营业收入 153.1 亿元，同比 +21.2；实现归母净利 10.7 亿元，同比+33.3%，在业绩预告净利区间中枢以上； 实现扣非归母净利 9.0 亿元，同比+40.3%。营收及净利同比大幅增长主要系①产 销规模稳步提升，2024H1 铝板带箔发货量 71 万吨，同比增长 19%；②再生铝保 级应用优势不断突显，使用比例不断扩大，提升单吨盈利空间；③出海战略成效 初显。2024Q2 单季度实现营业收入 81.3 亿元，同比+24.2%，环比+13.1%；实 现归母净利 7.1 亿元，同比+57.6%，环比+95.6%。 | --- | --- | |--------------------------------------------------------|----------- ...

房地产 优于大市（维持） 证券分析师 金文曦 资格编号：S0120522100001 邮箱：jinwx＠tebon.com.cn 蔡萌萌 资格编号：S0120524050003 邮箱：caimm＠tebon.com.cn 研究助理 房地产 沪深300 -44% -37% -29% -22% -15% -7% 0% 7% 15% 2023-08 2023-12 2024-04 资料来源：聚源数据，德邦研究所 相关研究 1.《24 年 1-7 月国家统计局房地产数 据追踪-销售降幅略有收窄，开发投 资依旧承压》，2024.8.15 2.《房地产行业周报（2024.7.29-8.2） -政府收储或将加速，新型城镇化建 设有望释放潜在需求》，2024.8.5 3.《7 月政治局会议地产相关表述解 读-再提"消化存量和优化增量"，政 府收储有望提速》，2024.7.31 4. 《 房 地 产 行 业 周 报 （2024.7.22-7.26）-30 大中城市成 交环比改善，郑州推出首批配售型保 障房》，2024.7.29 5.《三中全会地产相关政策解读-深 化制度改革，加快构建房地产发展新 模式》，2024.7.23 销 ...

Investment Rating - The report gives a "Buy" rating for the company, Saiteng Co., Ltd. (603283.SH), marking its first coverage [1]. Core Views - Saiteng Co., Ltd. is positioned as a leading supplier of automation equipment, benefiting from its deep integration with Apple's supply chain and the ongoing innovation cycle in consumer electronics and semiconductors [2][10]. - The company is expected to see stable revenue growth, with projected revenues of 5.044 billion, 6.132 billion, and 7.347 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 785 million, 983 million, and 1.218 billion yuan for the same years [2][3]. Summary by Sections 1. Company Overview - Saiteng Co., Ltd. specializes in the research, design, production, and sales of automation production equipment, primarily serving the consumer electronics sector and expanding into semiconductor equipment [10][22]. - The company has established a strong reputation in the consumer electronics industry, particularly through its partnership with Apple, which began in 2011 [10][22]. 2. Consumer Electronics Business - The company is deeply integrated into Apple's supply chain, with over 50% of its revenue coming from Apple-related sales since 2017 [23][24]. - The upcoming innovation cycle led by Apple, including new product launches like the iPhone 16 Pro and AirPods 4, is expected to drive demand for automation equipment [28][30]. 3. Semiconductor Equipment - Saiteng Co., Ltd. is expanding into the semiconductor equipment market, particularly benefiting from the growth in high-bandwidth memory (HBM) demand due to the rise of AI applications [2][3]. - The acquisition of OPTIMA has allowed the company to enter the wafer inspection and measurement equipment sector, enhancing its product offerings in high-end semiconductor equipment [2][10]. 4. Financial Performance - The company has shown stable revenue growth, with a compound annual growth rate (CAGR) of 36.64% in total revenue and 38.89% in net profit from 2017 to 2023 [16][18]. - The gross margin and net margin have been recovering since 2021, with 2023 figures at 46.92% and 15.59% respectively [18][19]. 5. Profit Forecast and Valuation - The report forecasts dynamic price-to-earnings (PE) ratios of 14, 11, and 9 for the years 2024, 2025, and 2026, respectively, indicating a favorable valuation given the company's strategic position in the automation equipment market [2][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company reported a 24H1 revenue of 1.96 billion yuan, a year-on-year decrease of 16.57%, and a net profit attributable to shareholders of 518 million yuan, down 23.39% year-on-year [3][4] - The decline in performance is primarily due to a decrease in revenue from the company's main games, with total revenue from three key games in 24H1 amounting to 2.12 billion yuan, including a significant drop of 54.81% for "Yinian Xiaoyao (Mainland Version)" [3][4] - The company has a rich pipeline of new games and is successfully expanding into overseas markets, with overseas revenue increasing by 113.8% to 255 million yuan in 24H1 [3][4] Summary by Sections Market Performance - The company's stock price has shown a relative performance improvement compared to the market, with a 22.94% relative increase over the past month [2] Financial Performance - The company achieved a quarterly revenue of 1.03 billion yuan in 24Q2, representing a quarter-on-quarter increase of 11.34%, and a net profit of 264 million yuan, up 4.38% quarter-on-quarter [3][4] - The company plans to distribute a cash dividend of 4.5 yuan per 10 shares, resulting in a dividend yield of 2.37% based on the closing price on August 16 [4] Earnings Forecast - The company is expected to see revenue growth in the coming years, with projected revenues of 3.93 billion yuan, 4.54 billion yuan, and 4.84 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of -6.2%, 15.6%, and 6% [4][5] - The forecasted net profit for the same period is 1.02 billion yuan, 1.25 billion yuan, and 1.36 billion yuan, with corresponding year-on-year growth rates of 9.0%, 21.6%, and 9.3% [4][5]

[Table_Main] 证券研究报告 | 公司点评 格科微(688728.SH) | --- | --- | --- | |--------------------------------------------------|--------------------------|--------------------------------| | | 2024 年 08 月 19 | 日 | | 格科微 | ： | 营收净利 | | 买入（维持） | 24H1 | (688728.SH) | | | | 实现双增，临港工厂显著增收提效 | | 所属行业：电子 / 半导体 当前价格 ( 元 ) ： 10.68 | | | | | | 2024 年半年报点评 | 证券分析师 陈蓉芳 资格编号：S0120522060001 邮箱：chenrf＠tebon.com.cn 研究助理 市场表现 -43% -29% -14% 0% 14% 29% 43% 格科微 沪深300 | --- | --- | --- | --- | --- | |--------------------------------|------- ...