Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [3][13]. Core Insights - The company has maintained its leading position in the electronic medical record (EMR) industry, achieving the highest market share from 2013 to 2023. It has over 1,700 hospital clients, including 650 tier-3 hospitals, representing more than 25% of all tier-3 hospitals in the country [8][9]. - The company reported a revenue of 476 million yuan for the first three quarters of 2024, a year-on-year decrease of 11.52%. The net profit attributable to shareholders was -41 million yuan, compared to a profit of 18 million yuan in the same period last year [3]. - The company has a strong focus on product innovation, with 30 core technologies in various medical fields, including clinical applications and big data utilization [3][8]. Financial Summary - For Q3 2024, the company achieved a revenue of 175 million yuan, down 28.68% year-on-year, with a net profit of -14 million yuan, compared to a profit of 41 million yuan in the same quarter last year [3]. - The gross margin for the first three quarters of 2024 was 47.29%, a decrease of 2.48 percentage points year-on-year. The company’s operating expenses remained stable, but the expense ratio increased due to declining revenues [3][9]. - The projected diluted EPS for 2024, 2025, and 2026 are 0.53 yuan, 0.84 yuan, and 1.13 yuan, respectively, with corresponding dynamic P/E ratios of 57.27, 36.25, and 26.92 [9][11]. Market Position and Future Outlook - The company is expected to benefit from the ongoing standardization of public data and information in the healthcare sector, which will likely increase demand for smart healthcare solutions [8][9]. - The company’s products have high market recognition, and with the continuous growth in healthcare information needs, its performance is anticipated to improve significantly in the future [9].

2024年11月9日 证券研究报告|策略研究|策略点评 化债拉开国内财政扩张序幕， 为 A 股长牛夯实基础 报告摘要 核心观点: 本次特朗普回归白宫正值国内政策转向之际,国内财政扩张与特朗 普限出口之间的角力即将开始。 短期纬度，市场对本次人大常委会较为关注，自9月以来已进行了 多轮政策博弈。十月多个部委召开发布会宣贯政策思路和方向,引 导市场预期逐渐回归理性。本次会议基本符合市场预期,短期或有 部分资金兑现。同时,目前处于业绩真空期下,在下个重大政策窗 口到来之前，短期市场风格或将重新切换至科技成长。 � 中期纬度,新一轮化债大周期下,地方政府财政空间有望得到释 放,有助于提升后续财政政策在地产、消费、科技创新等领域的发 力效果，推动经济高质量回升向好,A 股分子端在三季报进一步探 底后有望触底回升。人大常会委会政策将推动年内专项债供给显著 增加,预计货币政策会进一步宽松进行配合,潘行长此前提出的年 底前择机进一步降准有望尽快落地,A 股分母端有望同步改善。分 子端、分母端持续改善下,A 股长牛基础正在形成。 � 往后看,外部方面,特朗普加征关税的竞选承诺兑现度、政策执行 时间以及对中国出口部门实际影响等问 ...

银行间流动性的稳定,潘行长此前提出的"年底前择机进一步降准"有望尽快落地。 对于后续财政政策的发力点,本次发布会上提出的支持房地产市场健康发展的相关 2024年11月10日 证券研究报告|宏观研究|宏观点评 稳增长政策效果初步显现 2024 年 11 月 4 日-11 月 10 日周报 | --- | --- | --- | |------------------------------------------------------------------------------|-----------------------------------------------|------------| | | 主要数据 | | | | 上证指数 | 3452.2971 | | 大规模债务置换释放地方财政空间，风险化解的同时助力经济回升向好 | 沪深300 | 4104.047 | | 11月8日,十四届全国人大常委会第12次会议举行了闭幕会。会议表决通过了全 | 深证成指 | 11161.7022 | | 国人大常委会关于批准《国务院关于提请审议增加地方政府债务限额置换存量隐性债务 | 主要指数走势图 | ...

联系电话:010-59219558 - 传真：010-59562637 2024年11月08日 证券研究报告|宏观研究|宏观点评 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------|----------|----------------------------------|----------|-----------------------------------------------------------| | 美联储降息 25BP 符合预期，后续降息步伐或减缓 \n美联储 2024年11月议息会议点评 | | | | | | | | 主要数据 | | | | | 上证指数 | | | 3470.6609 | | ◆ 美联储如期降息 25BP，会议声明鹰派程度上升 | 沪深 300 | | | 4145.695 ...

行业报告:先进制造行业周报 2024 11月10日 中航证券有限公司 AVIC SECURITIES CO., LTD. 特斯拉Optimus进入量产倒计时，小鹏发布人形机器人Iron 行业评级:增持 分析师：邹润芳 证券执业证书号：S0640521040001 | --- | --- | --- | --- | --- | --- | |-----------------------------------------------|-------|-------|-------|-------|-------| | | | | | | | | 分析师：闫智 | | | | | | | | | | | | | | 证券执业证书号：S0640524070001 | | | | | | | | | | | | | | 分析师：卢正羽 证券执业证书号：S0640521060001 | | | | | | 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 股市有风险 入市需谨慎 中航先进制造 -- 投资观点 ■ 重点推荐：北特科技、组威股份、三花智控、双林股份、鸣志电器、莱斯信息、纳睿雷达、万集科技、 ...

2024年11月06日 证券研究报告|公司研究|公司点评 | --- | --- | --- | --- | |-------|-------------------------------------------------------------|------------------------------------------------|-------------| | | | | | | | 君亭酒店（301073） | 投资评级 | 买入 | | | | | 维持评级 | | | 新店爬坡致使业绩短期承压,关注拓店节奏 | 2024年 11 月 05 日 | | | | | 收盘价(元): | 24.06 | | | 事件：公司发布 24 年三季报，报告期内，公司实现营业收入 5.03 | | | | | 亿元，同比+31.84%；归母净利润 0.18 亿元，同比 23.59%；扣 | | | | | 非后归母净利润 0.17 亿元，同比 23.85%。毛利率 30.83%，同比 | 公司基本数据 | | | | -10.63pct，净利率4.61%，同比-4.21pct。单季度来看，24Q3公 ...

Investment Rating - The investment rating for the company is "Add" [3][12] Core Views - The company has achieved significant growth in revenue and profit driven by the new energy sector, with a revenue increase of 16.5% year-on-year and a net profit increase of 38.8% in the first three quarters of 2024 [2] - The company's strategy focuses on a dual-driven approach of "new materials as the main focus and new energy as a supplement," with products widely used in various high-tech industries [2] - The company is expanding its production capacity in the new energy sector, with ongoing projects in Vietnam and the United States, which are expected to enhance its competitive edge [2] Summary by Sections Company Basic Data - Closing price: 19.38 CNY - Total shares: 781.89 million - Total market value: 15,153.09 million CNY - Circulating market value: 15,120.53 million CNY - Highest/Lowest price in December: 21.87/11.65 CNY - Debt-to-asset ratio: 55.04% - Earnings per share (EPS): 1.40 CNY for the first three quarters of 2024 [1][2] Financial Performance - For the first three quarters of 2024, the company reported revenue of 145.9 billion CNY, a 16.5% increase year-on-year, and a net profit of 11.0 billion CNY, a 38.8% increase year-on-year [2] - The gross margin and net margin for the first three quarters of 2024 were 15.7% and 7.5%, respectively, showing improvements from the previous year [2] - The company’s revenue for Q3 2024 was 57.2 billion CNY, with a net profit of 4.60 billion CNY, reflecting a year-on-year growth of 19.6% and 38.9%, respectively [2] Business Segments - The new materials segment includes various alloy products used in advanced technology sectors, while the new energy segment focuses on solar cell production and photovoltaic power station operations [2] - The company has seen steady growth in its copper alloy business, driven by increased sales in the electric vehicle and semiconductor sectors [2] - The new energy business has expanded significantly, with projects in Vietnam and the U.S. expected to further enhance growth and profitability [2] Future Outlook - The company is projected to continue its growth trajectory, with expected revenues of 20.94 billion CNY in 2024, representing a 17.9% increase [5] - The net profit is expected to reach 1.49 billion CNY in 2024, with a growth rate of 32.6% [5] - The company’s EPS is projected to increase to 1.44 CNY in 2024, with a P/E ratio of 10.2 [5]

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [6][12]. Core Views - The company achieved a turnaround in Q3, reporting a net profit of 0.131 billion yuan, despite a significant year-on-year revenue decline of 16.92% to 4.338 billion yuan for the first three quarters of 2024 [2][6]. - The company is positioned advantageously in the data factor market, with potential for revenue structure optimization and improved operational efficiency [2][5]. - The major shareholder's plan to increase holdings reflects confidence in the company's long-term development and investment value [6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 4.338 billion yuan, down 16.92%, and a net profit attributable to shareholders of -0.028 billion yuan, a decline of 121.42% [2]. - In Q3 alone, the revenue was 1.724 billion yuan, a decrease of 14.67%, but the net profit was 0.131 billion yuan, marking a 60.73% increase compared to the previous quarter [2]. Business Development - The company has a solid market position in self-developed software products, continuously promoting the application of AI and big data technologies [2][5]. - The company has successfully penetrated sales to large state-owned enterprises, enhancing its digital economy capabilities [5]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 8.104 billion yuan, 8.853 billion yuan, and 9.872 billion yuan, respectively, with corresponding net profits of 0.332 billion yuan, 0.442 billion yuan, and 0.508 billion yuan [6][8]. - The expected price-to-earnings ratios for these years are 52X, 39X, and 34X, respectively [6].

2024年11月09日 证券研究报告|行业研究|行业点评 � � | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------|-----------------------------------------------------|---------------| | | | | | | | 社会服务行业·周观点 | | | | | 冰雪游&免签政策+消费券,旅游经济活力再提振 | 投资评级 | 增持 维持评级 | | | | | | | | ◆ 本周行情:社会服务(申万)板块指数周涨跌幅为6.21%,在申万 一级行业涨跌幅中排名16/31。 | 行业走势图 | | | | | 30% | | | � | 各基准指数周涨跌幅情况为:创业板指(9.32%)、深证成指 | 20% | | | | (6.75%）、社会服务 (6.21%）、上证指数 (5.51%）、沪深300 | 10% 0% | | | | (5.50%) 。 | ...

2024年11月09日 证券研究报告|行业研究|行业点评 非银金融 非银行业周报（2024 年第三十八期）: 券商并购重组持续升温，带动板块估值修复 市场表现: 本期(2024.11.4-2024.11.8)非银(申万)指数+12.00%,行业排 3/31,券商II 指数+15.04%，保险Ⅱ指数+6.67%； 上证综指+5.51%，深证成指+6.75%，创业板指+9.32%。 个股涨跌幅排名前五位：华林证券（+45.02%）、天茂集团（+33.93%）、渤海租 赁（+31.69%）、中信证券（+24.79%）、西部证券（+24.07%）; 个股涨跌幅排名后五位:中粮资本(-6.61%)、海德股份(-4.44%)、天风证券 (+0.17%)、哈投股份（+0.27%）、浙江东方（+2.21%）。 (注:去除 ST 及退市股票) 核心观点: 证券: 市场层面，本周，证券板块上涨 15.04%，跑赢沪深 300 指数 9.53pct，跑赢上证 综指数 9.53pct。当前券商板块 PB 估值为 1.64倍，位于 2020年 50 分位点附近。 本周，11 月 7 日， 西部证券发布公告，拟通过协议转让方式受让长安投 ...