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| --- | --- | --- | |----------------------------------------------------------------------------------------|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 证券研究报告 | | 煤炭 | | 报告日期： 2024 年 11 月 ...

| --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------|---------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | 证券研究报告 | | 电子 | | | 报告日期： 2024 年 11 月 01 日 | | | | | 三季度收入增 ...

证券研究报告 建筑材料 报告日期：2024 年 10 月 31 日 业绩承压，经营质量有所改善 ——东方雨虹（002271.SZ）2024 年三季报点评报告 华龙证券研究所 | --- | --- | --- | --- | |--------------------|------------------|---------|-------------| | | | | | | | | | | | | | | | | | | | | | 市场数据 | | 2024 年 | 10 月 30 日 | | 当前价格（元） | | | 13.96 | | 52 | 周价格区间（元） | | 9.75-25.30 | | 总市值（百万元） | | | 34,010.96 | | 流通市值（百万元） | | | 26,973.84 | | 总股本（万股） | | | 243,631.55 | | 流通股（万股） | | | 193,222.32 | | 近一月换手（ | %） | | 101.39 | 分析师：彭棋 执业证书编号：S0230523080002 邮箱：pengq@hlzqgs.com 渠道变革+全球布局，寻 ...

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Investment Rating - The report maintains a "Buy" rating for Sugon (603019 SH) [1] Core Views - Sugon achieved steady growth in revenue and net profit in Q3 2024 with total revenue of 8 041 billion yuan up 3 65% YoY and net profit attributable to shareholders of 770 million yuan up 2 57% YoY [1] - The company increased R&D investment by 14 49% YoY in the first three quarters of 2024 focusing on long-term R&D achievements [1] - Sugon is expected to benefit from the domestic substitution wave in the computing industry with its comprehensive product portfolio covering high-end computers storage security and data center products [1] - The company has invested in multiple high-quality assets forming a full industry chain layout from chips to cloud computing and is expected to strengthen its industry leadership through business synergies [1] Financial Performance - In Q3 2024 Sugon's revenue was 2 329 billion yuan down 1 19% YoY while net profit attributable to shareholders was 206 million yuan up 0 41% YoY [1] - The company's revenue for 2024E is forecasted to be 16 190 billion yuan with a YoY growth of 12 8% and net profit attributable to shareholders is expected to reach 2 159 billion yuan up 17 6% YoY [2] - Sugon's EPS for 2024E is projected to be 1 48 yuan with a P/E ratio of 36 8x [2] Industry and Competitive Position - The domestic computing industry is accelerating driven by AI and localization trends with Sugon positioned as a leading player in the domestic computing power sector [1] - Sugon's valuation is higher than peers such as Inspur Information (000977 SZ) and Unisplendour (000938 SZ) reflecting its leading position in the industry [2] Future Outlook - The report forecasts Sugon's net profit attributable to shareholders for 2024-2026 to be 2 159 billion yuan 2 616 billion yuan and 3 166 billion yuan respectively with EPS of 1 48 yuan 1 79 yuan and 2 16 yuan [2] - The company's ROE is expected to increase from 10 4% in 2024E to 12 1% in 2026E indicating improving profitability [5]

证券研究报告 机械设备 报告日期：2024 年 10 月 31 日 公司业绩转正，盈利能力有所提升 ——晋西车轴（600495.SH）2024 年三季报点评报告 华龙证券研究所 最近一年走势 2024 年 10 月 30 日公司发布三季报： 前三季度公司实现营业收入 8.73 亿元，同比增长 7.6%；实现归 属于母净利润 600.89 万元，同比增长 173.73%。 | --- | --- | |---------------------|----------------| | 市场数据 \n2024 | 年 10 月 30 日 | | 当前价格（元） | 4.08 | | 52 周价格区间（元） | 2.98-4.46 | | 总市值（百万元） | 4,929.42 | | 流通市值（百万元） | 4,929.42 | | 总股本（万股） | 120,819.09 | | 流通股（万股） | 120,819.09 | | 近一月换手（%） | 40.08 | 分析师：邢甜 执业证书编号：S0230521040001 邮箱：xingt@hlzqgs.com 盈利预测及投资评级：政策支持民间资本参与铁路建设 ...

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