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| --- | --- | --- | --- | |------------------------------------------------------------------|-----------------|------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | 证券研究报告 | | 食品饮料 | | | 报告日期： 2024 年 11 月 01 日 | | | 2024Q3 | | 营收环比降速，冷食休闲燕麦增速较快 | | | | | ——西麦食品（ 002956.SZ ） 2024 年三季报点评报告 ...

证券研究报告 通信 报告日期：2024 年 11 月 04 日 加强市场开拓，业绩稳健增长 ——广和通（300638.SZ）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 29 日，广和通发布 2024 年三季报：2024 年前三季 度公司实现营业收入 62.17 亿元，同比增长 5.12%；实现归属上市公 司股东的净利润 6.52 亿元，同比增长 43.22%。 事件： 投资评级：买入（维持） 观点： 业绩稳健增长，三季度盈利能力持续提升。2024 年前三季度，公 司业绩稳健增长，实现营业收入 62.17 亿元，同比增长 5.12%； 实现归母净利 6.52 亿元，同比增长 43.22%。从三季度单季来看， 2024 年三季度公司实现营业收入 21.42 亿元，同比增长 4.55%， 环比增长 9.74%；实现归母净利 3.18 亿元，同比增长 108.87%， 环比增长 118.69%。 分析师：彭棋 执业证书编号：S0230523080002 邮箱：pengq@hlzqgs.com 盈利预测及投资评级：2024 年 7 月，公司公告将锐凌无线的车载 前装无线通信模组业务 ...

Investment Rating - The report maintains a "Buy" rating for Desay SV (002920 SZ) [1] Core Views - Desay SV achieved a 31 13% YoY increase in revenue to 18 975 billion yuan and a 46 49% YoY increase in net profit attributable to the parent company to 1 407 billion yuan in the first three quarters of 2024 [1] - The company's Q3 2024 revenue grew 26 74% YoY to 7 282 billion yuan, driven by new customers and product launches [1] - Desay SV's Q3 2024 non-GAAP net profit attributable to the parent company surged 96 11% YoY to 659 million yuan, benefiting from cost control and efficiency improvements [1] - The company is expanding its domestic and international production capacity, including a 4 5 billion yuan fundraising plan for domestic projects and the construction of a smart factory in Spain [1] Financial Performance - Desay SV's 2024 Q3 gross margin was 20 91%, with a period expense ratio of 11 46% [1] - The company's sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio decreased YoY by 0 22pct, 0 15pct, 0 26pct, and 0 01pct respectively [1] - The report forecasts Desay SV's net profit attributable to the parent company to reach 2 074 billion yuan in 2024, 2 787 billion yuan in 2025, and 3 475 billion yuan in 2026 [1][2] Valuation and Comparison - Desay SV's current PE ratio is 31 7x for 2024E, lower than the industry average of 37 3x [1][3] - The company's PB ratio is projected to decrease from 6 9x in 2024E to 4 3x in 2026E [2] - Desay SV's ROE is expected to increase from 21 37% in 2024E to 22 65% in 2026E [5] Growth Prospects - Desay SV has secured new projects from major clients including Toyota, Great Wall Motors, GAC Aion, SAIC-GM, and Dongfeng Nissan for its high-computing power intelligent driving domain controller [1] - The company has obtained new project designations from Chery and FAW Hongqi for its lightweight intelligent driving domain control products [1] - Desay SV is developing a new generation of high-computing power central computing platform chips to meet L4 level autonomous driving requirements [1] Financial Projections - The company's revenue is expected to grow from 27 556 billion yuan in 2024E to 43 269 billion yuan in 2026E, with a CAGR of 25 47% [2] - Desay SV's EPS is projected to increase from 3 74 yuan in 2024E to 6 26 yuan in 2026E [2] - The company's EV/EBITDA ratio is forecasted to decline from 25 54x in 2024E to 16 14x in 2026E [5]

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