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证券研究报告 美容护理 报告日期：2024 年 11 月 04 日 肽源生物获全链长胶原蛋白专利授权，创重组胶原新突破 ——美容护理行业周报 | --- | --- | --- | --- | |------------------------|-------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 华龙证券研究所 | | | 摘要： | | 投资评级：推荐（维持） | | | 肽源生物全链长胶原蛋白独家专利获得国家知识产权局授权。 10 月 29 日，作为国内重组胶原蛋白原料开发巨头之一的肽源生物发 | | 最近一年走势 | | | 布公告称，又一独家专利——一种在毕赤酵母中高效分泌表达全链 长胶原蛋白的方法及其应用——获得国家知识产权局授权。本发明 用于全链长胶原蛋 ...

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Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue growth rate has slowed down quarter-on-quarter in Q3 2024, achieving a revenue of 460 million yuan, a year-on-year increase of 6.47%. The net profit attributable to the parent company was 42 million yuan, up 53.90% year-on-year [1] - The company has shown strong growth in its product categories, particularly in cold food and leisure oats, which have seen growth rates exceeding 30% due to contributions from the acquired company Desai Kanggu [1] - The company is focusing on product upgrades in composite oats and developing new products that cater to health-conscious consumers, including protein powder and peptide drinks [1][3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 1.433 billion yuan, a year-on-year increase of 26.49%. The net profit attributable to the parent company was 108 million yuan, up 17.13% year-on-year [1] - The gross margin and net margin for Q3 2024 were 42.82% and 9.17%, respectively, with year-on-year changes of -3.43 percentage points and +2.88 percentage points [1] - The company received government subsidies amounting to 19.8488 million yuan in Q3 2024, which contributed to the increase in net profit [1] Earnings Forecast - The company is expected to achieve revenues of 2.007 billion yuan, 2.411 billion yuan, and 2.853 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.20%, 20.13%, and 18.30% [3][4] - The net profit attributable to the parent company is projected to be 123 million yuan, 160 million yuan, and 197 million yuan for the same years, with growth rates of 6.59%, 30.22%, and 23.02% [3][4] Valuation Metrics - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are expected to be 23.4X, 17.9X, and 14.6X, respectively [3][4] - The company’s return on equity (ROE) is projected to increase from 8.14% in 2024 to 11.35% in 2026 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company has shown steady growth in performance, with a revenue of 6.217 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 5.12%. The net profit attributable to shareholders reached 652 million yuan, up 43.22% year-on-year [2][3] - In Q3 2024 alone, the company achieved a revenue of 2.142 billion yuan, marking a 4.55% year-on-year growth and a 9.74% quarter-on-quarter increase. The net profit for the same quarter was 318 million yuan, reflecting a significant year-on-year growth of 108.87% and a quarter-on-quarter increase of 118.69% [2][3] Financial Performance Summary - For 2024, the company has adjusted its revenue forecasts to 9.311 billion yuan, 8.633 billion yuan, and 10.122 billion yuan for 2024, 2025, and 2026 respectively. The net profit forecasts are set at 713 million yuan, 658 million yuan, and 782 million yuan for the same years [3][6] - The current price of the stock is 15.50 yuan, with a market capitalization of approximately 11.87 billion yuan [3][5] - The company is focusing on the vertical industry of the Internet of Things (IoT), launching multiple new products to meet diverse customer needs globally. The promotion and application of new products in the IoT sector are progressing well, with successful implementations in smart lawn mower solutions [3][5]

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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Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The recovery in the consumer electronics industry has driven the company's main business growth, with stable revenue from connector products. The company achieved a revenue of 644 million yuan in the first three quarters of 2024, representing a year-on-year increase of 27.57%. However, the net profit attributable to the parent company for the third quarter saw a decline of 33.34% year-on-year [1][2] - The company's main business profitability has improved significantly, with a notable increase in net profit excluding non-recurring gains and losses, which grew by 136.9% year-on-year in the first three quarters. The company continues to solidify its position as a key supplier for leading domestic wearable brands [1][4] Financial Performance Summary - For the first three quarters of 2024, the company reported: - Revenue: 644 million yuan, up 27.57% year-on-year - Net profit attributable to the parent company: 30 million yuan, up 21.01% year-on-year - Third-quarter revenue: 254 million yuan, up 23.41% year-on-year - Third-quarter net profit attributable to the parent company: 10 million yuan, down 33.34% year-on-year [1][2] - The company’s sales and management expenses increased by 32.30% and 85.54% respectively, while financial expenses rose by 50.12% due to increased bank loans [1][4] - The company’s inventory reached 1.05 billion yuan, a year-on-year increase of 43.15%, and prepayments increased by 729.03% year-on-year [1][4] Earnings Forecast - The company’s revenue is projected to grow from 721 million yuan in 2023 to 888 million yuan in 2024, with a growth rate of 23.21%. The net profit is expected to increase from 31 million yuan in 2023 to 50 million yuan in 2024, reflecting a growth rate of 61.78% [2][4] - The earnings per share (EPS) is forecasted to be 0.24 yuan in 2024, with corresponding price-to-earnings (P/E) ratios of 96.8 times, 38.2 times, and 27.5 times for 2024, 2025, and 2026 respectively [2][4] Comparable Company Valuation - The report compares the company with similar businesses such as Luxshare Precision, Changying Precision, and Ruikeda, highlighting that the company has a smaller business scale but potential for performance elasticity due to ongoing market expansion in semiconductor heat sinks and automotive connectors [1][2][4]

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [1] Core Views - The company reported a revenue of 5.982 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 76.30%. The net profit attributable to shareholders was 427 million yuan, up 171.48% year-on-year. In Q3 2024 alone, revenue reached 2.606 billion yuan, a 77.05% increase year-on-year, with a net profit of 203 million yuan, marking a 238.17% increase year-on-year [1] - The company's gross margin improved to 19.37%, an increase of 2.84 percentage points year-on-year, and the net profit margin reached 7.24%, up 2.65 percentage points year-on-year. The significant improvement in profitability is attributed to the increasing shipment ratio of high-margin tracking brackets [1] - The company’s contract liabilities reached a record high of 856 million yuan, a 35% increase year-on-year, with total orders on hand amounting to approximately 5.99 billion yuan, indicating strong demand and order growth that is expected to support continued performance growth [1] - The company has established a global business layout, with rapid development in emerging markets such as India, the Middle East, Central Asia, and Latin America, responding to the Belt and Road Initiative and gradually improving its global marketing service network [1] Financial Summary - For the first three quarters of 2024, the company achieved a gross profit margin of 19.37%, a net profit margin of 7.24%, and a significant increase in profitability due to the higher shipment ratio of high-margin products [1] - The company is projected to achieve net profits of 688 million yuan, 855 million yuan, and 1.066 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 23.6, 19.0, and 15.2 [2][3] - The financial forecast indicates a steady increase in revenue from 3.703 billion yuan in 2022 to an estimated 13.314 billion yuan in 2026, with a compound annual growth rate of approximately 15.08% [2][6]