偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 198 期，总第 1757 期（电子版） 2024 年 11 月 1 日 星期五 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3279.82 | 0.42 | | 深证成指 | 10591.22 | 0.57 | | 中小 100 | 6570.63 | 0.05 | | 创业板指 | 2164.46 | 0.6 | | 沪深 300 | 3891.04 | 0.04 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 41763.46 | -0.9 | | 纳斯达克 | 18095.15 | -2.76 | | 标普 500 | 5705.45 | -1.86 | | 英国富时 100 | 8110.1 | -0.61 | | 日经 225 | 38373.65 | -1.8 ...

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证券研究报告 汽车 报告日期：2024 年 11 月 02 日 单车净利润环比改善明显，看好高端化&全球化进程 华龙证券研究所 最近一年走势 比亚迪发布 2024 年三季报：2024 年前三季度公司实现营收 5022.51 亿元，同比+18.94%，实现归母净利润 252.38 亿元，同比 +18.12%，实现扣非归母净利润 231.92 亿元，同比+19.86%。 投资评级：买入（维持） 分析师：杨阳 执业证书编号：S0230523110001 邮箱：yangy@hlzqgs.com 2024Q3单车归母净利润环比+8.77%至0.93万元/辆。公司2024Q3 实现归母净利润 116.07 亿元，同/环比+11.47%/+28.08%。其中毛 利率为 21.89%，同/环比-0.23/+3.20pct。期间费用率为 14.41%， 同/环比+1.59/+2.65pct，销售费用率/管理费用率/研发费用率/财务 费用率同比+0.84/+0.21/-0.04/+0.58pct，环比+0.51/+0.12/+1.70/ +0.33pct，其中销售费用率同环比提升明显，或系新车密集上市 叠加渠道扩张，相关营销费用 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a total operating revenue of 7.118 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 23.93%. However, the net profit attributable to the parent company was 673 million yuan, a decrease of 10.58% year-on-year [1] - The company has shown good cost control, although profit margins are slightly under pressure. In Q3 2024, the operating revenue grew by 14.41% year-on-year, while the net profit decreased by 37.37% [1] - The company has successfully expanded its urban intelligence and financial technology businesses, with significant contributions from acquisitions and partnerships [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved total operating revenue of 7.118 billion yuan, up 23.93% year-on-year, while the net profit attributable to the parent company was 673 million yuan, down 10.58% [1] - The sales expense ratio, management expense ratio, and R&D expense ratio for the first three quarters of 2024 were 6.94%, 5.79%, and 8.82%, respectively, all showing a decrease compared to the previous year [1] - The company has maintained its leading position in the domestic smart financial equipment market for 16 consecutive years, with operations in over 120 countries and regions [1] Earnings Forecast - The forecasted net profits attributable to the parent company for 2024-2026 are 1.102 billion yuan, 1.256 billion yuan, and 1.437 billion yuan, respectively. The expected EPS for the same period is 0.44 yuan, 0.51 yuan, and 0.58 yuan [1][2] - The current stock price of 12.32 yuan corresponds to a PE ratio of 27.8, 24.4, and 21.3 for 2024-2026, which is lower than the average PE of comparable companies [1][2]

Investment Rating - The report maintains a "Buy" rating for the company (301029 SZ) [1] Core Views - The company's performance is under pressure, with a decline in profitability In Q3 2024, the company achieved a gross margin of 35 05%, down 0 55pct year-on-year and 1 06pct quarter-on-quarter, while the net margin was 16 85%, up 1 29pct year-on-year but down 1 46pct quarter-on-quarter [1] - The downstream industry structure is continuously optimizing, and performance is expected to bottom out and recover In 2023, the company's revenue from lithium battery, 3C, photovoltaic, automotive, and semiconductor industries accounted for 31 08%, 20 70%, 14 75%, 6 75%, and 4 31% of total revenue, respectively In H1 2024, the proportions changed to 17 14%, 30 04%, 11 51%, 9 32%, and 5 06%, respectively, indicating a shift towards higher-margin 3C and automotive sectors [1] - The company's fundraising projects are gradually being implemented, which is expected to enhance its core competitiveness The company raised 870 million yuan through a private placement to fund projects that will improve its supply chain and production capabilities, supporting future market demand and business growth [1] Financial Performance - In Q3 2024, the company reported revenue of 6 27 billion yuan, down 7 35% year-on-year, and net profit of 1 06 billion yuan, up 0 31% year-on-year [1] - For the first three quarters of 2024, the company achieved revenue of 18 57 billion yuan, down 15 72% year-on-year, and net profit of 3 28 billion yuan, down 27 31% year-on-year [1] - The company's gross margin for the first three quarters of 2024 was 35 44%, down 3 92pct year-on-year, and the net margin was 17 67%, down 2 82pct year-on-year [1] Industry Structure - The company's revenue from lithium battery and photovoltaic industries has decreased, while revenue from 3C, automotive, and semiconductor industries has increased, indicating a shift towards higher-margin sectors [1] - The company's 3C products, particularly mobile phones, have higher gross margins, contributing to the positive growth in net profit ahead of revenue growth in Q3 2024 [1] Future Projections - The report forecasts the company's net profit for 2024-2026 to be 468 million yuan, 493 million yuan, and 544 million yuan, respectively, with corresponding PE ratios of 31 9x, 30 3x, and 27 5x [1] - The company's revenue is expected to decline by 15 05% in 2024, followed by growth of 3 82% in 2025 and 12 62% in 2026 [3] - The company's ROE is projected to be 12 87% in 2024, 12 55% in 2025, and 12 75% in 2026 [3] Valuation - The company's current PE ratio is 31 9x for 2024, 30 3x for 2025, and 27 5x for 2026, compared to the industry average of 28 9x, 22 9x, and 18 6x, respectively [4] - The company's PB ratio is 3 6x for 2024, 3 3x for 2025, and 3 1x for 2026 [6]

Investment Rating - The report maintains a "Buy" rating for Huatian Technology (002185 SZ) [1] Core Views - Huatian Technology achieved significant profit growth in Q3 2024, with total revenue reaching 10 531 billion yuan, a year-on-year increase of 30 52% [1] - The company's profit attributable to parent company shareholders surged by 330 83% year-on-year to 357 million yuan, driven by increased investment income and industry recovery [1] - Advanced packaging capacity is steadily improving, with fixed asset expenditure exceeding 2 billion yuan in the first half of the year, primarily for advanced packaging capacity construction [1] - The semiconductor industry's recovery is strong, with increased demand from upstream industries driving higher product sales and orders [1] Financial Performance - In Q3 2024, Huatian Technology's operating cash flow increased by 34 57% year-on-year, while financing cash flow grew by 78 43% [1] - The company's net cash balance increased by 464 75% year-on-year, reflecting improved investment capabilities and capital expenditure [1] - R&D expenses rose by 38 60% year-on-year, indicating continuous enhancement of R&D capabilities [1] - Financial expenses increased by 103 17% due to higher financing activities [1] Industry Outlook - The semiconductor industry is experiencing a strong recovery, with increased demand from upstream sectors driving growth [1] - Domestic substitution in the semiconductor industry is becoming more certain, with rising industry utilization rates leading to higher prices and volumes in downstream packaging and testing [1] - The company's advanced packaging capacity is expected to further enhance market share as new projects come online [1] Valuation and Forecast - The report forecasts Huatian Technology's net profit attributable to parent company shareholders to reach 674 million yuan in 2024, 958 million yuan in 2025, and 1 286 billion yuan in 2026 [1] - EPS is projected to be 0 21 yuan in 2024, 0 30 yuan in 2025, and 0 40 yuan in 2026 [1] - The company's PE ratio is expected to be 65 2x in 2024, 45 9x in 2025, and 34 2x in 2026 [1] - Compared to peers like Tongfu Microelectronics and JCET, Huatian Technology's valuation is slightly higher, justified by its advanced packaging capacity and potential for margin improvement [1] Financial Ratios - The company's ROE is expected to improve from 1 45% in 2023 to 5 17% in 2026 [5] - Gross margin is projected to increase from 8 91% in 2023 to 18 27% in 2026 [5] - Net margin is forecasted to rise from 2 46% in 2023 to 9 05% in 2026 [5] - The debt-to-asset ratio is expected to decline from 43 34% in 2023 to 24 85% in 2026 [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][6]. Core Views - The company has shown stable revenue growth in the first three quarters of 2024, with total operating revenue reaching 91.571 billion yuan, an increase of 8.81% year-on-year, and a net profit attributable to shareholders of 0.894 billion yuan, up 5.04% year-on-year [2][3]. - The growth is primarily driven by the trends in "Xinchuang" (domestic innovation) and AI, with significant increases in revenue from cloud services and proprietary brand businesses, which grew by 47% and 32% respectively [4][3]. - The overall gross margin of the company improved by 0.6% year-on-year, with gross profit increasing by 24% [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved total operating revenue of 91.571 billion yuan, a year-on-year increase of 8.81%, and a net profit of 0.894 billion yuan, up 5.04% year-on-year [2][3]. - The gross margin for the overall business increased by 0.6% year-on-year, with gross profit rising by 24% [3]. - The revenue from cloud services and software business saw a significant increase, with a gross margin improvement of 6.3% and gross profit growth of 126% [4]. - The proprietary brand business benefited from breakthroughs in sectors such as finance, government, and telecommunications, with revenue from Xinchuang business growing by 56% and AI server business revenue increasing by 226% [4]. Market Data - As of October 30, 2024, the current stock price is 33.35 yuan, with a market capitalization of approximately 22.33 billion yuan [4][8]. - The company’s earnings per share (EPS) for 2024 is projected to be 2.11 yuan, with corresponding price-to-earnings (P/E) ratios of 15.8, 12.9, and 10.6 for the years 2024, 2025, and 2026 respectively [5][11].

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Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company has shown steady growth in performance, with a significant acceleration in its smart transportation business. For the first three quarters of 2024, the company achieved total operating revenue of 534 million yuan, representing a year-on-year increase of 18.09%. The net profit attributable to shareholders reached 167 million yuan, up 7.59% year-on-year [1][2] - The revenue growth is driven by the increase in ETC (Electronic Toll Collection) business, which generated 297 million yuan, a year-on-year growth of 4.82%. The smart transportation operation management system business saw a remarkable increase of 40.17%, primarily due to the growth in AI video analysis cloud control platform, toll robot business, and technical service revenue [1][2] - The company is expected to benefit from the new development phase of smart transportation, supported by policy catalysts. The integration of vehicle-road-cloud systems is anticipated to progress, with pilot cities announced for smart connected vehicles [1][2] Financial Performance Summary - For the first three quarters of 2024, the company reported total operating revenue of 534 million yuan, an increase of 18.09% year-on-year. The net profit attributable to shareholders was 167 million yuan, reflecting a year-on-year increase of 7.59% [1] - The company's core business, ETC, is experiencing steady growth, while the smart transportation operation management system business is expanding rapidly. The projected net profits for 2024-2026 are estimated at 225 million, 271 million, and 332 million yuan, respectively, with corresponding EPS of 0.54, 0.65, and 0.80 yuan [1][2][3] - The company’s current price is 22.80 yuan, with projected P/E ratios for 2024-2026 at 42.0, 34.9, and 28.5 times, respectively [1][2] Market Data - As of October 29, 2024, the company's stock price is 22.80 yuan, with a 52-week price range of 11.16-26.20 yuan. The total market capitalization is approximately 9.45 billion yuan, and the circulating market capitalization is about 2.74 billion yuan [1][3]

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