证券研究报告 计算机 报告日期：2024 年 10 月 28 日 合同资产大幅增加，下游需求有望逐步兑现 ——远光软件（002063.SZ）2024 年三季报点评报告 事件： 华龙证券研究所 最近一年走势 远光软件于 2024 年 10 月 26 日公布 2024 年三季报。2024 年前三 季度，公司实现总营业收入 15.39 亿元，同比减少 1.44%；实现归属 于上市公司股东的净利润 1.10 亿元，同比减少 27.21%；实现归属于 上市公司股东的扣除非经常性损益的净利润 1.08 亿元，同比减少 22.94%。 分析师：孙伯文 执业证书编号：S0230523080004 邮箱：sunbw@hlzqgs.com 国务院国资委实控，经营优势凸显。公司为国家电网公司的成员 单位，国网数科公司为公司控股股东，国务院国资委为公司的实 际控制人。公司的产品优势和国网数科公司的平台优势有望结合， 进一步拓宽能源电力信息化产品布局。 联系人：朱凌萱 执业证书编号：S0230124010005 邮箱：zhulx@hlzqgs.com 投资评级：增持（首次覆盖） 观点： 合同资产大幅增加，高需求逻辑有望持续验证。公司前 ...

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Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 642 million yuan in Q3 2024, representing a year-on-year growth of 12.94%, while the net profit reached 71 million yuan, up 42.58% year-on-year [1] - For the first three quarters of 2024, the company achieved a total revenue of 1.772 billion yuan, a year-on-year increase of 18.65%, and a net profit of 215 million yuan, reflecting a growth of 61.20% [1] - The report highlights that the revenue growth rate has slowed down in Q3 2024 compared to Q2 2024, but the net profit continues to show high growth due to lower raw material costs and improved profitability [1][2] Financial Performance Summary - Q3 2024 revenue growth slowed to 12.94% from 20.90% in Q2 2024, while the net profit growth accelerated to 77.83% from 64.28% in Q2 2024 [1] - The gross margin and net margin for Q3 2024 were 30.06% and 11.17%, respectively, both showing year-on-year increases of 3.26 percentage points and 2.17 percentage points [1] - The company maintains a stable expense structure with sales, management, financial, and R&D expense ratios of 12.24%, 3.40%, -0.28%, and 1.99%, respectively [1] Revenue and Profit Forecast - The company is expected to achieve revenues of 2.540 billion yuan, 3.132 billion yuan, and 3.871 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 23.00%, 23.28%, and 23.61% [2] - The forecasted net profits for the same years are 303 million yuan, 384 million yuan, and 487 million yuan, with growth rates of 44.71%, 26.50%, and 26.90% [2] - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 18.8X, 14.8X, and 11.7X, respectively, indicating a favorable outlook compared to peer companies [2][3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][4]. Core Views - The company is a leader in power cost software and is expected to gradually realize its second growth curve due to increasing demand for its new generation oil chromatograph products and stable growth in distribution network investments [3][4]. - The company achieved a total operating revenue of 611 million yuan in the first three quarters of 2024, a year-on-year increase of 0.25%, while the net profit attributable to shareholders increased by 39.41% to 187 million yuan [2][3]. - The sales gross margin improved to 68.93%, up 4.04% year-on-year, indicating enhanced operational efficiency [3]. Financial Performance - In Q3 2024, the company reported an operating revenue of 207 million yuan, a decrease of 23.02% year-on-year, and a net profit of 44 million yuan, down 30.41% year-on-year [3]. - For the first three quarters of 2024, the net profit attributable to shareholders was 187 million yuan, reflecting a 39.41% increase year-on-year, with a basic EPS of 0.52 yuan per share, up 44.44% [2][3]. - The company is projected to achieve net profits of 345 million yuan, 447 million yuan, and 550 million yuan for the years 2024, 2025, and 2026, respectively [4][5]. Market Data - As of October 24, 2024, the company's stock price is 14.92 yuan, with a market capitalization of approximately 5.66 billion yuan [3][6]. - The company has a high market share in the power cost software sector, with a gross margin consistently above 90% [3][4]. Growth Potential - The new generation oil chromatograph products are expected to benefit from increased demand, particularly in the ultra-high voltage sector, which will contribute to the company's second growth curve [3][4]. - The company has a stable customer base and a solid position in the power cost software market, which is anticipated to grow due to the comprehensive implementation of pricing systems in various energy sectors [3][4].

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| --- | --- | --- | |---------------------------------------------------|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 证券研究报告 | | 电力设备 | | 报告日期： 2024 年 10 月 24 日 | | | | 盈利能力显著提升，外销收入持续增长 | | | | ——金盘科技（ 688676.SH ） 2024 年三季报点评报告 | | ...

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company reported a revenue of 1.457 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.62%. The net profit attributable to shareholders reached 61 million yuan, a significant year-on-year increase of 111% [1] - The net profit for Q3 2024 was 23 million yuan, reflecting a year-on-year growth of 128.64%, driven by economies of scale and cost reduction efforts [1] - The company maintains a leading market position in the steering gear and damper piston rod segments within the automotive chassis sector, benefiting from the recovery in downstream automotive sales [1] Financial Performance Summary - Revenue for 2024 is projected to be 2.124 billion yuan, with a growth rate of 12.91% [3] - The net profit attributable to shareholders is expected to reach 79 million yuan in 2024, with a growth rate of 54.77% [3] - The company has established independent production capabilities for planetary roller screws and is expanding its production capacity, which is expected to drive future growth [1][5] Market Data - As of October 2024, the company's stock price is 28.28 yuan, with a market capitalization of approximately 10.144 billion yuan [1] - The company has signed an investment agreement to invest 1.85 billion yuan in building a research and production base for planetary roller screws, which will enhance its production capabilities [1] Earnings Forecast - The forecasted net profit for 2024-2026 is 79 million yuan, 113 million yuan, and 162 million yuan respectively, with corresponding P/E ratios of 128.8, 90.1, and 62.5 [3][5] - The company is expected to benefit from the commercialization of humanoid robots, which presents significant growth potential [1][5]

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Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3]. Core Views - The company's revenue is under pressure due to a decline in fuel vehicle sales, but the non-recurring net profit is steadily increasing. In Q3 2024, the company reported a revenue of 345 million yuan, a year-on-year decrease of 7.58%, while the non-recurring net profit was 74 million yuan, an increase of 4.85% year-on-year. This growth is attributed to the second-tier new energy vehicle parts business [2][3]. - The company has secured its first orders for C0-level screw assemblies, with the planetary roller screw expected to be ready for supply in 2025. The company is also progressing in its new energy vehicle components and humanoid robot sectors, with production capacity ramping up [3]. - The company is expected to benefit from the ramp-up of production capacity in Anhui and the construction of its factory in Thailand, which is anticipated to generate overseas orders. The screw business of its subsidiary is expected to achieve large-scale applications in industrial mother machines and humanoid robots, supporting the company's long-term growth trajectory [3]. Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.042 billion yuan, a year-on-year increase of 3.52%, and a net profit attributable to shareholders of 225 million yuan, up 7.08% year-on-year. The non-recurring net profit for the same period was 209 million yuan, reflecting a year-on-year increase of 22.38% [2][3]. - The company’s revenue forecast for 2024-2026 is adjusted to 327 million yuan, 416 million yuan, and 515 million yuan respectively, with corresponding P/E ratios of 25.9, 20.3, and 16.4 times [3][5]. Market Data - As of October 23, 2024, the company's stock price is 16.94 yuan, with a 52-week price range of 12.35-38.50 yuan. The total market capitalization is approximately 8.46 billion yuan [3]. - The company’s average P/E ratio is lower than that of comparable companies, which is 59.4/42.6/31.7 times [4][6]. Growth Potential - The company is expected to benefit from the high growth rate of downstream sales in the new energy vehicle parts business as production capacity increases. The screw business is anticipated to support the company's third growth curve in the long term [3].

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 190 期，总第 1749 期（电子版） 2024 年 10 月 22 日 星期二 美元离岸人民币 7.1382 0.02 | --- | --- | --- | |--------------|--------------|-----------| | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3268.11 | 0.2 | | 深证成指 | 10470.91 | 1.09 | | 中小 100 | 6485.39 | 1.69 | | 创业板指 | 2210.34 | 0.69 | | 沪深 300 | 3935.2 | 0.25 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 42931.6 | -0.8 | | 纳斯达克 | 18540.01 | 0.27 | | 标普 500 | 5853.98 | -0.18 | | 英国富时 100 | 8318.24 | -0.48 | | 日经 225 | 38954.6 | -0.0 ...