金盘科技（688676） 公司点评 业绩稳健增长，海外产能加速扩张 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------|-------------|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------------| | 投资评级：买入（维持） | | 主要观点： | | | | | | 报告日期： 2024-12-02 | | 业绩 | | | | | | 收盘价（元） | 35.38 | | 公司发布 2 ...

Investment Rating - Buy rating maintained for Meituan-W (03690) [2] Core Views - Meituan's 3Q24 revenue reached 935.77 billion yuan (YoY +22%), slightly exceeding Bloomberg consensus by 1.7% [2] - Adjusted EBITDA was 145.29 billion yuan (YoY +135%), 9.0% above Bloomberg consensus [2] - Adjusted net profit stood at 128.29 billion yuan (YoY +124%), 10.1% above Bloomberg consensus [2] - Operating profit surged to 136.85 billion yuan (YoY +308%), 41% above Bloomberg consensus [2] Segment Performance Core Local Commerce - Revenue: 693.73 billion yuan (YoY +20%), 1.5% above Bloomberg consensus [2] - Operating profit: 145.82 billion yuan (YoY +44%), 13.7% above Bloomberg consensus [2] - Operating margin improved by 3.5 percentage points to 21.0% [2] - Instant delivery orders grew 14.5% YoY to 7.1 billion, with daily orders reaching 77.17 million [2] New Initiatives - Revenue: 242.04 billion yuan (YoY +29%), 3.9% above Bloomberg consensus [2] - Operating loss narrowed to 10.26 billion yuan (YoY +80%), 42.4% above Bloomberg consensus [2] - Meituan Flash Shopping daily orders exceeded 10 million, with peak orders reaching 16 million during Qixi Festival [2] - Flash warehouses surpassed 30,000, covering multiple consumer categories [2] In-store, Hotel & Travel - Order volume grew over 50% YoY [2] - Annual transacting users and active merchants reached record highs [2] - "Hotel + X" cross-selling strategy enhanced supply diversification [2] Financial Projections - 2024-2026 revenue forecast: 3,367/3,857/4,352 billion yuan (previous: 3,344/3,889/4,421 billion yuan) [4] - 2024-2026 adjusted net profit forecast: 423/521/707 billion yuan (previous: 386/522/698 billion yuan) [4] - Revenue growth rates: 22%, 15%, 13% for 2024-2026 respectively [4] - Adjusted net profit growth rates: 82%, 23%, 36% for 2024-2026 respectively [4] Key Financial Metrics - 2024E revenue: 3,366.99 billion yuan (YoY +22%) [6] - 2024E adjusted net profit: 423.05 billion yuan (YoY +82%) [6] - 2024E EPS: 5.71 yuan [6] - 2024E P/E ratio: 19x [6] Strategic Initiatives - Diversified supply through initiatives like Pinhaofan, Shenqiangshou, and brand satellite stores [2] - Merchant support measures including 6-12 month commission rebates and 1 billion yuan subsidies [2] - AI-powered location services for restaurant merchants [2] - Expansion of flash warehouses to 100,000 by 2027, targeting 200 billion yuan market size [2]

[Table_IndNameRptType] 广告营销 行业专题 AI 整合广告底层数据，供需双受益 [Table_IndRank] 行业评级：增持 报告日期： 2024-12-05 [Table_Chart] 行业指数与沪深 300 走势比较 -42% -27% -13% 2% 16% 31% 11/23 2/24 5/24 8/24 广告营销 沪深300 [Table_Author] 分析师：金荣 执业证书号：S0010521080002 邮箱：jinrong@hazq.com [Table_Report] 相关报告 1.云业务增长强劲，利润率显著提高 2024-11-06 2.利润显著超预期，云业务 OPM 创 新高 2024-11-05 主要观点： ⚫[Table_Summary] 竞价模式相较成熟，投放精度成为竞争趋势 广告行业经历从线下到线上，合约到定向再到竞价的发展途 径，目前也已经基本确定了实时竞价的竞价模式，产业链也形成了 DSP、竞价平台、SSP 和归因平台四大板块。由于数字广告具备更 有针对性的有效投放，因此相对于传统广告有更高增速，2024 年预 计数字广告会占行业的 71%，增速预计 ...

1 证券研究报告 证券研究报告 华安研究• 拓展投资价值 敬请参阅末页重要声明及评级说明 华安证券研究所 银行业2025年展望： 新共识下的价值重估 分析师：刘锦慧（S0010524110001）邮箱：liujinhui@hazq.com 2024年12月4日 华安证券研究所 证券研究报告 华安研究• 拓展投资价值 2025年银行股投资策略 ➢ 一揽子稳增长政策加力见效，银行作为政策直达实体的主要融资通道基本面持续改善，2025年有望实现新共识下的价值重估。 新共识下的投资思路转变： ⚫ 宏观财政政策加力空间打开，若政策落地效果持续超预期，则有望开启经济基本面修复带来的顺周期行情； ⚫ 货币政策精准管控，人行强化针对短端利率更及时的响应、淡化规模考核，强调逆周期货币政策取向为价格型为主，意味着 社融信贷总量增速等指标对投资的指引性也将逐步降低； ⚫ 中美利差收窄为利率下行约束放松，负债端成本率下降举措也将更加积极，息差有望触底企稳； ⚫ 一揽子政策带动市场风险偏好提振，银行地产、城投等资产质量隐忧也实质上得到缓解，系统性风险降低后市场将更倾向于 为个股alpha定价。 ➢ 维持行业"增持"评级。资金面：十年期 ...

欧派家居（ [Table_StockNameRptType] 603833） 公司覆盖 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

莱特光电（ [Table_StockNameRptType] 688150） 公司覆盖 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

D [Table_IndNameRptType] 基础化工 行业周报 合成生物学周报：2024 年绿色技术推广目录公示，云 南全力推进生物制造高质量发展 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

年度ista HUAAN SECURITIES 证券研究报告 2024年12月2日 注重政策发力方向的确定性与结构性影响 一 大 类 资 产 配 置 月 报 第 4 1 期 : ２０2 4 年 1 2 月 分析师:郑小霞 | SAC执业证书号： S0010520080007 联系方式: zhengxx@hazq.com 分析师：张运智 SAC执业证书号: S0010523070001 联系方式: zhangyz@hazq.com 千女15分 HUAAN SECURITIES 核心结论:注重政策发力方向的确定性与结构性影响 | --- | --- | --- | --- | --- | --- | |----------------------|----------|---------------|---------------------------------------------------------------------------------------------------------|----------------------|--------| | 项目 | 投资建议 | \| 较上期 ...

[Table_StockNameRptType] 名创优品（09896） 公司点评 24Q3 业绩点评：海外业务维持高速增长，期待四季度海外消费旺季表现 | --- | --- | --- | |--------------------------------------------------------------------------------|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | [Table_Rank] 投资评级：买入（维持） | | 主要观 ...

尚太科技（ [Table_StockNameRptType] 001301） 公司点评 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...