工业富联（ [Table_StockNameRptType] 601138） 公司点评 AI 服务器需求强劲，云计算营收持续增长 [Table_Rank] 投资评级：增持（维持） 报告日期： 2024-11-06 !"#$% | --- | --- | |---------------------------------|-------------| | | | | [Table_BaseData] 收盘价（元） | 24.18 | | 近 12 个月最高/最低（元） | 29.47/12.63 | | 总股本（百万股） | 19,868 | | 流通股本（百万股） | 19,864 | | 流通股比例（%） | 99.98 | | 总市值（亿元） | 4,804 | | 流通市值（亿元） | 4,803 | [公司价格与沪深 Table_Chart] 300 走势比较 -25% 7% 40% 72% 104% 11/23 2/24 5/24 8/24 11/24 ⼯业富联 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱： chenyaobo@hazq ...

北方华创（ [Table_StockNameRptType] 002371） 公司点评 Q3 业绩高增，持续验证平台型设备公司竞争优势 [Table_Rank] 投资评级：买入（维持） 报告日期： 2024-11-06 !"#$% l[Table_Summary] 事件 | --- | --- | |---------------------------------|---------------| | | | | [Table_BaseData] 收盘价（元） | 404.91 | | 近 12 个月最高/最低（元） | 440.00/213.42 | | 总股本（百万股） | 533 | | 流通股本（百万股） | 533 | | 流通股比例（ % ） | 99.91 | | 总市值（亿元） | 2,159 | | 流通市值（亿元） | 2,157 | [公司价 Table_Chart] 格与沪深 300 走势比较 -26% -2% 22% 45% 69% 11/23 2/24 5/24 8/24 11/24 北⽅华创 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523 ...

爱尔眼科（ [Table_StockNameRptType] 300015） 公司点评 业绩略承压，经营韧性依旧 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|------------------------|------------------------------------------------------------------------------------------------------------------------------------------------ ...

华[Ta润ble三_Sto九ckN（ameRptType] 000999） 公司点评 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

通富徽电（002156） | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------|----------|-------------|-------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

工业富联 (601138 ) 公司点评 Al 服务器驱动公司成长 2024-03-15 AI 服务器需求强劲,云计算营收持续增长 | --- | --- | --- | --- | --- | |--------------------------------------|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-----------| | | | | | | | | | | | | | 投资评级:增持(维持) | | 主要观点: | | | | 报告日期: 2024-11-06 | | ● 事件 | | | | ...

资料来源: wind,华安证券研究所 毛利率环比明显改善， | --- | --- | --- | |--------------------------|-------|------------| | 投资评级:增持(维持) | | | | 报告日期: | | 2024-11-05 | | 收盘价 (元) | | 9.27 | | 近 12 个月最高/最低 (元) | | 12.32/7.99 | | 总股本（百万股） | | 956 | | 流通股本（百万股） | | 942 | | 流通股比例 (%) | | 98.58 | | 总市值 (亿元) | | 89 | | 流通市值（亿元） | | 87 | 公司价格与沪深 300 走势比较 37% 22% -沪深300 分析师:张志邦 执业证书号: S0010523120004 邮箱: zhangzhibang@hazq.com 联系人:王雲昊 执业证书号: S0010124070001 邮箱：wangyunhao@hazq.com 相关报告 1.热电业务构筑业绩基石，氢能&火改 蓄势待发 2024-09-03 2.环保能源主业稳固，氢能与火改引 领战略转 ...

Investment Rating - Investment Rating: Overweight (Maintained) [1] Core Views - Google's Q3 2024 performance exceeded expectations with revenue of $882.68 billion, up 15.1% YoY, and operating profit of $285.21 billion, up 33.6% YoY [1] - Google Cloud revenue grew 35% YoY to $113.53 billion, with operating profit margin (OPM) improving to 17.1%, up 14 percentage points YoY [1] - AI-driven search enhancements, including AI Overview and Circle to Search, have been deployed in over 100 countries, reaching 1 billion monthly users and 150 million Android devices [1] - AI tools have improved ad conversion rates and reduced ad creation costs, boosting advertiser engagement [1] Financial Performance Revenue and Profit - Q3 2024 revenue: $882.68 billion, +15.1% YoY, 2.1% above Bloomberg consensus [1] - Q3 2024 operating profit: $285.21 billion, +33.6% YoY, 6.9% above Bloomberg consensus [1] - Q3 2024 GAAP net income: $263.01 billion, +33.6% YoY, 15.4% above Bloomberg consensus [1] - 2024-2026 revenue forecast: $3,502.52 billion, $3,947.20 billion, $4,393.82 billion, with YoY growth of 13.9%, 12.7%, and 11.3% respectively [1] - 2024-2026 net income forecast: $995.75 billion, $1,144.81 billion, $1,312.65 billion, with YoY growth of 34.9%, 15.0%, and 14.7% respectively [1] Segment Performance - Google Services revenue: $765.10 billion, +12.5% YoY, 1.7% above Bloomberg consensus [1] - Search revenue: $493.85 billion, +12.2% YoY [1] - YouTube ad revenue: $89.21 billion, +12.2% YoY [1] - Google Network revenue: $75.48 billion, -1.6% YoY [1] - Subscription revenue: $106.56 billion, +27.8% YoY, 8.8% above Bloomberg consensus [1] - Google Cloud revenue: $113.53 billion, +35% YoY, 5.2% above Bloomberg consensus [1] Financial Ratios - ROE: 26.04% (2023A), 30.46% (2024E), 27.82% (2025E), 23.42% (2026E) [3] - ROA: 18.34% (2023A), 22.50% (2024E), 21.70% (2025E), 19.39% (2026E) [3] - Total asset turnover: 76% (2023A), 79% (2024E), 75% (2025E), 65% (2026E) [3] - Debt-to-asset ratio: 29.58% (2023A), 26.14% (2024E), 22.01% (2025E), 17.21% (2026E) [3] Balance Sheet and Cash Flow - Total assets: $402.392 billion (2023A), $441.874 billion (2024E), $518.946 billion (2025E), $652.174 billion (2026E) [4] - Cash and cash equivalents: $24.048 billion (2023A), $19.026 billion (2024E), $50.923 billion (2025E), $140.120 billion (2026E) [4] - Net cash increase: $2.169 billion (2023A), -$4.323 billion (2024E), $39.847 billion (2025E), $105.271 billion (2026E) [5] Analyst Background - Analyst: Jin Rong, Master of Economics from CUHK, Bachelor of Mathematics from Tianjin University, with experience at Shenwan Hongyuan Securities and leading internet companies [6]

[Table_StockNameRptType] 微软（MSFT.O） 公司点评 业绩略超预期，继续加码资本开支 | --- | --- | --- | --- | |---------------------------------------------------|--------------------------------------------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_StockNameRptType] 中国宏桥（01378） 港股公司点评 一体化优势凸显，Q3 延续高景气 | --- | --- | --- | |-------------------------------------|--------------|------------| | | | | | [Table_Rank] 投资评级：买入（维持） | | | | 报告日期： | 2024-11-05 | | | [Table_BaseData] 收盘价（港元） | | 13.10 | | 近 12 个月最高 / | 最低（港元） | 14.24/5.17 | | 总股本（百万股） | | 9,476 | | 流通股本（百万股） | | 9,476 | | 流通股比例（ % | ） | 100.00 | | 总市值（亿港元） | | 1,241 | | 流通市值（亿港元） | | 1,241 | [公司价格与恒生指数走势比较 Table_Chart] -31% 8% 47% 86% 125% 11/23 2/24 5/24 8/24 中国宏桥 恒生指数 [Table_Author] 分析师：黄 ...