Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance [4][12]. Core Views - The company is positioned as a leading electronic materials platform, having expanded its business through acquisitions in various electronic materials sectors, including semiconductor chemicals and photolithography materials [5][6]. - The company has shown significant revenue growth, with a 41.1% year-over-year increase in revenue for the first three quarters of 2024, reaching RMB 5.0 billion, and a 55.8% increase in net profit to RMB 750 million [5][12]. - The demand for the company's precursor materials is expected to grow, driven by advancements in AI and semiconductor manufacturing, positioning it as a global leader in this segment [6][10]. Summary by Sections Company Overview - The company operates in the electronic industry, with a current stock price of RMB 62.54 and a market capitalization of RMB 19.92 billion [2]. - Major shareholders include Shen Qi, holding 22% of the shares [2]. Product Portfolio - The company's product mix includes semiconductor chemicals (28.6%), photolithography materials (26.7%), LNG polyurethane foam boards (22.3%), and electronic specialty gases (6.4%) [2][5]. - The electronic materials segment has become the primary source of revenue, contributing 66.5% to total revenue in the first half of 2024 [5]. Financial Performance - The company reported a net profit of RMB 958 million for 2024, with projected profits of RMB 1.22 billion in 2025 and RMB 1.42 billion in 2026, reflecting a growth trajectory of 65% and 27% respectively [12][13]. - The earnings per share (EPS) are expected to increase from RMB 2.01 in 2024 to RMB 2.98 in 2026 [12][13]. Market Position and Growth Drivers - The company is recognized as a leading supplier of precursor materials, competing with major international suppliers and serving top semiconductor manufacturers [6][10]. - The shift of the panel industry towards domestic production is expected to accelerate the adoption of the company's photolithography materials [6][10]. - The LNG insulation board segment is also performing well, with a revenue contribution of 22% in the first half of 2024 and a strong order backlog [10][12]. Future Outlook - The company is expected to benefit from ongoing demand in the semiconductor sector, particularly in high-bandwidth memory (HBM) applications, with anticipated growth in production capacity [6][10]. - The expansion into wet electronic chemicals and semiconductor cleaning services is expected to enhance the company's product offerings and competitive edge [9][10].

Investment Rating - The report assigns a "Buy" rating for the company Estun (002747.SZ) [2] Core Views - The industrial robot market saw a rebound in sales in Q3, and the company is expected to benefit from the development of new productivity initiatives [2] - The company is a leader in the domestic industrial robot sector, although it reported a cumulative net loss attributable to shareholders of 67 million RMB in the first three quarters, primarily due to weak downstream demand in sectors like photovoltaics [2] - With the gradual implementation of equipment renewal policies, the production growth rate of industrial robots is expected to improve month by month, leading to a year-on-year increase in revenue [2] - The company has received investments from advanced manufacturing funds, which is anticipated to accelerate its growth under government support [2] Financial Summary - The company reported a revenue of 1.2 billion RMB in Q3, representing a year-on-year growth of 21.7% [2] - The net profit attributable to shareholders for Q3 was 10 million RMB, recovering from a loss of 80 million RMB in Q2 [2] - The forecast for 2024 indicates a loss of 60 million RMB, with expected net profits of 170 million RMB and 350 million RMB in 2025 and 2026, respectively [2][4] - The estimated EPS for 2025 and 2026 is 0.19 RMB and 0.40 RMB, respectively, with corresponding P/E ratios of 92 times and 44 times [2][4] Market Position and Growth Potential - The company is positioned to capture opportunities in the high-tech industry, particularly in sectors such as shipbuilding, textiles, and packaging, as well as increased demand in electronics and automotive [2] - The government has begun to emphasize new productivity initiatives, which are expected to drive the development of high-tech industries, including industrial robots [2] - The company has introduced advanced manufacturing funds and received significant investments, which are likely to enhance its growth prospects [2]

阿 2024 年 11 月 18 日 赵旭东 H70556@capital.com.tw 目标价(元) 27 | --- | --- | --- | --- | |-----------------------|--------|--------|----------------| | 公司基本信息 | | | | | 产业别 | | | 机械设备 | | A 股价 (2024/11/15) | | | 22.82 | | 深证成指 (2024/11/15) | | | 10748.97 | | 股价 12 个月高/低 | | | 24.25/8.7 | | 总发行股数(百万 ) | | | 451.72 | | A 股数(百万) | | | 312.44 | | A 市值(亿元 ) | | | 71.30 | | 主要股东 | | | 吴丰礼 | | | | | (34.04%) | | 每股净值(元 ) | | | 6.03 | | 股价 / 账面净值 | | | 3.78 | | | 一个月 | 三个月 | 一年 | | 股价涨跌 (%) | | | 85.5 95.0 47.9 | 近期评等 出刊日期 ...

大陸消費月報： 耐消品回暖 社零繼續升溫 群益上海 顧向君 2024.11.15 0 一、宏觀消費運行概述 社會消費品零售總額：政策及電商大促發力，耐銷品銷售持續回暖 出行情況：國慶後進入淡季，法定假期增加利好旅遊 二、消費行業運行概述 本地消費：票房持續低迷，缺乏支撐 白酒：酒廠出手穩定行情 CPI：油價下跌拖累CPI走勢 生產資料價格走勢：菜肉價格回落，生鮮乳供需有望逐步改善 期間板塊漲跌情況：板塊跑贏大市 行業觀點：關注政策，關注耐消品 台 北 · 香 港 · 上 海 1 社零持續改善 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 5,000 15,000 25,000 35,000 45,000 55,000 65,000 75,000 85,000 95,000 2023 年1-2月 2023 年3月 2023 年4月 2023 年5月 2023 年6月 2023 年7月 2023 年8月 2023 年9月 2023 年10月 2023 年11月 2023 年12月 2024 年1-2月 2024 年3月 2024 年4月 ...

Investment Rating - The report assigns a "BUY" rating for the company, with a target price of 32.0 CNY per share [4]. Core Insights - The company has experienced significant revenue growth in Q3 2024, with a nearly 40% increase quarter-over-quarter, driven by the demand for headphones and AR/VR products. The net profit saw a substantial year-over-year increase of 138% [4][5]. - The report anticipates that the company will benefit from the ongoing AI wave, particularly in the consumer electronics sector, which is undergoing major transformations. The company is expected to grow alongside the AI industry due to its long-standing expertise in optical and acoustic fields [5]. - Future net profit projections for 2024-2026 are 3.49 billion, 4.46 billion, and 5.14 billion CNY, representing year-over-year growth rates of 221%, 28%, and 16%, respectively. The expected EPS for these years is 1.02, 1.30, and 1.50 CNY, with corresponding P/E ratios of 26, 20, and 15 [6]. Company Overview - The company operates in the electronics industry, with a market capitalization of 78.607 billion CNY and a current share price of 25.98 CNY as of November 13, 2024. The stock has seen a 35.1% increase over the past year [1][2]. - The major shareholders include Goer Group Limited, holding 14.86% of the shares [1]. Financial Performance - For the first three quarters of 2024, the company reported revenues of 69.65 billion CNY, a year-over-year decline of 5.8%, but a net profit of 2.35 billion CNY, which is a year-over-year increase of 162.9% [5][6]. - The gross margin improved to 11.4%, up 3 percentage points from the previous year, indicating a decrease in the proportion of low-margin products [5]. Market Position and Future Outlook - The company is positioned to benefit from the rapid growth in demand for AI-related acoustic and optical technologies, particularly in areas such as smart homes and mobile devices [5]. - The report emphasizes that the company is well-placed to capitalize on the evolving human-computer interaction trends driven by AI advancements [5].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [6]. Core Insights - The company achieved a revenue of 318.97 billion RMB for Q1-Q3 2024, representing a year-over-year increase of 9.6%. The net profit attributable to the parent company was 31.7 billion RMB, up 14.4% year-over-year [3]. - The company is expected to benefit from government policies promoting the replacement of old home appliances, which will support steady growth in home appliance consumption. Additionally, overseas market expansion is anticipated to contribute to revenue growth [5]. - The company's Q3 gross margin decreased by 1.1 percentage points to 26.4%, primarily due to fluctuations in raw material prices and changes in the sales mix [4]. Summary by Sections Company Overview - The company operates in the home appliance industry, with a current A-share price of 71.60 RMB as of November 11, 2024, and a target price of 84 RMB [1]. Financial Performance - For Q3, the company reported a revenue of 101.7 billion RMB, a year-over-year increase of 8.1%, and a net profit of 10.89 billion RMB, up 14.9% year-over-year [3]. - The company’s revenue from various segments for the first three quarters includes smart home appliances (215.4 billion RMB, +10% YOY), new energy and industrial technology (25.4 billion RMB, +19% YOY), smart building technology (22.4 billion RMB, +6% YOY), and robotics and automation (20.8 billion RMB, -9% YOY) [4]. Earnings Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 39.06 billion RMB, 44.05 billion RMB, and 49.11 billion RMB, respectively, with year-over-year growth rates of 15.8%, 12.8%, and 11.5% [5]. - The expected earnings per share (EPS) for the same years are 5.6 RMB, 6.3 RMB, and 7.0 RMB, with corresponding price-to-earnings (P/E) ratios of 13X, 11X, and 10X for A-shares [5].

Investment Rating - The report assigns a "Trading Buy" rating, indicating a potential upside of 5% to 15% in the stock price [4][6]. Core Insights - The company has raised its full-year revenue guidance to RMB 56-58.8 billion, with the lower end increased by approximately RMB 3 billion, clarifying its performance outlook [4][5]. - The company is transitioning from cleaning equipment to a broader range of semiconductor equipment, including coating, developing, and wet etching, supported by recent order receipts that validate its R&D and manufacturing capabilities [4][6]. - The stock is currently trading at P/E ratios of 44x, 34x, and 27x for 2024, 2025, and 2026, respectively, suggesting a favorable valuation for long-term investment after the release of lock-up risks [4][6]. Revenue and Profitability - For Q3 2024, the company reported a revenue of RMB 16 billion, a year-on-year increase of 38%, and a net profit of RMB 3 billion, up 35% year-on-year [5]. - The company’s R&D expenses increased by 36% year-on-year to RMB 540 million, reflecting a strong commitment to innovation [5]. - The net profit forecast for 2024-2026 is projected to be RMB 1.13 billion, RMB 1.46 billion, and RMB 1.81 billion, with year-on-year growth rates of 24%, 30%, and 24% respectively [6]. Shareholder Information - The major shareholder is ACM Research, Inc., holding 82.01% of the shares [4]. - A total of 360 million shares (82% of the total) will be unlocked on November 18, which may temporarily affect market sentiment [4][5]. Market Performance - The stock price as of November 7, 2024, is RMB 112.60, with a 12-month high of RMB 139.99 and a low of RMB 68.34 [4]. - Over the past month, the stock has decreased by 7.6%, but it has increased by 17.9% over the past three months [4].

C o m p a n y U p d a t e 公司基本资讯 产业别 食品饮料 A 股价(2024/11/1) 22.95 深证成指(2024/11/1) 10455.50 股价 12 个月高/低 27.88/15.2 总发行股数(百万) 569.98 A 股数(百万) 566.68 A 市值(亿元) 130.05 主要股东 安徽金瑞投资 集团有限公司 (43.95%) 每股净值(元) 13.09 股价/账面净值 1.75 一个月 三个月 一年 股价涨跌(%) -0.6 14.5 6.3 近期评等 2024.08.30 买进 20.82 2024.09.24 买进 22.53 产品组合 食品添加剂 54.1% 大宗化工原料 34.0% 功能性化工中间体原料 4.4% 2024 年 11 月 04 日 费倩然 H70507@capital.com.tw 目标价(元) 27 股价相对大盘走势 机构投资者占流通 A 股比例 基金 11.0% 一般法人 46.0% 金禾实业（002597.SZ） Buy 买进 甜味剂低点已过，看好业绩持续修复 事件1：公司发布2024年三季报，前三季度公司实现营业收入40.43亿 ...

阿 2024 年 11 月 01 日 顾向君 H70420@capitalcom.tw 目標價(元) 162 | --- | --- | --- | --- | |------------------------|----------|--------|---------------| | | | | | | 公司基本資訊 | | | | | 產業別 | | | 食品饮料 | | A 股价 (2024/10/31) | | | 146.83 | | 深证成指 (2024/10/31) | | | 10591.22 | | 股價 12 個月高 /低 | | | 178.76/106.33 | | 總發行股數(百萬 ) | | | 3881.61 | | A 股數(百萬 ) | | | 3881.53 | | A 市值(億元 ) | | | 5699.24 | | 主要股東 | | | 宜宾发展控股 | | | | | 集团有限公司 | | | | | (34.43%) | | 每股淨值(元 ) | | | 35.13 | | | | | | | 股價/賬面淨值 | | | 4.18 | | | | | | | ...

C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . | --- | --- | --- | --- | --- | |---------------------------------------------|-----------------|--------------------------------|----------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------| | 阿 2024 年 11 月 01 日 顾向君 | | | 山西汾酒 | (600809.SH) TRADING BUY 区间操作 | | H70420@capitalcom.tw 目标价(元 ) | | 221 | Q3 稳健，腰部产品支撑加强 ...