C o m p a n y U p d a t e 公司基本信息 产业别 交通运输 A 股价(2024/10/31) 10.85 深证成指(2024/10/31) 10591.22 股价 12 个月高/低 12.66/6.14 总发行股数(百万) 1530.80 A 股数(百万) 1492.05 A 市值(亿元) 161.89 主要股东 浙江菜鸟供应 链管理有限公 司(25.00%) 每股净值(元) 6.15 股价/账面净值 1.76 一个月 三个月 一年 股价涨跌(%) 6.4 21.5 9.2 近期评等 出刊日期 前日收盘 评等 2024-09-01 9.09 买进 产品组合 快递服务 98.9% 其他 1.1% 申通快递 (002468.SZ) 买进（Buy） C h i n a R e s e a r c h D e p t . 2023 年 10 月 31 日 赵旭东 H70556@capital.com.tw 目标价(元) 12.8 3Q 利润符合预期，毛利率同比显着提升 结论与建议： ◼ 公司业绩：公司公告2024前三季度实现营收334.9亿元，YOY+14.2%；归 母净利润6.5亿元，YOY ...

◼ 风险提示：原料价格上涨、终端销售不及预期、高端消费疲软 2024 年 10 月 31 日 王睿哲 C0062@capital.com.tw 目标价(元) 71 | --- | --- | --- | --- | |-----------------------|-----------------|----------------|-------------------------| | 公司基本信息 | | | | | 产业别 | | | 医药生物 | | A 股价 (2024/10/30) | | | 59.23 | | 深证成指 (2024/10/30) | | | 10530.85 | | 股价 12 个月高/低 | | | 69.46/42.59 | | 总发行股数 (百万) | | | 643.98 | | A 股数(百万 ) | | | 643.98 | | A 市值(亿元) | | | 381.43 | | 主要股东 | | | 华润东阿阿胶 | | 每股净值(元 ) | | | 有限公司 (23.50%) 15.39 | | 股价/账面净值 | | | 3.85 | | | 一个月 | 三 ...

阿 2024 年 10 月 31 日 顾向君 H70420@capitalcom.tw 目标价(元) 31 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 . 伊利股份(600887.SH) BUY 买进 渠道调整结束叠加原奶价格低位，3Q 超预期 结论与建议： 业绩概要： 公司公告 2024 年前三季度实现营业总收入 890.4 亿，同比下降 8.6%，录 得归母净利润 108.7 亿，同比增 15.9%，录得扣非后净利润 85 亿，同比下降 4.6%；3Q 实现营业总收入 291.2 亿，同比下降 6.7%，录得归母净利润 33.4 亿，同比增 8.5%，录得扣非后净利润 31.8 亿，同比增 13.4%。3Q 业绩好于我 们预期。 点评： 公司基本资讯 产业别 食品饮料 A 股价(2024/10/30) 26.44 上证指数(2024/10/30) 3266.24 股价 12 个月高/低 31.96/21.13 总发行股数(百万) 6365.96 A 股数(百万) 6334.47 A 市值(亿元) 1674.83 主要股东 香港中央 ...

C o m p a n y U p d a t e 公司基本资讯 产业别 电子 A 股价(2024/10/29) 140.97 上证指数(2024/10/29) 3286.41 股价 12 个月高/低 171.45/90.37 总发行股数(百万) 129.21 A 股数(百万) 129.21 A 市值(亿元) 182.15 主要股东 Anji Microelectron ics Co., Ltd.(30.81%) 每股净值(元) 19.67 股价/账面净值 7.17 一个月 三个月 一年 股价涨跌(%) 28.7 22.6 0.9 近期评等 2024.04.26 买进 102.82 2024.08.27 买进 102.30 产品组合 化学机械抛光液 84.4% 湿电子化学品 6.4% 其他 0.8% 机构投资者占流通 A 股比例 基金 23.4% 一般法人 38.4% 2024 年 10 月 30 日 费倩然 H70507@capital.com.tw 目标价(元) 170 股价相对大盘走势 安集科技（688019.SH） Buy 买进 业绩超预期增长，新基地正待放量 事件：公司发布 2024 年三季报，前三 ...

| --- | --- | |----------------------|--------| | | | | 机构投资者占流通 A | 股比例 | | 基金 | 3.5% | | 一般法人 | 51.4% | 2024 年 10 月 30 日 王睿哲 C0062@capital.com.tw 目标价(元/港元) 31/18 | --- | --- | --- | --- | |-------------------------|----------|--------|----------------| | | | | | | | | | | | 公司基本资讯 | | | | | 产业别 | | | 医药生物 | | A 股价 (2024/10/29) | | | 26.04 | | 上证指数 (2024/10/29) | | | 3286.41 | | 股价 12 个月高 / 低 | | | 30.44/20.15 | | 总发行股数 ( 百万 ) | | | 2671.33 | | A 股数 ( 百万 ) | | | 2118.49 | | A 市值 ( 亿元 ) | | | 551.65 | | 主要股 ...

Investment Rating - The report assigns a "Trading Buy" rating to the company, with a target price of 64 CNY [2] Core Views - The company's new energy vehicle business continues to grow rapidly, while the industrial control business remains under pressure [2] - In 3Q24, the company achieved revenue of 92.1 billion CNY, a YoY increase of 20.1%, driven by strong growth in the new energy vehicle sector [2] - The new energy vehicle business contributed approximately 44 billion CNY in revenue, a YoY increase of 91%, benefiting from rapid sales growth of customer models [2] - The industrial automation business saw a 7% YoY decline in revenue, with specific segments like general inverters, general servos, and PLC&HMI experiencing drops of 2%, 15%, and 25% respectively [2] - The company's gross margin declined to 29.7% in 3Q24, down 5.3 percentage points YoY, primarily due to the increased proportion of low-margin new energy vehicle business [2] Financial Performance - For the first three quarters of 2024, the company reported revenue of 254.0 billion CNY, a YoY increase of 26.2%, and net profit attributable to shareholders of 33.5 billion CNY, a YoY increase of 1.0% [2] - In 3Q24, the company's net profit attributable to shareholders was 12.4 billion CNY, a slight YoY decrease of 0.5%, while non-GAAP net profit was 10.7 billion CNY, down 9.5% YoY [2] - The company's 3Q24 operating margin was 17.1%, down 1.9 percentage points YoY, mainly due to a decrease in R&D expense ratio [2] Business Segments - The new energy vehicle & rail transit segment accounted for 38.5% of the company's product mix, while the elevator electrical segment contributed 14.4% [2] - The general automation segment, which makes up 46.5% of the product mix, saw a decline in revenue, particularly in the PLC&HMI segment, which dropped by 25% YoY [2] Strategic Initiatives - The company is accelerating its internationalization strategy, establishing new subsidiaries and offices in Vietnam and building a new factory in Thailand [2] - In the digitalization space, the company showcased its industrial digital platform InoCube and the iFA Evolution software platform at the Industrial Expo, enhancing its competitiveness in software and hardware integration [2] - The recent acquisition of a French industrial software company is expected to complement the company's digital twin technology [2] Future Outlook - The report forecasts that the company will achieve net profits of 47, 58, and 69 billion CNY for 2024, 2025, and 2026 respectively, with EPS of 1.8, 2.2, and 2.6 CNY [2] - The company's PE ratios for 2024-2026 are projected at 32x, 27x, and 22x, based on the current A-share price [2]

阿 .................................................... 接续下页 ............................................................... 2024 年 10 月 29 日 顾向君 H70420@capitalcom.tw 目标价(元) 48 | --- | --- | --- | --- | |-----------------------|----------|----------------|------------------------------------| | 公司基本资讯 | | | | | 产业别 | | | 食品饮料 | | A 股价(2024/10/28) | | | 45.37 | | 上证指数 (2024/10/28) | | | 3322.20 | | 股价 12 个月高/低 | | | 52.99/32.41 | | 总发行股数(百万 | ) | | 5560.60 | | A 股数(百万 ) | | | 5560.60 | | A 市值(亿元) | | | 2522.8 ...

2024 年 10 月 28 日 费倩然 H70507@capital.com.tw 目标价(元) CNY46/HKD40 | --- | --- | --- | --- | --- | |-----------------------|--------|----------|---------------|--------------------| | | | | | | | | | | | | | 公司基本资讯 | | | | | | | | | | | | 产业别 | | | | 采掘 | | A 股价 (2024/10/25) | | | | 40.93 | | 上证指数 (2024/10/25) | | | | 3299.70 | | 股价 12 个月高/低 | | | | 47.5/27.83 | | 总发行股数(百万 | ) | | | 19868.52 16491.04 | | A 股数(百万 ) | | | | | | | | | | 6749.78 | | A 市值(亿元 ) | | | | | | 主要股东 | | | 国家能源投资 | | | | | | 集团有限责任 | | | | ...

.......................... 接续下页................................... 2024 年 10 月 28 日 王睿哲 C0062@capital.com.tw 目标价(元) 34 | --- | --- | --- | --- | --- | |-----------------------|------------|-------|---------------|----------------| | | | | | | | | | | | | | 公司基本资讯 | | | | | | 产业别 | | | | 医药生物 | | A 股价(2024/10/25) | | | | 26.45 | | 深证成指 (2024/10/25) | | | | 10619.85 | | 股价 12 个月高/低 | | | | 29.98/20.37 | | 总发行股数(百万 | ) | | | 1016.18 | | A 股数(百万 ) | | | | 881.79 | | A 市值(亿元) | | | | 233.23 | | 主要股东 | | | | 徐州恩华 ...

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 . 公司基本资讯 产业别 食品饮料 A 股价(2024/10/25) 1558.85 上证指数(2024/10/25) 3299.70 股价 12 个月高/低 1910/1245.83 总发行股数(百万) 1256.20 A 股数(百万) 1256.20 A 市值(亿元) 19582.24 主要股东 中国贵州茅台 酒厂(集团)有 限责任公司 (54.07%) 每股净值(元) 189.23 股价/账面净值 8.24 一个月 三个月 一年 股价涨跌(%) 23.3 11.5 -2.0 近期评等 出刊日期 2024-08-09 2024-04-03 2024-01-02 2023-10-23 2023-07-14 2023-04-26 前日收盘 1430.69 1713.99 1685.01 1645.00 1738.40 1730.00 评等 买进 买进 买进 买进 买进 买进 产品组合 茅台酒 83.9% 系列酒 16.1% 6 阿 2024 年 10 月 28 日 顾向君 H70420@ca ...