2024 年 10 月 09 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(2024/10/8) | | | | 28.10 | | 深证成指 (2024/10/8) | | | | 11495.10 | | 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 ) | | | | 247.78 | | 主要股东 | | | 徐州恩华投资有 | | | | | | 限公司 | (31.77%) | | | | | | | | 每股净值(元 ) | | | | 6.73 | ...

2024 年 9 月 30 日 何利超 H70529@capital.com.tw 目标价(元) 12 | --- | --- | --- | --- | |-----------------------|--------|---------------|------------| | | | | | | | | | | | 公司基本资讯 | | | | | 产业别 | | | 传媒 | | A 股价 (2024/9/27) | | | 7.87 | | 深证成指 (2024/9/27) | | | 9514.86 | | 股价 12 个月高/低 | | | 10.82/6.43 | | 总发行股数(百万 ) | | | 2933.61 | | A 股数(百万) | | | 2787.22 | | A 市值(亿元 ) | | | 219.35 | | 主要股东 | | 光线控股有限 | | | | | 公司 | (37.40%) | | 每股净值(元 ) | | | 3.04 | | | 一个月 | 三个月 | 一年 | | 股价涨跌 (%) | | 13.7 2.3 -8.5 | | 近期评等 出刊日期 前 ...

C o m p a n y U p d a t e 公司基本资讯 产业别 电子设备制造 A 股价(2024/9/27) 89.98 上证指数(2024/9/27) 3087.53 股价 12 个月高/低 124.35/68.34 总发行股数(百万) 436.15 A 股数(百万) 75.86 A 市值(亿元) 68.26 主要股东 ACM Research, Inc.(82.01%) 每股净值(元) 15.60 股价/账面净值 5.77 一个月 三个月 一年 股价涨跌(%) 1.5 5.2 -12.2 近期评等 出刊日期 前日收盘 评等 2024-06-27 81.71 买进 2024-02-28 86.42 买进 产品组合 清洗设备 68% 炉管、电镀等设备 21% 先进湿法封装设备 11% C h i n a R e s e a r c h D e p t . 2024 年 9 月 30 日 朱吉翔 C0044@capitalcom.tw 目标价(元) 115.0 盛美上海(688082.SH) BUY 买进 新产品验证公司长期增长潜力 结论与建议： 公司近期收到海外客户四台晶圆级封装设备的采购订单，包括 ...

C o m p a n y U p d a t e 百联股份 (600827.SH) 买进 （Buy） 结论与建议： | --- | --- | --- | --- | |------------------------|--------|--------|----------------| | | | | | | 公司基本信息 | | | | | 产业别 | | | 商业贸易 | | A 股价 (2024/9/25) | | | 8.01 | | 上证指数 (2024/9/25) | | | 2896.31 | | 股价 12 个月高 /低 | | | 11.35/7.12 | | 总发行股数 (百万) | | | 1784.17 | | A 股数(百万 ) | | | 1604.45 | | A 市值(亿元 ) | | | 128.52 | | 主要股东 | | | 百联集团有限 | | | | 公司 | (47.62%) | | 每股净值(元 ) | | | 9.97 | | 股价/账面净值 | | | 0.80 | | | 一个月 | 三个月 | 一年 | | 股价涨跌 (%) | | | 6.1 1 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [3][4]. Core Insights - The company is a leading player in the domestic semiconductor etching equipment sector, enhancing its market share while continuously expanding its product offerings in high-end semiconductor equipment [4]. - Despite a significant increase in R&D expenses leading to a decline in net profit, the company maintains a positive outlook due to its high R&D intensity, which is expected to bolster long-term competitiveness [4]. - The demand for advanced semiconductor processes in China is intensifying, particularly in light of U.S. restrictions on high-tech industries, creating a larger market space for domestic equipment manufacturers [4]. - The company reported a revenue of 3.45 billion RMB in the first half of 2024, a year-over-year increase of 36.5%, while net profit decreased by 48.5% due to previous equity sales [4]. - The company has secured approximately 4.7 billion RMB in new orders in the first half of 2024, reflecting a year-over-year growth of about 40% [4]. Financial Summary - The company is projected to achieve net profits of 1.8 billion RMB, 2.3 billion RMB, and 2.76 billion RMB for the years 2024, 2025, and 2026, respectively, with year-over-year growth rates of 1%, 28%, and 20% [4][6]. - The earnings per share (EPS) are expected to be 2.89 RMB, 3.7 RMB, and 4.44 RMB for the same years, with corresponding P/E ratios of 42, 33, and 27 [4][6]. - The company’s revenue is forecasted to grow from 8.31 billion RMB in 2024 to 13.05 billion RMB in 2026 [8].

2024 年 9 月 26 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(2024/9/25) | | | 41.78 | | 上证指数 (2024/9/25) | | | 2896.31 | | 股价 12 个月高/低 | | | 43.71/27.83 | | 总发行股数 (百万) | | | 19868.52 | | A 股数(百万) | | | 16491.04 | | A 市值(亿元) | | | 6889.96 | | | | | | | 主要股东 | | 公司 | 国家能源投资 集团有限责任 (69.52%) | | 每股净值 (元) | | | 19.99 | | 股价/账面净值 | | | 2.09 | | | 一个月 | 三个月 | ...

Company Overview - The company operates in the communications industry with a current stock price of 121.99 as of September 25, 2024 [1] - The stock has a 12-month high/low of 159.68/60.95 and a total issued shares of 1,121.17 million [1] - The company's A-share market capitalization is 136.11 billion RMB with a price-to-book ratio of 8.45 [1] - Major shareholder is Shandong Zhongji Investment Holding Co Ltd with an 11.32% stake [1] - The stock has shown significant price movements: +6.7% (1 month), -14.7% (3 months), and +74.8% (1 year) [1] Investment Rating and Target Price - Current investment rating: Buy [3] - Target price: 155 RMB [1] - Historical ratings: Buy (103.82 on 2024-01-29), Trading Buy (154.20 on 2023-07-13), Buy (107.30 on 2023-05-31) [2] Core Business and Market Position - Global leader in high-speed optical modules with a complete product matrix [3] - Dominant position in 800G optical modules with plans for 1.6T module mass production in Q4 2024 [3] - Ranked first globally in LightCounting's 2023 optical module manufacturer ranking [4] - Product mix: 95% optical communication transceiver modules, 1.88% optical components, 3.12% automotive optoelectronics [2] Financial Performance - H1 2024 revenue: 10.80 billion RMB (+170% YoY) [3] - H1 2024 net profit: 2.36 billion RMB (+284.26% YoY) [3] - Q2 2024 net profit: 1.35 billion RMB (+271% YoY) [3] - Automotive optoelectronics revenue: 279 million RMB [3] Future Outlook and Projections - Expected net profit for 2024-2026: 5.39/6.92/8.74 billion RMB (+148.1%/+28.4%/+26.3% YoY) [4] - Projected EPS for 2024-2026: 4.81/6.17/7.80 RMB [4] - Current P/E ratios: 25x (2024), 20x (2025), 16x (2026) [4] - Revenue projections: 25.71/34.68/45.07 billion RMB for 2024-2026 [7] Technological Advancements - 1.6T optical modules in testing phase, expected small batch shipments in Q4 2024 [4] - Significant progress in silicon photonics technology with 1.6T silicon photonics solutions and self-developed silicon photonics chips [4] - Expanded VCSEL supplier base and pre-planned EML chip procurement to ensure supply chain stability [4] Institutional Ownership - Fund ownership: 4.6% of circulating A-shares [2] - General corporate ownership: 48.2% of circulating A-shares [2]

C o m p a n y U p d a t e 公司基本资讯 产业别 通信 A 股价(2024/9/20) 39.30 上证指数(2024/9/20) 2748.92 股价 12 个月高/低 57.25/29.71 总发行股数(百万) 264.57 A 股数(百万) 264.57 A 市值(亿元) 103.98 主要股东 钱鹏鹤 (22.74%) 每股净值(元) 14.10 一个月 三个月 一年 股价涨跌(%) -6.1 -13.1 -14.5 近期评等 出刊日期 前日收盘 评等 2024-08-27 44.26 买进 产品组合 无线通信模组 98.67% 其他 1.33% 股价相对大盘走势 2024 年 9 月 23 日 何利超 H70529@capital.com.tw 目标价(元) 50 机构投资者占流通 A 股比例 基金 17.2% 一般法人 17.8% 移远通信 (603236.SH) BUY 买进 控股股东减持影响有限，业绩好转趋势确立 结论及建议： 控股股东直接持有公司比例为22.74%，本次拟通过集中竞价、大宗交易 方式减持公司总股本1%股份。整体份额与去年八月终止的减持计划相当，预 计影 ...

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C o m p a n y U p d a t e 公司基本资讯 产业别 汽车 A 股价(2024/9/25) 12.48 深证成指(2024/9/25) 8537.73 股价 12 个月高/低 20.98/11.33 总发行股数(百万) 9917.29 A 股数(百万) 8212.43 A 市值(亿元) 1024.91 主要股东 中国长安汽车集 团有限公司 (17.98%) 每股净值(元) 7.23 股价/账面净值 1.73 一个月 三个月 一年 股价涨跌(%) 4.3 -8.1 0.5 近期评等 出刊日期 前日收盘 评等 2024-5-10 15.05 买进 产品组合 整车 95% 外协加工 5% 600585 2024 年 9 月 26 日 沈嘉婕 H70455@capital.com.tw 目标价(元) 15RMB 机构投资者占流通 A 股比例 基金 5.5% 一般法人 61.6% 股价相对大盘走势 长安汽车(000625.SZ/200625.SZ) BUY 买进 公司密集发布新产品，9 月销售将受益于补贴政策，建议"买进" 结论与建议： 公司多个品牌在近期密集推出新车型，新能源产品矩阵将进一步完善， ...