学大教育(000526) / 教育 / 公司深度研究报告 / 2024.08.23 个性化教育高增，布局职教第二增长曲线 | --- | --- | |------------------------|------------| | | | | | | | 投资评级 : 增持 | ( 首次 ) | | 基本数据 | 2024-08-22 | | 收盘价 ( 元 ) | 58.10 | | 流通股本 ( 亿股 ) | 1.19 | | 每股净资产 ( 元 ) | 5.40 | | 总股本 ( 亿股 ) | 1.23 | | 最近 12 月市场表现 | | -15% 17% 49% 81% 113% 145% 学大教育 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 联系人 李天阳 lity02@ctsec.com 相关报告 证券研究报告 ❖ 学大教育：稳固传统教培业务，积极布局职教业务。公司深耕教育行业 二十余载，自 2001 年创立以来公司一直秉持着"以人为本，因材施教"的教 育理念，制定和实施以学生为中心的教学体系及模式。公司已累计服务超 1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights a continuous recovery in terminal demand, particularly focusing on the leading brand of lithium battery lawn mowers [1] - The company has been actively repurchasing shares under its stock incentive plan, demonstrating confidence in its future performance [3] - Strong growth in lawn mower exports from China, with a 67.5% year-on-year increase in July, indicates robust demand in the market [3] - The company is expected to benefit from favorable weather conditions in North America and the end of inventory destocking, leading to a positive outlook for the third quarter [3] - The company plans to expand its production capacity in Vietnam, enhancing its supply chain resilience [4] - Revenue projections for 2024-2026 are estimated at $1.53 billion, $1.75 billion, and $1.96 billion respectively, with corresponding net profits of $90 million, $133 million, and $151 million [4] Summary by Sections Basic Data - Closing price as of August 22, 2024, is HKD 17.58 - Circulating share capital is 5.11 billion shares - Net asset per share is USD 2.01 [2] Recent Performance - The company has faced stock price pressure since July, potentially due to tariff concerns, but remains a leading brand in lithium battery lawn mowers [4] - The report anticipates a strong recovery in performance, supported by the ongoing demand for lawn mowers [4] Financial Projections - Expected revenue growth rates are 11.00% for 2024, 14.86% for 2025, and 12.05% for 2026 [5] - Projected net profit growth rates are 343.07% for 2024, 47.09% for 2025, and 13.99% for 2026 [5] - The company is expected to achieve a PE ratio of 12.85 for 2024, 8.73 for 2025, and 7.66 for 2026 [5] Cash Flow and Balance Sheet - The company is projected to have a net cash flow from operating activities of -28 million in 2024, turning positive in subsequent years [7] - Total assets are expected to grow from $1.796 billion in 2023 to $2.6 billion by 2026 [6]

科大讯飞(002230) / 软件开发 / 公司点评 / 2024.08.23 收入稳健增长，星火大模型持续迭代 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-22 | | 收盘价(元) | 33.08 | | 流通股本(亿股) | 21.84 | | 每股净资产(元) | 7.21 | | 总股本(亿股) | 23.12 | 最近 12 月市场表现 科大讯飞 沪深300 上证指数 -42% -33% -24% -15% -6% 2% 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 分析师 李宇轩 SAC 证书编号：S0160524080001 liyx02@ctsec.com 相关报告 1. 《Q3 业绩符合预期，星火认知大模 型 V3.0 即将发布》 2023-10-20 2. 《星火认知大模型 V2.0 发布，AI 应 用的燎原之势已现》 2023-08-16 3. 《收入增长符合预期，静待费用端改 善》 2018-10-25 证券研究报告 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved a year-on-year revenue increase of 18.67%, reaching 404 million yuan, and a net profit growth of 101.97%, amounting to 143 million yuan in the first half of 2024 [2][3] - The company's second-quarter revenue was 239 million yuan, reflecting a 20.27% year-on-year growth, with a net profit of 102 million yuan, up 89.21% year-on-year [2] - The company plans to distribute a cash dividend of 3.9 yuan per 10 shares to all shareholders, totaling approximately 142 million yuan [2] Financial Performance Summary - The company reported a gross margin of 65.02% and a net margin of 42.62% in Q2 2024, with a decrease in gross margin by 3.28 percentage points and an increase in net margin by 15.48 percentage points year-on-year [2] - The company’s software sales, environmental monitoring, and power monitoring equipment businesses generated revenues of 193 million yuan, 152 million yuan, and 59 million yuan respectively, with year-on-year growth rates of 25.82%, -3.30%, and 97.65% [2] - The company expects to achieve revenues of 1.371 billion yuan, 1.610 billion yuan, and 1.855 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 332 million yuan, 429 million yuan, and 543 million yuan [3][4] Valuation Metrics - The projected PE ratios for the company are 17x for 2024, 13x for 2025, and 10x for 2026 [3] - The company’s return on equity (ROE) is expected to increase from 9.42% in 2024 to 13.06% in 2026 [4][5] - The company’s earnings per share (EPS) is projected to grow from 0.88 yuan in 2024 to 1.43 yuan in 2026 [4][5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's traditional business foundation remains solid, while its outsourcing business continues to grow [2] - In H1 2024, the company achieved operating revenue of 10.542 billion yuan, a year-on-year increase of 14.47%, and a net profit attributable to shareholders of 364 million yuan, up 5.48% year-on-year [2] - The company is focusing on professional deepening and steady international development, with significant new client acquisitions in both domestic and international markets [2][3] Financial Performance - In H1 2024, the company's gross margin was 9.95%, a decrease of 0.43 percentage points year-on-year [2] - The revenue contributions from various services include: personnel management services (578 million yuan), talent dispatch services (71 million yuan), compensation and benefits services (879 million yuan), flexible employment services (637 million yuan), and business outsourcing services (8.343 billion yuan) [2] - The company expects net profits of 630 million yuan, 669 million yuan, and 702 million yuan for 2024, 2025, and 2026 respectively, corresponding to current PE valuations of 14.4x, 13.5x, and 12.9x [3] Business Structure and Growth - The proportion of emerging businesses has increased by 1.09% compared to the end of 2023, with domestic business (including state-owned and private enterprises) continuing to drive growth, increasing by 2.7% [2] - The company signed 14 new large clients with over 1,000 employees and 18 clients with over 300 employees in H1 2024 [2] - The flexible employment business saw a 33% year-on-year increase in the scale of part-time product personnel [2]

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | | | | 基本数据 | 2024-08-22 | | 收盘价 ( 元 ) | 6.47 | | 流通股本 ( 亿股 ) | 13.08 | | 每股净资产 ( 元 ) | 3.85 | | 总股本 ( 亿股 ) | 15.00 | | 最近 12 月市场表现 | | -15% 6% 28% 49% 71% 93% 山推股份 沪深300 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 分析师 张豪杰 SAC 证书编号：S0160522090002 zhanghj01@ctsec.com 相关报告 1. 《推土机行业领军企业，奋楫扬帆再 谱新篇》 2024-03-31 山推股份(000680) / 工程机械 / 公司点评 / 2024.08.22 大马力产品及出口持续发力，上半年业绩快速增长 证券研究报告 事件：上半年，公司实现营收 65.08 亿元，同比增长 33.81%；实现归母净利润 4.18 亿元，同比增长 38 ...

纳芯微(688052) / 半导体 / 公司点评 / 2024.08.22 2024Q2 环比改善，新品进展稳健 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-22 | | 收盘价(元) | 94.81 | | 流通股本(亿股) | 0.93 | | 每股净资产(元) | 42.69 | | 总股本(亿股) | 1.43 | 最近 12 月市场表现 纳芯微 沪深300 上证指数 半导体 -39% -25% -11% 3% 17% 31% 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 联系人 王矗 wangchu01@ctsec.com 相关报告 1. 《拟收购麦歌恩微电子，增强磁传感 器产品线实力》 2024-06-24 2. 《24Q1 毛利率环比修复，持续投入 研发未来可期》 2024-04-28 3. 《下游需求企稳复苏，产品+客户开 拓进展顺利》 2024-02-25 证券研究报告 ❖ 事件：公司公布 2024H1 业绩，2024H ...

爱博医疗(688050) / 医疗器械 / 公司点评 / 2024.08.22 人工晶体收入稳健增长，隐形眼镜布局成效渐显 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-21 | | 收盘价 ( 元 ) | 76.14 | | 流通股本 ( 亿股 ) | 1.90 | | 每股净资产 ( 元 ) | 11.90 | | 总股本 ( 亿股 ) | 1.90 | | 最近 12 月市场表现 | | -27% -18% -8% 1% 11% 20% 爱博医疗 沪深300 分析师 张文录 SAC 证书编号：S0160517100001 zhangwenlu@ctsec.com 分析师 赵则芬 SAC 证书编号：S0160524040003 zhaozf@ctsec.com 相关报告 1. 《人工晶体稳健发展，新产品快速放 量》 2024-04-18 2. 《核心产品稳步增长，在研项目持续 推进》 2023-08-18 3. 《OK 镜快速增长，新业务开拓取得 进展》 2023-04-19 ...

爱美客(300896) / 医疗美容 / 公司点评 / 2024.08.22 Q2 高基数下增长承压，毛发、减重管线布局中 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-21 | | 收盘价(元) | 164.07 | | 流通股本(亿股) | 2.08 | | 每股净资产(元) | 23.07 | | 总股本(亿股) | 3.02 | 最近 12 月市场表现 -48% -37% -26% -15% -4% 7% 爱美客 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 联系人 李梦萱 limx@ctsec.com 相关报告 1. 《肉毒 Hutox 获注册受理，管线布局 稳步扩展》 2024-07-03 2. 《Q1 业绩接近预告上沿，增持彰显 长期信心》 2024-04-25 3. 《 Q1 延续快速增长，多元产品矩阵 驱动长期发展》 2024-04-09 证券研究报告 事件：公司发布 2024 年半年报。2024H1 公司实现营 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Insights - The company reported a significant increase in revenue and net profit for H1 2024, with revenue reaching 1.58 billion yuan, up 110.6% year-on-year, and net profit of 660 million yuan, up 214.8% year-on-year [3] - The clinical potential of the drug Vomeletin continues to be explored, with recent approvals for various clinical trials, indicating strong future growth prospects [3] - The company is focused on innovative drug development in the oncology sector, particularly in non-small cell lung cancer (NSCLC), with a robust pipeline of targeted therapies [3] Financial Performance - For 2024, the company is projected to achieve revenues of 3.18 billion yuan, 3.59 billion yuan in 2025, and 4.01 billion yuan in 2026, with corresponding net profits of 1.03 billion yuan, 1.31 billion yuan, and 1.49 billion yuan respectively [3][5] - The expected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 21, 16, and 14 times respectively, indicating a favorable valuation trend [3][5] - The company has shown a consistent increase in research and development investment, with R&D expenses projected to reach 540.6 million yuan in 2024 [5] Market Position - The company has established a competitive advantage in the NSCLC targeted drug market, with a strong focus on innovative therapies and a growing pipeline [3] - The approval of IND applications for new drugs highlights the company's commitment to expanding its product offerings and addressing unmet medical needs in oncology [3][5]