金山办公(688111) / 软件开发 / 公司点评 / 2024.10.27 业绩稳步增长，WPS AI 触达 2 亿海外用户 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 264.50 | | 流通股本 ( 亿股 ) | 4.63 | | 每股净资产 ( 元 ) | 23.14 | | 总股本 ( 亿股 ) | 4.63 | | 最近 12 月市场表现 | | -42% -30% -18% -5% 7% 19% 金山办公 沪深300 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 分析师 罗云扬 SAC 证书编号：S0160522050002 luoyy@ctsec.com 相关报告 1. 《AI 相关会员数超百万，机构订阅推 进顺利》 2024-08-21 2. 《利润快速增长，新产品开启企业 AI 办公时代》 2024-04-24 3. 《订阅业务高速增长，AI 将是长期增 长动力》 ...

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 95.16 | | 流通股本 ( 亿股 ) | 4.53 | | 每股净资产 ( 元 ) | 9.09 | | 总股本 ( 亿股 ) | 4.72 | | 最近 12 月市场表现 | | -29% -15% -2% 11% 25% 38% 圣邦股份 沪深300 上证指数 半导体 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 王矗 SAC 证书编号：S0160524090001 wangchu01@ctsec.com 相关报告 1. 《收入同环比稳健提升，利润同环比 超翻倍增长》 2024-09-01 2. 《24Q1 毛利率改善，模拟龙头有望 受益行业复苏》 2024-04-29 3. 《23Q4 净利环比高增，模拟龙头稳 证券研究报告 ❖ 事件：公司发布 2024 年三季报，2024 年前三季度公司实现收入 24.45 亿元， 同比 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 375 million yuan for the first three quarters of 2024, representing a year-on-year growth of 4.33%. However, the net profit attributable to shareholders decreased by 32.54% to 24 million yuan [2] - The semiconductor and aerospace businesses are the main growth drivers, with the semiconductor segment accounting for 48.60% of total revenue in the first three quarters of 2024 [2] - The company expects steady expansion in its semiconductor business, supported by the accelerating development of the domestic semiconductor optical industry chain [2] - The AR/VR and life sciences segments are currently under pressure, with AR/VR revenue declining due to long product delivery cycles and life sciences revenue affected by overseas market promotion challenges [2] - The gross margin for the first three quarters of 2024 was 48.15%, down 3.13 percentage points year-on-year, primarily due to changes in product mix and increased operational costs [2] - The company forecasts revenues of 488 million, 560 million, and 649 million yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 44 million, 58 million, and 72 million yuan [2] Financial Performance Summary - Revenue for 2022 was 438.73 million yuan, with a growth rate of 32.36%. For 2023, revenue is projected at 458.03 million yuan, with a growth rate of 4.4% [3][5] - The net profit for 2022 was 59 million yuan, with a decrease to 47 million yuan in 2023, reflecting a net profit growth rate of -20.83% [3][5] - The company’s earnings per share (EPS) for 2024 is estimated at 0.83 yuan, with a price-to-earnings (PE) ratio of 229.60 [3][5] - The return on equity (ROE) is projected to decline from 16.21% in 2022 to 3.63% in 2024 [3][5] - The gross margin is expected to be 47.1% in 2024, slightly decreasing from 51.9% in 2023 [3][5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown a significant recovery in profitability, with a projected net profit of 107.88 million yuan in 2024, representing a growth rate of 165.08% [4] - The company is a leading supplier of high-end springs in China, benefiting from the booming demand in the new energy vehicle sector and actively expanding into new application areas [3][4] - The company has maintained a high growth rate in revenue and profitability, with a year-on-year revenue increase of 21.16% and a net profit increase of 154.61% in the first three quarters of 2024 [2][3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.125 billion yuan, a year-on-year increase of 21.16%, and a net profit of 77.57 million yuan, up 154.61% year-on-year [2] - In Q3 2024, the company reported a revenue of 407 million yuan, a year-on-year increase of 12.12%, and a net profit of 30.82 million yuan, up 168.80% year-on-year [2] - The gross profit margin for Q3 2024 was 24.61%, an increase of 6.12 percentage points year-on-year [2] Business Development - The company has acquired Beijing Dayuan and Jiangsu Dayuan, integrating their technologies to become the only domestic company with stable rod solid/hollow/cold-formed/hot-formed technologies [3] - The company invested 20 million yuan to acquire a 16.67% stake in Wuhan Puchang Intelligent, which focuses on the development of integrated air supply units for automotive air suspension systems [3] - The company is adapting to the trend of lightweight and large-diameter components in the new energy vehicle market, having introduced advanced equipment to enhance its production capabilities [3] Future Outlook - The company is expected to achieve net profits of 108 million yuan, 180 million yuan, and 253 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 20.5, 12.3, and 8.7 [3][4] - The company is focusing on technology research and development, with R&D expenses amounting to 51.83 million yuan in the first three quarters of 2024, a year-on-year increase of 42.09% [3]

农林牧渔 / 行业投资策略周报 / 2024.10.26 双十一宠物赛道开门红，供需博弈猪价震荡 投资评级:看好(维持) 最近 12 月市场表现 -22% -13% -5% 4% 12% 21% 农林牧渔 沪深300 分析师 肖珮菁 SAC 证书编号：S0160524070005 xiaopj@ctsec.com 相关报告 1. 《猪价震荡调整，商品代苗价上涨》 2024-10-21 2. 《需求预期好转,支撑畜禽价格反弹》 2024-10-20 3. 《9 月产能回补较慢，需求预期好转 支撑猪价》 2024-10-13 农业重点数据跟踪周报 证券研究报告 核心观点 ❖ 生猪养殖：猪价窄幅震荡，价格周期反转。天气转凉需求改善预期增强，二次 育肥询价增加，供需博弈猪价窄幅震荡。中长期，产业情绪谨慎，产能回补较 慢，企业盈利弹性可期，持续推荐生猪养殖。1）数量端：9 月能繁母猪存栏回 补较慢。根据钢联统计，9 月能繁母猪存栏量月环比+0.53%。2）价格端：窄幅 震荡。根据涌益咨询，10 月 24 日，商品猪出栏价为 17.41 元/kg，周环比3.22%。相关标的：牧原股份，温氏股份，巨星农牧，唐人神。 ❖ 禽 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The debt reduction policy is expected to positively impact the collection of receivables and the advancement of new projects [3] - The company reported a revenue of 22.45 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.77%, and a net profit attributable to shareholders of 2.545 billion yuan, a year-on-year decrease of 1.74% [3] - The company is focusing on enhancing system capabilities with minimal investment, particularly around digital transformation [3] Financial Performance Summary - Revenue (in million yuan): - 2022A: 30,565 - 2023A: 32,218 - 2024E: 32,991 - 2025E: 36,739 - 2026E: 41,657 [5] - Net Profit (in million yuan): - 2022A: 2,324 - 2023A: 7,362 - 2024E: 3,439 - 2025E: 3,901 - 2026E: 4,675 [5] - EPS (in yuan): - 2022A: 0.79 - 2023A: 2.31 - 2024E: 1.04 - 2025E: 1.18 - 2026E: 1.42 [5] - PE Ratios: - 2024E: 15.75 - 2025E: 13.88 - 2026E: 11.58 [3][5] Market Outlook - The company expects revenue improvement in the fourth quarter due to market recovery and strategic positioning in emergency and public welfare projects [3] - The government debt reduction initiative is anticipated to enhance local government investment capabilities in the digital economy, which may boost demand for the company's services [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][4] Core Views - The company reported Q3 2024 revenue of 1.328 billion yuan, a year-on-year increase of 2.23%, and a net profit attributable to shareholders of 226 million yuan, up 32.90% year-on-year [3] - The revenue growth is attributed to the increase in sales of chicken essence and powder, while the company is undergoing reforms including the launch of low-sodium and zero-additive soy sauce [3] - The company expects continued improvement in revenue and profitability in Q4 2024 due to low base effects and price increases implemented in September [3][4] Financial Performance Summary - Q3 2024 revenue by product category: soy sauce +0.47%, chicken essence and powder +13.99%, cooking oil -9.16%, and other products -9.05% [3] - Q3 2024 gross margin improved to 38.82%, up 4.95 percentage points year-on-year, driven by lower raw material costs and improved marketing efficiency [3] - The company forecasts revenue for 2024-2026 to be 5.402 billion, 6.106 billion, and 6.961 billion yuan respectively, with year-on-year growth rates of 5.11%, 13.03%, and 14.02% [4][5] - Expected net profit for 2024-2026 is 745 million, 889 million, and 1.071 billion yuan, with corresponding year-on-year growth rates of -56.10%, 19.36%, and 20.51% [4][5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 3.963 billion yuan for the first three quarters of 2024, a year-on-year increase of 12.93%, while the net profit attributable to shareholders decreased by 6.69% [2] - The company's star products, such as smart locks, continue to grow rapidly, with Q3 2024 revenue reaching 1.379 billion yuan, a year-on-year increase of 12.70% and a quarter-on-quarter increase of 2.43% [2] - The gross margin for Q3 2024 was 42.01%, down 2.29 percentage points year-on-year and 1.90 percentage points quarter-on-quarter, primarily due to product mix adjustments and rising raw material costs [2] - Increased marketing expenses for new product launches and channel expansions, along with costs associated with moving into a new office building, led to a significant decline in net profit for Q3 2024, which was 0.093 billion yuan, down 34.87% year-on-year and 40.46% quarter-on-quarter [2] - The controlling shareholder's plan to increase their stake in the company by 200-400 million yuan reflects confidence in the company's future development [2] Financial Performance Summary - For 2024, the company is expected to achieve revenues of 5.506 billion yuan, 6.503 billion yuan in 2025, and 7.897 billion yuan in 2026, with corresponding net profits of 477.96 million yuan, 782.85 million yuan, and 905.55 million yuan [3][4] - The projected PE ratios for 2024, 2025, and 2026 are 55.62, 33.96, and 29.36 respectively [3] - The company’s revenue growth rates are forecasted at 13.76% for 2024, 18.11% for 2025, and 21.43% for 2026 [4] - The net profit growth rates are expected to be -15.10% for 2024, 63.79% for 2025, and 15.67% for 2026 [4] - The gross margin is projected to be 43.0% in 2024, 44.4% in 2025, and 45.2% in 2026 [4]

立讯精密(002475) / 消费电子 / 公司点评 / 2024.10.26 业绩符合预期，指引稳健增长 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 43.35 | | 流通股本 ( 亿股 ) | 72.09 | | 每股净资产 ( 元 ) | 8.87 | | 总股本 ( 亿股 ) | 72.26 | | 最近 12 月市场表现 | | -22% -7% 7% 21% 35% 49% 立讯精密 沪深300 上证指数 消费电子 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 相关报告 1. 《收购 Leoni AG 股权，蓄力汽车业 务成长》 2024-09-14 2. 《业绩稳健指引乐观，AI 浪潮深度受 益》 2024-08-24 3. 《业绩稳健指引乐观，蓄力 AI 浪潮 长线发展 》 2024-04-28 ❖ 事件：公司发布 3Q2024 财报，前三季度公司实现营收 1771. ...

业绩稳定兑现，彰显龙头定力 贵州茅台(600519) / 白酒Ⅱ / 公司点评 / 2024.10.26 投资评级:买入(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 1,558.85 | | 流通股本 ( 亿股 ) | 12.56 | | 每股净资产 ( 元 ) | 189.23 | | 总股本 ( 亿股 ) | 12.56 | | 最近 12 月市场表现 | | -31% -21% -10% 0% 11% 21% 贵州茅台 沪深300 上证指数 白酒Ⅱ 分析师 吴文德 SAC 证书编号：S0160523090004 wuwd01@ctsec.com 分析师 任金星 SAC 证书编号：S0160524010001 renjx@ctsec.com 相关报告 1. 《高质量双过半，提分红显信心》 2024-08-09 2. 《稳价动作频出，长期价值不改》 2024-06-23 3. 《坚守本质，行稳致远》 2024-05- 31 证券研究报告 ❖ 事件：2024 ...