海康威视(002415) / 计算机设备 / 公司点评 / 2024.10.26 3Q2024 收入总体平稳，大额回购彰显长期价值 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 30.95 | | 流通股本 ( 亿股 ) | 91.06 | | 每股净资产 ( 元 ) | 8.32 | | 总股本 ( 亿股 ) | 92.33 | | 最近 12 月市场表现 | | -27% -17% -8% 2% 11% 21% 海康威视 沪深300 上证指数 计算机设备 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号：S0160522090001 wujc01@ctsec.com 联系人 郑元昊 zhengyh03@ctsec.com 证券研究报告 ❖ 事件：2024 ...

Investment Rating - Maintained "Overweight" rating [1][3] Core Views - The company achieved robust growth in Q3 2024, with significant progress in DRAM business [3] - Revenue for the first three quarters of 2024 reached 5.65 billion yuan, up 28.56% YoY, and net profit attributable to shareholders was 832 million yuan, up 91.87% YoY [3] - Q3 2024 revenue was 2.041 billion yuan, up 42.83% YoY and 2.97% QoQ, with net profit of 315 million yuan, up 222.55% YoY and 0.93% QoQ [3] - Gross margin improved to 41.77% in Q3 2024, up 5.41 ppts YoY and 3.62 ppts QoQ, driven by optimized cost structure and reduced high-cost inventory [3] - Increased DRAM-related transaction volume with ChangXin Memory, raising the estimated transaction amount from 120 million USD to 140 million USD [3] Financial Performance and Projections - Revenue for 2024E is projected at 7.54 billion yuan, with a growth rate of 30.88% YoY, and net profit of 1.103 billion yuan, up 584.35% YoY [2][3] - Revenue for 2025E is expected to reach 9.477 billion yuan, with a growth rate of 25.69% YoY, and net profit of 1.614 billion yuan, up 46.38% YoY [2][3] - Revenue for 2026E is forecasted at 11.254 billion yuan, with a growth rate of 18.75% YoY, and net profit of 2.257 billion yuan, up 39.81% YoY [2][3] - EPS for 2024E, 2025E, and 2026E is projected at 1.66 yuan, 2.42 yuan, and 3.39 yuan, respectively [2][3] - ROE is expected to improve from 6.83% in 2024E to 11.61% in 2026E [2][3] Business Highlights - DRAM product prices declined due to intensified competition and weakened demand, while MCU shipments remained stable [3] - NOR and NAND product lines achieved sequential growth [3] - The company plans to launch more DDR4 products and expand into overseas markets [3] Valuation Metrics - PE ratios for 2024E, 2025E, and 2026E are 53.83x, 36.77x, and 26.30x, respectively [2][3] - PB ratios for 2024E, 2025E, and 2026E are 3.68x, 3.39x, and 3.05x, respectively [2][3]

力星股份(300421) / 通用设备 / 公司点评 / 2024.10.26 经营业绩短期承压，新兴业务稳步推进 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 10.40 | | 流通股本 ( 亿股 ) | 2.30 | | 每股净资产 ( 元 ) | 4.25 | | 总股本 ( 亿股 ) | 2.94 | | 最近 12 月市场表现 | | -29% -13% 2% 17% 32% 47% 力星股份 沪深300 上证指数 通用设备 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 联系人 孙瀚栋 sunhd@ctsec.com | --- | --- | |----------|----------------------------------| | | | | 相关报告 | | | 1. | 《经营业绩稳中有升，新兴业务积极 | | 推进》 | 2024-08-21 | 2. 《800V ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's Q3 performance showed improvement with revenue of 3.893 billion yuan, a year-on-year increase of 8.27%, while net profit attributable to shareholders was 572 million yuan, a year-on-year decrease of 6.38%. However, the net profit after deducting non-recurring items increased by 49.18% year-on-year [2][3] - The price increase of products has led to improved profitability, with the average price of alkali-free glass fiber yarn rising by 2.90% year-on-year to 4315 yuan/ton, and fine yarn prices increasing by 16.66% year-on-year to 9199 yuan/ton. Export demand for glass fiber and its products grew by 21.88% year-on-year in July-August 2024 [2][3] - The company is expected to achieve net profits of 2.554 billion, 3.077 billion, and 3.773 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -16.1%, 20.5%, and 22.6% [3] Summary by Sections Financial Performance - Q3 2024 revenue was 3.893 billion yuan, up 8.27% year-on-year, while net profit was 572 million yuan, down 6.38% year-on-year. The net profit after deducting non-recurring items was 528 million yuan, up 49.18% year-on-year [2] - The gross margin for Q3 was 28.18%, an increase of 1.04 percentage points year-on-year, while the net margin was 15.38%, a decrease of 2.33 percentage points year-on-year [2] - The company’s revenue for 2024 is projected to be 14.378 billion yuan, with a revenue growth rate of -3.3% [4] Market Outlook - The economic recovery and the introduction of favorable policies are expected to boost the demand for glass fiber, leading to improved profitability for the company [3] - The company’s stock is projected to have a price-to-earnings ratio (PE) of 17x, 14x, and 11x for 2024, 2025, and 2026 respectively [3] Key Financial Metrics - The company’s return on equity (ROE) is projected to be 8.4%, 9.4%, and 10.7% for 2024, 2025, and 2026 respectively [4] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.64 yuan, 0.77 yuan, and 0.94 yuan respectively [5]

安徽建工(600502) / 基础建设 / 公司点评 / 2024.10.26 收入确认继续放缓，经营现金流同比承压 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 4.90 | | 流通股本 ( 亿股 ) | 17.17 | | 每股净资产 ( 元 ) | 6.07 | | 总股本 ( 亿股 ) | 17.17 | | 最近 12 月市场表现 | | -22% -13% -5% 4% 13% 21% 安徽建工 沪深300 上证指数 基础建设 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 相关报告 1. 《工程毛利率提升，经营现金流同比 改善》 2024-03-30 2. 《收入稳健增长，毛利率同比改善》 2023-10-31 证券研究报告 ❖ 事件：公司公告 2024Q1-3 实现营收 539.63 亿元同降 9.96%；归母净利润 9.62 亿元同降 9.55%；实现扣非归母净利润 8.6 亿元 ...

Investment Rating - Maintained "Overweight" rating [1] Core Views - The company is the only civil explosives producer in Jiangxi Province, benefiting from the Gan-Yue Canal project [4] - Military new materials business achieved multiple breakthroughs, with new contracts worth nearly 100 million yuan in H1 2024 [4] - Energetic materials production line construction progressed significantly, with two lines expected to be operational by 2025 and 2026 [4] - Revenue and net profit are expected to grow steadily, with projected revenues of 2.75/3.47/4.42 billion yuan and net profits of 325/400/540 million yuan for 2024-2026 [4] Financial Performance and Projections - Revenue for 2022A, 2023A, 2024E, 2025E, and 2026E: 2.15/2.54/2.75/3.47/4.42 billion yuan [3][6] - Net profit for 2022A, 2023A, 2024E, 2025E, and 2026E: 144/305/325/400/540 million yuan [3][6] - EPS for 2022A, 2023A, 2024E, 2025E, and 2026E: 0.24/0.49/0.52/0.64/0.87 yuan [3][6] - PE ratios for 2022A, 2023A, 2024E, 2025E, and 2026E: 33.50/21.22/23.90/19.41/14.37 [3][6] - ROE for 2022A, 2023A, 2024E, 2025E, and 2026E: 5.03%/9.77%/9.70%/11.07%/13.56% [3][6] Business Highlights - Civil explosives business remains stable, with industrial explosives capacity of 174,000 tons [4] - Military new materials business saw significant growth, with a 35% YoY increase in revenue for Tuohong New Materials in H1 2024 [4] - Energetic materials production lines are under construction, with Line 001 expected to produce 2,500 tons annually by June 2025 and Line 003 expected to produce 500-1,800 tons annually by mid-2026 [4] Market Performance - Recent 12-month market performance: -10%, 3%, 15%, 28%, 41%, 54% [1] - Closing price: 12.50 yuan [1] - Circulating shares: 621 million [1] - Net asset per share: 5.25 yuan [1]

东方财富(300059) / 证券Ⅱ / 公司点评 / 2024.10.26 业绩好于预期，深度受益 A 股交投复苏 ——3Q2024 业绩点评 证券研究报告 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 22.70 | | 流通股本 ( 亿股 ) | 133.59 | | 每股净资产 ( 元 ) | 4.87 | | 总股本 ( 亿股 ) | 157.86 | | 最近 12 月市场表现 | | -33% -12% 8% 28% 48% 68% 东方财富 沪深300 分析师 许盈盈 SAC 证书编号：S0160522060002 xuyy02@ctsec.com 分析师 刘金金 SAC 证书编号：S0160524050001 liujj01@ctsec.com 相关报告 1. 《行业份额稳固，业绩保持韧性》 2024-08-12 2. 《证券业务贡献韧性，静待财富管理 市场回暖》 2024-04-26 3. 《短期业绩承压，市场份额提升驱动 ...

税友股份(603171) / IT 服务Ⅱ / 公司点评 / 2024.10.26 B 端业务较快发展，3Q2024 利润同比高增 投资评级:增持(维持) 核心观点 证券研究报告 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 28.29 | | 流通股本 ( 亿股 ) | 4.06 | | 每股净资产 ( 元 ) | 6.13 | | 总股本 ( 亿股 ) | 4.07 | | 最近 12 月市场表现 | | ❖ 事件：2024 年 10 月 24 日晚，公司发布三季报，2024 年前三季度实现营收 12.84 亿元，同比+7.38%；实现归母净利润 1.16 亿元，同比+12.06%；扣非归 母净利润 1.06 亿元，同比+24.82%。 ❖ 3Q2024 归母净利润同比增长 73.4%，费用控制良好。公司 3Q2024 收入 4.69 亿元，同比+7.26%，归母净利润 0.28 亿元，同比+73.4%，扣非归母净利 润 0.23 亿元，同比+58.24%，主要系费率控制良 ...

| --- | --- | |------------------------|------------| | | | | | | | 投资评级 : 买入 | ( 维持 ) | | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 95.27 | | 流通股本 ( 亿股 ) | 3.95 | | 每股净资产 ( 元 ) | 12.08 | | 总股本 ( 亿股 ) | 3.96 | | 最近 12 月市场表现 | | -19% -10% -1% 8% 17% 26% 珀莱雅 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 相关报告 1. 《大单品势头强劲，多品牌高增，龙 头优势显著》 2024-08-28 2. 《业绩高增超预期，大单品矩阵持续 迭代》 2024-04-19 3. 《源力面霜 2.0 进军胶原赛道，长期 发展持续向好》 2024-02-19 珀莱雅(603605) / 化妆品 / 公司点评 / 2024.10.26 Q3 淡季保持稳健增长，美妆国货龙头韧性彰显 证券研究报告 ❖ 事件：公司发布 2024 年三季 ...

贝泰妮(300957) / 化妆品 / 公司点评 / 2024.10.26 品牌结构变化&营销投入加大，业绩承压明显 证券研究报告 | --- | --- | |----------------------------|-------------------------| | 投资评级 : 增持 \n基本数据 | ( 维持 ) \n2024-10-25 | | 收盘价 ( 元 ) | 53.15 | | 流通股本 ( 亿股 ) | 4.24 | | 每股净资产 ( 元 ) | 13.94 | | 总股本 ( 亿股 ) | 4.24 | | 最近 12 月市场表现 | | -45% -32% -19% -5% 8% 21% 贝泰妮 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 相关报告 1. 《业绩稳健增长符合预期，期待调整 后增长提速》 2024-08-31 2. 《Q1 业绩边际改善，线下收入贡献 突出》 2024-04-26 3. 《开启薇诺娜 2.0 时代，提出敏感肌 全面解决方案》 2024-03-03 ❖ 事件：公司发布 2024 ...