| --- | --- | |------------------------|------------| | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 13.51 | | 流通股本 ( 亿股 ) | 12.25 | | 每股净资产 ( 元 ) | 8.32 | | 总股本 ( 亿股 ) | 12.43 | | 最近 12 月市场表现 | | -38% -26% -14% -3% 9% 21% 圣农发展 沪深300 分析师 肖珮菁 SAC 证书编号：S0160524070005 xiaopj@ctsec.com 相关报告 1. 《降本增效 Q2 扭亏为盈，自研种源 优势加强》 2024-08-29 2. 《规模稳健扩张,种源及品牌优势稳 固》 2024-04-26 3. 《食品延续高增，盈利持续改善，产 能稳步拓展》 2023-10-25 圣农发展(002299) / 养殖业 / 公司点评 / 2024.10.26 Q3 盈利显弹性，成本及种源优势稳固 证券研究报告 ❖ 事件：公司前三季度营收-1.18%，归母净利润-48.25%。公司 2024 年前 三季度实现营业收入 137.6 ...

洽洽食品(002557) / 休闲食品 / 公司点评 / 2024.10.25 收入环比改善，利润弹性加速释放 投资评级:买入(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-24 | | 收盘价 ( 元 ) | 31.11 | | 流通股本 ( 亿股 ) | 5.06 | | 每股净资产 ( 元 ) | 10.76 | | 总股本 ( 亿股 ) | 5.07 | | 最近 12 月市场表现 | | -24% -15% -6% 3% 12% 21% 洽洽食品 沪深300 分析师 吴文德 SAC 证书编号：S0160523090004 wuwd01@ctsec.com 分析师 赵婕 SAC 证书编号：S0160523100002 zhaojie@ctsec.com 相关报告 1. 《Q2 淡季略承压，规模效应减弱》 2024-08-31 2. 《Q1 收入超预期，盈利水平改善 》 2024-05-02 3. 《基本符合预期，坚果渗透率持续提 升》 2024-03-07 证券研究报告 ❖ 事件：公司发布 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown high growth in performance while maintaining excellent risk compensation capabilities [1][4] - The company focuses on inclusive finance for small and micro enterprises, demonstrating differentiated competitive advantages [4] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 8.37 billion yuan, a year-on-year increase of 11.3%, and a net profit attributable to shareholders of 2.976 billion yuan, up 18.2% year-on-year [3][4] - Interest income remained stable, with a slight decrease in the growth rate of interest-earning assets contributing 14.2 percentage points to performance, down 1.4 percentage points from the first half of 2024 [3] - The net interest margin for the first three quarters of 2024 was 2.75%, a decrease of 4 basis points compared to the first half of 2024 [3][4] Asset Quality - As of the end of the third quarter of 2024, the non-performing loan ratio was 0.77%, and the attention ratio was 1.52%, reflecting a slight increase due to economic pressures affecting micro-loan asset quality [4] - The provision coverage ratio stood at 528%, indicating sufficient risk compensation capability [4] Future Outlook - The company is expected to see net profit growth of 17.9%, 16.5%, and 16.1% for the years 2024 to 2026, with corresponding price-to-book (PB) ratios of 0.78, 0.70, and 0.63 [4][5] - The company anticipates continued support for credit issuance as policies remain favorable [4]

杰瑞股份(002353) / 专用设备 / 公司点评 / 2024.10.25 合同负债大幅增长，出海业务持续突破 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-24 | | 收盘价 ( 元 ) | 32.10 | | 流通股本 ( 亿股 ) | 6.93 | | 每股净资产 ( 元 ) | 19.66 | | 总股本 ( 亿股 ) | 10.24 | | 最近 12 月市场表现 | | -25% -14% -3% 9% 20% 31% 杰瑞股份 沪深300 上证指数 专用设备 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. 《与 BAPCO 签署大型天然气项目， 中东市场再突破》 2024-09-26 2. 《核心高管集体增持，彰显公司长期 价值充足信心》 2024-09-20 3. 《业绩符合预期，北美电驱压裂迎来 行业拐点》 2024-08-30 ❖ 事件：2024 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant revenue increase of 109.72% year-on-year for the first three quarters of 2024, reaching 2.535 billion yuan, with a net profit of 357 million yuan, reflecting a staggering growth of 26,858.78% [2] - The demand for testing machines is recovering, driving rapid growth in the company's performance, with major clients including leading integrated circuit companies [2] - The company emphasizes the importance of domestic component localization, achieving a gross margin of 57.73% in Q3, which is higher than previous quarters, indicating improved profitability [2] - High R&D investment is maintained, with 673 million yuan spent in the first three quarters, accounting for 26.53% of revenue, supporting long-term development and innovation [2] - Revenue projections for 2024-2026 are estimated at 3.254 billion, 4.150 billion, and 5.002 billion yuan, with corresponding net profits of 498 million, 793 million, and 1.038 billion yuan, leading to PE ratios of 56.13, 35.26, and 26.93 respectively [2] Financial Summary - Revenue for 2022 was 2.576 billion yuan, with a growth rate of 70.49%, while 2023 saw a decline to 1.775 billion yuan, with a projected recovery in 2024 to 3.254 billion yuan [4] - The net profit for 2022 was 461 million yuan, with a significant drop in 2023 to 45 million yuan, expected to rebound to 498 million yuan in 2024 [4] - The gross margin for 2022 was 56.7%, with a slight increase to 57.1% in 2023, and a projected gross margin of 55.2% in 2024 [4] - R&D expenses were 645 million yuan in 2022, increasing to 715 million yuan in 2023, with further increases projected in the coming years [4]

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-24 | | 收盘价 ( 元 ) | 19.59 | | 流通股本 ( 亿股 ) | 1.28 | | 每股净资产 ( 元 ) | 7.98 | | 总股本 ( 亿股 ) | 4.01 | | 最近 12 月市场表现 | | -27% -15% -4% 8% 19% 31% 致欧科技 沪深300 分析师 于健 SAC 证书编号：S0160522060001 yujian@ctsec.com 联系人 谷亦清 guyq01@ctsec.com 致欧科技(301376) / 家居用品 / 公司点评 / 2024.10.25 收入高增持续，Q3 净利润增速转正 证券研究报告 事件：公司发布三季度业绩，Q1-3 收入 57.3 亿元，同比+38.5%；归母净利 2.8 亿元，同比-3.1%，扣非 2.6 亿元，同比-17.4%。 公司 Q3 收入高增持续，主系新品拓展顺利，叠加营销力度增强带动。 具体来看，公司单 Q3 收入 20.1 亿元，同比 ...

美好医疗(301363) / 医疗器械 / 公司点评 / 2024.10.25 大客户去库存影响削弱，新业务拓展顺利 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-24 | | 收盘价 ( 元 ) | 31.88 | | 流通股本 ( 亿股 ) | 1.12 | | 每股净资产 ( 元 ) | 8.33 | | 总股本 ( 亿股 ) | 4.07 | | 最近 12 月市场表现 | | -21% -9% 2% 13% 25% 36% 美好医疗 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. 《2024Q2 业绩环比改善，新业务拓 展顺利》 2024-08-20 2. 《业绩短期承压，多元化业务布局成 效渐显》 2024-04-18 证券研究报告 事件：2024 年三季度，美好医疗实现收入 4.50 亿 ...

北新建材(000786) / 装修建材 / 公司点评 / 2024.10.25 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-24 | | 收盘价 ( 元 ) | 32.35 | | 流通股本 ( 亿股 ) | 16.32 | | 每股净资产 ( 元 ) | 14.89 | | 总股本 ( 亿股 ) | 16.90 | | 最近 12 月市场表现 | | -36% -21% -6% 9% 24% 39% 北新建材 沪深300 上证指数 装修建材 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 相关报告 1. 《一体稳健两翼推进，增长持续兑现》 2024-08-23 2. 《稳健之余迎成长，龙头之外有新机》 2024-07-29 3. 《Q1 业绩略超预期，经营现金流亦 有改善》 2024-04-28 业务稳健、价降费增，Q3 利润率下降 证券研究报告 ❖ 事件：2024Q1-3 营收 203.64 亿元同增 19.44%；归母净利润 3 ...

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-24 | | 收盘价 ( 元 ) | 11.39 | | 流通股本 ( 亿股 ) | 10.51 | | 每股净资产 ( 元 ) | 6.90 | | 总股本 ( 亿股 ) | 10.86 | | 最近 12 月市场表现 | | -57% -41% -26% -10% 6% 21% 朗新集团 沪深300 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 分析师 王妍丹 SAC 证书编号：S0160524040002 wangyd01@ctsec.com 相关报告 1. 《互联网电视业务承压，能源业务稳 中有进》 2024-08-28 2. 《充电量翻倍，获四省需求响应/虚拟 电厂资质》 2024-04-03 3. 《Q3 收入符合预期，高毛利业务表 现亮眼》 2023-10-24 | --- | --- | --- | --- | --- | --- | |--------------- ...

天味食品(603317) / 调味发酵品Ⅱ / 公司点评 / 2024.10.25 超预期，结构优化，费效提升 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-24 | | 收盘价 ( 元 ) | 13.90 | | 流通股本 ( 亿股 ) | 10.64 | | 每股净资产 ( 元 ) | 4.10 | | 总股本 ( 亿股 ) | 10.65 | | 最近 12 月市场表现 | | -32% -21% -11% 0% 11% 21% 天味食品 沪深300 分析师 吴文德 SAC 证书编号：S0160523090004 wuwd01@ctsec.com 相关报告 1. 《底料略有承压，利润表现亮眼》 2024-04-27 2. 《主业稳健食萃高增，员工持股彰显 信心》 2024-04-01 3. 《业绩超预期，公司经营韧性强，Q4 有望提速》 2023-10-30 证券研究报告 ❖ 事件：公司 2024Q3 营收 8.97 亿元，同比+10.93%；归母净利润 1.86 亿元， 同 ...