行 业 研 究 / 电 子 设 备/ 证 券 研 究 报 告 [Table_Title] 电子设备行业动态点评 海外大厂开启涨价，国内政策大力扶持 光模块上游 2024 年 10 月 25 日 [Table_Summary] 【事项】 国内，10 月 21 日，广东省人民政府办公厅印发《广东省加快推动光 芯片产业创新发展行动方案（2024—2030 年）》，明确力争到 2030 年， 广东取得 10 项以上光芯片领域关键核心技术突破，打造 10 个以上"拳 头"产品，培育 10 家以上具有国际竞争力的一流领军企业，建设 10 个左右国家和省级创新平台。1）《行动方案》明确，加大对高速光通 信芯片、高性能光传感芯片、通感融合芯片、薄膜铌酸锂材料、磷化 铟衬底材料、有机半导体材料、硅光集成技术、柔性集成技术、磊晶 生长和外延工艺、核心半导体设备等方向的研发投入力度。加大"强 芯"工程对光芯片的支持力度，将面向集成电路产业底层算法和架构 技术的研发补贴、量产前首轮流片奖补等产业政策，扩展至光芯片设 计自动化软件（PDA 工具）、硅光 MPW 流片等领域。2）攻关光芯片关 键材料装备。大力支持硅光材料、化合物半导体、 ...

Investment Rating - The investment rating for the company is "Maintain Buy" [4] Core Views - The company has shown strong performance in Q3 2024, with significant growth in revenue and net profit driven by increased demand in the communications sector and strong orders from Amphenol [1][2] - The company is focusing on high-margin products, particularly in the control systems and high-voltage connectors for the automotive sector, while also expanding its production capacity in Malaysia and Changsha [1][5] - The company aims for a 50% net profit growth target for 2024, based on the previous year's performance, and has set ambitious revenue forecasts for the next three years [5][6] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 703 million yuan, a year-on-year increase of 43.24%, with Q3 alone showing a revenue of 251 million yuan, up 58.15% [2] - The net profit attributable to the parent company for the first three quarters was 78 million yuan, a 47.72% increase year-on-year, with Q3 net profit soaring by 262.57% [2] - The overall gross margin for the first three quarters was 28.39%, slightly down by 0.11% year-on-year, but showing improvement compared to Q2 [2] Market Position and Product Development - The company is a leading supplier of precision connectors, focusing on high-quality communication connectors and automotive connectors for electric vehicles [5] - The company has established strong partnerships with major players like Amphenol and has entered the supply chain for electric vehicles with clients such as BYD and Faw Automotive [5] - New product developments include a 112G high-speed connector that began mass production in Q2 2024, contributing to approximately 15% of the communications connector segment [1][5] Future Projections - The company forecasts revenues of 911.55 million yuan, 1.11 billion yuan, and 1.35 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 99.25 million yuan, 121.85 million yuan, and 152.34 million yuan [6][8] - The expected EPS for 2024, 2025, and 2026 is projected to be 0.72 yuan, 0.88 yuan, and 1.10 yuan respectively, with P/E ratios decreasing from 60.87 in 2024 to 39.66 in 2026 [6][8]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4]. Core Views - The company is a leading player in the domestic human resources service industry, focusing on providing diversified HR solutions. It has accelerated its growth through both organic and external strategies, which are expected to contribute to revenue growth [4]. - For the period of Q1-Q3 2024, the company achieved a revenue of 15.916 billion yuan, representing a year-on-year increase of 14.0%, and a net profit attributable to the parent company of 502 million yuan, up by 5.4% [2]. - The company has a strong and stable customer base, with over 50,000 clients and more than 3 million employees served. The company signed 14 new large clients and 18 new clients with over 300 employees in the first half of 2024 [1][2]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported a gross margin of 10.02%, a decrease of 0.47 percentage points year-on-year. The net profit margin was 3.72%, down by 0.26 percentage points [1]. - The operating cash flow for Q1-Q3 2024 was 447 million yuan, a significant increase of 148.6% compared to the previous year [2]. - The company expects revenues for 2024-2026 to be 22.55 billion, 26.13 billion, and 29.88 billion yuan, respectively, with net profits projected at 628 million, 689 million, and 746 million yuan [4][5]. Business Strategy - The company has been actively pursuing mergers and acquisitions, including recent acquisitions of shares in Yuanmao Co. and Jiangmen Technology, to enhance regional collaboration and service coverage [1]. - The overseas business is focused on the Asia-Pacific region, successfully signing 23 new clients and expanding its service coverage to 21 countries and regions [1]. Market Position - The company has a total market capitalization of approximately 11.53 billion yuan, with a circulating market value of about 11.43 billion yuan [3]. - The stock has shown a 52-week high of 5.57 yuan and a low of 3.63 yuan, with a 52-week increase of 1.58% [3].

]yrtsudnI_elbaT[ [Table_Title] 乐鑫科技（688018）2024年三季报点评 《产品矩阵持续拓展，针对性布局 AI 应用领域未来可期》 24Q3营收与利润大幅增长，产品扩展与 物联网市场共振 2024 年 10 月 25 日 [【投资要点】 Table_Summary] 2024 年 10 月 24 日，乐鑫科技公告 2024 年三季报，2024 年前三季度 公司实现营业收入 14.60 亿元，同比增长 42.17%；实现归母净利润 2.51 亿元，同比增长 188.08%。就 2024 年第三季度来看，公司实现 营收 5.40 亿元，同比增长 49.96%，环比增长 1.27%；实现归母净利 润 0.99 亿元，同比增长 340.17%，环比增长 1.79%。公司盈利能力改 善，2024 前三季度公司综合毛利率为 42.81%，同比提升 2.06pcts， 环比下降 0.39pct。 收入分产品来看，2024 年前三季度（1）芯片收入约 5.62 亿元，占营 收比重的 38.5%，同比增长 52.46%，毛利率为 50.15%，同比提升 3.32pcts。（2）模组收入约 8. ...

]yrtsudnI_elbaT[ [Table_Title] 可靠股份（301009）2024年三季报点评 Q3收入增速转正，降本增效毛利率提升 2024 年 10 月 25 日 [【投资要点】 Table_Summary] 公司发布 2024 年三季报。2024 年前三季度，公司实现收入 7.89 亿元， 同比-2.19%；归母净利润 2207 万元，同比-18.87%；扣非归母净利润 1685 万元，同比-35.28%。其中，24Q3 公司实现收入 2.68 亿元，同 比+9.86%；归母净利润-114 万元，同比-121.51%；扣非归母净利润-468 万元，同比-195.40%。 成人失禁用品进入发展上升期，公司旗下自主品牌作为国产头部品牌 有望受益。随着居民人均可支配收入提升、个人健康护理意识不断加 强，人口老龄化趋势下银发经济蓬勃发展，成人失禁用品行业发展进 入发展上升期。公司坚持深耕成人失禁护理用品及养老服务业务领 域，拥有"可靠"等多个自主品牌，加大研发投入，优化产品结构， 聚焦护理用品核心领域，发展前景广阔。 品牌力提升，原材料成本管控，毛利率提升。2024 年前三季度公司毛 利率为 21. ...

]yrtsudnI_elbaT[ [Table_Title] 箭牌家居（001322）2024年三季报点评 行业需求压力大，公司业绩短期承压 2024 年 10 月 25 日 [【投资要点】 Table_Summary] 公司发布 2024 年三季报。2024 年前三季度，公司实现收入 48.32 亿 元，同比-8.49%；归母净利润 3199 万元，同比-88.87%；扣非归母净 利润 102 万元，同比-99.61%。其中，24Q3 公司实现收入 17.44 亿元， 同比-5.55%；归母净利润-601 万元，同比-105.17%；扣非归母净利润 -1242 万元，同比-111.09%。 盈利能力短期承压。2024 年前三季度公司毛利率为 26.42%，同比 -2.99pct；归母净利率为 0.66%，同比-4.78pct。销售/管理/研发费 用 率 分 别 为 7.38%/10.74%/5.60% ， 同 比 变 动 分 别 为 -1.06pct/+1.61pct/+1.08pct。销售费用率有所下降，主要是公司根 据市场情况调整营销政策所致；管理费用及研发费用增加，主要系职 工薪酬、折旧摊销增加所致。 ...

]yrtsudnI_elbaT[ 公 司 研 究 / 医 药 生 物/ 证 券 研 究 报 告 爱美客 沪深300 [Table_Title] 爱美客（300896）2024年三季报点评 收入业绩位于预期区间偏下缘，平台型 经营策略的转变为后续观察要点 2024 年 10 月 25 日 [【投资要点】 Table_Summary] 从行业趋势来看，今年明显看到部分医美细分赛道逐步从原有的卖方 市场进入买方市场，无论是颈纹产品还是再生产品均有产品相继获 批，未来逐步进入到考验品牌商运营能力阶段。我们认为：（1）首先， 再生系列可能进入到扩张价格带实现更广泛人群获取阶段，可关注天 使系列相关产品新动作带来人群规模扩张；（2）其次，头部公司可能 逐步从卖货思维切换到卖解决方案思维，但实现进化需要时间、需要 组织架构调整配合，且在完成切换的过程中，可能会先经历费率提升 再到营收规模提升（费用投入带来营收增长、费率降低）的阶段，因 而当前在尚未看到消费好转、后续新品还未开始上市/放量，且上述动 作仍在起步阶段时间点，仍在基本面偏左侧阶段。但一旦公司完成进 化，我们认为公司将具备穿越周期的能力，并享有平台型逻辑估值。 净 ...

]yrtsudnI_elbaT[ [Table_Title] 志特新材（300986）2024年三季报点评 证券分析师：王翩翩 [Table_ 基本数据Basedata ] 总市值（百万元) 3011.87 流通市值（百万元) 3008.82 52 周最高/最低（元） 16.70/5.62 52 周最高/最低（PE） 219.79/-41.24 52 周最高/最低（PB） 2.80/1.09 52 周涨幅（%） -13.22 52 周换手率（%） 440.16 [Table_Report 相关研究 ] 海外加速Q3改善显著，兼具弹性及确定 性 2024 年 10 月 25 日 [【投资要点】 Table_Summary] 事件：志特新材公布三季报。2024 年 1-9 月，公司实现收入 18.05 亿元，同比+13.40%，归母净利润 0.59 亿元，同比显著增长；对应 Q3 单季度收入 6.7 亿元，同比+15.64%，归母净利润 5176 万元，同比 +247%。 海外项目结转加速，利润同比环比显著改善：Q3 单季度收入增速 15.64%，增速较 Q2 单季度提升 7.3 个百分点，同时毛利率单季度毛 利 ...

Investment Rating - The report maintains an "Overweight" rating for the company [2] Core Views - The company is a pioneer in domestic soft endoscopy, with a comprehensive product portfolio covering multiple clinical applications such as gastroenterology, respiratory, and ENT [1] - Revenue has grown rapidly, with a CAGR of 22 84% from 2019 to 2023, driven by the launch of new products like AQ-200 and AQ-300 [1] - The domestic soft endoscopy market is highly concentrated, with Japanese giants Olympus, Fujifilm, and Pentax holding over 80% of the market share, leaving significant room for domestic substitution [1] - AQ-300, the first domestic 4K soft endoscope, has broken the monopoly of foreign giants and is gaining traction in tertiary hospitals, further driving market share growth [1] - High R&D investment and a growing R&D team have accelerated product iteration, with the company transitioning from catching up to surpassing imported products [1] - The company has adopted a dual-channel strategy, focusing on both grassroots and high-end markets domestically, while driving overseas growth through a multi-product and multi-category approach [1] Market and Industry Analysis - The Chinese medical endoscopy market is expected to reach RMB 39 3 billion by 2025, with a CAGR of 12 2% from 2021 to 2025, driven by factors such as the promotion of hierarchical diagnosis and treatment policies, increased penetration of minimally invasive surgeries, and the gradual improvement of the endoscopy physician system [1] - The soft endoscopy market is highly concentrated, with Japanese companies Olympus, Fujifilm, and Pentax dominating over 80% of the market share in China [1] - Domestic companies like the report's subject and Kaile Medical have made inroads in the mid-to-low-end market and are gradually breaking into the high-end market with new products like HD-580 and AQ-300 [1] Product and Technology - AQ-300, the first domestic 4K soft endoscope, has achieved breakthroughs in imaging quality, optical staining, control design, and intelligence, gaining clinical recognition and increasing installations in tertiary hospitals [1] - The company has a rich portfolio of endoscope types, including optical magnification endoscopes, duodenoscopes, dual-focus endoscopes, and fine endoscopes, enhancing its competitiveness in tenders [1] - The company has maintained high R&D investment, with R&D expenses reaching RMB 147 million in 2023, a 52% year-on-year increase, and the R&D team expanding to 268 people by H1 2024, accounting for 21 5% of total employees [1] Financial Performance and Forecast - Revenue is expected to grow to RMB 914 million, RMB 1 199 billion, and RMB 1 528 billion in 2024, 2025, and 2026, respectively, with net profit attributable to the parent company reaching RMB 63 million, RMB 160 million, and RMB 236 million in the same periods [5] - The company's gross margin has steadily increased from 2018 to 2023, driven by the rising proportion of mid-to-high-end products and economies of scale [1] Strategic Initiatives - The company has established 15 provincial marketing branches and 34 marketing service outlets in China, enhancing product coverage and competitiveness in both grassroots and high-end markets [1] - AQ-300 obtained CE certification in H1 2024, which is expected to drive rapid growth in overseas revenue [1]

]yrtsudnI_elbaT[ [Table_Title] 策略周报 A股基本面和政策面共振有望持续 2024 年 10 月 22 日 [Table_Summary] 【策略观点】 本周（10 月 14 日-18 日）科创 50、创业板综、中证 1000 表现居 前，涨幅分别为 8.87%、6.85%、6.14%。 申万一级行业角度，本周涨幅前五的分别是计算机（10.29%）、电 子 （ 9.65% ） 、 国 防 军 工 （ 7.89% ） 、 传 媒 （ 7.25% ） 、 通 信 （5.2%）。跌幅前五分别是食品饮料（-3.18%）、石油石化（- 2%）、煤炭（-0.91%）、公用事业（-0.76%）、商贸零售（- 0.07%）。 本周（10 月 14 日-18 日）主力资金净流入居前的概念板块分别是半 导体概念（本周净流入 39.24 亿）、中芯概念（本周净流入 36.69 亿）、科创板做市股（本周净流入 35.47 亿）、IGBT 概念（本周净 流入 14.13 亿）、OLED（本周净流入 13.93 亿）。 个股方面，本周资金净流入规模前三名分别为中芯国际（25.69 亿 元）、沃尔核材（9.8 ...