Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company is a benchmark enterprise in the aluminum formwork industry, established in 2011, with main businesses including aluminum formwork, climbing frame leasing, and PC precast components, covering the support system [1][22] - The demand side benefits from the recovery of real estate demand, while the supply side concentration continues to increase, with the company holding a market share of only 4-5% in 2023 [1] - The company has a strong technological competitive edge, with a comprehensive information system that enhances efficiency and competitive advantage [1] - The overseas business is expected to drive revenue growth, with significant room for gross margin recovery, indicating both elasticity and certainty in performance [1] Summary by Sections Company Overview - The company has maintained rapid growth from 2014 to 2022, with revenue increasing from 57.43 million to 1.93 billion yuan, corresponding to a CAGR of 55.2% [30] - The net profit attributable to the parent company rose from 10 million to 177 million yuan, with a net profit margin consistently above 10% [30] Industry Analysis - The demand for aluminum formwork is expected to benefit from the recovery of real estate, with new construction area projected to increase by 3% in 2025 and 4% in 2026 [42] - The penetration rate of aluminum formwork in mid-to-high-rise buildings is currently around 35%, with significant room for growth compared to developed countries [47] - The market for aluminum formwork is projected to expand by 111%, with a potential market size of 630 billion yuan [56] Financial Forecast - The company forecasts net profits of 90.39 million, 206.57 million, and 311.81 million yuan for 2024, 2025, and 2026, respectively, with growth rates of 299.6%, 128.5%, and 51.0% [8] - The expected revenue for 2024-2026 is projected to be 2.37 billion, 2.78 billion, and 3.26 billion yuan, with growth rates of 5.87%, 17.23%, and 17.40% [8] Innovation and Growth Drivers - The report highlights the company's focus on improving gross margins through better management efficiency and the potential for increased turnover of non-standard products [11] - The company has set ambitious overseas revenue targets of 500 million, 1 billion, and 1.5 billion yuan for 2024, 2025, and 2026, respectively [1]

Investment Rating - The report upgrades the investment rating of the company to "Buy" [2][7][106]. Core Views - The company has rapidly grown into a unicorn in the wireless ultra-low power computing SoC chip sector since its establishment in 2015, particularly excelling in the smart wearable market. Despite a decline in performance during 2022-2023, the company is experiencing a recovery in 2024, with improvements in gross and net profit margins, a decrease in expense ratios, and continued investment in R&D [1][6][43]. - The Bluetooth headset SoC market share is leading, with demand driven by brand clients. The TWS headset market is recovering, and the company is expected to increase its market share further with the launch of new products [1][6][62]. - The smart watch segment is expected to open a second growth curve for the company, with significant potential for market share increase due to strong performance from key clients like Huawei and Xiaomi [1][6][80]. - The company is expanding its capabilities in the AIoT field, with notable performance in the smart home chip sector and successful entry into the Wi-Fi market with low-power Wi-Fi 6 chips [1][6][95]. Summary by Sections Company Overview - The company focuses on ultra-low power technology, smart audio-video interaction technology, and wireless communication connection technology, aiming to become a global leader in innovative chip design [23][32]. Bluetooth Headset Chips - The TWS headset market is recovering, with the company positioned to increase its market share as brand clients gain more traction. The introduction of the BES2800 series chip is expected to enhance product offerings [1][6][52][71]. Smart Watch Chips - The global wearable wrist device market is stabilizing, with the company’s smart watch SoC market share expected to grow significantly, driven by the performance of major clients [1][6][80][84]. Other Chips - The smart home market is growing, with AI technology expected to drive new growth in smart speakers. The company has successfully developed low-power Wi-Fi 6 chips, enhancing its product offerings in the smart home sector [1][6][95][99]. Financial Forecast - The company’s revenue is projected to grow significantly from 2024 to 2026, with expected revenues of 33.24 billion, 42.31 billion, and 51.74 billion yuan respectively. The net profit is forecasted to be 4.08 billion, 6.08 billion, and 8.54 billion yuan for the same period [6][104][106].

]yrtsudnI_elbaT[ [Table_Title] 吉大正元（003029）动态点评 [Table_ 东方财富证券研究所 Author] 证券分析师：方科 证书编号：S1160522040001 联系人：向心韵 密码安全主力军，助力核心安全保障 2024 年 11 月 19 日 [Table_ 【事项Summary 】 ] 2024 年 11 月 11 日，国家密码管理局公告，《商用密码检测机构（商用 密码应用安全性评估业务）目录》发布，商用密码应用安全性评估试点 工作正式结束，未取得商用密码检测机构（商用密码应用安全性评估业 务）资质的机构不得面向社会开展商用密码应用安全性评估业务。 【评论】 密评资质门槛提高，公司参股公司入选。根据国家密码管理局发布的 商用密码检测机构名单，该名单共有 112 家公司，公司参股的中科信 息安全共性技术国家工程研究中心有限公司入选，根据爱企查信息， 公司持股比例为 22%，中国科学院信息工程研究所持股比例为 25%。 名单的发布有助于明确资质门槛，规范市场秩序，促进行业发展。 公司是国内密码安全主力军，曾保障多次重大事件。公司自成立以来 参与建设了 3,000 多 ...

Investment Rating - Maintain "Overweight" rating [7] Core Views - The company is a leading player in traditional energy construction, particularly in thermal power, with a market share exceeding 30% in large hydropower projects and over 90% in nuclear power conventional island design [1] - Thermal power construction demand is expected to remain high, while new energy construction demand is projected to grow steadily [2] - The company's dual-drive strategy of EPC construction and investment operations is expected to open up growth opportunities, with new energy and comprehensive smart energy engineering contracts reaching RMB 529.17 billion in 2023, up 26.1% YoY [2] - The company is strategically positioned to benefit from the "Four New" strategy (new energy, new infrastructure, new industries, new materials) and is expected to see valuation recovery due to its low historical valuation and potential state-owned enterprise reforms [7] Industry Analysis - Thermal power construction is expected to remain strong, with China's coal-based energy structure and the "Three 80 Million" target driving demand [37] - New energy construction, including pumped storage, wind, and solar, is accelerating, with the "14th Five-Year Plan" targeting 62GW of pumped storage by 2025 and 120GW by 2030 [54] - The market share of central state-owned enterprises is expected to increase due to their strong policy alignment and financial backing [61] Company Analysis - The company has a strong track record in thermal power construction, with new contracts in 2023 reaching RMB 198.57 billion, up 7.5% YoY [63] - The company is actively expanding its new energy business, with new energy and comprehensive smart energy contracts reaching RMB 529.17 billion in 2023, up 26.1% YoY [69] - The company is also investing in hydrogen energy and energy storage, with several projects and agreements already signed [77] - The company's civil explosives business is expected to benefit from high demand in mining and infrastructure sectors [78] Financial Projections - Revenue is expected to grow from RMB 406.03 billion in 2023 to RMB 500.26 billion in 2026, with a CAGR of 7.2% [8] - Net profit attributable to shareholders is projected to increase from RMB 7.99 billion in 2023 to RMB 10.32 billion in 2026, with a CAGR of 9.0% [8] - The company's valuation is currently at historical lows, with a PE TTM of 11.9x and PB of 1.0x as of November 14, 2024 [99] Potential Catalysts - Acceleration in thermal power construction [13] - Acceleration in new energy construction [13] - Breakthroughs in hydrogen energy technology [13] - Release of state-owned enterprise reform expectations [13]

]yrtsudnI_elbaT[ [Table_Title] 天华新能（300390）2024年三季报点评 利润保持韧性，锂资源布局不断完善 2024 年 11 月 15 日 [【投资要点】 Table_Summary] 锂盐价格弱势背景下公司利润保持韧性。2024 前三季度公司实现营业 收入 54.5 亿元，同比下降 38.8%；实现归母净利润 9.23 亿元，同比 下降 49.3%；实现扣非后归母净利润 6.0 亿元，同比下降 60.7%。公 司 2024Q3 实现收入 17.4 亿元，同比下降 23.3%，环比下降 11.2%； 实现归母净利润 0.88 亿元，同比下降 80.2%，环比下降 73.4%；实现 扣非后归母净利润 0.80 亿元，同比下降 77.0%，环比下降 69.6%。 公司锂资源布局方式包括共同投资和包销权。公司积极布局锂精矿供 应渠道，已经与 Pilgangoora、 AMG、 AVZ、环球锂业等上游锂精矿 资源生产企业签订了长期采购包销协议，形成了稳定、优质的原材料 供应体系。 同时，公司不断拓展上游锂资源原材料的供应，先后在 刚果（金）、津巴布韦、尼日利亚等国通过共同投资、获取 ...

]yrtsudnI_elbaT[ [Table_Title] 阿科力（603722）2024年三季报点评 阿科力 沪深300 聚醚胺有望触底，COC静待放量 2024 年 11 月 14 日 [【投资要点】 Table_Summary] 公司近期发布 2024 年三季度报告 2024 年 1-9 月，公司实现营业收入 3.65 亿元，同比-32.09%，归 母净利润-0.07亿元，毛利率8.77%，同比-6.01pct，期间费用率9.48%， 同比-0.82pct。 2024 年 Q3，公司实现营业收入 1.22 亿元，同比-0.69%，环比 -49.45%，归母净利润-0.09 亿元，毛利率 4.56%，同比-8.85pct，期 间费用率 11.83%，同比-1.58pct。 受海上风电装机不及预期及国内聚醚胺新增产能较多等因素影 响，公司主要产品聚醚胺价格进入历史低位，经营业绩同比出现较大 幅度下滑。 海上风电装机进入快车道，聚醚胺业务有望触底。2024 年 1-9 月，国 内新增风电装机 39.12GW，同比+16.85%，其中陆风/海风新增装机 32.05GW/2.47GW，同比+14.35%、72. ...

[Table_Title] 有色金属行业专题研究 价格延续强势，业绩增长无虞 2024 年 11 月 14 日 [Table_Summary] 【投资要点】 前三季度收入小幅增长。2024 年前三季度上市有色金属行业企业实现 营业收入 24232.9 亿元，同比增长 1.7%；实现归母净利润 966.5 亿， 同比下降 6.9%。季度层面看，2024Q1、2024Q2 和 2024Q3 上市有色金 属行业总体分别实现收入 7308.3、8749.5 和 8175.1 亿元，同比分别 下降 4.5%、增长 6.3%和增长 3.1%。季度趋势上看，行业总体在经历 2023Q4 和 2024Q1 同比负增长之后，2024Q2 收入同比增速转正，2024Q3 同比增速较二季度则小幅回落。 三季度盈利能力环比小幅回落。2024 年前三季度，有色金属行业平均 ROE 为 7.9%，同比回落 1.2pct。毛利率方面，2024 前三季度行业总 体毛利率为 11.2%，同比小幅上升 0.4pct。但是 2024 前三季度由于 费用率上行 0.8pct,前三季度净利率较 2023 前三季度小幅回落 0.4pct。季度看，202 ...

Investment Rating - The report maintains a "Buy" rating for Shiji Information (002153) [3] Core Views - The company's product competitiveness is demonstrated by its contracts with renowned hotel brands, both domestically and internationally [2] - The strategic cooperation framework agreement with Jinjiang Hotels (China) is expected to bring long-term financial benefits and enhance the company's brand image [1] - The company's domestic hotel segment has seen significant growth in contract signings, indicating strong competitiveness in Greater China [2] - New business areas, such as destination and scenic spot solutions, are expected to drive domestic revenue growth [2] - The company is well-positioned to benefit from new consumption scenarios, including high-end tourism and theme parks, leveraging its platform synergies [2] Financial Forecasts - Revenue is projected to grow from 2,749.33 million yuan in 2023 to 3,824.86 million yuan in 2026, with a CAGR of 11.56% [5] - EBITDA is expected to increase from 69.84 million yuan in 2023 to 376.81 million yuan in 2026 [5] - Net profit attributable to the parent company is forecasted to rise from -104.62 million yuan in 2023 to 248.95 million yuan in 2026 [5] - EPS is projected to improve from -0.04 yuan per share in 2023 to 0.09 yuan per share in 2026 [5] Market Performance - The company's total market capitalization is 22,270.22 million yuan, with a circulating market capitalization of 13,054.07 million yuan [4] - The stock's 52-week high and low prices are 11.59 yuan and 4.81 yuan, respectively [4] - The 52-week P/E ratio ranges from -21.56 to -220.12, while the P/B ratio ranges from 1.82 to 4.20 [4] - The stock has experienced a 52-week decline of 26.10%, with a turnover rate of 269.46% [4]

Investment Rating - The report maintains a "Buy" rating for the company, reflecting a positive outlook on its future performance [2][3] Core Views - The company's revenue growth accelerated in Q3 2024, driven by the rapid adoption of Wi-Fi7 technology, with Wi-Fi7 products accounting for a significant portion of revenue [1] - Despite a net loss of -34 million yuan in the first three quarters of 2024, the company's revenue grew by 34.04% year-over-year, reaching 378 million yuan, with Q3 revenue increasing by 37.51% [1] - The company's gross margin declined to 20.81%, down 5.37% year-over-year, due to increased R&D expenses, which rose to 19.99% of revenue [1] - The company's market share in the Wi-Fi communication sector has significantly increased, with domestic penetration rising, contrasting with declining revenues from international competitors like Skyworks and Qorvo [1] - The company is actively defending its intellectual property rights and maintaining its competitive position in the global market, particularly against legal challenges from Skyworks [1] Financial Performance - The company's revenue for 2024 is projected to reach 575.38 million yuan, with a growth rate of 38.66%, and is expected to grow further to 1.011 billion yuan by 2026 [4] - Net profit attributable to the parent company is forecasted to increase significantly, from 28.49 million yuan in 2024 to 84.68 million yuan in 2026, with EPS rising from 0.07 yuan to 0.20 yuan [4] - The company's EBITDA is expected to grow from 28.15 million yuan in 2024 to 89.60 million yuan in 2026, reflecting strong operational performance [4] Industry and Market Trends - The Wi-Fi7 market is expected to grow rapidly, with over 233 million devices projected to enter the market in 2024, increasing to 2.1 billion devices by 2028 [1] - The company's Wi-Fi7 products are priced at 1.5 times the average selling price of Wi-Fi6 products, indicating higher profitability potential [1] - The company has successfully entered the supply chains of major international SoC manufacturers like Qualcomm, MediaTek, and Broadcom, enhancing its global competitiveness [3] Strategic Initiatives - The company has established an industrial fund with Jinding Capital to invest in promising chip companies in the communication, automotive, and AI sectors, aiming to create synergies with its core business [1] - The company has completed the first round of investment in a project focused on consumer-grade and automotive-grade UWB chips, which have already achieved technological breakthroughs and entered the supplier lists of well-known manufacturers [1] Valuation Metrics - The company's P/E ratio is expected to decrease from 247.94 in 2024 to 83.41 in 2026, indicating improving valuation attractiveness [4] - The P/B ratio is projected to decline from 4.26 in 2024 to 3.89 in 2026, reflecting a more favorable valuation relative to book value [4] - The EV/EBITDA ratio is forecasted to drop from 217.99 in 2024 to 67.69 in 2026, suggesting a more attractive enterprise value relative to earnings [4]

宝明科技（002992）2024年三季报点评 号损收窄，静待复合铜箔放量 2024 年 11 月 12 日 【投资要点】 公司发布 2024 年三季报,24Q3 亏损收窄。公司 24Q3 实现营收 3.62 亿元,YoY+6.3%,QoQ+1.6%;归母净利润-0.27 亿元,YoY+29%,QoQ+26%; 扣非后归母净利润-0.29 亿元，YoY+27%,QoQ+30%；毛利率 8.5%, YoY+0.9pct.QoQ+1.9pcts;净利率-8.2%, YoY+3.1pcts.qoQ+2.6pcts。 24Q1-3 看，公司实现营收 10.8 亿元，YoY+27%,归母净利润-0.73 亿 元, YoY+24.6%, 扣非后归母净利润-0.83 亿元, YoY+19%, 毛利率 9.0%, YoY+1.4pcts,净利率-7.3%, YoY+4.4pcts。 静待复合钢箔放量。复合铜箔具备能量密度高、重量轻、寿命长、安 全性好等待点，可应用于动力、储能、消费电池。公司赣州一期项目 达产后年产锂电复合铜箔约 1.5 亿平米，锂电 PP 复合钢箔已具备量 产交付能力,正积极推动与客户的合作。公司 24H1 ...