]yrtsudnI_elbaT[ 公 司 研 究 轻 工 制 造/ 证 券 研 究 报 告 [Table_Title] 稳健医疗（300888）2024年三季报点评 营收回归增长，股权激励强化信心 2024 年 10 月 30 日 [【投资要点】 Table_Summary] 公共卫生事件影响消除，回归常态化正向增长。分业务看， 公司发布 2024 年三季报。 棉花价格回落，盈利能力改善可期。2024 年前三季度毛利率 48.14%， 同比-2.03pct，原材料成本上涨和产品结构变化对毛利率有一定负面 影响。考虑到棉花价格回落，预计未来毛利率有所改善。 适时推出股权激励，强化增长信心。公司 10 月 29 日公告，计划（草 案）拟向不超过 308 位公司骨干授予 747.63 万股限制性股票，约占 股本的 1.28%；授予价格为 15.39 元/股，28 日收盘价 30.58 元，折 价率 50.33%。本激励计划在 2025 年至 2027 年三个会计年度中，分业 务板块、分年度对公司的业绩指标进行考核，2025-2027 年的考核触 发值为营收同比增长 13%，目标值为营收同比增长 18%。 2024 ...

]yrtsudnI_elbaT[ [Table_Title] 欧派家居（603833）2024年三季报点评 业绩短期承压，重视股东投资回报 2024 年 10 月 29 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 138.8 亿元，同比-16.2%；归母净利 润 20.3 亿元，同比-12.1%；扣非归母净利润 17.6 元，同比-20.0%。 24Q3 公司实现收入 53.0 亿元，同比-21.2%；归母净利润 10.4 亿元， 同比-11.6%；扣非归母净利润 9.9 亿元，同比-12.6%。2023 年基数较 高，2024 年房地产市场承压、终端需求低迷，以及内部大家居深化改 革调整下，公司业绩承压。 分产品：卫浴相对稳健。2024 年前三季度，厨柜、衣柜及配套、卫浴、 木 门 收 入 分 别 为 40.3/71.9/8.0/8.3 亿 元 ， 同 比 -22.0%/-19.0%/-1.6%/-17.1%；毛利率为 30.6%/40.9%/29.0%/26.8%， 同比-3.3pct/+5.7pct/+0.2 pct/+4.3 p ...

]yrtsudnI_elbaT[ 公 司 研 究 / 信 息 技 术/ 证 券 研 究 报 告 2024 年 10 月 29 日 [Table_Title] 久远银海（002777）2024年三季报点评 中标重要项目，合同负债持续增长 [【投资要点】 Table_Summary] 单三季度来看，单季度实现营业收入 2.74 亿元，同比下降 3.95%；实 现归母净利润 758 万元，同比下降 73.93%%；实现扣非归母净利润 128 万元。 合同负债继续增长，数据资源有望进一步列示。截至三季度末，公司 合同负债余额为 5.61 亿元，较上季度末增长了 0.44 亿元，环比增幅 为 8.5%，连续两个季度实现增长，形成对未来业绩的积极展望。公司 存货余额 4.20 亿元，无形资产余额为 3.38 亿元，未来随着数据要素 价值评估体系的进一步出台，其中的数据资源有望被量化披露，形成 公司的数据资产。 中标重要项目，智慧医疗业务继续前进。10 月 25 日，公司公告中标 项目，公司以 9173 万元中标重庆市合川区智慧医疗项目（第一阶段）， 该项目是重庆市合川区智慧医疗项目首发标段，面向合川区 5 个区级 医院和 ...

Investment Rating - Maintain "Overweight" rating [2][4] Core Views - Revenue for the first three quarters of 2024 was RMB 21.699 billion, a year-on-year decrease of 14.44%, with net profit attributable to the parent company of RMB 1.277 billion, a year-on-year decrease of 45.73% [1] - Q3 revenue was RMB 6.48 billion, a year-on-year decrease of 23.84%, with net profit attributable to the parent company of RMB 334 million, a year-on-year decrease of 67.23% [1] - The decline in revenue was mainly due to weak demand in the real estate sector, with retail channels performing better than engineering channels [1] - Gross margin remained stable in Q3 at 28.92%, supported by a decline in asphalt prices, a major cost component [1] - Sales expenses increased by 3.3% year-on-year to RMB 2.235 billion, and other income decreased by 35.87% to RMB 250 million, impacting net profit [1] - Operating cash flow improved, with a net outflow of RMB 492 million, a reduction of RMB 4.27 billion year-on-year, driven by better collection and reduced payments [1] - The company is expected to show performance elasticity following potential relaxation of real estate policies [1] Financial Performance - Total market capitalization: RMB 34.181 billion, with a circulating market capitalization of RMB 27.109 billion [3] - 52-week high/low stock price: RMB 25.30/RMB 9.75, with a 52-week decline of 39.05% [3] - 52-week high/low P/E ratio: 22.51/10.91, and 52-week high/low P/B ratio: 2.37/0.85 [3] - 52-week turnover rate: 634.01% [3] Profit Forecast - Revenue forecast for 2024-2026: RMB 303.87 billion, RMB 335.77 billion, and RMB 371.29 billion, with growth rates of -7.42%, 10.50%, and 10.58% respectively [5] - Net profit attributable to the parent company forecast for 2024-2026: RMB 19.96 billion, RMB 29.07 billion, and RMB 34.23 billion, with growth rates of -12.22%, 45.68%, and 17.73% respectively [5] - EPS forecast for 2024-2026: RMB 0.82, RMB 1.19, and RMB 1.40 [5] - P/E ratio forecast for 2024-2026: 17.13x, 11.76x, and 9.99x [5] Key Financial Ratios - Gross margin for 2024-2026: 28.09%, 28.44%, and 28.60% [7] - Net margin for 2024-2026: 6.60%, 8.70%, and 9.26% [7] - ROE for 2024-2026: 7.05%, 9.39%, and 10.05% [7] - Asset-liability ratio for 2024-2026: 45.76%, 45.23%, and 44.83% [7] Industry and Company Positioning - The company has a strong position in the waterproofing industry, with advantages in scale, channels, brand, and cost [1] - Recent expansion into civilian building materials and retail channels has shown positive results [1] - The company is expected to benefit from potential policy relaxation in the real estate sector [1]

]yrtsudnI_elbaT[ 公 司 研 究 / 电 子 设 备/ 证 券 研 究 报 告 恒玄科技 沪深300 《产品结构逐步多元化，纵深发展智 能可穿戴与智能家居设备领域》 2023.03.30 [Table_Title] 恒玄科技（688608）2024年三季报点评 24Q3单季度收入创新高，智能手表开启 新成长曲线 2024 年 10 月 29 日 [【投资要点】 Table_Summary] 可穿戴及智能家居市场需求增长，单季度收入创新高。2024 年 10 月 24 日晚，恒玄科技公告 2024 年三季报，2024 年前三季度公司实现营 业收入 24.73 亿元，同比增长 58.12%；实现归母净利润 2.89 亿元， 同比增长 145.47%。就 2024 年第三季度来看，公司实现营业总收入 9.42 亿元，创单季收入历史新高，同比增长 44.01%，环比增长 7.23%； 实现归母净利润 1.41 亿元，同比增长 106.45%，环比增长 17.85%。 由于公司产品结构的变化和上游成本的下降，公司盈利能力改善， 2024 前三季度公司综合毛利率为 33.76%，其中 2024Q3 毛利率 ...

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported a revenue of 819 million yuan for the first three quarters of 2024, representing a year-on-year growth of 13.78%. The net profit attributable to shareholders reached 92 million yuan, up 37.73% year-on-year, while the net profit excluding non-recurring items was 81 million yuan, reflecting a growth of 33.30% [1] - In the third quarter alone, the company achieved a revenue of 317 million yuan, marking a 14.01% increase year-on-year, and a net profit of 40 million yuan, which is a 45.76% year-on-year growth. This quarter's revenue is the highest in nearly three years, confirming the company's strong recovery [1] - The company continues to invest actively in sales and R&D, with sales expenses increasing by 5.36% to 309 million yuan, management expenses rising by 18.46% to 33 million yuan, and R&D expenses growing by 5.50% to 202 million yuan in the first three quarters of 2024 [1] - The industry recovery trend is further confirmed, with improvements in government demand and increased safety construction needs in sectors like telecommunications and energy. The company has effectively captured opportunities in the financial sector, leveraging its product stability and operational experience to serve leading clients [1] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported operating revenue of 819 million yuan, a 13.78% increase year-on-year, and a net profit of 92 million yuan, up 37.73% year-on-year. The net cash flow from operating activities was 122 million yuan, a significant increase of 300.85% [1] - The third quarter alone saw operating revenue of 317 million yuan, a 14.01% year-on-year increase, and a net profit of 40 million yuan, reflecting a 45.76% growth year-on-year [1] Expense Management - The company maintained a proactive approach to expenses, with sales expenses at 309 million yuan (+5.36%), management expenses at 33 million yuan (+18.46%), and R&D expenses at 202 million yuan (+5.50%) for the first three quarters of 2024 [1] - In the third quarter, sales expenses were 116 million yuan, up 19.46% quarter-on-quarter and 8.21% year-on-year [1] Market Position - The company holds a strong competitive position in the Chinese application delivery market, ranking second with a market share of 14.3% in the first half of 2024 and 13.6% in the second quarter [2] - In the DDoS hardware security product market, the company ranks among the top three with a market share of 12.2%, indicating its strong product competitiveness [2]

Investment Rating - The report assigns a rating of "Accumulate" to the company [3]. Core Views - The company reported a revenue of 6.464 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 12.79%, with a net profit attributable to shareholders of 482 million yuan, up 5.55% year-on-year [2]. - The growth in revenue is driven by rapid expansion in the furniture factory and rural channels, with the decorative materials business revenue reaching 5.366 billion yuan, a year-on-year increase of 17.65% [2]. - The company has improved its cost control, with a decrease in the expense ratio to 6.56%, down 1.86 percentage points year-on-year, primarily due to reduced management and financial expenses [2]. - The cash flow situation is healthy, with a net operating cash flow of 420 million yuan, although it reflects a decrease of 52% year-on-year due to increased cash payments for goods and services [2]. Summary by Sections Financial Performance - For Q3 alone, the company achieved a revenue of 2.556 billion yuan, a year-on-year increase of 3.56%, and a net profit of 238 million yuan, up 41.5% year-on-year [2]. - The company expects net profits for 2024-2026 to be 661 million, 795 million, and 908 million yuan respectively, with corresponding P/E ratios of 15.92, 13.25, and 11.60 [4]. Business Development - The furniture factory channel has seen significant growth, with retail distribution channel business accounting for approximately 49.7% of total sales, and the furniture factory channel's share rising from single digits in 2018 to 36.8% [2]. - The company has opened 1,001 new stores in rural areas in the first three quarters, enhancing customer value and profit through supplementary sales [2]. Future Outlook - The report expresses optimism about the company's channel expansion, particularly in the context of increasing demand for small B and C-end markets and renovation needs [2].

T[ [Table_Title] 中国建筑（601668）2024年三季报点评 挖掘价值 投资成长 等待化债 2024 年 10 月 28 日 [【投资要点】 Table_Summary] 公司发布 2024 年三季报，受建筑市场低迷拖累，业绩同比下滑。前 三季实现收入 1.63 万亿元，yoy-2.7%，实现归母 397.03 亿元， yoy-9.1%，实现扣非 370.21 亿元，yoy-9.8%。Q3 单季实现收入 4819 亿元，yoy-13.6%，实现归母 102.53 亿元，yoy-30.2%。单季收入自 22Q4 以来首次回落至 5000 亿以下，判断系受建筑市场整体低迷、房 地产市场持续调整、基础设施投资放缓等因素影响。 现金流承压，判断地方财政压力传导到公司回款层面，是掣肘公司 Q3 经营增长的因素之一。公司前三季应收票据及账款达 3626 亿元， yoy+42%，增幅创近十年最高，合同资产约 4960 亿元，yoy+60%。根 据财政部，1-9 约全国一般公共预算收入、支出分别约为 16.3 万亿元、 20.2 万亿元，同比变动-2.2%、+2.0%，我们判断公司经营承压可能受 到地方财政 ...

T[ [Table_Title] 青龙管业（002457）2024年三季报点评 挖掘价值 投资成长 Q3业绩继续高增，盈利和回款显著改善 2024 年 10 月 28 日 [【投资要点】 Table_Summary] 公司发布 2024 年三季报，经营业绩增速较上半年进一步提升。前三 季度实现收入 17.28 亿元，yoy+41%，实现归母 1.13 亿元，yoy+934%， 实现扣非 1.04 亿元，yoy+5387%，其中 Q3 单季实现收入 6.49 亿元， yoy+60%，实现归母 0.41 亿元，yoy+1563%，实现扣非 0.40 亿元， yoy+965%。业绩高增，系报告期公司已签订的合同进入正常履行阶段， 各大项目按计划执行。结合半年报表述，我们判断公司加快推进"东 进南下"等市场战略布局也是经营增长的重要原因，9 月公司公告中 标某预应力钢筒混凝土管（PCCP）采购Ⅱ标项目，中标金额高达 7.29 亿元，占 2023 全年收入的 35%。 盈利能力改善，销售费用有所增加。前三季度盈利能力改善，销售毛 利率和净利率分别为 31.28%和 7.11%，同比分别提升 3.39pct 和 5.83 ...

[Table_Title] 电气设备行业专题研究 多晶硅行业：价格向上修复， 政策、行业整合和期货上市催化 2024 年 10 月 25 日 [Table_Summary] 【投资要点】 多晶硅价格反弹向上，供需将继续边际修复。行业价格 2024 年 6 月 触底，8 月开始反弹，主要原因是头部企业减产，供需趋稳。目前致 密料价格在 4 万元左右，多数企业处在亏现金流、低负荷状态，规划 和新建产能基本暂停。我们认为供需将继续边际修复，价格延续向上 趋势，有望略超过头部企业成本线。主要催化因素有以下几点： 短期催化：期货即将上市，电价补贴削减。当前行业库存在 30 万吨 左右。我们估算，若按每个存放点 5000 吨计算，期货交割库最低保 障库容在 10 万吨左右，可阶段性消化行业库存，提振行业价格。从 成本看，工业硅期货 2024 年 11 月和 12 月价差约 3000 元，预示市 场对 12 月价格乐观。地方政府逐步落实取消优惠电价，以电力市场 化替代价格补贴，电力价格短期上行，支撑多晶硅成本。 中期催化：拟建产能延期，行业并购开启。据硅业分会统计，超过 150 万吨拟建产能延期或终止。通威股份拟收购润阳股 ...