执业证书编号：S1410524040001 联系人：王金帅 执业证书编号：S1410123090009 | --- | --- | |-------------------------|-------------------------| | | | | 投资评级： | 买入（维持） | | 当前价格 : | 58.94 元 | | 目标价格 : | 82.25 元 | | 目标期限 : | 6 个月 | | 市场数据 | | | 总股本 (百万股) | 221.57 | | A 股股本(百万股 ) | 221.57 | | B/H 股股本 (百万股) | -/- | | A 股流通比例(%)） | 99.94 | | 12 个月最高 /最低( 元 ) | 142.00/30.66 | | 第一大股东 | 王军 | | 第一大股东持股比例 (%) | 33.45 | | 上证综指/沪深 300 | 3346.01/3976.89 | | 数据来源：聚源 注： | 2024 年 11 月 19 日数据 | 近十二个月股价表现 %1个月3个月12个月 相对收益23.3828.45-9.04 绝对收益24.7047 ...

证券研究报告·行业点评报告 2024 年 11 月 19 日 江海证券研究发展部 执业证书编号：S1410523100001 联系人：吴雁宇 市值管理指引发布，看好通信央国企投 资机会 执业证书编号：S1410124010015 事件： 分析师：屈雄峰 数据来源：聚源 注：相对收益与沪深 300 相比 注：2024 年 11 月 18 日数据 相关研究报告 1. 江海证券-行业点评报告-传媒行业：卫 星互联网催化不断，提示相关投资机会 – 2024.11.11 2. 江海证券-行业点评报告-通信行业：政 策鼓励发展光芯片产业链，提示持续关注 – 2024.10.24 3. 江海证券-行业点评报告-通信行业：大 模型进化重要一步，算力产业链持续受益 – 2024.09.18 通信行业 2024 年 11 月 15 日，证监会官网发布《上市公司监管指引第 10 号——市值管 理》。该文件要求上市公司以提高公司质量为基础，提升经营效率和盈利能力， 并结合实际情况依法合规运用并购重组、股权激励、员工持股计划、现金分红、 投资者关系管理、信息披露、股份回购等方式，推动上市公司投资价值合理反 映上市公司质量。该文件明确了 ...

证券研究报告·行业点评报告 2024 年 11 月 18 日 江海证券研究发展部 执业证书编号：S1410524040001 机械军工行业研究组 全球人形机器人行业热度持续高涨，聚 焦加快行业发展步伐 分析师：张诗瑶 事件： 行业评级：增持（维持） 近十二个月行业表现 数据来源：聚源 注：相对收益与沪深 300 相比 注：2024 年 11 月 15 日数据 相关研究报告 1. 江海证券-行业点评报告-自动化设备： 特斯拉"We，Robot"发布会上 Optimus Gen3 表现惊艳 – 2024.10.14 2. 江海证券-行业点评报告-自动化设备： 1X 推出家用人形机器人 NEO Beta，持续 关注产业链投资机会 – 2024.09.03 3. 江海证券-行业点评报告-自动化设备： WAIC 大会闭幕，AI 助力人形机器人发展 步伐显著加快 – 2024.07.09 4. 江海证券-行业点评报告-自动化设备： WAIC 大会开幕在即，国内人形机器人发 展值得更多关注 – 2024.07.02 5. 江海证券-行业点评报告-自动化设备： 人形机器人催化不断，商业化落地加速趋 势不变 – 2024.06 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is facing short-term performance pressure, with revenue growth slowing to 0.66% year-on-year in the first three quarters of 2024, and a decline in net profit by 12.22% year-on-year [1] - Despite the short-term challenges, the company is optimizing its cost management, achieving significant reductions in management and R&D expenses [1] - The company is deepening its R&D innovation and expanding its product line, with new drug launches expected to improve performance and profitability in the future [1] - The company has completed its technical transformation and capacity expansion, actively laying out in the traditional Chinese medicine sector [1] - The company is expected to gradually improve its performance driven by core products, continuous R&D investment, and successful new product launches [1] Financial Summary - For the first three quarters of 2024, the company reported revenue of 298 million yuan, a year-on-year increase of 0.66%, and a net profit of 57.21 million yuan, a year-on-year decrease of 12.22% [1] - The projected revenue for 2024-2026 is expected to be 4.39 billion, 4.76 billion, and 5.37 billion yuan, with year-on-year growth rates of 7.65%, 8.44%, and 12.80% respectively [1] - The projected net profit for the same period is expected to be 991.4 million, 1.0152 billion, and 1.1021 billion yuan, with year-on-year growth rates of -3.11%, 2.40%, and 8.56% respectively [1] - The current market capitalization corresponds to a PE ratio of 19.5, 19.0, and 17.5 for 2024-2026 [1] Market Data - The current price of the company's stock is 13.16 yuan, with a total share capital of 146.55 million shares [1] - The highest and lowest prices in the past 12 months were 16.47 yuan and 5.72 yuan respectively [1] - The largest shareholder holds 22.95% of the shares, and the circulating ratio of A shares is 76.31% [1]

Investment Rating - The investment rating for the company is "Hold" with a downgrade from previous ratings [9]. Core Views - The company reported a revenue of 28.959 billion yuan for the first three quarters of 2024, a year-on-year decrease of 6.52%, while the net profit attributable to shareholders was 4.990 billion yuan, an increase of 1.67% year-on-year [5]. - The sales volume for the first three quarters was 6.785 million kiloliters, down 6.98% year-on-year, indicating pressure on sales primarily due to weak performance in the catering sector [5]. - The average price per ton for the first three quarters was 4,268.13 yuan per kiloliter, reflecting a slight year-on-year increase of 0.50% [5]. Financial Performance Summary - The company achieved a gross margin of 42.12% in Q3 2024, with a net margin of 15.85%, showing a year-on-year increase in gross margin but a decrease in net margin [5]. - The projected revenues for 2024 to 2026 are 32.753 billion yuan, 33.839 billion yuan, and 35.913 billion yuan respectively, with expected growth rates of -3.5%, +3.3%, and +6.1% [8]. - The projected net profits for the same period are 4.349 billion yuan, 5.039 billion yuan, and 5.438 billion yuan, with growth rates of 1.9%, 15.9%, and 7.9% respectively [8].

Investment Rating - The investment rating for the company is "Hold" with a downgrade from previous ratings [2] Core Insights - The company reported a revenue of 1.364 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 2.70%, while the net profit attributable to shareholders decreased by 13.49% to 82 million yuan [2] - In Q3 2024, the company achieved a revenue of 472 million yuan, down 1.17% year-on-year, and a net profit of 22 million yuan, down 42.08% year-on-year [2] - The company continues to launch new products across various categories, including glutinous rice products, baked goods, and prepared dishes, focusing on upgrading core products [2] - The competition in the frozen noodle and rice food industry is intensifying, leading to short-term pressure on the company's performance, although it maintains strong advantages as a leading enterprise [2] - The gross margin for Q3 2024 was 22.44%, slightly up by 0.03 percentage points year-on-year, while the net margin decreased by 3.30 percentage points to 4.68% [2] - The company is expected to see revenue growth of 7.3%, 10.1%, and 11.2% for the years 2024, 2025, and 2026, respectively, with net profit projections of 125 million, 132 million, and 145 million yuan for the same years [3] Summary by Sections Financial Performance - For 2024, the company is projected to have total revenue of 2.040 billion yuan, with a growth rate of 7.3% [3] - The net profit for 2024 is estimated at 125 million yuan, reflecting a decline of 6.9% compared to the previous year [3] - The company's gross margin is expected to be around 22.7% in 2024, with a net margin of 6.1% [3] Market Position - The company is recognized as a trusted T1 supplier for major clients, which will aid in expanding its B-end customer base [2] - Despite the competitive landscape, the company retains a leading position in R&D capabilities and customer structure [2] Valuation - The current market valuation corresponds to a P/E ratio of 29.6 for 2024, decreasing to 25.5 by 2026 [3]

Investment Rating - The report assigns an "Overweight" rating to the company, reflecting its strong growth potential in the smart monitoring equipment sector [3] Core Views - The company is a national-level "Little Giant" enterprise specializing in smart monitoring terminal equipment, with a strong presence in infrastructure and environmental safety monitoring [3] - It has achieved significant domestic substitution in high-quality engineering safety monitoring equipment through over 20 years of innovation and practice [3] - The company is expected to benefit from the dual drivers of traditional and new infrastructure development, particularly in energy, water conservancy, and transportation sectors [3] - The company maintains a strategy of "endogenous growth as the main focus, supplemented by exogenous growth," focusing on energy and water conservancy sectors [3] Financial Performance - In the first three quarters of 2024, the company achieved revenue of 233 million yuan, a year-on-year increase of 13.25%, while net profit attributable to the parent company was 47 million yuan, a year-on-year decrease of 3.01% [3] - The third quarter of 2024 showed significant improvement, with revenue of 85 million yuan, a year-on-year increase of 17.32%, and net profit attributable to the parent company of 18 million yuan, a year-on-year increase of 4.35% [3] - The company's gross profit margin remained above 50%, reaching 56.02% in Q3 2024, while the net profit margin remained stable at over 20% [3] Industry Analysis - The sensor industry is entering a period of rapid development, driven by advancements in IoT, 5G, and AI technologies [82] - The demand for safety monitoring products is increasing, with the market size reaching 23.7 billion yuan in 2023, and a CAGR of 11.46% from 2014 to 2023 [90] - The energy sector, particularly pumped storage and nuclear power, is expected to drive demand for safety monitoring equipment, with China's pumped storage capacity projected to reach 120 million kW by 2030 [92] - The water conservancy sector is also experiencing rapid growth, with investment in water conservancy construction reaching 801.94 billion yuan in the first eight months of 2024, a year-on-year increase of 10.7% [98] - The transportation sector is seeing increased investment in safety monitoring systems, with a focus on large-span bridges and tunnels [102] - The smart city market is expanding, with ICT investment expected to reach 1.19 trillion yuan by 2027, driven by urbanization and digital transformation [106] Company Strengths - The company has a stable equity structure, with the largest shareholder holding 28.88% of the shares [1] - It has a young and innovative management team, which helps the company adapt quickly to market changes [35] - The company has developed a comprehensive product portfolio, including vibration string sensors, fiber optic grating sensors, and IoT-based monitoring solutions [51] - It has built a strong customer base, with products and services widely used in major infrastructure projects such as the Three Gorges Dam, the South-to-North Water Diversion Project, and the Hong Kong-Zhuhai-Macao Bridge [51] - The company has a strong R&D focus, with 50 patents and 75 software copyrights as of the first half of 2024 [115]

证券研究报告·行业点评报告 2024 年 11 月 14 日 江海证券研究发展部 电子行业 分析师：屈雄峰 执业证书编号：S1410523100001 联系人：刘瑜 执业证书编号：S1410123110011 百度发布小度 AI 眼镜。2024 年 11 月 12 日，百度在百度世界 2024 大会上发小 度 AI 眼镜。 投资要点： 百度发布小度 AI 眼镜。2024 年 11 月 12 日，百度在百度世界 2024 大会上发小 度 AI 眼镜。百度称小度 AI 眼镜为全球首款搭载中文大模型的原生 AI 眼镜，具 备包括第一视角拍摄、边走边问、识物百科、视听翻译、智能备忘等功能等一 系列功能。小度 AI 眼镜基于文心大模型技术，并通过全面重构的 DuerOS AI 操作系统，大幅提升了模型使用效果与效率。AI 对话聊天中，小度设备与用户 多轮交互次数增加了 7 倍。小度 AI 眼镜轻至 45g，配备 1600 万像素摄像头、 AI 防抖算法、四麦克风阵列及防漏音扬声器，支持声源定位与用户声音区分。 采用低功耗设计，提供 56 小时待机、超 5 小时聆听时长，并可在 30 分钟内快 速充电。支持独立使用或配合 ...

执业证书编号：S1410524050001 | --- | --- | --- | --- | |--------------------|--------|----------------------------------|--------------------| | | | | | | 近十二个月行业表现 | | | | | | | | | | | | | | | | | | | | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | 2.81 | -3.34 | -22.7 | | 绝对收益 | 9.08 | 20.65 | -7.51 | | 数据来源：聚源 | 注： | 注：相对收益与沪深 2024 年 11 月 | 300 相比 11 日数据 | 相关研究报告 1. 江海证券-行业点评报告-医药生物行 业：抗肿瘤药物临床试验中的 SUSAR 分 析与处理技术指导原则发布，提升研发效 率与安全性 – 2024.10.14 2. 行业点评报告-医药生物行业：聚焦慢 性心力衰竭药物临床试验，驱动医药行业 创新与发展 – 2024.09.23 3. 行业点评报告- ...

| --- | --- | --- | --- | |----------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...