国海证券：晨会纪要2024年第181期-20241024

Group 1: Jinpan Technology (688676/216308) - The company reported a revenue of 4.8 billion yuan for the first three quarters of 2024, a year-on-year increase of 1% [1] - Net profit attributable to shareholders reached 400 million yuan, up 21% year-on-year, with a net profit margin of 8.3%, an increase of 1.4 percentage points [1][2] - The proportion of foreign sales increased to 28.6% in the first three quarters, with foreign sales in Q3 reaching 570 million yuan, accounting for 30.8% of total sales [2] - R&D investment for the first three quarters was 220 million yuan, representing 4.6% of revenue, with domestic data center orders increasing by 102% year-on-year [2] Group 2: Alibaba (09988/214506) - Alibaba's total revenue for FY2025Q2 is expected to be 239.6 billion yuan, a year-on-year increase of 7% [3] - Taobao's revenue is projected to grow by 4% to 101.3 billion yuan, with a stable overall monetization rate [3][4] - The international digital commerce group is expected to see a revenue increase of 28% to 31.3 billion yuan, driven by strong growth in retail platforms [4] - The cloud intelligence group is anticipated to achieve a revenue growth of 8% to 29.9 billion yuan, supported by AI-driven product offerings [4] Group 3: Best (300580/212802) - Best reported a revenue of 1.04 billion yuan for the first three quarters of 2024, a year-on-year increase of 3.5% [5] - Net profit attributable to shareholders was 220 million yuan, up 7.1% year-on-year, with a net profit margin of 21.6% [5] - The company is expanding its product applications in various sectors, including industrial machinery and robotics, with successful orders for high-precision components [6] - Future revenue projections for 2024-2026 are 1.44 billion, 1.73 billion, and 2.13 billion yuan, respectively, with corresponding net profits of 320 million, 370 million, and 450 million yuan [6]