公司评级 无评级 报告日期 2024 年 12 月 28 日 分析师：龙雷 投资要点： 事件：迅安科技发布 2024 年三季报。2024 年前三季度，公司实现营业收入 1.69 亿元， 同比+5.27%；归属于上市公司股东的净利润 4395 万元，同比+3.87%；归属于上市公 司股东的扣除非经常性损益后的净利润 4248 万元，同比+7.52%。 募投项目延期，投资设立境外控股子公司。报告期内公司结合实际需要，考虑到国内外 宏观经济环境等因素影响，审慎控制募投项目投资进度，将"年产 120 万只电焊防护 面罩及 8 万套电动送风过滤式呼吸器建设项目 "和"研发中心项目"达到预定可使 用状态日期最迟延长至 2025 年 8 月 31 日。根据公司战略规划和业务发展需要，公司 与迅赛贸易合资在境外设立子公司，总投资额 415 万美元，其中公司投资金额为 411 万美元，占股 99%。此外，公司本年度收到政府补贴共计 537 万元。 | --- | --- | |-------------------------------|-------| | | | | 基础数据 | | | | | | 12 月 27 日收 ...

积极完善人形机器人产品平台，上下游合作推动产业链发展。公司积极完善人形机器人 产品平台布局，在电机方面，公司布局空心杯电机、伺服电机，与苏州脉塔在人形机器 人关节用一体化电机方向形成研发、生产、销售的全方位深度合作。传动方面，公司布 局精密减速箱、T 型丝杆、滚珠丝杆、行星滚柱丝杆，公司掌握反式梯形丝杆独特的工 艺技术，行星滚柱丝杆已送样。微型伺服电缸正在研发中，预计将于今年二季度末完成 样品。传感器及驱控系统在机器人领域应用广泛，目前公司设立控股子公司韦尔智能专 注于精密驱动器、控制器的研发、生产与销售，与韩国 ADIN 合作，共同推进六维传 感器的产能建设及市场推广工作。目前公司与国内外多家人形机器人产业链客户的合作 有序开展中。 请阅读最后评级说明和重要声明 2/2 分析师：龙雷 信息披露 公司评级 无评级 报告日期 2024 年 12 月 28 日 S0190516020003 longlei@xyzq.com.cn 投资要点： 前三季度费用增长较快，政府补助同比减少。前三季度公司销售费用 2438 万元，同比 +12.9%；管理费用 1832 万元，同比-9.9%；研发费用 1846 万元，同比+1 ...

2024 年 12 月 29 日 公司点评 增持/维持 ■ 事件 近期，建发股份披露 2024 年三季报。从年初到本报告期末，实现营 业总收入 5021 亿，同比减-16.13%；归母净利 20.58 亿，同比减-83.43%； 扣非后的归母净利 13.2 亿，同比减-39.3%；基本每股收益 0.57 元，加权 平均净资产收益率 2.95%；经营活动产生的现金流量净额为-141 亿元，同 比减-157.9%。公司增持 10%房产子公司股权事宜，已获股东大会投票通 过。 建发股份，点评，增持地产子公司股权，不改出海供应链战略 ■ 点评 建发股份第一大股东为建发集团持股 46.03%，实控人为厦门市国资 委。建发股份所从事的主营业务，包括供应链运营业务和房地产业务。 二、季度业绩情况 三、子公司股权变更情况 背景：建发房产的第一大股东，为上市公司建发股份持股 54.65%， 第二大股东为建发集团持股 45.35%。股东建发集团早先已年报公开披露， 为解决历史遗留问题的承诺，经厦门市国有资产监督管理委员会批准后， 股票数据 相关研究报告 公 司 研 究 公司点评 其将在合适的时机将建发房产剩余 45.346%股权 ...

Investment Rating and Valuation - The report assigns an "Outperform" rating to the company, with a target price range of 50.66-56.28 RMB, representing a 20%-27% premium over the current stock price [2] - The company's net profit attributable to shareholders is forecasted to be 655/838/984 million RMB for 2024-2026, with EPS of 2.10/2.68/3.15 RMB, representing year-on-year growth rates of 31.5%/28.0%/17.4% [2] Financial Performance and Projections - Revenue is projected to grow from 6.18 billion RMB in 2024E to 8.64 billion RMB in 2026E, with year-on-year growth rates of 24.9%/24.9%/12.0% [10] - Net profit is expected to increase from 655 million RMB in 2024E to 984 million RMB in 2026E, with year-on-year growth rates of 31.5%/28.0%/17.4% [10] - The company's EBIT margin is forecasted to remain stable at around 12.0%-12.7% from 2024E to 2026E [10] Industry and Market Opportunities - The global offshore wind power development plan exceeds 450GW, with significant growth potential in international markets [57] - The domestic offshore wind power market is expected to see a compound annual growth rate of 31% from 2024 to 2027, with new installations reaching 8/14/16/18GW in those years [68] - The global data center transformer market is projected to grow at a CAGR of 6.9% from 2023 to 2032, reaching 16.8 billion USD by 2032 [153] Company Strengths and Competitive Advantages - The company has established a dual-drive strategy of "indirect export + global layout" and its products have obtained international certifications such as UL, CE, and DNV-GL [19] - The company has a complete product portfolio in the photovoltaic sector, including box-type substations, inverter-boost integrated devices, and complete switchgear equipment [131] - The company has developed key technologies for offshore wind power, such as 66/110kV voltage level step-up transformers and gas-insulated switchgear [98] Product and Technology Development - The company has launched a stock option incentive plan for 2024, covering 126 core employees and setting revenue targets of 8 billion RMB and 9 billion RMB for 2025 and 2026, respectively [27] - The company has developed a 66kV voltage level step-up transformer and gas-insulated switchgear for offshore wind power, and is actively researching 110kV voltage level GIS equipment [98] - The company has introduced an inverter-boost integrated device for photovoltaic applications, which has won awards such as the Guangdong Province Mechanical Industry Science and Technology Award [133] Market Expansion and Strategic Initiatives - The company has established a presence in over 40 countries and regions, including Southeast Asia, Europe, and North America [19] - The company has secured a contract for the 1000MW Guohua HG14 offshore photovoltaic project, marking its entry into the GW-level offshore photovoltaic market [161] - The company is actively promoting the development of floating offshore wind power products and has supplied emergency power cabins for China's first deep-sea floating wind power platform [115]

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Investment Rating - The report assigns a **Buy** rating to Shandong Publishing with a target price of **15.60 RMB** based on a 2025 P/E multiple of 15x [3][109] Core Views - Shandong Publishing is a leading publishing and distribution company in Shandong Province, with a core focus on textbook and supplementary materials, while actively exploring diversified business layouts [2][3] - The company has a complete industry chain covering publishing, distribution, printing, and material trade, with innovative businesses such as digital publishing, study tourism, smart education, and media integration [2][32] - From 2019 to 2023, the company's revenue grew from **9.767 billion RMB** to **12.154 billion RMB**, with a CAGR of **5.62%**, while net profit attributable to shareholders increased from **1.544 billion RMB** to **2.376 billion RMB**, with a CAGR of **11.37%** [2][40] Business Performance Textbook and Supplementary Materials - The textbook and supplementary materials business has shown steady growth, with publishing revenue CAGR of **10.55%** and distribution revenue CAGR of **7.18%** from 2019 to 2023 [2][75] - The student population in Shandong Province is stable, with **101 million** permanent residents in 2023, ranking second in China, which supports the growth of the textbook business [2][52] - The proportion of middle and high school students in the K12 population increased from **41.1%** in 2016 to **43.6%** in 2022, which is expected to drive demand for supplementary materials [2][54] General Books - The general book market has been relatively weak, with a CAGR of **-2.8%** from 2019 to 2023, but the company's general book publishing and distribution business grew at a CAGR of **3.45%** during the same period [2][88] - In 2023, the company's market share in book retail was **1.39%**, and it has been actively promoting online sales through digital transformation [2][116] New Business Layouts - The study tourism business grew rapidly, with revenue increasing by over **60%** in the first half of 2024 [2][119] - The company is developing smart education projects, such as the "Homework + Learning Diagnosis Big Data Feedback" project, which integrates textbook publishing with big data technology [2][123] - The company is also exploring new service scenarios in bookstores, such as "Senior Citizen University" and "Xinhua Study Room" [97][126] Financial Performance - From 2019 to 2023, the company's gross margin remained stable at **36%-39%**, while the net margin increased from **15.8%** to **19.5%** [68][70] - The company has consistently increased cash dividends, with the dividend payout ratio rising from **43.25%** in 2019 to **49.19%** in 2023 [45][73] Future Outlook - The company is expected to achieve net profits of **1.957 billion RMB**, **2.177 billion RMB**, and **2.314 billion RMB** in 2024, 2025, and 2026, respectively, with EPS of **0.94 RMB**, **1.04 RMB**, and **1.11 RMB** [3][25] - Revenue is projected to grow at a CAGR of **6.9%**, **4.3%**, and **4.2%** from 2024 to 2026, with gross margins remaining stable at around **37.6%-37.8%** [106][108]

[盈利预测与财务指标 Table_Forcast] ➢ 孩子王发布 2024 年度业绩预告。2024 年，公司预计实现归母净利润 1.6~2.1 亿元（中值 1.85 亿元），yoy+52.2%~+100.7%（中值+76.5%）；扣 非归母净利润 1.2~1.6 亿元（中值 1.4 亿元），yoy+91.9%~155.9%（中值 +123.9%）。24Q4，公司预计实现归母净利润 0.29~0.80 亿元（中值 0.54 亿 元），去年同期亏损 0.12 亿元；扣非归母净利润 0.27~0.67 亿元（中值 0.47 亿 元），去年同期亏损 0.23 亿元。 ➢ 大力实施"三扩"战略，持续挖掘增量市场，业绩显著改善。公司 2024 年 归母净利润同比实现大幅增长主要系 1）公司坚持以用户为中心，聚焦主责主业， 大力实施扩品类、扩赛道、扩业态"三扩"战略，紧盯"儿童生活馆、非标增长、 同城亲子"三大必赢之战；2）大力发展线上，加快 AI 数智化发展，不断围绕用 户关系做重点经营和创新，全力挖掘存量面上的结构性增量；3）积极拓展新业 务，推进产业合作和融合，从而构建起以数字化和智能化为依托的全渠道、全场 景、全 ...

请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 曹馨茗，本科毕业于中央财经大学，硕士毕业于圣路易斯华盛顿大学。曾就职于保险资 管、国盛证券研究所，有 3 年左右行业研究经验，跟随团队在新财富、金麒麟、水晶球 等评选中获得佳绩。2024 年加入信达证券研究开发中心。 本报告是针对与信达证券签署服务协议的签约客户的专属研究产品，为该类客户进行投资决策时提供辅助和参考，双方对权利与义 务均有严格约定。本报告仅提供给上述特定客户，并不面向公众发布。信达证券不会因接收人收到本报告而视其为本公司的当然客 户。客户应当认识到有关本报告的电话、短信、邮件提示仅为研究观点的简要沟通，对本报告的参考使用须以本报告的完整版本为 准。 | --- | --- | --- | |-------------------------------|--------------------------------------|--------------------------------| | 投资建议的比较标准 | 股票投资评级 | 行业投资评级 | | 本报告采用的基准指数 ：沪深 | 买入：股价相对 ...

公司研究 二、寒武纪-U：或迎来营收快速放量周期 ■预付款项（亿元） 敬请参阅最后一页特别声明 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------|-----------------------------|---------|--------|--------|--------|----------------------------------------------------------------|--------------------------------|--------------|--------------|--------------|-----------| | 利润表（百万元） \n营业收入 729 709 1,872 4,437 5,804 | 2022 2023 2024E 2025E 2026E | | | | | 资产负债表（百万元） \n总资产 5,770 6, ...

要点 风险提示：需求不及预期风险，行业供需格局恶化的风险，原燃材料价格继续大 幅上涨的风险，海外投资不确定性和汇兑损益风险等。 | --- | --- | --- | --- | |----------|-------|-------|-------| | | | | | | 收益表现 | | | | | % | 1M | 3M | 1Y | | | | | | | 相对 | -8.25 | -8.19 | -6.52 | | 绝对 | -6.35 | -0.70 | 12.80 | | --- | --- | --- | |--------|------------------|--------------------------------------------------------------------------------------------------------------| | 行 | 买入 未来 | 评级 说明 6-12 个月的投资收益率领先市场基准指数 15% 以上 | | 业 | 增持 | 未来 6-12 个月的投资收益率领先市场基准指数 5%至 15% ； | | 及 公 | ...