应收账款周转率 7.34 5.85 8.12 7.24 7.04 公司报告 | 公司点评 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------|--------------------------------------------| | 华利集团（ 300979 ） | | 证券研究 ...

多地推动 3C 类消费电子以旧换新 持续推进全球化布局 风险提示：消费电子需求不及预期风险，多元化业务拓展不及预期，原材 料价格波动风险，汇率波动风险等 公司始终将全球市场视为重要机遇，积极推进全球化业务布局，在 2010 年率先在越南布局了海外工厂。截至 2024 年 6 月 30 日，公司已在全球 10 个国家、40 多座城市设有 50 多个生产基地及 5 大服务中心。全球化的制 造优势以及全球化的交付布局，能显著缩短产品的生产和运输时间，帮助 公司快速响应全球市场需求，确保对客户的稳定服务，并为公司的持续稳 健发展奠定坚实的基础。 | --- | --- | |----------------------------|--------------------------------------------| | | 证券研究报告 2024 年 12 月 30 日 | | 投资评级 | | | 行业 | 轻工制造 / 包装印刷 | | 6 | 个月评级 买入（维持评级） | | 当前价格 | 27.14 元 | | | 目标价格 元 | | 基本数据 | | | A 股总股本 ( 百万股 | 930.51 ...

主业稳健：公司是中药贴膏龙头，通络祛痛膏、"两只老虎"系列 均为中药贴膏知名品牌。以贴膏为主的骨科收入占公司营收六成 以上，老龄化趋势下，骨科收入稳健增长，2018-2023 年骨科类收 入 CAGR 约为 13%，助力公司业绩持续提升。2024 年前三季度，公 司实现营收 27.6 亿元，同比+10%；归母净利润 5.7 亿元，同比+23%。 管理进取：公司先后于 2012 年、2018 年两次进行销售改革。第二 次改革后，降本增效效果显著，销售费用率由 2018 年的 51.5%降 至 2024 三季度末的 44.4%，减少约 7pct。净利率由 2018 年的 12.0% 提升至 2024 年三季度末的 20.8%。我们仍看好未来公司继续降本 增效，释放利润空间。 分红提高：第二次改革后，公司股利支付率持续提升，2021-2023 年连续 3 年股利支付率保持在 70%以上，2023 年股息率为 4.68%， 位居中药上市公司前列。公司现金流改善，负债率低（截至 2024 年 Q3，有息负债率为 1.1%），财务状况良好，未来仍有望保持优 秀分红。 潜在突破：2024 年 12 月 4 日，公司发布公告 ...

Investment Rating - The report assigns an "Outperform" rating to Darbond Technology with a target price of RMB 58.55 per share [1][48] Core Views - Darbond Technology plans to acquire 89.42% of Taijino for RMB 257.78 million, aiming to enhance its semiconductor packaging materials sector, particularly in high-performance and advanced packaging [96] - The acquisition is expected to expand Darbond's product range and business scope in high-performance packaging, with forecasted 2024E-2026E revenue of RMB 1.10/1.45/1.81 billion and net profit of RMB 0.09/0.15/0.21 billion [96] - Using a PE valuation of 55x for 2025E, the market capitalization is estimated at RMB 8.33 billion [1] Business Overview - Darbond Technology specializes in high-end electronic packaging materials, including integrated circuit packaging, smart terminal packaging, new energy application materials, and high-end equipment application materials [7] - The company has achieved technological breakthroughs in areas such as integrated circuit packaging, smart terminal packaging, power battery packaging, and photovoltaic shingling packaging, with a complete R&D and production system [7] - Darbond has established long-term partnerships with leading industry customers and has entered the supply chains of many well-known brands, achieving import substitution or international leadership in related fields [7] Financial Forecasts - Revenue for 2024E-2026E is projected to be RMB 1.10 billion, RMB 1.45 billion, and RMB 1.81 billion, with year-on-year growth of 18.16%, 31.53%, and 24.80% respectively [71] - Net profit (before non-recurring items) for 2024E-2026E is forecasted at RMB 0.09 billion, RMB 0.15 billion, and RMB 0.21 billion, with year-on-year growth of -11.96%, 67.07%, and 40.23% respectively [71] - Gross margins for 2024E-2026E are expected to be 26.06%, 29.62%, and 31.26% respectively [25] Acquisition Details - The acquisition of Taijino, which specializes in high-end thermal interface materials for semiconductor integrated circuit packaging, will be paid in three installments: 30% within 10 days of agreement, 50% within 10 days post-transaction, and 20% after performance commitments [13][96] - Taijino's products, such as phase change materials and liquid metal, are used in data centers, consumer electronics, and automotive domains, and have gained recognition from leading chip design companies and AI server manufacturers [23] Industry and Market Position - Darbond Technology is a national-level "Little Giant" enterprise focused on the R&D and industrialization of high-end electronic packaging materials, with a strong presence in strategic emerging industries such as integrated circuits, smart terminals, and new energy [7] - The company is a key player in the semiconductor materials sector, with significant investments from the National Integrated Circuit Industry Investment Fund [31]

Investment Rating - The report assigns an 'Outperform' rating to the company, with a target price of RMB 19.80 per share based on a 2025 PE of 55x [43][50] Core Viewpoints - The company is strategically positioned for high revenue growth, with a focus on digital marketing, social business, and e-commerce [30][39][55] - It is exploring short drama business and overseas expansion, integrating brand products into short drama plots and forming an overseas marketing service system [11][99] - The company has a strong creative team and has launched AIGC products like 'Creative Assistant', 'Video Assistant', and 'General Assistant' [30][81] Financial Performance and Forecast - Total revenue for 2024-2026 is forecasted at RMB 6.13 billion, RMB 7.93 billion, and RMB 10.11 billion, with NPAtS of RMB 42 million, RMB 97 million, and RMB 153 million respectively [43][50] - Digital marketing revenue is expected to grow at 30%, 30%, and 28% for 2024-2026, while media agency revenue growth is projected at 5%, 3%, and 2% [43][50] - In Q3 2024, total revenue was RMB 1.48 billion (YoY +26.7%), with NPAtS of RMB 1.65 million (YoY -48%) [36][49] Business Strategy and Market Position - The company has transformed into a digital and content-driven integrated marketing communication firm, with a multi-screen resource integration system [8] - It maintains long-term partnerships with top brands and internet unicorns, and has a strong media network including TV, online video, OTT, mobile terminals, and outdoor LED [8] - The company is focusing on high-growth sectors like 3C, retail, beauty, and pet care, and plans to develop a social SAAS platform starting with 'product seeding' [39][55] Industry and Competitive Landscape - The company is compared to peers like BlueFocus, Zhewen Interconnected, and Tianxia Show, with a 2025 PE valuation of 55x, higher than the peer average of 46x [41][50] - It has a competitive edge in content marketing and is leveraging emerging trends like short dramas and AI applications [30][81]

1.1.深耕分接开关领域三十年 行业地位稳固 公司主营业务包括：变压器分接开关的研发、生产、销售和全生命周期的运维检修（电 力设备）；新能源电站的承包、设计施工和运维（电力工程）；成套数控设备的研发、生产 业务板块 子公司 主要范围 | --- | --- | --- | |----------|----------------------------------------------------------------------------------------|-----------------------------------------------------------| | 电力设备 | 上海华明电力设备制造有限公司 \n贵州长征电气有限公司 \n上海华明电力设备检修服务有限公司 | 变压器分接开关的研发、生产、销售和全生命周期的 \n运维检修 | | | | 机电安装建设工程与电力工程施工，新能源电站的承 | | 电力工程 | 上海华明电力设备工程有限公司 | 包、设计施工和运维 | | 数控设备 | 山东法因数控机械设备有限公司 | 成套数控设备的研发、生产和销售 | 请务必仔细阅读正 ...

计算机 | 软件开发 非金融|首次覆盖报告 联系人 风光并网维持高增，存量不断扩大提供持续稳定收入来源。截止三季度末，我国已 分别建成太阳能和风电装机 773GW 和 480GW，分别同比增长 48.3%和 19.8%，继 续维持较高增速。存量装机规模不断扩大的情况下，功率预测服务收入持续提升， 上半年功率预测产品收入 1.32 亿元，同比增长 3.3%。前三季度我国太阳能和风电 分别新增装机 161GW 和 39GW（同比去年增加 32GW 和 5.6GW），随风光电站建 设销售的新能源并网智能控制系统销售也随之增加，上半年此业务收入 0.53 亿元， 同比增长 44%。 市场表现： | --- | --- | |------------------------------------------------------------------------------------|-------| | | | | 盈利预测与评级：我们预计公司 2024-2026 年归母净利润分别为 1.0/1.3/1.6 亿元， | | hyzqdatemark 2024 年 12 月 30 日 | --- | |---- ...

张倩：厦门大学金融学硕士，于 2024 年 7 月加入华鑫证券研究所，研究方 向是调味品、速冻品以及除徽酒外的地产酒板块。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------|-------|-------|-------------------------|-------|-----------------------------------|--------------|-------------------------|--------|-------| | 证券研究报告 \n公司盈利预测（百万元） \n资产负债表 | | | 2023A 2024E 2025E 2026E | | \n 利润表 | | 2023A 2024E 2025E 2026E | | | | 流动资产 : | | | | | 营业收入 1,275 1,147 1,434 1,721 | | | | | | 现金及现金等价物 | 287 | 31 ...

东华能源（002221） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|--------|---------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 29199 | 27123 | 28523 | 26255 | 21190 | | 同比（ % ） | 1.80 | (7.11) | 5.16 | (7.95) | (19.29) | | 归母净利润（百万元） | 42.37 | 150.52 | 167.50 | 326.05 | 517.97 | | 同比（ % ） | (96.71) | 255.22 | 11.29 | 94.65 | 58.86 | | EPS- 最新摊薄（元 / 股） | 0.03 | 0.10 | 0.11 | 0.21 | 0.33 | | P/E （现价 & 最新摊薄） | 373.82 | 105.24 | ...