证券研究报告 | 公司动态点评 2024 年 11 月 5 日 三生制药（1530.HK） 国内生物制药先驱，在研产品储备丰富 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|--------------------------------------|-------|-------|---------------|--------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（首次覆盖） | | | 营业收入（百万元） | | 6859.4 7815.9 9090.0 10251.4 11711.1 | | | | 股票信息 | | | 增长率 yoy （ % ） | 7.5 | 13.9 | 16.3 | 12.8 | 14.2 | | | | 归母净利润（百万元） | | 1914.9 1549.2 2173.2 | | | 2443.3 2726. ...

证券研究报告 | 公司动态点评 2024 年 11 月 06 日 华纳药厂（688799.SH） 业绩短期承压，新药临床稳步推进 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 1,293 | 1,433 | 1,527 | 1,709 | 1,873 | 股票信息 | | | 增长率 yoy （ % ） | 12.7 | 10.8 | 6.6 | 11.9 | 9.6 | | | | 归母净利润（百万元） | 183 | 211 | 221 | 248 | 279 | 行业 | 医药 | | 增长率 yoy （ % ） | 13.7 | 15.6 | 4.5 | 12.4 ...

证券研究报告 | 公司动态点评 2024 年 11 月 03 日 福斯特（603806.SH） Q3 盈利短期承压，新业务持续扩张 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------|------------------------------------------|------------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 18,877 | 22,589 | 20,734 | 25,994 | 29,904 | 股票信息 | | | 增长率 yoy （ % ） | 46.8 | 19.7 | -8.2 | 25.4 | 15.0 | | | | 归母净利润（百万元） | 1,579 | 1,850 | 1,786 | 2,495 | 2,979 | 行业 | 电力设备及新能源 | | 增长率 ...

证券研究报告 | 公司动态点评 2024 年 11 月 04 日 振江股份（603507.SH） 国际布局逐步完善，回购彰显企业发展信心 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------|-------|-------|-------|-------|------------------------------------------|------------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 2,904 | 3,842 | 4,430 | 5,948 | 7,372 | 股票信息 | | | 增长率 yoy （ % ） | 19.77 | 32.28 | 15.3 | 34.3 | 23.9 | | | | 归母净利润（百万元） | 95 | 184 | 275 | 396 | 527 | 行业 | 电力设备及新能源 | | 增长率 yoy （ % ） | -47 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5][14] Core Views - The company has shown a slowdown in revenue and profit growth in Q3, attributed to industry disturbances affecting specific products [2][3] - Despite the short-term challenges, the long-term outlook remains positive due to the company's strong brand value and product line, particularly in the orthopedic medication market driven by an aging population [3][5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 2.759 billion yuan, a year-on-year increase of 10.07%, and a net profit attributable to shareholders of 574 million yuan, up 23.10% year-on-year [2][3] - Q3 2024 revenue was 853 million yuan, reflecting a year-on-year growth of 5.83%, while net profit for the same period was 161 million yuan, up 7.80% year-on-year [2][3] - The gross margin for Q3 was 72.68%, with a net profit margin of 18.85%, both showing a decline compared to the previous quarter [2] Financial Metrics - The company is projected to achieve revenues of 3.672 billion yuan, 4.153 billion yuan, and 4.660 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 10.9%, 13.1%, and 12.2% [1][5] - Net profit forecasts for the same years are 693 million yuan, 837 million yuan, and 990 million yuan, with growth rates of 22%, 21%, and 18% respectively [1][5] - The report indicates a continuous improvement in financial metrics, with a return on equity (ROE) projected to reach 22.8% in 2024 and 24.1% in 2025 [1][3][8]

机械 证券研究报告 | 行业动态点评 2024 年 11 月 05 日 人形机器人板块催化不断，研发+政策齐促商业化进程加速推进 近期，机器人板块迎来多重催化： 强于大市（维持评级） 行业走势 产品端：海内外多个产品实现新进展，我国首台超轻量级人形机器人发布。 例如：1）特斯拉 Optimus 实现自主导航新突破：10 月 17 日，特斯拉 Optimus 展示了擎天柱人形机器人在自主能力上的重大提升。擎天柱的行走变得更加 自信，可自主探索看不见的空间，并使用运行在其计算机上的神经网络，避 开人群和障碍物，同时捕捉特定于其环境的视觉线索，还能准确定位并导航 至最近的充电站；2）波士顿动力 Atlas 进驻工厂：继 4 月宣布人形机器人 Atlas 全面电动化之后，波士顿动力 10 月 30 日宣布 Atlas 已进驻工厂，在一 个工厂区域，人形机器人 Atlas 能自主搬运汽车发动机部件，并调整放置位置。 波士顿动力声称 Atlas 完全依赖于机器学习算法，没有任何预设或远程操作的 行为，即实现完全自动化；3）众擎发布全新通用人形机器人 SE01：众擎首 款全尺寸通用人形机器人 SE01 于 10 月 24 ...

代码 名称 评级 2024E 2025E 2024E 2025E 300782.SZ 卓胜微 增持 2.23 2.81 44.85 35.59 301308.SZ 江波龙 增持 1.8 3.1 48.92 28.41 603501.SH 韦尔股份 增持 2.46 3.54 44.97 31.25 688008.SH 澜起科技 增持 1.16 1.72 59.48 40.12 688052.SH 纳芯微 增持 -3.05 0.23 -40.39 535.61 资料来源：长城证券产业金融研究院 证券研究报告 | 行业专题报告 2024 年 11 月 06 日 电子 24Q3 板块营收环比+6.1%增长，静待 AI 端侧落地引领需求复苏 ——A 股半导体行业 24Q3 财报总结 强于大市（维持评级） 股票 股票 投资 EPS （元） PE 半导体景气度弱复苏，24Q3 板块营收同环比均增长，净利润环比-2.2%。 24Q3 半导体板块(除中芯国际、华虹公司外)营收 1372.84 亿元，同比 +20.9%，环比+6.1%；归母净利润 97.35 亿元，同比+46.2%，环比-2.2%。 24Q3 季度营收环比增速排 ...

投资策略研究 特朗普胜选后影响几何 据 AP 美联社统计,截至北京时间 11/7上午8时,特朗普已获得 295张选举 人票,成为美国一个多世纪以来首位并非通过竞选连任而赢得第二个任期的 前总统。与此同时,共和党已经拿下了参议院的控制权(52席),并在众议 院选举中占据了 205个席位(获得 218席将获得众议院控制权)。当前来看, 共和党有较大概率将控制参众两院。 回顾特朗普经济及地缘政策主张,主要集中在以下几个方面:1)税收:强调 通过减税来刺激经济增长,大幅降低个人税收和企业税收,鼓励海外利润回 流。2)贸易:坚持全面关税政策,主张对进口商品征收更多关税,以保护美 国产业和就业,批评了以往的自由贸易协定,如北美自由贸易协定(NAFTA), 并推动了新的美墨加协议(USMCA)来取代它。3)能源:倾向于支持传统 能源,如石油和煤炭,而不是清洁能源,特朗普政府减少对清洁能源的补贴 和支持,尤其是在太阳能和风能领域,特朗普执政期间宣布退出巴黎气候协 定,认为该协定对美国经济不利。4)军事:特朗普可能要求北约停止援助乌 克兰。可能会加大投入以色列,以色列将会成为美国新的财政损耗点。 从资产价格角度看,特朗普当选将 ...

Investment Rating - The report maintains a rating of "Accumulate" for Yihu Co., Ltd. (益湖股份) [1] Core Views - The company's performance is under short-term pressure due to declining potassium and lithium prices, but there is potential for recovery as new projects progress [1][6] - The report highlights that potassium chloride prices are stabilizing and may rebound, while lithium carbonate prices are expected to return to reasonable levels as high-cost production capacity is phased out [2][6] Financial Summary - Revenue for 2022 was 30,739 million CNY, with a projected decline to 14,927 million CNY in 2024, representing a year-on-year decrease of 30.8% [1] - Net profit attributable to shareholders decreased from 15,568 million CNY in 2022 to an estimated 4,881 million CNY in 2024, reflecting a year-on-year decline of 38.3% [1] - The company's return on equity (ROE) is projected to drop from 69.0% in 2022 to 14.3% in 2024 [1] Operational Performance - For the first three quarters of 2024, the company reported a revenue of 10,449 million CNY, down 33.83% year-on-year, and a net profit of 3,141 million CNY, down 43.91% year-on-year [1][2] - The sales expense ratio increased to 0.65%, while the management expense ratio rose to 8.11% in the same period [3] - Cash flow from operating activities decreased by 48.45% year-on-year, indicating significant cash flow challenges [3] Project Development - The 40,000 tons/year integrated salt and lithium project is progressing as planned, with completion expected by the end of the year [3][6] - The company has signed contracts worth approximately 4.247 billion CNY for the project, indicating strong commitment to its development [3] Market Outlook - The report anticipates that the company's revenue will recover to 15,667 million CNY in 2025 and 17,741 million CNY in 2026, with corresponding net profits of 5,303 million CNY and 6,135 million CNY [6] - The projected earnings per share (EPS) for 2024 is 0.90 CNY, with expectations of growth to 1.13 CNY by 2026 [1][6]

Market Trends and Risk Preferences - A-share active equity funds showed a higher risk preference in Q3 2024, with a weighted average market capitalization of 200.313 billion yuan, reflecting a contraction in size and potential portfolio optimization[2][6] - The average dividend yield of heavily held stocks rose to 1.69%, while the volatility remained high at 40.69%, indicating a willingness to bear higher market risks[2][6] - The average revenue growth rate of heavily held stocks slowed to 22.26%, with an average ROE of 14.76%, reflecting a balance between high growth and stability[2][6] Portfolio Composition and Valuation - The unweighted proportion of negative PE stocks was 11.86%, while the weighted proportion was 4.42%, showing that fund managers maintained some exposure to stocks with volatile earnings[2][6] - The weighted average PE of heavily held stocks was 38.43, indicating a preference for growth-oriented stocks despite the higher valuation[2][6] Risk Factors and Market Outlook - The data on heavily held stocks does not represent the entire portfolio, and historical data cannot predict future performance, with risks including market volatility and geopolitical influences[3][16]