Investment Rating - The report maintains a rating of "Accumulate" for the company [1][6]. Core Views - The company has demonstrated strong growth in revenue and profit, with a projected revenue increase from 72.25 billion in 2023 to 87.11 billion in 2024, representing a year-on-year growth rate of 20.6% [1][6]. - The inverter segment is expected to see a shipment of 108GW in the first three quarters of 2024, a year-on-year increase of approximately 29% [2]. - The global energy storage market is expanding rapidly, with a projected shipment of 17GWh in the first three quarters of 2024, reflecting a year-on-year growth of 57% [3]. - The company is focusing on enhancing its competitive edge through continuous investment in sales and R&D, with sales expenses and R&D expenses increasing by 8 million and 6.3 million respectively in the first three quarters of 2024 [4]. Financial Summary - The company achieved a revenue of 49.946 billion in the first three quarters of 2024, a year-on-year increase of 7.61%, and a net profit attributable to the parent company of 7.6 billion, up 5.21% year-on-year [1][4]. - The gross margin for Q3 2024 is reported at 29.52%, with a net margin of 14.16% [1]. - The company's inventory as of Q3 2024 stands at 32.151 billion, indicating a significant increase in project reserves [4]. - The projected earnings per share (EPS) for 2024 is 5.02, with corresponding P/E ratios of 18.0X, 15.3X, and 13.6X for the years 2024, 2025, and 2026 respectively [6][9].

股票 股票 投资 EPS （元） PE 代码 名称 评级 2024E 2025E 2024E 2025E 01952.HK 云顶新耀-B 买入 -2.93 -0.12 02105.HK 来凯医药-B 买入 -0.9 -1 301367.SZ 怡和嘉业 买入 2.36 3.04 30.65 23.79 603259.SH 药明康德 买入 3.22 3.72 15.89 13.75 688315.SH 诺禾致源 买入 0.49 0.57 25.86 22.23 688321.SH 微芯生物 增持 -0.13 0.05 -172.0 447.2 688799.SH 华纳药厂 买入 2.79 3.4 14.01 11.49 资料来源：长城证券产业金融研究院 证券研究报告 | 行业周报 2024 年 11 月 04 日 医药 天境生物 IgAN 新药 2 期数据公布，关注创新药入保情况 医药整体回调，药房表现亮眼。本周申万医药生物板块跌幅为 2.90%，跑输 沪深 300 指数 1.22 个百分点，在 31 个申万一级行业涨跌幅中排名第 29 位。 二级子板块中，医药商业上涨 1.37%；中药 II 下跌 0.79%； ...

展票 展票 EPS（元） 投资 PE 2025E 2024E 2025E 代码 名称 评级 2024E 01952.HK 云顶新耀-B 买入 -2.93 -0.12 02105.HK 来 凯 医药-B -0.9 -1 买入 2.36 3.04 301367.SZ 恰和嘉业 买入 30.65 23.79 603259.SH 药明康德 买入 3.22 3.72 15.89 13.75 0.49 0.57 688315.SH 诺禾致源 买入 25.86 22.23 688321.SH 微芯生物 增持 -0.13 0.05 -172.0 447.2 2.79 华纳药厂 3.4 14.01 688799.SH 买入 11.49 资料来源:长城证券产业金融研究院 证券研究报告 | 行业周报 2024 年 11 月 04 日 医药 天境生物 IgAN 新药 2 期数据公布，关注创新药入保情况 医药整体回调,药房表现亮眼。本周申万医药生物板块跌幅为 2.90%,跑输 沪深 300 指数 1.22个百分点,在 31个申万一级行业涨跌幅中排名第 29位。 二级子板块中，医药商业上涨 1.37%；中药 Ⅱ下跌 0.79%; 化学制 ...

展景 展票 投资 EPS (元) PE 2025E 2024E 2025E 代码 名称 评级 2024E 天 孚 通信 2.62 4.11 47.6 30.34 300394.SZ 买入 301285.SZ 鸿日达 0.26 0.64 90.31 36.69 买入 600941.SH 中国移动 买入 6.65 7.25 15.55 14.26 0.37 0.42 17.32 601728.SH 中国电信 买入 15.26 603516.SH 浮中科技 0.66 1.03 43.59 27.93 买入 资料来源:长城证券产业金融研究院 证券研究报告 | 行业周报 2024 年 11 月 03 日 通信 端侧 AI 加速落地,车路云一体化持续提速,持续看好相关产业投资 机会 强于大市(维持评级) 行业走势 通信 沪 深 300 37% 30% 22% 15% 7% -1% -8% -16% 2024-10 2023-11 2024-03 2024-07 本周策略观点: 1. 苹果 AIPC 推出,增侧 Al加速落地。2024年 10月 31日,苹果推出全 新 MacBook Pro,全系搭载商性能 M4 系列芯片 ...

股票 股票 投资 EPS （元） PE 代码 名称 评级 2024E 2025E 2024E 2025E 300394.SZ 天孚通信 买入 2.62 4.11 47.6 30.34 301285.SZ 鸿日达 买入 0.26 0.64 90.31 36.69 600941.SH 中国移动 买入 6.65 7.25 15.55 14.26 601728.SH 中国电信 买入 0.37 0.42 17.32 15.26 603516.SH 淳中科技 买入 0.66 1.03 43.59 27.93 资料来源：长城证券产业金融研究院 证券研究报告 | 行业周报 2024 年 11 月 03 日 通信 端侧 AI 加速落地，车路云一体化持续提速，持续看好相关产业投资 机会 强于大市（维持评级） 行业走势 -16% -8% -1% 7% 15% 22% 30% 37% 2023-11 2024-03 2024-07 2024-10 通信 沪深300 本周策略观点： 1. 苹果 AI PC 推出，端侧 Al加速落地。2024 年 10 月 31 日，苹果推出全 新 MacBook Pro，全系搭载高性能 M4 系列芯片 ...

证券研究报告 | 行业周报 2024 年 11 月 04 日 机械 10 月我国制造业重回扩张区间,国内首台超轻量级人形机器人发布 行业要闻:10月我国制造业重回扩张区间。10月份,制造业采购经理指数 (PMI)为 50.1%,比上月上升 0.3 个百分点,制造业景气水平回升。从分 类指数看,生产指数为 52.0%,比上月上升 0.8 个百分点,表明制造业企业 生产活动继续加快。新订单指数为 50.0%,比上月上升 0.1个百分点,位于 临界点,表明制造业市场需求总体水平与上月基本持平。原材料库存指数为 48.2%,比上月上升 0.5 个百分点,仍低于临界点,表明制造业主要原材料 库存量降幅继续收窄。从业人员指数为 48.4%,比上月上升 0.2个百分点, 表明制造业企业用工景气水平有所回升。供应商配送时间指数为 49.6%,比 上月上升 0.1 个百分点,仍低于临界点,表明制造业原材料供应商交货时间 较上月延长。 总投资 7749.63亿元,9月全国 679个重大项目开工。据国家统计局数据, 前三季度,全国固定资产投资(不含农户)378978 亿元,同比增长 3.4%。 其中,制造业投资同比增长 9.2%, ...

证券研究报告 | 行业周报 2024 年 11 月 04 日 机械 10 月我国制造业重回扩张区间，国内首台超轻量级人形机器人发布 行业要闻：10 月我国制造业重回扩张区间。10 月份，制造业采购经理指数 （PMI）为 50.1%，比上月上升 0.3 个百分点，制造业景气水平回升。从分 类指数看，生产指数为 52.0%，比上月上升 0.8 个百分点，表明制造业企业 生产活动继续加快。新订单指数为 50.0%，比上月上升 0.1 个百分点，位于 临界点，表明制造业市场需求总体水平与上月基本持平。原材料库存指数为 48.2%，比上月上升 0.5 个百分点，仍低于临界点，表明制造业主要原材料 库存量降幅继续收窄。从业人员指数为 48.4%，比上月上升 0.2 个百分点， 表明制造业企业用工景气水平有所回升。供应商配送时间指数为 49.6%，比 上月上升 0.1 个百分点，仍低于临界点，表明制造业原材料供应商交货时间 较上月延长。 总投资 7749.63 亿元，9月全国 679 个重大项目开工。据国家统计局数据， 前三季度，全国固定资产投资（不含农户）378978 亿元，同比增长 3.4%。 其中，制造业投资同比增长 ...

证券研究报告 | 公司动态点评 2024 年 11 月 04 日 美格智能（002881.SZ） 前三季度营收利润实现大幅增长，国内外业务加速布局 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 2,306 | 2,147 | 2,813 | 3,432 | 4,084 | | | | 增长率 yoy （ % ） | 17.1 | -6.9 | 31.0 | 22.0 | 19.0 | 股票信息 | | | 归母净利润（百万元） | 128 | 65 | 93 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company has shown significant revenue growth, with a 20.34% year-on-year increase in the first three quarters of 2023, achieving a revenue of 3.554 billion yuan [2] - The net profit attributable to shareholders increased by 102.93% year-on-year, reaching 124 million yuan [2] - The company is focusing on high-value projects in smart grids, ultra-high voltage, rail transit, and new energy sectors, which are expected to drive future growth [2] - Cost control measures have improved operational efficiency, leading to a positive cash flow from operating activities in Q3 2024 [2] Financial Summary - Revenue is projected to grow from 5.442 billion yuan in 2024 to 6.690 billion yuan in 2026, with corresponding net profits of 185 million yuan and 320 million yuan respectively [3] - The company's EPS is expected to increase from 0.42 yuan in 2024 to 0.73 yuan in 2026, indicating strong earnings growth potential [3] - The P/E ratio is projected to decrease from 21.7 in 2024 to 12.5 in 2026, suggesting improving valuation metrics as earnings grow [3] - The company has a solid order backlog of 8.618 billion yuan, with a peak delivery period expected in the second half of 2024 [2]

Investment Rating - The report maintains a "Buy" rating for Hikvision, expecting the stock price to outperform the industry index by over 15% in the next six months [10]. Core Views - The report highlights that the PBG revenue growth has turned positive, supported by government funding in sectors such as water conservancy and disaster management. This improvement in funding is expected to enhance business flexibility [2][3]. - Despite a challenging domestic and international environment impacting revenue growth, the company has managed to stabilize its cost structure, with a gross margin of 44.51% in Q3 2024 [2][3]. - The report projects revenue and net profit growth for the years 2024 to 2026, estimating revenues of 98 billion, 107.9 billion, and 119.3 billion respectively, with net profits of 14.5 billion, 16.8 billion, and 19.7 billion [3]. Financial Summary - For 2024, the expected operating revenue is 98,024 million, with a year-over-year growth rate of 9.7%. The net profit attributable to the parent company is projected at 14,503 million, reflecting a 2.8% increase year-over-year [1]. - The report indicates a stable cost structure, with operating expenses growing at a slower pace and personnel size remaining stable [2]. - The company's financial metrics show a projected EPS of 1.57 for 2024, with a P/E ratio of 18.4 and a P/B ratio of 3.2 [1][3].