电力设备 | 证券研究报告 — 调整盈利预测 2024 年 11 月 14 日 300751.SZ 买入 原评级：买入 市场价格:人民币 132.68 板块评级:强于大市 股价表现 (%) 今年 1 个月 3 个月 12 个月 (44%) (32%) (20%) (7%) 5% 17% Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jul-24Aug-24Sep-24Oct-24Nov-24 迈为股份 深圳成指 至今 绝对 4.2 36.8 27.6 5.1 相对深圳成指 (16.1) 24.3 (7.5) (8.3) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 279.41 | | 流通股 ( 百万 ) | | 193.35 | | 总市值 ( 人民币 百万 ) | | 37,071.46 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 475.42 | | 主要股东 | | | | 周剑 | | ...

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Investment Rating - The report maintains an "Accumulate" rating for the company [1][2] Core Views - The company has seen significant revenue growth due to rising shipping rates and the establishment of new overseas operational sites, despite a decline in net profit due to fluctuating costs [2] - The company's marketing-driven strategy is expected to enhance operational resilience and improve long-term performance [2] - Future operational efficiency is anticipated to improve as international shipping rates stabilize, benefiting from a market environment that favors leading logistics firms [2] Financial Summary - For the first three quarters of 2024, the company achieved revenue of 14.417 billion RMB, a year-on-year increase of 38.64%, while net profit attributable to shareholders was 472 million RMB, down 16.31% [2] - In Q3 2024, revenue reached 5.817 billion RMB, up 51.54% year-on-year, with net profit of 169 million RMB, a decrease of 20.55% [2] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 678 million RMB, 792 million RMB, and 896 million RMB respectively, with corresponding EPS of 0.52 RMB, 0.60 RMB, and 0.68 RMB [3][4] Market Performance - The company's stock price has underperformed relative to the market, with a year-to-date decline of 17.3% [1] - The stock's performance is rated as "stronger than the market" within its sector [1] Valuation Metrics - The report projects a PE ratio of 12.0, 10.3, and 9.1 for the years 2024, 2025, and 2026 respectively [3][4] - The company’s market capitalization is approximately 8.155 billion RMB [1] Operational Strategy - The company is expanding its overseas operational network in regions such as South America and Central Asia, which is expected to enhance product stability and market coverage [2] - The direct customer strategy is aimed at smoothing out cyclical fluctuations and improving business resilience [2] Industry Outlook - The logistics industry is entering a phase of consolidation, favoring companies that can provide comprehensive logistics services [2] - The report suggests that as the logistics market stabilizes, stronger firms will likely emerge, enhancing competitive dynamics [2]

电力设备 | 证券研究报告 — 调整盈利预测 2024 年 11 月 12 日 300037.SZ 增持 原评级：增持 市场价格:人民币 43.42 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (6.3) (2.6) 42.4 (1.4) (34%) (24%) (14%) (4%) 5% 15% Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 新宙邦 深圳成指 相对深圳成指 (25.1) 0.3 10.2 (12.4) | --- | --- | --- | |-----------------------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 753.88 | | 流通股 ( 百万 ) | | 546.24 | | 总市值 ( 人民币 百万 ) | | 32,733.58 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 313.07 | | 主 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company reported a significant year-on-year decline in profit for the first three quarters of 2024, with a net profit decrease of 80.88% [3]. - Despite the decline, the company's component shipment volume has steadily increased, maintaining its position as the global leader in shipments [3]. - The company's overseas capacity expansion is expected to enhance its long-term competitiveness [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of RMB 71.77 billion, a decrease of 15.66% year-on-year [5]. - The net profit attributable to shareholders was RMB 1.21 billion, down 80.88% year-on-year, with a significant drop of 99.41% in Q3 compared to the same period last year [3][5]. - The gross margin for the first three quarters was 9.68%, down 6.09 percentage points year-on-year, while the net margin was 1.72%, down 5.75 percentage points year-on-year [3][5]. Shipment and Production Capacity - The total shipment of photovoltaic products reached 73.13 GW in the first three quarters of 2024, representing a year-on-year increase of 31.29% [3]. - The company shipped 67.65 GW of components, with N-type components accounting for over 85% of the total shipments [3]. Overseas Expansion - The company is actively pursuing overseas capacity expansion, including a partnership with local funds in the Middle East to invest in 10 GW of battery and component capacity [3]. - A plan to issue global depositary receipts to raise up to RMB 4.5 billion for projects, including a 1 GW high-efficiency component project in the U.S., has been disclosed [3]. Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to RMB 0.16, 0.39, and 0.59, respectively, with corresponding price-to-earnings ratios of 56.2, 22.5, and 15.1 [3][4].

社会服务 | 证券研究报告 — 行业周报 2024 年 11 月 12 日 强于大市 社会服务行业双周报 冰雪游需求热度增长，产业迎政策利好 前两交易周（2024.10.28-2024.11.08）社会服务板块上涨 9.03%，在申万一级 31 个行业排名中位列第 6。社会服务板块跑赢沪深 300 指数 5.30pct。冬季将 至，冰雪游相关主题受到关注，产业层面也迎来政策利好。我们维持行业强 于大市评级。 市场回顾&行业动态数据 前两交易周上证综指累计上涨 4.62%，报收 3452.30。沪深 300 累计上涨 3.73%，报收 4104.05。社会服务板块上涨 9.03%，在申万一级 31 个行业 排名中位列第 6。社会服务板块跑赢沪深 300 指数 5.30pct。 社会服务子板块及旅游零售板块中 5 个板块表现为上涨，涨跌幅由高到 低分别为：教育（17.19%）、旅游零售（+9.87%）、酒店餐饮（8.87%）、 旅游及景区（7.27%）、专业服务（4.18%）。 据航班管家，10.28-11.03 全国民航执行客运航班量 98139 架次，环比上 周减少 4.78%，是 19 年同期水平的 97. ...

| --- | --- | --- | --- | --- | |---------------------------------------|------------------------------------------------------|---------------------------------|-------|---------------------------------------------------------------------------| | 证券研究报告 \n11 月金股组合 股票代码 | —— | 晨会聚焦 \n 股票名称 | | 2024 年 11 月 12 日 \n中银晨会聚焦 | | 600383.SH | | 金地集团 | | -20241112 | | 1519.HK | | 极兔速递 -W | | | | | | | | ■ 重点关注 | | 600309.SH | | 万华化学 | | | | 688019.SH | | 安集科技 宁德时代 | | 【 医药生物 】医药生物行业周报 & 三季报总结 * 刘恩阳 梁端玉 。 申万医药生 | | ...

交通运输 | 证券研究报告 — 行业周报 2024 年 11 月 11 日 强于大市 交通运输行业周报 美国大选结束集装箱需求或将增长，今年"双 11"快递业务量预计维持高位 航运方面，美国大选结束集装箱需求或将增长，10 月底以来航运运费上 涨。航空方面，国内大部分地区机票价格出现下降明显，前三季度中加航线 机票预订量快速上涨。快递物流方面，物流业景气指数继续回升，今年"双 11"快递业务量预计维持高位。 核心观点： ①美国大选结束集装箱需求或将增长，10 月底以来航运运费上涨。美 国大选落幕，集装箱航运业复杂性增加，集装箱需求或将增长。集装箱 租赁和交易平台 Container xChange 认为，特朗普政府提高关税、加强贸 易管制、刺激经济等政策将改变现有市场格局。这些变化将提振市场需 求，给集装箱从业者带来乐观预期的同时也带来挑战。在全球范围内， 为规避新关税带来的影响，预计贸易航线将发生变化，由此带来集装箱 运输需求的增长。未来的新政策将继续重塑全球贸易航线，或将推高集 装箱需求及价格。而贸易动态的变化，最终将通过创造持续的航运需求 而有利于整个集装箱行业。近期多条航线传出爆舱，10 月底以来航运 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 49.94 and a sector rating of "Outperform" [2][4]. Core Insights - The company reported a steady growth in Q3 2024, with revenue reaching RMB 1.07 billion, a year-on-year increase of 18.41%, and a net profit of RMB 103 million, up 23.05% year-on-year. The growth is attributed to the recovery in demand from the consumer electronics sector and the stable performance of its laser business [4][6]. - The company is a leading player in the domestic MOPA laser market and is expanding its applications in various fields, including photovoltaics and consumer electronics. This diversification is expected to drive future growth as downstream demand improves [4][7]. - The report highlights the company's strong profitability, with a gross margin of 40.20% and a net margin of 9.12% for the first three quarters of 2024. The company has effectively controlled its expense ratios, contributing to its overall financial health [4][6]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of RMB 1.07 billion, with a gross profit margin of 40.20%, and a net profit margin of 9.12% [4][6]. - The company’s revenue for Q3 2024 was RMB 476.34 million, reflecting a 41.02% increase year-on-year, while the net profit for the same period was RMB 48.52 million, up 38.99% year-on-year [7][8]. - The report projects revenues of RMB 14.19 billion, RMB 17.96 billion, and RMB 21.31 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of RMB 1.49 billion, RMB 2.13 billion, and RMB 2.59 billion [4][5].