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计算机 | 证券研究报告 — 调整盈利预测 2024 年 10 月 27 日 600570.SH 买入 原评级：买入 市场价格:人民币 26.30 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 (50%) (36%) (23%) (10%) 4% 17% Oct-23Nov-23Dec-23Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 恒生电子 上证综指 绝对 (6.7) 49.9 54.0 (14.3) | --- | --- | --- | --- | |-------------------------------|--------|------------|---------------| | 相对上证综指 | (17.4) | 35.3 | 40.9 (25.1) | | 发行股数 ( 百万 ) | | | 1,894.14 | | 流通股 ( 百万 ) | | | 1,894.14 | | 总市值 ( 人民币 百万 ) | | | 49,816.01 | | 3 个月日均交易额 ( 人民币 | 百万 ...

计算机 | 证券研究报告 — 调整盈利预测 2024 年 10 月 25 日 301095.SZ 买入 原评级：买入 市场价格:人民币 50.16 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (60%) (44%) (28%) (12%) 5% 21% Oct-23Nov-23Dec-23Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 广立微 深圳成指 至今 个月 个月 个月 绝对 (28.1) 35.6 28.6 (42.0) 相对深圳成指 (39.2) 11.8 5.7 (52.1) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | | | | | 发行股数 ( 百万 ) | | 200.00 | | 流通股 ( 百万 ) | | 107.34 | | 总市值 ( 人民币 百万 ) | | 10,032.00 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 163.30 | | 主要股东 | | ...

| --- | --- | --- | --- | |-----------------------------------------|------------------------------------------------------|-------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 \n10 月金股组合 股票代码 | —— 晨会聚焦 | \n股票名称 | 2024 年 10 月 24 日 \n中银晨会聚焦 -20241024 | | 600383.SH | | 金地集团 | | | 3900.HK | | 绿城中国 | | | | | | ■ 重点关注 | | 1519.HK | | 极兔速递 ...

Group 1 - The report emphasizes a shift towards growth style investments in the coming months based on recent data trends [1][9] - Growth and value styles are defined with growth focusing on high revenue growth, high profit growth, and high ROE, while value focuses on low PE, high PCF, high dividend yield, and low PB [1][10] - The differentiation between growth and value styles began to take shape after 2010, with significant changes in their performance metrics observed [1][11][16] Group 2 - Historical performance of active equity funds shows a good grasp of style selection until 2023, where a deviation in judgment was noted [1][20] - From 2010 to 2022, the performance of active equity funds was closely aligned with the growth and value styles, indicating a strong trend-following behavior [1][20] - Post-2019, there was a significant tilt towards growth investments, particularly in the new energy sector, leading to an imbalance in portfolio allocations [1][23][25] Group 3 - The pricing factors for growth and value styles are influenced by compound growth rates and discount rates, with key indicators selected for analysis [1][27] - Indicators affecting the numerator include relative profit/ROE growth, PMI, and CPI-PPI, while those affecting the denominator include ERP, yield spreads, and US Treasury rates [1][28][33] - The report highlights that the net value of the CPI-PPI indicator since June 2015 has outperformed the benchmark, indicating its effectiveness in guiding investment decisions [1][28]

支撑评级的要点 风电设备 | 证券研究报告 — 行业点评 2024 年 10 月 23 日 风电设备行业动态点评 国内海风持续推进，边际有望改善把握配置机遇 10 月 22 日，风电设备（申万）板块上涨 5.86%，其中海力风电、金雷股份、 天顺风能、振江股份、大金重工等个股涨幅均超 7%。前期国内海风受到军 事、航道审批等因素的影响，整体推进节奏较为缓慢，近期随着江苏省、广 东省海风项目的稳步推进，国内海上风电迎来景气反转。因此我们持续看好 风电设备板块的未来前景，随着国内海风逐步开工，板块边际改善再迎配置 机会，继续维持强于大市评级。 江苏国信项目招标重启，广东帆石一海缆中标结果落地，国内海风稳步 推进。10 月 16 日，江苏国信大丰 85 万千瓦海上风电项目连发三个重新 招标公告，分别为海上升压站上部组块建造、装船和运输（标段Ⅰ）、海 上升压站上部组块建造、装船和运输（标段Ⅱ）和电气二次设备招标（重 新招标），其中前两份公告显示该项目计划开工日期为 2024 年 11 月 15 日，交付日期为 2025 年 5 月 30 日。10 月 18 日，阳江帆石一海上风电场 项目首回 500kV 海底电缆及敷 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company's revenue for Q1-Q3 2024 reached RMB 1.647 billion, a year-on-year increase of 9.58%, with a net profit attributable to shareholders of RMB 45 million, up 311.54% year-on-year [2][3] - The medical beauty segment showed strong performance, with revenue of RMB 199 million and a gross margin of 82.17% [2][3] - The pharmaceutical business faced revenue pressure, with a decline of 12.42% year-on-year, totaling RMB 1.14 billion [2][3] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a gross margin of 34.54%, an increase of 6.20 percentage points year-on-year [2][3] - The Q3 2024 revenue was RMB 441 million, a 9.46% increase year-on-year, with a net profit of RMB 21 million, up 225.41% year-on-year [2][3] Business Segments - The pharmaceutical segment's revenue for Q1-Q3 2024 was RMB 1.14 billion, with a gross profit of RMB 39 million, a decrease of 3.24% year-on-year [2][3] - The medical beauty segment's revenue was RMB 199 million, primarily driven by the successful launch of the core product Aesthefill [2][3] Valuation - The report adjusts profit expectations, forecasting net profits of RMB 80 million, RMB 190 million, and RMB 307 million for 2024, 2025, and 2026 respectively, with corresponding EPS of RMB 0.11, RMB 0.27, and RMB 0.43 [2][3] - The expected P/E ratios for 2024, 2025, and 2026 are 97.4x, 41.1x, and 25.5x respectively [2][3]

美容护理 | 证券研究报告 — 调整盈利预测 2024 年 10 月 23 日 832982.BJ 买入 原评级：买入 市场价格:人民币 246.80 板块评级:强于大市 股价表现 (8%) 10% 29% 47% 66% 84% Oct-23Nov-23Dec-23Jan-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 锦波生物 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (6.9) 50.5 47.7 37.0 相对上证综指 (17.2) 31.1 38.1 27.5 | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | | | | | 发行股数 ( 百万 ) | | 88.51 | | 流通股 ( 百万 ) | | 45.89 | | 总市值 ( 人民币 百万 ) | | 21,844.71 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 80.29 | | 主要股东 | | | | 杨霞 | ...

| --- | --- | --- | --- | --- | |-----------------------------------------|------------------------------------------------------|---------------------------|-------|---------------------------------------------------------------------------| | 证券研究报告 \n10 月金股组合 股票代码 | —— | 晨会聚焦 \n股票名称 | | 2024 年 10 月 23 日 \n中银晨会聚焦 -20241023 | | 600383.SH | | 金地集团 | | | | 3900.HK | | 绿城中国 | | | | | | | | ■ 重点关注 | | 1519.HK | | 极兔速递 | -W | | | 002648.SZ | | 卫星化学 安集科技 | | 【电力设备】宁德时代 * 武佳雄。公司发布 2024 年三季报，前三季度实现盈 | | 688019.SH ...

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