Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is facing short-term performance pressure, with revenue growth slowing to 0.66% year-on-year in the first three quarters of 2024, and a decline in net profit by 12.22% year-on-year [1] - Despite the short-term challenges, the company is optimizing its cost management, achieving significant reductions in management and R&D expenses [1] - The company is deepening its R&D innovation and expanding its product line, with new drug launches expected to improve performance and profitability in the future [1] - The company has completed its technical transformation and capacity expansion, actively laying out in the traditional Chinese medicine sector [1] - The company is expected to gradually improve its performance driven by core products, continuous R&D investment, and successful new product launches [1] Financial Summary - For the first three quarters of 2024, the company reported revenue of 298 million yuan, a year-on-year increase of 0.66%, and a net profit of 57.21 million yuan, a year-on-year decrease of 12.22% [1] - The projected revenue for 2024-2026 is expected to be 4.39 billion, 4.76 billion, and 5.37 billion yuan, with year-on-year growth rates of 7.65%, 8.44%, and 12.80% respectively [1] - The projected net profit for the same period is expected to be 991.4 million, 1.0152 billion, and 1.1021 billion yuan, with year-on-year growth rates of -3.11%, 2.40%, and 8.56% respectively [1] - The current market capitalization corresponds to a PE ratio of 19.5, 19.0, and 17.5 for 2024-2026 [1] Market Data - The current price of the company's stock is 13.16 yuan, with a total share capital of 146.55 million shares [1] - The highest and lowest prices in the past 12 months were 16.47 yuan and 5.72 yuan respectively [1] - The largest shareholder holds 22.95% of the shares, and the circulating ratio of A shares is 76.31% [1]

Investment Rating - The investment rating for the company is "Hold" with a downgrade from previous ratings [9]. Core Views - The company reported a revenue of 28.959 billion yuan for the first three quarters of 2024, a year-on-year decrease of 6.52%, while the net profit attributable to shareholders was 4.990 billion yuan, an increase of 1.67% year-on-year [5]. - The sales volume for the first three quarters was 6.785 million kiloliters, down 6.98% year-on-year, indicating pressure on sales primarily due to weak performance in the catering sector [5]. - The average price per ton for the first three quarters was 4,268.13 yuan per kiloliter, reflecting a slight year-on-year increase of 0.50% [5]. Financial Performance Summary - The company achieved a gross margin of 42.12% in Q3 2024, with a net margin of 15.85%, showing a year-on-year increase in gross margin but a decrease in net margin [5]. - The projected revenues for 2024 to 2026 are 32.753 billion yuan, 33.839 billion yuan, and 35.913 billion yuan respectively, with expected growth rates of -3.5%, +3.3%, and +6.1% [8]. - The projected net profits for the same period are 4.349 billion yuan, 5.039 billion yuan, and 5.438 billion yuan, with growth rates of 1.9%, 15.9%, and 7.9% respectively [8].

Investment Rating - The investment rating for the company is "Hold" with a downgrade from previous ratings [2] Core Insights - The company reported a revenue of 1.364 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 2.70%, while the net profit attributable to shareholders decreased by 13.49% to 82 million yuan [2] - In Q3 2024, the company achieved a revenue of 472 million yuan, down 1.17% year-on-year, and a net profit of 22 million yuan, down 42.08% year-on-year [2] - The company continues to launch new products across various categories, including glutinous rice products, baked goods, and prepared dishes, focusing on upgrading core products [2] - The competition in the frozen noodle and rice food industry is intensifying, leading to short-term pressure on the company's performance, although it maintains strong advantages as a leading enterprise [2] - The gross margin for Q3 2024 was 22.44%, slightly up by 0.03 percentage points year-on-year, while the net margin decreased by 3.30 percentage points to 4.68% [2] - The company is expected to see revenue growth of 7.3%, 10.1%, and 11.2% for the years 2024, 2025, and 2026, respectively, with net profit projections of 125 million, 132 million, and 145 million yuan for the same years [3] Summary by Sections Financial Performance - For 2024, the company is projected to have total revenue of 2.040 billion yuan, with a growth rate of 7.3% [3] - The net profit for 2024 is estimated at 125 million yuan, reflecting a decline of 6.9% compared to the previous year [3] - The company's gross margin is expected to be around 22.7% in 2024, with a net margin of 6.1% [3] Market Position - The company is recognized as a trusted T1 supplier for major clients, which will aid in expanding its B-end customer base [2] - Despite the competitive landscape, the company retains a leading position in R&D capabilities and customer structure [2] Valuation - The current market valuation corresponds to a P/E ratio of 29.6 for 2024, decreasing to 25.5 by 2026 [3]

Investment Rating - The report assigns an "Overweight" rating to the company, reflecting its strong growth potential in the smart monitoring equipment sector [3] Core Views - The company is a national-level "Little Giant" enterprise specializing in smart monitoring terminal equipment, with a strong presence in infrastructure and environmental safety monitoring [3] - It has achieved significant domestic substitution in high-quality engineering safety monitoring equipment through over 20 years of innovation and practice [3] - The company is expected to benefit from the dual drivers of traditional and new infrastructure development, particularly in energy, water conservancy, and transportation sectors [3] - The company maintains a strategy of "endogenous growth as the main focus, supplemented by exogenous growth," focusing on energy and water conservancy sectors [3] Financial Performance - In the first three quarters of 2024, the company achieved revenue of 233 million yuan, a year-on-year increase of 13.25%, while net profit attributable to the parent company was 47 million yuan, a year-on-year decrease of 3.01% [3] - The third quarter of 2024 showed significant improvement, with revenue of 85 million yuan, a year-on-year increase of 17.32%, and net profit attributable to the parent company of 18 million yuan, a year-on-year increase of 4.35% [3] - The company's gross profit margin remained above 50%, reaching 56.02% in Q3 2024, while the net profit margin remained stable at over 20% [3] Industry Analysis - The sensor industry is entering a period of rapid development, driven by advancements in IoT, 5G, and AI technologies [82] - The demand for safety monitoring products is increasing, with the market size reaching 23.7 billion yuan in 2023, and a CAGR of 11.46% from 2014 to 2023 [90] - The energy sector, particularly pumped storage and nuclear power, is expected to drive demand for safety monitoring equipment, with China's pumped storage capacity projected to reach 120 million kW by 2030 [92] - The water conservancy sector is also experiencing rapid growth, with investment in water conservancy construction reaching 801.94 billion yuan in the first eight months of 2024, a year-on-year increase of 10.7% [98] - The transportation sector is seeing increased investment in safety monitoring systems, with a focus on large-span bridges and tunnels [102] - The smart city market is expanding, with ICT investment expected to reach 1.19 trillion yuan by 2027, driven by urbanization and digital transformation [106] Company Strengths - The company has a stable equity structure, with the largest shareholder holding 28.88% of the shares [1] - It has a young and innovative management team, which helps the company adapt quickly to market changes [35] - The company has developed a comprehensive product portfolio, including vibration string sensors, fiber optic grating sensors, and IoT-based monitoring solutions [51] - It has built a strong customer base, with products and services widely used in major infrastructure projects such as the Three Gorges Dam, the South-to-North Water Diversion Project, and the Hong Kong-Zhuhai-Macao Bridge [51] - The company has a strong R&D focus, with 50 patents and 75 software copyrights as of the first half of 2024 [115]

证券研究报告·行业点评报告 2024 年 11 月 14 日 江海证券研究发展部 电子行业 分析师：屈雄峰 执业证书编号：S1410523100001 联系人：刘瑜 执业证书编号：S1410123110011 百度发布小度 AI 眼镜。2024 年 11 月 12 日，百度在百度世界 2024 大会上发小 度 AI 眼镜。 投资要点： 百度发布小度 AI 眼镜。2024 年 11 月 12 日，百度在百度世界 2024 大会上发小 度 AI 眼镜。百度称小度 AI 眼镜为全球首款搭载中文大模型的原生 AI 眼镜，具 备包括第一视角拍摄、边走边问、识物百科、视听翻译、智能备忘等功能等一 系列功能。小度 AI 眼镜基于文心大模型技术，并通过全面重构的 DuerOS AI 操作系统，大幅提升了模型使用效果与效率。AI 对话聊天中，小度设备与用户 多轮交互次数增加了 7 倍。小度 AI 眼镜轻至 45g，配备 1600 万像素摄像头、 AI 防抖算法、四麦克风阵列及防漏音扬声器，支持声源定位与用户声音区分。 采用低功耗设计，提供 56 小时待机、超 5 小时聆听时长，并可在 30 分钟内快 速充电。支持独立使用或配合 ...

执业证书编号：S1410524050001 | --- | --- | --- | --- | |--------------------|--------|----------------------------------|--------------------| | | | | | | 近十二个月行业表现 | | | | | | | | | | | | | | | | | | | | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | 2.81 | -3.34 | -22.7 | | 绝对收益 | 9.08 | 20.65 | -7.51 | | 数据来源：聚源 | 注： | 注：相对收益与沪深 2024 年 11 月 | 300 相比 11 日数据 | 相关研究报告 1. 江海证券-行业点评报告-医药生物行 业：抗肿瘤药物临床试验中的 SUSAR 分 析与处理技术指导原则发布，提升研发效 率与安全性 – 2024.10.14 2. 行业点评报告-医药生物行业：聚焦慢 性心力衰竭药物临床试验，驱动医药行业 创新与发展 – 2024.09.23 3. 行业点评报告- ...

| --- | --- | --- | --- | |----------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Industry Rating - The media industry is rated as "Overweight" (maintained) [1] Core Views - AI applications are continuously catalyzing investment opportunities, particularly in the media and entertainment sectors [2] - The launch of Kunlun Wanwei's AI short drama platform, SkyReels, in the US marks a significant expansion in the global AI entertainment market [2] - Microsoft's open-source 5-level architecture general AI agent, Magentic-One, demonstrates strong automation capabilities across various fields [2] Performance Summary - Over the past 12 months, the media industry has shown mixed performance: - 1-month relative return: 14.25% - 3-month relative return: 21.27% - 12-month relative return: -11.0% - 1-month absolute return: 17.58% - 3-month absolute return: 45.27% - 12-month absolute return: 4.19% [1] Key Developments in AI Applications - **Kunlun Wanwei's SkyReels Platform**: - SkyReels integrates multiple AI models, including SkyScript (script generation), StoryboardGen (storyboard generation), Sky3DGen (3D generation), and WorldEngine (AI 3D engine and video model integration) [2] - The platform has achieved significant breakthroughs, such as improving script generation quality to an average rating of A or S, enhancing video generation success rate by 21%, and reducing video generation time from 5 minutes to 2 minutes for 5s 30fps videos [2] - SkyReels also improved BGM and TTS matching accuracy by 35% and streamlined the creation process, enabling users to generate a complete 2-minute short drama in just 10 minutes [2] - The platform lowers the barrier to entry for non-professional users, making AI short drama creation more accessible [2] - **Microsoft's Magentic-One**: - Magentic-One is a 5-level architecture AI agent consisting of Orchestrator, WebSurfer, FileSurfer, Coder, and ComputerTerminal, designed to automate tasks across various domains such as legal, medical, financial, and education [2] - The agent's multi-agent architecture allows for efficient task decomposition, execution, and progress tracking, significantly enhancing automation capabilities [2] Investment Recommendations - The report highlights investment opportunities in AI applications, recommending companies such as Top Cloud Agriculture, BlueFocus, and Kunlun Wanwei [4]

会 证券研究报告·行业点评报告 2024 年 11 月 11 日 江海证券研究发展部 通信行业 执业证书编号：S1410523100001 联系人：吴雁宇 执业证书编号：S1410124010015 数据来源：聚源 注：相对收益与沪深 300 相比 注：2024 年 11 月 8 日数据 相关研究报告 1. 江海证券-行业点评报告-通信行业：卫 星互联网事件催化不断，重视板块投资机 会-20240604 2. 江海证券-行业点评报告-通信行业：千 帆星座发射成功，政策暖风频频吹来 -20240807 3. 江海证券-行业点评报告-通信行业：朱 雀三号发射成功，技术取得重大突破 – 2024.09.12 分析师：屈雄峰 卫星互联网催化不断，提示相关投资机 事件： 行业评级：增持（维持） 近十二个月行业表现 2024 年 11 月 9 日，株洲太空星际卫星科技有限公司投资建设的 4 颗卫星搭载 长征二号丙运载火箭，在甘肃酒泉卫星发射中心成功发射升空，卫星顺利进入 预定轨道，发射任务获得圆满成功。 2024 年 11 月 6 日，中国空天信息和卫星互联网创新联盟成立。 2024 年 11 月 5 日，据巴西里约时报 ...

证券研究报告·行业点评报告 2024 年 11 月 14 日 江海证券研究发展部 执业证书编号：S1410524050001 联系人：黄燕芝 执业证书编号：S1410123120005 | --- | --- | --- | --- | --- | --- | --- | |--------------------|-------|-------|--------|-------|--------|---------| | | | | | | | | | 近十二个月行业表现 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | % | | | 1 个月 | | 3 个月 | 12 个月 | | 相对收益 | | | 3.55 | | 1.3 | -20.04 | | 绝对收益 | | | 8.66 | | 24.15 | -6.12 | | | | | | | | | 美妆双 11 增速表现亮眼，部分公司发 布双 11 战报 分析师：吴春红 事件： 行业评级：增持（维持） 数据来源：聚源 注：相对收益与沪 ...