Investment Rating - The report indicates a positive outlook for Shanghai Electric with an expected net profit of 2.252 billion to 2.680 billion, representing a year-on-year increase of 53.3% to 82.4% [2][4]. Core Insights - The recovery in profitability for downstream coal-related industries is highlighted, particularly for Shanghai Electric, which is expected to benefit from the decline in coal prices [2][5]. - The report notes that the overall performance of the power generation sector is improving, with several companies, including Shanghai Electric and Fuchun Environmental, showing significant profit growth [3][4]. - The smartphone market is experiencing a rebound, with companies like Stmicroelectronics reporting substantial increases in revenue and net profit due to rising demand [11][18]. Summary by Sections Performance Forecast - Shanghai Electric anticipates a net profit of 2.252 billion to 2.680 billion for the first three quarters of 2024, marking an increase of 7.83 billion to 12.11 billion compared to the previous year [2][4]. - Fuchun Environmental expects a year-on-year growth rate exceeding 80% for the same period, indicating strong performance in the power and heat service sector [3][4]. Industry Analysis - The report discusses the impact of coal price fluctuations on profitability, noting that Shanghai Electric's profit margins are closely tied to coal prices, which have been declining since 2022 [5][8]. - The recovery in the smartphone market is attributed to a three-year replacement cycle, with global smartphone shipments showing positive growth in recent quarters [18][20]. Company Comparisons - Shanghai Electric's primary energy source is coal, which has allowed it to achieve higher profit margins compared to competitors like Gansu Energy, which relies more on hydropower [4][5]. - Stmicroelectronics has seen a significant increase in revenue and net profit, driven by its focus on the smartphone sector, which is expected to continue growing in 2024 [11][12].

手机回收是"捧着金饭碗要饭"？闪回科技港股 IPO：毛利 率仅个位数，7.5 亿对赌回购压顶 导语：B2B 手机回收。 作者：市值风云 App：扶苏 手机，是我们日常生活中使用最频繁的消费电子产品之一。 据中国循环经济协会数据，一部手机从出厂到最终闲置、废弃，其平均寿命仅约 1.9 年。在此背景下，我国平均每年产生废旧手机 6 亿-7 亿部，废旧手机存量超 过 20 亿部。 中国循环经济协会数据还显示，当消费者的手机废旧后，仅有约 5％的数量能够 进入专业的手机回收渠道，而高达 54％被闲置。 大量废旧手机"无处可去"的同时，手机回收行业的货源一直相当紧缺。 据弗若斯特沙利文，二手手机通常不缺买家，平均存货周转天数约为 10-15 天， 并预计未来仍呈现供不应求的局面。 （来源：公司招股书） 据业内人士透露，"一台二手机从回收到转售的利润大概在 20%-30％"，这一利 润率水平，可媲美新机销售。 "一合二手机从回收到转售的利润大概在20%到30%，此外消费者还有可能因折旧加大对新 手机的预算。"王长稳从事通讯行业培训已超过10年，如今，每年接触近万名手机零售从业者的 他，愈发感受到"三手"市场的重要性。 （ ...

三季报喜讯不断！攻防兼备看轮胎，赛力斯迎来临界点？ 导语：华为造车代理人，行至开花结果时。 作者：市值风云 App：萧瑟 10 月 10 日至 10 月 11 日盘前，沪深京三市新增 18 家公司披露三季度业绩预 告，均为预增。 按照增长下限统计，其中14家净利润过亿，16家增速超 50%、8家增速超100%， 表现靓丽。 （来源：市值风云 APP，均使用增速下限） 值得注意的是，这批公司中又出现了海光信息（688041.SH）、天德钰 （688252.SH）、炬芯科技（688049.SH）3 家半导体公司。 3 家公司主营产品品类各异，但净利润预增幅度均超过 50%，上篇文章中半导 体景气复苏的观点进一步得到印证。 （来源：市值风云 APP） 当然，我们今天要挖掘的还是新方向。 一、赛力斯：跨越盈亏平衡，业绩加速兑现 上年同期(法定披露数据)相比,实现扭亏为盈。 这批公司中最为引人注目、利润规模最高的要数赛力斯（601127.SH），不仅净 利润增长超 250%完成扭亏,前三季度营收规模也突破了千亿大关,可以说 2024 年时赛力斯业绩兑现的元年。 (二)业绩预告情况 1、经财务部门初步测算,预计2024年 ...

Investment Rating - The report indicates a negative outlook for the company, highlighting continuous losses and lack of performance support for new fundraising efforts [1][4][10]. Core Insights - The company has experienced four consecutive years of losses, with a significant reliance on the automotive sports sector for revenue [1][4]. - The automotive sports market in China is still in its infancy, with a market size of only 1.3 billion in 2021, indicating limited growth potential [3]. - The company has attempted to diversify its business model but has faced challenges, including poor performance from acquired entities and ongoing project delays [10][13]. Revenue Breakdown - The company's revenue sources are primarily from event operations (66.14%), track operations (24.56%), and other activities [2]. - The company reported a revenue of 1.47 billion from event operations, which remains its largest income source [2]. Financial Performance - The company’s revenue has fluctuated significantly, with a peak of 4.4 billion in 2019, followed by a sharp decline to 2 billion in 2020 due to the pandemic [6]. - The net profit margin has been negative since 2020, with a net loss of nearly 200 million in 2023 attributed to impairment losses from acquisitions [10][12]. Project Delays and Fundraising - The company has faced multiple delays in its fundraising projects, with significant portions of raised funds being allocated to operational liquidity rather than growth initiatives [13][14]. - A recent fundraising effort aims to raise 500 million, with a substantial portion earmarked for a new racetrack project in Hainan, which has a long construction timeline [19][20]. Management and Shareholder Actions - The actual controller of the company has reduced their stake by 7%, raising concerns about management confidence in the company's future [13][17]. - The company has historically provided minimal dividends, with only 17 million distributed over several years, indicating a lack of cash flow for shareholder returns [22].

业绩预增关键词：半导体、猪周期、磷化工，统统指向价格 回暖、景气度回升 导语：券商之后为什么是半导体接力？绝非只是概念。 作者：市值风云 App：萧瑟 10 月 9 日至 10 月 10 日盘前，沪深京三市新增 21 家公司披露三季度业绩预告， 且均为预增。 按照增长下限统计，这批公司中 18 家净利润过亿，14 家增速超 50%、7 家增 速超 100%，甚至有 3 家公司增速超过 500%，亮眼程度较昨日来讲有过之而无 不及。 （来源：市值风云 APP，均使用增速下限） 这其中又暗藏着哪些结构性机会呢? 1、经财务部门初步测算,预计 2024年前三季度实现归属于母公司所有者的 一、券商之后为什么是半导体接力? 并非没有逻辑 分行业来看，韦尔股份（603501.SH）、晶合集成（688249.SH）两家半导体 公司预增幅度均超过了 500%。 韦尔股份 净利润为 226,701.35 万元到 246,701.35 万元,与上年同期相比,将增加 189,860.29 万元到 209,860.29 万元,同比增加 515.35%到 569.64%。 2、经财务部门初步测算,预计 2024年前三季度实现归属于母公 ...

风云独家！三季报解读拉开序幕，政策打底、深挖行业，结 构性牛市潜在受益者！ 导语：全市场价值挖掘，只此一家，别无分号。 作者：市值风云 App：萧瑟 截至 10 月 9 日盘前，沪深京三市共有 21 家企业发布三季度业绩预告，只有圣 农发展（002299.SZ）预减。预增企业中，除利民股份（002734.SZ）外，剩余 企业前三季度净利润规模都过亿。 （制图：市值风云 APP，均使用增速下限） 预增的 20 家企业中，扭亏的 2 家，业绩预告下限增速在 50%（含）以下的 4 家，50%-100%的 12 家，超过 100%的 3 家，整体增速还是比较亮眼的。 预盈规模最高的是中远海控（601919.SH、01919.HK），高达 381 亿，咱们接 下来也先从它说起。 一、宏观环境关键词：地缘政治，稳中向好 在海运业曾流传着一则金科玉律："十年不开张，开张吃十年"，2020 年，中 远海控一举斩获 99 亿净利润，超之前 10 年净利润总和。 但这还只是开胃菜，好日子还在后面呢！比如 2021、2022 年，更是千亿规模， 直接飞升！ l 中远海控 - 净利润 ● 归母净利润（元） ● 扣非归母净利润（元） ...

都有谁？A 股新发 288 篇减持公告，有 20 家上市公司董监高筹划套 现，超 30 位大股东拟强势增持！ 导语：国光电气股东兵投联创无视法规，"强硬"减持。 作者：市值风云 App：贝壳 XY 9 月末以来，A 股市场迎来史诗级狂欢，短短 6 个交易日沪指飙升 500 点、创 业板指飙升 800 点，每日盘面近乎全红，开盘 20 分钟成交额破万亿，这一个个 惊天盛景看得风云君心惊肉跳。 此时，竟然有不少没眼力见、没"志向"的股东筹划套现离场，减持密度日益增 强，仅是 10 月 8 日便有超 70 篇"减持"公告发布，其中有 42 家上市公司披露 减持计划。 实在是夸张的有点离谱，哪些公司最应该警惕呢？ 一、减持公告数量激增，7 天 288 篇 减持确实是资本市场最快的赚钱方式。 9 月 23 日-10 月 8 日，上市公司发布减持相关公告 288 篇，涉及上市公司 262 家。 9月至今A股减持情况 288 262 117 112 103 97 72 73 9.9-9.14 9.2-9.7 9.16-9.21 9.23-10.8 ■ 减持公告发布数量 ■涉及上市公司数量 (制图：市值风云 APP) 这才涨 ...

有技术打底，有市场先机，扫描全能王背后的合合信息登陆 科创板，积年累月的高投入转化成优质资产 导语：2023 年老客户月 VIP 平均续费率 81%，年 VIP 续费率 52%，看这组数 据就够了。 作者：市值风云 App：白猫 扫描全能王是风云君手机中常年必备的一个 APP，只需要拿手机扫一扫，就能 实现像文字识别、文档自动切边、生成高清 JPEG 图片或 PDF 文件、图片转文 本这些功能。 这省下了专业的扫描设备，极大减少了工作中的繁琐与不必要的消耗。 而这款 APP 背后的公司叫合合信息（688615.SH)。 从招股书来看，公司的业务早已拓展至海外，2023 年海外营收占比为 33%，并 且称其是行业内少有的在人工智能、大数据两个领域均具有行业领先的核心自主 研发技术的科技企业。 公司的保荐机构为中金公司。2024 年 9 月 26 日，公司在上海证券交易所科创 板上市，截止当天收盘，公司收盘价较发行价涨 105.9%！ 今天就来看看，公司成色几何？ 一、靠技术，识别准确率行业领先 作为一家在科创板上市的公司，想必"含科量"是老铁们关心的一大重点。 在了解这个之前，先来看看公司的业务矩阵。 公司有四 ...

平安之势：市值重回万亿，股价创 3 年新高，中国金融核心 资产估值修复正当时 导语：进入 2024 年后，过去影响平安估值表现的重要因素都在转向积极。 作者：市值风云 App：beyond 9 月 30 日，中国平安 A 股（代码：601318.SH）涨停，收于每股 57.09 元，股 价创出 2021 年 7 月以来新高；今日，中国平安市值重回万亿关口上方，股价较 年内低点已累计上涨近 60%。 中国平安 H 股（代码：02318.HK）股价同样势如破竹，截至收盘上涨 3.2%至 每股 50.15 港元，持续刷新年内新高，较年内低点涨幅接近翻倍。 （来源：wind） 9 月 24 日上午，国务院新闻办公室就金融支持经济高质量发展有关情况举行新 闻发布会，三部门在会议上连续发布系列政策，包括将存款准备金率下调 0.5 个 百分点；为证券公司、基金公司及保险公司设立 5000 亿元互换便利额度等。 24 日晚间，证监会正式发布了《上市公司监管指引第 10 号——市值管理（征 求意见稿）》，其中明确，长期破净公司应当披露估值提升计划。在诸多刺激政策 推动下，以保险为首的金融板块应声走强。 从保险板块指数以及板块领 ...

Investment Rating - The report does not explicitly mention an investment rating for the company [1] Core Views - The company has been in a continuous loss-making state since 2016, with cumulative net losses of approximately 840 million yuan and cumulative non-GAAP net losses of 1.57 billion yuan over eight and a half years [1] - The company's revenue in 2023 increased by 42% year-over-year to 1.89 billion yuan, but in the first half of 2024, revenue declined by 24% year-over-year [1] - The company's business is divided into two main categories: robot systems and system integration, with revenue contributions of 45% and 53% respectively in 2023 [1] - The company's gross margin has consistently been below 20%, and its net margin has been negative for a long time [2][3] - The company's stock price has been underperforming since its IPO, despite an initial surge of nearly 4 times on the first day of trading [4] - The company's major shareholder, Midea Group, reduced its stake by 1.8% in 2023, cashing out 1.03 billion yuan, and continued to reduce its stake in the first half of 2024, bringing its ownership below 5% [5][6] - The company's controlling shareholder and its affiliates increased their stake by nearly 2% in the first half of 2024 [7][8][9] Business Performance and Strategy - The company's overseas acquisitions, including CMA, EVOLUT, and WFC, have not performed well, with EVOLUT and WFC consistently reporting losses [10][11][12][13] - The company's overseas revenue has been weak, with only a significant increase in 2023 [14] - The company has been focusing on its robot business since 2021, aiming to become a leading brand in China's industrial robot industry and a global leader in the field [24] - The company has reduced the scale of its system integration business and shifted its focus to high-value-added projects in the automotive sector [25] - The company's robot business has shown strong growth, with revenue increasing by 86%, 20%, and 79% in 2021, 2022, and 2023 respectively [27] - The company's robot sales volume increased by 29% in the first half of 2024, significantly higher than the domestic market average growth rate of 5% [27] - The company has made significant progress in the localization of core components, with a controller localization rate of 99% and a domestic RV reducer usage rate of 98% in 2023 [33] Financial Health and Expansion Plans - The company plans to build a super factory and global headquarters in Wuhu, with a total investment of approximately 1.893 billion yuan, aiming to achieve a production capacity of 100,000 robots over 5-6 years [34][35] - The company's financial position is weak, with long-term negative operating cash flow and free cash flow, and a high debt-to-asset ratio of 48.4% as of the first half of 2024 [37][38][39][40] - The company's cash and cash equivalents, along with tradable financial assets, totaled 740 million yuan as of the first half of 2024, which is not sufficient to cover the planned expansion [40][42] Industry Context - The domestic market share of Chinese robot brands has been steadily increasing, from 31% in 2019 to 45% in 2023, and surpassing 50% in the first half of 2024 [34] - The company's robot business has achieved breakthroughs in the automotive and new energy vehicle sectors, with products being adopted by leading companies such as NIO, XPeng, and Li Auto [25][26]