Investment Rating - Maintained "Overweight" rating [1] Core Views - The company is the only civil explosives producer in Jiangxi Province, benefiting from the Gan-Yue Canal project [4] - Military new materials business achieved multiple breakthroughs, with new contracts worth nearly 100 million yuan in H1 2024 [4] - Energetic materials production line construction progressed significantly, with two lines expected to be operational by 2025 and 2026 [4] - Revenue and net profit are expected to grow steadily, with projected revenues of 2.75/3.47/4.42 billion yuan and net profits of 325/400/540 million yuan for 2024-2026 [4] Financial Performance and Projections - Revenue for 2022A, 2023A, 2024E, 2025E, and 2026E: 2.15/2.54/2.75/3.47/4.42 billion yuan [3][6] - Net profit for 2022A, 2023A, 2024E, 2025E, and 2026E: 144/305/325/400/540 million yuan [3][6] - EPS for 2022A, 2023A, 2024E, 2025E, and 2026E: 0.24/0.49/0.52/0.64/0.87 yuan [3][6] - PE ratios for 2022A, 2023A, 2024E, 2025E, and 2026E: 33.50/21.22/23.90/19.41/14.37 [3][6] - ROE for 2022A, 2023A, 2024E, 2025E, and 2026E: 5.03%/9.77%/9.70%/11.07%/13.56% [3][6] Business Highlights - Civil explosives business remains stable, with industrial explosives capacity of 174,000 tons [4] - Military new materials business saw significant growth, with a 35% YoY increase in revenue for Tuohong New Materials in H1 2024 [4] - Energetic materials production lines are under construction, with Line 001 expected to produce 2,500 tons annually by June 2025 and Line 003 expected to produce 500-1,800 tons annually by mid-2026 [4] Market Performance - Recent 12-month market performance: -10%, 3%, 15%, 28%, 41%, 54% [1] - Closing price: 12.50 yuan [1] - Circulating shares: 621 million [1] - Net asset per share: 5.25 yuan [1]

| --- | --- | |------------------------|------------| | | | | | | | 投资评级 : 买入 | ( 维持 ) | | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 95.27 | | 流通股本 ( 亿股 ) | 3.95 | | 每股净资产 ( 元 ) | 12.08 | | 总股本 ( 亿股 ) | 3.96 | | 最近 12 月市场表现 | | -19% -10% -1% 8% 17% 26% 珀莱雅 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 相关报告 1. 《大单品势头强劲，多品牌高增，龙 头优势显著》 2024-08-28 2. 《业绩高增超预期，大单品矩阵持续 迭代》 2024-04-19 3. 《源力面霜 2.0 进军胶原赛道，长期 发展持续向好》 2024-02-19 珀莱雅(603605) / 化妆品 / 公司点评 / 2024.10.26 Q3 淡季保持稳健增长，美妆国货龙头韧性彰显 证券研究报告 ❖ 事件：公司发布 2024 年三季 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has faced significant pressure on performance due to changes in brand structure and increased marketing investments, leading to a decline in profitability [3] - The company reported a revenue of 4.018 billion yuan for Q1-Q3 2024, a year-on-year increase of 17.09%, but a net profit attributable to shareholders of 415 million yuan, a year-on-year decrease of 28.39% [2][3] - The gross margin for Q1-Q3 2024 was 73.73%, down 2.7 percentage points year-on-year, while the net margin was 10.07%, down 6.4 percentage points year-on-year [3] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 1.213 billion yuan, a year-on-year increase of 14.04%, but reported a net loss of 69 million yuan, a year-on-year decrease of 153.41% [2] - The company’s sales, management, and R&D expense ratios for Q1-Q3 2024 were 50.03%, 8.45%, and 4.97%, respectively, with sales expenses increasing due to heightened marketing efforts [3] - The company expects revenues of 6.474 billion yuan, 7.656 billion yuan, and 8.955 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 771 million yuan, 1.060 billion yuan, and 1.275 billion yuan for the same years [4][5] Strategic Initiatives - The company is implementing a multi-brand strategy, focusing on its main brand, Winona, which targets sensitive skin, while also launching new products and expanding into high-potential markets [3] - The company is increasing its marketing investments to enhance brand visibility and prepare for major promotional activities in Q4 2024 [3] Valuation Metrics - The projected PE ratios for 2024, 2025, and 2026 are 23, 17, and 14 times, respectively [3][4] - The expected EPS for 2024, 2025, and 2026 are 1.82 yuan, 2.50 yuan, and 3.01 yuan, respectively [4][5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market benchmark [3]. Core Views - The company has shown resilience in its core business with a slight revenue decline of 1.18% year-on-year for the first three quarters of 2024, while net profit decreased by 48.25% [2]. - The company is focusing on cost reduction and efficiency improvements across its operations, which is expected to enhance profitability in the long run [3]. - The company is a leader in the white feather broiler industry, with ongoing improvements in cost structure and genetic advantages, supporting its growth trajectory [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 13.762 billion yuan, down 1.18% year-on-year, and a net profit of 383 million yuan, down 48.25% year-on-year [2]. - The gross margin for the first three quarters was 10.31%, a decrease of 1.29 percentage points year-on-year, while the net margin was 2.67%, down 2.55 percentage points year-on-year [2]. - In Q3 2024, the company reported revenue of 4.925 billion yuan, an increase of 1.62% year-on-year, and a net profit of 281 million yuan, a decrease of 10.38% year-on-year [2]. Business Segment Performance - The poultry breeding and processing segment saw a revenue increase of 5.5% in Q3 2024, with sales volume rising by 21.5% year-on-year [2]. - The deep processing meat products segment reported a revenue of 2.110 billion yuan in Q3 2024, a decrease of 4.1% year-on-year, but with a sales volume increase of 10.4% year-on-year [2]. Capacity and Strategic Developments - The company has ongoing construction projects valued at 751 million yuan, a 56.5% increase from the beginning of the year, primarily due to the expansion of its food processing capacity [3]. - The introduction of a new genetic combination, "Shengze 901plus," has shown significant improvements in feed-to-meat ratios and is gaining market acceptance [3]. Future Projections - The company is projected to achieve revenues of 19.348 billion yuan, 21.266 billion yuan, and 23.081 billion yuan for the years 2024, 2025, and 2026, respectively [3]. - Expected net profits for the same years are 700 million yuan, 1.094 billion yuan, and 1.479 billion yuan, respectively [3]. - The price-to-earnings (PE) ratios based on the closing price on October 25 are projected to be 24.2, 15.4, and 11.4 for 2024, 2025, and 2026, respectively [3].

洽洽食品(002557) / 休闲食品 / 公司点评 / 2024.10.25 收入环比改善，利润弹性加速释放 投资评级:买入(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-24 | | 收盘价 ( 元 ) | 31.11 | | 流通股本 ( 亿股 ) | 5.06 | | 每股净资产 ( 元 ) | 10.76 | | 总股本 ( 亿股 ) | 5.07 | | 最近 12 月市场表现 | | -24% -15% -6% 3% 12% 21% 洽洽食品 沪深300 分析师 吴文德 SAC 证书编号：S0160523090004 wuwd01@ctsec.com 分析师 赵婕 SAC 证书编号：S0160523100002 zhaojie@ctsec.com 相关报告 1. 《Q2 淡季略承压，规模效应减弱》 2024-08-31 2. 《Q1 收入超预期，盈利水平改善 》 2024-05-02 3. 《基本符合预期，坚果渗透率持续提 升》 2024-03-07 证券研究报告 ❖ 事件：公司发布 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown high growth in performance while maintaining excellent risk compensation capabilities [1][4] - The company focuses on inclusive finance for small and micro enterprises, demonstrating differentiated competitive advantages [4] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 8.37 billion yuan, a year-on-year increase of 11.3%, and a net profit attributable to shareholders of 2.976 billion yuan, up 18.2% year-on-year [3][4] - Interest income remained stable, with a slight decrease in the growth rate of interest-earning assets contributing 14.2 percentage points to performance, down 1.4 percentage points from the first half of 2024 [3] - The net interest margin for the first three quarters of 2024 was 2.75%, a decrease of 4 basis points compared to the first half of 2024 [3][4] Asset Quality - As of the end of the third quarter of 2024, the non-performing loan ratio was 0.77%, and the attention ratio was 1.52%, reflecting a slight increase due to economic pressures affecting micro-loan asset quality [4] - The provision coverage ratio stood at 528%, indicating sufficient risk compensation capability [4] Future Outlook - The company is expected to see net profit growth of 17.9%, 16.5%, and 16.1% for the years 2024 to 2026, with corresponding price-to-book (PB) ratios of 0.78, 0.70, and 0.63 [4][5] - The company anticipates continued support for credit issuance as policies remain favorable [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The impact of major clients' inventory reduction is weakening, and new business expansion is progressing smoothly [3] - In Q3 2024, the company achieved revenue of 450 million yuan, a year-on-year increase of 55.68%, and a net profit attributable to shareholders of 88.67 million yuan, up 49.91% year-on-year [2] - For the first three quarters of 2024, the company reported revenue of 1.157 billion yuan, a year-on-year increase of 10.86%, and a non-recurring net profit of 258 million yuan, down 14.07% year-on-year [2] - The company's home respiratory machine components business accounted for 64.80% of revenue in 2023, and the negative impact from client inventory reduction is gradually diminishing [2] - The company is successfully expanding into new business areas, providing products and components for over ten global top 100 medical device companies [2] Financial Performance Summary - Revenue projections for 2024-2026 are 1.604 billion yuan, 2.007 billion yuan, and 2.499 billion yuan respectively, with net profits of 362 million yuan, 453 million yuan, and 559 million yuan [3] - The corresponding price-to-earnings (PE) ratios are 30.98, 24.76, and 20.07 [3] - The sales expense ratio for the first three quarters of 2024 was 2.62%, an increase of 0.44% year-on-year, while the management expense ratio was 6.46%, a decrease of 0.50% year-on-year [2] - Research and development expense ratio increased to 8.94%, up 1.28% year-on-year, primarily due to foreign exchange differences and the start of stock incentive expense accruals [2] - The company is engaged in comprehensive and in-depth cooperation with several innovative high-tech medical enterprises in various fields [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][3] Core Views - The company reported a revenue of approximately 2.699 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 3.80%. However, the net profit attributable to shareholders decreased by 21.83% to about 160 million yuan [3] - The third quarter of 2024 saw a revenue of 1.151 billion yuan, a year-on-year growth of 5.36%, with a net profit of 123 million yuan, marking a year-on-year increase of 3.76%. This indicates a return to positive growth for the quarter [3] - The company's gross margin and net margin for the third quarter were 45.10% and 9.34%, respectively, both showing improvements from the previous quarter [3] - The energy digitalization business maintained a good growth trend with a revenue increase of approximately 10% year-on-year, while the energy internet business grew by about 30% year-on-year [3] - The internet television terminal business is being divested, with a reported revenue decline of about 34% year-on-year [3] - The company is positioned as a leader in power digitalization reform, with emerging businesses expected to unlock significant growth potential. Revenue projections for 2024-2026 are 5.265 billion, 6.298 billion, and 7.529 billion yuan, respectively, with corresponding net profits of 540 million, 646 million, and 781 million yuan [3] Financial Summary - For 2024, the company is expected to achieve a revenue of 5.265 billion yuan, with a growth rate of 11.38% [4] - The net profit for 2024 is projected to be 540 million yuan, reflecting a decrease of 10.56% compared to the previous year [4] - The earnings per share (EPS) for 2024 is estimated at 0.50 yuan, with a price-to-earnings (PE) ratio of 22.89 [4] - The return on equity (ROE) for 2024 is expected to be 6.81% [4] - The company’s total assets are projected to reach approximately 10.585 billion yuan by 2024 [4]

杰瑞股份(002353) / 专用设备 / 公司点评 / 2024.10.25 合同负债大幅增长，出海业务持续突破 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-24 | | 收盘价 ( 元 ) | 32.10 | | 流通股本 ( 亿股 ) | 6.93 | | 每股净资产 ( 元 ) | 19.66 | | 总股本 ( 亿股 ) | 10.24 | | 最近 12 月市场表现 | | -25% -14% -3% 9% 20% 31% 杰瑞股份 沪深300 上证指数 专用设备 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 联系人 孙瀚栋 sunhd@ctsec.com 相关报告 1. 《与 BAPCO 签署大型天然气项目， 中东市场再突破》 2024-09-26 2. 《核心高管集体增持，彰显公司长期 价值充足信心》 2024-09-20 3. 《业绩符合预期，北美电驱压裂迎来 行业拐点》 2024-08-30 ❖ 事件：2024 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 20.364 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 19.44%. The net profit attributable to shareholders was 3.145 billion yuan, up 14.12% year-on-year [2][3] - The company is expanding its main business and enhancing its structure, focusing on gypsum board and waterproofing sectors, while also integrating acquisitions to drive growth [3] - The forecast for net profit attributable to shareholders for 2024-2026 is 4.242 billion, 4.949 billion, and 5.667 billion yuan respectively, with corresponding EPS of 2.51, 2.93, and 3.35 yuan per share [3] Financial Performance Summary - Q1-Q3 2024 revenue growth was driven by the expansion of gypsum board and waterproofing businesses, alongside the consolidation of Jia Baoli [2] - The gross profit margin for Q3 was 30.07%, showing a decline due to competitive pricing in the gypsum board market [2] - The company’s operating cash flow for Q1-Q3 was 2.706 billion yuan, an increase of 38.01% year-on-year, attributed to higher revenue and improved collection [2][3] Future Projections - Revenue projections for 2024-2026 are 28.519 billion, 32.226 billion, and 35.445 billion yuan, with growth rates of 27.17%, 13.00%, and 9.99% respectively [4][5] - The net profit growth rates for the same period are projected at 20.37%, 16.67%, and 14.52% [4][5] - The company’s PE ratios for 2024-2026 are estimated at 12.88x, 11.04x, and 9.64x, indicating a favorable valuation trend [3][4]