Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a significant increase in October sales, with wholesale vehicle sales reaching 250,800 units, representing a month-on-month increase of 4.07% and a year-on-year increase of 17.66% [7] - The company’s cumulative wholesale sales for the first ten months of 2024 reached 2,155,800 units, with a year-on-year growth of 2.14% [7] - The report highlights the acceleration of the company's globalization efforts, with overseas sales of its self-owned brands reaching 30,800 units in October, a year-on-year increase of 61.81% [8] - The company’s new energy vehicle sales reached 85,300 units in October, marking a year-on-year increase of 46.37% [9] - The report anticipates continued sales growth in Q4 due to the launch of new intelligent electric vehicles and the steady progress of overseas production capacity [9] Summary by Sections Sales Performance - In October, the company’s wholesale sales were 250,800 units, with self-owned passenger vehicle sales at 168,000 units, showing a month-on-month increase of 3.45% [7] - The cumulative sales for self-owned passenger vehicles from January to October were 1,328,800 units, reflecting a slight decline of 0.91% year-on-year [7] Globalization and Export Growth - The company’s overseas sales for self-owned brands in October were 30,800 units, with a month-on-month increase of 33.86% [8] - The deep blue brand has officially launched in Australia, further accelerating its globalization process [8] New Energy Vehicle Development - The company’s self-owned brand new energy vehicle sales reached 85,300 units in October, with a penetration rate of 40.06% [9] - The report notes significant sales increases for the company's three new energy brands, with the Avita brand experiencing a month-on-month increase of 158.64% in October [9] Financial Projections - The report projects the company’s net profit for 2024-2026 to be 5,245 million, 6,885 million, and 9,662 million respectively, with corresponding EPS of 0.53, 0.69, and 0.97 [10] - The expected PE ratios for the same period are 26, 19, and 14 times [10]

Investment Rating - The report suggests a cautious outlook on the electronic sector, indicating a moderate recovery in demand and recommending focus on specific investment themes such as AIOT, AI-driven technologies, equipment materials, and consumer electronics [4][7]. Core Insights - The electronic sector is experiencing a mild recovery, driven by strong demand in the automotive electronics market and the release of new consumer electronics products [4][5]. - The U.S. has implemented final rules restricting investments in semiconductor and AI sectors related to China, which may reshape the global semiconductor supply chain and enhance domestic capabilities [6][15]. - The report highlights the performance of major companies, including Intel and AMD, with Intel exceeding revenue expectations in Q3 2024 [15][16]. Summary by Sections Industry Overview - The electronic sector is witnessing a recovery phase, with significant product launches from companies like Apple, Xiaomi, and Honor, which are expected to stimulate consumer demand [5][14]. - The report notes that the semiconductor market is under pressure due to geopolitical tensions and supply chain disruptions, particularly affecting U.S. companies operating in China [6][15]. Market Performance - The report indicates that the electronic sector underperformed the broader market, with the Shenzhen 300 index down 1.68% and the Shenwan electronic index down 2.18% [7][21]. - Specific sub-sectors showed varied performance, with semiconductors declining by 4.27% and optical electronics gaining 4.06% [21][22]. Investment Recommendations - The report recommends focusing on four main investment themes: AIOT, AI-driven innovations, upstream supply chain domestic replacements, and consumer electronics recovery [7][8]. - Suggested companies for investment include those in the AIOT sector like Lexin Technology and Hengxuan Technology, as well as semiconductor firms like Cambrian and Haiguang Information [7][8].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The demand for pharmaceuticals continues to grow, driven by an aging population and increasing health awareness, with the pharmacy market size reaching approximately 650 billion yuan in 2023, reflecting a CAGR of 9.07% from 2015 to 2023 [2][9] - The supply side shows a continuous increase in industry concentration, with the top 100 pharmacy companies generating a total revenue of 307 billion yuan in 2023, accounting for 59.5% of the market share [2][25] - Key industry indicators have shown steady improvement over the past decade, with average store sales per square meter increasing from 60.5 yuan/㎡ in 2012 to 72.4 yuan/㎡ in 2023, a growth of 19.7% [2][38] - The industry is expected to accelerate consolidation, with small and medium-sized pharmacies likely to exit the market due to increasing competition and regulatory pressures [2][23] Demand Analysis - The pharmacy industry is experiencing growth due to factors such as the increasing number of chronic disease patients and the ongoing trend of prescription outflow, with retail pharmacies capturing 29.3% of the total pharmaceutical sales terminal in 2023 [2][12] - Non-pharmaceutical demand is also expanding, driven by rising health awareness and the popularity of health monitoring devices [6][9] Supply Analysis - The concentration of the pharmacy industry is on the rise, with the number of chain pharmacies increasing significantly from 137,000 in 2010 to 386,000 in 2023, resulting in a chain rate of 57.8% [23][25] - The average number of stores for the top 100 chain companies is approximately 1,548, significantly higher than the industry average [25] Key Industry Indicators - The average price per item in pharmacies was 31.6 yuan in 2023, a 24% increase from 2013, while the average transaction value was 80.8 yuan, reflecting a 42% increase [2][36] - The average daily sales per employee increased from 1,203 yuan in 2012 to 1,344 yuan in 2023, marking an 11.7% growth [2][38] Development Logic - The industry is witnessing a shift towards higher concentration, with leading companies leveraging multiple advantages to expand their operational networks and embrace policies that facilitate prescription outflow [2][39] - Digitalization is enhancing operational efficiency through refined site selection, inventory management, and customer relationship management [2][39] Stock Recommendations - Recommended stocks include Lao Bai Xing and Yi Feng Pharmacy [2]

行 业 研 究 [Table_Reportdate] 2024年11月04日 行 业 周 报 稳定 [table_invest] 标配 [Table_NewTitle 组件龙头带头涨价 ]，陆风中标价格持续 ——新能源电力行业周报（2024/10/28-2024/11/02） [table_main] 投资要点： ➢ 市场表现： 本周（10/28-11/01）申万光伏设备板块下降2.85%，跑输沪深300指数1.17个百分点， 申万风电设备板块下降1.41%，跑赢沪深300指数0.27个百分点。本周光伏板块涨幅前 三个股为拉普拉斯、钧达股份、弘元绿能，跌幅前三个股为连城数控、同享科技、大全 能源。本周风电板块涨幅前三个股为电气风电、禾望电气、湘电股份，跌幅前三个股为 泰胜风能、起帆电缆、三一重能。 ➢ 光伏板块 电池片交付迎来小高峰，组件龙头带头涨价 1）硅料：价格维稳。本周多晶硅成交情况依旧冷淡。库存方面，现货库存规模仍在叠加， 累库压力逐渐达到年内高峰。需求方面，根据下游硅片企业预排产情况，多晶硅需求在11 月将至少出现1GW的下降。供应方面，截至目前处于检修或降负荷状态中的企业数量增加 至14家，1家企 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown significant improvement in its financial performance, with a revenue of 3.955 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 31.59%. The net profit attributable to shareholders reached 259 million yuan, marking a turnaround from losses [6][7] - The decline in breeding costs and the increase in pig prices have contributed to the company's strong performance in Q3 2024, with a revenue of 1.723 billion yuan, up 66.89% year-on-year, and a net profit of 304 million yuan, a staggering increase of 5380.20% [6][7] - The company is expected to continue benefiting from lower breeding costs and an increase in the number of pigs sold, with a total of 1.7335 million pigs sold in the first three quarters of 2024, a 32.62% increase year-on-year [7] Summary by Sections Financial Performance - The company reported a net cash flow from operating activities of 404 million yuan in Q3 2024, an increase of 135.51% quarter-on-quarter. The asset-liability ratio decreased to 60.81%, down 1.44 percentage points [8] - The gross profit margin for Q3 2024 was 26.37%, an increase of 8.5 percentage points from the previous quarter [8] Production and Capacity - The company has successfully delivered several production capacity projects, ensuring a stable supply of pigs for future sales. The breeding project in Dechang is expected to start selling pigs in H1 2025 [7] - The company has over 180,000 breeding pigs and more than 250,000 pigs in stock, which supports its future sales growth [7] Profit Forecast - The profit forecast for the company has been adjusted, with expected net profits for 2024, 2025, and 2026 projected at 629 million yuan, 931 million yuan, and 1.190 billion yuan, respectively. The corresponding EPS is expected to be 1.23 yuan, 1.83 yuan, and 2.33 yuan [8][9]

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年11月04日 [晨会纪要 Table_NewTitle] 20241104 [证券分析师： Table_Authors] 张季恺S0630521110001 zjk@email.com.cn 联系人： 陈伟业 cwy@longone.com.cn [table_main] 重点推荐 ➢ 1.爱柯迪（600933）：收入端增长稳健，持续推进中大件转型、全球产能布局——公司简 评报告 ➢ 2.浙江鼎力（603338）：三季度业绩超预期，费用持续下降，臂式推广顺利——公司简评 报告 ➢ 3.保隆科技（603197）：TPMS业务延续高增速，空悬海外拓展取得突破——公司简评报告 ➢ 4.老百姓（603883）：利润端短期承压，积极稳中求进——公司简评报告 ➢ 5.益丰药房（603939）：业绩增长稳健，盈利维持较高水平——公司简评报告 ➢ 6.贝达药业（300558）：业绩略超预期，恩沙替尼国际化进展顺利——公司简评报告 ➢ 7.工商银行（601398）：付息率明显改善，资产质量稳定 ——公司简评报告 ➢ 8.继峰股份（60 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 5.9 billion yuan in Q3 2024, a year-on-year increase of 7%, while the net profit attributable to shareholders was a loss of 585 million yuan [7] - Emerging businesses such as passenger car seats are expected to continue growing, although the sale of the US TMD subsidiary has negatively impacted short-term performance [7] - The company has accumulated orders for passenger car seats and is gradually transforming into a global leader in the industry [9] - The report adjusts profit forecasts due to the impact of selling the US TMD stake, predicting net profits of -393 million yuan, 890 million yuan, and 1.212 billion yuan for 2024-2026 [9] Summary by Sections Company Overview - The company has a total share capital of 126.608 million shares and a closing price of 13.30 yuan as of November 1, 2024 [5] - The asset-liability ratio stands at 74.81%, with a price-to-book ratio of 3.36 and a weighted return on equity of -11.81% [5] Financial Performance - In Q3 2024, the company recorded a revenue of 5.9 billion yuan, with a year-to-date revenue of 16.906 billion yuan, reflecting a 6% year-on-year increase [7] - The company incurred asset impairment losses of 274 million yuan and credit impairment losses of 29 million yuan during the first three quarters of 2024 [7] - The comprehensive gross profit margin for Q3 2024 was 14.08%, a decrease of 1.02 percentage points year-on-year [8] Business Development - The company delivered 89,000 sets of seats in H1 2024, generating sales of 899 million yuan, significantly up from 108 million yuan in the same period last year [9] - The company has secured orders from various leading clients, including new energy vehicle manufacturers and luxury brands, establishing a strong market position [9] Profit Forecast and Valuation - The report revises the profit forecast, expecting net profits of -393 million yuan in 2024, 890 million yuan in 2025, and 1.212 billion yuan in 2026, with corresponding EPS of -0.31 yuan, 0.70 yuan, and 0.96 yuan [9] - Based on the closing price on November 1, 2024, the projected PE ratios for 2025 and 2026 are 19X and 14X, respectively [9]

Investment Rating - The report maintains an "Increase" rating for the company [3] Core Views - The company achieved operating revenue of 626.42 billion yuan, a decrease of 3.82% year-on-year, and a net profit attributable to ordinary shareholders of 269.03 billion yuan, an increase of 0.13% year-on-year [4] - As of the end of September, the company's total assets reached 48.36 trillion yuan, up 8.71% year-on-year, with a non-performing loan ratio of 1.35%, remaining stable quarter-on-quarter [4] - The report indicates a slowdown in general loan issuance due to weak demand and a shift away from scale-oriented growth, although there was a significant increase in bill discounting [4][5] - Deposit growth has stabilized as the impact of "squeezing water" has diminished, with a notable increase in the proportion of fixed-term deposits [5] - The report highlights a significant improvement in interest rates, with a quarterly net interest margin of 1.43%, a year-on-year decrease of 15 basis points, but a quarter-on-quarter increase of 5 basis points [6] - Fee and commission income has continued to decline due to market factors, but a recovery is expected in the fourth quarter [7] - The non-performing loan rate remains stable, with a slight increase in the provision coverage ratio to 220.30% [7] Summary by Sections Financial Performance - The company reported a total operating revenue of 626.42 billion yuan, down 3.82% year-on-year, and a net profit of 269.03 billion yuan, up 0.13% year-on-year [4] - Total assets reached 48.36 trillion yuan, an increase of 8.71% year-on-year, with a non-performing loan ratio of 1.35% [4] Loan and Deposit Trends - General loan issuance has slowed significantly due to weak demand, while bill discounting has increased [4][5] - Deposit growth has stabilized, with the impact of "squeezing water" diminishing [5] Interest Margin and Income - The quarterly net interest margin was 1.43%, with a year-on-year decrease of 15 basis points but a quarter-on-quarter increase of 5 basis points [6] - Fee and commission income has declined but is expected to recover in the fourth quarter [7] Asset Quality - The non-performing loan rate remains stable at 1.35%, with a provision coverage ratio of 220.30% [7]

公 司 研 究 [Table_Reportdate] 2024年11月01日 公 司 简 评 医 药 生 物 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn 联系人 付婷 futing@longone.com.cn | --- | --- | |--------------------------|-------------| | | | | 收盘价 | 45.66 | | 总股本 ( 万股 ) | 41,849 | | 流通 A 股 /B 股 ( 万股 ) | 41,718/0 | | 资产负债率 (%) | 38.81% | | 市净率 ( 倍 ) | 3.34 | | 净资产收益率 ( 加权 ) | 7.64 | | 12 个月内最高 / 最低价 | 63.09/30.43 | [Table_QuotePic] -64% -50% -36% -22% -8% 5% 19% 33% 2 ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年11月01日 [晨会纪要 Table_NewTitle] 20241101 [证券分析师： Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn 联系人： 陈芯楠 cxn@longone.com.cn [table_main] 重点推荐 ➢ 1.兆易创新（603986.SH）：Flash与MCU销量高增长、利基DRAM快速发展——公司简评 报告 ➢ 2.赛轮轮胎（601058.SH）：经营业绩稳固，持续推进全球战略布局——公司简评报告 ➢ 3.甘源食品（002991）：Q3业绩表现亮眼，多渠道齐发力——公司简评报告 ➢ 4.科伦药业（002422）：利润端快速增长，创新产品即将商业化——公司简评报告 ➢ 5.同力股份（834599）：研发费用高增，新能源产品与无人驾驶技术加速落地——公司简 评报告 ➢ 6.11月投资策略及金股组合 ➢ 7.开启基本面验证序幕——国内观察：2024年10月PMI 财经要闻 ➢ 1.央行增设商业性个人住房贷款加权平均利率 ➢ 2.央行： ...