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： ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's performance shows steady growth, with a revenue of 17.219 billion yuan for the first three quarters of 2024, representing an 8.38% year-on-year increase. The net profit attributable to the parent company reached 1.111 billion yuan, up 11.14% year-on-year [6] - The company is focusing on steady expansion and optimization of existing stores, with a total of 15,050 chain pharmacies across ten provinces and cities by the end of the reporting period. The company added 2,254 new stores in the first nine months of 2024, while the pace of overall expansion has slowed down [7] - The retail business is developing steadily, with retail revenue of 15.184 billion yuan and wholesale revenue of 1.480 billion yuan for the first three quarters of 2024, showing year-on-year growth of 6.84% and 17.56%, respectively [8] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 40.39% (up 0.84 percentage points) and a net profit margin of 6.96% (down 0.14 percentage points). The selling, administrative, and financial expense ratios were 25.99%, 4.39%, and 0.71%, respectively [6] Expansion Strategy - The company has adopted a strategy of regional focus and optimization of existing stores. In Q3 alone, the company added 679 new stores, with a significant increase in the number of closed stores, indicating a shift towards improving operational quality rather than aggressive expansion [7] Business Segments - The retail and wholesale segments are performing well, with the retail segment showing a gross margin of 41.43% and the wholesale segment at 8.78%. The main product categories, including traditional Chinese medicine and non-pharmaceuticals, have also seen positive growth [8] Investment Recommendations - Given the current macroeconomic environment and increasing regulatory scrutiny, the company is expected to maintain strong operational resilience and improve market share. The projected net profits for 2024-2026 are 1.740 billion, 2.129 billion, and 2.584 billion yuan, respectively, with corresponding EPS of 1.43, 1.76, and 2.13 yuan [8]

公 司 研 究 医 药 生 物 老百姓 沪深300 公 司 简 评 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 | --- | --- | |---------------------------|-------------| | | | | 数据日期 Table_cominfo] | 2024/10/31 | | 收盘价 | 16.07 | | 总股本 ( 万股 ) | 76,023 | | 流通 A 股 /B 股 ( 万股 ) | 75,792/0 | | 资产负债率 (%) | 64.41% | | 市净率 ( 倍 ) | 1.62 | | 净资产收益率 ( 加权 ) | 9.14 | | 12 个月内最高 / 最低价 | 36.90/11.90 | [Table_Reportdate] 2024年11月01日 [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 w ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has a leading global market share in its mature business, with a robust order backlog in emerging sectors. The profit forecast remains unchanged, expecting net profits of 386 million yuan, 496 million yuan, and 647 million yuan for 2024-2026, with corresponding EPS of 1.82 yuan, 2.34 yuan, and 3.05 yuan, resulting in PE ratios of 21X, 16X, and 13X based on the closing price on October 31, 2024 [5] - The company plans to increase its investment in Shanghai Bobang to strengthen its cooperation in the air compressor sector. The air suspension business has established a strong market position in China, with ongoing expansions into electric control dampers and closed systems, enhancing the self-manufacturing rate of components [5] - The company has secured project approvals from various clients, including a well-known European OEM, marking a significant breakthrough in overseas expansion for its air suspension business [8][9] Financial Performance Summary - For Q3 2024, the company reported revenue of 1.843 billion yuan, a year-on-year increase of 20%, while net profit attributable to shareholders was 100 million yuan, a decrease of 35% year-on-year. For the first three quarters of 2024, total revenue reached 5.026 billion yuan, up 21% year-on-year, with a net profit of 249 million yuan, down 27% year-on-year [10] - The company's main revenue and profit figures for the years 2021 to 2026 are as follows: - Main revenue (million yuan): 3898 (2021), 4778 (2022), 5897 (2023), 7245 (2024E), 9298 (2025E), 11838 (2026E) - Net profit (million yuan): 268 (2021), 214 (2022), 379 (2023), 386 (2024E), 496 (2025E), 647 (2026E) - EPS (yuan): 1.27 (2021), 1.01 (2022), 1.79 (2023), 1.82 (2024E), 2.34 (2025E), 3.05 (2026E) [6][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 1.725 billion yuan in Q3 2024, representing an 8% year-on-year increase, and a net profit attributable to shareholders of 292 million yuan, up 45% year-on-year [7] - The gross margin improved significantly, reaching 29.75% in Q3 2024, an increase of 0.96 percentage points year-on-year and 2.09 percentage points quarter-on-quarter [7] - The company is successfully transitioning to larger components and expanding its global production capacity, with plans to increase the share of large-tonnage die-casting products by 25% by 2025 and 40% by 2030 [8] Summary by Sections Financial Performance - In Q1-Q3 2024, the company achieved a total revenue of 4.974 billion yuan, a 17% increase year-on-year, with a net profit of 742 million yuan, up 24% year-on-year [7] - The company’s net profit forecast for 2024-2026 is 1.041 billion yuan, 1.305 billion yuan, and 1.581 billion yuan respectively, with corresponding EPS of 1.07 yuan, 1.33 yuan, and 1.62 yuan [9] Cost Management - The company’s expense ratio decreased, with the period expense ratio at 11.61%, down 0.67 percentage points year-on-year [7] Employee Incentives - The company launched a stock incentive plan covering 857 key employees, with performance targets set for revenue growth rates of 15.35%/19.19% for 2025 and 20.72%/25.90% for 2026 [8] Market Positioning - The company has a strong customer base in the global market, including major Tier 1 suppliers, and is expanding its product offerings in both small and large components [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company achieved a revenue of 6.134 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 29.35%, with a net profit attributable to shareholders of 1.460 billion yuan, up 12.91% year-on-year [6] - The company has successfully reduced its expense ratio, with sales, management, R&D, and financial expenses at 2.24%, 2.32%, 2.94%, and -1.04% respectively [6] - The company continues to deepen its global development, with overseas sales accounting for 60.8% of total revenue in 2023, and a 21.3% year-on-year increase in high-altitude operation platform exports [7] - The promotion of boom products has been successful, contributing significantly to revenue growth, with boom product revenue increasing by 57.67% year-on-year in the first half of 2024 [7] - The company emphasizes research and technological innovation, with R&D investment of 180 million yuan in the first three quarters of 2024, a 21.03% increase year-on-year [8] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 2.106 billion, 2.554 billion, and 2.939 billion yuan respectively, with corresponding EPS of 4.16, 5.04, and 5.81 yuan [8] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 2.274 billion yuan, a year-on-year increase of 38.37%, and a net profit of 636 million yuan, up 37.72% year-on-year [6] - The gross margin and net margin for the first three quarters of 2024 were 36.16% and 23.83% respectively [6] Expense Management - The company has effectively reduced its expense ratios, with notable decreases in sales and R&D expenses compared to the end of the previous year [6] Global Expansion - The company has established a global sales network covering over 80 countries, with significant growth in the North American market facilitated by its subsidiary CMEC [7] Product Development - The boom product series has become a major driver of revenue growth, with a significant increase in its revenue contribution compared to the previous year [7] Research and Development - The company maintains a leading position in R&D innovation within the industry, holding 280 patents and focusing on high-end, differentiated products [8] Investment Outlook - The company is expected to see continued growth in high-value equipment sales and exports to Europe, the US, and emerging markets, supporting the "Buy" rating [8]

Group 1: PMI Data Overview - In October, the manufacturing PMI rose to 50.1%, up from 49.8% in September, indicating a seasonal rebound[2] - The non-manufacturing PMI increased to 50.2%, slightly above the previous value of 50.0%[2] - The October manufacturing PMI is above the five-year average of 49.7%[2] Group 2: Economic Indicators - The production index rose to 52.0%, an increase of 0.8 percentage points month-on-month[3] - The new orders index remained at 50.0%, indicating stability, while the new export orders index fell to 47.3%, the lowest since February[3] - The expected business activity index improved to 54.0%, reflecting enhanced corporate confidence due to policy measures[3] Group 3: Price Indices and Sector Performance - The main raw material purchase price index increased by 8.3 percentage points to 53.4%, while the factory price index slightly fell to 49.9%[4] - The service sector business activity index rose to 50.1%, driven by tourism-related activities during the National Day holiday[4] - The construction industry business activity index was at 50.4%, with civil engineering activities exceeding 55.0%[4] Group 4: Challenges and Risks - Small enterprises continue to struggle, with a PMI of 47.5%, indicating ongoing operational pressures[5] - The real estate sector's business activity index remains below the threshold, highlighting sector-specific challenges[5] - Risks include potential declines in overseas demand and the possibility that growth stabilization policies may not meet expectations[5]

Investment Rating - The report assigns a "Buy" rating for the company, marking its initial coverage [6]. Core Insights - The company has achieved a three-stage leap in growth, transitioning from component manufacturing to ODM and now to OBM, focusing on intelligent electric sofas and beds, with over 40 partnerships with top 100 U.S. home retailers [6][19]. - Revenue has shown a strong recovery since Q2 2023, with quarterly revenue growth exceeding 20% year-on-year, driven by inventory reduction in the U.S. market and effective new customer acquisition strategies [6][25]. - The company has a robust cost transfer capability and has benefited from favorable currency and interest rate conditions, leading to an increase in net profit margin from 12% in 2017 to 23% in the first three quarters of 2024 [6][25]. Company Overview - The company was established in 2002 and has evolved through three stages: component manufacturing, ODM, and OBM, with a focus on intelligent electric sofas and beds [19]. - The management team is experienced and has a strong international background, with a significant portion of employees based overseas [20]. Financial Performance - For the first three quarters of 2024, the company reported revenue and net profit of 1.849 billion and 431 million RMB, respectively, representing year-on-year growth of 27% and 34% [6][25]. - The company’s revenue is projected to grow from 1.921 billion RMB in 2023 to 3.618 billion RMB by 2026, with a compound annual growth rate (CAGR) of 21.48% [10]. Product and Market Analysis - The company’s primary products are intelligent electric sofas, which contributed 77% of revenue in the first half of 2024, while intelligent electric beds accounted for 13% [30]. - The U.S. market remains the primary sales region, with 99% of revenue coming from exports, and the company is also expanding into markets like Canada, Australia, and Italy [30]. Profitability and Cost Structure - The gross margin for the first half of 2024 was 33.22%, reflecting a steady improvement due to effective cost management and product upgrades [36]. - The company maintains a low sales expense ratio of under 5%, which is advantageous given its focus on B2B operations [36]. Future Outlook - The company is expected to continue its growth trajectory, with net profit forecasts of 517 million, 623 million, and 762 million RMB for 2024, 2025, and 2026, respectively, indicating a strong growth outlook [10].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's profitability continues to improve, with a revenue of 16.789 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.64%. The net profit attributable to shareholders reached 2.471 billion yuan, up 25.85% year-on-year [6][7] - The structure of infusion products is continuously optimized, with significant growth in the revenue of raw materials and intermediates. The revenue from antibiotic intermediates and raw materials reached 4.456 billion yuan, a year-on-year increase of 24.43% [7] - The commercialization of innovative products is imminent, with four innovative varieties expected to be launched in the next year. The commercialization team is fully prepared for the sales of these products [8] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 16.789 billion yuan, with a net profit of 2.471 billion yuan, reflecting a year-on-year growth of 25.85% [6] - The operating cash flow for the period was 3.275 billion yuan, down 22.97% year-on-year, indicating a need for monitoring cash flow management [6] Product and Market Analysis - The infusion product segment has shown stable revenue with significant profit growth, driven by a decrease in sales expenses and an increase in the proportion of closed infusion products [7] - The antibiotic intermediates and raw materials segment has seen a substantial increase in both volume and price, contributing to the overall revenue growth [7] Future Outlook - The company expects to maintain stable revenue growth, with projected revenues of 23.639 billion yuan, 25.875 billion yuan, and 28.042 billion yuan for 2024, 2025, and 2026 respectively [9] - The net profit attributable to shareholders is forecasted to be 2.917 billion yuan, 3.443 billion yuan, and 4.021 billion yuan for the same years, indicating a positive growth trajectory [9]

Investment Rating - The report maintains a "Buy" rating for the company [5][10] Core Views - The company reported strong Q3 performance with total revenue of 1.606 billion yuan for Q1-Q3 2024, a year-on-year increase of 22.23%, and a net profit of 277 million yuan, up 29.48% year-on-year [8] - The growth is driven by the performance of traditional products and the expansion of new channels, including bulk snacks and export markets [8] - Tax incentives have positively impacted the net profit margin, while online marketing expenses have slightly increased due to team expansion [9] - The company is expected to continue its multi-channel strategy, focusing on product innovation and market share growth [10] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved total revenue of 1.606 billion yuan, with a net profit of 277 million yuan, reflecting year-on-year growth of 22.23% and 29.48% respectively [8] - Q3 revenue was 563 million yuan, with a net profit of 111 million yuan, showing year-on-year increases of 15.58% and 17.10% [8] Product and Market Strategy - The company has successfully maintained the growth of its core products while expanding its market share in new product categories [8] - The optimization of traditional distribution channels is showing initial positive results, although the supermarket channel is still under pressure [8] Profitability and Cost Management - The gross margin for Q1-Q3 2024 was 35.59%, a slight decrease of 0.73 percentage points year-on-year, while the net margin improved to 17.27%, an increase of 0.97 percentage points [9] - The company has seen a slight rise in sales expenses due to increased online marketing efforts, but management expenses have decreased, indicating improved cost control [9] Future Outlook - The company is projected to achieve net profits of 395 million yuan, 487 million yuan, and 594 million yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 20.10%, 23.12%, and 22.01% [10]