Investment Rating - The report maintains a "Buy" rating for China Tourism Group Duty Free Corporation (601888 SH/01880 HK) with a target price of 79 82 RMB for A-shares and 61 87 HKD for H-shares [5][24] Core Views - The company reported a 15 4% YoY decline in revenue to 430 2 billion RMB and a 24 7% YoY drop in net profit to 39 2 billion RMB for the first three quarters of 2024 [1] - Despite the overall decline, the company saw a significant recovery in outbound and inbound duty-free sales, with Beijing airport duty-free store revenue growing over 140% and Shanghai airport duty-free store revenue increasing nearly 60% [2] - Hainan duty-free sales remained weak due to factors such as consumer spending pressure and the impact of Typhoon Muji, with a 38 4% YoY decline in September 2024 [19] Financial Performance - The company's gross margin improved by 1 4 percentage points YoY to 33 1% for the first three quarters of 2024, driven by operational improvements and tighter discounts [2] - However, the net profit margin declined by 1 1 percentage points YoY to 9 1% for the same period [2] - For Q3 2024, the company's revenue was 117 6 billion RMB, down 21 5% YoY, with a net profit of 6 4 billion RMB, a 52 5% YoY decline [1] Business Segments - Duty-free business: Expected to generate revenue of 413 1 billion RMB in 2024, a 6 6% YoY decline, but projected to grow by 13 8% and 10 5% in 2025 and 2026, respectively [20] - Taxable business: Expected to generate revenue of 184 2 billion RMB in 2024, a 17 6% YoY decline, with a recovery projected in 2025 and 2026 [20] - Other businesses: Expected to remain stable, with revenue of 10 6 billion RMB in 2024, growing at a 10% annual rate [21] Future Outlook - The company is expected to benefit from the recovery of international passenger traffic and the potential growth of urban duty-free stores [2] - Hainan duty-free sales are expected to bottom out and recover in Q4 2024, driven by the peak season and macroeconomic recovery [24] - The company's leading position in the industry and competitive advantages are expected to support its performance recovery [24] Valuation and Peer Comparison - The company's 2024E PE ratio is 28 5x, with a projected PE of 22 8x and 19 7x for 2025 and 2026, respectively [3] - Compared to peers such as Wangfujing and Tianhong, the company's valuation is considered reasonable given its industry leadership and growth potential [25]

Investment Rating - The report maintains a "Buy" rating for Xingye Securities (601377 SH) with a target price of CNY 8 25 [3][5] Core Views - Xingye Securities' performance rebounded in Q3 2024 with a net profit of CNY 378 million turning from loss to profit [1] - The company's total assets stood at CNY 277 7 billion in Q3 2024 down 4 5% YoY while weighted average ROE increased by 4 16 percentage points to 2 64% [1] - Investment business showed significant recovery with investment net income (including fair value) reaching CNY 2 222 billion in the first three quarters up 165% YoY [1] - Light asset businesses such as brokerage and investment banking were impacted by market downturns with Q3 brokerage net income down 28% YoY and investment banking net income down 7% YoY [1] - The company is expected to benefit from policy support for capital market revitalization with projected net profits of CNY 2 35 billion and CNY 2 98 billion for 2024 and 2025 respectively [5] Business Performance Summary Heavy Asset Business - Investment net income (including fair value) reached CNY 2 222 billion in the first three quarters of 2024 up 165% YoY with Q3 contributing CNY 1 033 billion [1] - Interest net income in Q3 was CNY 284 million down 34% YoY while the first three quarters saw a 38 5% decline to CNY 879 million [1] - Margin financing balance at the end of September 2024 was CNY 1 4401 trillion down 9 5% YoY [1] Light Asset Business - Q3 brokerage net income was CNY 387 million down 28% YoY due to a 16% decline in daily market trading volume [1] - Asset management net income in Q3 was CNY 40 million flat YoY with non monetary fund sizes of Xingquan Fund and Southern Fund at CNY 279 2 billion and CNY 695 9 billion respectively [1] - Investment banking net income in Q3 was CNY 179 million down 7% YoY with total equity underwriting of CNY 233 million down 84% YoY [1] Financial Forecasts - Revenue is expected to grow by 7 1% in 2024 and 18 1% in 2025 reaching CNY 13 44 billion [2][7] - Net profit attributable to shareholders is projected to increase by 19 4% in 2024 and 27 2% in 2025 reaching CNY 2 981 billion [2][7] - EPS is forecasted to be CNY 0 27 in 2024 and CNY 0 35 in 2025 [2][7] - The company's P/E ratio is expected to be 25 16x in 2024 and 19 78x in 2025 [2][7] Market Assumptions - Daily market trading volume is expected to increase by 5% in 2024 and 10% in 2025 [6] - Margin financing balance is projected to reach CNY 1 7006 trillion in 2024 and CNY 1 7628 trillion in 2025 [6] - Equity financing volume is expected to decline by 50% in 2024 but rebound by 12% in 2025 [6] - The CSI 300 index is forecasted to yield 15% in 2024 and 20% in 2025 [6] Peer Comparison - Xingye Securities' 2024E P/B ratio of 1 06x is lower than peers such as Orient Securities (1 36x) and Founder Securities (1 23x) [8] - The company's 2024E ROE of 3 9% is below that of Zhejiang Securities (6 4%) but higher than Soochow Securities (2 3%) [8] Valuation - The report values Xingye Securities at 1 2x P/B for 2025 based on its historical valuation range of 1 3x P/B since 2019 [5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 56.54 CNY per share, based on a 45x PE valuation for 2025 [3][14]. Core Insights - The company reported a robust growth in Q3 2024, achieving a revenue of 2.007 billion CNY, a year-on-year increase of 43.44%, and a net profit of 146 million CNY, up 41.27% year-on-year [4][5]. - The growth is attributed to the company's strategic positioning in the aerospace and information industry, effectively tapping into customer demand and increasing order backlog [5]. - The company has launched several innovative products, enhancing its market presence and solidifying its leadership in the aerospace information sector [5][6]. Summary by Sections Earnings Forecast - The company is projected to achieve revenues of 3.678 billion CNY, 5.244 billion CNY, and 7.281 billion CNY for the years 2024, 2025, and 2026, respectively, with growth rates of 46.2%, 42.6%, and 38.9% [2][10]. - The expected EPS for 2024, 2025, and 2026 is 0.89 CNY, 1.26 CNY, and 1.71 CNY, respectively [2][10]. Business Segments - The company is focusing on various sectors, including special fields, smart government, aerospace measurement and control, meteorological ecology, enterprise energy, and online business, with significant projected growth rates across these segments [8][9][10]. - For instance, the smart government segment is expected to grow by 55%, 50%, and 45% in the years 2024, 2025, and 2026, respectively [9]. Financial Metrics - The company’s gross margin for the first three quarters of 2024 was 47.49%, slightly down by 1.30 percentage points year-on-year, while the net margin was 11.44%, down by 0.46 percentage points [5][6]. - The overall expense ratio for the first three quarters of 2024 was 33.28%, an increase of 0.02 percentage points compared to the same period last year [5]. Cash Flow - The company reported a positive net cash flow from operating activities in Q3 2024, attributed to improved receivables management and collection efforts [5][6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.78 RMB per share [4] Core Views - The company reported Q3 2024 revenue of 840 million RMB, up 19.26% YoY, but net profit attributable to shareholders declined by 29.47% YoY to 20 million RMB due to a 34.52 million RMB loss from cotton futures hedging [1] - Excluding non-recurring items, Q3 net profit increased by 54.93% YoY to 38 million RMB, indicating improving operational profitability [1] - Gross margin improved to 13.64% in Q1-Q3 2024, up 2.08 percentage points YoY, driven by cost advantages from the Jingzhou project [2] - The company's R&D expenses increased significantly, with R&D expense ratio rising to 4.22% in Q1-Q3 2024, up 0.86 percentage points YoY [2] Financial Performance - For Q1-Q3 2024, the company achieved revenue of 2.191 billion RMB, up 20.95% YoY, and net profit attributable to shareholders of 104 million RMB, up 44.58% YoY [1] - The company's EPS is expected to grow from 1.13 RMB in 2024 to 1.55 RMB in 2026 [2] - ROE is projected to improve from 8.6% in 2024 to 9.7% in 2026 [3] Operational Highlights - The Jingzhou project demonstrates significant cost advantages and scale effects, contributing to margin improvement [2] - The color spinning yarn project has been successfully put into operation, supporting future growth [2] - The company's inventory turnover ratio is expected to improve from 3.92 in 2023 to 5.31 in 2026 [282] Valuation - The company is valued at 14x 2024 PE, with a target price of 15.78 RMB per share [2] - EV/EBITDA is expected to decline from 8.94x in 2024 to 4.19x in 2026, indicating improving valuation attractiveness [3] Growth Prospects - Revenue is projected to grow at a CAGR of 18.2% from 2024 to 2026, reaching 4.142 billion RMB in 2026 [3] - Net profit attributable to shareholders is expected to grow at a CAGR of 17.2% from 2024 to 2026, reaching 232 million RMB in 2026 [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 12.05 yuan, based on a 12x PE multiple for 2024 [4] Core Views - The company's Q3 2024 results show a 16% YoY increase in net profit attributable to the parent company, reaching 218 million yuan, with a significant improvement in gross margin to 16.2%, up 4.1 percentage points YoY [2] - The company's resource and power business growth logic remains strong, with continued expansion in power investment and construction operations along the "Belt and Road" countries [2] - The company's mining services business is progressing smoothly, and the increase in electricity prices in Croatia is expected to improve the profitability of the wind power project [2] Financial Performance - For Q1-Q3 2024, the company achieved revenue of 14.12 billion yuan, a 3% YoY decrease, while net profit attributable to the parent company increased by 10% YoY to 758 million yuan [2] - The company's operating cash flow for Q1-Q3 2024 was a net outflow of 457 million yuan, an increase of 208 million yuan compared to the same period last year, mainly due to increased cash outflows for various engineering projects [2] - The company's financial expense ratio increased by 1.86 percentage points YoY, primarily due to reduced exchange gains from currency fluctuations [2] Business Operations - The company signed new project contracts worth 790 million USD in Q1-Q3 2024, a 61% YoY decrease, with Q3 contracts amounting to 60 million USD [2] - Key projects include the Bangladesh coal-fired power plant, which is 96.1% complete as of Q3 2024, and the Mongolia mining integration project, which produced 33.36 million cubic meters of ore in Q1-Q3 2024 [2] - The Croatia wind power project generated 268 GWh of electricity in Q1-Q3 2024, with Q3 electricity prices in Croatia averaging 103 EUR/MWh, a 43% increase QoQ and 9% YoY [2] Profit Forecast - The company's net profit attributable to the parent company is expected to reach 1.035 billion yuan in 2024, 1.397 billion yuan in 2025, and 1.639 billion yuan in 2026, representing YoY growth rates of 12.7%, 35.0%, and 17.3% respectively [3] - The company's EPS is forecasted to be 1.03 yuan in 2024, 1.39 yuan in 2025, and 1.64 yuan in 2026 [3] - The company's ROE is expected to improve from 10.7% in 2024 to 13.2% in 2026, while the EV/EBITDA ratio is projected to decline from 5.90x in 2024 to 3.00x in 2026 [3]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 19.67 yuan per share, based on a 37x PE valuation for 2025 [3][11] Core Views - The company faces short-term pressure due to industry cyclical fluctuations, but the long-term outlook for the private network communication sector remains positive [1] - The company is a core supplier in China's military and civilian private network wireless communication field, benefiting from the trend of equipment informatization [6][7] - The company has a first-mover advantage in dedicated wireless communication and is actively expanding into the civilian market [7] Financial Performance - In the first three quarters of 2024, the company achieved revenue of 1.609 billion yuan, a year-on-year decrease of 28.97% [1][2] - Net profit attributable to the parent company was -27 million yuan, a year-on-year decrease of 108.85% [1][2] - Gross profit margin in the first three quarters was 33.92%, a decrease of 10.49 percentage points year-on-year [1] - The company's inventory was 2.694 billion yuan, a decrease of 12.45% from the beginning of the year, while accounts receivable increased by 7.69% to 4.006 billion yuan [1] Business Segments - The wireless communication terminal business is expected to achieve revenue of 1.549 billion yuan in 2024, with a gross margin of 40% [11] - The system product business is expected to achieve revenue of 1.023 billion yuan in 2024, with a gross margin of 30% [11] - Other businesses are expected to maintain stable revenue of 128 million yuan in 2024, with a gross margin of 45% [11] Future Projections - Revenue for 2024-2026 is projected to be 2.7 billion yuan, 3.292 billion yuan, and 3.924 billion yuan, respectively, with year-on-year growth rates of -17.4%, 21.9%, and 19.2% [10][11] - Net profit attributable to the parent company for 2024-2026 is projected to be 175 million yuan, 410 million yuan, and 526 million yuan, with year-on-year growth rates of -60.3%, 135.0%, and 28.1% [10][11] - EPS for 2024-2026 is projected to be 0.23 yuan, 0.53 yuan, and 0.68 yuan per share [10][11]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.82 CNY per share based on a 25x PE for 2025 [4][19]. Core Insights - The company reported a revenue of 4.477 billion CNY for the first three quarters of 2024, a year-on-year decrease of 12.07%, and a net profit attributable to shareholders of 163 million CNY, down 58.72% year-on-year [1][2]. - In Q3 2024, the revenue was 1.156 billion CNY, reflecting a year-on-year decline of 20.93%, with a net loss of 75 million CNY, marking a significant drop of 180.85% year-on-year [1][2]. - The company is undergoing strategic adjustments, including a shift from distributor to self-operated sales channels and reducing inventory in department stores, which has impacted both revenue and profit [2][3]. Revenue Summary - In Q3 2024, the revenue breakdown was as follows: personal care products 530 million CNY (46.16%), cosmetics 95 million CNY (8.25%), innovative products 150 million CNY (13.13%), and overseas products 370 million CNY (32.46%) [2]. - The average prices for these segments showed mixed results, with personal care products increasing by 4.7% year-on-year, while cosmetics decreased by 0.36%, innovative products dropped by 19.34%, and overseas products increased by 0.53% [2]. Profitability Summary - The gross margin for Q3 2024 was 54.49%, down 3.24 percentage points year-on-year. Excluding the impact of strategic adjustments, the gross margin for domestic operations increased by 1.1 percentage points [2]. - The net profit margin for Q3 2024 was -6.51%, a decrease of 12.89 percentage points year-on-year [2]. Earnings Forecast - The company forecasts net profits of 360 million CNY, 480 million CNY, and 600 million CNY for the years 2024, 2025, and 2026, respectively [3][4]. - The expected revenue growth rates are projected at 2.0% for 2024, 9.2% for 2025, and 9.8% for 2026 [3][4].

季报点评|专用设备 证券研究报告 正帆科技（688596.SH） 业绩符合预期,OPEX 业务进展明显 核心观点: ● ● ● 7.35、9.30 亿元,EPS 分别为 1.90、2.55、3.23元/股,根据可比公司 的估值情况,结合公司在设备行业积极开拓,以及在气体等 OPEX 等 领域进展较为迅速,因此给予公司 2024年24x 的 PE 估值,对应合理 价值 45.55元/股,维持"买入"评级。 风险提示。下游扩产不及预期;新业务开拓不及预期;应收账款无法收 回的风险。 ● 盈利预测: | --- | --- | --- | --- | --- | --- | |------------------------------------------------------|------------|------------|------------|------------|------------| | | | | | | | | | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入(百万元) 增长单 (%) | 2705 47.3% | 3835 41.8 ...

Investment Rating - The report maintains a "Buy" rating for Jingye Intelligent (688290 SH) with a target price of 37 62 yuan per share [2] Core Views - Jingye Intelligent's Q1-3 2024 revenue reached 1 49 billion yuan, up 15 66% YoY, but net profit was dragged down by credit impairment losses of 12 65 million yuan, resulting in a net loss of 7 24 million yuan [1] - Q3 2024 revenue was 545 9 million yuan, up 49 86% YoY, but net profit was -5 42 million yuan due to a 12 65 million yuan credit impairment loss [1] - The company's nuclear-related business is progressing steadily, with significant order growth in the spent fuel reprocessing segment and stable orders in the nuclear fuel manufacturing segment [1] - Non-nuclear businesses, including military and nuclear medicine, are actively expanding, leveraging the company's expertise in nuclear industry products [1] Financial Performance - Revenue for 2024E is projected at 364 million yuan, with a YoY growth of 42 6%, and is expected to reach 779 million yuan by 2026E [4] - Net profit for 2024E is forecasted at 64 million yuan, with a significant YoY growth of 84 7%, and is expected to reach 214 million yuan by 2026E [4] - EPS for 2024E is estimated at 0 63 yuan per share, increasing to 2 10 yuan per share by 2026E [4] Business Segments - The nuclear-related business is a key driver, with strong demand for intelligent equipment in spent fuel reprocessing and nuclear fuel manufacturing [1] - The company is actively expanding into non-nuclear sectors, including military and nuclear medicine, leveraging its expertise in nuclear industry products [1] Valuation and Growth Prospects - The report values Jingye Intelligent at 60x PE for 2024, reflecting its unique position in the nuclear and spent fuel sectors and its potential for rapid revenue growth [1] - The company is expected to benefit from the gradual advancement of spent fuel projects and its expansion into new growth areas such as nuclear medicine and military applications [1] Financial Ratios - The company's ROE is expected to improve from 4 8% in 2024E to 12 7% in 2026E, driven by revenue growth and improved profitability [26] - The P/E ratio is projected to decrease from 57 76 in 2024E to 17 26 in 2026E, reflecting expected earnings growth [26]

Investment Rating - The report gives Xinji Energy a "Buy" rating with a target price of 10.50 CNY per share, based on a 25-year PE multiple of 11x [2][3] Core Views - Xinji Energy's Q3 non-GAAP net profit increased by 17% QoQ, with significant improvement in profitability and stability over the past three years [1][6] - The company's coal and power businesses contributed 72% and 28% to net profit respectively in 2023, with coal business benefiting from high long-term contract ratio and rising price levels [1] - The power business is expected to double its installed capacity in the next 2 years, enhancing the company's coal-power integration advantage [1][14] Coal Business - Xinji Energy operates 5 coal mines with a total capacity of 23.5 million tons/year, and is awaiting approval for the Yangcun Mine (5 million tons/year) [1][11] - The company's coal sales are mainly through long-term contracts, with stable prices and strong cost control (330-350 CNY/ton) over the past three years [1][12] - In Q3 2024, coal production decreased by 6.2% YoY due to safety supervision, but coal revenue per ton increased by 3.1% due to higher calorific value [12][13] Power Business - The company's installed power generation capacity reached 4.6GW, including 3.34GW of controlled capacity and 1.29GW of equity capacity [1][14] - Power generation and sales increased by 16.1% and 16.2% YoY respectively in Q3 2024, driven by strong demand in Anhui province and the commissioning of Lixin Phase II power plant [14][15] - The company plans to double its installed capacity in the next 2 years with the completion of new power plants in Shangrao, Chuzhou, and Liuan [1][14] Financial Performance - In Q3 2024, Xinji Energy achieved a net profit of 1.82 billion CNY, down 5.0% YoY, with Q3 net profit increasing by 5.9% YoY and 12.2% QoQ [6][8] - The company's revenue growth is expected to be 0.7%, 4.4%, and 14.0% in 2024, 2025, and 2026 respectively, with EPS projected at 0.87, 0.95, and 1.00 CNY/share [2][20] - ROE is forecasted to decline from 15.6% in 2023 to 12.4% in 2026, while EV/EBITDA is expected to increase from 5.08x in 2023 to 6.16x in 2026 [2][30] Industry Outlook - The coal-power industry has shown stable profitability, with combined ROE of coal and power sectors maintaining at 8-13% over the past two decades [16][18] - In 2023, the power sector's profit increased to 548.8 billion CNY, while coal sector's profit decreased to 742.9 billion CNY due to lower coal prices and higher long-term contract ratios [16]