Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - Q3 performance was below expectations due to weak terminal sales and rigid costs impacting earnings, but there is potential for marginal improvement as the cold winter sales season approaches [3][4] - The company has adjusted its EPS forecasts for 2024-2026 to 0.48, 0.56, and 0.62 CNY respectively, down from previous estimates [3] - The target price remains at 7.25 CNY, based on a 15x PE ratio for 2024, which aligns with industry averages [3][4] Financial Summary - Revenue for 2022 was 18,562 million CNY, with a projected increase to 21,528 million CNY in 2023, followed by a decrease to 20,845 million CNY in 2024 [2] - Net profit attributable to the parent company was 2,155 million CNY in 2022, expected to rise to 2,952 million CNY in 2023, then decrease to 2,321 million CNY in 2024 [2] - The company’s net profit margin is projected to be 11.1% in 2023, with a slight decrease to 11.2% in 2024 [9] Sales Performance - For the first three quarters of 2024, total revenue was 15.26 billion CNY, a year-on-year decrease of 2.0%, with a significant drop in Q3 revenue by 11.0% year-on-year [3] - Online sales outperformed offline sales, with online revenue increasing by 44.7% while offline sales decreased by 11.8% [3] - The company’s main brand, Hai Lan Zhi Jia, saw a revenue decline of 5.0% year-on-year [3] Inventory and Future Outlook - As of Q3, inventory stood at 12.33 billion CNY, an increase of 4.3 billion CNY year-on-year, partly due to the consolidation of the Sporz business [3] - The company anticipates improved inventory turnover and sales performance as the winter season approaches, with plans to expand its main brand and strengthen online sales channels [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of CNY 9.00, up from the previous target of CNY 7.92 [4] Core Views - The Q3 2024 performance met expectations, with further recovery potential in East Asia and Southeast Asia [1] - The company is expected to benefit from industry consolidation and continue to focus on retail expansion [2] - Revenue recovery is on track, with Europe outperforming East Asia and Southeast Asia [2] - The company's profit margin is expected to stabilize between 2-3%, returning to normal levels [2] Financial Performance - Q3 2024 revenue reached CNY 2.106 billion, up 67.06% YoY, representing 54.8% of 2019 levels [2] - Net profit attributable to shareholders was CNY 51.73 million, up 6.31% YoY [2] - For the first three quarters of 2024, cumulative revenue was CNY 4.723 billion, up 130.05% YoY, representing 49.26% of 2019 levels [2] - Net profit margin for Q3 2024 was 2.62%, down from 4% in Q3 2023, reflecting a return to normal levels [2] Market and Industry Analysis - The company's market share has increased due to industry consolidation [2] - European destinations have recovered better than Asian ones, with Thailand and Japan lagging behind [2] - The company is expected to achieve a steady-state profit margin higher than pre-2019 levels through operational efficiency and staff optimization [2] - The company plans to expand its retail channels using a franchise model to strengthen its market position and brand recognition [2] Financial Forecasts - Revenue for 2024/25/26 is forecasted to be CNY 6.972 billion, CNY 9.508 billion, and CNY 11.219 billion, respectively [3] - Net profit attributable to shareholders for 2024/25/26 is expected to be CNY 168 million, CNY 241 million, and CNY 290 million, respectively [3] - EPS for 2024/25/26 is projected to be CNY 0.17, CNY 0.25, and CNY 0.29, respectively [3] Valuation Metrics - The company's PE ratio for 2024 is 45.40x, expected to decrease to 31.70x in 2025 and 26.40x in 2026 [3] - The PB ratio for 2024 is 7.78x, expected to decrease to 6.25x in 2025 and 5.05x in 2026 [9] - The PS ratio for 2024 is 1.10x, expected to decrease to 0.80x in 2025 and 0.68x in 2026 [9]

股 票 研 究 证 券 研 究 报 告 ——2024 年金禾实业三季报点评 沈唯(分析师) 0755-23976795 [table_Authors] shenwei024936@gtjas.com 登记编号 S0880523080006 本报告导读： 公司三季报扣非业绩符合预期，公司三氯蔗糖景气度已明显提升并有望保持中高水 平，维持"增持"评级。 投资要点： [Table_Summary] 维持"增持"评级。24Q3 扣非业绩符合预期，维持公司 24-26 年 EPS 分别为 1.24、2.00、2.37 元。参考可比公司估值及考虑公司成长性， 给予 25 年 14.15 倍 PE 估值，维持目标价为 28.33 元。 Q3 业绩超预期，扣非归母净利符合预期。公司 24 年前三季度实现 收入 40.42 亿元，同比-1.24%，实现归母净利润 4.09 亿元，同比27.39%，实现扣非归母净利润 3.77 亿元，同比-21.91%。其中，24Q3 单季度实现收入 15.04 亿，同比+6.04%，环比+13.54%，单季度归母 净利润 1.62 亿，同比+1.17%，环比+37.51%，扣非归母净利润 1. ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 8.58 CNY, maintaining the previous rating of "Buy" [4]. Core Views - The company is expected to benefit from the recovery in consumer spending, with a strong position in the elevator media sector and ongoing expansion into lower-tier markets. The integration of big data and AI is anticipated to enhance advertising efficiency [2][9]. - Despite facing external challenges, the company achieved steady growth in operating performance during the first three quarters of 2024, with a revenue of 9.261 billion CNY, a year-on-year increase of 6.76%, and a net profit attributable to shareholders of 3.968 billion CNY, up 10.16% year-on-year [9]. Financial Summary - For the first three quarters of 2024, the company reported: - Revenue: 9.261 billion CNY, +6.76% YoY - Net profit attributable to shareholders: 3.968 billion CNY, +10.16% YoY - Net profit after deducting non-recurring gains and losses: 3.541 billion CNY, +8.71% YoY - In Q3 2024, the company achieved: - Revenue: 3.294 billion CNY, +4.30% YoY - Net profit attributable to shareholders: 1.475 billion CNY, +7.59% YoY - Net profit after deducting non-recurring gains and losses: 1.344 billion CNY, +4.54% YoY [9]. Market Position and Trends - The company maintains a leading position in the elevator media industry, with significant growth in advertising spending in various outdoor advertising channels, particularly in elevator LCDs, which saw a growth rate of approximately 24% year-on-year [9]. - The company has established long-term, stable relationships with a large number of high-quality clients, covering over 400 million mainstream urban populations in China and continuously increasing its coverage in lower-tier markets [9]. Earnings Forecast - The EPS forecast for 2024-2026 has been adjusted to 0.37 CNY, 0.41 CNY, and 0.43 CNY respectively, down from previous estimates of 0.40 CNY, 0.45 CNY, and 0.50 CNY due to anticipated slower budget growth from advertisers [9].

Investment Rating - The report maintains a "Buy" rating for the company and raises the target price to 45.37 CNY, reflecting an increase of 11.96% from the previous target price of 33.41 CNY [4][5]. Core Insights - The company's overall performance aligns with market expectations, with a significant increase in operating cash flow, indicating potential for future earnings to exceed expectations due to strategic positioning in data security and increased investment from China Electronics [3][4]. - The company has faced short-term revenue pressure, with a reported revenue of 2.711 billion CNY for the first three quarters, a decrease of 26.47% year-on-year, while the net profit attributable to shareholders was -1.176 billion CNY, a reduction in losses by 47 million CNY [4][5]. - The company is focusing on enhancing cash flow quality and effectively controlling expenses, with a notable improvement in operating cash flow net amounting to -1.370 billion CNY, an increase of 457 million CNY year-on-year [4][5]. Summary by Sections 1. Profit Forecast and Valuation - The company is projected to have net profits attributable to shareholders of 148 million CNY, 296 million CNY, and 456 million CNY for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.22 CNY, 0.43 CNY, and 0.67 CNY [4][15]. - The report anticipates a revenue growth rate of 7%, 8%, and 10% for the network security product business from 2024 to 2026, with gross margins of 78%, 79%, and 79% [13]. - The company is positioned as a leader in the domestic network security sector, with a projected 2025 PE ratio of 105, leading to a reasonable valuation of 310.88 billion CNY [15][16]. 2. Business Segments - The network security product business includes high-growth potential products such as AI+ security and managed services, with competitive advantages in terminal security and threat detection [13]. - The company is recognized as a leading information security service provider, with plans to expand its service capabilities and maintain its competitive edge in the data security service sector [14]. - The hardware and other business segment is expected to grow at a slower pace, with projected growth rates of 5%, 8%, and 10% from 2024 to 2026 [14].

股 票 研 究 证 券 研 究 报 告 ——国瓷材料 2024 年三季报点评 | --- | |---------------------------------| | | | | | | | [table_Authors] 沈唯 ( 分析师 ) | | 0755-23976795 | | shenwei024936@gtjas.com | | 登记编号 S0880523080006 | | --- | --- | --- | --- | --- | --- | --- | --- | |-------|--------------------------|-----------------------------|--------|-------|-------|-------|-------| | | | | | | | | | | | | 周志鹏 ( | 分析师 | ) | | | | | | | 021-38676666 | | | | | | | | zhonghao027638@gtjas.com | zhouzhipeng027980@gtjas.com | | | | | | | | | S0 ...

Investment Rating - The report maintains a rating of "Buy" for China National Aviation (601111) [4] Core Views - The Q3 earnings of China National Aviation significantly exceeded expectations, showcasing strong profitability and effective revenue management strategies [2][3] - The company is advised to adopt a contrarian investment strategy during the off-peak season in Q4 [2][3] Summary by Sections Earnings Performance - In Q3 2024, the company achieved a net profit of 41 billion yuan, which is a substantial improvement compared to the same period in 2023 and 2019, exceeding market expectations [3] - The total net profit for the first three quarters of 2024 reached 14 billion yuan, marking a turnaround from losses in previous years [3] Operational Metrics - The company’s available seat kilometers (ASK) increased by approximately 13% compared to Q3 2019, indicating a recovery in operational capacity [3] - The passenger load factor rose by over 5 percentage points year-on-year in Q3 2024, reflecting a more aggressive revenue management approach compared to competitors [3] Market Outlook - The demand for air travel continues to grow, with excess capacity being gradually absorbed, and a positive trend in supply-demand recovery is anticipated [3] - The international flight capacity is expected to improve, particularly with the recent lifting of restrictions on Chinese airlines by Canada, which may accelerate recovery on North American routes [3] Long-term Value Proposition - The company’s high-quality route network and customer base are expected to enhance long-term profitability, with a projected net profit of 8 billion yuan in 2024, increasing to 150 billion yuan by 2026 [3] - The strategic acquisition of Shandong Airlines has positioned the company favorably in terms of fleet size and operational efficiency [3] Target Price - The target price for the stock is maintained at 13.52 yuan, with the current market price at 7.33 yuan [4]

Investment Rating - Maintains an "Overweight" rating with a target price of 23.70 yuan, corresponding to a 32x P/E for 2024 [3][5] Core Views - The company's investment business turned negative, leading to a significant decline in performance, with adjusted revenue and net profit for 2024Q3 dropping by 39% and 63% year-over-year, respectively [3] - The acquisition of Shenzhen Jianyuan aims to capture growth opportunities in the biopharmaceutical industry, with Shenzhen Jianyuan's operating profit reaching 89.99 million yuan in 2023 and 82.68 million yuan in 2024H1, showing rapid growth [3] - The completion of the new fund's fundraising is expected to increase management fee income, with the Harmony Green Industry Fund raising 10.5 billion yuan in July 2024 [3] - Improved capital market conditions are favorable for the company's project exits, particularly in the areas of new industrialization and artificial intelligence [3] Financial Summary - Revenue for 2022A, 2023A, 2024E, 2025E, and 2026E is projected at 1,220 million yuan, 1,219 million yuan, 1,193 million yuan, 2,074 million yuan, and 2,761 million yuan, respectively, with significant growth expected in 2025E and 2026E [1] - Net profit attributable to the parent company for 2022A, 2023A, 2024E, 2025E, and 2026E is projected at 825 million yuan, 985 million yuan, 565 million yuan, 1,206 million yuan, and 1,529 million yuan, respectively, with a notable decline in 2024E followed by strong recovery in 2025E and 2026E [1] - EPS for 2022A, 2023A, 2024E, 2025E, and 2026E is projected at 1.08 yuan, 1.29 yuan, 0.74 yuan, 1.58 yuan, and 2.00 yuan, respectively [1] - ROE for 2022A, 2023A, 2024E, 2025E, and 2026E is projected at 12.7%, 13.2%, 7.2%, 13.8%, and 15.5%, respectively [1] Business Performance - Investment income turned negative in 2024Q3, with a loss of 37 million yuan compared to a profit of 493 million yuan in the same period last year, primarily due to fair value changes in financial assets [3] - Management fee income from private equity business increased by 81% year-over-year in 2024H1, reaching 220 million yuan, driven by the successful fundraising of the Harmony Green Industry Fund [3] - Building materials business revenue declined by 41% year-over-year in 2024H1, reaching 261 million yuan, due to weak market conditions in the cement and aggregate sectors [3] Strategic Moves - The company acquired 92% of Shenzhen Jianyuan for 1.596 billion yuan, aiming to strengthen its position in the biopharmaceutical sector [3] - The Harmony Green Industry Fund, with a total commitment of 10.5 billion yuan, is expected to enhance management fee income and focus on innovative technology enterprises [3] Market Performance - The stock price has shown significant growth over the past year, with a 52-week range of 10.20-19.98 yuan and a current price of 18.49 yuan [6] - The company's market capitalization stands at 13.956 billion yuan, with a total share capital of 763 million shares [6]

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company's third-quarter performance showed a slight decline due to increased R&D expenses, but revenue growth in a declining industry demonstrates the company's strong resilience as a market leader [2][3]. - The report forecasts earnings per share (EPS) of 0.60, 0.70, and 0.79 yuan for 2024, 2025, and 2026 respectively, with a target price set at 15.35 yuan [3][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 6.303 billion yuan, a year-on-year increase of 0.29%, and a net profit attributable to shareholders of 524 million yuan, up 10.68% year-on-year [3]. - In the third quarter alone, the company reported operating revenue of 2.389 billion yuan, a year-on-year increase of 4.56% and a quarter-on-quarter increase of 11.78%. The net profit for the same period was 173 million yuan, reflecting a year-on-year increase of 2.14% but a quarter-on-quarter decline of 19.91% [3]. - The report notes that the decline in quarterly net profit was primarily due to a one-time R&D expense of 131 million yuan, which increased by 36 million yuan quarter-on-quarter [3]. Industry Outlook - The report highlights that policy initiatives aimed at boosting infrastructure investment are expected to benefit the civil explosives industry. Recent government policies have accelerated the development of clean energy projects, which may further stimulate demand for civil explosives [3]. - Catalysts for growth include accelerated downstream infrastructure investment and industry consolidation [3].

股 票 研 究 证 券 研 究 报 告 ——王府井 2024 年三季报业绩点评 [table_Authors]刘越男(分析师) 021-38677706 liuyuenan@gtjas.com 登记编号S0880516030003 | --- | |-----------------------------| | | | 宋小寒 ( 分析师 ) | | 010-83939087 | | songxiaohan026736@gtjas.com | | S0880524080011 | 本报告导读： 需求仍待恢复，期待公司免税业务增量。 投资要点： 股票研究 /[Table_Date] 2024.11.01 Q3 消费需求延续疲软，期待 Q4 回暖 王府井(600859) 批零贸易业[Table_Industry] /可选消费品 | --- | --- | --- | |--------------------------------|------------|-------| | | | | | [Table_Invest] 评级： | | 增持 | | | 上次评级 : | 增持 | | [Table_Tar ...