Investment Rating - The report maintains an "Accumulate" rating for the company [4][10]. Core Views - The sale of Assetmark significantly boosts earnings, and the company is expected to benefit from improving capital market policies and ongoing supply-side reforms in the industry [2][10]. - The company's investment business net income increased by 39.24% year-on-year to 136.5 billion yuan, contributing significantly to revenue growth [10]. - The report highlights the company's strong financial technology capabilities, enhancing its service offerings and competitive advantages in wealth management and institutional client services [10]. Financial Summary - The target price is set at 20.86 yuan, corresponding to a 2024 PE of 12.09x and a PB of 1.03x [4][10]. - For the first three quarters of 2024, the company reported revenue and net profit attributable to shareholders of 314.24 billion yuan and 125.21 billion yuan, respectively, representing year-on-year growth of 15.41% and 30.63% [10]. - The report adjusts the 2024 earnings per share (EPS) forecast to 1.73 yuan, up from 1.23 yuan, while lowering the 2025-2026 EPS forecasts to 1.33 yuan and 1.43 yuan, respectively [10]. - The company’s net asset value per share is reported at 19.95 yuan, with a current price of 17.41 yuan, indicating a price-to-book ratio of 0.9 [6][10]. Market Data - The total market capitalization is 157,165 million yuan, with a 52-week stock price range of 11.88 to 19.36 yuan [5]. - The company’s average return on equity (ROE) for 2024 is projected to be 8.0%, up from 7.0% in 2023 [13].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 ——恒生电子 2024 年三季报点评 | --- | |-------------------------------------| | | | | | | | [table_Authors] 李博伦 ( 分析师 ) | | 0755-23976516 | | libolun@gtjas.com | | 登记编号 S0880520020004 | 本报告导读： 资本市场回暖叠加金融信创推进，公司收入有望重回增长，叠加费用控制，利润具 备较大弹性 投资要点： [Table_Summary] 上调目标价至 36.93 元，维持"增持"评级。考虑到公司持有金融 资产会计核算方式改变，上调 2024 年盈利预测，下调 2025、2026 年预测，预计 2024-2026 年 EPS 分别为 0.71（+0.03）、0.83（-0.09）、 1.02（-0.07）元。考虑到行业整体估值中枢上移，参考可比公司 2025 年 44.4 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 本报告导读： 上调盈利预测和目标价，维持增持评级；业绩超预期，营收和盈利双升。越南子公 司开始投产，MT 自供率有望进一步提升。 投资要点： | --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|--------|-------|-------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 934 | 885 | 1,329 | 1,839 | 2,375 | | (+/-)% | 44.4% | -5.2% | 50.2% | 38.4% | 29.1% | | 净利润（归母） | 180 | 155 | 231 | 351 | 461 | | (+/-)% | 150.9% | -13.9% | 48.8% | 52.3% | 31.3% | | 每股净收益（元） | 0.79 | 0.68 | ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 ——老白干 2024 年三季报点评 [table_Authors]訾猛(分析师) 021-38676442 zimeng@gtjas.com 登记编号S0880513120002 | --- | --- | --- | --- | --- | --- | |-----------------------|-------|-------|-------|-------|-------| | | | | | | | | 李耀 ( 分析师 ) | | | | | | | 021-38675854 | | | | | | | liyao022899@gtjas.com | | | | | | | S0880520090001 | | | | | | 本报告导读： 公司 2024Q3 收入表现低于预期，但利润表现符合预期，盈利能力仍有改善；得益 于局部市场高占有及组织效率优化，公司后续盈利能力仍有提振空间。 投资要点： [Table_Summary] 投 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][3] Core Views - The company experienced pressure in Q3, with sales from both Swiss watches and proprietary brands underperforming. The company is actively optimizing its channel structure and cultivating new growth points, awaiting business stabilization and recovery [2][3][4] - Revenue for the first three quarters was 3.04 billion yuan, down 13.8%, with net profit attributable to shareholders at 198 million yuan, down 25.6%. Q3 single-quarter revenue was 963 million yuan, down 17.2%, and net profit attributable to shareholders was 50 million yuan, down 35.4% [3][4] - The forecast for EPS from 2024 to 2026 has been revised down to 0.61, 0.68, and 0.75 yuan respectively, reflecting a growth rate of -26%, 13%, and 10% [3][4] - The target price has been adjusted to 12.20 yuan, based on a 20x PE ratio for 2024, down from a previous estimate of 12.57 yuan [2][3][9] Financial Summary - The company reported total revenue of 4.57 billion yuan for 2023, with a projected decline to 3.98 billion yuan in 2024, followed by a recovery to 4.39 billion yuan in 2025 and 4.77 billion yuan in 2026 [3][4] - The net profit attributable to shareholders is expected to be 333 million yuan in 2023, decreasing to 247 million yuan in 2024, and then recovering to 278 million yuan in 2025 and 305 million yuan in 2026 [3][4] - The gross profit margin for the first three quarters was 37.2%, an increase of 1.14 percentage points year-on-year, while the net profit margin was 6.5%, down 1.03 percentage points [4]

Investment Rating - The investment rating for the company is "Accumulate" [3][4]. Core Views - The report indicates that the company's performance in Q3 2024 met expectations, with a focus on the long-term growth potential in OLED and semiconductor manufacturing materials [4]. - Due to a slowdown in downstream demand for functional materials and pharmaceutical businesses, the EPS forecasts for 2024-2026 have been revised down to 0.45, 0.58, and 0.72 yuan, respectively [4]. - The target price has been adjusted to 14.21 yuan from the previous 14.59 yuan, based on a PE ratio of 32X for 2024 [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 2.763 billion yuan, a year-on-year decrease of 13.01%, and a net profit attributable to shareholders of 296 million yuan, down 48.57% year-on-year [4]. - In Q3 2024, the revenue was 806 million yuan, reflecting a year-on-year decline of 26.84% and a quarter-on-quarter decline of 20.83% [4]. - The gross margin and net margin for Q3 2024 were 39.67% and 13.06%, respectively, showing a year-on-year decrease of 4.41 percentage points and 6.34 percentage points [4]. Market and Industry Outlook - The demand for zeolite and pharmaceutical products is under pressure, but the report remains optimistic about the long-term growth potential of the company [3][4]. - The company is seeing growth in OLED sublimation and finished materials, as well as semiconductor manufacturing materials, with various product developments progressing smoothly [4]. - The establishment of joint ventures and closer cooperation with downstream enterprises is expected to enhance the company's long-term growth prospects [4].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.10.31 —慕思股份 2024 年三季报点评 | --- | |-----------------------------------| | | | | | | | [table_Authors] 刘佳昆 ( 分析师 ) | | 021-38038184 | | liujiakun029641@gtjas.com | | 登记编号 S0880524040004 | | --- | |----------------------------| | | | 毛宇翔 ( 分析师 ) | | 021-38038672 | | maoyuxiang029547@gtjas.com | | S0880524080013 | 本报告导读： 行业经营压力增大，公司通过门店升级、SKU 优化和品类改革积极应对，以旧换新 有望提振业绩。 投资要点： [Table_Summary] 调整盈利预 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price adjusted to 110.00 CNY, up from a previous forecast of 48.60 CNY [4][8]. Core Views - The company's revenue growth is attributed to the rapid development of its securities business, while profit decline is primarily due to decreased revenue from financial information services and increased sales expenses. The market is currently active, and there is optimism for a performance rebound [3][8]. Summary by Sections Financial Performance - For Q3 2024, the adjusted revenue (including investment business income) is reported at 87.5 million CNY, with a net profit of -11 million CNY, reflecting a year-on-year change of -19.62% and -171.18%, respectively, which is below expectations [8]. - The company’s revenue increased year-on-year, mainly driven by the rapid growth of its securities brokerage and proprietary trading businesses, with net commission income reaching 135 million CNY, up 125.92% year-on-year, and net interest income at 46 million CNY, up 92.70% [8]. Market Outlook - The report indicates that the market is showing signs of recovery, with the Wande All A Index rising 28% from September 24 to October 30, and daily stock trading volume reaching 2 trillion CNY, which is expected to benefit both the financial information services and securities businesses [8]. - The company is in the process of issuing stock to specific investors, which is currently under review by the Shenzhen Stock Exchange, and the progress has been slower than expected due to various factors [8]. Financial Projections - The net profit forecasts for 2024-2026 have been adjusted to 104 million CNY, 408 million CNY, and 588 million CNY, respectively, with corresponding EPS of 0.26 CNY, 1.00 CNY, and 1.44 CNY [8][9]. - The report highlights a significant increase in sales expenses, which rose by 25% year-on-year to 479 million CNY in Q3 2024, attributed to expanded brand promotion and customer acquisition efforts [8].

Investment Rating - The report maintains an "Accumulate" rating with a target price of 61.40 CNY per share, corresponding to a 2024 P/EV of 0.70 times [2][3]. Core Views - The company achieved a net profit attributable to shareholders of 20.68 billion CNY in the first three quarters of 2024, a year-on-year increase of 116.7%, driven by a resonance between assets and liabilities [2][3]. - The strong recovery in new business value (NBV) and significant improvement in investment income due to the recovery of the equity market are highlighted as key factors for profit enhancement [2][3]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported a net profit of 20.68 billion CNY, with a quarterly net profit of 9.597 billion CNY in Q3, compared to a loss of 433 million CNY in the same period last year [2][3]. - EPS forecasts for 2024-2026 are maintained at 9.00, 9.54, and 10.28 CNY respectively [3]. New Business Value (NBV) - The NBV increased by 79.2% year-on-year in the first three quarters of 2024, with new policies growing by 11.9% year-on-year [3]. - The company experienced a significant increase in new policies in Q3, with a year-on-year growth of 162.8%, attributed to strong customer demand for insurance savings [3]. Investment Performance - Total investment assets reached 1.6 trillion CNY, a 20.3% increase from the beginning of the year, benefiting from stable cash flow from premium sales [3]. - The annualized total investment return rate improved to 6.8%, up 4.5 percentage points year-on-year [3]. Market Data - The stock price ranged from 27.92 to 51.73 CNY over the past 52 weeks, with a total market capitalization of 149.769 billion CNY [4]. - The company has a net asset value per share of 29.18 CNY, with a current price-to-book ratio of 1.6 [5].

Investment Rating - The report maintains a rating of "Buy" for the company [2][7]. Core Views - The report highlights that due to lower-than-expected infrastructure investment in the construction industry, the earnings per share (EPS) forecasts for 2024-2026 have been revised down to 1.50, 1.56, and 1.60 yuan, representing increases of 3%, 4%, and 3% respectively [2]. - The target price is set at 14.10 yuan, corresponding to a price-to-earnings (PE) ratio of 9.4 times for 2024 [2]. - The company reported a 0.6% decline in net profit for the first three quarters of 2024, which was below expectations, alongside an increase in accounts receivable [2]. Financial Summary - For the first three quarters of 2024, the company achieved revenue of 536.64 billion yuan, a year-on-year decrease of 2.26% [2]. - The net profit attributable to shareholders was 16.3 billion yuan, down 0.61% year-on-year [2]. - The expense ratio for the first three quarters was 6.14%, an increase of 0.28 percentage points, while the net profit margin was 3.03%, up 0.06 percentage points [2]. - The weighted return on equity (ROE) was 5.60%, a decrease of 0.50 percentage points [2]. - The operating cash flow for the first three quarters was -77.03 billion yuan, compared to -49.83 billion yuan in the same period of 2023 [2]. Order Growth - New signed orders for the first three quarters of 2024 increased by 9.3%, with urban construction orders growing by 20% [2]. - The total new signed contracts amounted to 1,280.5 billion yuan, with infrastructure contracts at 1,149.5 billion yuan, reflecting a 10% increase [2]. - The company signed 319.6 billion yuan in new contracts in the third quarter of 2024, a year-on-year increase of 12.1% [2]. Dividend and Shareholder Returns - The company announced a mid-term dividend plan, distributing a cash dividend of 0.14 yuan per share, totaling approximately 2.28 billion yuan [2]. - The current dividend yield is 4.21%, and the price-to-book (PB) ratio is 0.61 times, which is at the 27th percentile of the past 10 years [2].