Investment Rating - Maintains an "Overweight" rating with a target price of 7.88 CNY [3][10] Core Views - The company's 3Q24 performance showed steady growth, with revenue of 31.6 billion CNY, up 1.1% YoY, and net profit attributable to shareholders of 1.93 billion CNY, up 0.9% YoY [10] - The company plans to issue shares and pay cash to acquire coastal thermal power assets from its parent group, with a total consideration of 7.17 billion CNY [2][10] - The acquisition includes approximately 16.0 GW of conventional energy assets, with coal-fired capacity of 7.6 GW and gas-fired capacity of 8.4 GW [10] Financial Performance - 1~3Q24 revenue was 84.8 billion CNY, down 6.5% YoY, while net profit attributable to shareholders was 5.16 billion CNY, up 14.6% YoY [10] - 3Q24 gross profit was 3.13 billion CNY, up 2.2% YoY, with a gross margin of 9.9%, up 0.1 ppts YoY and 1.1 ppts QoQ [10] - 3Q24 electricity generation was 63.0 billion kWh, up 3.2% YoY, with coal-fired generation at 53.4 billion kWh, up 16.7% YoY [10] - The average on-grid tariff in 3Q24 was 0.511 CNY/kWh, up 1.6% YoY and 0.1% QoQ [10] Asset Acquisition Details - The acquisition involves issuing 680 million shares at 5.05 CNY per share, accounting for 6.2% of the total share capital post-acquisition [10] - The total consideration of 7.17 billion CNY implies a PB multiple of 1.6x and a PE multiple of 13.5x based on 2023 net profit of 530 million CNY [10] - The acquired assets represent 27.2% of the company's installed capacity as of 1H24 and 25.1% of the parent group's non-listed conventional energy capacity as of 2023 [10] Financial Forecasts - Revenue is expected to grow to 124.9 billion CNY in 2024, 126.2 billion CNY in 2025, and 125.6 billion CNY in 2026 [9] - Net profit attributable to shareholders is forecasted to be 6.44 billion CNY in 2024, 6.53 billion CNY in 2025, and 6.99 billion CNY in 2026 [9] - EPS is projected to be 0.63 CNY in 2024, 0.64 CNY in 2025, and 0.69 CNY in 2026 [10] Valuation Metrics - The current P/E ratio is 13.05x for 2023, expected to decrease to 9.16x in 2024 and 8.45x in 2026 [9] - The current P/B ratio is 0.85x, with a target P/B ratio of 0.81x in 2024 [9] - The dividend yield is expected to increase from 2.6% in 2023 to 5.3% in 2026 [9]

Investment Rating - Maintains an "Overweight" rating with a target price of CNY 60.71 per share, corresponding to a 2024 P/EV of 1.10x [3][7] Core Views - The company's net profit attributable to shareholders for the first three quarters of 2024 increased by 173.2% YoY, driven by a significant improvement in investment income due to the recovery of the equity market [5][7] - The New Business Value (NBV) met expectations, with a YoY increase of 25.1% in the first three quarters of 2024, supported by stable agent numbers and improved quality [7] - The investment asset scale grew steadily, reaching CNY 6.4 trillion by the end of Q3 2024, up 12.3% from the beginning of the year, with a total investment yield of 5.38% in the first three quarters, up 2.57 percentage points YoY [7] Financial Performance - The company's revenue for 2024E is projected to be CNY 445,527 million, a 29% increase from 2023A, with net profit attributable to shareholders expected to reach CNY 112,417 million, a 143% increase YoY [8] - Earnings per share (EPS) for 2024E is forecasted at CNY 3.98, with a return on equity (ROE) of 20% [8] - The company's total investment yield for 2024E is expected to be 6.5%, with a net investment yield of 3.6% [11] Business Highlights - The individual insurance channel achieved stable growth in agent numbers, with 641,000 agents by the end of Q3 2024, up 1.1% from the beginning of the year, and a 17.7% YoY increase in monthly per capita first-year premium [7] - The proportion of first-year premium with a term of 10 years or more reached 46.4% in the first three quarters of 2024, up 2.6 percentage points from the end of the first half [7] Valuation Metrics - The company's P/E ratio for 2024E is 10.65x, with a P/B ratio of 2.12x and a P/EV ratio of 0.77x [12] - The embedded value per share for 2024E is projected to be CNY 54.8, with a dividend yield of 1.2% [12]

Investment Rating - The report assigns a rating of "Buy" for the company [6]. Core Views - The company's performance fell short of expectations due to demand fluctuations and the recognition of certain one-time expenses. Improvements from organizational and personnel adjustments will require more time to manifest [2][4]. Financial Summary - The company has adjusted its earnings per share (EPS) forecasts for 2024, 2025, and 2026 to 1.09, 1.15, and 1.32 yuan respectively, reflecting decreases of 0.29, 0.25, and 0.26 yuan [4]. - The net profit attributable to the parent company for 2024 is projected to be 7.25 billion yuan, with subsequent years at 10.39 billion and 12.19 billion yuan [4]. - For Q3 2024, the company reported a revenue of 38.98 billion yuan, a decrease of 7.10% year-on-year, and a net profit of 2.58 billion yuan, down 43.08% [4][5]. - The company opened 469 new stores and closed 221, resulting in a net increase of 248 stores in Q3 [4]. Operational Insights - The report highlights that the company's main business has not yet shown signs of improvement, with domestic RevPAR down 8.38% and average daily rate (ADR) down 10.5% in Q3 [4]. - The increase in sales expenses and income tax, along with a decrease in asset disposal gains, contributed to the profit decline [4]. Future Outlook - The company is expected to benefit from a recovery in demand starting in 2025, with operational and performance improvements anticipated [4]. - The target price has been raised to 34.80 yuan, reflecting a price-to-earnings (PE) ratio of 30x for 2025, which is above the industry average [4][6].

Investment Rating - Maintains an "Overweight" rating with a target price of 29.07 CNY [3][5] Core Views - The company is transitioning to a data and intelligent solutions provider focusing on platform construction and application services, with significant growth in mainland China and Southeast Asia [2] - AI product effectiveness is becoming more prominent, which is expected to further enhance the company's brand strength [2] - The company's business model continues to optimize, with strong growth in overseas markets, maintaining EPS forecasts for 2024-2026 at 0.68/0.85/1.04 CNY, corresponding to a 2024 PE of 35.33x [3] - Revenue for the first three quarters reached 1.573 billion CNY, a year-on-year increase of 11.21%, with Q3 revenue at 569 million CNY, up 11.63% year-on-year [3] - Mainland China revenue for the first three quarters was 735 million CNY, up 11.33% year-on-year, while non-mainland revenue was 838 million CNY, up 11.11% year-on-year [3] - The company is expanding its presence in Thailand and Vietnam, with revenue from Chinese enterprises going overseas increasing by 58% year-on-year in the first three quarters [3] - The semiconductor industry is experiencing rapid growth due to AI-driven demand for new and expanded factories, while the automotive parts industry is seeing increased demand for AI in industrial scenarios [3] - The company is focusing on innovative AI applications, such as the "AI+ process-oriented PLM" solution and the Chat CAD application, which leverages large model technology for design management and document generation [3] Financial Summary - Revenue for 2022 was 1.995 billion CNY, increasing to 2.228 billion CNY in 2023, and is forecasted to reach 2.605 billion CNY in 2024, 3.062 billion CNY in 2025, and 3.566 billion CNY in 2026 [4] - Net profit attributable to the parent company was 134 million CNY in 2022, 150 million CNY in 2023, and is expected to be 184 million CNY in 2024, 230 million CNY in 2025, and 283 million CNY in 2026 [4] - EPS for 2022 was 0.49 CNY, 0.55 CNY in 2023, and is forecasted to be 0.68 CNY in 2024, 0.85 CNY in 2025, and 1.04 CNY in 2026 [4] - ROE (diluted) was 7.3% in 2022 and 2023, and is expected to increase to 8.1% in 2024, 9.2% in 2025, and 10.3% in 2026 [4] - The current P/E ratio is 48.42x for 2022, 43.13x for 2023, and is forecasted to be 35.25x in 2024, 28.15x in 2025, and 22.88x in 2026 [4] Market Data - The 52-week stock price range is 13.60-27.21 CNY [6] - The total market capitalization is 6.481 billion CNY [6] - The total shares outstanding are 271 million, with 270 million A-shares in circulation [6] Industry Trends - The semiconductor industry is benefiting from AI-driven demand for new and expanded factories [3] - The automotive parts industry is seeing increased demand for AI in industrial scenarios [3] - The equipment manufacturing industry is rapidly upgrading to intelligent equipment and eliminating outdated production capacity [3]

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 长江电力 2024 年三季报点评 水电主业量价齐升，投资收益稳健增长 长江电力(600900) [Table_Industry] 电力/公用事业 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|----------------------------|-------|--------|----------------|-------|-------|-------|-------------------------|-------| | | | | | | | | | | | | | | [table_Authors] 于鸿光 ( 分析师 ) | 孙辉贤 ( 分析师 ) | | 汪玥 ( | 研究助理 | ) | | | | | | | ...

Investment Rating - Maintains an "Overweight" rating [2][3] - Target price raised to 71.82 RMB (previously 52.96 RMB) [2][3] Core Views - Strong growth in backlog, with TIDES business contributing significantly to future growth [2] - Revenue for 2024 Q1-Q3 was 27.702 billion RMB (-6.23% YoY), with net profit attributable to shareholders at 6.533 billion RMB (-19.11% YoY) [2] - Q3 revenue was 10.461 billion RMB (-1.96% YoY), with net profit attributable to shareholders at 2.293 billion RMB (-17.02% YoY) [2] - EPS forecasts for 2024-2026 adjusted to 3.34/3.78/4.27 RMB, reflecting improved profitability from cost reductions and capacity utilization [2] Business Performance - Chemical business revenue grew 10.4% YoY in 2024 Q1-Q3, excluding COVID-related commercial orders [2] - Testing business revenue declined 4.9% YoY, with clinical CRO and SMO revenue growing 3.4% and 16% respectively [2] - Biology business revenue declined 3.6% YoY, but new molecule types grew 6.0% [2] - High-end therapy CTDMO business revenue declined 17.0% YoY due to early-stage commercialization and project delays [2] - Backlog as of 2024 Q3 reached 43.82 billion RMB, up 35.2% YoY, with revenue from top 20 global pharmaceutical companies at 11.22 billion RMB [2] TIDES Business - TIDES business revenue grew 71.0% YoY in 2024 Q1-Q3, reaching 3.55 billion RMB [2] - Backlog for TIDES business increased 196% YoY, with D&M service customers growing 20% and molecules served growing 22% [2] - Capacity expansion expected, with solid-phase synthesis reactor volume projected to reach 41,000L by end of 2024 [2] Financial Summary - 2024E revenue forecast at 39.459 billion RMB (-2.2% YoY), with net profit attributable to shareholders at 9.638 billion RMB (+0.3% YoY) [8] - 2025E revenue forecast at 44.451 billion RMB (+12.7% YoY), with net profit attributable to shareholders at 10.905 billion RMB (+13.1% YoY) [8] - 2026E revenue forecast at 49.858 billion RMB (+12.2% YoY), with net profit attributable to shareholders at 12.336 billion RMB (+13.1% YoY) [8] - ROE expected to remain stable at around 16.3%-16.4% from 2024E to 2026E [8] Valuation and Market Data - Current price at 52.00 RMB, with a 52-week range of 36.87-90.88 RMB [4] - Market capitalization at 150.176 billion RMB, with 2.888 billion total shares and 2.501 billion A-shares outstanding [4] - P/E ratio for 2024E at 15.58x, with P/B ratio at 2.55x [8] Industry Comparison - Comparable companies include WuXi Biologics (2269 HK) with a 2024E P/E of 18.85x and Pharmaron (300759 SZ) with a 2024E P/E of 30.25x [10] - Average P/E for comparable companies in 2024E is 22.4x [10]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has shown continuous high growth in Q3 2024, with improved profitability and sustained growth momentum expected in the future [2]. Summary by Sections 1. Event - The company's performance met expectations, achieving a revenue of 10.905 billion yuan in the first three quarters of 2024, a year-on-year increase of 44.9%. The net profit attributable to shareholders was 970 million yuan, up 155.95% year-on-year [11]. 2. Revenue: Multi-Business Resonance, Continued High Growth - In Q3 2024, the company achieved a revenue of 4.239 billion yuan, a year-on-year increase of 34.75%. Key revenue drivers included: - Self-branded scooter sales of 361,200 units, generating 693 million yuan (approximately flat year-on-year) - Electric two-wheeler sales of 937,600 units, generating 2.592 billion yuan (up 57% year-on-year) - All-terrain vehicle sales of 5,874 units, generating 259 million yuan (up 35% year-on-year) - Robotic lawnmower revenue of 145 million yuan (up 625% year-on-year) [12]. 3. Profit: Scale Effect Released, Profit Margin Improved - The gross margin for Q3 2024 was 28.46%, an increase of 3.28 percentage points year-on-year. The improvement was attributed to: - Rapid volume growth across categories leading to scale effects - Increased proportion of high-margin electric two-wheelers - Higher contribution from robotic and all-terrain vehicles [13]. 4. Assets and Cash Flow: Accelerated Turnover, Record Contract Liabilities - As of Q3 2024, the company had cash and trading financial assets totaling 7.578 billion yuan, a year-on-year increase of 41.08%. The turnover days for inventory, accounts receivable, and accounts payable were 43.32, 24.24, and 75.59 days, respectively, showing improvements [14]. - Contract liabilities reached a record high of 762 million yuan, indicating strong dealer payment enthusiasm [14]. 5. Investment Recommendations - The company is expected to maintain high growth, with EPS forecasts for 2024-2026 at 16.74, 22.58, and 29.33 yuan, representing growth rates of +100.6%, +34.9%, and +29.9%, respectively. The target price is set at 58.60 yuan, corresponding to a valuation multiple of 25.9 times for 2025 [15].

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The report indicates that the company's performance in Q3 2024 was below expectations, with a focus on the anticipated implementation of the Guangdong long-term electricity price [3][8] - The current electricity pricing mechanism does not adequately reflect the supporting and regulating value of thermal power, awaiting the long-term electricity price in Guangdong [8] Financial Performance Summary - For the first three quarters of 2024, the company's revenue was 42.52 billion yuan, a year-on-year decrease of 5.9%, and the net profit attributable to shareholders was 1.47 billion yuan, down 15.0% [8] - In Q3 2024, revenue was 16.44 billion yuan, a year-on-year decline of 2.4%, and the net profit attributable to shareholders was 560 million yuan, down 35.2% [8] - The gross profit for Q3 2024 was 2.40 billion yuan, a decrease of 29.0% year-on-year, with a gross margin of 14.6%, down 5.5 percentage points year-on-year [8] Electricity Generation and Pricing - The company's electricity generation volume increased by 4.7% year-on-year in Q3 2024, with total on-grid electricity of 33.24 billion kWh [8] - The average on-grid electricity price in Q3 2024 was 0.521 yuan/kWh, a decrease of 8.4% year-on-year [8] Future Outlook - The company is steadily advancing its construction projects, with a total installed capacity of 8.0 GW for coal power, 2.7 GW for gas power, 0.6 GW for wind power, and 4.0 GW for solar power as of the end of Q3 2024 [8] - The company has a project reserve of approximately 2.0 GW, with cash payments for fixed assets and other long-term assets amounting to 3.33 billion yuan in Q3 2024, a year-on-year decrease of 35.2% [8] Valuation and Target Price - The target price has been adjusted to 5.76 yuan from the previous 6.35 yuan, based on a 2025 PE valuation of 18 times, considering the company's substantial installed capacity growth [8]

Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (601601) with a target price raised to 51.56 CNY per share, corresponding to a 2024 P/EV of 0.75 times [4][10]. Core Insights - The company's net profit attributable to shareholders for the first three quarters of 2024 increased by 65.5% year-on-year, primarily driven by improved investment income. The third quarter alone saw a remarkable 96.5% year-on-year growth [2][10]. - The growth in new business value (NBV) for life insurance accelerated, with a 37.9% year-on-year increase in the first three quarters of 2024, and a 75.3% increase in the third quarter [10]. - The property insurance combined ratio (COR) remained stable at 98.7%, supported by effective business quality control and strict expense management [10]. Financial Summary - For 2024, the expected earnings per share (EPS) are adjusted to 4.60 CNY, 5.32 CNY, and 6.31 CNY for the years 2024, 2025, and 2026 respectively, reflecting increases of 23.1%, 15.4%, and 9.0% [10]. - The total investment return rate for the first three quarters of 2024 was 4.7%, an increase of 2.3 percentage points year-on-year, while the net investment return rate was 2.9%, down by 0.1 percentage points [10]. - The company’s total revenue for 2024 is projected to be 369,084 million CNY, with a year-on-year growth of 14% [11]. Market Performance - The stock price has fluctuated between 21.79 CNY and 40.76 CNY over the past 52 weeks, with a current price of 34.31 CNY [5]. - The company’s market capitalization stands at 357,780 million CNY [5]. Valuation Metrics - The price-to-earnings (P/E) ratio at the current price is 9.57, while the price-to-book (P/B) ratio is 1.82 [12]. - The company’s net asset value per share is projected to reach 28.45 CNY in 2024, with a corresponding P/EV of 0.54 [12].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 3.35 yuan, down from the previous target of 4.20 yuan [4] Core Views - The company's performance in the first three quarters of 2024 declined significantly due to falling vanadium prices, with revenue dropping by 6.12% YoY to 10.474 billion yuan and net profit attributable to shareholders plummeting by 78.92% YoY to 183 million yuan [9] - Despite the decline in vanadium prices, the company's production remained stable, with vanadium and titanium product output holding steady [2] - The report expects the company's performance to gradually recover as downstream demand improves [2] Financial Performance - The company's net profit attributable to shareholders for Q1-Q3 2024 was 68 million yuan, 69 million yuan, and 46 million yuan respectively, showing a further decline in Q3 [9] - The report revised down the company's net profit forecasts for 2024-2025 to 215 million yuan and 435 million yuan, respectively, and introduced a 2026 forecast of 583 million yuan [9] - The company's EPS for 2024-2026 is expected to be 0.02 yuan, 0.05 yuan, and 0.06 yuan, respectively [9] Production and Sales - In H1 2024, the company sold 25,700 tons of vanadium products, up 6.02% YoY, while titanium slag and titanium dioxide sales were 98,800 tons and 128,600 tons, down 7.13% and 2.35% YoY, respectively [9] - The average selling price of vanadium products in H1 2024 was 83,000 yuan/ton, down 29% YoY, leading to a 25% decline in vanadium product revenue [9] Industry and Market Trends - The oversupply of vanadium products in 2024, driven by declining demand from the rebar sector, has pressured prices and dragged down the company's profits [9] - The titanium sector showed stable profitability, with titanium slag and titanium dioxide revenues increasing by 6.01% and 23.1% YoY in H1 2024, respectively [9] - The vanadium battery industry is steadily developing, with the company supplying over 16,000 tons of high-quality raw materials for vanadium electrolyte production as of Q3 2024 [9] Valuation and Comparables - The company is valued at 2.5x PB for 2024, slightly below the industry average of 2.56x PB, based on comparable companies such as Oriental Tantalum and Huaxi Nonferrous Metals [12][13] - The company's current price is 2.86 yuan, with a 52-week price range of 2.24-3.62 yuan and a market capitalization of 26.584 billion yuan [5]