Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [2] Core Viewpoints - The non-bank financial sector has seen significant allocation increases due to market uptrends and supportive policies, particularly benefiting financial technology and brokerage firms, as well as pure life insurance companies with greater investment flexibility [2][4] - The insurance sector's allocation ratio has risen from 1.77% to 2.92%, driven by a 44.66% increase in the insurance index in Q2 [3] - The brokerage sector has also received increased allocations, with public fund holdings rising from 2.50% to 3.28% [3] Summary by Relevant Sections Insurance Sector - The allocation ratio for the insurance sector increased significantly, with major companies like China Ping An and China Life seeing their holdings rise [3] - China Ping An's market value proportion increased from 1.46% to 2.92%, while China Life's rose from 0.06% to 0.07% [3] - The report recommends investing in pure life insurance companies due to their investment flexibility [4] Brokerage Sector - The brokerage sector benefited from improved liquidity, with daily stock trading volumes reaching 2.6 trillion by the end of September [3] - The report notes that the brokerage sector's public fund holding ratio increased from 2.50% to 3.28%, indicating a 0.60 percentage point under-allocation [3] - Specific recommendations include stocks like Dongfang Caifu and CITIC Securities, which have seen increased holdings [3][9] Financial Technology and Diversified Finance - The report highlights a rise in allocations to diversified finance and financial technology, with public fund holdings in these sectors increasing [4] - Companies like Tonghuashun and Zhinan Zhen have seen significant increases in institutional holdings, indicating strong interest in financial information service providers [4]

Investment Rating - The report maintains a "Buy" rating for the company [5][4]. Core Views - Q3 performance slightly exceeded expectations, with accelerated equipment acceptance and steady progress in platform layout [4]. - The company is enhancing its capacity layout and accelerating the localization of components [4]. Financial Summary - Revenue for 2022 was 1,649 million, projected to grow to 2,508 million in 2023, and reach 5,981 million by 2026, reflecting a growth rate of 104.9% in 2022 and 52.1% in 2023 [3]. - Net profit attributable to the parent company was 502 million in 2022, expected to rise to 724 million in 2023 and 1,677 million by 2026, with a growth rate of 153.0% in 2022 and 44.3% in 2023 [3]. - The earnings per share (EPS) is projected to be 2.12 in 2022, increasing to 3.06 in 2023 and 7.08 by 2026 [3]. - The return on equity (ROE) is expected to improve from 10.5% in 2022 to 17.9% by 2026 [3]. Performance Highlights - For Q1-Q3 2024, the company achieved revenue of 2,452 million, a year-on-year increase of 33.22%, and a net profit of 721 million, up 27.8% [4]. - In Q3 2024 alone, revenue reached 955 million, marking a 57.63% increase, with net profit at 288 million, up 51.74% [4]. - The gross margin for Q1-Q3 2024 was 45.82%, with a net margin of 29.4% [4]. Equipment and Product Development - The company is advancing its CMP equipment, with the Universal H300 achieving small batch shipments in the first half of 2024 [4]. - The Versatile-GP300 thinning equipment has secured multiple orders from leading front-end fabs, while the Versatile-GM300 is being validated at domestic packaging testing facilities [4]. - New cutting equipment for advanced packaging has been sent to multiple clients for validation [4]. Capacity and Localization Efforts - The Beijing and Tianjin bases are expected to complete construction by the end of 2024, enhancing CMP, thinning, and cleaning equipment capacity [4]. - The company is investing 1.698 billion in a new base in Shanghai Lingang [4]. - Localization efforts have progressed, with key components like the spindle and multi-hole suction cups reaching mass production conditions [4].

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 ——东方证券 2024 年三季报点评 投资业绩大幅提振，业绩有望持续改善 东方证券(600958) [Table_Industry] 综合金融/金融 | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|---------------------|---------------------------|---------------------------|-------|-------| | | | | | | | | | | [table_Authors] 刘欣琦 ( 分析师 ) | 王思玥 ( 研究助理 ) | | 吴浩东 ( 分析师 | ) | | | | 021-38676647 | 021-38031024 | | 010-83939780 | | | | | liuxinqi@gtjas.com | | wangsiyue ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4] Core Views - The company is benefiting from the release of high-end production capacity, leading to continuous high growth in performance year-on-year [3][4] - The third quarter of 2024 saw a significant year-on-year increase in performance, although there was a slight decline in growth rate due to a drop in low-end demand [3][4] - The company is expected to continue seeing performance growth driven by capacity optimization and high-end product layout [3][4] Financial Summary - Revenue for 2022 was 662 million, with projections of 712 million for 2023, 952 million for 2024, 1,125 million for 2025, and 1,252 million for 2026, reflecting growth rates of 6.0%, 7.5%, 33.7%, 18.2%, and 11.3% respectively [4][8] - Net profit attributable to the parent company for 2022 was 188 million, with forecasts of 174 million for 2023, 245 million for 2024, 300 million for 2025, and 342 million for 2026, showing growth rates of 8.9%, -7.6%, 40.8%, 22.5%, and 13.7% respectively [4][8] - Earnings per share (EPS) is projected to be 0.94 for 2023, 1.32 for 2024, 1.62 for 2025, and 1.84 for 2026 [4][8] Market Data - The current stock price is 52.47, with a target price raised to 67.32 from the previous 59.18 [2][4] - The company has a total market capitalization of 9,746 million [4][8] - The price-to-earnings (P/E) ratio is currently 56.01 for 2023, projected to decrease to 39.77 for 2024 and further to 32.45 for 2025 [4][8]

Investment Rating - The report assigns a "Cautious Accumulate" rating to the company, with a target price adjusted to 5.60 yuan [3][12][4]. Core Viewpoints - The company's performance in Q3 2024 was below expectations, primarily due to a significant decline in the new energy equipment business, which is expected to suppress performance for about six months. However, the automotive PTC and pre-plated nickel new businesses continue to show steady growth, with expectations for revenue improvement in 2025-2026 [2][3]. Summary by Sections 1. Investment Recommendations - The report highlights that the pre-plated nickel materials segment is experiencing a recovery, with sales of 1,570.59 tons in the first three quarters of 2024, a year-on-year increase of 146.9%. The new energy vehicle PTC segment also reported a revenue of 316 million yuan, up 31.90% year-on-year [13][12]. 2. Performance Overview - For the first three quarters of 2024, the company achieved a revenue of 2.842 billion yuan, a decrease of 12.23% year-on-year, and a net profit of 280 million yuan, down 52.21% year-on-year. In Q3 2024, revenue was 783 million yuan, down 34.31% year-on-year, with a net profit of 67 million yuan, a decrease of 82.98% year-on-year [15][3]. 3. Revenue Side: New Business Steady Growth, New Energy Equipment Decline - The new energy equipment business faced challenges, with new orders in the polysilicon sector dropping to 117 million yuan from 1.284 billion yuan in the same period last year. The report anticipates that the impact of declining photovoltaic equipment orders on overall revenue will last for about six months [13][12]. 4. Profitability: Stable Gross Margin Performance - The gross margin for the first three quarters of 2024 was 22.64%, an increase of 0.93 percentage points year-on-year, while the net margin was 10%, up 8.21 percentage points year-on-year. In Q3 2024, the gross margin was 22.19%, a decrease of 0.34 percentage points year-on-year, and the net margin was 9.16%, down 24.06 percentage points year-on-year [16][19]. 5. Cash Flow and Financial Position - The company reported a total of 1.16 billion yuan in cash and trading financial assets as of Q3 2024, with cash decreasing by 170 million yuan compared to H1 2024. Operating cash flow for Q3 2024 was 134 million yuan, showing a positive trend compared to previous quarters [19][18].

Investment Rating - The report maintains a "Buy" rating for Changbai Mountain, with a target price raised to 36.87 CNY, reflecting a 36% upside from the current price of 31.36 CNY [4][3]. Core Views - The company's performance in Q3 2024 was slightly below expectations due to a decline in hotel occupancy rates and average spending per customer, alongside rising labor costs. The report emphasizes the importance of monitoring the progress of the private placement, new projects, and transportation developments [2][3]. - The projected net profits for 2024-2026 have been revised downwards to 1.66 billion CNY (-16%), 2.14 billion CNY (-15%), and 2.71 billion CNY (-14%), respectively. The corresponding EPS estimates are 0.62 CNY, 0.80 CNY, and 1.02 CNY [3]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 5.95 billion CNY, representing a 29% increase year-on-year. However, the net profit attributable to shareholders decreased by 3% to 1.48 billion CNY [3]. - In Q3 alone, revenue was 3.4 billion CNY, up 3.19% year-on-year, while gross profit fell by 5.56% to 1.97 billion CNY, resulting in a gross margin of 57.9%, down 5.36 percentage points [3]. - The report highlights that the increase in costs, particularly in personnel expenses, contributed to a significant decline in profit margins [3]. Market and Industry Context - The report notes that the company is expected to benefit from the upcoming Harbin Asian Winter Games in February 2025 and the anticipated completion of the Shenyang-Baicheng high-speed railway by the end of 2025, which will reduce travel time to Changbai Mountain [3][4]. - The report also mentions the potential for increased customer flow due to local government initiatives, such as ski consumption vouchers, aimed at boosting winter sports participation [3].

Investment Rating - The investment rating for Qingdao Bank is "Accumulate" [4][3]. Core Views - Qingdao Bank's net profit growth in Q3 2024 exceeded expectations, while revenue growth slightly declined due to other non-interest income. The bank maintains a double-digit expansion rate and stable asset quality, justifying the "Accumulate" rating [3][4]. Summary by Sections Financial Performance - In Q3 2024, Qingdao Bank's revenue growth was 0.8%, a slight decline compared to Q2. The net interest income, commission income, and other non-interest income grew by 4.8%, -13.1%, and -6.4% year-on-year, respectively. Other non-interest income was the main drag on revenue, likely affected by bond market fluctuations in August. Despite the revenue decline, Q3 net profit growth reached 24.7%, outperforming comparable peers [4]. Asset Quality - As of Q3 2024, the bank's total assets grew by 15.1% year-on-year, with loans increasing by 11.3%. The growth in inclusive small and micro loans was particularly notable, with a year-end balance increase of 8.51 billion yuan, or 25.13%. Deposits grew by 12.9%, improving the deposit-to-liability ratio to 68.5%. The non-performing loan ratio stood at 1.17%, with a coverage ratio of 245.7%, indicating enhanced risk mitigation capabilities [4]. Market Data - The current stock price of Qingdao Bank is HKD 2.74, with a market capitalization of HKD 15,948 million. The stock has traded within a range of HKD 1.84 to HKD 2.97 over the past 52 weeks [5][6].

Investment Rating - The report maintains an "Overweight" rating for Shanxi Fenjiu, with a target price of 238.54 CNY [3][5][10]. Core Views - The company's Q3 2024 performance slightly exceeded expectations, with product structure recovery and strong profitability, alongside stable cash flow [2][11]. - The industry is entering a destocking phase, which presents opportunities for the company to enhance its competitive advantage and market share [2][12]. Financial Summary - Revenue for 2024 Q3 reached 8.611 billion CNY, a year-on-year increase of 11.35% - Net profit for the same period was 2.94 billion CNY, reflecting a year-on-year growth of 10.36% [11][12]. - The company expects EPS for 2024, 2025, and 2026 to be 10.36 CNY, 11.66 CNY, and 13.07 CNY respectively, with adjustments made to previous forecasts [3][10]. Profitability and Cash Flow - The company's net profit margin for Q3 2024 was maintained at 34.14%, indicating strong profitability [12]. - The company reported a 30.77% increase in cash receipts from sales during Q3 2024, outperforming expectations [12]. Market Position and Competitive Advantage - The company is well-positioned to capture market share due to its large production capacity, strong brand, and solid product lines, particularly in the face of external demand pressures [12][11]. - The report highlights that the company’s product lines, including the Qinghua series and the Glass Fen series, are expected to mitigate the impact of declining consumer spending [12].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The performance of the company in Q3 2024 was slightly below expectations, with a slowdown in other non-interest income growth, which weakened its revenue support. However, net interest margins stabilized, and asset quality remained generally stable [3]. - The loan demand has been weak in 2024, compounded by multiple LPR cuts and a decline in existing mortgage rates. The net profit growth forecasts for 2024-2026 have been adjusted to 3.28%/3.30%/5.07%, with corresponding EPS estimates of 0.99 (unchanged)/1.02 (-0.02)/1.08 (-0.04) yuan. The target price has been raised to 6.77 yuan, corresponding to a 0.61x PB for 2024, while maintaining the "Buy" rating [4][6]. - Q3 2024 saw a slight decline in revenue and profit, with a revenue growth rate of -2.7%, down 2.9 percentage points from Q2. Net interest income decreased by 4.8%, but the decline was mitigated by stabilized interest margins. The net income growth rate rebounded to -0.6% due to effective cost control measures [4][6]. Financial Summary - For 2024, the company expects total revenue of 27,595 million yuan, a decrease of 1.3% from 2023. The net profit attributable to the parent company is projected to be 11,260 million yuan, reflecting a growth of 3.3% [5]. - The net interest margin for the first three quarters of 2024 was 1.61%, a decrease of 0.16 percentage points year-on-year, with a Q3 margin of 1.48%, showing a slight recovery from Q2 [4][5]. - The company’s asset quality remained stable, with a non-performing loan balance of 8.372 billion yuan and a non-performing loan ratio of 1.17% as of Q3 2024, both showing a decrease from Q2 [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company reported a revenue of 2.93 billion yuan for Q3 2024, a year-on-year decrease of 28.81%, and a net profit attributable to shareholders of 381 million yuan, down 37.98% year-on-year. The performance slightly exceeded expectations, primarily due to significant gains from securities investments at the end of the quarter [4][5]. - The cement and clinker shipment decline has narrowed quarter-on-quarter, indicating a stabilization in core business profitability. The first peak season in Q4 is expected to boost prices and profit expectations [3][4]. - The company, as a leader in the eastern Guangdong region, possesses strong regional influence, and the implementation of a series of policies may improve demand in Q4 [4][5]. Summary by Sections Financial Performance - For Q3 2024, the company achieved cement and clinker sales of 1.0611 million tons and 50.6 thousand tons, respectively, representing year-on-year declines of 15% and 31%. In Q3 2024, sales were 365.8 thousand tons and 14.9 thousand tons, down 14% and 50% year-on-year. The decline in shipments has narrowed quarter-on-quarter [4]. - The average price of cement in Q3 2024 is estimated at 227 yuan per ton, with a gross profit of approximately 43 yuan per ton, reflecting a quarter-on-quarter decline of about 18 yuan and 8 yuan, respectively [4]. Market Outlook - The traditional peak season in southern China is expected to provide some support for prices, with external cement influences diminishing. The company anticipates a recovery in prices and profitability in Q4 due to seasonal price adjustments [4][5]. - The report estimates that non-operating profit contributions significantly increased, with non-recurring gains expected to be around 93.65 million yuan, up approximately 90.27 million yuan year-on-year, mainly due to the recovery of stock indices at the end of the quarter [4].