Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's Q3 earnings exceeded expectations, driven by fleet turnover and wide-body aircraft utilization, leading to accelerated cost improvements. The seasonal transition supports the recovery of supply and demand, with an anticipated rise in the profit center as supply and demand stabilize. The company is expected to actively change its revenue management strategy [2][4]. Summary by Sections Earnings Performance - In Q3 2024, the company achieved a net profit of 3.2 billion yuan, which is a 24% decrease compared to Q3 2023 but still 34% higher than Q3 2019, surpassing market expectations. The net profit for the first three quarters of 2024 reached nearly 2 billion yuan, marking a turnaround from losses [4][5]. Cost Management - The company benefited from improved fleet turnover and wide-body aircraft utilization, resulting in cost pressures easing faster than anticipated. The ASK (Available Seat Kilometers) increased by 8.4% compared to Q3 2019, with international routes recovering to 85% [4]. Revenue Management Strategy - The company is shifting its revenue management strategy from "price first" in 2023 to "load factor first" in 2024, with a 5 percentage point increase in load factor year-on-year in Q3 2024, exceeding levels from Q3 2019. This cautious approach reflects the company's adaptation to changing consumer trends [4]. Strategic Development - The construction of the Beijing Daxing hub is a significant strategic initiative for the company, which is the largest base airline at this airport. The company is expected to benefit from new slot allocation policies and has optimized its route network despite limited fleet growth [4]. Financial Forecast - The report maintains net profit forecasts for 2024-2026 at 1.5 billion, 5 billion, and 9.4 billion yuan, respectively, with a target price of 7.74 yuan per share [4].

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 21.09 CNY per share, which corresponds to a PE ratio of 19.28x and a PB ratio of 1.60x [2][3]. Core Insights - The company's investment income has significantly increased year-on-year, driving performance growth. Improved market liquidity is beneficial for the brokerage sector's performance and valuation enhancement. The company is leveraging its shareholder background to enhance quality and efficiency, aiming to build a top-tier investment bank, which is expected to boost its valuation [3][7]. - For the first three quarters of 2024, the company reported revenue and net profit attributable to shareholders of 142.79 billion CNY and 71.50 billion CNY, respectively, representing year-on-year growth of 3.98% and 11.68%. The weighted average ROE increased by 0.30 percentage points to 6.12%, slightly exceeding expectations [7][8]. - The company actively seized investment opportunities in the bond market, with net investment income increasing by 41.37% year-on-year to 82.88 billion CNY, contributing 342.77% to the adjusted revenue growth. The investment yield improved by 0.43 percentage points to 2.26% [7][8]. Financial Summary - The company’s total market capitalization is 168,626 million CNY, with a total share capital of 8,697 million shares, of which 7,422 million are circulating A shares [4]. - The company’s net assets amount to 124,452 million CNY, with a net asset value per share of 14.31 CNY and a current PB ratio of 1.4 [5]. - The company’s financial forecasts indicate a projected revenue of 19,221 million CNY for 2024, with a net profit of 9,511 million CNY, reflecting a growth rate of 8.5% [8][11]. Market Performance - The stock price has fluctuated between 12.83 CNY and 22.84 CNY over the past 52 weeks, with a current price of 19.39 CNY [4]. - The stock has shown an absolute increase of 10% over the past month, 34% over the past three months, and 41% over the past year [7]. Investment Composition - The revenue composition indicates that self-operated income accounts for 35%, while brokerage commissions contribute 34%, and underwriting and asset management account for 7% and 4%, respectively [10]. Financial Ratios - The company’s net profit margin is projected to improve, with a net profit growth rate of 8.6% for 2023 and 8.5% for 2024. The return on equity (ROE) is expected to stabilize around 7.3% to 7.4% in the coming years [11][12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 64.33 CNY, corresponding to a PE ratio of 49.87 for 2024 [5][7]. Core Insights - The company has shown steady growth in its core business, with a revenue of 365 million CNY for the first three quarters of 2024, representing an 18.15% year-on-year increase. The net profit attributable to shareholders reached 53.21 million CNY, up 2.69% year-on-year [3][5]. - The company is actively expanding its innovative business segments, particularly in the areas of power prediction for distributed photovoltaic power stations and other new energy management systems, which are expected to accelerate revenue growth [5][6]. - The launch of the "Kuangming" large model for renewable energy prediction has significantly improved prediction accuracy and efficiency, further solidifying the company's leading position in the market [5][6]. Financial Summary - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.29 CNY, 1.65 CNY, and 2.21 CNY respectively [5][6]. - Revenue is expected to grow from 456 million CNY in 2023 to 608 million CNY in 2024, reflecting a growth rate of 33.4% [6]. - The net profit attributable to shareholders is forecasted to increase from 84 million CNY in 2023 to 129 million CNY in 2024, indicating a growth rate of 53.0% [6].

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 公 司 更 新 报 告 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.10.29 [table_Authors]舒迪(分析师) 021-38676666 shudi@gtjas.com 登记编号S0880521070002 | --- | --- | |--------------------|-----------------------------| | | | | 文紫妍 ( 分析师 ) | 段笑南 ( 研究助理 ) | | 021-38038321 | 021-38031382 | | wenziyan@gtjas.com | duanxiaonan029904@gtjas.com | | S0880523070001 | S0880124070028 | Q3 单季度利润承压，存储价格下行驱动业绩回暖 传音控股(688036) 电子元器件 [Table_Industry] /信息科技 | --- | --- | --- | --- ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 本报告导读： 金价高企、投资金维持较高占比而使利润同比承压，期待 Q4 旺季。 投资要点： 4380781 [Table_Summary] 投资建议：业绩符合预期，维持公司 2024-2026 年 EPS 分别为 0.97、 1.09、1.19 元，考虑公司直营高弹性，给予 2024 年高于行业平均的 15xPE，维持目标价为 14.55 元，维持增持评级。 业绩简述：公司 2024 前三季度营收 153.45 亿元/同比+24.06%，归 母净利润 5.54 亿元/同比-6.32%，扣非归母净利润 5.25 亿元/同比3.14%。其中 2024Q3 单季营收 43.56 亿元/同比+8.66%，归母净利润 1.54 亿元/同比-13.96%，扣非归母净利润 1.39 亿元/同比-10.82%。 金价震荡新高，投资金占比维持高位。分业务板块，2024Q3 单季黄 金珠宝零售 / 联营佣金 / 其他业务收入分别同比 +9.17%/- 36.71%/+28.70%。Q3 金价震荡新高，投资金占比维持高位，但环 比 Q2 首饰金占比略有提升。在金价和产 ...

Investment Rating - Maintain "Overweight" rating [4] - Target price remains at 113.37 RMB [4] - Current price is 91.79 RMB [4] Core Views - Revenue growth remains steady in Q3 2024, but profitability fluctuates due to increased equity payment expenses and intensified promotions [5] - The company maintains strong competitive advantages in the long term and is expected to outperform competitors [7] - Lock-fresh products continue to grow rapidly, and new categories, channels, and customers are being actively developed [7] Financial Performance - Q1-Q3 2024 revenue: 11.08 billion RMB, up 7.84% YoY [7] - Q1-Q3 2024 net profit: 1.05 billion RMB, down 6.65% YoY [7] - Q3 2024 revenue: 3.53 billion RMB, up 4.63% YoY [7] - Q3 2024 net profit: 244 million RMB, down 36.76% YoY [7] - Q3 2024 gross margin: 19.9%, down 2.0 pct YoY [7] Business Segments - Frozen prepared food revenue: -0.1% YoY in Q3 2024 [7] - Dishes revenue: +24.1% YoY in Q3 2024 [7] - Rice and noodle products revenue: -9.5% YoY in Q3 2024 [7] Channels - Distributor channel revenue: +3.2% YoY in Q3 2024 [7] - Special direct sales channel revenue: -12.4% YoY in Q3 2024 [7] - Supermarket channel revenue: +15.1% YoY in Q3 2024 [7] - New retail channel revenue: +95.9% YoY in Q3 2024 [7] - E-commerce channel revenue: +0.4% YoY in Q3 2024 [7] Financial Forecasts - 2024-2026 EPS forecasts adjusted to 5.06, 5.70, and 6.40 RMB, respectively [7] - 2024-2026 revenue growth expected at 8.5%, 11.1%, and 10.8% [12] - 2024-2026 net profit growth expected at 0.4%, 12.7%, and 12.3% [12] Valuation Metrics - 2024 PE ratio: 18.15x [12] - 2024 PB ratio: 1.95x [14] - 2024 PS ratio: 1.77x [14] Historical Performance - 52-week stock price range: 68.93-129.22 RMB [8] - 1-month stock price increase: 2% [11] - 3-month stock price increase: 25% [11] - 12-month stock price decrease: 24% [11]

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 股票研究 /[Table_Date] 2024.10.29 ——嘉必优 2024 年三季报点评 [table_Authors]訾猛(分析师) 021-38676442 zimeng@gtjas.com 登记编号S0880513120002 | --- | --- | |----------------------|--------------------| | | | | 闫清徽 ( 分析师 ) | 陈力宇 ( 分析师 ) | | 021-38031651 | 021-38677618 | | yanqinghui@gtjas.com | chenliyu@gtjas.com | | S0880522120004 | S0880522090005 | 收入结构致毛利率承压，拟收购欧易生物 嘉必优(688089) 家庭及个人用品 [Table_Industry] /必需消费 | --- | --- | --- | |--------------- ...

Investment Rating - The investment rating for the company is "Cautious Accumulate" [2][11]. Core Views - The company has a high online market share and is actively supporting online sales and distributor strategies, which are expected to lead to growth that outperforms the industry in the future [2]. - Due to lower-than-expected performance in the first three quarters and intense industry competition, the earnings forecast has been revised downwards, with projected EPS for 2024-2026 at 0.10, 0.41, and 0.45 yuan, reflecting significant reductions of -87%, -50%, and -49% from previous estimates [3][11]. Summary by Sections 1. Investment Recommendations - The target price has been adjusted to 16.40 yuan from the previous 17.41 yuan, based on a cautious approach considering the uncertain recovery in the real estate sector [11]. 2. Performance Overview - In Q3 2024, the company reported revenue of 1.013 billion yuan, a year-on-year decrease of 35.51%, and a net profit attributable to shareholders of 15 million yuan, down 93.22% year-on-year [13]. 3. Performance Under Pressure, Expecting Improvement - The average price of integrated stoves is high, raising the purchasing threshold for consumers, leading to a decline in overall sales volume amid a slow recovery in consumer purchasing power. The gross margin for Q3 2024 was 44.06%, down 3.95 percentage points year-on-year, while the net margin was 1.49%, down 12.64 percentage points year-on-year [14]. - The company’s expense ratios for sales, management, R&D, and financial costs were 28.4%, 8.87%, 7.87%, and -1.28%, respectively, showing increases compared to the previous year [14]. 4. Relatively Abundant Monetary Funds - As of the end of Q3 2024, the company had cash and cash equivalents plus trading financial assets totaling 851 million yuan, down 999.2 million yuan year-on-year. Inventory stood at 173 million yuan, down 68 million yuan year-on-year [15]. - The net cash flow from operating activities for the first three quarters of 2024 was -100 million yuan, a decrease of 480 million yuan year-on-year [15].

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company's performance meets expectations, and it is expected to continue gaining market share amid supply chain reforms, aiming for a compound double-digit growth target in the "Four Five" plan [3][5]. Financial Summary - For Q3 2024, the company achieved revenue of 20.399 billion yuan, a year-on-year increase of 9.38%, and a net profit attributable to shareholders of 4.815 billion yuan, up 11.23% year-on-year [5]. - The Q3 single-quarter revenue was 6.243 billion yuan, with a year-on-year growth of 9.83%, and a net profit of 1.362 billion yuan, reflecting a 10.5% increase year-on-year [5]. - The gross margin for Q3 was 36.61%, an increase of 2.07% year-on-year, primarily due to the decline in raw material prices [5]. - The company expects EPS for 2024-2026 to be 1.12, 1.29, and 1.51 yuan, representing year-on-year growth of 10.8%, 14.9%, and 17.3% respectively [5]. Product and Channel Performance - Revenue growth for Q3 2024 by product category includes soy sauce (+8.7%), seasoning sauce (+10.2%), oyster sauce (+7.8%), and other categories (+15.1%) [5]. - Offline and online channel revenues grew by 8.1% and 45.4% year-on-year, respectively, with online growth attributed to supply chain reforms enhancing new retail capabilities [5]. Market Position and Strategy - The company is focusing on enhancing its overall supply chain capabilities, aiming to reduce costs and improve efficiency while aligning products with consumer trends [5]. - The number of distributors reached 6,722 by the end of Q3 2024, with a net increase of 48 distributors in the quarter [5].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's performance exceeded expectations, with impressive revenue and profit growth in Q3, and a positive outlook on its internationalization strategy [2][3]. - The company is expected to outperform industry growth due to equipment renewal policies, with upward revisions to EPS for 2024-2026 [3]. - The target price has been raised to 34.00 CNY, based on a 20x PE for 2025 [3][4]. Financial Summary - Revenue is projected to grow from 4,096 million CNY in 2023 to 7,072 million CNY in 2026, reflecting a CAGR of approximately 15.8% [1]. - Net profit attributable to the parent company is expected to increase from 477 million CNY in 2023 to 958 million CNY in 2026, with a significant growth rate of 33.6% in 2025 [1]. - The earnings per share (EPS) is forecasted to rise from 1.02 CNY in 2023 to 2.04 CNY in 2026 [1]. - The return on equity (ROE) is anticipated to remain strong, with projections of 20.0% in 2025 and 19.7% in 2026 [1]. Performance Highlights - In the first three quarters of 2024, the company achieved revenue of 3,673 million CNY, a year-on-year increase of 24.95%, and a net profit of 480 million CNY, up 31.71% [3]. - Q3 alone saw revenue and net profit of 1,304 million CNY and 181 million CNY, respectively, marking year-on-year growth of 33.23% and 59.87% [3]. - The gross margin for Q3 reached a new high of 35.01%, with a net margin of 14.36% [3]. Strategic Developments - The company is actively expanding its international market presence, with over 40 overseas distributors covering more than 70 countries [3]. - Significant advancements in product technology are being made, including the delivery of large injection molding machines and die-casting machines for key automotive clients [3].