Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.76 CNY [2][6]. Core Insights - The company's performance meets expectations, with significant growth in its vehicle-road-cloud related business, which is entering a phase of rapid expansion [2]. - The company reported a revenue of 534 million CNY in the first three quarters of 2024, representing an 18.09% year-on-year increase, with Q3 alone achieving 205 million CNY, up 17.96% [2]. - The net profit attributable to the parent company for the first three quarters was 167 million CNY, a 7.59% increase year-on-year, with Q3 net profit at 60.84 million CNY, up 6.85% [2]. - The vehicle-road-cloud related business has accelerated growth, with the smart traffic operation management system revenue reaching 212 million CNY, a 40.17% increase year-on-year [2]. - The company is involved in significant digital transformation projects in Jiangsu province, with a total investment of approximately 3.44 billion CNY, which is expected to contribute significantly to revenue [2]. Financial Summary - Revenue projections for 2024-2026 are 920 million CNY, 1,125 million CNY, and 1,365 million CNY respectively, with growth rates of 24.0%, 22.3%, and 21.3% [1]. - Net profit attributable to the parent company is forecasted to be 243 million CNY, 300 million CNY, and 369 million CNY for 2024-2026, with growth rates of 27.2%, 23.5%, and 23.0% respectively [1]. - Earnings per share (EPS) is projected to be 0.59 CNY, 0.72 CNY, and 0.89 CNY for 2024-2026 [1]. - The return on equity (ROE) is expected to improve from 8.8% in 2024 to 12.2% in 2026 [1].

Investment Rating - The report maintains an "Overweight" rating for the building materials industry [2][3]. Core Viewpoints - Anticipation of strong trading due to the implementation of fiscal policies and external catalysts, with a focus on financial data as a leading indicator for the industry [3][7]. - Recommendations for leading companies in the building materials sector, particularly in cement and glass, are emphasized [7][19]. Summary by Sections 1. Building Materials Industry Investment Strategy - Strong trading is expected as fiscal policies are implemented and external factors gain attention, with financial data being the most critical leading indicator in the short to medium term [7]. - Key recommended companies include Oriental Yuhong, Beixin Building Materials, Weixing New Materials, and others, focusing on their competitive advantages and market positioning [7]. 2. Cement Industry - National cement prices increased by 0.6% week-on-week, with significant price rises in regions like Fujian, Hainan, and Yunnan [8][25]. - Demand in northern regions is expected to weaken as the market enters the off-season, while southern regions maintain stable demand [8][25]. - Recommendations for leading cement companies include Conch Cement, Huaxin Cement, and others, highlighting their pricing power and market strategies [7][19]. 3. Glass Industry - The average price of float glass decreased slightly, but there is an expectation of price stability and potential increases in certain regions due to supply constraints [19][20]. - Leading companies in the glass sector, such as Fuyao Glass and Xinyi Glass, are recommended based on their strong dividend yields and market positions [19][21]. 4. Glass Fiber Industry - The glass fiber market is experiencing weak price adjustments, with electronic yarn markets showing some stability [20]. - Recommendations include China Jushi and China National Materials, focusing on their competitive advantages in high-end products and market demand [20].

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company's performance is in line with expectations, with a double-digit revenue growth maintained in Q3. Future focus will be on the ramp-up of new business [2][4] - The company is expected to achieve steady growth due to its internationalization, diversification, and electrification strategies [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 6.936 billion yuan, a year-on-year increase of 9.32%, and a net profit attributable to shareholders of 1.791 billion yuan, up 2.16%. In Q3 alone, revenue and profit were 2.103 billion yuan and 504 million yuan, respectively, reflecting year-on-year growth of 11.12% and 6.07% [4] - The company's contract liabilities increased by 32.05% year-on-year, indicating a rise in advance payments and a healthy order situation [4] Profitability Metrics - The gross margin and net margin for the first three quarters of 2024 were 41.46% and 25.87%, with slight changes from the previous year. In Q3, these margins were 41.03% and 23.99%, showing a slight decline from Q2 [4] Strategic Initiatives - The company is accelerating its internationalization strategy, with compact hydraulic sales growing rapidly and market share expanding domestically. Overseas revenue in H1 2024 increased by 15.29% [4] - The company is also focusing on electrification and automation in the industrial sector, with ongoing projects in linear actuators and ball screw products [4] Valuation and Target Price - The target price has been adjusted to 71.10 yuan, based on a 30x PE ratio for 2025, reflecting the company's position as a leader in hydraulic components [4]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company's Q3 performance met market expectations, with significant year-on-year increases in product sales and production, demonstrating resilience amid the bottoming out of the pesticide market [3]. - The report anticipates a weak recovery in the pesticide industry in the short term, leading to a downward revision of profit forecasts for 2024-2026 [5]. - The company is expected to benefit from its leading position and superior performance resilience, with a target price maintained at 78.57 yuan, corresponding to a PE ratio of 21.1 times for 2025 [5]. Financial Summary - For the first three quarters of 2024, the company achieved operating revenue of 8.016 billion yuan, a year-on-year decrease of 13.57%, and a net profit attributable to the parent company of 1.026 billion yuan, down 24.61% year-on-year [5]. - In Q3 alone, the company reported operating revenue of 2.317 billion yuan, a year-on-year increase of 4.98%, while net profit was 263 million yuan, up 10.87% year-on-year [5]. - The gross margin for Q3 was 23.51%, showing a slight decline both year-on-year and quarter-on-quarter [5]. - The company's sales volumes for raw materials and formulations in Q3 were 26,100 tons and 6,200 tons, respectively, reflecting year-on-year increases of 11.68% and 28.60% [5]. Market Conditions - The pesticide prices are currently in a bottoming phase, with slight recoveries observed in insecticide and fungicide prices due to supply-demand tightness [5]. - The report notes that the pesticide price index as of October 27, 2024, showed declines compared to 2023, indicating ongoing market challenges [5].

Investment Rating - Maintains an "Overweight" rating with a target price of 17.42 yuan, down from the previous target of 18.15 yuan [3][10] Core Views - Q3 2024 performance fell short of expectations due to declining chemical product prices and narrowing spreads [10] - The company is leveraging its large-scale refining platform to build new momentum, with high dividend payouts emphasizing shareholder returns [10] - Anticipates a recovery in chemical product demand, supported by recent economic stimulus policies [10] Financial Performance - Q3 2024 net profit was 1.087 billion yuan, down 59.01% year-on-year and 42.26% quarter-on-quarter [10] - Q3 2024 average prices for key chemical products (PX, PTA, benzene, ethylene, ethylene glycol) declined by 9.16%, 8.49%, 6.09%, 1.30%, and 3.69% respectively [10] - PX-naphtha, PTA-PX, and ethylene-naphtha spreads narrowed by 22.70%, 153.84%, and 2.26% respectively [10] Market and Valuation - Current stock price is 14.32 yuan, with a 52-week price range of 11.45-16.52 yuan [5] - Market capitalization stands at 100.8 billion yuan [5] - Price-to-book ratio is 1.6, with a net debt ratio of 219.59% [6] Strategic Developments - The company is expanding its new material production capacity, including 1.6 million tons/year of high-performance resins, functional films, lithium battery separators, and optical films [10] - Plans to distribute 3.871 billion yuan in cash dividends for 2023, representing 56% of net profit [10] Industry Outlook - Chemical product prices are at a cyclical bottom, with industry expansion nearing its end, indicating a potential turning point [10] - Recent economic stimulus policies, including reductions in existing home loan rates, are expected to boost demand for chemical products [10]

Investment Rating - The investment rating for the company is "Buy" with a target price of 8.96 CNY, up from the previous target of 7.44 CNY [4]. Core Views - The company's cosmetics business has faced temporary pressure, leading to a downward revision of profit forecasts. The expected EPS for 2024-2026 is 0.28 CNY (-0.03), 0.31 CNY (-0.06), and 0.34 CNY (-0.09) [3]. - The company's Q1-Q3 revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 280.3 million CNY, 17.1 million CNY, and 15.1 million CNY, respectively, showing a year-on-year decline of 17%, 28%, and an increase of 40% [3]. - The cosmetics segment's revenue for Q1-Q3 was 170.8 million CNY, a year-on-year increase of 3%, while the pharmaceutical and raw materials segments saw declines of 7% and 2%, respectively [3]. Summary by Sections Revenue Performance - The company's Q3 revenue was 87.7 million CNY, with a year-on-year decline of 5%. The pharmaceutical segment grew by 20%, while the raw materials segment declined by 7% [3]. - The cosmetics segment's revenue for Q1-Q3 was 52.2 million CNY in Q3, down 5% year-on-year, while the pharmaceutical segment reached 13 million CNY, up 20% [3]. Profitability - The gross margins for cosmetics, pharmaceuticals, and raw materials were 62.32%, 50.48%, and 39.39%, respectively, with cosmetics margins remaining relatively stable [3]. - The company has adjusted its organizational structure to focus on product lines, which may enhance future performance [3]. Brand Performance - The brand "Yail Doctor" and "Yilian" showed different growth rates, with Yilian's revenue increasing by 8% to 65.8 million CNY, while Yail Doctor's revenue increased by 2% to 90.9 million CNY [3]. - New product launches and brand collaborations have contributed positively to sales, with specific product lines showing significant growth [3].

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company's Q3 performance met market expectations, continuously enhancing its integrated service capabilities of "technology + equipment/products + services" to build a world-class energy service enterprise [3]. - The report maintains the earnings forecast and target price due to high growth in offshore oil and gas production, leading to increased workload and continuous quality improvement [4]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 12.042 billion yuan, a year-on-year increase of 10.16% and a quarter-on-quarter decrease of 3.08%. The net profit attributable to shareholders was 1.072 billion yuan, up 32.62% year-on-year and down 3.92% quarter-on-quarter. For the first three quarters, the net profit attributable to shareholders reached 2.688 billion yuan, a year-on-year increase of 25.31% [4]. - The company’s Q3 gross margin was 15.44% and net margin was 9.10%, maintaining a good profitability level despite a decrease in the average crude oil price [4]. Strategic Initiatives - Key projects are progressing steadily, with significant investments in engineering projects completed ahead of schedule. Notable projects include the early operation of the "CNOOC 115" FPSO repair project and the delivery of the first LNG transport vessel [4]. - The company is enhancing its capabilities with new projects focused on "low-quality oil field comprehensive utilization" and "subsea production systems," establishing a "big collaboration" working mechanism [4]. Valuation - The report maintains the earnings per share (EPS) forecast for 2024-2026 at 0.37, 0.41, and 0.46 yuan respectively. Based on comparable companies' average PE of 15X for 2024, the target price is maintained at 5.55 yuan [4][12].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——宁波银行 2024 年三季报点评 [table_Authors] 刘源(分析师) 021-38677818 liuyuan023804@gtjas.com 登记编号 S0880521060001 本报告导读： 宁波银行 2024 年前三季度营收增速符合预期，净利润增速略高于预期，存贷款维持 较高增速，资产质量压力边际缓和。上调目标价至 30.8 元，维持增持评级。 投资要点： [Table_Summary] 投资建议：根据财报调整公司 2024-2026 年净利润增速预测为 7.4%、 6.9%、7.1%，对应 BVPS 为 30.80(+0.17)、34.48(+0.10)、38.38(-0.16) 元/股。考虑到一揽子稳经济政策密集出台，利好银行风险缓释和信 贷需求恢复，推动板块估值回升；同时宁波银行经营灵活，市场化 程度高，客户及资产获取能力强，在经济景气回升中业绩改善弹性 更大。上调目标价至 30.8 元，对应 2024 年 1 倍 PB，维持增持评级。 24Q3 营收增速符合预期，净利润增速略高于预期，主要依托管理费 用支出减少让渡 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][17]. Core Views - The company is experiencing short-term pressure on customer flow due to extreme weather conditions during the summer, particularly in the Jiangsu, Zhejiang, and Shanghai regions [2][3]. - The earnings per share (EPS) forecasts for 2024-2026 have been revised downwards to 0.43, 0.51, and 0.55 yuan respectively, reflecting a decrease of approximately 31% for each year [2]. - The target price has been adjusted to 13.20 yuan, a reduction of 19% from previous estimates, based on an industry average price-to-earnings (PE) ratio of 26x for 2025 [2]. Financial Summary - The company's revenue for 2022 was 369 million yuan, with a projected increase to 630 million yuan in 2023, followed by a decrease to 570 million yuan in 2024 [1]. - Net profit attributable to the parent company is expected to rise from 20 million yuan in 2022 to 147 million yuan in 2023, before declining to 116 million yuan in 2024 [1]. - The earnings per share (EPS) is forecasted to be 0.54 yuan in 2023, decreasing to 0.43 yuan in 2024 [1]. - The return on equity (ROE) is projected to improve from 1.7% in 2022 to 11.0% in 2023, then decline to 8.5% in 2024 [1]. Performance Insights - The company reported a revenue of 4.05 billion yuan for the first three quarters of 2024, which is a 15% decrease compared to the previous year, but a 5% increase compared to 2019 [2]. - The gross profit for the same period was 2.14 billion yuan, down 20% year-on-year, and the net profit attributable to the parent company was 0.85 billion yuan, down 29% year-on-year [2]. - The company is focusing on new project developments, including the Tianmu Lake Animal Kingdom project, which is expected to enhance long-term performance [2][3].

股 票 研 究 证 券 研 究 报 告 ——舍得酒业 2024 年三季报点评 调整延续，静待改善 舍得酒业(600702) 食品饮料 [Table_Industry] /必需消费 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|-----------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | [table_Authors] 訾猛 ( 分析师 ) | 李耀 ( 分析师 ) | | | | | | | | 021-38676442 | 021-38675854 | | | | | | | | zimeng@gtjas.com | liyao022899@gtjas.com | | | | | | | 登记编号 | S0880513120002 | S0880520090001 | | | | | | 本报告导读： 2024Q3 收入、利润表现不及预期，主要系白酒 ...