Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [1] Core Views - Focus on investment opportunities in central state-owned enterprises in infrastructure, as Q3 performance was slightly below expectations due to cautious investment and high return requirements [2][8] - The low-altitude economy is gaining traction with supportive policies, particularly benefiting the design sector [3][9] - The steel structure sector is expected to improve due to macro policy support, with significant growth in construction area and processing volume in 2023 [3][10] Summary by Sections 1. Current Views - Emphasis on investment opportunities in central state-owned enterprises, with expectations for infrastructure to gain momentum in Q4 due to policy shifts [2][8] - Low-altitude policies are being implemented, with design companies likely to be the first beneficiaries [3][9] - The steel structure industry is projected to see improvements in fundamentals, supported by macroeconomic policies [3][10] 2. Industry Performance - The Shanghai Composite Index rose by 1.17%, while the construction decoration index increased by 3.50% during the week [4] - Notable stock performances included Xujie Technology (+75.90%) and Dongyi Yisheng (+46.52%) [4] 3. Company Dynamics - China State Construction reported a revenue of 16265.41 billion yuan, down 2.67% year-on-year, with a net profit of 397.03 billion yuan, down 9.05% [18][20] - China Energy Engineering signed new contracts worth 9888.59 billion yuan, up 5.03% year-on-year [22][27] - Tunnel Corporation reported a contract amount of 657.05 billion yuan, up 9.46% year-on-year [21]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated steady growth, emphasizing technological innovation and international expansion [2] - In the first three quarters of 2024, the company achieved operating revenue of 20.189 billion yuan, a year-on-year increase of 18.67%, and a net profit attributable to shareholders of 4.620 billion yuan, up 32.98% year-on-year [1][2] - The company has a robust pipeline of over 90 innovative products in clinical development, with 300 clinical trials ongoing domestically and internationally [2][3] Financial Performance - For Q3 2024, the company reported operating revenue of 6.589 billion yuan, a year-on-year increase of 12.72%, and a net profit attributable to shareholders of 1.188 billion yuan, up 1.91% year-on-year [1] - R&D expenses for the first three quarters of 2024 amounted to 4.549 billion yuan, reflecting a year-on-year increase of 22.10%, with an R&D expense ratio of 22.53% [2] - The company expects net profits attributable to shareholders to reach 6.320 billion yuan, 7.057 billion yuan, and 8.121 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 46.90%, 11.66%, and 15.08% [3] Market Expansion - The company has accelerated its internationalization, successfully launching its first generic products in the U.S. and resubmitting applications for key drugs [3] - The company has received approval for its first generic drug, liposomal bupivacaine, and albumin-bound paclitaxel in the U.S., indicating significant market potential [3] - The company has submitted a Biologics License Application (BLA) for a combination therapy for liver cancer, with a PDUFA date set for March 23, 2025 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance in Q3 was impacted by delivery rhythm, with a significant profit increase in the first half of the year followed by a decline in Q3 due to the timing of software deliveries and customer payment structures [2][4] - The overall gross margin improved significantly, reaching 68.9% in the first three quarters, with Q3 gross margin at 70.53%, driven by the increase in oil chromatography sales [4] - The company is expected to see further growth in profits driven by both software and oil chromatography businesses, with projected net profits for 2024-2026 showing substantial growth rates [5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 611 million yuan, a year-on-year increase of 0.25%, and a net profit of 187 million yuan, a year-on-year increase of 39.4% [1] - Q3 revenue was 207 million yuan, down 23% year-on-year, with a net profit of 44 million yuan, down 30% year-on-year [1] - The company’s gross margin for Q3 was 70.53%, an increase of 8.08 percentage points year-on-year and 5.41 percentage points quarter-on-quarter [4] - The projected net profits for 2024, 2025, and 2026 are 327 million yuan, 432 million yuan, and 525 million yuan, respectively, with growth rates of 33%, 32%, and 21% [5]

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2024 年 10 月 28 日 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 五大发电集团中，华能集团资产证券化率较高，国电投集团和华电集团明显偏低。1）华能集团 2023 年 底资产证券化率为 72.6%，其中火电、水电进一步整合空间不大，新能源非上市资产主要为之前从港股 退市的华能新能源，建议密切关注华能新能源进展。2）国电投集团 2023 年底资产证券化率仅有 36%， 位列五大发电集团末位，水电资产证券化率仅有 23.3%。公司水电非上市资产主要为黄河水电，新能源 非上市资产则分布在各省级平台中，"大集团、小公司"特点突出，9 月底集团发布公告，中国电力拟控 股远达环保，进而整合集团境 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 1.398 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.74%, with a net profit attributable to shareholders of 109 million yuan, down 66.01% year-on-year [2] - The core business is under pressure, but the implementation of equipment updates is expected to catalyze growth. The domestic medical equipment procurement demand is showing signs of recovery, particularly benefiting imaging products, which are anticipated to gradually materialize in 2025 [2][3] - The gross margin for the first three quarters of 2024 was 66.59%, an increase from 69.41% in 2023 and 67.43% in the first half of 2024, attributed to the impact of domestic policies on high-end products [2] Financial Performance Summary - Revenue projections for 2024-2026 are 2.068 billion yuan, 2.526 billion yuan, and 3.031 billion yuan, with year-on-year growth rates of -2.46%, 22.13%, and 19.99% respectively [3][4] - Net profit attributable to shareholders is projected to be 202.51 million yuan, 542 million yuan, and 667.06 million yuan for 2024-2026, with year-on-year growth rates of -55.44%, 167.63%, and 23.07% respectively [3][4] - The current price-to-earnings (P/E) ratios are 75.81 for 2024, 28.33 for 2025, and 23.02 for 2026 [4] Expense and Margin Analysis - Sales expenses for the first three quarters of 2024 were 459 million yuan, an increase of 30.06% year-on-year, while R&D expenses were 338 million yuan, up 28.33% year-on-year [2] - The company is expanding against the trend, increasing personnel in sales and R&D departments, which is the main reason for the rise in expenses [2] - The operating risk is being reduced, with accounts receivable significantly lowered to 161 million yuan compared to the first half of 2024 [2]

证券研究报告 现货 ETF 仅周二录得净流出，其余各日均录得净流入，累计录得 9.97 亿美元。2）美国大选及 11 月降 息临近，加密核心资产价格波动向上。美联储定于 2024 年总统大选后的两天，即 11 月 7 日举行会议讨 论降息幅度。随着美国大选及 11 月降息临近，加密核心资产价格波动加大。本周一周二周三加密核心资 产价格下跌明显，由高点的 6.9 万美元以上一度跌至 6.6 万美元以下，随后周四周五震荡回弹至 6.7 万美 海外 行业定期报告 hyzqdatemark 2024 年 10 月 28 日 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 证券分析师 海外 AI：本周 10 月 24 日特斯拉发布 3Q24 业绩，交付量和盈利能力回升，业绩超市场预期。3Q24 公司 实现营收 251.8 亿美元（yoy+7.8%，qoq-1.2%），主要受益于汽车交付量的提升，实现净利润 21.7 亿 美元（yoy+16.9%，qoq+46.6%） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is set to enhance its performance through the acquisition of high-quality assets, with a focus on wind and solar energy projects, which are expected to significantly contribute to its profitability in the future [2] - The acquisition involves cash purchases of controlling stakes in eight renewable energy companies, with a total installed capacity of 2.0329 million kilowatts, at a transaction price of 1.686 billion yuan [1][2] - The expected increase in net profit for the company due to the acquisition is approximately 1.46 billion yuan for the year 2024, representing a 3% increase compared to 2023 [2] Summary by Sections Acquisition Details - The company plans to acquire stakes in eight renewable energy companies, with a total installed capacity of 2.0329 million kilowatts, for a price of 1.686 billion yuan [1] - The acquisition is valued at a price-to-book (PB) ratio of approximately 1.13 times, indicating reasonable pricing [1] Financial Performance - As of the first half of 2024, the company has a controlling wind power capacity of 28.35 GW and a photovoltaic capacity of 7.66 GW [2] - The expected net profit from the operational units acquired in the transaction is projected to be 1.41 billion yuan for the first half of 2024 [2] - The company's revenue for 2024 is forecasted to be 40.662 billion yuan, with a net profit of 5.951 billion yuan, reflecting a slight decrease of 4.77% compared to 2023 [3] Market Position and Future Outlook - The company is positioned as a leader in the green energy sector, with significant potential for future asset injections from its controlling shareholder, which holds approximately 40 GW of unlisted renewable energy assets [2] - The recent regulatory changes aimed at optimizing merger and acquisition processes are expected to enhance the company's valuation and market activity [2]

Investment Rating - The report maintains a "Buy" rating for the industry, particularly highlighting the strong performance of specific companies within the logistics and transportation sectors [5][8]. Core Insights - The express delivery sector is experiencing a peak season, with record daily volumes and significant year-on-year growth, indicating resilience and market potential [5][6]. - Xingtong Co. reported robust Q3 results with revenue of 390 million yuan, up 38.4% year-on-year, and net profit of 98 million yuan, up 116.8% year-on-year, driven by increased capacity in both domestic and international trade [5][6]. - The low-altitude economy is gaining traction in Wuxi, with 72 key projects signed, totaling an investment of 30.2 billion yuan, indicating strong governmental support for the sector [6]. - The upcoming winter-spring flight schedule will see 194 airlines operating 118,000 flights weekly, reflecting a 1.2% increase from the previous year, with international routes gradually recovering [6][8]. Summary by Sections Express Delivery - The express delivery industry is witnessing a surge in demand, with a record of 1.92 billion packages collected from October 21 to 23, marking a 48.7% increase year-on-year [5][6]. - Major players like ZTO Express and Yunda Express are expected to benefit from improved pricing and market conditions as the industry enters a peak season [8]. Shipping and Maritime - The oil tanker market is expected to see sustained demand due to limited new orders and an aging fleet, with a positive outlook for the next three years [8]. - The dry bulk shipping sector is facing weak supply and demand, but regulatory pressures on older fleets are expected to facilitate market recovery [8]. - The shipbuilding industry is experiencing tight capacity, with new orders extending delivery times to 2027/28, which is likely to drive up ship prices [8]. Aviation - The aviation sector is poised for growth, with a focus on improving competition and supply-demand dynamics, particularly as international routes recover [8]. - The overall passenger load factor for major airlines was 82.88% in September, indicating a slight decrease from August but still reflecting strong demand [32][34]. Logistics and Supply Chain - The logistics sector is showing signs of improvement, with companies like Deppon Logistics and Aneng Logistics expected to benefit from strategic transformations and improved profitability [8]. - The chemical logistics market presents significant opportunities for consolidation, with leading companies poised for substantial profit growth as demand improves [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance met expectations, with revenue of 1.227 billion yuan (up 43.6% year-on-year) and a net profit of 286 million yuan (up 51.7% year-on-year) [1] - The recovery of soft magnetic powder cores and the high growth of chip inductors are driving revenue growth, with Q3 revenue reaching 431 million yuan (up 58.1% year-on-year) [1] - The company is focusing on developing its new main business in chip inductors, benefiting from AI server demand, and has received recognition from major semiconductor manufacturers [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 40.9% and a net margin of 23.3% [1] - The company forecasts net profits of 381 million yuan, 481 million yuan, and 613 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 48.8%, 26.3%, and 27.5% [1][2] - The projected P/E ratios for 2024, 2025, and 2026 are 36, 29, and 23 respectively, indicating a favorable valuation as the company continues to grow [1][2] Revenue and Profit Forecast - Revenue is expected to grow from 1.672 billion yuan in 2024 to 2.483 billion yuan in 2026, with corresponding growth rates of 44.37% and 22.44% [2][4] - The company's earnings per share (EPS) are projected to increase from 1.35 yuan in 2024 to 2.18 yuan in 2026 [2][4] Market Position and Strategy - The company is establishing itself in the high-growth sectors of energy storage and new energy, with chip inductors expected to become a second growth driver [1] - The company is actively developing new products suitable for AI server power circuits, with small-scale production already achieved for the TLVR inductor [1]

证券研究报告 风险提示：经济恢复不及预期，基建投资不及预期，房地产投资低于预期 建筑材料 行业定期报告 | --- | --- | |--------------------------------------------|-----------------------------------------| | | | | hyzqdatemark 2024 年 10 月 27 日 | 牛市仍需房地产产业链表现 | | 投资评级： 看好（维持） | ——建筑材料行业周报（24/10/21-24/10/27） | | | 投资要点： | 证券分析师 参考 2015 年，牛市仍需房地产产业链表现。随着自上而下针对股市的积极 政策不断出台及落地，以及市场交易量的大幅回升，我们有必要以牛市思维 来推盘建材的后续空间。首先，牛市氛围在指数层面的构建历来需要房地产 产业链板块支撑，复盘 2015 年在非银金融第一阶段躁动后，指数层面的二 阶段抬升主要贡献来自于银行和房地产相关产业链，但考虑过去 1 年红利风 格行情后银行机构仓位较高，此轮指数支撑更需要房地产及相关产业链表现。 板块对比来看，当下与 2015 年既相似又不 ...