Investment Rating - The report maintains a "Buy" rating for Midea Group, with a target price based on the last closing price of 72.75 [1][4]. Core Insights - Midea Group reported a revenue of 320.35 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.57%. The net profit attributable to shareholders was 31.70 billion yuan, up 14.37% year-on-year [2]. - In Q3 2024, the company achieved a revenue of 102.23 billion yuan, an increase of 8.08%, and a net profit of 10.89 billion yuan, reflecting a growth of 14.86% [2]. - The overseas e-commerce sales saw a significant increase, with Q3 sales growing by 50% year-on-year, and the OBM revenue from overseas markets increased by over 25% year-on-year [3]. Financial Performance Summary - For Q3 2024, the gross margin was reported at 26.04%, a decrease of 1.08 percentage points, while the net margin improved to 10.83%, an increase of 0.46 percentage points due to optimized expense ratios [4]. - The company expects net profits for 2024, 2025, and 2026 to be 38.67 billion yuan, 43.29 billion yuan, and 47.48 billion yuan respectively, with corresponding EPS of 5.06 yuan, 5.66 yuan, and 6.21 yuan [4][7]. - The projected PE ratios for the next three years are 14.12, 12.62, and 11.50 [4][7]. Business Segment Performance - The revenue from smart home, new energy and industrial technology, smart building technology, and robotics and automation for the first three quarters of 2024 were 215.4 billion yuan, 25.4 billion yuan, 22.4 billion yuan, and 20.8 billion yuan respectively, with year-on-year growth rates of 10%, 19%, 6%, and -9% [3]. - The company is focusing on enhancing its global presence and efficiency in overseas markets, with plans for a Hong Kong listing to improve its visibility in global capital markets [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 73.35 [1][4]. Core Insights - The company reported a significant revenue growth of 67.11% year-on-year for the first three quarters, achieving 5.57 billion yuan in net profit, which is a 184.46% increase [2][3]. - In Q3 alone, the company generated 1.99 billion yuan in net profit, marking a 140.63% year-on-year growth [2][3]. - The gross margin for Q3 improved to 18.62%, an increase of 5.47 percentage points compared to the previous year [3]. - The company has accelerated its computing power business, securing multiple large contracts and expanding its cloud services [3][4]. Summary by Sections Financial Performance - For the first three quarters, the company achieved operating revenue of 5.395 billion yuan, with a net profit of 557 million yuan [2]. - Q3 revenue reached 1.817 billion yuan, with a net profit of 199 million yuan [2]. Business Development - The company is seeing positive developments across various business segments, including high-margin AIOT terminal products and cloud services [3]. - The V-SaaS video cloud service is expanding, with a notable increase in user numbers and steady growth in ARPU [3]. - The company has begun deploying smart self-service beverage machines nationwide as part of its health product category [3]. Future Projections - The profit forecast for the company has been raised, with expected net profits of 813 million yuan, 1.116 billion yuan, and 1.372 billion yuan for 2024, 2025, and 2026 respectively [4]. - Revenue projections for the same years are set at 8.143 billion yuan, 10.730 billion yuan, and 13.026 billion yuan, reflecting growth rates of 74.82%, 31.77%, and 21.40% respectively [5].

Investment Rating - The report maintains a "Buy" rating for Angel Yeast (600298) with a target price of 42.32, compared to the last closing price of 35.83 [1][3]. Core Views - The report highlights that Angel Yeast's Q3 overseas revenue continues to grow significantly, with a year-on-year increase of 30.2%, while domestic revenue also shows a recovery trend [1][3]. - The company reported a total revenue of 10.912 billion in the first three quarters of 2024, representing a year-on-year growth of 13.04%, and a net profit attributable to shareholders of 0.953 billion, up 4.23% year-on-year [1][3]. - The main yeast business saw a revenue increase of 17.7% in Q3, reaching 2.59 billion, while other products, including enzyme preparations and food ingredients, surged by 76.7% [1][3]. Summary by Sections Financial Performance - For Q3, the company achieved a revenue of 3.738 billion, reflecting a year-on-year growth of 27.14%, with a net profit of 0.262 billion, up 7.02% year-on-year [1]. - The gross profit margin for the first three quarters decreased by 1.4 percentage points to 23.3%, with Q3 gross margin at 21.4%, down 3.6 percentage points year-on-year [1][3]. - The report projects revenues of 15.234 billion, 16.982 billion, and 18.714 billion for 2024, 2025, and 2026 respectively, with corresponding growth rates of 12.17%, 11.48%, and 10.20% [4]. Market Dynamics - The report notes that the demand for packaged yeast is improving, and the company expects continued growth of over 20% in both domestic and overseas markets [1][3]. - The report anticipates that the company will achieve its incentive targets for the year, driven by strong growth in emerging markets such as the Middle East, Africa, and Asia-Pacific [1][3]. Cost and Profitability - The report indicates that shipping costs have returned to normal levels, and both domestic and international molasses prices are on a downward trend, which is expected to positively impact profitability [1][3]. - The company is expected to benefit from a gradual recovery in demand for its main yeast products, supported by effective pricing strategies [1][3].

Investment Rating - The report assigns a rating of "Accumulate" to Wuliangye, with a target price of 167.94 CNY, compared to the last closing price of 148.80 CNY [1]. Core Views - Wuliangye's performance in Q1-Q3 2024 met expectations, with revenue of 67.916 billion CNY, a year-on-year increase of 8.6%, and a net profit attributable to shareholders of 24.931 billion CNY, also up 9.2% year-on-year [1]. - The company has increased its dividend payout, aiming for a dividend rate exceeding 70% over the next three years, with a minimum total cash dividend of 20 billion CNY each year [1]. - The report highlights strong cash flow and contract liabilities, indicating robust operational performance despite a slight slowdown in sales growth due to market conditions [1]. Financial Summary - Revenue projections for Wuliangye are as follows: 2023A: 83.272 billion CNY, 2024E: 91.684 billion CNY, 2025E: 99.318 billion CNY, 2026E: 106.925 billion CNY, with growth rates of 12.58%, 10.10%, 8.33%, and 7.66% respectively [3]. - Net profit forecasts are: 2023A: 30.211 billion CNY, 2024E: 33.344 billion CNY, 2025E: 36.213 billion CNY, 2026E: 39.285 billion CNY, with growth rates of 13.19%, 10.37%, 8.60%, and 8.48% respectively [3]. - The report indicates a diluted EPS of 7.78 CNY for 2023A, projected to rise to 10.12 CNY by 2026E [3]. Balance Sheet and Cash Flow - As of 2023A, Wuliangye's total assets were 165.433 billion CNY, with cash and cash equivalents at 115.456 billion CNY [5]. - The operating cash flow for 2023A was reported at 41.742 billion CNY, with projections of 26.320 billion CNY for 2024E [5]. - The report notes a significant increase in contract liabilities, which stood at 7.072 billion CNY in Q3 2024, reflecting a year-on-year increase of 31.23% [1].

公 司 研 究 2024 年 10 月 31 日 公司点评 买入/维持 今世缘(603369) 目标价: 60.12 昨收盘:43.94 今世缘：三季度业绩符合预期，产品结构势能延续 | --- | --- | --- | --- | --- | |-------|----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|--------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for Gujing Gongjiu with a target price of 222.66 CNY, compared to the last closing price of 186.31 CNY [1][2]. Core Views - Gujing Gongjiu's performance in Q1-Q3 2024 met expectations, demonstrating resilience during industry adjustments. The company achieved a revenue of 19.069 billion CNY, a year-on-year increase of 19.5%, and a net profit of 4.746 billion CNY, up 24.5% year-on-year [2][3]. - The company’s gross margin for Q1-Q3 2024 was 79.71%, reflecting a slight increase of 0.67 percentage points year-on-year, while the net profit margin was 25.68%, up 1.2 percentage points year-on-year [2][3]. - The report indicates that product structure continues to improve, with strong growth in specific products like Gu 8 and Gu 16, while Gu 20 faced a slowdown due to weak business demand [2][3]. Financial Summary - For Q3 2024, Gujing Gongjiu reported a revenue of 5.263 billion CNY, a year-on-year increase of 13.4%, and a net profit of 1.173 billion CNY, up 13.6% year-on-year [2][3]. - The company’s earnings per share (EPS) are projected to be 10.68 CNY, 12.37 CNY, and 14.21 CNY for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 17x, 15x, and 13x [2][3]. - The report forecasts revenue growth rates of 19%, 14%, and 12% for 2024, 2025, and 2026, respectively, with net profit growth rates of 23%, 16%, and 15% for the same years [2][3].

Investment Rating - The report maintains a "Buy" rating for Shanxi Fenjiu with a target price of 233 CNY, compared to the last closing price of 197.10 CNY [1][11]. Core Insights - The performance of Shanxi Fenjiu aligns with expectations, with steady growth in the Qinghua series and increased volume in mid-tier products. The company reported a revenue of 31.358 billion CNY for Q1-Q3 2024, reflecting a year-on-year increase of 17.25%, and a net profit of 11.350 billion CNY, up 20.34% year-on-year [2][4]. - The company has seen strong growth in both provincial and out-of-province markets, with out-of-province revenue growing by 26.9% year-on-year [2][4]. - The gross profit margin for Q1-Q3 2024 was 76.03%, slightly up from the previous year, while the net profit margin was 36.23%, also showing an increase [2][4]. Summary by Sections Financial Performance - For Q3 2024, Shanxi Fenjiu achieved a revenue of 8.611 billion CNY, a year-on-year increase of 11.35%, and a net profit of 2.940 billion CNY, up 10.36% year-on-year [2][4]. - The company plans to launch new products priced at 600 CNY and is preparing for the Qinghua 26 product [2][4]. Product and Market Analysis - Revenue from high-end liquor and other liquor categories for Q1-Q3 2024 was 22.614 billion CNY and 8.638 billion CNY, respectively, with year-on-year growth of 14.3% and 26.87% [2][4]. - The company has expanded its dealer network, with 825 dealers in the province and 3,543 outside the province, reflecting a net increase of 5 and 423 dealers, respectively [2][4]. Profitability and Forecast - The report forecasts revenue growth of 16%, 14%, and 12% for 2024, 2025, and 2026, respectively, with net profit growth of 17%, 16%, and 12% for the same years [2][4].

Investment Rating - The industry rating is "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index in the next six months [2]. Core Insights - Novartis received FDA accelerated approval for Scemblix, a drug for newly diagnosed Ph+ CML-CP adult patients, demonstrating superior efficacy and safety compared to standard treatments in Phase 3 trials [1]. - As of October 31, 2024, the pharmaceutical sector showed a slight decline of -0.14%, underperforming the CSI 300 index by 0.18 percentage points, ranking 25th among 31 sub-industries [1]. - Among sub-industries, in vitro diagnostics (+1.93%), hospitals (+1.69%), and offline pharmacies (+1.34%) performed well, while medical devices (-0.71%), medical R&D outsourcing (-0.66%), and blood products (-0.24%) lagged [1]. Summary by Sections Industry Performance - The pharmaceutical sector's performance on October 31, 2024, was -0.14%, underperforming the CSI 300 index by 0.18 percentage points [1]. - The top-performing sub-industries included in vitro diagnostics (+1.93%), hospitals (+1.69%), and offline pharmacies (+1.34%) [1]. Company News - Huahai Pharmaceutical announced that its subsidiary, Huaotai, received approval for Phase I clinical trials of HB0056 injection for asthma in New Zealand [1]. - Shanghai Pharmaceuticals reported that its subsidiary received approval for a supplementary application for injectable cefepime, which passed the consistency evaluation for generic drugs [1]. - Yuyuan Bio's subsidiary received approval for YKYY015 injection to conduct Phase I clinical trials [1].

白色家电Ⅱ 无评级 黑色家电Ⅱ 无评级 小家电Ⅱ 无评级 照 明 电 工 及 其他 无评级 厨房电器Ⅱ 无评级 2024 年 10 月 31 日 行业深度研究 看好/维持 家电 2024 年双十一系列跟踪（二）：以旧换新补贴叠加"双 11"平台 优惠，家电品类销额阶段性位居全网榜首 ◼ 走势比较 报告摘要 (20%) (8%) 4% 16% 28% 40% 23/10/3124/1/1224/3/2524/6/624/8/1824/10/30 家电 沪深300 ◼ 子行业评级 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 相关研究报告 <<海信家电：2024Q3 受高基数和内需 不足影响，收入利润短期承压>>-- 2024-10-31 <>--2024-10-31 <<海尔智家：2024Q3 业绩延续双位数 增长，拟并表日日顺物流充分协同赋能 长期>>--2024-10-30 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券业务登记编号：S11901 ...

Investment Rating - The report maintains a "Buy" rating for TCL Zhonghuan, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [10]. Core Views - TCL Zhonghuan leads the market in silicon wafer share and is actively promoting its globalization strategy [1][9]. - The company reported a revenue of 22.582 billion yuan for the first three quarters of 2024, with a net profit attributable to shareholders of -6.061 billion yuan [3]. - The company has increased its monocrystalline capacity to 190 GW and bifacial module capacity to 24 GW, with a silicon wafer market share of 19.2% [3]. Summary by Sections Company Overview - TCL Zhonghuan's total share capital is 4.043 billion shares, with a market capitalization of 49.245 billion yuan [3]. - The stock price has fluctuated between a high of 19.78 yuan and a low of 7.35 yuan over the past 12 months [3]. Financial Performance - For the first three quarters of 2024, the company shipped approximately 94.86 GW of photovoltaic materials, a year-on-year increase of 11.4% [3]. - The company recorded a significant impairment provision of 2.439 billion yuan for assets showing signs of impairment [3]. - Revenue is projected to decline to 30.11 billion yuan in 2024, with a net profit forecast of -6.967 billion yuan [4]. Production Capacity and Strategy - The company is committed to cost reduction and efficiency improvement, with N-type products achieving industry-leading monthly production rates [3]. - TCL Zhonghuan is collaborating with Saudi Arabia's Public Investment Fund to establish the largest overseas crystal wafer factory, enhancing its global localization strategy [3]. Future Outlook - The report lowers the 2024 net profit forecast to -6.967 billion yuan but maintains profit projections for 2025 and 2026 at 2.061 billion yuan and 3.288 billion yuan, respectively [3][4]. - The company is expected to gradually reverse its profitability as industry chain prices bottom out, supported by its competitive advantages and cyclical resilience [3].