Investment Rating - The report maintains a "Buy" rating for Beijing Junzheng (300223) [1] Core Views - The demand for consumer products has increased in Q3, while the industry awaits demand recovery [1] - The company's Q3 revenue was 1.094 billion yuan, a year-on-year decrease of 8.70%, and the net profit attributable to shareholders was 107 million yuan, down 26.89% year-on-year [1] - The company is expanding its product lines, with new DRAM products expected to launch in the second half of the year and ongoing development of various chip products for different applications [1] Financial Summary - For the first three quarters, the company's revenue was 3.201 billion yuan, a decrease of 6.39% year-on-year, and the net profit attributable to shareholders was 304 million yuan, down 17.37% year-on-year [1] - Revenue from storage, computing, and simulation chips for the first three quarters was 1.987 billion, 813 million, and 347 million yuan, with year-on-year changes of -10.52%, -0.30%, and 16.49% respectively [1] - The company forecasts total revenue for 2024-2026 to be 4.350 billion, 5.102 billion, and 6.019 billion yuan, with year-on-year growth rates of -4.0%, 17.3%, and 18.0% respectively [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 50.4, compared to the last closing price of 45.00 [1]. Core Views - The company has shown a recovery in operations, with adjustments starting to take effect. The Q3 2024 results indicate a revenue of 62.43 billion yuan, a year-on-year increase of 9.83%, and a net profit attributable to shareholders of 13.62 billion yuan, up 10.50% year-on-year [1]. - The overall performance aligns with previous expectations, with sales collection increasing by 12.5% year-on-year and contract liabilities decreasing by 16.2% [1]. - The company has successfully optimized its distribution channels, leading to a notable increase in the number of distributors from 624 to 6722 [1]. Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 204.0 billion yuan, representing a year-on-year growth of 9.38%, and a net profit of 48.15 billion yuan, up 11.23% year-on-year [1]. - The company expects to achieve revenues of 275.1 billion yuan, 301.8 billion yuan, and 333.4 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 12.0%, 9.7%, and 10.5% [1]. - The projected net profits for the same years are 63.0 billion yuan, 69.3 billion yuan, and 77.3 billion yuan, with corresponding growth rates of 11.9%, 10.1%, and 11.5% [1]. Product Performance - In Q3, the company’s revenue from various products was as follows: soy sauce (30.8 billion yuan), seasoning sauce (5.8 billion yuan), oyster sauce (11.1 billion yuan), and others (10.2 billion yuan), with respective year-on-year growth rates of +8.7%, +10.2%, +7.8%, and +15.1% [1]. - The company has seen a recovery across all product categories, with significant improvements in the household segment and a gradual recovery in restaurant demand [1]. Regional Performance - Revenue growth varied by region, with the eastern region seeing a 19.9% increase, southern region 7.8%, central region 11.6%, northern region 8.1%, and western region experiencing a slight decline of 0.8% [1].

Investment Rating - The report maintains a "Buy" rating for Dongpeng Beverage with a target price of 284.62 CNY, compared to the last closing price of 220.68 CNY [1]. Core Insights - Dongpeng Beverage's Q3 performance shows continued high growth, with revenue reaching 12.558 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 45.34%. The net profit attributable to shareholders was 2.707 billion CNY, up 63.53% year-on-year [1]. - The company benefits from an expanding consumer base for energy drinks and has successfully captured market share through high cost-performance products, leading to revenue growth that exceeded expectations [1]. - Q3 revenue was 4.685 billion CNY, a year-on-year increase of 47.29%, with net profit attributable to shareholders at 977 million CNY, up 78.42% year-on-year [1]. Financial Summary - Revenue projections for Dongpeng Beverage are as follows: 2024E at 15.795 billion CNY, 2025E at 20.076 billion CNY, and 2026E at 24.968 billion CNY, with growth rates of 40.24%, 27.11%, and 24.37% respectively [3]. - The net profit attributable to shareholders is projected to be 3.002 billion CNY in 2024E, 3.893 billion CNY in 2025E, and 4.980 billion CNY in 2026E, with growth rates of 47.19%, 29.68%, and 27.89% respectively [3]. - The report indicates a stable gross profit margin, with Q3 gross margin increasing by 4.3 percentage points to 45.8% due to rapid sales growth and favorable raw material prices [1]. Market Expansion - Dongpeng Beverage is accelerating its national expansion, with significant revenue growth observed across various regions, including Guangdong, East China, and Southwest China, with year-on-year increases of 30%, 44%, and 52% respectively [1]. - The company is enhancing its market presence by increasing the number of retail outlets and promoting new products, which is expected to contribute to continued revenue growth [1].

Investment Rating - The report assigns a rating of "Accumulate" to Qingdao Beer, with a target price of 76.34 CNY, compared to the last closing price of 68.51 CNY [1]. Core Views - The report indicates that Qingdao Beer is experiencing short-term pressure on performance due to weak demand, but anticipates a recovery in demand in the future [1]. - For the first three quarters of 2024, the company reported revenues of 28.959 billion CNY, a year-on-year decrease of 6.52%, and a net profit attributable to shareholders of 4.990 billion CNY, a year-on-year increase of 1.67% [1]. - The report highlights that the beer industry faced challenges in Q3 2024 due to adverse weather and weak consumer spending, leading to a decline in sales volume [1]. Financial Summary - Revenue projections for Qingdao Beer are as follows: - 2023A: 33.937 billion CNY - 2024E: 32.011 billion CNY (down 5.67%) - 2025E: 32.689 billion CNY (up 2.12%) - 2026E: 33.180 billion CNY (up 1.50%) [3]. - Net profit projections are: - 2023A: 4.268 billion CNY - 2024E: 4.372 billion CNY (up 2.43%) - 2025E: 4.738 billion CNY (up 8.39%) - 2026E: 5.025 billion CNY (up 6.05%) [3]. - The report also provides earnings per share (EPS) estimates: - 2023A: 3.14 CNY - 2024E: 3.20 CNY - 2025E: 3.47 CNY - 2026E: 3.68 CNY [3]. Cost and Profitability - The report notes that the cost per ton for the first three quarters of 2024 was 2,486 CNY, a decrease of 2.9% year-on-year, with Q3 2024 cost per ton at 2,388 CNY, down 2.2% year-on-year [1]. - Gross margin for Q1-Q3 2024 was 41.76%, an increase of 2.0 percentage points year-on-year, with Q3 2024 gross margin at 42.12%, up 1.2 percentage points year-on-year [1]. - The net profit margin for Q1-Q3 2024 reached 17.72%, an increase of 1.6 percentage points year-on-year, while Q3 2024 net profit margin was 15.85%, down 0.3 percentage points year-on-year [1].

Group 1 - The report indicates a broad market rally, with micro-cap and growth stocks outperforming. The micro-cap index, National Index 2000, and growth stocks showed the best performance, while dividend, financial, and stable stocks lagged behind [5][12][21]. - The overall market valuation has increased, with major indices reaching near one-year highs. The report highlights that the valuation of the consumer sector is relatively cheap compared to historical levels [17][23]. - Industry performance showed that power equipment, light industry, and media sectors had the highest gains, while non-bank financials, banks, and computer sectors performed the weakest [9][21]. Group 2 - The report notes that the relative PE of the ChiNext Index to the CSI 300 has slightly decreased, indicating a shift in valuation dynamics [12][23]. - The report emphasizes that the current PEG and PB-ROE values suggest that dividend and Sci-Tech 50 stocks have the lowest PEG values, indicating higher allocation value. The growth style has the lowest PB-ROE value, suggesting a minimal premium paid for growth, thus providing a higher margin of safety [15][26]. - Valuation analysis shows that the financial and real estate sectors are above the 50% historical percentile, while materials, equipment manufacturing, industrial services, transportation, consumption, and technology sectors are below 50% [17][21].

Group 1 - The report indicates a strengthening of market liquidity and increased trading activity, with total A-share trading volume reaching 9.55 trillion yuan, up from the previous week, and turnover rate rising to 10.91% [6][19]. - The net inflow of funds in the market amounted to 453.65 billion yuan, indicating a robust liquidity environment [6][19]. - The net investment in the public market was 12,573.8 billion yuan, with the DR007 and R007 rates both increasing, leading to an expansion of the interest rate spread between them [8][19]. Group 2 - The report highlights that the top five sectors for increased positions in equity funds were power equipment, media, light industry manufacturing, retail, and pharmaceuticals, while the sectors with the largest reductions were banking, non-bank financials, computers, food and beverage, and public utilities [17][19]. - The report notes that the IPO financing for the week was 17.94 billion yuan, with four companies raising a total of 65.37 billion yuan through refinancing [26][30]. - The report also mentions that the total amount of shares released from restrictions was 311.62 billion yuan, with electronics, automotive, and machinery being the top three sectors affected [30].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Insights - The company reported a significant increase in Q3 performance, with total revenue for the first three quarters reaching 1.918 billion yuan, a year-on-year growth of 55.17%. The net profit attributable to shareholders was 220 million yuan, up 170.8% year-on-year [2][3]. - In Q3 alone, the company achieved a revenue of 766 million yuan, representing a year-on-year increase of 65.79%, and a net profit of 97 million yuan, which is a remarkable year-on-year growth of 360.26% [2][3]. - The company's gross margin for the first three quarters was 39.1%, with a notable improvement in core business gross margin exceeding 50% after excluding low-margin outsourcing operations [2][3]. - The overseas revenue showed strong growth, reaching 956 million yuan in the first three quarters, a 47.9% increase year-on-year, supported by a localized market strategy [2][3]. Summary by Sections Financial Performance - The company’s revenue for 2024 is projected to be 2.306 billion yuan, with a growth rate of 35.68%. The net profit is expected to reach 260 million yuan, reflecting a growth rate of 154.92% [3]. - The gross margin is expected to stabilize around 42.00% in 2024, with a net profit margin projected to improve to 11.27% [3]. Market Position - The company is positioned as a leader in commercial vehicle information technology, with expectations of expanding market share due to low penetration rates and favorable regulatory changes in overseas markets [2][3]. Future Outlook - The report suggests an upward revision of profit forecasts for 2024-2026, with revenues expected to grow to 2.891 billion yuan and 3.527 billion yuan in 2025 and 2026, respectively [2][3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][7]. Core Views - The company achieved strong performance in Q3 2024, with revenue of 3.72 billion yuan, a year-on-year increase of 30.33%, and a net profit of 471 million yuan, up 31.52% year-on-year. The growth is attributed to the stable operation of classic games and the successful launch of overseas versions of new games [1]. - The company has a rich pipeline of games, with several titles based on popular IPs expected to launch soon, which is anticipated to drive future growth [1]. - The company has established a stable dividend distribution rhythm, reflecting long-term investment value and management confidence in future development [1]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 3.928 billion yuan, a year-on-year increase of 29.65%, and a net profit of 1.280 billion yuan, up 18.27% year-on-year. The net profit after deducting non-recurring items was 1.281 billion yuan, representing a growth of 23.43% [1]. - The revenue projections for 2024 to 2026 are 5.385 billion yuan, 6.314 billion yuan, and 7.200 billion yuan, with corresponding growth rates of 25.37%, 17.25%, and 14.03% respectively. Net profits are projected to be 1.735 billion yuan, 2.064 billion yuan, and 2.322 billion yuan, with growth rates of 18.72%, 18.95%, and 12.51% respectively [3][4].

Investment Rating - The report assigns an "Increase" rating to the company [1][6] Core Insights - The company achieved a revenue of 4.514 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 11.42%. The net profit attributable to shareholders reached 1.094 billion yuan, up 94.33% year-on-year [2][3] - In Q3 2024, the company reported a revenue of 1.461 billion yuan, a year-on-year increase of 4.53%, and a net profit of 463 million yuan, which is a remarkable year-on-year growth of 191.43% [2][3] - The company continues to see strong performance from its core products, "Age of Origins" and "War and Order," while optimizing costs, leading to improved profitability [3][4] Financial Performance - The company's net profit attributable to shareholders in Q3 2024 increased by 37.72% quarter-on-quarter, driven by strong product performance and reduced expenses [3] - Sales expenses decreased by 18.29% quarter-on-quarter, and R&D expenses fell by 21.72%, indicating effective cost management [3][4] - The company has two new SLG games expected to launch by the end of 2024, which are anticipated to contribute to revenue growth [5][6] Revenue and Profit Forecast - The company is projected to achieve revenues of 6.737 billion yuan, 7.568 billion yuan, and 8.437 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 12.99%, 12.34%, and 11.47% [6][10] - The net profit attributable to shareholders is expected to be 1.328 billion yuan, 1.376 billion yuan, and 1.555 billion yuan for the same years, with growth rates of 49.68%, 3.65%, and 12.98% [6][10]

公 司 研 究 2024 年 10 月 30 日 公司点评 买入/维持 苑东生物(688513) 昨收盘:34.65 医药 苑东生物：近年获批新品放量，制剂业务快速增长 走势比较 (30%) (20%) (10%) 0% 10% 20% 23/10/3024/1/1124/3/2424/6/524/8/1724/10/29 苑东生物 沪深300 股票数据 总股本/流通(亿股) 1.77/1.77 总市值/流通(亿元) 61.17/61.17 12 个月内最高/最低价 (元) 64.25/28.11 相关研究报告 <<苑东生物中报点评：国内制剂贡献 增量，驱动收入快速增长>>--2024- 08-21 <<苑东生物：麻醉镇痛领域差异化布 局，特色解毒剂开启国际化>>-- 2024-06-02 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 证券分析师：张懿 电话：021-58502206 E-MAIL：zhangyi@tpyzq.com 分析师登记编号：S1190523100002 事件：2024 年 10 月 2 ...