司总评报 公 司 S0190520010004 投资要点 ＃summary＃ 事件：公司发布 2024 年三季报，2024 年 1-9 月公司实现收入 335.52 百万元， 同比+94.12%，实现归母净利润 44.13 百万元，同比+8.02%，实现扣非归母净 利润 35.90 百万元，同比-3.39%。 储能业务开展，各项费用有所增加，Q3 单季度毛利率净利率略微下滑。2024 年 1-9 月，公司毛利率 35.08%，同比-15.17pp, 净利率为 14.18%，同比-11.85pp。 销售费用率 6.51%，同比-2.44pp，管理费用率 8.90%，同比-0.95pp，研发费用 率 6.53%，同比-1.51pp，财务费用率 0.20%。 | --- | --- | |------------------------------|--------------------------------| | | | | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024/12/10 | | 收盘价（元） | 17.41 | | 总股本（百万股） | 140.26 | | 流通股 ...

Investment Rating - No rating provided for the company [3] Core Views - The company's non-GAAP net profit attributable to the parent company increased by 33.89% YoY in the first three quarters of 2024 [1] - Revenue for Q1-Q3 2024 was 607.15 million RMB, a decrease of 3.72% YoY, while net profit attributable to the parent company was 42.12 million RMB, an increase of 11.90% YoY [1] - Gross margin for Q1-Q3 2024 was 14.98%, an increase of 3.38 percentage points YoY, and net profit margin was 6.94%, an increase of 0.97 percentage points YoY [1] - In Q3 2024, revenue was 219.46 million RMB, an increase of 6.41% YoY, while net profit attributable to the parent company was 12.21 million RMB, a slight decrease of 0.37% YoY [1] - The company's gross margin in Q3 2024 was 13.55%, an increase of 2.58 percentage points YoY, but net profit margin decreased by 0.38 percentage points to 5.56% [1] Financial Performance - The company's operating cash flow was negative at -15.60 million RMB for the first three quarters of 2024 [1] - Total asset turnover ratio was 0.59, slightly lower than the previous year [1] - Sales expense ratio was 1.09%, an increase of 0.25 percentage points YoY, while management expense ratio was 3.01%, an increase of 0.54 percentage points YoY [1] - R&D expense ratio was 3.61%, an increase of 0.12 percentage points YoY, and financial expense ratio was 0.32%, an increase of 0.65 percentage points YoY [1] Company Overview - The company specializes in the R&D, production, and sales of precision nickel-based conductor materials for batteries [1] - It has capabilities in producing nickel strips, foils, and downstream precision structural components, primarily used in lithium batteries and other secondary battery products [1] - Its products are widely used in consumer electronics, new energy vehicles, power tools, electric bicycles, energy storage, aerospace, and metal commemorative coins [1] - As of December 9, 2024, the company's market capitalization was 1.554 billion RMB, with a TTM PE ratio of 43.06x [1] Historical Financials - Revenue in 2023 was 809.67 million RMB, a decrease of 10.59% YoY, while net profit attributable to the parent company was 31.61 million RMB, a decrease of 40.87% YoY [2] - Gross margin in 2023 was 10%, a decrease from 14% in 2022 [2] - ROE in 2023 was 3.66%, a significant drop from 8.13% in 2022 [2] - EPS in 2023 was 0.32 RMB, down from 0.69 RMB in 2022 [2]

Investment Rating - No rating provided for the company [6] Core Views - The company's net profit attributable to the parent company decreased by over 30% YoY in the first three quarters of 2024 [5] - Revenue for Q1-Q3 2024 was RMB 58.91 million, a YoY decrease of 2.58%, with net profit attributable to the parent company at RMB 14.01 million, a YoY decrease of 36.55% [1] - Gross margin for Q1-Q3 2024 was 62.03%, a YoY decrease of 3.10 percentage points, and net profit margin was 23.79%, a YoY decrease of 12.73 percentage points [1] - In Q3 2024, revenue was RMB 18.12 million, a YoY decrease of 18.90%, with net profit attributable to the parent company at RMB 5.95 million, a YoY decrease of 48.14% [1] - Gross margin for Q3 2024 was 66.91%, a YoY decrease of 1.99 percentage points, and net profit margin was 32.84%, a YoY decrease of 18.52 percentage points [1] Financial Performance - Revenue for 2020-2023 was RMB 73.64 million, RMB 102.51 million, RMB 80.97 million, and RMB 83.29 million respectively [4] - Net profit attributable to the parent company for 2020-2023 was RMB 15.75 million, RMB 33.14 million, RMB 27.72 million, and RMB 27.55 million respectively [4] - Gross margin for 2020-2023 was 58%, 65%, 71%, and 66% respectively [4] - ROE for 2020-2023 was 22.45%, 36.66%, 25.11%, and 15.24% respectively [4] - EPS for 2020-2023 was RMB 0.61, RMB 1.27, RMB 1.07, and RMB 0.78 respectively [4] - P/E ratio for 2020-2023 was 7.43, 19.20, 18.20, and 38.77 respectively [4] Operational Metrics - The company's total asset turnover rate was 0.23, slightly lower than the previous year [7] - Operating cash flow for the first three quarters of 2024 was RMB 18.45 million, a YoY increase of 19.26% [7] - Sales expense ratio for the first three quarters of 2024 was 13.06%, a YoY increase of 2.60 percentage points [7] - Management expense ratio for the first three quarters of 2024 was 11.63%, a YoY increase of 3.55 percentage points [7] - R&D expense ratio for the first three quarters of 2024 was 20.94%, a YoY increase of 4.15 percentage points [7] - Financial expense ratio for the first three quarters of 2024 was -2.10%, a YoY increase of 0.27 percentage points [7] Company Overview - The company is a high-tech enterprise specializing in the R&D, production, and sales of industrial motion control systems [8] - Core products include dispensing control systems, general motion controllers, and servo drives [8] - The company serves industries such as computer, communication, consumer electronics, automotive electronics, and semiconductor manufacturing [8] - As of December 10, 2024, the company's market capitalization was RMB 1.138 billion, with a P/E (TTM) of 58.43x [8] Market Data - Closing price as of December 10, 2024: RMB 22.46 [2] - Total shares outstanding: 50.67 million [2] - Net assets: RMB 240.03 million [2] - Total assets: RMB 251.73 million [2] - Net asset per share: RMB 4.74 [2]

海 外 研 究 证券研究报告 ＃industryId＃ 纺织服装 ＃investSuggestion＃ 无评级 ＃ investSuggestio nChange＃ 公 司 跟 踪 报 告 | --- | --- | |----------------------------|----------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 20241206 | | 收盘价（美元） | 399.60 | | 总股本（亿股） | 1.17 | | 流通股本（亿股） | 1.17 | | 净资产（亿美元） | 40 | | 总资产（亿美元） | 71 | | | | | 每股净资产（美元） | 34.16 | ＃相关报告 relatedReport＃ FY24 年报点评_指引谨慎，全年 中 国 大 陆 可 比 收 入 + 46%_20240403 FY24Q3 业绩点评_业绩超预期， 中国市场收入+53%_20231210 FY24Q2业绩点评_中国业务保持 强 劲 增 势 ， 上 调 全 年 指 引 _20230904 深度报告_Lululemon:品类杀手 是如何炼成的? — ...

风险提示：权益市场大幅波动；利率大幅下行；转型进度显著不及预期等 行 业 研 究 ＃industryId＃ 保险 行 业 投 资 策 略 报 告 ＃title＃资产负债结构调整下的破局与重构 ——保险行业 2025 年年度策略 ＃ investSuggestio n＃ 推荐 ＃ investSuggestionChang （ 维持 ） ＃createTime1＃ 2024 年 12 月 12 日 | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|-------|---------------------------------------------------------------------------- ...

重点公司 重点公司 评级 小商品城 增持 华凯易佰 增持 赛维时代 增持 永辉超市 增持 红旗连锁 增持 华致酒行 增持 孩子王 增持 富森美 增持 ＃assAuthor＃ 行 业 研 究 证券研究报告 ＃industryId＃ 商贸零售 ＃investSuggestion 推荐 ＃ (＃ investS uggesti onChan ge＃ 维持） 政策引领与内需回暖，头部企业的求变与扩张之路 —商贸零售行业 2025 年度策略报告 ＃createTime1＃ 2024 年 12 月 12 日 投资要点 ＃summary＃ l 2024 年消费呈现"V"字走势。2024 年 Q1/Q2/Q3 社会消费品零售总额同比分 别增长 4.7%/2.6%/3.5%，消费在政策驱动下逐渐趋稳，我们在 2024 中报总 结中指出布局国内稳健增长领域，搜寻出海机会。 l 展望 2025 年，自 2024 年 9 月下旬以来，增量政策持续部署落地，政策发力 稳增长决心正盛。同时多数指标已开始呈现改善信号，积极因素持续酝酿。 后续来看，外部环境变化下，内需作为经济发展关键抓手地位更加凸显，随 政策落地效应不断显现，经济改善预期 ...

行 业 研 究 证券研究报告 ＃industryId＃ 保险 ＃title＃ 《关于全面实施个人养老金制度的通知》点评： 全国推广、产品扩容，个人养老金制度建设再提速 ＃createTime1＃ 2024 年 12 月 12 日 投资要点 ＃summary＃ ⚫ 事件：2024 年 12 月 12 日，人社部、财政部、国家税务总局、金监局、证监 会印发《关于全面实施个人养老金制度的通知》（以下简称《通知》），核心要 点包括： 1）制度拓展至全国，规定每年开户行最多变更两次。《通知》提出自 2024 年 12 月 15 日起，在中国境内参加城镇职工基本养老保险或者城乡居民基本养 老保险的劳动者，均可以参加个人养老金制度。同时，税收优惠政策的实施范 围从过去先行的 36 个试点城市（地区）同步扩大到全国。需要注意的是，《通 知》特别强调了参加人每年可以两次变更个人养老金资金账户开户银行，可 能旨在限制银行间存在的无序竞争行为。 2）丰富产品种类，将国债纳入产品范围，将特定养老储蓄、指数基金纳入产 品名录。在现有理财产品、储蓄存款、商业养老保险、公募基金等金融产品的 基础上，将国债纳入个人养老金产品范围。将特定养老 ...

Investment Rating - No rating provided for the company [6] Core Views - The company achieved significant revenue and profit growth in 2024 Q1-Q3, with revenue reaching 384.17 million yuan, a year-on-year increase of 56.45%, and net profit attributable to the parent company reaching 106.16 million yuan, a year-on-year increase of 236.93% [1] - In Q3 2024, the company's revenue was 156.89 million yuan, a year-on-year increase of 37.50%, and net profit attributable to the parent company was 43.22 million yuan, a year-on-year increase of 115.18% [1] - The company's gross margin and net margin both showed strong growth, with a gross margin of 42.76% in the first three quarters of 2024, a year-on-year increase of 15.79 percentage points, and a net margin of 27.63%, a year-on-year increase of 14.80 percentage points [1][4] Financial Performance - The company's operating income in 2023 was 346.38 million yuan, a year-on-year increase of 23.79%, and net profit attributable to the parent company was 53.30 million yuan, a year-on-year increase of 20.77% [3] - The company's ROE in 2023 was 12.25%, and earnings per share were 0.68 yuan [3] - The company's operating cash flow in the first three quarters of 2024 was 118.78 million yuan, a year-on-year increase of 13.31% [4] Market Data - As of December 5, 2024, the company's closing price was 24.88 yuan, with a total market capitalization of 2.52 billion yuan and a PE (TTM) of 19.70 times [2][4] - The company's total share capital is 101.30 million shares, with 78.35 million shares in circulation [2] - The company's net assets are 550.39 million yuan, and total assets are 789.53 million yuan [2] Business Overview - The company specializes in the R&D, production, and sales of lithium-manganese and lithium-iron batteries, providing high energy density, long service life, wide temperature range, and environmentally friendly battery solutions [4] - The company's main products include lithium-manganese cylindrical batteries and lithium-iron batteries, which are widely used in IoT, smart instruments, smart security, smart homes, GPS trackers, and RFID tags [4] - The company holds 5 invention patents and 22 utility model patents, with core technologies at an advanced industry level [4] Industry Analysis - The company is one of the largest producers of cylindrical lithium-manganese batteries in China, with a strong focus on technological innovation [4] - The company's R&D reserves align with mainstream industry technology trends, ensuring its competitive edge in the market [4]

公 司 研 究 yinyongzhi@xyzq.com.cn S0190520010004 公 司 点 评 报 告 投资要点 ＃summary＃ 事件：1）2024Q1-Q3，公司实现营收 5,068.01 百万元/同比+8.67%、归母净利润 112.27 百万元/同比+26.57%、扣非归母净利润 104.45 百万元/同比+29.51%；实现毛利率 5.81%/同比-0.84pct，归母净利率 2.22%/同比+0.31pct;2)2024 年 Q3,公司实现营收 1,749.83 百万元/同比+5.93%、归母净利润 39.94 百万元/同比+30.59%、扣非归母净利 润 39.32 百万元/同比+39.92%；实现毛利率 6.00%/同比+0.15pct，归母净利率 2.28%/ 同比+0.43pct。 | --- | --- | |------------------------------|-----------| | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024/12/4 | | 收盘价（元） | 12.07 | | 总股本（百万股） | 291.13 | | ...

＃assAuthor＃ 尹永志 yinyongzhi@xyzq.com.cn S0190520010004 公 司 研 究 公 司 点 评 报 告 投资要点 ＃summary＃ 事件：1）2024Q1-Q3，公司实现营收 736.65 百万元/同比-5.52%、归母净利润 10.25 百万元/同比-86.16%、扣非归母净利润 59.69 百万元/同比-21.97%；实现毛利率 24.26%/ 同比+1.06pct，归母净利率 1.59%/同比-7.68pct;2)2024 年 Q3,公司实现营收 263.67 百 万元/同比-7.43%、归母净利润-25.46 百万元/同比-179.10%、扣非归母净利润 15.91 百 万元/同比-55.47%；实现毛利率 21.92%/同比-4.28pct，归母净利率-10.46%/同比 -21.27pct。 | --- | --- | |-------------------------------------|-----------| | | | | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024/12/5 | | 收盘价（元） | 9 ...