Investment Rating - The report maintains a "Buy" rating for TCL Technology, indicating a positive outlook for the company's stock performance [3][8]. Core Views - The panel business of TCL Technology is expected to continue benefiting from a price upcycle, with a forecasted increase in net profit for the years 2024 to 2026 [8]. - The company reported a significant improvement in its panel business, achieving a revenue of 76.956 billion yuan in the first three quarters of 2024, a year-on-year increase of 25.74% [5]. - The report highlights the challenges faced by the photovoltaic business, which saw a revenue decline of 53.60% year-on-year, but anticipates a recovery as energy consumption indicators improve [5]. Financial Summary - For the fiscal year 2024E, TCL Technology is projected to have total revenue of 190.941 billion yuan, with a year-on-year growth of 9.5% [4]. - The net profit attributable to shareholders is expected to be 1.768 billion yuan in 2024E, reflecting a decrease of 20.2% compared to the previous year [4]. - The gross profit margin is forecasted to improve from 14.7% in 2023 to 16.0% in 2024E, indicating enhanced profitability [4]. - The return on equity (ROE) is projected to rise significantly from 3.3% in 2024E to 12.4% by 2026E [4]. Business Performance - The panel business has shown resilience, with a net profit of approximately 1.747 billion yuan in Q3 2024, despite seasonal fluctuations in demand [5]. - The photovoltaic segment is expected to reduce losses in the future as market conditions stabilize [5]. - The company has maintained a strong operating cash flow, with a net cash flow from operating activities of 22.001 billion yuan in the first three quarters of 2024 [7].

| --- | --- | |--------------------|--------------------------------| | | | | 市场数据日期 | 2024-11-20 | | 收盘价（元） | 57.96 | | 总股本（百万股） | 460.01 | | 流通股本（百万股） | 367.04 | | 净资产（百万元） | 9585.93 | | 总资产（百万元） | 11430.83 | | 每股净资产(元 ) | 20.84 | | 来源： WIND | ，兴业证券经济与金融研究院整理 | 主要财务指标 | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------|--------|--------|-------|---------------| | ＄ 会计 zy 年 c 度 wzb\| 主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 52 ...

Investment Rating - The report assigns an "Overweight" rating to the company, indicating a positive outlook for its stock performance [1] Core Views - The company demonstrated robust revenue growth in Q3 2024, with revenues reaching 868 million yuan, up 18.52% YoY and 2.48% QoQ [2] - Net profit attributable to shareholders surged 102.74% YoY to 106 million yuan in Q3 2024, despite a 14.50% QoQ decline [2] - Gross margin stabilized above 50% since Q4 2023, reflecting strong product competitiveness and favorable industry structure [3] - The company maintained revenue growth momentum in Q3 2024 despite weak seasonal demand in consumer electronics and moderate industrial recovery [3] Financial Performance - For the first three quarters of 2024, the company achieved revenues of 2.445 billion yuan, up 29.96% YoY [2] - Net profit attributable to shareholders reached 285 million yuan in the first three quarters of 2024, a remarkable 100.57% YoY increase [2] - Gross margin for the first three quarters of 2024 stood at 52.17%, with Q3 margin at 51.88% [3] - Operating expenses totaled 323 million yuan in Q3 2024, with R&D expenses accounting for 231 million yuan, up 14.87% YoY [4] Business Outlook - The company plans to launch approximately 700 new products annually over the next three years, supporting stable gross margins around 50% [3] - With comprehensive product coverage in signal chain and power management, the company is well-positioned to benefit from industry recovery and structural improvements [4] - Inventory levels reached 1.074 billion yuan at the end of Q3 2024, reflecting increased safety stock to support growing product portfolio [4] Financial Projections - Revenue is projected to grow to 3.25 billion yuan in 2024, 4.10 billion yuan in 2025, and 5.10 billion yuan in 2026 [5] - Net profit attributable to shareholders is forecasted to reach 412 million yuan in 2024, 671 million yuan in 2025, and 963 million yuan in 2026 [5] - The company's PE ratio is expected to decline from 101.2x in 2024 to 43.3x in 2026, reflecting strong earnings growth [5] Market Data - The company's closing price was 88.74 yuan on November 15, 2024 [1] - Total shares outstanding stood at 471.98 million, with 452.54 million shares in free float [1] - Net assets per share reached 9.09 yuan, with total assets of 5.32 billion yuan and net assets of 4.29 billion yuan [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [4][12]. Core Views - The company reported a revenue of 9.082 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 5.94%, and a net profit attributable to shareholders of 1.673 billion yuan, up 4.44% year-on-year [6]. - The company is expected to see improvements in earnings per share (EPS) from 2.22 yuan in 2024 to 2.80 yuan in 2026, with corresponding price-to-earnings (PE) ratios decreasing from 16.73 to 13.26 [4]. - The company is focusing on a dual strategy of self-research and business development (BD) to enhance its innovation pipeline, having introduced several new drug candidates in 2024 [8]. Financial Performance - The company’s revenue for 2024 is projected to be 11.911 billion yuan, a decrease of 4.2% year-on-year, with a recovery expected in subsequent years [5]. - The gross profit margin for the first three quarters of 2024 was 65.81%, an increase of 1.88 percentage points year-on-year [7]. - The net profit margin for the same period was 21.43%, up 4.06 percentage points year-on-year [7]. Business Segments - Revenue from chemical preparations in the first three quarters of 2024 was 4.714 billion yuan, down 8.52% year-on-year, with significant declines in digestive products [8]. - The company’s traditional Chinese medicine preparations saw a revenue increase of 16.49% year-on-year, reaching 1.041 billion yuan [8]. - The company is actively exploring international markets and accelerating the development of its own projects [8].

Investment Rating - The investment rating for the company is "Buy" based on its performance relative to market indices [8]. Core Insights - The company reported a revenue of 393.46 million yuan for the first nine months of 2024, representing a year-on-year increase of 7.51%. The net profit attributable to shareholders was 47.50 million yuan, up 27.39% year-on-year, while the net profit excluding non-recurring items was 42.28 million yuan, reflecting a 17.70% increase year-on-year [1]. - In Q3 2024, the company achieved a revenue of 119.23 million yuan, which is a 12.85% increase year-on-year. The net profit attributable to shareholders for this quarter was 18.47 million yuan, marking a significant year-on-year increase of 48.66% [4][5]. - The gross margin for the first nine months of 2024 was 26.60%, a slight decrease of 0.94 percentage points year-on-year, while the net margin improved to 12.18%, an increase of 1.82 percentage points year-on-year [1]. Financial Metrics Summary - For the first nine months of 2024, the company reported a gross margin of 26.60% and a net margin of 12.18%. The sales expense ratio was 4.86%, the management expense ratio was 5.37%, the R&D expense ratio was 3.83%, and the financial expense ratio was -1.42% [1]. - The company’s total assets were reported at 914.15 million yuan, with a net asset value of 511.05 million yuan, and a total share capital of 151.71 million shares [2].

Company Overview - The company specializes in the R&D, production, and sales of core components for automotive seat adjustment systems, offering high-performance, high-strength, high-precision, and high-difficulty customized services [2] - Its product portfolio includes self-lubricating bearings, force transmission rods, powder metallurgy parts, and metal powder injection molding parts, as well as adjustment mechanism assembly products [2] - Major clients include large and medium-sized automotive seat manufacturers such as Huayu Automotive, Zhonghang Precision, Shenchi Industrial, Faurecia, Rihan Precision, Hangjia Magna, and Lear [2] Financial Performance - In the first three quarters of 2024, the company achieved revenue of 209.42 million yuan, a year-on-year increase of 17.18%, and net profit attributable to the parent company of 59.60 million yuan, a year-on-year increase of 34.01% [1] - From July to September 2024, the company achieved revenue of 81.65 million yuan, a year-on-year increase of 17.79%, and net profit attributable to the parent company of 26.35 million yuan, a year-on-year increase of 42.36% [3] - The gross profit margin for the first three quarters of 2024 was 44.54%, a year-on-year decrease of 1.01 percentage points, while the net profit margin was 28.46%, a year-on-year increase of 3.58 percentage points [1] - From July to September 2024, the gross profit margin was 45.02%, a year-on-year decrease of 2.42 percentage points, and the net profit margin was 32.27%, a year-on-year increase of 5.57 percentage points [4] Operational Efficiency - The company demonstrated effective cost control, with sales expense ratio decreasing by 0.25 percentage points year-on-year to 1.74%, management expense ratio decreasing by 1.00 percentage points to 7.60%, and R&D expense ratio decreasing by 0.50 percentage points to 4.37% in the first three quarters of 2024 [1] - From July to September 2024, the sales expense ratio increased by 0.19 percentage points year-on-year to 2.21%, while the management expense ratio decreased by 0.62 percentage points to 6.25%, and the R&D expense ratio decreased by 1.28 percentage points to 3.94% [4] Valuation Metrics - As of November 18, 2024, the company's market capitalization was 1.924 billion yuan, with a trailing twelve-month (TTM) PE ratio of 23.56x [4] - The company's total equity was 351.51 million yuan, and total assets were 423.23 million yuan as of the latest reporting period [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 9.96 yuan as of November 18, 2024 [1][2] Core Views - The company's lithium battery business faced pressure in 2023, but new business segments are expected to drive performance improvement [1] - The company's 2024 Q3 results met expectations, with revenue and gross margin showing continuous recovery [7] - The company's LED and metal businesses contributed positively to Q3 performance, with LED business generating 48 million yuan in net profit [4] - The lithium battery business saw a decline in Q3 net profit due to increased R&D expenses, which reached 85 million yuan [4] Financial Performance - The company's 2024 Q3 revenue reached 1.77 billion yuan, up 22.7% YoY and 8.4% QoQ [6] - Net profit attributable to shareholders in Q3 was 115 million yuan, up 86.2% YoY and 18.5% QoQ [6] - Gross margin in Q3 was 18.9%, up 7.4 percentage points YoY and 3.3 percentage points QoQ [6] - The company's 2024 Q3 R&D expense ratio was 7.5%, up 1.7 percentage points YoY [6] Business Segments - In 2024 Q3, the LED business revenue was approximately 450 million yuan, with a gross margin of 22.5% [4] - The lithium battery business revenue in Q3 was approximately 665 million yuan, with a gross margin of 19.76% [4] - The metal business revenue in Q3 was approximately 620 million yuan [4] Future Projections - The report forecasts the company's net profit attributable to shareholders to reach 434 million yuan in 2024, 590 million yuan in 2025, and 689 million yuan in 2026 [7] - The company's EPS is expected to be 0.38 yuan in 2024, 0.51 yuan in 2025, and 0.60 yuan in 2026 [7] - The company's ROE is projected to increase from 6.3% in 2024 to 8.6% in 2026 [9] Valuation - As of November 18, 2024, the company's PE ratio is 26.5x for 2024, 19.5x for 2025, and 16.7x for 2026 [7] - The company's PB ratio is 1.8x for 2023, 1.7x for 2024, 1.5x for 2025, and 1.4x for 2026 [9]

Investment Rating - The investment rating for the company is "Buy" [8]. Core Insights - The company reported a revenue of 251.32 million yuan for the first nine months of 2024, representing a year-on-year increase of 2.53%. However, the net profit attributable to shareholders decreased by 2.60% to 66.35 million yuan [1]. - The gross margin improved to 43.30%, up by 2.63 percentage points year-on-year, while the net margin slightly declined to 26.40%, down by 1.39 percentage points [1]. - The company has a strong focus on research and development, collaborating with Harbin Institute of Technology, and offers a wide range of heat exchanger products [2]. Financial Performance Summary - For the third quarter of 2024, the company achieved a revenue of 76.61 million yuan, a year-on-year increase of 2.52%, but the net profit attributable to shareholders fell by 10.09% to 18.87 million yuan [4]. - The gross margin for Q3 2024 was reported at 45.73%, an increase of 2.59 percentage points year-on-year, while the net margin decreased to 24.63%, down by 3.45 percentage points [5]. - The company's total assets amounted to 578.12 million yuan, with a net asset value of 535.93 million yuan [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [8]. Core Insights - The company has demonstrated steady revenue growth, with a significant increase in net profit driven by strategic transformations and a solid position in the healthcare information and intelligent driving sectors [6][8]. - The company is focusing on the intelligentization of solutions and the monetization of data, which is expected to enhance its competitive edge and profitability [6][8]. Financial Summary - Revenue for 2023 is reported at 10,544 million, with projections of 12,139 million for 2024, reflecting a year-on-year growth of 11.4% and 15.1% respectively [3]. - The net profit attributable to shareholders is expected to rise from 74 million in 2023 to 216 million in 2024, marking a substantial growth of 121.6% [3]. - The gross margin is projected to remain stable around 24%, with a gradual increase in return on equity (ROE) from 0.8% in 2023 to 4.6% by 2026 [3][10]. - Earnings per share (EPS) are forecasted to grow from 0.06 in 2023 to 0.38 in 2026, indicating a strong upward trend in profitability [3][10].

Investment Rating - The report assigns a "增持" (Overweight) rating to the company, indicating a positive outlook for its stock performance relative to the market index [5] Core Views - The company's business development remains stable, with overseas market demand continuing to grow [4] - Domestic G-end business has stabilized, with emergency and transportation digital upgrade sectors showing strong growth [4] - Overseas business remains robust, driven by infrastructure demand in BRICS and Belt and Road countries [4] - The company expects overall revenue to maintain positive growth in Q4 2024 [4] - Gross margin is expected to stabilize and gradually increase starting from Q4 2024, with further improvement anticipated in 2025 [4] - The company is strengthening the application of large models and deepening cooperation with China Mobile, with 12 standardized scenario solutions already developed [5] Financial Performance - 2024Q1-Q3 revenue reached 22.45 billion yuan, a year-on-year increase of 0.77% [4] - 2024Q1-Q3 net profit attributable to the parent company was 2.545 billion yuan, a year-on-year decrease of 1.74% [4] - 2024Q3 revenue was 7.583 billion yuan, a year-on-year decrease of 0.80%, while net profit attributable to the parent company increased by 19.75% to 735 million yuan [4] - Gross margin for 2024Q1-Q3 was 40.81%, a year-on-year decrease of 1.84 percentage points [4] - Net profit margin for 2024Q1-Q3 was 11.58%, a year-on-year decrease of 0.57 percentage points [4] - The company forecasts net profit attributable to the parent company of 3.183 billion yuan, 3.582 billion yuan, and 4.037 billion yuan for 2024-2026, respectively [5] Strategic Developments - The company is implementing its "Dahua Think 2.0" strategy, focusing on AI large models and multi-dimensional perception technologies [5] - Significant progress has been made in energy and intelligent manufacturing sectors [5] - The company is deepening cooperation with China Mobile, particularly in IoT platform construction [5] Financial Projections - Revenue is projected to grow from 33.157 billion yuan in 2024E to 38.652 billion yuan in 2026E, with year-on-year growth rates of 2.9%, 8.2%, and 7.7%, respectively [3] - Net profit attributable to the parent company is expected to grow from 3.183 billion yuan in 2024E to 4.037 billion yuan in 2026E, with year-on-year growth rates of -56.8%, 12.5%, and 12.7%, respectively [3] - Gross margin is forecasted to remain stable at around 40.7%-41.6% from 2024E to 2026E [3] - ROE is expected to gradually increase from 8.8% in 2024E to 9.6% in 2026E [3] - EPS is projected to grow from 0.97 yuan in 2024E to 1.23 yuan in 2026E [3]