Investment Rating - Buy (Maintained) with a target price of 26.99 RMB [1] Core Views - The company reported Q3 2024 revenue of 7.14 billion RMB, up 16.1% YoY, and net profit attributable to shareholders of 1.045 billion RMB, down 5.7% YoY [2] - Excluding investment income from associates, net profit attributable to shareholders increased by 52.3% YoY to 975 million RMB [2] - Q3 2024 revenue was 2.31 billion RMB, down 3.2% YoY, while net profit attributable to shareholders increased by 1.3% YoY to 401 million RMB [2] - Gross margin in Q3 2024 reached 31.2%, up 8.3 percentage points QoQ, reflecting progress in high-end product strategy [2] - R&D expense ratio in Q3 2024 was 4.38%, up 0.21 percentage points YoY and 0.39 percentage points QoQ [2] - The company announced a share buyback plan of 150-300 million RMB, demonstrating confidence in future development [2] Financial Performance - Revenue for 2024E is projected at 11.046 billion RMB, up 28.9% YoY, with net profit attributable to shareholders of 1.383 billion RMB, down 7.1% YoY [1] - EPS for 2024E is forecasted at 1.42 RMB, down from the previous estimate of 1.46 RMB [3] - Gross margin is expected to remain stable at around 25% from 2024E to 2026E [1] - ROE is projected to decline slightly from 22.1% in 2023A to 17.8% in 2024E, before recovering to 18.5% in 2025E [1] Valuation - DCF valuation method used with a WACC of 8.27% and perpetual growth rate of 1% [6] - Target price of 26.99 RMB implies a 19.2% upside from the current price of 22.64 RMB [1] Industry and Strategy - The company continues to focus on high-end stainless steel pipe products, with revenue from high-value-added products in high-end equipment manufacturing and new materials reaching 22% of total revenue in H1 2024, up 40% YoY [2] - The "Quality and Return Dual Improvement" action plan aims to increase R&D investment and improve dividend payouts [2] - The acquisition of German EBK in 2023 is expected to contribute to future growth [3]

Investment Rating - The report maintains a **Buy** rating for the company with a target price of **59.73 RMB** [4] Core Views - The company's performance met expectations, with Q1-Q3 revenue reaching **19.352 billion RMB**, a **36.7% YoY increase**, and net profit attributable to shareholders of **2.234 billion RMB**, up **39.9% YoY** [1] - Q3 revenue was **7.13 billion RMB**, a **42.9% YoY increase**, with net profit attributable to shareholders of **778 million RMB**, up **54.6% YoY** [1] - Gross margin improved in Q3, reaching **20.9%**, up **0.5 percentage points QoQ**, despite a **1.8 percentage point YoY decline** due to raw material price fluctuations and rising labor costs [1] - The company's platform strategy is advancing, with rapid growth in thermal management and automotive electronics businesses [1] - Domestic and international production capacity is progressing steadily, with new factories in China and overseas projects in Mexico and Poland [1] Financial Performance - Q1-Q3 operating cash flow was **1.139 billion RMB**, down **57.8% YoY**, mainly due to increased purchases and employee compensation [1] - The company's R&D investment continues to grow, supporting the leading position of its product lines, including smart cabins, IBS, EPS, and air suspension systems [1] - The company's single-vehicle supporting amount is approximately **30,000 RMB**, with potential for further growth as new customers and projects are secured [1] Business Segments - In Q3, revenue from shock absorbers, interior functional parts, chassis systems, thermal management systems, and automotive electronics reached **1.174 billion RMB**, **2.116 billion RMB**, **2.225 billion RMB**, **584 million RMB**, and **583 million RMB**, respectively, with automotive electronics growing **1,357.5% YoY** [1] - The company's thermal management and automotive electronics businesses are experiencing rapid growth, with automotive electronics achieving significant scale [1] Production Capacity Expansion - Domestic projects, including the Hangzhou Bay Industrial Park Phase VIII and new factories in Anhui and Zhejiang, are progressing well [1] - Overseas projects, such as the Mexico Industrial Park Phase I and Phase II, are on track, with Phase I expected to start production in H1 2024 [1] - The company is also preparing for the Poland Phase II factory to meet European demand [1] Financial Forecasts - The report forecasts net profit attributable to shareholders for 2024-2026 to be **3.056 billion RMB**, **3.729 billion RMB**, and **4.693 billion RMB**, respectively, with a 2024 PE ratio of **33x** [1] - Revenue is expected to grow to **25.278 billion RMB** in 2024, **33.216 billion RMB** in 2025, and **42.111 billion RMB** in 2026, with YoY growth rates of **28.3%**, **31.4%**, and **26.8%**, respectively [3] - Gross margin is projected to remain stable at around **23%** from 2024 to 2026 [3] Valuation Metrics - The company's 2024 PE ratio is estimated at **23.7x**, with a PB ratio of **3.7x** [3] - The EV/EBITDA ratio is forecasted to decrease from **26.0x** in 2022 to **10.5x** in 2026 [9]

核心观点 ⚫ 公司发布 24Q3 季报，前三季度实现收入 152.6 亿，同比下降 1.99%，实现归母净 利润 19.1 亿，同比下降 22.2%，其中 24Q3 收入和归母净利润分别同比下降 11.01%和 64.9%，低于市场预期。 ⚫ 分品牌来看，24Q3 海澜之家和团购收入分别同比下降 26.6%和 37.1%，主品牌下 降推测主要受到线下客流减少拖累，此外加盟渠道的调整预计也有一定影响。其他 品牌收入同比大幅增长 109.7%，主要系 2024 年 4 月末斯搏兹品牌管理（上海）有 限公司新纳入公司合并报表范围（公司持股 51%），同期基数较低所致。 ⚫ 分渠道来看，24Q3 线上和线下收入同比增长 39.7%和-25.9%；分门店类型来看， 24Q3 直营店、加盟店及其他收入分别下降 2.4%和 14.2%。 ⚫ 24Q3 公司存货周转天数为 346 天，同比增加 71 天，推测主要受提前备货、斯搏兹 业务并表、以及三季度主品牌销售不畅等因素影响，24Q3 经营活动现金流净额为19.7 亿，去年同期为-3.24 亿。 ⚫ 盈利能力方面，24Q3 毛利率同比下降 1.1pct 至 42.8%，费用 ...

24Q3 业绩下滑速度进一步放缓，4 季度业 绩有望进一步改善 ——计算机行业 24 年 3 季报总结 核心观点 ⚫ 截至 10 月 30 晚，所有上市公司完成三季披露。计算机板块 342 家上市公司（剔除 B 股、ST 个股）2024 年前 9 月收入合计达 7841.7 亿（YoY+7.6%），其中 24Q3 单季 2830.3 亿（YoY+5.9%），增速较 24Q2 的 10.1%有所回落。从净利润角度， 前三季度板块归母净利润合计为 74 亿，同比大幅下滑 50%，但 24Q3 归母利润合计 为 44.3 亿，同比降幅收窄至 11.0%。 ⚫ 盈利能力继续下降，但降本增效带来费率下降明显。24 年 1-9 月板块整体的毛利率 和净利率水平较去年同期均下滑明显，分别下滑 2.37 和 1.09pcts。24Q3 单季来 看，毛利率下降 2.72pcts，净利率下降 0.30pcts。行业自年初以来持续加强费用管 控，1-9 月销售、管理、研发费用率较去年同期分别下降 0.68、0.34、0.88pcts，而 24Q3 较 24Q2 也进一步下降 0.60、0.28、0.00pcts。我们判断，24Q4 ...

国家/地区 中国 行业 基础化工行业 报告发布日期 2024 年 11 月 03 日 niji@orientsec.com.cn 执业证书编号：S0860517120003 顾雪莺 guxueying@orientsec.com.cn 执业证书编号：S0860523080005 基础化工行业 行业研究 | 行业周报 东方证券化工周报-2024 年 10 月第 5 周 看好（维持） 核心观点 原油相关信息： ⚫ 原油及相关库存：2024 年 10 月 25 日美国原油商业库存 4.255 亿桶，周减少 50 万 桶；汽油库存 2.109 亿桶，周减少 270 万桶；馏分油库存 1.129 亿桶，周减少 100 万桶；丙烷库存 1.0153 亿桶，周减少 23.7 万桶。美国原油产量及钻机数：2024 年 10 月 25 日美国原油产量为 1350.0 万桶/天，周度不变，较一年前增加 30 万桶/天。 11 月 1 日美国钻机数 585 台，周度不变，年减少 33 台；加拿大钻机数 213 台，周 减少 3 台，年增加 17 台。其中美国采油钻 479 台，周减少 1 台，年减少 17 台。 价格变化： ⚫ 我 ...

看好（维持） 国家/地区 中国 行业 造纸轻工行业 报告发布日期 2024 年 11 月 03 日 李雪君 021-63325888*6069 lixuejun@orientsec.com.cn 执业证书编号：S0860517020001 香港证监会牌照：BSW124 谢雨辰 xieyuchen@orientsec.com.cn 执业证书编号：S0860524090001 本周再生箱板纸价格延续上涨趋势 ——造纸产业链数据每周速递（2024/11/03） 核心观点 ⚫ 本周轻工制造行业指数下跌 0.64%，跑赢大盘 1.04pct；造纸子板块下跌 1.02%， 跑赢大盘 0.66pct。本周沪深 300 指数下跌 1.68%，轻工制造(申万)指数下跌 0.64%，跑赢沪深 300 指数 1.04pct，在 28 个申万一级行业中位列第 17 位；二级行 业中，造纸子板块下跌 1.02%，跑赢大盘 0.66pct。本周轻工四大子板块按涨幅由大 到小分别为包装印刷、家具、造纸和文娱用品板块，其中包装印刷板块上涨 0.81%，家具、造纸和文娱用品板块分别下跌 0.73%、1.02%、3.30%。 产业链数据跟踪 ⚫ ...

业绩回暖，息差有韧性 ——A 股上市银行 24Q3 季报综述 银行行业 行业研究 | 深度报告 | --- | --- | |--------------|-------------------------------| | | | | | 看好 （维持） | | | | | 国家 / 地区 | 中国 | | 行业 | 银行行业 | | 报告发布日期 | 2024 年 11 月 01 日 | | --- | --- | |--------|---------------------------------------------------------| | | | | | | | 屈俊 | qujun@orientsec.com.cn 执业证书编号： S0860523060001 | | 于博文 | yubowen1@orientsec.com.cn 执业证书编号： S0860524020002 | | | | 王霄鸿 wangxiaohong@orientsec.com.cn | --- | --- | |----------------------------------------------|--- ...

Investment Rating - The report maintains a **Buy** rating for the company with a target price of **46.48 CNY** [2][5] Core Views - The company's Q3 performance exceeded market expectations, with revenue reaching **7.56 billion CNY**, a year-on-year increase of **20.1%**, and net profit attributable to the parent company of **0.78 billion CNY**, a year-on-year increase of **116.9%** [1] - Gross margin improved significantly in Q3, reaching **28.8%**, up **4.0 percentage points** year-on-year and **3.9 percentage points** quarter-on-quarter, driven by stable raw material prices such as rare earths [1] - The company has expanded its customer base in the new energy vehicle sector, securing projects with major clients like Tesla (T client) and Mercedes-Benz (M client), which are expected to drive future revenue growth [1] - The company is advancing the construction of its Hefei factory, which is expected to add significant production capacity, including **12 million low-frequency speakers**, **6 million mid-frequency speakers**, and **1.8 million electronic products** annually [1] Financial Performance - Revenue for the first three quarters of 2023 was **19.94 billion CNY**, a year-on-year increase of **25.2%**, with net profit attributable to the parent company of **1.90 billion CNY**, up **76.9%** year-on-year [1] - Operating cash flow for the first three quarters was **1.96 billion CNY**, a year-on-year decrease of **6.2%** [1] - The company's EPS for 2024-2026 is forecasted to be **1.66 CNY**, **2.14 CNY**, and **2.77 CNY**, respectively, with a target price of **46.48 CNY** based on a 28x PE ratio for 2024 [2] Industry and Market Performance - The company's stock price as of November 1, 2024, was **33.81 CNY**, with a 52-week high/low of **49.76 CNY** and **20.18 CNY**, respectively [5] - The company's market capitalization is **5.41 billion CNY**, with a total of **160 million shares** outstanding [5] - The company's stock has shown strong performance over the past three months, with a **42.9%** increase in absolute terms and **29.13%** relative to the CSI 300 index [6] Future Outlook - The company is expected to benefit from the growth of new energy vehicle clients, with revenue projected to grow from **2.33 billion CNY** in 2023 to **4.57 billion CNY** in 2026 [4] - Gross margin is expected to remain stable at around **26.5%** from 2024 to 2026, with net profit margin increasing from **6.8%** in 2023 to **9.7%** in 2026 [4] - The company's ROE is forecasted to improve from **13.2%** in 2023 to **21.7%** in 2026, driven by increased profitability and operational efficiency [4]

场 智能电控产品持续增长，积极布局海外市 核心观点 ⚫ 业绩符合预期。公司前三季度营业收入 65.78 亿元，同比增长 28.9%；归母净利润 7.78 亿元，同比增长 30.8%；扣非归母净利润 7.09 亿元，同比增长 30.9%。3 季度 营业收入 26.07 亿元，同比增长 29.7%，环比增长 23.5%；归母净利润 3.21 亿元， 同比增长 34.0%，环比增长 29.5%；扣非归母净利润 2.87 亿元，同比增长 33.0%， 环比增长 25.0%。 ⚫ 毛利率环比改善。前三季度毛利率 21.3%，同比减少 1.0 个百分点；3 季度毛利率 21.6%，同比减少 1.0 个百分点，环比增长 0.1 个百分点。前三季度期间费用率 8.8%，同比减少 0.3 个百分点，其中销售/管理/研发费用率分别同比减少 0.1/0.1/0.2 个百分点，主要系公司收入规模增加摊薄费率。财务费用率同比减少 0.1 个百分点， 主要系当期可转债利息确认减少所致。前三季度经营活动现金流净额 6.22 亿元，同 比增长 14.7%，主要系回款增加所致。 ⚫ 新老产品并驱放量，持续获取新项目。3 季度公司智能电控产品销 ...

Investment Rating - The report maintains a **Buy** rating for the company with a target price of **18.72 CNY** [2][4] Core Views - The company's Q3 performance met expectations, with revenue of **421.99 billion CNY**, a **5.4% YoY decline** but a **4.8% QoQ increase** [1] - Net profit attributable to the parent company in Q3 was **16.11 billion CNY**, down **15.2% YoY** but up **0.7% QoQ** [1] - The company achieved stable operations by expanding incremental markets and implementing cost control measures despite industry challenges [1] - Q3 gross margin improved to **12.3%**, up **0.6 percentage points QoQ**, while the expense ratio slightly improved [1] - The company is advancing its neutralization strategy, with over **60% of revenue** coming from non-industry clients in H1, helping to offset the decline in industry client sales [1] - The company's global business platform is opening new opportunities, with international clients including Tesla, Mercedes-Benz, and BMW [1] Financial Performance - Revenue for the first three quarters was **1194.91 billion CNY**, down **1.7% YoY**, with net profit attributable to the parent company at **44.73 billion CNY**, down **5.6% YoY** [1] - Operating cash flow for the first three quarters was **56.19 billion CNY**, down **22.5% YoY** [1] - The company's revenue from exterior and interior parts business in Q3 was **926 billion CNY**, with a net profit of **27.1 billion CNY**, showing a slight YoY increase [1] Business Segments - Exterior and interior parts: Revenue of **926 billion CNY**, net profit of **27.1 billion CNY** in Q3 [1] - Metal forming and molds: Revenue of **57 billion CNY**, net profit of **2.1 billion CNY** in Q3 [1] - Functional parts: Revenue of **192 billion CNY**, net profit of **16.6 billion CNY** in Q3 [1] - Electronic and electrical parts: Revenue of **47 billion CNY**, net loss of **0.9 billion CNY** in Q3 [1] - Heat treatment parts: Revenue of **4 billion CNY**, net loss of **0.2 billion CNY** in Q3 [1] Future Outlook - The company is expected to achieve steady growth with the support of non-industry clients and new energy vehicle business [1] - The company has secured new orders, with over **50% of domestic independent brand orders** and over **70% of new energy vehicle business** in H1 [1] Valuation and Forecast - The report forecasts EPS for 2024-2026 at **2.08**, **2.24**, and **2.32 CNY**, respectively, with a target price of **18.72 CNY** based on a **9x PE ratio** [2] - The company's revenue is expected to grow at a CAGR of **6.4%** from 2024 to 2026, reaching **201.7 billion CNY** by 2026 [3]