Q3 业绩符合预期，Q4 有望环比加速成长 核心观点 ⚫ Q3 业绩符合预期，全年指引稳健增长。公司前三季度取得营收 1,772 亿元，同比增 长 14%；归母净利润 91 亿元，同比增长 23%，扣非归母净利润 81 亿元，同比增长 15%。对应 Q3 单季营收 736 亿元，同比增长 27%，环比增长 44%；归母净利润 37 亿元，同比增长 22%，环比增长 26%；扣非归母净利润 32 亿元，同比增长 10%， 环比增长 14%。公司 Q3 归母位于此前业绩预告中上区间，各业务进展顺利，仅立 铠受客户智能头显产品的影响，吸收了较大的成本费用损失。公司受汇率影响三季 度财务费用 3 亿元，同环比均大幅增加，但同时外汇套期保值操作盈利则计入非经 常性损益科目，造成扣非与归母短期增速差异。公司同时发布 24 年业绩预告，预计 24 年归母净利润 131-137 亿元，同比增长 20%-25%，业绩增长稳健。 ⚫ AI 赋能北美大客户创新周期开启，消费电子业务迎来新动能。根据 IDC，三季度 Iphone 全球出货量 5600 万部，同比增长 3.5%,出货量创三季度历史新高。苹果 Apple Intelli ...

Investment Rating - The report downgrades the company's rating to "Overweight" with a DCF target valuation of 58.84 RMB [1][6] Core Views - The company reported 24Q3 revenue of 40.18 billion RMB, up 17.1% YoY, but net profit attributable to shareholders dropped 28.3% YoY to 4.15 billion RMB [1] - 24Q3 revenue grew 14% YoY, but net profit was -0.69 billion RMB, below market expectations [1] - Revenue growth was driven by the acquisition of Yuejiang Investment, contributing 3.8 billion RMB, while organic growth was only 5.98% [1] - Gross margin declined 2.69pct to 73.7% due to changes in business structure, with Yuejiang Investment's brands having a lower margin of 58.37% [1] - The main brand "Winona" and other major brands saw a gross margin increase of 5.98pct to 75.34% [1] - Rising expense ratios, particularly in sales and management, pressured profitability [1] - The company is transitioning "Winona" to a 2.0 era, focusing on comprehensive sensitive skin care solutions [1] Financial Performance - 24Q3 sales expense ratio surged 12.7pct YoY to 60.4%, driven by increased marketing and promotional activities [1] - Management expense ratio rose 4.9pct YoY to 13.5% in 24Q3 due to employee stock incentive plans [1] - Revenue is expected to grow from 6.407 billion RMB in 2024E to 8.252 billion RMB in 2026E, with a CAGR of 13.3% [2] - Net profit attributable to shareholders is projected to increase from 724 million RMB in 2024E to 1.157 billion RMB in 2026E [2] - Gross margin is forecasted to decline slightly from 71.2% in 2024E to 70.6% in 2026E [2] Valuation and Metrics - The company's PE ratio is expected to decrease from 31.1 in 2024E to 19.5 in 2026E [2] - PB ratio is projected to decline from 3.5 in 2024E to 2.8 in 2026E [2] - ROE is forecasted to improve from 11.8% in 2024E to 15.2% in 2026E [2] Market Performance - The stock's absolute performance over the past 12 months was -28.22%, underperforming the CSI 300 index by -41.12% [4] - Over the past month, the stock gained 24.59%, outperforming the CSI 300 index by 8.28% [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.22 CNY, based on a projected PE ratio of 34 times for 2025 [3][9]. Core Insights - The company's Q3 performance exceeded expectations, with a revenue of 1.1 billion CNY, a year-on-year increase of 15%, and a net profit attributable to the parent company of 130 million CNY, up 143% year-on-year. The significant profit growth is attributed to improved profitability [7]. - The upgrade of AI terminal cooling solutions is becoming a major trend, leading to increased demand for cooling materials and components. This trend is expected to expand the market space for the cooling industry [7]. - The company is positioned as a comprehensive thermal management solution provider, with a diverse product matrix and growth potential across various application fields. It has established vertical integration capabilities and covers major clients in the 3C industry [7]. Financial Summary - The company's financial forecasts for net profit attributable to the parent company for 2024-2026 are 180 million CNY, 249 million CNY, and 324 million CNY, respectively. These estimates have been revised upward due to increased revenue and gross margin expectations [9]. - Key financial metrics include a projected revenue of 1.568 billion CNY for 2024, with a year-on-year growth of 24.7%, and a gross margin expected to rise to 31.3% [6][9].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 72.58 yuan based on a projected P/E ratio of 38 times for 2025 [2]. Core Insights - The company achieved excellent performance in Q3 2024, with revenue of 930 million yuan, a year-on-year increase of 37.6%, and a net profit attributable to the parent company of 210 million yuan, up 57.5% year-on-year [1]. - Domestic sales showed steady growth, with a revenue of 680 million yuan in Q3, reflecting a 22.3% increase year-on-year, while international sales reached 120 million yuan, growing by 72.1% [1]. - The company successfully participated in national drug procurement, leading to a significant increase in domestic formulation sales, which totaled 1.8 billion yuan in the first three quarters of 2024, marking a 13.9% increase [1]. - The expansion into emerging markets has yielded significant results, with successful orders in Algeria and progress in the European and American markets [1]. - Profitability has improved, with a gross margin of 78.05% and a net margin of 22.4% in Q3, both showing increases compared to the previous year [1]. Financial Summary - The company's revenue for 2022 was 1.712 billion yuan, with a projected increase to 3.594 billion yuan in 2024, representing a year-on-year growth of 37.8% [4]. - The net profit attributable to the parent company is expected to rise from 340 million yuan in 2023 to 644 million yuan in 2024, reflecting an increase of 89.5% [4]. - The earnings per share are projected to be 1.07 yuan in 2024, increasing to 2.40 yuan by 2026 [2][4].

国庆客流同比高增，料长期经营稳健 核心观点 ⚫ 国庆客流火爆，秋冬季旅游或将延续高景气态势。 2024 年国庆期间，峨眉山市旅 游市场火热，据综合测算，国庆七天假期（截止 10 月 7 日 18:00）峨眉山市全域共 接待游客 160.28 万人次，旅游收入 15.95 亿元；其中峨眉山景区接待游客 26.31 万 人次，同比 23 年增加 19.35%，同比 19 年增加 83.45%，同时假期期间峨眉山景区 多次登上央视报道，进一步提升了景区曝光度与知名度。国庆旺季过后，机票、酒 店价格回落，形成银发族错峰出游窗口期，且峨眉山秋冬季赏红叶、赏雪等游览体 验具有较强吸引力，预计峨眉山秋冬季旅游或将延续国庆的高景气度。 ⚫ 24H1 受天气影响增速有所放缓，长期看将稳定增长。公司 24H1 实现营收 5.08 亿 元/+3.34% ，归母净利润/扣非归母净利润分别为 1.33 亿元/1.32 亿元，分别同比8.93%/-8.16%，主要因上半年受天气影响，旺季客流偏弱，叠加去年疫情后报复性 出游基数较高，导致业绩同比下滑。24 年 1-6 月，峨眉山景区接待游客 224.11 万 人次，与上年同期基本持平。分 ...

特斯拉新车型及 FSD 持续推进，继续关注 T 链、华为链公司 ——汽车行业周报（1021-1027） 核心观点 ⚫ 乘联会预估 10 月狭义乘用车零售约 220 万辆，10 月车市销量有望维持同环比增 长。据乘联会预估，10 月狭义乘用车零售销量预计约 220 万辆，同比增长 8.2%， 环比增长 4.3%；10 月新能源乘用车零售预计约 115 万辆，同比增长 49.9%，环比 增长 2.4%，新能源渗透率约 52.3%。10 月汽车以旧换新及置换更新政策效果继续 释放，截至 10 月 24 日，商务部以旧换新平台已收到补贴申请约 126 万份，各地汽 车置换补贴更新申请 126 万份，补贴申请量呈现加速申请趋势，政策有效拉动了国 庆期间及 10 月整体车市热度增长，预计 10 月乘用车零售端销量有望继续实现同环 比增长。 ⚫ 部分汽车行业公司披露 3 季度业绩，星宇股份、上海沿浦等公司表现亮眼。上周部 分汽车行业公司披露 3 季度报告，星宇股份 3 季度营收、归母净利润、扣非净利润 分别同比增长 24.8%、21.6%、43.7%，环比分别增长 6.2%、9.0%、13.9%；上海 沿浦 3 季度营收、 ...

纺织服装行业 行业研究 | 行业周报 | --- | --- | |--------------|-------------------------------| | | | | | 看好 （维持） | | | | | 国家 / 地区 | 中国 | | 行业 | 纺织服装行业 | | 报告发布日期 | 2024 年 10 月 27 日 | | --- | --- | |--------|-------------------------------| | | | | 施红梅 | 021-63325888*6076 | | | shihongmei@orientsec.com.cn | | | 执业证书编号： S0860511010001 | | 朱炎 | 021-63325888*6107 | | | zhuyan3@orientsec.com.cn | | | 执业证书编号： S0860521070006 | | | 香港证监会牌照： BSW044 | | --- | --- | |--------------------------------------------------------------- ...

核心观点 ⚫ 公司发布 24Q3 季报，前三季度实现营业收入 19.5 亿，同比增长 27%，实现归母净 利润 2.39 亿，同比增长 37.38%，单 Q3 来看，公司收入和归母净利润分别同比增 长 25.8%和 44.3%，超市场预期。 ⚫ 分品类来看，24Q3 眼部类、护肤类、洁肤类和美容类产品收入分别同比增长 22.3%、15.1%、12.2%和 54.1%，其中 24Q3 护肤类产品单价同比提升 43.1%，主 要原因包括：1）售价较高的重组胶原系列产品收入占比上升；2）货品结构变化拉 高了平均售价。 ⚫ 盈利能力表现优异。24Q3 公司毛利率同比增长 2.1pct 至 74.5%，推测由于高毛利 率的重组胶原系列产品收入占比提升所致，24Q3 销售和管理费用率分别同比下降 0.2 和 1.3pct，在市场竞争加剧的背景下，保持如此优秀的控费能力实属不易。 24Q3 公司净利率同比提升 1.3pct 至 10.4%。 ⚫ 我们认为，公司线上渠道转型的积极成果已得到有效巩固，大单品策略也得到持续 强化。丸美品牌作为眼部护理专家及抗衰老领域权威的品牌形象，同时叠加 PL 恋火 的高品质极简底妆的品牌理念 ...

核心观点 ⚫ 公司发布 2024 年三季报，前三季度实现营业收入 23.3 亿元（yoy+15.3%）；实现 归母净利润 3.3 亿元（yoy+22.2%）。单三季度来看，公司实现营业收入 5.7 亿元 （yoy+15.8%），实现归母净利润 0.4 亿元（yoy+108.8%）。24Q3 末公司合同负 债为 4.8 亿元，环比-1.4%。公司业绩稳健 ，预计能够实现年初业绩目标。 ⚫ 产品结构保持升级趋势，年份系列实现高增。2024 年前三季度，公司 300 元以上 /100-300 元/100 元以下产品分别实现收入 4.7/12.0/6.0 亿元，分别同比 +43.8%/+15.0%/-2.5%。24Q3，300 元以上/100-300 元/100 元以下收入分别同比 +42%/+15%/-24%。24Q3 单三季度 300 以上/100-300 元/100 元以下产品收入占比 分别为 29%/57%/14%，占比分别同比+6pct/+1pct/-7pct。其中，300 元以上产品受 益西北持续的消费升级，年份系列表现突出，公司不断推进用户工程建设，加强与 终端大客户互动及参与政企活动带动年份系列增长。 ...

国家/地区 中国 行业 基础化工行业 报告发布日期 2024 年 10 月 28 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 4 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 18 日美国原油商业库存 4.26 亿桶，周增加 550 万 桶；汽油库存 2.136 亿桶，周增加 90 万桶；馏分油库存 1.138 亿桶，周减少 110 万 桶；丙烷库存 1.01766 亿桶，周减少 136.8 万桶。美国原油产量及钻机数：2024 年 10 月 18 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。 10 月 25 日美国钻机数 585 台，周度不变，年减少 40 台；加拿大钻机数 216 台，周 减少 1 台，年增加 20 台。其中美国采油钻 480 台，周减少 2 台，年减少 24 台。 价格变化： ...