Investment Rating - Buy-A rating with a 6-month target price of 18.25 RMB, representing a 25x dynamic P/E ratio for 2024 [4][6][22] Core Views - Domestic large-scale equipment updates and North American manufacturing reshoring support steady growth in industrial motors [12] - Home appliance replacement policies boost demand for upstream motors, with a turning point in daily-use motor revenue [12] - Strong growth in new energy vehicle (NEV) production and sales, with the automotive motor business expected to grow significantly, with estimated contract amounts totaling 8.637 billion RMB from 2020-2031 [12] - Low-altitude economy policy inflection point reached, with aviation motors as a high-value segment expected to bring new growth [12] Industrial Motors - The company is a global leader in motor manufacturing, ranking second in high-voltage motors and third in low-voltage motors globally [13] - Industrial motors account for 61.96% of revenue, with domestic demand driven by large-scale equipment updates and overseas demand supported by US manufacturing reshoring [13][14] - Domestic equipment updates aim for a 25% increase in investment by 2027, with accelerated replacement of high-efficiency motors [14] - US manufacturing reshoring drives upstream demand, with US factory construction investment reaching 238.262 billion USD in August 2024, up 18.32% YoY [15][35] Daily-Use Motors - Home appliance replacement policies drive demand, with major appliance sales reaching 130 million units in Jan-Sep 2024, up 3.49% YoY [19] - Average prices of major appliances rebounded to 1,628.15 RMB/unit in Sep 2024, up 56.75% from the Feb low [19] - The company has long-term partnerships with leading home appliance brands, benefiting from the industry recovery [19] New Energy Vehicle (NEV) Motors - NEV sales in China reached 8.32 million units in Jan-Sep 2024, up 32.53% YoY, with exports reaching 1.6765 million units, up 33.45% YoY [20] - Motors are a core component of NEVs, accounting for 7% of vehicle value, with raw material price declines improving profitability [20] - The company has formed a joint venture with ZF, a global leader, with estimated contract amounts totaling 8.637 billion RMB from 2020-2031 [20] Low-Altitude Economy - Low-altitude economy policies have reached an inflection point, with a projected trillion RMB market by 2030 [21] - Electric propulsion is a key technology for low-altitude aircraft, with the company having developed products across small, medium, and large categories [21] - The company has partnered with COMAC and other leading firms, establishing a competitive advantage in aviation motor systems [21] Financial Performance - Revenue for 2024 is projected at 18.012 billion RMB, up 15.71% YoY, with net profit of 1.102 billion RMB, up 107.96% YoY [13] - Revenue for 2024-2026 is forecasted at 16.8, 18.71, and 20.94 billion RMB, with net profit of 0.96, 1.13, and 1.38 billion RMB, respectively [22] - Industrial motors contributed 9.645 billion RMB in revenue in 2023, up 10.03% YoY, with a gross margin of 29.58% [96]

2024 年 11月 01 日 瑞尔特(002790. SZ) 业绩短期承压,期待以旧换新释放需求 事件:瑞尔特发布 2024年三年报。24Q1-3 公司实现营业收入 17. 10 亿元,同比增长 10.59%;归母净利润 1.26亿元,同比下降 28.15%; 扣非后归母净利润 1.13 亿元,同比下降 30.63%。24Q3 公司实现营业 收入5.67 亿元,同比下降 0.93%;归母净利润 0.35 亿元,同比下降 43.43%; 扣非后归母净利润 0.33 亿元, 同比下降 43.40%。 目Q3 海外、自主品牌表现较好，受益以旧换新成效可期 Q3 地产、消费压力延续,智能马桶需求仍受到压制。公司积极拓展 海外市场，持续推进自有品牌渠道布局和建设实现增长,弥补国内代 工订单下滑影响,营业收入保持相对稳定。产品方面,公司在康养、 环保、卫生等方向进行升级，双 11 大促推出旧款升级，包括F30Pro 增加双用户模式、CIAA 抗菌釉面;A6Pro 增加 15分钟久坐提醒、童 洗、冷热交替洗、升级无光触媒除臭;UX70 增加了自动调温、童洗、 冷热交替洗、UVC 动态水杀菌等。公司积极参与以旧换新政策,通 ...

2024 年 11月 01 日 邮储银行 (601658. SH) 业绩实现温和修复 --- 邮储银行 2024 年三季报点评 目事件:邮储银行披露 2024 年三季度报告,2024 年前三季度营 收增速为 0.09%(中报数据为-0.11%);拔备前利润增速为-1.81% (中报数据为-6.08%);归母净利润增速为 0.22%(中报数据为- 1.51%)，业绩实现温和修复,我们点评如下: 目2024年第三季度邮储银行归母净利润增速为 3.50%,业绩增长 主要受到规模增长、成本压降支撑,而净息差收窄、拔备计提则 对业绩增长形成拖累。 目量：信贷投放支撑资产规模稳步扩张 1资产端:2024年三季度末邮储银行资产规模同比扩张 9.34%,增速 环比上升 0.81pct,其中贷款规模同比增长 9.46%,较 Q2 增速下降 1.23pct。从单季度来看，贷款净额、同业资产是支撑邮储银行资产 扩张的主要部分,三季度两者分别新增 1278 亿元、1205 亿元。三季 皮末,邮储银行生息资产结构基本稳定,贷款占比为51.80%,环比咯 降 0.23pct;同业资产占比提升 0.64pct 至 5.5%,预计主要是邮储 ...

四公司快报 2024 年 11月 01 日 E星科技 (002444. SZ) 业绩稳定增长,电动工具发展顺利 目事件:巨星科技披露 2024年三季报 2024 年前三季度,公司实现营业收入 110.84 亿元,同比增长 28.73%; 实现归母净利润 19.35 亿元,同比增长 28.50%; 拆分单季皮观察, 2024 年 Q3 公司实现营业收入 43.83 亿元,同比增长 30.25%;实现归 母净利润 7.42 亿元，同比增长 17.05%。 目毛利率环比提升，汇兑及投资收益或影响净利率 2024 年 Q3，公司毛利率为 32.91%，较 2024 年 Q2 的 32.70%实现增 长,我们认为公司毛利率提升主要原因如下:首先,公司积极发展电 动工具业务,产品结构实现优化;其次公司收入持续增长,新产能逐 步落地,规模效应拉升毛利率;最后是 2024Q3 公司收入对应的运费、 原材料等成本价格波动趋缓。净利率端，2024年 Q3 实现销售净利率 17.15%,较 2024年Q2的 23.53%略有下滑,我们认为净利率下降的 原因如下:首先,2024年Q3 人民币兑美元汇率产生波动,公司部分 外币资产的公 ...

股价表现 2024 年 11月 01 日 王府并(600859. SH) 前三季度整体业绩下滑,免税表现亮眼 目公司发布 2024年第三季度报: (1) 2024 年前三季度:公司实现营业收入 84.99 亿元/-8.27%,实 现归母净利润 4.27 亿元/-34.13%，实现扣非归母净利润 3.59 亿元 /-39.12%。报告期内,由于市场环境、消费者行为及消费结构的快 速变动,公司收入出现了下滑。 (2) 2024Q3:公司实现营业收入 24.64 亿元/-14.61%,实现归母净 利润 1.34 亿元/+2.53%，实现扣非归母净利润 0.39 亿元/-70.54%。 目市场环境艰难,盈利能力有所下滑: (1)2024 年前三季度公司毛利率 40.17%/-4.95pcts，净利率 5.17%/-2.38pcts。销售费用率 14.51%/+0.81pct，管理费用率 14.94%/+2.95pcts，财务费用率 1.90%/-0.36pct。 (2)2024Q3:公司毛利率 38.29%/-13.84pcts, 净利率 5.08%/- 0.28pct 。 销售费用率 16.35%/+1.81pct ...

wangzs2@essence.com.cn 2024 年 11月 01 日 兴业银行 (601166. SH) 营收增长有韧性 -- 兴业银行 2024 年三季报点评 目事件:兴业银行披露 2024 年三季度报告,2024 年前三季度营 收增速为 1.81%(中报为 1.80%):拨备前利润增速为 3.75%(中 报为 3.75%);归母净利润增速为-3.02%（中报为 0.86%）,我们点 评如下: 目兴业银行 2024年三季度归母净利润同比增速为-10.45%,主要 是因为兴业银行在第三季度拔备计提力度同比大幅提升,此外息 差收窄也对业绩形成一定拖累。生息资产规模扩大、非息收入增 加及成本收入比改善则对公司业绩形成支撑。 目量：资产规模稳定增长，信贷结构持续优化 1资产端: 2024年三季皮末，兴业银行资产规模同比增长 3.87%，增 速环比下降 0.78pct; 其中贷款规模同比增长 8.05%。兴业银行规模 扩张速度微降主要是公司大幅压降了收益率较低的同业资产规模,同 时加大了金融资产配置力度。三季度末公司总资产规模净减少 427 亿 元;其中贷款净额、金融投资单季度分别增加 734 亿元、1825 ...

2024 年 11月 01 日 恒立液压(601100. SH) 业绩稳健增长,稀缺性和成长性仍是公 司最突出的特点 目事件: 恒立液压发布 2024年三季报，1-9 月，公司实现营业收 入 69.36 亿元，同比增长 9.32%，实现归母净利润 17.91 亿元, 同比增长 2.16%;单Q3,公司实现营业收入 21.03亿元,同比增 长 11.12%，实现归母净利润 5.04 亿元，同比增长 6.07%。 目挖机行业持续复苏,"国际化+多元化"支撑公司收入向好增长。 根据工程机械工业协会, 1-9 月,我国挖机销量 14.74 万台,同 比-0.96%; 其中内销 7.39万台, 同比+8.62%; 出口 7.34 万台, 同比-9.04%。内销3月以来持续保持较好增长;出口Q1-Q3 增速 分别为-17.89%、-9.8%、+2.96%，下半年以来实现转正。行业复 苏背景下,我们判断公司收入稳健增长主要来源于:①挖机板块 收入改善:2非挖板块持续放量;3海外业务持续扩张。短期来 看,随着国内政策的不断加码,内需或顺周期复苏,公司挖机业 务有望持续受益;中长期来看,未来墨西哥工厂投产、丝杠等新 兴业务放量 ...

股价表现 2024 年 11月 01 日 潮宏基 (002345. SZ) Q3 业绩保持稳健,持续坚持产品创新 目公司发布 2024年第三季度报告: (1) 2024 年前三季度,公司实现营业收入 48.59 亿元/+8.01%,实 现归母净利润 3.16 亿元/+0.95%，实现扣非归母净利润 3.10 亿元 /+0.77%。 (2) 2024Q3, 公司实现营业收入 14.28 亿元/-4.36%,归母净利润 0.86 亿元/-17.21%，扣非归母净利润 0.85 亿元/-17.71%。 目毛利率小幅下滑，费用结构调整显著: (1)2024 前三季度公司毛利率 24.16%/-2.58pcts,销售/管理/研发 费 用率分别为 11.63%/2.00%/0.91%， 同 比-1.95pcts/0.13pct/- 0.14pct, 净利率 6.50%/-0.45pct。 (2)2024Q3 公司毛利率为 24.23%/-2.23pcts, 销售/管理/研发费用 率分别为 12.25%/2.17%/1.05%,同比-0.27pct/-0.24pct/-0.02pct, 净利率 6.02%/-0.94pct ...

Investment Rating - The report maintains a **Buy-A** rating for the company with a 6-month target price of **8.37 RMB** [4] Core Views - The company's revenue for the first three quarters of 2024 reached **4.723 billion RMB**, a year-on-year increase of **130.05%**, driven by rapid business growth [1] - Net profit attributable to the parent company for the first three quarters of 2024 was **123 million RMB**, a significant year-on-year increase of **773.86%** [1] - The company's gross margin for the first three quarters of 2024 was **13.04%**, an increase of **1.55 percentage points** compared to the previous year [2] - The company is accelerating its digital transformation and expanding its nationwide retail network, with plans to reach **5,000 stores by the end of 2026** [4] Financial Performance - In Q3 2024, the company achieved revenue of **2.106 billion RMB**, a year-on-year increase of **67.06%**, with net profit attributable to the parent company of **52 million RMB**, up **6.31%** year-on-year [1] - The company's operating cash flow for the first three quarters of 2024 was **494 million RMB**, a year-on-year increase of **344.78%**, reflecting strong customer repayments and prepayments [1] - The company's net profit margin for the first three quarters of 2024 was **2.60%**, an increase of **1.92 percentage points** compared to the previous year [2] Industry Trends - The outbound tourism market is recovering, with demand shifting from traditional sightseeing to high-quality cultural and experiential travel [3] - The company is responding to market changes by optimizing product structures and expanding destination resources, such as launching the **MSC Mediterranean Cruise 2026 Global Route** [3] Strategic Initiatives - The company's retail brand, **Zhongxin Youyou**, secured **50 million RMB** in Pre-A round financing and has expanded to **20 provinces and autonomous regions** across China [4] - The company is focusing on building a digital retail model, integrating online and offline channels, and enhancing its digital marketing platform [4] Valuation and Forecast - The report forecasts the company's revenue for 2024-2026 to be **7.087 billion RMB**, **10.824 billion RMB**, and **12.376 billion RMB**, respectively, with year-on-year growth rates of **114.9%**, **52.7%**, and **14.3%** [7] - Net profit attributable to the parent company is expected to be **150 million RMB**, **245 million RMB**, and **334 million RMB** for 2024-2026, with year-on-year growth rates of **363.3%**, **64.1%**, and **36.3%** [7]

股价表现 SAC 执业证书编号：S1450123070047 2024 年 11月 01 日 老凤祥 (600612. SH) Q3 业绩暂时承压,不断创新永葆活力 目公司发布 2024年第三季度报告: 1）2024 前三季度，公司实现营业收入 525.82 亿元/-15.28%，实现 归母净利润 17.76 亿元/-9.60%，扣非归母净利润 16.98 亿元/- 14. 20%。 2) 单拆 Q3，公司实现营业收入 126.23 亿元/-41.89%，实现归母净 利润 3.72 亿元/-46.20%,扣非归母净利润 2.39 亿元/-65.25%。系黄 金价格的持续上涨导致黄金首饰消费量下降所致。 目毛利率基本稳定，费用率稳中略升。 1)2024 前三季度公司毛利率为 8.56%/+0.44pct, 销售/管理/研发费 用 率 分 同 比 +0.08pct/+0.22pct/+0.01pct，实现归母净利率 3.38%/+0.21pct。 2) 单拆 Q3 公司毛利率为 6.52%/-0.98pct, 销售/管理/研发费用率 分别为 1.16%/1.08%/0.07%, 同比+0.27pct/+0.60p ...