Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 34.80 CNY over the next six months, representing a dynamic price-to-earnings ratio of 15 times for 2024 [5][11]. Core Views - The company reported a revenue of 70.58 billion CNY for the first three quarters of 2024, reflecting a year-on-year increase of 8.8%. The net profit attributable to shareholders was 2.79 billion CNY, up 15.1% year-on-year [1]. - The report highlights that while domestic sales growth has slowed, export sales continue to grow rapidly, with a projected year-on-year increase of over 30% for white goods [2][3]. - The gross margin for Q3 2024 was reported at 20.8%, a decrease of 2.4 percentage points year-on-year, primarily due to increased competition and rising raw material costs [3]. - The report anticipates that the company's profitability will improve due to the expected enhancement in domestic sales prices driven by trade-in programs and ongoing product upgrades [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 21.94 billion CNY, a slight decrease of 0.1% year-on-year, with a net profit of 780 million CNY, down 16.3% year-on-year [1][3]. - The operating cash flow for Q3 decreased by 1.78 billion CNY year-on-year, attributed to a significant increase in cash payments for goods and services [3]. Sales Performance - Domestic sales growth has been impacted by the real estate sector, with significant declines in central air conditioning and home appliance sales. However, the company is diversifying its central air conditioning business to reduce reliance on real estate [2]. - Export sales for home air conditioners and refrigerators showed strong growth, with year-on-year increases of 44% and 22%, respectively, in Q3 2024 [2]. Profitability Metrics - The report projects earnings per share (EPS) of 2.32 CNY and 2.69 CNY for 2024 and 2025, respectively [3]. - The net profit margin for Q3 2024 was 3.5%, down 0.7 percentage points year-on-year, indicating pressure on profitability [3]. Market Outlook - The central air conditioning segment is identified as a growth area within the major appliance sector, with the company expected to benefit from increased downstream demand [3].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 12.21 CNY for the next six months, compared to the current stock price of 11.05 CNY [5]. Core Insights - The company reported a revenue of 6.68 billion CNY for the first three quarters of 2024, reflecting a year-on-year growth of 0.94%. In Q3 2024, the revenue reached 2.58 billion CNY, showing an increase of 8.98% year-on-year. However, the net profit attributable to shareholders for the first three quarters was -118 million CNY, a decline of 235.96% year-on-year, with Q3 net profit at -41 million CNY, down 804.12% year-on-year [1][3]. - The financial software services segment achieved a revenue of 2.46 billion CNY in the first three quarters, marking a growth of 19.42% year-on-year, indicating strong performance in this area [1][3]. - The company is focusing on expanding its financial technology strategy and has plans for a private placement to enhance its overseas market presence [2][4]. Revenue Summary - In Q3 2024, the company experienced an acceleration in revenue growth, primarily supported by the financial sector. The total revenue from the financial industry for the first three quarters was 3.04 billion CNY, with financial software services contributing 2.46 billion CNY, up 19.42% year-on-year. The signed contracts in the financial sector reached 3.58 billion CNY, with financial software services contracts at 2.81 billion CNY, reflecting a growth of 17.34% year-on-year. The backlog of signed but unrecognized revenue for financial software services was 2.96 billion CNY, up 28.57% year-on-year [3][4]. Profitability Summary - The decline in net profit is attributed to intense industry competition, which led to a decrease in gross margin by 3.08 percentage points compared to the previous year. Additionally, increased investments in new product lines to expand the financial technology strategy contributed to the drop in net profit and net profit excluding non-recurring items [3][4]. Market Strategy - Domestically, the company is nurturing its key business areas, with new generation credit products gaining traction. It has successfully secured several significant projects in the financial sector. Internationally, the company plans to raise 300 million CNY for the development of its OneBox overseas banking system and other projects, indicating a strategic move into the overseas market, which is viewed as a new growth area [4][9]. Financial Projections - The company is expected to achieve revenues of 12.36 billion CNY, 13.11 billion CNY, and 13.98 billion CNY for the years 2024, 2025, and 2026, respectively. The projected net profits for the same years are 237.8 million CNY, 297.7 million CNY, and 379.7 million CNY [9][10].

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 9.52 CNY, compared to the current stock price of 8.16 CNY [5][7]. Core Views - The company's revenue for the first nine months of 2024 was 68.726 billion CNY, a year-on-year decrease of 4.11%, while the net profit attributable to shareholders was 5.309 billion CNY, an increase of 9.71% [1]. - In Q3 2024, the company achieved a revenue of 19.094 billion CNY, down 6.37% year-on-year, but net profit rose by 28.28% to 1.603 billion CNY [1]. - The company is experiencing a structural differentiation in domestic sales, with strong demand in emerging markets driving export growth [2]. - The gross margin improved to 25.54% in Q3, up 2.53 percentage points year-on-year, indicating enhanced profitability [3]. - Operating cash flow for the first nine months was 2.043 billion CNY, a year-on-year increase of 24.45%, reflecting improved financial stability [4]. Summary by Sections Financial Performance - For the first nine months of 2024, the company reported a revenue of 68.726 billion CNY and a net profit of 5.309 billion CNY, with Q3 figures showing a revenue of 19.094 billion CNY and a net profit of 1.603 billion CNY [1]. - The gross margin for Q3 was 25.54%, with a net margin of 8.31%, indicating a positive trend in profitability [3]. Market Dynamics - Domestic sales are facing challenges, particularly in non-earthmoving machinery, while exports are benefiting from recovering demand in Southeast Asia and strong growth in Africa and Latin America [2]. - The company is expected to see a recovery in domestic sales in Q4 2024, supported by various policy measures [2]. Future Projections - Revenue projections for 2024-2026 are 94.08 billion CNY, 101.69 billion CNY, and 113.04 billion CNY, with corresponding net profits of 6.35 billion CNY, 8.08 billion CNY, and 10.05 billion CNY [7][8]. - The company is expected to maintain a leading position in the engineering machinery industry, benefiting from cyclical improvements in domestic demand and ongoing reforms [7].

Investment Rating - The report maintains a "Buy-A" rating with a 6-month target price of 10.4 CNY [1][3] Core Views - The company has shown a positive turnaround in Q3 2024, with a year-on-year revenue increase of 9.7% in Q3 and a net profit growth of 5.37% [1] - The company is expanding into new markets, particularly in metallurgy and energy, which is expected to drive revenue growth [2][3] - The company has a strong position in the domestic turbine machinery market, particularly in axial compressors, and is expected to benefit from a recovery in the metallurgy sector [2][3] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 7.289 billion CNY, a slight increase of 0.28% year-on-year, while net profit was 666 million CNY, a decrease of 8.25% [1] - The gross profit margin for the first three quarters was approximately 22.86%, a decrease of 0.54 percentage points year-on-year, and the net profit margin was about 9.14%, down 0.85 percentage points [1] - The company has maintained a high dividend payout ratio of over 62% from 2019 to 2023, with a corresponding dividend yield of approximately 4.9% in 2023 [2] Revenue and Profit Forecast - The company is projected to achieve net profits of 1.05 billion CNY, 1.23 billion CNY, and 1.42 billion CNY for the years 2024, 2025, and 2026, respectively, with growth rates of 3.0%, 16.8%, and 15.3% [3] - The expected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 15, 12, and 11 times, respectively [3] Market Expansion - The company has signed new contracts in the overseas metallurgy sector and is making strides in the domestic non-metallurgy sector [1] - The company is also expanding its gas project operations, with a 17% year-on-year revenue growth in gas operations for the first three quarters of 2024 [1]

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 25.86 CNY for the next six months [4]. Core Views - The company reported a revenue of 20.56 billion CNY for the first three quarters of 2024, representing a year-over-year increase of 8.4%, and a net profit of 2.30 billion CNY, up 6.6% year-over-year [1][2]. - The cooling component business showed rapid growth in Q3, with a revenue increase of approximately 12% year-over-year, driven by government subsidies for appliance upgrades [1][2]. - The automotive parts business remained stable, with expectations for future growth as the company enhances its global presence in the new energy vehicle sector [2][3]. - The company's net profit margin in Q3 was 11.4%, a decrease of 0.4 percentage points year-over-year, primarily due to rising raw material costs and increased management expenses [2][3]. - Operating cash flow improved significantly, with a net cash flow of 830 million CNY in Q3, up 29.0% year-over-year, indicating enhanced cash collection capabilities [2][3]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 6.89 billion CNY, reflecting a year-over-year growth of 6.8%, and a net profit of 790 million CNY, up 3.0% year-over-year [1][2]. - The company expects its earnings per share (EPS) to be 0.86 CNY in 2024, 1.03 CNY in 2025, and 1.18 CNY in 2026, indicating a positive growth trajectory [3][4]. - The projected revenue for 2024 is 27.0 billion CNY, with a compound annual growth rate (CAGR) of 12.4% expected through 2026 [3][4]. Strategic Developments - The company plans to issue H-shares to advance its globalization strategy, aiming to enhance its international brand image and competitiveness [3][4]. - The company is actively expanding into high-potential areas such as robotics and energy storage, which are expected to contribute to revenue growth [3][4].

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 87.68 CNY, corresponding to a 2024 PE valuation of 26X [11][15]. Core Views - The company reported a steady revenue growth in Q3 2024, achieving a total revenue of 12.6 billion CNY for the first three quarters, representing a year-over-year increase of 8.6%. The net profit attributable to shareholders reached 3.26 billion CNY, up 16.0% year-over-year [11]. - The traditional business segments are growing steadily, while new business areas are experiencing rapid growth. The company is focusing on product innovation and upgrading in the electrical connection business to meet diverse consumer demands [11][12]. - The company is actively expanding its new energy business, particularly in the "light-storage-charge-discharge" ecosystem, enhancing its product offerings in both the European and domestic markets [11]. Financial Performance Summary - Q3 2024 revenue was 4.22 billion CNY, a year-over-year increase of 5.0%, with a net profit of 1.02 billion CNY, up 3.4% year-over-year [11]. - The gross margin decreased by 1.2 percentage points year-over-year due to rising raw material prices, while the net profit margin fell by 0.4 percentage points [12]. - The company’s operating cash flow decreased by 3.9 billion CNY year-over-year, primarily due to increased cash payments for goods and services [12]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 3.37 CNY, 3.64 CNY, and 3.89 CNY for the years 2024, 2025, and 2026, respectively [12][22].

Investment Rating - The report maintains a "Buy-A" rating for the company, with a 6-month target price of 15 CNY per share [7]. Core Views - The company reported a revenue of 5.9 billion CNY in Q3 2024, showing a year-on-year growth of 7.2% and a quarter-on-quarter growth of 3.15%, primarily driven by strong sales in its seating business [2][3]. - The net profit attributable to the parent company was -585 million CNY, significantly impacted by impairment losses related to the divestiture of TMD, amounting to 270 million CNY [3]. - The company is positioned as a leading player in the domestic seating market, with a backlog of orders totaling nearly 90 billion CNY from major clients such as NIO and Li Auto [4]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 5.9 billion CNY, with a year-on-year increase of 7.2% and a quarter-on-quarter increase of 3.15% [2]. - The net profit attributable to the parent company was -585 million CNY, with impairment losses of 270 million CNY primarily due to the divestiture of TMD [3]. - Management expenses increased to 726 million CNY in Q3, reflecting the impact of layoffs in Europe [3]. Business Outlook - The seating business is expected to grow rapidly as more models enter production, contributing to overall revenue growth [2]. - The divestiture of TMD is anticipated to lead to improved profitability for the company, particularly in overseas operations [3][4]. - The company has secured 19 orders from major automotive manufacturers, indicating strong demand in the seating segment [4]. Investment Projections - The projected net profits for 2024-2026 are -500 million CNY, 950 million CNY, and 1.19 billion CNY, respectively, with corresponding PE ratios of 17.7 and 14 for 2025 and 2026 [5]. - The company is expected to achieve a 20x PE by 2025, reflecting its growth potential in the seating business [5].

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]

Investment Rating - The report assigns a "Buy-A" rating to Postal Savings Bank (PSBC) with a 6-month target price of 5.98 CNY [5] Core Views - PSBC's performance showed a moderate recovery in Q3 2024, with a 3.50% YoY growth in net profit attributable to shareholders, driven by scale expansion and cost reduction, while narrowing net interest margin (NIM) and provision expenses dragged on performance [1] - The bank's asset quality remained stable, with a non-performing loan (NPL) ratio of 0.86% and a provision coverage ratio of 301.88% [10] - PSBC is expected to increase its focus on consumer loans and small loans, while continuing to absorb low-cost deposits to leverage its retail banking advantage [10] Asset Side Analysis - PSBC's total assets grew by 9.34% YoY in Q3 2024, with loans increasing by 9.46% YoY, though the growth rate slowed by 1.23 ppts compared to Q2 [2] - Corporate loan structure continued to optimize, with a 13.66% YoY growth in general corporate loans, mainly driven by loans to the "three rural" and small and micro enterprises sectors [2] - Retail loan growth slowed to 7.30% YoY in the first three quarters of 2024, with new housing loans contributing 8.94% of the retail loan growth [3] Liability Side Analysis - PSBC's deposit base grew by 11.22% YoY in Q3 2024, with retail deposits accounting for 89.00% of total deposits, reflecting an optimized deposit structure [3] Net Interest Margin (NIM) - PSBC's NIM in Q3 2024 was 1.85%, down 14 bps YoY and 5 bps QoQ, primarily due to declining yields on interest-earning assets and an increase in the proportion of interbank assets [4][8] - The cost of interest-bearing liabilities decreased to 1.45% in Q3 2024, down 12 bps YoY and 5 bps QoQ, supported by the rapid adjustment of deposit rates following LPR cuts [8] Non-Interest Income - Net non-interest income declined by 0.99% YoY in Q3 2024, but the decline narrowed by 9.34 ppts compared to the previous quarter, with net fee income growing by 0.76% YoY [9] Cost Efficiency - PSBC's cost-to-income ratio improved to 60.29% in Q3 2024, down 2.94 ppts YoY, driven by a 4.17% YoY decline in business and management expenses [9] Asset Quality - PSBC's NPL ratio slightly increased to 0.86% in Q3 2024, up 2 bps QoQ, with the NPL formation rate (annualized) rising to 0.79% [10] - The bank's provision coverage ratio remained strong at 301.88%, indicating sufficient risk buffer capacity [10] Future Outlook - PSBC is expected to maintain a stable asset quality and continue optimizing its loan structure, with a focus on supporting small and micro enterprises, green finance, and technological innovation [2][10] - The bank's NIM is expected to face continued pressure in Q4 2024 due to LPR cuts and the repricing of existing mortgages, but the pressure is likely to ease gradually [8]

Investment Rating - The report assigns a "Buy-A" rating for the company, with a target price of 36.20 CNY, corresponding to a 20x dynamic PE for 2024 [4][5][17]. Core Insights - The company has shown stable revenue growth, achieving 11.084 billion CNY in revenue for the first three quarters of 2024, a year-on-year increase of 28.73%. The net profit attributable to shareholders reached 1.935 billion CNY, also up by 28.50% year-on-year [1][4]. - The electric tool business is progressing well, with significant orders from major clients, indicating a strong market position and potential for future growth [3][4][17]. - The overall demand in the global tool market is recovering, benefiting from the end of inventory destocking by downstream customers, which aligns with the company's strategy to enhance brand loyalty and expand its own brand products [4][17]. Revenue and Profit Forecast - The company is projected to achieve revenues of 137.2 billion CNY, 169.5 billion CNY, and 209.3 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 25.5%, 23.5%, and 23.5% [4][17]. - Net profits are expected to be 21.73 billion CNY, 26.49 billion CNY, and 32.39 billion CNY for the same years, with growth rates of 28.5%, 21.9%, and 22.3% [4][17]. Margin Analysis - The gross margin for Q3 2024 was reported at 32.91%, an increase from 32.70% in Q2 2024, attributed to the optimization of product structure and cost stabilization [2][13]. - The net profit margin for Q3 2024 was 17.15%, slightly down from 23.53% in Q2 2024, influenced by fluctuations in the RMB/USD exchange rate and changes in investment income [2][13]. Business Segment Performance - The hand tools segment generated 45.46 billion CNY in revenue for H1 2024, a 29.95% increase year-on-year, while the electric tools segment saw a 35.13% increase, reaching 4.75 billion CNY [3][12]. - The industrial tools segment achieved 16.30 billion CNY in revenue, up 19.67% year-on-year, indicating robust performance across all product categories [3][12]. Valuation Analysis - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 15.8, 13.0, and 10.6, respectively, which are lower than the average PE ratios of comparable companies in the industry [15][17]. - The report suggests that the company's valuation is reasonable given its global business layout and competitive advantages in the industry [15][17].