Investment Rating - The report maintains a "Buy" rating for the company with a target price of CNY 28.87, unchanged from the previous forecast [4] Core Views - The company's performance in the first three quarters of 2024 showed year-on-year growth, driven by a significant increase in the prices of second and third-generation refrigerants [4] - The company is expected to benefit from the industry's favorable cycle as a leading player in third-generation refrigerants, especially with the implementation of the 2024 quota system [4] - Despite a lower-than-expected Q3 2024 performance due to declining prices of fluoropolymers and basic chemical products, the company's refrigerant business remains strong, with prices up 29.81% year-on-year [10] - The company's strategic expansion into high-value-added fluorochemical products and its leadership in third-generation refrigerants position it well for long-term growth [10] Financial Performance - In Q3 2024, the company reported revenue of CNY 5.826 billion, a year-on-year decrease of 1.53%, and net profit of CNY 423 million, a year-on-year increase of 64.76% [10] - For the first three quarters of 2024, the company achieved revenue of CNY 17.906 billion, up 11.83% year-on-year, and net profit of CNY 1.258 billion, up 68.40% year-on-year [10] - The company's refrigerant production and sales in Q3 2024 were 141,100 tons and 85,000 tons, respectively, representing year-on-year increases of 21.73% and 10.46% [10] Industry and Market Position - The company holds a significant share of the third-generation refrigerant quota, with 37.4% of the total quota for R32, R134A, R125A, and R143A in 2025 [10] - The company's leadership in the refrigerant market is further strengthened by its ability to maintain stable prices and volumes despite policy changes [10] - The company is expanding its presence in high-value-added fluorochemical products, including the production of fourth-generation refrigerants and cooling fluids for data centers [10] Financial Forecasts - The report forecasts the company's revenue to grow from CNY 22.902 billion in 2024 to CNY 28.991 billion in 2026, with net profit expected to increase from CNY 2.033 billion in 2024 to CNY 4.238 billion in 2026 [11] - The company's EPS is projected to rise from CNY 0.75 in 2024 to CNY 1.57 in 2026 [11] - The company's ROE is expected to improve from 11.6% in 2024 to 18.6% in 2026, reflecting strong profitability and growth potential [11] Valuation and Comparables - The company's current P/E ratio is 27.87x for 2024, which is lower than the average P/E ratio of comparable companies at 27.15x [13] - The company's P/B ratio is 3.24x for 2024, indicating a reasonable valuation relative to its book value [11] - The company's EV/EBITDA ratio is projected to decline from 17.23x in 2024 to 9.32x in 2026, suggesting improving valuation metrics [12]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 | --- | |-------| | | | | | | | --- | |-------| | | | | | | 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.10.26 [Table_Industry]传播文化业 10 月游戏版号下发，AI"操控电脑/手机"能力突破 [Table_Invest] 评级： 增持 增持 ——传媒行业周报 2024 年 42 期 | --- | --- | --- | --- | --- | |----------|-----------------------------------|-------------------------|---------------------|----------------------------------------------------------------| | | [table_Authors] 陈筱 ( 分析师 ) | 杨昊 ( 分析师 ) | 李 芓 漪 ( 分析师 ...

Investment Rating - The report maintains an "Overweight" rating for the utility sector [2][5]. Core Insights - The report highlights a decrease in fund holdings in the utility sector for Q3 2024, with passive funds surpassing active funds in terms of holdings [3][5]. - There is a notable increase in fund investments in gas companies, while holdings in thermal and nuclear power companies have declined [5][10]. Summary by Sections Fund Holdings - As of the end of Q3 2024, the utility sector's share of total fund equity investment decreased to 2.27%, down by 0.47 percentage points quarter-on-quarter [5]. - The ratio of passive funds to active funds in the utility sector is 1.32% to 0.95%, reflecting a shift towards passive investment strategies [5][9]. Key Company Performance - The top ten companies in the utility sector saw a decrease in the number of funds holding their shares, with a total reduction of 534 funds and a decrease in market value by 3.79 billion CNY [5][10]. - Specific companies such as Changjiang Electric and China Nuclear Power experienced significant changes in fund holdings, with Changjiang Electric's market value increasing by 7.017 billion CNY, while China Nuclear Power saw a decrease of 3.631 billion CNY [10][11]. Investment Recommendations - The report recommends focusing on high-quality hydropower companies like Changjiang Electric and Chuan Investment Energy, as well as gas companies such as New Energy and Fuan Energy, which have shown increased fund interest [5][12]. - For thermal power, it suggests selecting companies with advantageous locations and attractive dividends, recommending Guodian Power and Huaneng International Power [5][12].

Investment Rating - Maintains an "Overweight" rating for the company [3][4] - Target price raised to 38.7 RMB, based on a 43x PE multiple for 2025 [3][4] Core Views - The company's Q3 2024 results met expectations, with revenue of 2.872 billion RMB (+38.61% YoY) and net profit of 353 million RMB (+67.79% YoY) [3] - AI-driven demand for computing power is accelerating, positioning the company's liquid cooling solutions as a key growth driver [3] - The company's Coolinside liquid cooling cabinets and end-to-end solutions provide a competitive edge in the liquid cooling market [3] - Cost control measures have improved profitability, with a net profit margin of 12.25% (+2.37pct YoY) [3] Financial Performance - Q3 2024 revenue reached 1.159 billion RMB (+39.16% YoY), with net profit of 169 million RMB (+43.06% YoY) [3] - Gross margin remained stable at 31.73% (-0.9pct YoY) despite rising commodity prices [3] - Sales, management, and financial expense ratios were 6.57% (+2.06pct YoY), 4.4% (-0.49pct YoY), and 0.03% (-0.04pct YoY), respectively [3] Industry and Market Context - AI technology is driving higher computing density, increasing demand for liquid cooling solutions in data centers [3] - The company is among 40+ global infrastructure providers innovating on NVIDIA's Blackwell platform [3] - The liquid cooling market is expected to grow significantly due to advancements in AI and data center technologies [3] Valuation and Forecasts - 2024-2026 EPS forecasts are 0.68, 0.90, and 1.16 RMB, respectively [3] - The company's 2025 PE multiple is set at 43x, higher than the industry average of 42.16x [3] - Revenue is projected to grow from 4.646 billion RMB in 2024 to 7.801 billion RMB in 2026 [9] Stock Performance - The stock price has risen 46% over the past month and 65% over the past year [8] - Current price is 31.70 RMB, with a 52-week range of 17.97-35.40 RMB [5][4]

Investment Rating - The report maintains a "Buy" rating for the company, with an upgraded target price of 215.60 CNY, up from the previous 145.20 CNY [2][5]. Core Insights - The company's performance has exceeded market expectations, showcasing significant profitability. The demand for 400G and 800G products has surged, with material procurement and delivery capabilities in place [2][3]. - The forecast for net profit attributable to the parent company has been raised for 2024-2026 to 25.53 billion, 54.57 billion, and 63.60 billion CNY, respectively, corresponding to EPS of 3.60, 7.70, and 8.97 CNY [3][10]. Financial Summary - **Revenue**: - 2022A: 3,311 million CNY - 2023A: 3,098 million CNY - 2024E: 8,345 million CNY (up 169.4%) - 2025E: 19,365 million CNY (up 132.1%) - 2026E: 25,359 million CNY (up 30.9%) [1] - **Net Profit (attributable to parent)**: - 2022A: 904 million CNY - 2023A: 688 million CNY - 2024E: 2,553 million CNY (up 270.9%) - 2025E: 5,457 million CNY (up 113.7%) - 2026E: 6,360 million CNY (up 16.5%) [1] - **EPS**: - 2022A: 1.27 CNY - 2023A: 0.97 CNY - 2024E: 3.60 CNY - 2025E: 7.70 CNY - 2026E: 8.97 CNY [1] - **ROE**: - 2022A: 18.7% - 2023A: 12.6% - 2024E: 32.0% - 2025E: 42.4% - 2026E: 34.3% [1] - **PE Ratio**: - Current: 146.89 - 2024E: 39.60 - 2025E: 18.53 - 2026E: 15.90 [1]

Investment Rating - The report maintains a "Buy" rating for the company [4][15]. Core Views - The company's performance in the third quarter of 2024 met expectations, with steady growth in the industrial gas business and an anticipated recovery in equipment demand. The compressed air energy storage projects are expected to accelerate development [3][4]. Financial Summary - For the first three quarters of 2024, the company achieved revenue of 7.289 billion yuan (up 0.28% year-on-year) and a net profit attributable to shareholders of 666 million yuan (down 8.25 year-on-year). The third quarter alone saw revenue of 2.285 billion yuan (up 9.70% year-on-year) and a net profit of 208 million yuan (up 5.37% year-on-year) [4][5]. - The company forecasts EPS for 2024-2026 to be 0.64, 0.72, and 0.83 yuan respectively, with a target price raised to 10.44 yuan based on a PE of 14.5 times for 2025 [4][5]. Business Segments - The industrial gas business is experiencing steady growth, with the Qin Feng gas segment's revenue increasing by 17% year-on-year, reaching a historical high for the same period. Liquid production for Qin Feng gas increased by 4.39% compared to the same period in 2023 [4]. - The energy conversion equipment segment is expected to develop steadily, with a recovery in demand from downstream metallurgy and chemical sectors [4]. - The compressed air energy storage market presents significant opportunities, with the company leading in technology and application. It has developed the largest capacity compressed air storage system solutions, covering various scales from 10MW to 660MW [4].

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - In Q3 2024, the prices of tungsten and related products declined, leading to a decrease in tungsten wire sales and a drop in profitability for most rare earth products, except for magnetic materials. However, the energy new materials segment saw an increase in shipment volume and improved profits on a quarter-on-quarter basis [1]. - For the first three quarters of 2024, the company achieved a net profit attributable to shareholders of approximately 1.402 billion yuan, representing a year-on-year increase of 20.78%. In Q3 alone, the net profit was 386 million yuan, up 4.32% year-on-year but down 34.56% quarter-on-quarter [2]. - The report adjusts the company's earnings per share (EPS) forecasts for 2024-2026 to 1.31, 1.51, and 1.71 yuan respectively, reflecting a decrease of 0.09 yuan for 2024 and 2025, and a decrease of 0.08 yuan for 2026 [2]. - The target price has been raised to 25.67 yuan from the previous 24.50 yuan, based on a 17x price-to-earnings (PE) ratio for 2025 [2]. Financial Summary - For the first three quarters of 2024, the tungsten and molybdenum segment's revenue increased by 7.04% year-on-year to 13.249 billion yuan, with total profit rising by 17.34% to 1.96 billion yuan. However, Q3 revenue was 4.47 billion yuan, down 6% quarter-on-quarter, and total profit was 533 million yuan, down 40% quarter-on-quarter [2]. - The average price of domestic tungsten concentrate (65% WO3) in Q3 2024 was 136,100 yuan, down 6% quarter-on-quarter, while the average price of tungsten powder was 305.3 yuan per kilogram, down 4.34% [2]. - The energy materials segment reported revenue of 9.882 billion yuan for the first three quarters of 2024, a year-on-year decrease of 24.69%, but Q3 revenue was approximately 3.58 billion yuan, up 19% quarter-on-quarter [2]. - The rare earth segment's revenue for the first three quarters of 2024 was 3.203 billion yuan, down 18.25% year-on-year, but total profit increased by 61.92% to 180 million yuan [2]. Market Data - The current stock price is 20.10 yuan, with a target price of 25.67 yuan [4]. - The market capitalization is approximately 28.504 billion yuan [5]. - The stock has traded within a range of 14.06 to 21.55 yuan over the past 52 weeks [5].

Investment Rating - The report maintains a "Buy" rating for the company [3] - The target price is adjusted to 62.00 CNY, up from the previous 57.27 CNY [3] Core Insights - The company increased marketing investments in Q3 to enhance brand visibility, leading to short-term pressure on profitability but potential long-term sales growth [2] - The EPS forecasts for 2024-2026 have been revised down to 1.79 CNY (-0.7), 2.48 CNY (-0.51), and 2.97 CNY (-0.53) respectively [2] - The company reported Q1-3 2024 revenues of 40.18 billion CNY, with a year-on-year growth of 17%, but a decline in net profit attributable to shareholders by 28% [2] Financial Performance Summary - For Q3 2024, the company achieved revenues of 12.13 billion CNY, a 14% year-on-year increase, but reported a net loss of 0.69 billion CNY [2] - The gross margin for Q1-3 2024 was 73.73%, down 2.69 percentage points year-on-year, while the net profit margin was 10.07%, an increase of 6.4 percentage points year-on-year [2] - The company’s marketing expenses increased significantly, impacting profitability, with sales expense ratio rising due to heightened brand marketing efforts [2] Brand and Market Strategy - The main brand, Winona, showed resilience with a revenue increase of 6% year-on-year, while the newly consolidated brands contributed to a decline in overall gross margin [2] - The company is focusing on enhancing its presence on Douyin (TikTok) with increased marketing efforts, including sponsorships and collaborations with influencers [2] - The brand matrix is gradually forming, with sub-brands like AOXMED gaining traction through live-stream promotions [2] Financial Forecasts - The company’s revenue is projected to grow from 6.56 billion CNY in 2024 to 8.32 billion CNY in 2026, reflecting a compound annual growth rate (CAGR) of 18.8% [9] - The net profit attributable to shareholders is expected to stabilize at around 760 million CNY in 2024, with a recovery to 1.26 billion CNY by 2026 [9] - The projected EPS for 2024 is 1.79 CNY, with an increase to 2.97 CNY by 2026 [9]

Investment Rating - The report initiates coverage with a rating of "Buy" for the company [4][9]. Core Views - The company is a leader in confidentiality and security, experiencing a rebound in performance, supported by increasing policies and a recovering growth rate in the cybersecurity industry. The diverse product system is expected to achieve better-than-expected development [2][21]. Financial Summary - The company’s revenue is projected to grow from 9.54 billion in 2024 to 18.44 billion in 2026, with net profits expected to shift from a loss of 0.68 billion in 2024 to a profit of 3.58 billion in 2026. The EPS is forecasted to improve from -0.26 in 2024 to 1.38 in 2026 [9][12][13]. - The company’s market capitalization is currently 4,474 million, with a current stock price of 17.18 and a target price set at 25.73, indicating significant upside potential [4][5]. Industry Context - The cybersecurity industry in China is expected to grow at a compound annual growth rate (CAGR) of 7.7% from 2023 to 2026, reaching a market size of 80 billion by 2026. This growth is driven by the implementation of revised laws and regulations [9][21]. - The company has maintained a strong market position, ranking 11th in the cybersecurity industry for two consecutive years, and is recognized for its leading capabilities in the confidentiality sector [21][22]. Product and Service Overview - The company offers a comprehensive range of products, including host and network security, data security, safety supervision platforms, and inspection products, which are all compatible with domestic hardware and software [22][23]. - The revenue from network security products is expected to recover significantly, with growth rates projected at 4.19% in 2024, 59.43% in 2025, and 40.66% in 2026 [12][14].

Investment Rating - The report maintains a "Buy" rating for the company with an updated target price of 44.20 CNY [3][4]. Core Views - The company's performance is in line with expectations, and the profit forecast remains unchanged. Revenue projections for 2024-2026 are 2.185 billion, 2.354 billion, and 2.565 billion CNY, respectively, with EPS of 0.73, 0.88, and 0.97 CNY [3]. - The company has returned to revenue growth in Q3 2024, with a 1.63% year-on-year increase, indicating resilience in its platform operations, which are expected to be a major growth driver [3]. - The company has shown improved financial health, with a significant reduction in losses and a net profit margin recovery, suggesting a positive trend in operational quality [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 1.258 billion CNY, a year-on-year decline of 8.71%. However, Q3 alone saw a revenue of 474 million CNY, marking a 1.63% increase year-on-year [3]. - The company incurred a loss of 13.89 million CNY in the first three quarters, a significant improvement from the previous year's loss, with the net profit margin improving from -6.45% to -1.10% [3][4]. Revenue and Profit Forecast - The revenue forecast for 2024 is set at 2.185 billion CNY, with expected growth in subsequent years to 2.354 billion CNY in 2025 and 2.565 billion CNY in 2026. EPS is projected to increase from 0.73 CNY in 2024 to 0.97 CNY in 2026 [3][4]. - The report highlights that the company's platform business is expected to be more resilient during industry downturns, as it is tied to government procurement rather than just IT spending [3]. Market Context - The report notes that the government's recent measures to alleviate local debt risks could provide a favorable environment for the company's operations, particularly in platform services that are closely linked to fiscal spending [3].