Investment Rating - The report maintains a "Buy" rating for Jianghuai Automobile and raises the target price to 40.05 CNY from the previous 25.16 CNY [4][6][15]. Core Views - The third-quarter earnings forecast meets expectations, with the Huawei project progressing smoothly. The company anticipates a net profit of approximately 620 million CNY for the first nine months of 2024, representing a year-on-year increase of 237.08% [4]. - The company is expected to achieve a net profit of 320 million CNY in Q3 2024, compared to 30 million CNY in the same period last year. The non-recurring net profit is projected to be a loss of 330 million CNY, improving from a loss of 290 million CNY in the previous year [4]. - The company plans to raise 4.9 billion CNY through a private placement to support the development of high-end electric intelligent platforms, which will enhance its financial strength and optimize its debt structure [4]. - The new energy business is entering a harvest period, with new models set to launch in 2024, focusing on the luxury intelligent electric vehicle market [4]. Financial Summary - The company forecasts revenue growth from 36.577 billion CNY in 2022 to 51.450 billion CNY in 2024, reflecting a 14.3% increase [5]. - The net profit is expected to rise from a loss of 1.582 billion CNY in 2022 to a profit of 465 million CNY in 2024, indicating a significant turnaround [5]. - The earnings per share (EPS) is projected to improve from -0.72 CNY in 2022 to 0.21 CNY in 2024 [5]. - The net asset return rate is expected to increase from -11.6% in 2022 to 3.3% in 2024 [5]. Market Data - The current stock price is 33.50 CNY, with a 52-week price range of 10.62-33.50 CNY [6][7]. - The total market capitalization is approximately 73.164 billion CNY [7]. - The company has a net asset per share of 6.17 CNY, with a price-to-book ratio of 5.4 [8].

Investment Rating - The report maintains a "Buy" rating for Zijin Mining and sets a target price of 22.25 CNY [3][4]. Core Views - In the first three quarters of 2024, both gold and copper production volumes and prices have risen, leading to record quarterly performance. The company continues to unveil new gold and copper projects, indicating sustained long-term growth potential [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company's net profit attributable to shareholders reached 24.36 billion CNY, a year-on-year increase of 51%. The net profit for Q3 alone was 9.27 billion CNY, up 58% year-on-year and 5% quarter-on-quarter [3]. - The production volumes for gold, copper, and silver in the first three quarters were 54.3 tons, 789,000 tons, and 331 tons, respectively, representing year-on-year increases of 8%, 5%, and 7% [3]. - The average selling prices for Q3 were 537 CNY/gram for gold, 58,000 CNY/ton for copper, and 4.9 CNY/gram for silver, with year-on-year increases of 32%, 12%, and 36% respectively [3]. Production and Cost Analysis - The average sales cost for gold and copper in Q3 was 233 CNY/gram and 22,900 CNY/ton, with a slight increase in costs but overall performance meeting expectations [3]. - The company has ongoing resource acquisitions, including a 100% stake in the Akyem gold mine in Ghana, expected to contribute an average annual production of about 5.8 tons [3]. Future Outlook - The company plans to increase its gold and copper production to 90 tons and 1.17 million tons by 2025, representing increases of 32% and 16% from 2023 [3]. - Long-term projections indicate a compound annual growth rate of 9% for copper and gold production by 2028 [3]. - The company is diversifying its portfolio by investing in lithium, molybdenum, and silver, which are critical metals for global energy transition [3].

Investment Rating - The report maintains an "Overweight" rating for the machinery industry [4]. Core Insights - The machinery equipment index rose by 7.38% last week, driven by increased demand from central government fiscal policies, particularly in sectors like construction machinery and railway equipment [2]. - The report identifies three main investment themes in the equipment manufacturing sector: technology-driven growth, global competitiveness, and merger and acquisition opportunities [3]. - The report highlights the potential of humanoid robots and their integration into daily life, showcasing Tesla's new business model that shifts from product sales to service offerings [3]. - The low-altitude economy in China is expected to grow, supported by government initiatives and infrastructure development [3]. - The report emphasizes the positive outlook for construction machinery, with domestic sales of excavators increasing by 21.5% year-on-year in September [3]. Summary by Sections 1. Key Industry Views and Company Profit Forecasts - The report is optimistic about the growth of the construction machinery sector in the second half of 2024, driven by domestic demand and successful overseas market expansion [8]. 2. Sub-industry Data Summary - Wind Power Equipment: Anticipated high growth in offshore wind installations in 2024 [6]. - Photovoltaic Equipment: Continued focus on cost reduction and efficiency, with rapid growth in equipment orders [6]. - Lithium Battery Equipment: Year-on-year increases in new energy vehicle sales and battery installations as of August 2024 [6]. - General Automation: The humanoid robot industry is expected to see significant catalysts, with a recovery in industrial automation demand [6]. - Engineering Machinery: Domestic policies are expected to support growth, with stable demand in overseas markets [6]. 3. Market Performance Overview - The report tracks the performance of various machinery sectors, noting significant developments and trends [6].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 15.23 CNY, corresponding to a PE ratio of 21.28x and a PB ratio of 2.6x [3][5]. Core Views - The company's performance is driven by an increase in net interest income due to rising US dollar interest rates, with a year-on-year growth of 25.28% in net interest income to 520 million CNY, contributing 135.24% to adjusted revenue growth [5]. - The introduction of new regulations is expected to promote high-quality development in the industry, enhancing the company's competitive advantage in overseas financial services [4][5]. - The company has strengthened its self-clearing system and obtained clearing qualifications from ICE-US, which is anticipated to lead to better service for the real economy and improved risk management capabilities [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue and net profit attributable to shareholders of 446.1 million CNY and 35.8 million CNY, respectively, representing year-on-year growth of 7.99% and 20.07% [5]. - The weighted average ROE increased by 0.77 percentage points to 9.33% [5]. Revenue Composition - The revenue composition shows that interest income accounted for 34% in 2023, increasing to 43% in 2024E, indicating a growing reliance on interest income [12]. Market Data - The company's current stock price is 12.75 CNY, with a 52-week price range of 8.32 to 14.54 CNY and a total market capitalization of 7.778 billion CNY [6].

| --- | |-------| | | | | | | 公 司 更 新 报 告 证 券 研 究 报 告 ——平安银行 2024 年三季报点评 [table_Authors] 刘源(分析师) 021-38677818 liuyuan023804@gtjas.com 登记编号 S0880521060001 本报告导读： 平安银行 2024Q1-3 营收及利润增速符合预期，资产质量保持平稳。转型期业绩基本 筑底，稳经济政策推动板块估值回升，上调目标价至 13.85 元，维持增持评级。 投资要点： [Table_Summary] 投资建议：当前平安银行仍在零售转型阵痛期，高收益贷款持续压 降，中风险中收益业务尚在成长初期，息差降幅大于同业、信用成 本改善延后反应，故阶段性业绩承压。预计 2025 年资产结构调整结 束后，业绩增速有望明显改善。调整 2024-2026 年净利润增速预测 为 0.3%、2.3%、6.3%，对应 BVPS 21.99(-0.10)、23.94(-0.25)、25.79(- 0.42)元/股。考虑到近期一揽子稳经济政策密集出台，利好银行信用 风险缓释和信贷需求恢复，进而推动估值修复。参考 ...

Investment Rating - The report rates the home appliance industry as "Overweight" [3]. Core Insights - The upcoming Double Eleven sales event is expected to exceed expectations due to the combination of government subsidies for old-for-new appliance exchanges and significant discounts across platforms [5][8]. - Major brands are likely to benefit from improved subsidy qualifications, leading to a more favorable industry landscape as weaker brands are pushed out [6][8]. Summary by Sections E-commerce: Extended Rhythm and Increased Subsidies - E-commerce platforms have extended their promotional periods compared to 2023, with Tmall, JD, and Douyin starting their Double Eleven events earlier by 9, 10, and 12 days respectively [6][9]. - Discounts on platforms remain similar to 2023, with Tmall continuing its previous discount strategies and JD adding more platform subsidies [6][16]. Home Appliances: Unprecedented Discounts with Old-for-New Policy - The combination of the old-for-new government subsidy and Double Eleven promotions has led to historically low prices for many home appliances, with discounts reaching up to 30% for certain products [6][22]. - Eight core categories, including air conditioners and refrigerators, follow a subsidy structure that adds energy efficiency discounts on top of platform discounts [22][23]. Companies: Stronger Qualification for Leading Brands - Leading companies have better access to subsidies due to their established qualifications, while many smaller brands struggle to participate in regional subsidy programs [6][8]. - This disparity is expected to result in leading brands offering better quality products at lower prices compared to lesser-known brands, accelerating the exit of weaker competitors from the market [6][8]. Investment Recommendations - The report suggests focusing on white goods as a stable investment, with specific recommendations for companies like Midea Group, Haier Smart Home, and Hisense Home Appliances, which are expected to benefit directly from the subsidies [6][8]. - The black goods sector is also anticipated to gain from the dual subsidy effect, with recommendations for TCL Electronics and Hisense Visual [6][8].

股 票 研 究 [Table_subIndustry] 证 券 研 究 报 告 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 | --- | --- | --- | |-------------------------|---------------|---------------------------------------------------------| | [Table_Invest] 评级： | 股票研究 /[ | Table_Date] 2024.10.20 \n[Table_Industry] 运输 \n增持 | | | 上次评级 : | 增持 | 新航季国际继续增班，原油需求将继续增长 | --- | --- | --- | --- | |----------|-----------------------------------|--------------------|----------------------------------------| | | [table_Authors] 岳鑫 ( 分 ...

Investment Rating - The report maintains a **Buy** rating for ASML (ASML O) with a target price of $950 for FY2025 based on a Forward PE of 36x [3][12] Core Views - **New orders fell short of expectations** in Q3 2024, with new orders totaling €2 64 billion, significantly below the expected €5 39 billion This was primarily due to delays in advanced process technologies by certain customers and the failure of HBM products to pass NVIDIA's testing, leading to postponed demand for lithography machines [3][11] - **AI related demand remains strong**, but the company revised its 2025 revenue guidance downward to €300 350 billion (from €300 400 billion) and lowered its gross margin guidance to 51% 53% (from 54% 56%) due to slower recovery in non AI demand and delays in customer processes [3] - **Long term upside potential** exists due to shifts in market share among foundries, with key customer TSMC expected to benefit from 2nm and more advanced processes, driving demand for advanced lithography equipment [3] Financial Performance - **Q3 2024 revenue** was €7 47 billion, up 12% YoY and 20% QoQ, exceeding consensus estimates of €7 20 billion Gross margin was 50 8%, in line with expectations, while GAAP net profit reached €2 08 billion, up 10% YoY and above consensus estimates of €1 91 billion [7] - **EUV shipments** in Q3 2024 were 11 units, below the expected 14 units, while ArFi shipments were 38 units, exceeding the expected 27 units EUV revenue was €2 07 billion, below the expected €2 64 billion, while DUV revenue was €3 73 billion, above the expected €2 87 billion [9] - **Backlog of orders** stood at €35 7 billion in Q3 2024, up 2% YoY but down 8% QoQ [3] Regional Performance - **China accounted for 47% of Q3 2024 revenue**, but this is expected to normalize to around 20% in the future Other regions included South Korea (15%), Taiwan (15%), the US (21%), and Japan (2%) [10] Market and Industry Insights - **Foundry competition** is shifting, with potential upside from market share redistribution among foundries TSMC is expected to maintain strong demand for advanced lithography equipment due to its leadership in 2nm and beyond processes [3] - **High NA EUV progress** is on track, and ArFi revenue (excluding China) is expected to grow YoY in FY2025 However, delays in advanced process technologies by some customers and the end of counter cyclical capacity expansion in China may lead to a YoY decline in China revenue for FY2025 [12]

股 票 研 究 行 业 周 报 证 券 研 究 报 告 ——公用事业行业周报（2024.10.14-2024.10.20） | --- | --- | --- | --- | |----------|-------------------------------------|----------------------------|-------------------------| | | [table_Authors] 于鸿光 ( 分析师 ) | 孙辉贤 ( 分析师 ) | 汪玥 ( 研究助理 ) | | | 021-38031730 | 021-38038670 | 021-38031030 | | | yuhongguang025906@gtjas.co m | sunhuixian026739@gtjas.com | wangyue028681@gtjas.com | | 登记编号 | S0880522020001 | S0880524080012 | S0880123070143 | 本报告导读： 9 月用电增速维持高位；水电增速转负，火电、风电增速加快，核电、光伏增速回 落。 投资要点： [Ta ...

Investment Rating - The report rates the construction industry as "Overweight" [1] Core Viewpoints - The enhancement of financial policies related to real estate will improve the asset quality and profitability of construction companies, particularly those with improved accounts receivable quality, a price-to-book (PB) ratio below 1, a dividend yield above 2.25%, and a favorable performance trend among central state-owned enterprises [1][2][3] Summary by Sections Financial Increment - Recent policies include a 300 billion yuan initial quota for stock repurchase loans and a potential reduction in the reserve requirement ratio by 0.25-0.5 percentage points by the end of the year [2] - The central bank has allowed 20 securities and fund companies to participate in swap facilities, with initial applications exceeding 200 billion yuan [2] - The China Securities Regulatory Commission encourages listed companies to increase dividends and buybacks to enhance investment value [2] Regional Measures - In Sichuan, significant project investments are projected at 2.15 trillion yuan over the next 2-3 years, with 1.31 trillion yuan allocated for infrastructure [3][14] - The Ministry of Housing and Urban-Rural Development plans to implement 1 million units of urban village renovations through monetary compensation [11] - The report recommends focusing on themes such as fiscal debt, high dividends, and regional construction leaders [3][14] Company Recommendations - Recommended companies include China State Construction (PB 0.6, dividend yield 4.3%), China Railway (PB 0.57, dividend yield 3.2%), and Tunnel Co. (PB 0.7, dividend yield 4.8%) [3][4][18] - The report highlights the importance of companies with low PB ratios and high dividend yields, particularly those with a low performance base in Q3 2023 [18][22] Performance Metrics - The report provides specific performance metrics for various companies, indicating profit growth rates and changes in new orders [2][3][18] - For instance, China State Construction's new orders increased by 5% year-on-year, while its contract sales decreased by 22% [11][12] Market Outlook - The construction sector is expected to benefit from improved cash flow and asset quality due to government fiscal policies, which will enhance the performance of state-owned enterprises [18][19] - The report anticipates a positive market response to the implementation of these policies, with a focus on the construction industry's recovery [11][19]