Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 44.80 RMB, up from the previous target of 38.88 RMB [5] Core Views - The company's Q3 2024 performance showed significant improvement, driven by growth in domestic small-packaged yeast and YE products, as well as continued strong growth in overseas business [3] - Domestic business improved quarter-over-quarter, while overseas business maintained high growth momentum [11] - The company's revenue and net profit for Q3 2024 exceeded expectations, with revenue reaching 3.738 billion RMB, up 27.14% YoY, and net profit reaching 262 million RMB, up 7.02% YoY [11] - The company's competitive advantages are becoming more evident, with potential for gradual improvement in profitability due to cost reductions and better pricing strategies [11] Financial Performance - For Q1-Q3 2024, the company achieved revenue of 10.912 billion RMB, up 13.04% YoY, and net profit of 953 million RMB, up 4.23% YoY [11] - The company's gross margin for Q3 2024 was 21.4%, down 3.6 percentage points YoY, mainly due to rising shipping costs [11] - The company's net profit margin for Q3 2024 was 7.0%, down 1.3 percentage points YoY [11] Business Segments - In Q3 2024, the company's yeast and deep processing business grew by 17.8% YoY, while the sugar business grew by 5.5% YoY, and the packaging business grew by 16.3% YoY [11] - Domestic revenue grew by 20.7% YoY, while overseas revenue grew by 30.2% YoY [11] - Online and offline sales grew by 22.0% and 25.3% YoY, respectively [11] Future Outlook - The company is expected to benefit from cost reductions in raw materials such as molasses, and shipping costs are expected to decline starting from Q4 2024, which will improve profit margins [11] - The company's EPS forecasts for 2024-2026 are maintained at 1.58, 1.79, and 2.13 RMB, respectively [11] Valuation and Market Data - The company's current market capitalization is 31.914 billion RMB, with a share price of 36.74 RMB [6] - The company's P/E ratio is 24.16x based on the latest diluted share capital [10] - The company's ROE is expected to improve from 12.7% in 2024 to 14.2% in 2026 [10]

Investment Rating - Maintains "Overweight" rating with a target price of 69.39 RMB [3][4] Core Views - Performance in line with expectations, with continued improvement in quality and efficiency [2][3] - Revenue for 2024Q1-3 reached 29.915 billion RMB (+0.76%), net profit attributable to shareholders was 4.327 billion RMB (+5.03%), and non-GAAP net profit was 4.265 billion RMB (+10.68%) [3] - Q3 revenue was 9.460 billion RMB (+0.86%), net profit attributable to shareholders was 1.138 billion RMB (-12.16%), and non-GAAP net profit was 1.130 billion RMB (+1.23%) [3] - Maintains EPS forecasts for 2024-2026 at 2.57/2.87/3.15 RMB, with a 25X PE ratio for 2025 [3] Financial Performance - Gross margin for 2024Q3 was 26.47% (-0.51pct YoY), net margin was 12.05% (-1.77pct YoY), and non-GAAP net margin was 11.94% (+0.04pct YoY) [3] - Sales/management expense ratios for 2024Q3 were 10.67%/1.82%, down by 1.02pct/0.43pct YoY, while financial expense ratio was 0.01% (+0.92pct YoY) [3] - Inventory turnover days decreased by 14 days to 79 days in 2024Q3, and operating cash flow for 2024Q1-3 was 4.073 billion RMB (+57.29% YoY) [3] Shareholder Returns - Plans a special dividend of 12.13 RMB per 10 shares, totaling 2.164 billion RMB, representing 50.02% of the net profit for the first three quarters [3] Industry Comparison - Comparable companies include Pien Tze Huang (600436 SH), Tasly (600535 SH), and China Resources Sanjiu (000999 SZ), with average PE ratios of 24X for 2024E [12] Financial Forecasts - Revenue for 2024E is projected at 39.666 billion RMB (+1.4% YoY), with net profit attributable to shareholders at 4.594 billion RMB (+12.2% YoY) [10] - ROE is expected to increase from 11.5% in 2024E to 13.5% in 2026E, with EPS rising from 2.57 RMB in 2024E to 3.15 RMB in 2026E [10]

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——2024 年三季报点评 短期增长承压，现金流改善明显 金域医学(603882) [Table_Industry] 医药/必需消费 | --- | --- | --- | --- | --- | |----------|-----------------------------------|-----------------------|-------|-------| | | [table_Authors] 丁丹 ( 分析师 ) | 赵峻峰 ( 分析师 ) | | | | | | | | | | | 0755-23976735 | 0755-23976629 | | | | | dingdan@gtjas.com | zhaojunfeng@gtjas.com | | | | 登记编号 | S0880514030001 | S0880519080017 | | | 本报告导读： 业绩低于预期，现金流改善明显。短期增长承压，长期看外包渗透率有望提升。维 持增持评级。 投资要点： 股票研究 /[Table_Date] 2024.11.04 | - ...

股 票 研 究 公 司 更 新 报 告 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 ——重庆银行 2024 年三季度业绩点评 | --- | |---------------------------------| | | | [table_Authors] 刘源 ( 分析师 ) | | 021-38677818 | | liuyuan023804@gtjas.com | | 登记编号 S0880521060001 | | --- | --- | |--------------------------------|-------| | | | | | | | 钟昌静 ( 研究助理 ) | | | 010-83939787 | | | zhongchangjing028678@gtjas.com | | | S0880123070141 | | 本报告导读： 重庆银行 2024 年三季度业绩表现符合预期，存贷增长亮眼，资产负债结构优化，资 产质量继续平稳运行，维持增持评级。 投资要点： [Table_Sum ...

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 股 票 研 究 ——农业银行 2024 年三季度业绩点评 | --- | |---------------------------------| | | | | | | | [table_Authors] 刘源 ( 分析师 ) | | 021-38677818 | | liuyuan023804@gtjas.com | | 登记编号 S0880521060001 | | --- | --- | |--------------------------------|-------| | | | | | | | 钟昌静 ( 研究助理 | | | 010-83939787 | | | zhongchangjing028678@gtjas.com | | | S0880123070141 | | 本报告导读： 农业银行 2024 年三季度业绩表现超出预期，营收增速逐季提升，净利润增速领先国 有行，业绩具备含金量，维持增持评级。 投资要点： [Table_Summary] 投资建议：综合考虑财报 ...

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 股 票 研 究 ——中工国际 2024 年三季报点评 | --- | |-----------------------------------| | | | [table_Authors] 韩其成 ( 分析师 ) | | 021-38676162 | | hanqicheng8@gtjas.com | | 登记编号 S0880516030004 | | --- | |---------------------------| | | | | | 郭浩然 ( 分析师 ) | | 010-83939793 | | guohaoran025968@gtjas.com | | S0880524020002 | 本报告导读： 中工国际 Q3 业绩低于预期，我们预计公司依托控股股东国机集团强大实力及自身 在高端装备、油气、医疗等领域的差异化竞争优势，未来有望实现业绩稳健增长。 投资要点： 公 司 更 新 报 告 证 券 研 究 报 告 [维持增持。 Table_Summary] 汇兑损失等造成前三 ...

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 股 票 研 究 证 券 研 究 报 告 ——宏发股份 2024 年三季报点评 股票研究 /[Table_Date] 2024.11.04 [table_Authors]徐强(分析师) 010-83939805 xuqiang@gtjas.com 登记编号S0880517040002 | --- | --- | --- | --- | --- | --- | |------------------------------|---------------------------|-------|-------|-------|-------| | | | | | | | | 周奥铮 ( 分析师 ) | 任苒威 ( 研究助理 | | ) | | | | 010-83939782 | 010-83939802 | | | | | | zhouaozheng026728@gtjas.co m | renranwei029906@gtjas.com | | | | | | S0880524080 ...

股 票 研 究 公 司 更 新 报 告 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 ——泽璟制药 2024 年三季报点评 股票研究 /[Table_Date] 2024.11.04 [table_Authors]丁丹(分析师) 0755-23976735 dingdan@gtjas.com 登记编号S0880514030001 | --- | --- | --- | --- | --- | --- | --- | --- | |-------|----------------------------|-----------------|-------|-------|-------|------------------------------|-------| | | | | | | | | | | | ) | 姜铸轩 ( 分析师 | ) | | | | | | | | 021-38674878 | | | | | | | | gantanhuan028803@gtjas.com | | | | | j ...

Investment Rating - The report maintains an **Overweight** rating for Yonghui Superstores (601933) with a target price of **6.59 RMB**, up from the previous target of **2.96 RMB** [3] Core Views - Yonghui Superstores is undergoing a strategic transformation, focusing on supply chain optimization and store adjustments, which is expected to drive future growth [4] - The company has completed adjustments for 10 stores by Q3 2024, with plans to expand to 40-50 stores nationwide by the Spring Festival [9] - Yonghui has partnered with MINISO to enhance quality retail offerings, leveraging shared resources to improve economies of scale and cost structure [9] Financial Performance - Q1-Q3 2024 revenue reached **54.549 billion RMB**, a **12.14% YoY decline**, with net profit attributable to shareholders of **77.8657 million RMB**, down **130 million RMB** from 2023 [9] - Q3 2024 revenue was **16.77 billion RMB**, a **16.4% YoY decline**, with a net loss of **353 million RMB**, narrowing from the Q2 loss of **461 million RMB** [9] - The company's self-owned brand revenue reached **1.499 billion RMB** in Q3 2024, with 23 new SKUs launched [9] Valuation and Forecast - The report forecasts 2024 EPS at **-0.01 RMB**, revised from **0.02 RMB**, while raising 2025 and 2026 EPS to **0.04 RMB** and **0.09 RMB**, respectively [9] - The company is valued at **0.82x PS** for 2024, higher than the industry average [9] - Total market capitalization stands at **46.01 billion RMB**, with a current price of **5.07 RMB** [6] Operational Highlights - Yonghui closed **186 underperforming stores** in 2024, while opening **7 new stores**, incurring short-term closure costs [9] - The company's adjusted stores have shown significant revenue growth, with some stores achieving daily sales of **1.5-1.6 million RMB** [9] - Yonghui continues to optimize its product structure and expand its online business, with a focus on improving operational efficiency [9]

股 票 研 究 证 券 研 究 报 告 ——上市险企 2024 年三季报综述 | --- | --- | --- | |-------------------------|---------------|---------------------------------------------------------| | [Table_Invest] 评级： | 股票研究 /[ | Table_Date] 2024.11.04 \n[Table_Industry] 保险 \n增持 | | | 上次评级 : | 增持 | 价值利润均超预期，看好全年盈利改善 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|-------------------------|------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | [table_A ...