多因素扰动短期业绩承压,期待 Q4 改善 股票研究 / 2024.11.04 泰格医药(300347) 医药/必需消费 -2024 年三季报点评 | --- | --- | --- | --- | |-------|-------------------------|-------------------------------------------------------|------------------| | | | | | | | 丁丹(分析师) | 甘坛焕(分析师) | 唐玉青(研究助理) | | | 0755-23976735 | 021-38675855 | 021-38031031 | | | dingdan@gtjas.com | gantanhuan028803@gtjas.com tangyuqing028689@gtjas.com | | | | 赛记编号 S0880514030001 | $0880523080007 | S0880123070133 | 本报告导读: Q3 业绩受多重因素扰动短期承压,环比有所改善,经营性净现金流环比改善明显, 国内创新药支持政策力度加大,宏观环 ...

Investment Rating - Maintains an "Overweight" rating with a target price of HKD 5.30 [2] Core Views - The company's 3Q24 performance met expectations with stable growth in coal-fired power generation and relatively stable electricity prices [2] - Revenue for 1~3Q24 was RMB 84.8 billion, a year-on-year decrease of 6.5%, while net profit attributable to the parent company was RMB 5.16 billion, a year-on-year increase of 14.6% [2] - 3Q24 revenue was RMB 31.6 billion, a year-on-year increase of 1.1%, and net profit attributable to the parent company was RMB 1.93 billion, a year-on-year increase of 0.9% [2] - The company plans to issue shares and pay cash to acquire coastal thermal power assets from the group, with a total consideration of RMB 7.17 billion [2] Financial Performance - 3Q24 gross profit was RMB 3.13 billion, a year-on-year increase of 2.2%, with a gross margin of 9.9%, up 0.1 ppts year-on-year and 1.1 ppts quarter-on-quarter [2] - 3Q24 electricity generation was 63.0 billion kWh, a year-on-year increase of 3.2%, with coal-fired electricity generation at 53.4 billion kWh, a year-on-year increase of 16.7% [2] - The average tax-included electricity price in 3Q24 was RMB 0.511/kWh, a year-on-year increase of 1.6% and a quarter-on-quarter increase of 0.1% [2] Asset Acquisition - The company plans to acquire approximately 16.0 GW of conventional energy assets in Jiangsu and other regions through issuing shares and paying cash [2] - The total consideration for the acquisition is RMB 7.17 billion, with RMB 3.43 billion paid in shares and RMB 3.43 billion in cash [2] - The PB valuation of the acquired assets is approximately 1.6x, and the PE valuation is approximately 13.5x based on the 2023 net profit of RMB 530 million [2] Market Data - The current stock price is HKD 3.77, with a 52-week price range of HKD 3.07 to HKD 5.29 [3] - The current market capitalization is HKD 38.558 billion, with 10.228 billion shares outstanding [3] Financial Summary - Revenue for 2024E is expected to be RMB 124.897 billion, a year-on-year increase of 7.32% [5] - Net profit for 2024E is expected to be RMB 6.442 billion, a year-on-year increase of 40.01% [5] - The PE ratio for 2024E is 5.5x, and the PB ratio is 0.48x [5]

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 ——百润股份（002568）2024 年三季报点评 [table_Authors] 訾猛(分析师) 徐洋(分析师) 021-38676442 zimeng@gtjas.com 登记编号S0880513120002 | --- | --- | --- | --- | --- | --- | --- | |------------------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | 021-38032032 | | | | | | | | xuyang022481@gtjas.com | | | | | | | | S0880520120008 | | | | | | | 本报告导读： 业绩略低于市场预期，中长期看，预调酒为基，威士忌助力实现超额收益。 投资要点： [Table_Summa ...

Industry Investment Rating - The report maintains an **Overweight** rating for the home appliance industry, consistent with the previous rating [4] Core Views - The current round of national subsidies favors large appliance leaders, especially those with advanced digital and O2O capabilities [2] - The policy execution varies significantly across regions, leading to different impacts on companies based on their understanding of subsidy rules [3] - Key factors for local governments include economic efficiency, fraud prevention, and consumer fairness [3][9] - The subsidy policy is expected to drive industry consolidation, benefiting companies with strong financial capabilities and nationwide coverage [3][30] Subsidy Policy Analysis Freedom 1: Traditional and Thematic Categories - Eight traditional categories (e.g., refrigerators, washing machines) and four thematic categories (e.g., dishwashers, coffee machines) are prioritized for subsidies [10][19] - High-penetration and high-price products are more likely to benefit, with potential expansion to more provinces [19][20] Freedom 2: Purchase Scenarios - Companies with nationwide coverage and strong logistics (e.g., unified warehousing and distribution) have a significant advantage [3][22] - Online platforms like JD and Tmall play a crucial role in subsidy distribution, with JD's self-operated model being particularly effective [26][34] Freedom 3: Payment Convenience - Payment platforms like Alipay and WeChat Pay enhance consumer convenience and subsidy efficiency [45] - Regions with more flexible payment options (e.g., no restrictions on IP or delivery addresses) see higher subsidy utilization [26] Investment Recommendations - **Large Appliance Leaders**: Companies like Midea Group, Haier Smart Home, and Hisense are expected to benefit significantly due to their digital and O2O capabilities [3][44] - **Kitchen Appliance Companies**: With recent real estate policy relaxations, companies like Vatti and Robam are poised for growth [3] - **Cleaning and Water Purification Companies**: Firms such as Roborock, Ecovacs, and Deerama are likely to benefit from potential category expansions [3] Subsidy Impact and Trends - As of October 15, 2024, the subsidy policy has driven CNY 131.7 billion in central subsidies, with an average daily subsidy of CNY 2 billion [49][51] - The subsidy ratio for first-tier energy-efficient products is approximately 19%, close to the 20% subsidy target [51] - The policy has shown strong consumer traction, with an average of 1.4 appliances purchased per consumer under the subsidy program [52]

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 股票研究 /[Table_Date] 2024.11.04 ——2024 年三季报点评 [table_Authors]丁丹(分析师) 0755-23976735 dingdan@gtjas.com 登记编号S0880514030001 | --- | |----------------------------| | | | 甘坛焕 ( 分析师 ) | | 021-38675855 | | gantanhuan028803@gtjas.com | | S0880523080007 | 本报告导读： 多因素扰动，短期业绩有所承压，毛利率因结构改变及销售口径变化短期波动，基 数扰动出清后有望回归稳健增长。 投资要点： [Table_Summary] 维持"增持"评级。业绩低于预期。考虑到核心产品销售低于预期， 下调 2024-2026 年预测 EPS 至 1.11/1.47/1.90 元（原 1.72/2.10/2.61 元） ...

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 | --- | |-------| | | | | | | 公 司 更 新 报 告 证 券 研 究 报 告 ——爱美客 2024 年三季报点评 股票研究 /[Table_Date] 2024.11.04 [table_Authors] 丁丹(分析师) 吴晗(分析师) 0755-23976735 dingdan@gtjas.com 登记编号S0880514030001 | --- | --- | --- | --- | --- | |-----------------------|-------|-------|-------|-------| | | | | | | | | | | | | | 010-83939773 | | | | | | wuhan024878@gtjas.com | | | | | | S0880523080005 | | | | | 本报告导读： 终端需求恢复不及预期下 Q3 单季度营收及利润短期承压，在研管线陆续推进，看 好远期成长空间。 投资要点： [T ...

股 票 研 究 证 券 研 究 报 告 尚太科技系列之一：首次覆盖 需求为矛，一体化为盾 尚太科技(001301) [Table_Industry] 资本货物/工业 | --- | --- | --- | |----------|-----------------------------------|--------------------| | | | | | | [table_Authors] 徐强 ( 分析师 ) | 牟俊宇 ( 分析师 ) | | | 010-83939805 | 0755-23976610 | | | xuqiang@gtjas.com | moujunyu@gtjas.com | | 登记编号 | S0880517040002 | S0880521080003 | 本报告导读： 公司近年来负极业务加速发展市占率向头部追赶，一体化布局造就产品优势和成本 优势，与下游优质客户深度合作助力需求持续增长，打开公司业绩成长空间。 投资要点： [Table_Summary] 投资建议：预计 2024-2026 年公司归母净利润为 7.89 亿元、10.03 亿 元、12.15 亿元，同比增长 ...

电子元器件 评级: 增持 上次评级: 增持 d 好迪(分析师) 李奇(分析师) 021-38676666 0755-23976888 shudi@gtjas.com liqi028295@gtjas.com 赛记编号 S0880521070002 $0880523060001 云业务增速维持高位,AI 投资的回报正在逐步显现 -海外 AI 半导体系列跟踪 本报告导读: 美国四大云厂商的云业务增速维持高位,利润率逐步提升。资本开支将在 2025年显 著提升，带动硬件公司业绩增长. 投资要点: 亚马逊的 AWS 利润率惊艳,资本金投入四季度继续环比增加。亚 马逊这个李度的 AWS 的收入为 275 亿美金,与预期持平,对应增 速 19%;其中 AWS 的利润率达 37.8%,而预期为 33%,主要是因 为收入加速增长,AWS底层的效率再提升,同时服务器延长使用寿 命,利润率提升 2%;亚马逊的资本金投入为 178 亿, 2024 年资本 金投入为 750亿,预计 2025年会更多,大部分支出用于 AWS,尤 其是由于生成式 AI 的推动导致的支出增加;全年的指引暗含四季 度资本金投入为 230 亿美金,而预期为 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——健之佳 2024Q3 业绩点评 利润阶段性承压，积极控费并转型 健之佳(605266) [Table_Industry] 医药/必需消费 | --- | --- | --- | --- | |----------|---------------------------------|-------|--------------------------| | | | | | | | [table_Authors] 丁丹 ( 分析师 | ) | 张拓 ( 分析师 ) | | | 0755-23976735 | | 0755-23976170 | | | dingdan@gtjas.com | | zhangtuo024925@gtjas.com | | 登记编号 | S0880514030001 | | S0880523090003 | 本报告导读： 收入增速因消费环境、政策环境阶段性放缓，利润端承压较大，公司调整产品品类， 预计 2025 年有望迎来改善，维持增持评级。 投资要点： [Table_Summary] 维持增持评级。2024Q1-3 ...

Investment Rating - The report maintains an "Overweight" rating for the company, with a target price of RMB 12.34, down from the previous target of RMB 13.43 [1][4] Core Views - The company's performance fell short of expectations, with Q3 2024 revenue declining by 15.96% YoY to RMB 571 million and net profit attributable to shareholders dropping by 97.61% YoY to RMB 2 million [1] - The company is expected to benefit from local debt resolution policies, with potential increases in funding for cultural, sports, and tourism construction projects [1] - The company has secured significant orders totaling RMB 479 million since July 2024, which will support performance improvement [1] - The company is actively exploring innovative business segments such as digital art technology, tourism performances, and venue operations, which could provide additional growth opportunities [1] Financial Summary - Revenue for 2024 is projected to be RMB 1.773 billion, an 8.5% decline from 2023, with a recovery expected in 2025 and 2026 with growth rates of 18.5% and 18.8% respectively [2] - Net profit attributable to shareholders is forecasted to grow by 13.2% in 2024, reaching RMB 114 million, with further growth of 31.3% and 34.0% in 2025 and 2026 [2] - EPS for 2024 is estimated at RMB 0.28, increasing to RMB 0.37 in 2025 and RMB 0.49 in 2026 [2] - ROE is expected to improve from 3.9% in 2024 to 6.3% by 2026 [2] Industry and Market Position - The company operates in the social services industry, focusing on cultural, sports, and tourism integration services [4] - The company is positioned as a leader in the integrated services sector for cultural, sports, and tourism, with a strategic shift towards diversified growth [8] Valuation Metrics - The company's current P/E ratio is 36.11x for 2024, expected to decrease to 20.53x by 2026 [2] - The P/B ratio is 1.39x for 2024, with a gradual decline to 1.29x by 2026 [9] - The P/S ratio is projected at 2.33x for 2024, decreasing to 1.65x by 2026 [9] Recent Developments - The company has won several major projects, including the Sichuan Universiade Cultural Development Theater and the Tianjin Dongli Lake Real Performance Project, totaling RMB 479 million [1] - The company is exploring new business areas such as digital art technology and tourism performances, which could drive future growth [1]