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 ——3Q24 三季度业绩点评 股票研究 /[Table_Date] 2024.11.02 [table_Authors]訾猛(分析师) 021-38676442 zimeng@gtjas.com 登记编号S0880513120002 | --- | --- | |---------------------|-------| | | | | 姚世佳 ( 分析师 ) | | | 021-38676912 | | | yaoshijia@gtjas.com | | | S0880520070001 | | 本报告导读： 业绩低于预期，中高端业务受挫，佛山工厂减值形成短期影响，目前股价对应 2024 年 22X。 投资要点： 公 司 更 新 报 告 [Table_Summary] 投资建议：业绩符合预期，基于对量价假设的调整，我们下调 2024/25/26 年 EPS 盈利预测至 2.72/2.69/2.66 元，原值 2.98/3.19/3.44 元 ...

Investment Rating - Maintains an "Overweight" rating for Industrial and Commercial Bank of China (ICBC) with a target price of 7.11 yuan, representing a 0.69x PB for 2024 [5] Core Views - ICBC's Q3 2024 performance exceeded expectations, with both revenue and net profit growth turning positive [3] - The net interest margin (NIM) showed signs of stabilization, and asset quality remained stable [3] - The bank's Q3 revenue growth was 1.1% YoY, a significant improvement from Q2's -8.7% [4] - Net interest income declined by 1.1%, but the decrease narrowed, while non-interest income surged by 50.1%, driven by investment gains [4] - Net profit growth for Q3 rebounded to 3.8%, supported by a lower effective tax rate [4] Financial Performance - Total assets grew by 8.7% YoY, with loans increasing by 9% YoY by the end of Q3 2024 [4] - New loans in Q3 amounted to 258.4 billion yuan, with retail loans increasing by 12.7 billion yuan and corporate loans decreasing by 8.9 billion yuan [4] - The NIM for the first three quarters of 2024 was 1.43%, unchanged from the first half, with stabilization attributed to declining liability costs [4] - The non-performing loan (NPL) ratio remained stable at 1.35%, while the provision coverage ratio increased to 220.3% [4] Earnings Forecast - Adjusted net profit growth forecasts for 2024-2026 are 0.57%, 1.54%, and 1.91%, respectively, with EPS estimates of 0.99, 1.00, and 1.02 yuan [4] - The bank's ROAE is expected to decline gradually from 10.7% in 2023 to 9.0% in 2026 [10] Valuation and Peer Comparison - ICBC's 2024E P/B ratio is 0.60x, lower than peers such as China Construction Bank (0.61x) and Agricultural Bank of China (0.63x) [13] - The bank's 2024E P/E ratio is 6.24x, slightly higher than some peers like Bank of Communications (6.08x) [13] Industry Context - The banking sector is expected to benefit from recent economic stabilization policies, which may alleviate credit risks and boost loan demand [4] - However, the NIM is still under pressure due to factors such as LPR cuts and adjustments to existing mortgage rates [4]

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——康龙化成 2024 年三季报点评 新签订单好转延续，CMC 业务盈利提升 康龙化成(300759) [Table_Industry] 医药/必需消费 | --- | --- | --- | |----------|-----------------------------------|-----------------------| | | | | | | [table_Authors] 丁丹 ( 分析师 ) | 吴晗 ( 分析师 ) | | | 0755-23976735 | 010-83939773 | | | dingdan@gtjas.com | wuhan024878@gtjas.com | | 登记编号 | S0880514030001 | S0880523080005 | 本报告导读： 毛利率环比改善，新签订单好转延续，客户结构持续优化，看好长期增长空间 投资要点： [Table_Summary] 维持"增持"评级。2024Q1-Q3 营收 88.17 亿元（+3.0%），归母净 利润 14.22 亿元（+12.5%）；Q3 单 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.95 RMB, up from the previous 18.61 RMB [1][5] Core Views - The company has a strong dividend policy, having distributed dividends three times this year, totaling 0.63 RMB per share [1] - Despite a competitive domestic gaming market and increased marketing expenses, the company's product pipeline is robust, with multiple games expected to launch in 2024-2025 [1][3] - The company's revenue for Q3 2024 reached 13.339 billion RMB, a 10.76% YoY increase, although net profit declined due to higher sales expenses [1] Financial Performance - The company's 2024 Q3 revenue was 4.107 billion RMB, down 8.35% QoQ and 4.09% YoY, with net profit at 633 million RMB, down 34.51% YoY [1] - Gross margin for Q3 2024 was 78.0%, down 2.4 percentage points YoY, while sales expenses increased by 8.45 percentage points to 57.05% [1] - EPS for 2024-2026 is forecasted at 1.22/1.42/1.59 RMB, slightly lower than previous estimates of 1.26/1.47/1.66 RMB [1] Product Pipeline - The company has a rich product reserve, with several games expected to launch in 2024-2025, including MMORPGs and SLGs [1] - Key titles include "Douluo Continent: Soul Hunting World," which began pre-registration in August 2024, and other games like "Code: War Song M" and "Code: MLK" [1] Industry Comparison - The company's PE ratio is 13.57x for 2024E, lower than the industry average of 18.72x, indicating potential undervaluation [1][11] - Compared to peers like Giant Network and Perfect World, the company's valuation metrics are relatively attractive [11]

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] 2024.11.02 -太极股份三季报点评 | --- | |-------------------------------------| | | | | | | | [table_Authors] 朱丽江 ( 分析师 ) | | 010-83939785 | | zhulijiang@gtjas.com | | 登记编号 S0880523060002 | 本报告导读： 公司营收降幅收窄，单季度重新实现盈利，产品化战略顺利推进，单季度毛利率达 到历史新高，卡位信创和数据要素核心环节，发展有望超预期。 投资要点： [Table_Summary] 维持"增持"评级，维持目标价 39.71 元。维持盈利预测，预计 2024- 2026 年公司 EPS 分别为 0.61/0.96/1.40 元，维持目标价 39.71 元，对 应 2025 年 41.25 倍 PE，维持"增持"评级。 营收降 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 本报告导读： 公司公告 2024 年三季报，防水结构持续调整，丰泽发货逐步恢复，毛利率同比有所 改善，工抵房处置推进下减值冲回贡献利润。 投资要点： 请务必阅读正文之后的免责条款部分 | --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|---------|--------|-------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 7,661 | 7,944 | 6,837 | 7,399 | 8,134 | | (+/-)% | -1.4% | 3.7% | -13.9% | 8.2% | 9.9% | | 净利润（归母） | 178 | -338 | 167 | 243 | 329 | | (+/-)% | -73.5% | -289.4% | 149.3% | 45.9% | 35.5% | ...

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 股票研究 /[Table_Date] 2024.11.01 ——3Q24 三季报业绩点评 业绩符合预期，保持高分红策略 紫燕食品(603057) 食品饮料 [Table_Industry] /必需消费 | --- | --- | --- | --- | --- | --- | |----------|------------------|---------------------|-------|-------|-------| | | [table_Authors] | | | | | | | 訾猛 ( 分析师 ) | 姚世佳 ( 分析师 ) | | | | | | 021-38676442 | 021-38676912 | | | | | | zimeng@gtjas.com | yaoshijia@gtjas.com | | | | | 登记编号 | S0880513120002 | S0880520070001 | | | | 本报告导 ...

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 ——报喜鸟 2024 年三季报点评 | --- | |-------------------------------------| | | | | | | | [table_Authors] 刘佳昆 ( 分析师 ) | | 021-38038184 | | liujiakun029641@gtjas.com | | 登记编号 S0880524040004 | | --- | --- | --- | --- | --- | |------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | 010-83939831 | | | | | | zhaobo026729@gtjas.com | | | | | | S0880524070004 | | | | | 本报告导读： 受气温因素及消费信心不足影响，Q3 终端销售不佳，利 ...

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 公 司 更 新 报 告 证 券 研 究 报 告 ——2024 年三季报点评 [table_Authors] 陈筱(分析师) 杨昊(分析师) 021-38675863 chenxiao@gtjas.com 登记编号S0880515040003 | --- | --- | --- | --- | --- | --- | |-------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | 021-38032025 | | | | | | | yanghao029514@gtjas.com | | | | | | | S0880524020001 | | | | | | 本报告导读： 公司三季度业绩扣非归母净利润同比增长 48.98%，盈利改善；公司 IP 战略继续推 进，关注后续发展动态。 投资要点： [Table_Summary] 公司毛利率提升 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | |--------------------------------------|-------|-------|--------|-------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 5,389 | 6,116 | 5,788 | 6,482 | 7,130 | | (+/-)% | 4.6% | 13.5% | -5.4% | 12.0% | 10.0% | | 净利润（归母） | 537 | 595 | 520 | 598 | 686 | | (+/-)% | 6.3% | 10.8% | -12.7% | 15.0% | 14.8% | | 每股净收益（元） | 1.23 | 1.36 | 1.19 | 1.37 | 1.57 | | 净资产收益率 (%) | 18.7% | 18.1% | 15.2% | 16.1% | 16. ...