股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 [Table_Summary] 维持"增持"评级。2024 年前三季度公司营收 2428.56 亿元，同比 降 4.77%；归母净利润 58.82 亿元，同比降 29.56%；2024Q3 归母净 利润 13.38 亿元，环比降 48.92%、同比降 64.78%，业绩略低于预 期。考虑行业需求整体仍较弱，下调 2024-2026 年归母净利润预测 至 90.96/102.86/121.47 亿元（原 120.86/128.37/137.34 亿元），对应 EPS 为 0.41/0.47/0.55 元。但参考可比公司，给予公司 2025 年 0.80 倍 PB 进行估值，上调目标价至 7.97 元（原 7.06 元），维持"增持" 评级。 盈利能力保持行业领先水平。2024 年前三季度钢价同比降幅大于原 料价格同比降幅，钢铁行业利润空间被进一步挤压；根据国家统计 局数据，2024 年 1-9 月黑色金属冶炼和压延加工业利润总额亏损 341 亿元，吨钢利润约为-32.65 元/吨，同比降 54.80 元/吨。而公司 2024 年前三季度吨钢净利润为 ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of 22.35 RMB, corresponding to a 2025 PE of 28x [1][2] Core Views - The company's self-developed high-end home care brand "Zhanjia" is entering a volume expansion phase, driving strong revenue and profit growth [1] - The company's revenue and net profit grew 39% and 71% YoY respectively in 2024 Q1-3, with Q3 growth accelerating to 55% and 68% [1] - The clothing care market in China has significant room for growth, with per capita spending only 1/3 to 1/6 of overseas markets [1][25] - Zhanjia brand's GMV exceeded 300 million RMB in 2023 and is expected to maintain high growth in 2024 [1][32] Financial Projections - Revenue is expected to grow 33%, 26%, and 20% YoY in 2024-2026 to 1.82, 2.29, and 2.75 billion RMB respectively [7][11] - Net profit is projected to increase 65%, 50%, and 37% YoY in 2024-2026 to 89, 134, and 183 million RMB [7][11] - Gross margin is forecast to rise from 45.7% in 2024 to 51.3% in 2026, driven by higher contribution from the higher-margin Zhanjia brand [11][12] Business Segments - The company started as an e-commerce operator and has expanded into brand management and self-owned brands [1][19] - Zhanjia brand revenue grew 67% YoY in 2024 H1 to 180 million RMB, accounting for 22% of total revenue [1][21] - Zhanjia brand's gross margin reached 69% in 2024 H1, significantly higher than the 35% for e-commerce operations [21][22] Industry Trends - Clothing care products are evolving towards finer segmentation and fragrance integration, with fragrance experience products gaining popularity [1][25][29] - Content e-commerce platforms like Douyin are accelerating product innovation and helping brands with strong operational capabilities to break through [25][31] - The Z generation and middle-class consumers are driving demand for personalized and experiential products [29][31] Zhanjia Brand Strategy - Zhanjia positions itself as a premium home care brand with plant-based and fragrance concepts [1][32] - The brand has achieved rapid growth across multiple channels, with GMV exceeding 300 million RMB in 2023 [32][35] - Zhanjia's new Four Seasons Fragrance Laundry Detergent has driven strong growth on Douyin, with GMV doubling YoY in October 2024 [38][39]

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 ——周大生 2024 年三季报业绩点评 | --- | --- | |-------------------|---------------------| | | | | 刘越男 ( 分析师 ) | [table_Authors] | | | | | 021-38677706 | | | | liuyuenan@gtjas.com | | S0880516030003 | 登记编号 | | --- | --- | --- | --- | |------------------|-------|-------|-------| | | | | | | | | | | | 021-38038344 | | | | | suying@gtjas.com | | | | | S0880522110001 | | | | 本报告导读： 2024Q3 业绩低于预期，金价持续新高动销疲软，加盟商补货意愿承压，静待终端动 销逐步回温。 投资要点： [Table ...

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 ——徐工机械 2024 年三季报点评 业绩超预期，混改释放经营活力 徐工机械(000425) [Table_Industry] 资本货物/工业 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|---------------------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | [table_Authors] 肖群稀 ( 分析师 ) | 徐乔威 ( 分析师 ) | | | | | | | | | 0755-23976830 | 021-38676779 | | | | | | | | | xiaoqunxi027589@gtjas.com | xu ...

Investment Rating - The report maintains an "Overweight" rating for Chongqing Department Store (600729) with a target price of CNY 25.56, unchanged from the previous rating [5] Core Views - Q3 performance was impacted by external factors and high temperatures, but the company's subsidiary, Ma Xiao, showed improvement [3] - The company's fresh discount stores are performing well and are expected to drive a new round of growth [3] - The report is optimistic about the continuous optimization of stores and the potential of fresh discount stores to boost growth [3] Financial Performance - Q3 revenue was CNY 4.02 billion, down 13% YoY, with net profit attributable to shareholders at CNY 211 million, down 12.4% YoY [10] - Gross margin for the first three quarters was 25.9%, up 0.25 pct YoY, while net margin was 7.1%, down 0.649 pct YoY [10] - Operating cash flow for the first three quarters was CNY 1.52 billion, down 5% YoY, but Q3 operating cash flow increased by 15% YoY to CNY 461 million [10] Store Optimization and Business Segments - The company added 4 new stores (1 supermarket, 2 appliance stores, and 1 auto trade store) and closed 12 stores (3 supermarkets, 1 appliance store, and 7 auto trade stores) in the first three quarters [10] - As of Q3, the company had a total of 273 stores (50 department stores, 149 supermarkets, 42 appliance stores, and 32 auto trade stores) [10] - The appliance segment benefited from the government's trade-in policy, with sales increasing by over 70% since the policy was implemented [10] Growth Drivers - The company launched its 5th Chongqing Department Store Shopping Festival on October 30, 2024, focusing on "good markets, good products, and good prices" [10] - The company's fresh discount stores have shown strong performance, with daily transaction volume increasing by 49% and transaction frequency by 74% as of the end of September [10] - The first "fresh + discount" super market opened with a sales increase of 580% on the first day, and sales during the National Day holiday increased by 32% [10] Financial Forecast - Revenue for 2024 is expected to be CNY 18.27 billion, down 3.8% YoY, with net profit attributable to shareholders at CNY 1.25 billion, down 4.9% YoY [11] - EPS for 2024-2026 is forecasted to be CNY 2.84, CNY 3.07, and CNY 3.31, with growth rates of -5%, 8%, and 8% respectively [10]

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 ——中远海能 2024 年三季报点评 Q3 业绩符合预期，放低旺季逆向布局 中远海能(600026) [Table_Industry] 运输/工业 | --- | --- | --- | |----------|-----------------------------------|--------------------| | | | | | | [table_Authors] 岳鑫 ( 分析师 ) | 尹嘉骐 ( 分析师 ) | | | 0755-23976758 | 021-38038322 | | | yuexin@gtjas.com | yinjiaqi@gtjas.com | | 登记编号 | S0880514030006 | S0880524030004 | 本报告导读： 2024Q3 地缘油价导致油运市场经历压力测试，公司业绩同比下降符合预期。继续看 好未来数年油运供需向好，原油增产将助力油运需求增长。建议放低旺季逆向布局。 投资要点： 公 司 更 新 ...

Investment Rating - Maintains an "Overweight" rating with a target price of 85.2 RMB [2][3] Core Views - Q3 2024 performance was under pressure due to weak Hainan duty-free sales, while airport duty-free sales continued to recover [2] - The company's 2024-2026 EPS forecasts were revised down to 2.38 RMB (-0.46), 2.84 RMB (-0.36), and 3.26 RMB (-0.32) respectively [2] - Airport and urban duty-free sales are expected to contribute to mid-term performance growth [2] Financial Performance - Q3 2024 revenue was 11.756 billion RMB, down 21.52% YoY, with net profit attributable to shareholders at 636 million RMB, down 52.53% YoY [2] - Hainan duty-free sales in Q3 2024 dropped 36% YoY, with shopping人次 down 27% and average spending per customer down 12% [2] - Beijing airport duty-free sales grew over 140% YoY in the first three quarters of 2024, while Shanghai airport duty-free sales increased nearly 60% [2] Operational Highlights - The company introduced 165 new brands in the first three quarters of 2024, with domestic brands accounting for over 40% [2] - Gross margin in Q3 2024 was 32.0%, down 2.4 percentage points YoY, impacted by exchange rates and promotional activities [2] - Urban duty-free policies are being implemented, with related system对接稳步推进, expected to contribute to mid-term业绩增量 [2] Market Data - The stock's 52-week price range is 53.76-96.30 RMB, with a current price of 67.83 RMB [4] - Total market capitalization is 140.331 billion RMB, with 2.069 billion shares outstanding [4] Financial Ratios - ROE is expected to be 8.8% in 2024, increasing to 10.8% by 2026 [8] - P/E ratio is forecasted at 28.51 for 2024, decreasing to 20.83 by 2026 [8] - Gross margin is projected to improve from 33.0% in 2024 to 35.3% in 2026 [8]

Industry Investment Rating - The report maintains an "Overweight" rating for the textile and apparel industry, consistent with the previous rating [2] Core Views - Q3 manufacturing performance remained strong, with leading manufacturers benefiting from high-quality customer structures and stable growth with high dividends [2] - The sportswear sector faced increased pressure in Q3, but the long-term outlook for the sportswear industry remains positive [2] - The textile manufacturing sector showed a slight decline in Q3 compared to Q2, but overall performance remained strong, with upstream manufacturers experiencing more significant declines [3] - The sportswear sector in Hong Kong saw increased sales pressure in Q3, with domestic apparel retail growth slowing down [3] Textile Manufacturing Sector Sector Level - Q3 textile manufacturing sector revenue growth remained strong at around 20%, with profit growth exceeding 30% [6][7][8] - Upstream manufacturers experienced a more significant decline in Q3, but raw material prices have bottomed out, potentially providing profit elasticity in the future [3][14] - Midstream manufacturers maintained strong growth due to their strong competitive advantages, with volume growth being the primary driver [15] Company Level - Weixing Group outperformed expectations in Q3, with both revenue and profit exceeding market expectations [16][20] - Huali Group and Xin'ao Group's 2024 full-year profit forecasts were revised downward due to Q3 performance [17][21] Outlook - The industry's inventory replenishment cycle is expected to end in H2 2024, with export data closely tied to terminal consumption [22] - Leading manufacturers with high-quality customer structures and stable growth with high dividends are preferred [22][28][30] Hong Kong Sportswear Sector Sector Level - Q3 domestic apparel retail growth slowed, with sportswear brands facing increased sales pressure [3][32] - The sportswear sector showed a K-shaped differentiation trend, with high-end and cost-effective brands performing better than mid-tier brands [33][35] Company Level - Most brands' Q3 sales met expectations, with discounts and inventory levels remaining healthy [37][38] - Li-Ning's offline discounts deepened in Q3, while other brands maintained or improved their discount levels [77][78] - FILA and Li-Ning's inventory-to-sales ratios increased in Q3, while Anta and Xtep maintained stable levels [79][80] Outlook - Q4 sales performance remains uncertain, with a focus on the Double 11 shopping festival [96][97] - The long-term outlook for the sportswear industry remains positive, with structural opportunities in the outdoor and multi-brand sectors [98][99] Investment Recommendations - In the brand sector, focus on Anta Sports, Li-Ning, Xtep International, and 361 Degrees for short-term recovery and long-term growth in the sportswear industry [3][101] - In the manufacturing sector, recommend Huali Group, Weixing Group, Shenzhou International, Nine West Holdings, Yuyuan Group, Xin'ao Group, and Kairui Group, with Bairun Oriental as a beneficiary [3][101]

Investment Rating - Maintains "Overweight" rating [3][4] - Target price raised to 97.16 RMB (previously 80.00 RMB) [3][4] Core Views - Revenue for 2024Q1-Q3 was 4.14 billion RMB (-35.1% YoY), with net profit attributable to shareholders of 710 million RMB (-67.86% YoY) [3] - Q3 revenue was 1.443 billion RMB (-18.09% YoY), with net profit of 211 million RMB (-59.68% YoY), meeting expectations [3] - Adjusted 2024-2026 EPS forecasts to 2.73/3.47/4.25 RMB (previously 2.94/3.59/4.50 RMB) [3] - Q3 gross margin improved to 46.32%, up 5.64 percentage points from Q2, driven by cost reduction and efficiency improvements in small molecule business [3] - Emerging business revenue was 745 million RMB, down 8.37% YoY, with gross margin at 19.97%, down 12.99 percentage points [3] - New orders grew over 20% YoY in 2024H1, with orders from European and American markets growing faster than overall order growth [3] - Overseas expansion: Europe's first R&D and pilot base, Sandwich Site, began operations in 2024Q3 [3] - Peptide capacity exceeds 20,000L, securing multiple late-stage clinical projects and GLP-1 peptide commercialization orders [3] Financial Performance - 2024Q1-Q3 gross margin was 43.60%, down 1.09 percentage points YoY excluding large orders [3] - 2024H1 order backlog was 970 million USD, ensuring steady growth [3] - 2024E revenue forecast at 5.958 billion RMB (-23.9% YoY), with net profit of 1.003 billion RMB (-55.8% YoY) [8] - 2025E revenue forecast at 7.059 billion RMB (+18.5% YoY), with net profit of 1.275 billion RMB (+27.1% YoY) [8] - 2026E revenue forecast at 8.412 billion RMB (+19.2% YoY), with net profit of 1.564 billion RMB (+22.7% YoY) [8] Valuation and Market Data - Current price: 82.91 RMB [4] - 52-week price range: 60.13-157.09 RMB [5] - Market capitalization: 30.488 billion RMB [5] - P/E ratio (2024E): 30.39x [8] - P/B ratio (current): 1.8x [6] - ROE (2024E): 5.6% [8] Industry and Peer Comparison - Peer comparison: Kanglong Chemical (300759.SZ) with 2024E P/E of 29.85x, Yaoming Helian (2268.HK) with 2024E P/E of 33.83x, Haoyuan Pharmaceutical (688133.SH) with 2024E P/E of 47.44x [10]

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 ——2024Q3 业绩点评 线上和线下表现稳健，盈利能力稳定 华帝股份(002035) 家用电器业[Table_Industry] /可选消费品 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|----------------------------|------------|--------------------|--------------|---------------------------|-------| | | | | | | | | | | | [table_Authors] 蔡雯娟 ( 分析师 ) | | ( 分析师 ) | 樊夏俐 | 李汉颖 ( | 研究助理 ) | | | | 021-38031654 | | | 021-38676666 | 0 ...