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_Authors] 刘越男(分析师) 陈笑(分析师) 021-38677706 021-38677906 liuyuenan@gtjas.com chenxiao015813@gtjas.com [当前价格： Table_CurPrice] 10.33 登记编号S0880516030003 S0880518020002 52 周内股价区间（元） 8.17-12.34 总市值（百万元） 4,192 总股本/流通A股（百万股） 406/363 流通 B股/H 股（百万股） 41/0 [Table_Balance] 资产负债表摘要(LF) 股东权益（百万元） 3,371 每股净资产（元） 8.31 市净率（现价） 1.2 净负债率 -4.33% 证 券 研 究 报 告 [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 -1% 16% 2% 相对指数 -1% -8% -4% [Table_Finance] 财务摘要（百万元） 2022A 202 ...

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] 2024.10.31 ——万润股份 2024 年三季报点评 | --- | |---------------------------------| | | | | | | | [table_Authors] 沈唯 ( 分析师 ) | | 0755-23976795 | | | | shenwei024936@gtjas.com | | 登记编号 S0880523080006 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------|-------|-------|-----------------------------|--------|-------|-------|-------|-------| | | | | | | | | | | | 钟浩 ( 分析师 ) | ...

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] 2024.10.31 —慕思股份 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 | | --- | |----------------------------| | | | 毛宇翔 ( 分析师 ) | | 021-38038672 | | maoyuxiang029547@gtjas.com | | S0880524080013 | 本报告导读： 行业经营压力增大，公司通过门店升级、SKU 优化和品类改革积极应对，以旧换新 有望提振业绩。 投资要点： [Table_Summary] 调整盈利预 ...

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 ——指南针 2024 年三季报点评 | --- | |-------------------------------------| | | | [table_Authors] 刘欣琦 ( 分析师 ) | | 021-38676647 | | liuxinqi@gtjas.com | | S0880515050001 | | --- | --- | --- | --- | --- | |------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | 021-38038260 | | | | | | sunkun024098@gtjas.com | | | | | | S0880523030001 | | | | | 本报告导读： 公司收入增长得益于证券业务持续快速发展，利润下滑主因金融信息服务业务收入 下降且公司销售费用 ...

股 票 研 究 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] 2024.10.31 ——新华保险 2024 年三季报业绩点评 资负共振，盈利大幅改善 新华保险(601336) [Table_Industry] 保险/金融 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|-------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | [table_Authors] 刘欣琦 ( 分析师 ) | 李嘉木 ( 分析师 ) | | | | | | | | 021-38676647 | 021-38038619 | | | | | | | | liuxinqi@gtjas.com | lijiamu026075@gtjas.com | | | ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 投资要点： [维持增持。 Table_Summary] 因建筑行业基建投资进度低于预期，下调预测 2024-2026 年 EPS1.50/1.56/1.60(原 1.62/1.78/1.95)元增 3%/4%/3%。维持目标价 14.10 元，对应 2024 年 9.4 倍 PE。 2024 年前 3 季度净利下降 0.6%低于预期，应收账款增加。(1)2024 年前 3 季度营收 5366.36 亿元同比下降 2.26%(Q1~Q3 同比 0.18/-5.02/-1.73%)， 归母净利润 163 亿元同比下降 0.61%(Q1~Q3 同比 10.00/-10.63/-0.65%)。 (2)前 3 季度费用率 6.14%(+0.28pct)，归母净利率 3.03%(+0.06pct)，加权 ROE5.60%(-0.50pct)。(3)前 3 季度经营现金流-770.3 亿元(2023 同期-498.3 亿元)，其中 Q1~Q3 为-396/-345/-29 亿元(2023Q1-Q4 为-256/-237/-4/619 亿元)。(4)截至 3 季 ...

Investment Rating - Maintains an "Overweight" rating with a target price of 7.88 CNY [3][10] Core Views - The company's 3Q24 performance showed steady growth, with revenue of 31.6 billion CNY, up 1.1% YoY, and net profit attributable to shareholders of 1.93 billion CNY, up 0.9% YoY [10] - The company plans to issue shares and pay cash to acquire coastal thermal power assets from its parent group, with a total consideration of 7.17 billion CNY [2][10] - The acquisition includes approximately 16.0 GW of conventional energy assets, with coal-fired capacity of 7.6 GW and gas-fired capacity of 8.4 GW [10] Financial Performance - 1~3Q24 revenue was 84.8 billion CNY, down 6.5% YoY, while net profit attributable to shareholders was 5.16 billion CNY, up 14.6% YoY [10] - 3Q24 gross profit was 3.13 billion CNY, up 2.2% YoY, with a gross margin of 9.9%, up 0.1 ppts YoY and 1.1 ppts QoQ [10] - 3Q24 electricity generation was 63.0 billion kWh, up 3.2% YoY, with coal-fired generation at 53.4 billion kWh, up 16.7% YoY [10] - The average on-grid tariff in 3Q24 was 0.511 CNY/kWh, up 1.6% YoY and 0.1% QoQ [10] Asset Acquisition Details - The acquisition involves issuing 680 million shares at 5.05 CNY per share, accounting for 6.2% of the total share capital post-acquisition [10] - The total consideration of 7.17 billion CNY implies a PB multiple of 1.6x and a PE multiple of 13.5x based on 2023 net profit of 530 million CNY [10] - The acquired assets represent 27.2% of the company's installed capacity as of 1H24 and 25.1% of the parent group's non-listed conventional energy capacity as of 2023 [10] Financial Forecasts - Revenue is expected to grow to 124.9 billion CNY in 2024, 126.2 billion CNY in 2025, and 125.6 billion CNY in 2026 [9] - Net profit attributable to shareholders is forecasted to be 6.44 billion CNY in 2024, 6.53 billion CNY in 2025, and 6.99 billion CNY in 2026 [9] - EPS is projected to be 0.63 CNY in 2024, 0.64 CNY in 2025, and 0.69 CNY in 2026 [10] Valuation Metrics - The current P/E ratio is 13.05x for 2023, expected to decrease to 9.16x in 2024 and 8.45x in 2026 [9] - The current P/B ratio is 0.85x, with a target P/B ratio of 0.81x in 2024 [9] - The dividend yield is expected to increase from 2.6% in 2023 to 5.3% in 2026 [9]

Investment Rating - Maintains an "Overweight" rating with a target price of CNY 60.71 per share, corresponding to a 2024 P/EV of 1.10x [3][7] Core Views - The company's net profit attributable to shareholders for the first three quarters of 2024 increased by 173.2% YoY, driven by a significant improvement in investment income due to the recovery of the equity market [5][7] - The New Business Value (NBV) met expectations, with a YoY increase of 25.1% in the first three quarters of 2024, supported by stable agent numbers and improved quality [7] - The investment asset scale grew steadily, reaching CNY 6.4 trillion by the end of Q3 2024, up 12.3% from the beginning of the year, with a total investment yield of 5.38% in the first three quarters, up 2.57 percentage points YoY [7] Financial Performance - The company's revenue for 2024E is projected to be CNY 445,527 million, a 29% increase from 2023A, with net profit attributable to shareholders expected to reach CNY 112,417 million, a 143% increase YoY [8] - Earnings per share (EPS) for 2024E is forecasted at CNY 3.98, with a return on equity (ROE) of 20% [8] - The company's total investment yield for 2024E is expected to be 6.5%, with a net investment yield of 3.6% [11] Business Highlights - The individual insurance channel achieved stable growth in agent numbers, with 641,000 agents by the end of Q3 2024, up 1.1% from the beginning of the year, and a 17.7% YoY increase in monthly per capita first-year premium [7] - The proportion of first-year premium with a term of 10 years or more reached 46.4% in the first three quarters of 2024, up 2.6 percentage points from the end of the first half [7] Valuation Metrics - The company's P/E ratio for 2024E is 10.65x, with a P/B ratio of 2.12x and a P/EV ratio of 0.77x [12] - The embedded value per share for 2024E is projected to be CNY 54.8, with a dividend yield of 1.2% [12]

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 锦江酒店 2024Q3 业绩点评 [table_Authors]刘越男(分析师) 021-38677706 liuyuenan@gtjas.com 登记编号S0880516030003 | --- | --- | |---------------------|-------| | | | | 于清泰 ( 分析师 ) | | | 021-38022689 | | | yuqingtai@gtjas.com | | | S0880519100001 | | 本报告导读： 业绩低于预期，需求波动以及部分一次性费用确认拖累业绩。后续组织及人事调整 后的改善将需要更多时间体现。 投资要点： 公 司 更 新 报 告 [Table_Summary] 业绩低于预期。考虑 2024 年宏观经济波动对经营数据和酒店主业 影响，下调 2024/25/26 年 EPS 至 1.09/1.15/1.32（-0.29/-0.25/-0.26） 元，其中，归母扣非净利润分别 ...

Investment Rating - Maintains an "Overweight" rating with a target price of 29.07 CNY [3][5] Core Views - The company is transitioning to a data and intelligent solutions provider focusing on platform construction and application services, with significant growth in mainland China and Southeast Asia [2] - AI product effectiveness is becoming more prominent, which is expected to further enhance the company's brand strength [2] - The company's business model continues to optimize, with strong growth in overseas markets, maintaining EPS forecasts for 2024-2026 at 0.68/0.85/1.04 CNY, corresponding to a 2024 PE of 35.33x [3] - Revenue for the first three quarters reached 1.573 billion CNY, a year-on-year increase of 11.21%, with Q3 revenue at 569 million CNY, up 11.63% year-on-year [3] - Mainland China revenue for the first three quarters was 735 million CNY, up 11.33% year-on-year, while non-mainland revenue was 838 million CNY, up 11.11% year-on-year [3] - The company is expanding its presence in Thailand and Vietnam, with revenue from Chinese enterprises going overseas increasing by 58% year-on-year in the first three quarters [3] - The semiconductor industry is experiencing rapid growth due to AI-driven demand for new and expanded factories, while the automotive parts industry is seeing increased demand for AI in industrial scenarios [3] - The company is focusing on innovative AI applications, such as the "AI+ process-oriented PLM" solution and the Chat CAD application, which leverages large model technology for design management and document generation [3] Financial Summary - Revenue for 2022 was 1.995 billion CNY, increasing to 2.228 billion CNY in 2023, and is forecasted to reach 2.605 billion CNY in 2024, 3.062 billion CNY in 2025, and 3.566 billion CNY in 2026 [4] - Net profit attributable to the parent company was 134 million CNY in 2022, 150 million CNY in 2023, and is expected to be 184 million CNY in 2024, 230 million CNY in 2025, and 283 million CNY in 2026 [4] - EPS for 2022 was 0.49 CNY, 0.55 CNY in 2023, and is forecasted to be 0.68 CNY in 2024, 0.85 CNY in 2025, and 1.04 CNY in 2026 [4] - ROE (diluted) was 7.3% in 2022 and 2023, and is expected to increase to 8.1% in 2024, 9.2% in 2025, and 10.3% in 2026 [4] - The current P/E ratio is 48.42x for 2022, 43.13x for 2023, and is forecasted to be 35.25x in 2024, 28.15x in 2025, and 22.88x in 2026 [4] Market Data - The 52-week stock price range is 13.60-27.21 CNY [6] - The total market capitalization is 6.481 billion CNY [6] - The total shares outstanding are 271 million, with 270 million A-shares in circulation [6] Industry Trends - The semiconductor industry is benefiting from AI-driven demand for new and expanded factories [3] - The automotive parts industry is seeing increased demand for AI in industrial scenarios [3] - The equipment manufacturing industry is rapidly upgrading to intelligent equipment and eliminating outdated production capacity [3]