Investment Rating - The report assigns an **Overweight** rating to the company with a target price of **57.00 CNY**, compared to the current price of **42.04 CNY** [4] Core Views - The company has transitioned from a single e-commerce operation model to a full-chain and full-ecosystem e-commerce service provider, with a strong foothold in the apparel sector and expansion into new consumer categories like Jellycat [2] - The company's brand incubation business is expected to drive a second growth curve, with significant potential for future growth [2] - Revenue and net profit have shown strong recovery, with revenue growing at a CAGR of 25.9% from 2018 to 2023, and net profit growing at a CAGR of 3.9% over the same period [9] - The company's gross and net profit margins have improved, with gross margin reaching 51.1% and net margin at 8.5% in the first three quarters of 2024 [9] Business Model and Growth Drivers - The company has evolved from a pure e-commerce operator to a comprehensive e-commerce service provider, covering apparel, health, pet food, and personal care categories [9] - The company's equity structure is concentrated, with the founder and co-founder holding approximately 38.8% of the shares [9] - The proportion of revenue from e-commerce operations has decreased from 76.9% in 2017 to 51.4% in H1 2024, while brand incubation revenue has increased from 16.7% to 38.5% over the same period [9] - The company has established long-term partnerships with major brands like Skechers and ECCO, solidifying its position in the apparel sector [9] Financial Performance - Revenue grew from **306 million CNY** in 2018 to **967 million CNY** in 2023, with a CAGR of 25.9% [9] - Net profit grew from **43 million CNY** in 2018 to **52 million CNY** in 2023, with a CAGR of 3.9% [9] - In the first three quarters of 2024, revenue and net profit grew by **23.5%** and **170%**, respectively [9] - The company's gross margin improved to **51.1%** in the first three quarters of 2024, while the net margin reached **8.5%** [9] Industry Outlook - The domestic e-commerce industry is transitioning from a focus on quantity to quality, with the brand e-commerce service market expected to grow from **407.7 billion CNY** in 2023 to **586.2 billion CNY** in 2028, at a CAGR of 7.5% [9] - The rise of new consumer brands, such as Jellycat, is expected to drive growth, with Jellycat's domestic sales expected to double in 2024 [9] - The company has added Jellycat as an online operation partner in H1 2024, which is expected to catalyze the launch of more new consumer projects [9] Competitive Advantages - The company has a strong brand presence, particularly in the apparel sector, with long-term partnerships with major brands like Skechers and ECCO [9] - The company has built a robust data system and developed proprietary software, enabling it to provide high-quality, full-chain services to clients [9] - The company has established a comprehensive service ecosystem, including cross-platform integration and deep business exploration, which is expected to drive its second growth curve [9] Valuation and Forecast - The report forecasts EPS for 2024-2026 to be **1.63**, **2.17**, and **2.70 CNY**, with growth rates of **189%**, **33%**, and **25%**, respectively [9] - The company's target price is set at **57.00 CNY**, based on a PE valuation of **42x** for 2024 [26] - The PS valuation method suggests a target price of **47.87 CNY**, with a PS multiple of **3.5x** for 2024 [29]

Investment Rating - Maintain Overweight rating with a target price of 23.8 yuan, corresponding to a 2024 PE of 19x [2] - The target price remains unchanged despite a downward revision in EPS forecasts for 2024-2026 to 1.26/1.40/1.54 yuan from the previous 1.92/2.15/2.39 yuan [2] Core Views - The company's Q1-Q3 2024 steel structure production increased by 0.58% YoY to 3.25 million tons, with Q3 production up 1.42% YoY to 1.14 million tons [2] - New contract signings for Q1-Q3 2024 decreased by 4.34% YoY to 21.9 billion yuan, with Q3 signings down 3.74% YoY to 7.57 billion yuan [2] - Revenue for Q1-Q3 2024 declined by 6.37% YoY to 15.887 billion yuan, with net profit attributable to shareholders dropping 26.29% YoY to 655 million yuan [2] - The company is expected to reach a production capacity of 5.2 million tons by the end of 2024, with a focus on improving intelligent manufacturing to reduce costs [2] Industry Outlook - According to the "14th Five-Year Plan" for the steel structure industry, China's steel structure usage is expected to reach 140 million tons by 2025 and 200 million tons by 2035, accounting for 15% and 25% of crude steel production, respectively [2] - The National People's Congress approved a 6 trillion yuan debt limit to replace local government implicit debt, with 2 trillion yuan allocated annually from 2024 to 2026, which is expected to benefit the industry [2] Financial Summary - Revenue for 2024E is projected at 21.927 billion yuan, a 6.8% decline YoY, with net profit attributable to shareholders expected to drop 26.3% YoY to 869 million yuan [3] - EPS for 2024E is forecasted at 1.26 yuan, down from 1.71 yuan in 2023A [3] - ROE for 2024E is expected to be 8.8%, down from 12.8% in 2023A [3] Production and Orders - Steel structure production for Q1-Q3 2024 increased by 0.58% YoY to 3.25 million tons, with Q3 production up 1.42% YoY to 1.14 million tons [2] - New contract signings for Q1-Q3 2024 decreased by 4.34% YoY to 21.9 billion yuan, with Q3 signings down 3.74% YoY to 7.57 billion yuan [2] Valuation and Peers - The company's 2024E PE is 13.10x, compared to peers like Jinggong Steel Structure (11.3x) and Hangxiao Steel Structure (26.9x) [15] - The company's 2024E EPS is 1.26 yuan, higher than peers such as Jinggong Steel Structure (0.27 yuan) and Hangxiao Steel Structure (0.11 yuan) [15]

Investment Rating - The report suggests a positive outlook for the equity market, recommending an increase in holdings for leading brokerage firms with merger and acquisition expectations [3]. Core Insights - In September 2024, there was a significant increase in newly issued equity products, with a 164.06% month-on-month growth in newly issued equity funds, indicating a shift in resident investment preferences towards equity products [1]. - The report highlights a downward trend in interest rates, with the Federal Reserve cutting the benchmark rate by 50 basis points, which is expected to lower residents' expected returns [2]. - The report notes that the liquidity in the market has improved, leading to a slight increase in residents' risk appetite, as evidenced by the strong performance of equity products [2]. Summary by Sections Fund Market Overview - As of September 2024, the total market public fund share decreased by 315.58 billion units, with equity funds showing a slight increase of 35.205 billion units [1]. - Newly issued private equity fund sizes remained stable, with a minor decrease of 0.05% month-on-month [1]. Market Liquidity and Interest Rates - The report indicates that the 10-year government bond yield has declined to 2.15%, opening up space for lower interest rates and subsequently lowering residents' expected returns [2]. - Following the recent policy adjustments, the equity market has rebounded significantly, with major indices showing strong performance [2]. Brokerage Sector Insights - The report emphasizes that the improving market liquidity is beneficial for the brokerage sector, particularly for leading firms with merger and acquisition prospects [3]. - The introduction of innovative ETF products is seen as a tool to support residents in increasing their equity market exposure [3].

Investment Rating - The report indicates a positive outlook for the real estate industry following the recent tax policy adjustments aimed at stabilizing the market [1][2]. Core Insights - The new tax policies are expected to effectively lower housing transaction costs, thereby stimulating demand and boosting real estate sales. Key adjustments include increasing the area threshold for a lower deed tax rate from 90 square meters to 140 square meters and a unified reduction of the land value-added tax pre-collection rate by 0.5 percentage points [1][2]. - The adjustments in deed tax directly reduce the cost of home purchases, particularly benefiting buyers of improved housing and second homes in first-tier cities. Additionally, the clarification regarding value-added tax exemptions for properties sold after two years in first-tier cities further enhances the policy's effectiveness [2]. - The report emphasizes the importance of the government's commitment to policy implementation, noting a more proactive approach in releasing policies compared to previous cycles. This reflects a determination to stabilize the market and prevent further declines [2][3]. Summary by Sections - **Tax Policy Adjustments**: The announcement includes significant changes to deed tax and land value-added tax, aimed at reducing transaction costs and stimulating demand in the real estate market [1]. - **Market Impact**: The report anticipates that these tax adjustments will have a positive impact on real estate sales, particularly in first-tier cities, and highlights the potential for further policy expansions in the future [2]. - **Industry Outlook**: The real estate sector is entering a new phase characterized by asset integration and restructuring, with an expectation of accelerated domestic debt restructuring as a risk mitigation strategy [3].

Investment Rating - The industry investment rating is "Overweight" for the real estate sector [4]. Core Insights - October marks a typical month post-new real estate policies, showing a trend of sales volume and price recovery, while investment continues to decline. This pattern is expected to persist into 2025, characterized by stabilized prices and accelerated inventory reduction by companies [2][4]. - Monthly sales have shown a near return to positive growth, with sales amount and area down by only -1.0% and -1.6% year-on-year, respectively. This performance is beneficial for real estate companies as it indicates a normalization in de-stocking speed and improved price expectations [4]. - Investment growth has further declined to -12.3%, with new construction area dropping by -26.7%. The report suggests that under strict control of new projects and land acquisition, companies will expedite balance sheet reduction, leading to a new normal of strong sales volume and price, but weak investment and construction [4]. - The main market concern is whether current policies can stabilize prices. The report believes this is achievable through measures like interest rate cuts and debt swaps, which can help address the mismatch in real estate companies' balance sheets [4]. - The report emphasizes a shift in focus from quantity to price, drawing on international experiences that show a weakening relationship between volume and price post-urbanization cycles. It suggests that the current demand reduction and price stabilization driven by economic growth are not contradictory [4]. - Attention should be given to asset injections and domestic debt restructuring over the next five years, with a focus on state-owned enterprises in Shanghai and companies like China Merchants Shekou, Poly Developments, and CIFI Holdings as potential beneficiaries [4]. Summary by Sections Sales and Investment Trends - Monthly sales have nearly returned to positive growth, with a year-on-year decline of -1.0% in sales amount and -1.6% in sales area, indicating a potential recovery in the market [4]. - Investment growth has decreased to -12.3%, with new construction area seeing a significant drop of -26.7% [4]. Policy Implications - Current policies aim to stabilize prices through interest rate reductions and debt restructuring, which are expected to mitigate the chain reaction caused by balance sheet mismatches in real estate companies [4]. - The report suggests that the focus should shift from quantity to price, as historical data indicates a decoupling of volume and price in real estate markets post-urbanization [4]. Recommended Companies - The report recommends focusing on state-owned enterprises in Shanghai and continues to endorse China Merchants Shekou, Poly Developments, and CIFI Holdings as key investment targets [4].

Industry Investment Rating - The report maintains an "Overweight" rating for the aviation industry, with a positive outlook on the sector's recovery and profitability [4][9] Core Views - The Chinese aviation industry has long-term growth potential, with a clear trend of supply-demand recovery and an expected rise in profit margins [2][5] - The industry's profitability in Q3 2024 exceeded expectations, with A-share airlines' profits surpassing Q3 2019 levels [4][5] - The report recommends a counter-cyclical investment strategy during the off-season, citing low market expectations and potential benefits from falling oil prices [5][9] Industry Overview - The Chinese aviation industry is one of the few sectors with long-term growth potential, driven by significant demand growth and constraints on airspace and time slots [8][10] - The "14th Five-Year Plan" has seen gradual marketization of ticket pricing and a significant slowdown in fleet growth, which will support profit margin expansion [10][15] - The industry's recovery trend is expected to continue, with international flight increases helping to absorb domestic capacity [10][21] Profitability Analysis - A-share airlines' Q3 2024 revenue grew by 5% YoY and 11% compared to Q3 2019, reflecting sustained growth in aviation demand [5][29] - Fuel costs are expected to improve significantly from Q4 2024, with international oil prices declining in Q3 2024 [5][24] - Non-fuel costs are also improving faster than expected, driven by the recovery of international flights and economies of scale [5][60] Airline Performance - Major airlines (Air China, China Southern, China Eastern) saw a 18% YoY decline in Q3 2024 net profit but still grew nearly 10% compared to Q3 2019 [5][68] - Smaller airlines (Spring Airlines, Juneyao Airlines) saw a 30% YoY decline in Q3 2024 net profit but grew 33% compared to Q3 2019, in line with expectations [5][68] - Major airlines' cost improvements are accelerating, with better-than-expected performance in seat revenue and cost management [68][72] Revenue Management Strategy - Airlines shifted from a "price-first" strategy in 2023 to a "load factor-first" strategy in 2024, leading to higher load factors but lower ticket prices [5][72] - The industry's load factor in Q3 2024 increased by 4.5 percentage points YoY, with September's load factor even exceeding 2019 levels [5][72] - The report anticipates further positive changes in revenue management strategies, which could accelerate profit recovery [88][89] Fleet and Capacity - A-share airlines' fleet size reached 3,297 aircraft by September 2024, up 2% YoY and nearly 8% compared to September 2019 [38][40] - Narrow-body aircraft utilization has surpassed 2019 levels, while wide-body aircraft utilization is still recovering [38][62] - The recovery of international flights is expected to continue driving the utilization of wide-body aircraft, improving cost efficiency [84][85]

Investment Rating - The report maintains a "Buy" rating and lowers the target price to 11.97 CNY from the previous 12.31 CNY [3][5]. Core Views - The report highlights improvements in breeding efficiency and cost reduction, indicating a clear path forward. The recovery of the pig feed cycle and the company's first-mover advantage in overseas markets contribute to the stable development of its feed business [2][3]. - The company sold 1.2534 million pigs in October, representing a month-on-month increase of 5.12% and a year-on-year change of 14.82%. Revenue for the month was 2.081 billion CNY, down 9.21% month-on-month and down 11.11% year-on-year [3]. - The report projects EPS for 2024 and 2025 to be 0.22 CNY and 0.64 CNY, respectively, down from previous estimates of 0.85 CNY and 1.37 CNY [3]. Financial Summary - The company’s revenue for 2023 is projected at 141.703 billion CNY, with a slight increase of 0.1% compared to 2022. However, a significant decline of 36.9% is expected in 2024, with revenue forecasted at 89.374 billion CNY [4]. - The net profit attributable to shareholders is expected to recover significantly, reaching 1.019 billion CNY in 2024, up 308.9% from the previous year, and further increasing to 2.925 billion CNY in 2025 [4]. - The report indicates a projected net asset return of 4.0% in 2024, improving to 10.2% in 2025 [4]. Business Segments - The report employs a segmented valuation approach, assigning a 20x valuation to the feed business, 11x to the breeding business, and 18x to the food business for 2025. The estimated market value for the feed business is 28 billion CNY, breeding business at 15.4 billion CNY, food business at 4.5 billion CNY, and a 4.18% stake in Minsheng Bank valued at 6.5 billion CNY, totaling a target market value of 54.4 billion CNY [3]. - The report emphasizes the recovery of the breeding industry and the expected narrowing of the decline in pig feed production in 2025, benefiting from increased market concentration [3]. Market Position - The company is noted as one of the earliest domestic feed enterprises to establish overseas production facilities, particularly in Southeast Asia and Egypt, which provides a competitive edge in less saturated markets with higher profit margins [3].

Investment Rating - Maintains an "Overweight" rating with an upward revision of the target price to 23.06 RMB (previously 19.50 RMB) [2][3][5] Core Views - The company's Q3 2024 performance aligns with market expectations, driven by growth in the power grid and marine sectors [3] - Revenue for the first three quarters of 2024 reached 42.399 billion RMB, a year-on-year increase of 20.79%, with net profit attributable to shareholders growing by 28.32% to 2.314 billion RMB [3] - Marine business is expected to contribute significantly, with a year-on-year growth exceeding 40%, while the power grid business is projected to maintain steady growth of 15%-20% [3] - The company has a robust order backlog, including approximately 20 billion RMB in energy interconnection projects and 6 billion RMB in marine communication orders [3] Financial Summary - Revenue for 2024E is forecasted at 50.663 billion RMB, with a year-on-year growth of 6.4% [4] - Net profit attributable to shareholders for 2024E is projected at 2.738 billion RMB, with an EPS of 1.11 RMB [4] - ROE is expected to improve from 6.7% in 2022A to 10.6% in 2026E [4] Business Performance - Q3 2024 revenue reached 15.8 billion RMB, a year-on-year increase of 32.38%, with net profit attributable to shareholders growing by 27.25% to 705 million RMB [3] - The marine communication sector has seen significant revenue recognition in 2024, contributing to the strong performance [3] Order Backlog - The company holds orders worth approximately 20 billion RMB in energy interconnection projects, including submarine cables and marine engineering [3] - Marine communication orders stand at around 6 billion RMB, with additional orders exceeding 300 million USD for the PEACE transoceanic cable system [3] Valuation and Market Data - The company's current market capitalization is 43.76 billion RMB, with a total of 2.467 billion shares outstanding [6] - The stock's 52-week price range is between 10.64 RMB and 19.17 RMB [6] Industry Comparison - The company's 2024E PE ratio is 17.03x, lower than the industry average of 24.43x [10] - Compared to peers like Oriental Cable and Zhongtian Technology, the company shows competitive valuation metrics [10]

Investment Rating - The investment rating for the company is "Buy" [2][4]. Core Views - The company plans to invest in the Qingdao Electronic Bulk Gas Project, with a total investment not exceeding 135 million yuan, accelerating its layout in the electronic gas business, which is expected to bring new growth [3][4]. - The company's electronic bulk gas business is developing rapidly, and retail gas prices are expected to recover with the resurgence of downstream demand, leading to an improvement in profitability [4]. - The target price has been raised to 34.25 yuan, based on a 25x PE for 2025, reflecting an adjustment in the company's EPS forecasts for 2024-2026 to 1.05, 1.37, and 1.67 yuan respectively [4]. Financial Summary - The company's revenue for 2022 was 12.803 billion yuan, with projections of 13.309 billion yuan for 2023, 14.328 billion yuan for 2024, 16.793 billion yuan for 2025, and 19.218 billion yuan for 2026, indicating a growth rate of 7.8%, 4.0%, 7.7%, 17.2%, and 14.4% respectively [5]. - The net profit attributable to the parent company for 2022 was 1.210 billion yuan, with projections of 1.216 billion yuan for 2023, 1.031 billion yuan for 2024, 1.348 billion yuan for 2025, and 1.641 billion yuan for 2026, showing a growth rate of 1.4%, 0.5%, -15.3%, 30.8%, and 21.7% respectively [5]. - The company's net asset return rate is projected to be 14.8% for 2022, decreasing to 13.7% in 2023, and then recovering to 16.4% by 2026 [5]. Market Data - The current price of the stock is 26.30 yuan, with a target price of 34.25 yuan, indicating a potential upside [2][6]. - The total market capitalization of the company is 25.876 billion yuan, with a total share capital of 984 million shares [6]. Project Overview - The Qingdao Electronic Bulk Gas Project is expected to supply industrial gas products and services to the semiconductor technology sector, with a market size projected to reach 12.2 billion yuan by 2025 [4]. - The electronic bulk gas market in China is expected to reach 10.3 billion yuan in 2023, with a year-on-year growth of 8.42% [4].

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company experienced short-term fluctuations in Q3 due to weak global consumer demand, but sales are expected to improve marginally in Q4 as the high base effect diminishes [2] - The company's net profit forecasts for 2024-2026 have been revised down to $389 million, $436 million, and $490 million respectively, with the current stock price corresponding to P/E ratios of 9, 8, and 7 times [3] - Q3 sales were weak, with revenue of $880 million, a year-on-year decrease of 8.3% and a fixed exchange rate decline of 6.8% [3] - The gross margin decreased by 0.3 percentage points to 59.3%, and the net profit attributable to the parent company was $66 million, down 39.1% year-on-year [3] Summary by Sections Sales Performance - Q3 revenue breakdown by brand shows a decline: Samsonite at $480 million (-3.9%), TUMI at $190 million (-9.5%), and American Tourister at $140 million (-17.0%) [3] - By channel, wholesale revenue was $530 million (-11.5%) and DTC revenue was $350 million (-3.1%) [3] - By region, Q3 revenue was $330 million in Asia (-12%), $300 million in North America (-8%), $210 million in Europe (-2%), and $50 million in Latin America (-8%) [3] Future Outlook - Sales have shown marginal improvement since October, with a nearly double-digit year-on-year increase during the Singles' Day sales in China [3] - The revenue guidance for 2024 is expected to remain flat year-on-year (at fixed exchange rates), with a positive outlook for 2025 as the company focuses on higher-margin brands, channels, and regions [3]