Q3 业绩承压，关注行业需求复苏 股票研究 / 2024.11.07 泰和新材(002254) 基础化工/原材料 —泰和新材 2024 年三季报业绩点评 | --- | --- | --- | --- | |-------|-------------------------|----------------|-------------------------------------------------------| | | | | | | | 孙義里(分析师) | 杨思远(分析师) | 陈浩越(研究助理) | | | 021-38677369 | 021-38032022 | 021-38031035 | | | sunxiyu@gtjas.com | | yangsiyuan026856@gtjas.com chenhaoyue028692@gtjas.com | | | 赛记编号 S0880517090003 | $0880522080005 | S0880123070130 | 本报告导读: 公司 Q3 业绩略低于预期,复轮、芳纶行业价差承压运行,静待需求复苏。远期新应 用驱动芳纶需求高增,公司转向 ...

Investment Rating - The report maintains a rating of "Buy" for the company [3]. Core Views - The company is demonstrating steady progress in its operations, with voluntary lock-up and share buyback reflecting confidence in future development [2]. - The company’s controlling shareholders have committed to not selling shares for six months and plan to buy back up to 100 million HKD in shares, indicating strong belief in the company's growth potential [3]. - The company is integrating its supply chain and expanding its store formats, which is expected to open new growth opportunities [3]. Financial Projections - The forecasted net profits for the company from 2024 to 2026 are 212 million, 253 million, and 312 million RMB respectively, with corresponding PE ratios of 24x, 20x, and 16x [3]. - The company’s revenue is projected to grow from 6,094 million RMB in 2023 to 6,762 million RMB in 2025, and further to 7,886 million RMB in 2026, reflecting a growth rate of 10.62% and 16.63% respectively [6]. Recent Developments - The company has recently launched a new factory in Hubei and is acquiring a 41% stake in Beihai Daixiaji Food Co., which will increase its ownership to 51% [3]. - The company is also exploring new store formats by entering agricultural markets with a new sub-brand, which is expected to enhance its market presence [3].

Investment Rating - The report maintains an "Accumulate" rating for Baofeng Energy (600989) with a target price adjusted to 19.69 CNY from the previous 21.00 CNY [1][4]. Core Views - The company's Q3 performance was slightly below expectations due to maintenance and oil price fluctuations impacting profitability, but the growth potential remains strong with significant capacity expansion projects underway [2][4]. - The report highlights that the company achieved a revenue of 24.275 billion CNY in the first three quarters of 2024, representing an 18.99% year-on-year increase, while net profit reached 4.537 billion CNY, up 16.60% year-on-year [4]. - Q3 revenue was reported at 7.377 billion CNY, a 0.90% year-on-year increase but a 24.60% decrease in net profit compared to the same quarter last year [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 24.275 billion CNY, with a year-on-year growth of 18.99%, and a net profit of 4.537 billion CNY, reflecting a 16.60% increase [4]. - In Q3 2024, the company generated revenue of 7.377 billion CNY, which is a 0.90% increase year-on-year, but net profit fell to 1.232 billion CNY, down 24.60% year-on-year [4]. Market Conditions - The report notes that the domestic apparent consumption of polyolefins in the first half of 2024 was 37.06 million tons, a 3.3% increase year-on-year, indicating a steady demand growth for polyolefins [4]. - The cost advantage of coal-based olefins is highlighted, with coal-based polyethylene being approximately 2200 CNY per ton more profitable than oil-based polyethylene as of June 2024 [4]. Project Developments - The Inner Mongolia Phase I project is on track for trial production, and the Ningdong Phase IV olefin project is set to commence soon. Additionally, a new materials project in Xinjiang is in the environmental assessment phase, which is expected to enhance future profitability [4].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's performance in the first three quarters of 2024 met expectations, with a revenue of 111.24 billion yuan, a year-on-year decrease of 7.18%, and a net profit attributable to shareholders of 1.77 billion yuan, down 56.86% year-on-year [2][3]. - The company is expected to improve its dividend yield as capital expenditure pressures decrease, with a current dividend payout ratio of 31.29% and a dividend yield of 4.84%, ranking among the industry leaders [3][4]. Financial Summary - Revenue and Profit Forecasts: The company’s revenue is projected to be 160.8 billion yuan in 2024, with net profit forecasts adjusted to 2.85 billion yuan for 2024, 3.28 billion yuan for 2025, and 3.81 billion yuan for 2026 [3][4]. - Profitability Metrics: The gross margin and net profit margin for the first three quarters of 2024 were 6.97% and 1.59%, respectively, showing a decline compared to the previous year but still maintaining a relatively good level within the industry [3][5]. - Valuation: The target price is set at 6.13 yuan, based on a price-to-book (PB) ratio of approximately 0.73 for 2025, in line with comparable companies [3][12]. Product Development - The company is optimizing its product structure, with new high-value-added products expected to enhance profitability. The VAMA Phase II high-end automotive sheet project is expected to reach full production in 2024, adding 450,000 tons/year of galvanized capacity [3][4]. - The company has also launched a cold-rolled silicon steel project, which is anticipated to contribute to profitability as production ramps up [3][4]. Market Position - The company’s market capitalization is approximately 32.54 billion yuan, with a current share price of 4.71 yuan, reflecting a 52-week price range of 3.39 to 5.92 yuan [6][7]. - The company maintains a net asset value per share of 7.73 yuan, with a current price-to-net asset ratio of 0.6 [7]. Conclusion - The report indicates that despite current challenges, the company is positioned to enhance its profitability through product optimization and reduced capital expenditure, supporting a positive outlook for future performance [2][3][4].

Investment Rating - The report maintains a rating of "Buy" for the company [5] Core Views - The company's net profit growth of 15.9% in Q3 2024 aligns with expectations, with future growth anticipated from the commencement of the Bangladesh coal-fired power project and the initiation of the Bosnia solar project [2][3] - The report forecasts stable growth in the Mongolian coal business, contributing to sustained profit increases [2] Financial Summary - For the first three quarters of 2024, revenue was 14.122 billion yuan, a decrease of 3.48% year-on-year, while net profit attributable to the parent company was 758 million yuan, an increase of 9.7% [3] - The operating cash flow for the first three quarters of 2024 was -455 million yuan, compared to -294 million yuan in the same period of 2023 [3] - The company plans to raise no more than 960 million yuan for the Bosnia solar project, with an expected internal rate of return of 17.74% and a payback period of 8.85 years [3] Earnings Forecast - The report revises the earnings per share (EPS) estimates for 2024-2026 to 1.01, 1.10, and 1.21 yuan, respectively, reflecting a downward adjustment from previous estimates [3] - The target price is adjusted to 16 yuan, corresponding to a price-to-earnings (PE) ratio of 15.8 times for 2024 [3] Order and Project Updates - New signed contracts in Q3 2024 amounted to 787 million USD, a decline of 61.3% year-on-year, with a total of 14.367 billion USD in uncompleted orders as of September 2024 [3][14] - The company has made progress in various projects, including the completion of 96.1% of the EPC engineering for the Bangladesh coal-fired power station [3]

Investment Rating - The report maintains an "Overweight" rating for the home appliance industry, particularly highlighting the benefits for leading brands in the context of the recent subsidy policies [1][2]. Core Insights - The report emphasizes that leading brands in the home appliance sector are expected to benefit significantly from the recent government subsidies aimed at promoting the replacement of old appliances with new ones. The white goods category is projected to see the most substantial gains, with a notable increase in market share for top brands [2][3]. Summary by Sections 1. Introduction - The report discusses the impact of the nationwide "old-for-new" policy, which has been in effect for over a month. As of mid-October, approximately 14.62 million units of traditional appliances were sold, generating sales of 69.09 billion yuan, supported by 13.17 billion yuan in central subsidies [5]. 2. Product Categories: Differentiated Price and Volume Elasticity - White goods are identified as the most significant beneficiaries of the subsidy policy, with sales growth in categories such as cleaning appliances, air conditioners, and kitchen appliances (excluding integrated stoves) showing strong elasticity. For instance, the online sales growth for cleaning appliances surged from 48% to 186% following the subsidy implementation [3][6]. - The average prices of major appliances have improved significantly, with color TVs and washing machines seeing price increases of over 10% year-on-year due to the subsidy effects [7][8]. 3. Regional Insights: Focus on Lower-tier Markets - The report highlights the potential of lower-tier markets, predicting that by mid-November, approximately 70% of the subsidy funds will be utilized nationwide. Regions that implemented subsidies earlier, such as Hubei and Anhui, have shown better consumer engagement and sales growth [14][15]. 4. Brand Performance: Leading Brands Benefit - Leading brands like Midea, Gree, and Haier have seen significant increases in market share across various product categories. For example, Midea's market share in air conditioners and refrigerators increased by 2.9% and 5.9%, respectively, following the subsidy rollout [3][4]. - The report notes that high-end brands are experiencing rapid growth, with a notable improvement in the revenue structure of leading companies [3][4]. 5. Investment Recommendations - The report recommends investing in companies with strong distribution capabilities and a comprehensive product lineup, particularly those focused on white goods. Specific stock recommendations include Midea Group (14.1X), Gree Electric (7.7X), and Haier Smart Home (13.7X) [3][4].

Investment Rating - The report maintains a "Buy" rating for CNOOC Services with a target price of HKD 9.17 [3]. Core Views - The company's Q3 performance was slightly pressured due to the suspension of orders from the Middle East and typhoon impacts, but the overall growth trajectory remains positive supported by strong industry demand [2]. - Revenue for the first three quarters of 2024 reached CNY 33.661 billion, a year-on-year increase of 14.1%, while net profit attributable to shareholders was CNY 2.445 billion, up 7.5% year-on-year [3]. - The drilling platform utilization rate has declined, but the ship and geophysical exploration segments have seen year-on-year growth in operational volume [3]. - The company has secured contracts for two of the four suspended drilling platforms, with operations expected to resume in Q3 and Q4 [3]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of CNY 11.133 billion, a year-on-year increase of 4.7% but a quarter-on-quarter decrease of 10.1%. Net profit for Q3 was CNY 0.852 billion, down 8.8% year-on-year and 10.9% quarter-on-quarter [3]. - The drilling segment operated for 13,166 days in the first three quarters, a slight decrease of 0.5% year-on-year, with self-elevating platforms increasing by 2.0% to 10,595 days [3]. Market Outlook - The global oilfield services market is projected to grow by 7.1% in 2024, with strong investment growth in offshore oil and gas development expected to continue [3]. - The company anticipates improved utilization rates for drilling platforms as the impact of typhoons diminishes and new contracts are secured [3].

Investment Rating - The investment rating for the company is "Buy" with a target price of 7.31, maintaining the previous rating of "Buy" [4]. Core Views - The company's performance in the first three quarters of 2024 was below expectations, but the growth in its new energy investment and operation business is expected to support profits. The company is anticipated to benefit from the favorable conditions in the energy and power industry, achieving sustained and stable growth [7]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 425.7 billion, a year-on-year increase of 1.20%. The net profit attributable to the parent company was 8.8 billion, a decrease of 7.21% year-on-year. The operating cash flow was -46.9 billion, compared to -35.9 billion in the same period of 2023 [12][13]. - The company’s new contract signing in the first three quarters of 2024 reached 861.1 billion, a year-on-year increase of 5.42%, with energy and power orders growing by 19.68% [12][17]. Market Position - The company is a leading player in global hydropower construction, holding over 65% of the construction tasks for large and medium-sized hydropower stations in China. It also dominates the pumped storage power station market, accounting for over 50% of the global market share in large and medium-sized water conservancy and hydropower construction [12][18]. Business Segments - In the first three quarters of 2024, the new contract amounts by business segment were as follows: Energy and Power at 518.39 billion (up 19.68%), Water Resources and Environment at 111.97 billion (down 10.07%), Urban Construction and Infrastructure at 198.50 billion (down 17.16%), and Other at 32.25 billion (up 64.99%) [17].

Investment Rating - The investment rating for China Energy Engineering Corporation (601868) is "Accumulate" with a target price of 2.96 CNY, maintaining the previous target price [3][4]. Core Views - The report indicates that the net profit for the first three quarters of 2024 increased by 17.28%, aligning with expectations, and the company is expected to benefit from the growth in new orders and the implementation of renewable energy projects [4]. - The controlling shareholder plans to increase their stake by 300 to 500 million CNY, reflecting confidence in the company's investment value [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 295.139 billion CNY, a growth of 3.44% year-on-year, with net profit attributable to shareholders reaching 3.604 billion CNY, an increase of 17.28% [4]. - The operating cash flow improved, with a net cash flow of -12.5 billion CNY compared to -14.7 billion CNY in the same period of 2023 [4]. - The expense ratio for the first three quarters was 8.31%, and the net profit margin was 1.22% [4]. Order Growth and Business Segments - New signed orders increased by 5.03% year-on-year, with traditional energy orders growing by 46.38% [4]. - The total new signed contracts for the first three quarters amounted to 941.5 billion CNY, with domestic orders at 718.2 billion CNY and international orders at 233.3 billion CNY [4][14]. - The engineering construction segment saw a slight increase of 0.69%, while industrial manufacturing surged by 128.79% [14]. Future Earnings Forecast - The report maintains earnings per share (EPS) forecasts for 2024-2026 at 0.21, 0.24, and 0.28 CNY, representing growth rates of 12%, 14%, and 13% respectively [4]. - The projected revenue for 2024 is 453.229 billion CNY, with a net profit forecast of 8.96 billion CNY, reflecting a growth of 12.2% [5][12].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 14.36 CNY, up from the previous forecast of 10.86 CNY [3][5]. Core Views - The company's supermarket operations are performing well, and it is steadily advancing its new business layout, focusing on the "big and small reform" plan for stores, which is expected to further improve profitability [4][5]. - The company has adjusted its EPS forecasts for 2024, 2025, and 2026 to 0.32, 0.34, and 0.35 CNY respectively, up from previous estimates of 0.23, 0.24, and 0.25 CNY [5]. - The company achieved a revenue of 141.2 billion CNY in the first three quarters, representing a year-on-year increase of 1.78%, while the net profit attributable to shareholders was 1.88 billion CNY, down 12.03% [5]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 47.65 billion CNY, a decrease of 0.49% year-on-year, and a net profit of 0.18 billion CNY, down 33.71% [5]. - The company’s gross margin for Q3 2024 was 22.65%, slightly down by 0.1 percentage points compared to H1 2024, with the gross margin for direct stores at 19.78%, an increase of 0.18 percentage points year-on-year [5]. Business Strategy - The company is focusing on the "big and small reform" of its stores, with 13 new direct stores and 30 new franchise stores opened in Q3 2024, while 36 stores were closed due to network optimization, bringing the total number of stores to 1,103 [5]. - The company is also expanding its new business formats, with 21 new snack stores added in Q3 2024 [5]. Market Position - The company’s stock has a 52-week price range of 7.49 to 14.55 CNY, with a total market capitalization of 7,086 million CNY [7]. - The company’s net asset value per share is 3.95 CNY, with a current price-to-book ratio of 2.8 [8].