Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 44.80 RMB, up from the previous target of 38.88 RMB [5] Core Views - The company's Q3 2024 performance showed significant improvement, driven by growth in domestic small-packaged yeast and YE products, as well as continued strong growth in overseas business [3] - Domestic business improved quarter-over-quarter, while overseas business maintained high growth momentum [11] - The company's revenue and net profit for Q3 2024 exceeded expectations, with revenue reaching 3.738 billion RMB, up 27.14% YoY, and net profit reaching 262 million RMB, up 7.02% YoY [11] - The company's competitive advantages are becoming more evident, with potential for gradual improvement in profitability due to cost reductions and better pricing strategies [11] Financial Performance - For Q1-Q3 2024, the company achieved revenue of 10.912 billion RMB, up 13.04% YoY, and net profit of 953 million RMB, up 4.23% YoY [11] - The company's gross margin for Q3 2024 was 21.4%, down 3.6 percentage points YoY, mainly due to rising shipping costs [11] - The company's net profit margin for Q3 2024 was 7.0%, down 1.3 percentage points YoY [11] Business Segments - In Q3 2024, the company's yeast and deep processing business grew by 17.8% YoY, while the sugar business grew by 5.5% YoY, and the packaging business grew by 16.3% YoY [11] - Domestic revenue grew by 20.7% YoY, while overseas revenue grew by 30.2% YoY [11] - Online and offline sales grew by 22.0% and 25.3% YoY, respectively [11] Future Outlook - The company is expected to benefit from cost reductions in raw materials such as molasses, and shipping costs are expected to decline starting from Q4 2024, which will improve profit margins [11] - The company's EPS forecasts for 2024-2026 are maintained at 1.58, 1.79, and 2.13 RMB, respectively [11] Valuation and Market Data - The company's current market capitalization is 31.914 billion RMB, with a share price of 36.74 RMB [6] - The company's P/E ratio is 24.16x based on the latest diluted share capital [10] - The company's ROE is expected to improve from 12.7% in 2024 to 14.2% in 2026 [10]

Investment Rating - Maintains "Overweight" rating with a target price of 69.39 RMB [3][4] Core Views - Performance in line with expectations, with continued improvement in quality and efficiency [2][3] - Revenue for 2024Q1-3 reached 29.915 billion RMB (+0.76%), net profit attributable to shareholders was 4.327 billion RMB (+5.03%), and non-GAAP net profit was 4.265 billion RMB (+10.68%) [3] - Q3 revenue was 9.460 billion RMB (+0.86%), net profit attributable to shareholders was 1.138 billion RMB (-12.16%), and non-GAAP net profit was 1.130 billion RMB (+1.23%) [3] - Maintains EPS forecasts for 2024-2026 at 2.57/2.87/3.15 RMB, with a 25X PE ratio for 2025 [3] Financial Performance - Gross margin for 2024Q3 was 26.47% (-0.51pct YoY), net margin was 12.05% (-1.77pct YoY), and non-GAAP net margin was 11.94% (+0.04pct YoY) [3] - Sales/management expense ratios for 2024Q3 were 10.67%/1.82%, down by 1.02pct/0.43pct YoY, while financial expense ratio was 0.01% (+0.92pct YoY) [3] - Inventory turnover days decreased by 14 days to 79 days in 2024Q3, and operating cash flow for 2024Q1-3 was 4.073 billion RMB (+57.29% YoY) [3] Shareholder Returns - Plans a special dividend of 12.13 RMB per 10 shares, totaling 2.164 billion RMB, representing 50.02% of the net profit for the first three quarters [3] Industry Comparison - Comparable companies include Pien Tze Huang (600436 SH), Tasly (600535 SH), and China Resources Sanjiu (000999 SZ), with average PE ratios of 24X for 2024E [12] Financial Forecasts - Revenue for 2024E is projected at 39.666 billion RMB (+1.4% YoY), with net profit attributable to shareholders at 4.594 billion RMB (+12.2% YoY) [10] - ROE is expected to increase from 11.5% in 2024E to 13.5% in 2026E, with EPS rising from 2.57 RMB in 2024E to 3.15 RMB in 2026E [10]

Investment Rating - The report maintains a rating of "Buy" for the company [1][3]. Core Views - The company's performance has fallen short of expectations, but there is a significant improvement in cash flow. Short-term growth is under pressure, but the long-term outlook for outsourcing penetration is promising [1][8]. - The target price has been adjusted to 38.50 CNY, up from the previous forecast of 34.40 CNY, reflecting a revised EPS forecast for 2024-2026 [3][8]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 5.619 billion CNY, a decrease of 10.95% year-on-year. The net profit attributable to shareholders was 94 million CNY, down 83.71% [8]. - The gross margin for Q1-Q3 was 35.15%, a decline of 2.29 percentage points, while the net margin was 1.49%, down 7.49 percentage points [8]. - Cash flow management has improved significantly, with operating cash flow of 312 million CNY for Q1-Q3, and accounts receivable decreased by 214 million CNY from Q2 [8]. Industry Outlook - The industry is currently facing short-term challenges due to regulatory adjustments and policy implementations, which are expected to reduce testing volumes and lower prices. However, there is potential for increased outsourcing in the long term as hospitals seek to reduce costs [8]. - The company is focusing on quality growth and has established 25 new partnerships with precision medicine centers and 20 new collaborations in research and disease alliances during Q1-Q3 [8]. Digital Transformation - The company is advancing its digital transformation initiatives, enhancing management efficiency across marketing, supply chain, and services. It has launched four products on the Guangzhou Data Exchange, marking a step towards compliant medical data circulation [8].

Investment Rating - The report maintains a "Buy" rating for Chongqing Bank [5][3]. Core Views - Chongqing Bank's Q3 2024 performance met expectations, with notable growth in loans and deposits, optimization of asset-liability structure, and stable asset quality [3]. - The net profit growth forecasts for Chongqing Bank for 2024-2026 have been adjusted to 3.58%, 4.23%, and 5.58%, respectively, with corresponding BVPS estimates of 17.58, 18.67, and 19.83 yuan [3]. - The target price for Chongqing Bank has been raised to 10.15 yuan, corresponding to a 0.58x PB for 2024 [3]. Financial Performance Summary - For Q3 2024, the company's revenue grew by 6.2% year-on-year, with net interest income growth of 0.6% and a significant increase in fee and commission income by 85.6% [3]. - The total assets of Chongqing Bank increased by 11.1% year-on-year, with loans growing by 12% [3]. - The non-performing loan ratio stood at 1.26% at the end of Q3 2024, with a provision coverage ratio of 250.2% [3]. Financial Data Overview - Revenue for 2024 is projected at 13,734 million yuan, with a growth rate of 4.0% [4]. - Net profit attributable to shareholders is expected to reach 5,106 million yuan in 2024, reflecting a growth of 3.6% [4]. - The bank's total assets are forecasted to be 827,003 million yuan by 2024, with a loan total of 440,087 million yuan [10].

Investment Rating - The report maintains an "Accumulate" rating for Agricultural Bank of China [4][3]. Core Views - Agricultural Bank of China exceeded expectations in Q3 2024 performance, with revenue growth accelerating quarter by quarter and net profit growth leading among state-owned banks, indicating strong performance quality [3]. - The net profit growth forecasts for Agricultural Bank of China for 2024-2026 have been adjusted to 3.64%, 4.32%, and 4.56%, respectively, with a target price raised to 5.51 yuan, corresponding to a 0.75x PB for 2024 [3][4]. - The bank's Q3 2024 revenue growth was 3.4% year-on-year, with net interest income growth at 2.6%, driven by stabilized interest margins [3]. - The bank's total assets grew by 12.5% year-on-year as of Q3 2024, with loans increasing by 10.5% [3]. Summary by Sections Financial Performance - Q3 2024 revenue reached 694.8 billion yuan, with a net profit of 269.4 billion yuan, reflecting a 5.9% increase [3][10]. - The bank's net interest margin for the first three quarters was 1.45%, remaining stable compared to the first half of the year [3]. Asset Quality - As of Q3 2024, the non-performing loan ratio was 1.32%, unchanged from Q2, with a provision coverage ratio of 302.4% [3][10]. - The bank's risk compensation ability remains high, with a provision-to-loan ratio of 3.99% [3]. Growth and Expansion - The bank's total assets reached approximately 39.87 trillion yuan, with loans totaling about 22.61 trillion yuan and deposits at approximately 28.90 trillion yuan [6][10]. - The bank's retail loan segment saw a net increase of 996 billion yuan in Q3 2024, while corporate loans decreased by 73 billion yuan [3].

Investment Rating - The report maintains a rating of "Buy" for the company [8][6]. Core Views - The Q3 performance of the company was below expectations, but it is anticipated that the company will achieve steady growth in the future due to the strong capabilities of its controlling shareholder, China National Machinery Industry Corporation, and its competitive advantages in high-end equipment, oil and gas, and medical sectors [3]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 8.61 billion yuan, a slight increase of 0.37% year-on-year, while the net profit attributable to the parent company decreased by 7.32% to 320 million yuan [6]. - The operating cash flow for the first three quarters of 2024 was -1.69 billion yuan, compared to -750 million yuan in the same period of 2023 [6]. - The company’s expense ratio increased to 12.19%, and the net profit margin decreased to 3.76% [6]. - The weighted ROE was 2.86%, down by 0.26 percentage points [6]. Order and Contract Insights - International engineering orders increased by 10.1% year-on-year in the first three quarters, but there was a significant decline of 24.4% in Q3 alone [6]. - New contracts signed in the international engineering contracting business totaled 1.57 billion USD, reflecting a year-on-year increase of 10.1%, while Q3 saw a decline of 24.4% [6]. - Domestic engineering contracting new contracts surged by 229.3% year-on-year in the first three quarters, with Q3 alone seeing a remarkable increase of 3233% [6]. Valuation Metrics - The target price is set at 9.83 yuan, corresponding to a PE ratio of 31.7 times for 2024 [6]. - The current price is 8.01 yuan, with a market capitalization of 9.912 billion yuan [9]. - The company has a PB ratio of 0.87, which is at the 19th percentile over the past 10 years [6]. Shareholder Returns - According to the shareholder return plan for 2024-2026, the company will distribute no less than 40% of the annual distributable profits in cash [6]. - The current dividend yield is 1.56% [6].

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company's Q3 2024 performance met expectations, with a gradual improvement in its overseas layout as the German factory has been completed and is set to begin production in 2025 [2] - The target price has been raised to 41.61 CNY from the previous 35.36 CNY, reflecting a positive outlook on the company's growth prospects [2][7] Financial Performance Summary - In Q3 2024, the company achieved a revenue of 3.638 billion CNY, representing a year-on-year increase of 12.19% and a quarter-on-quarter decrease of 3.71% [7] - The net profit attributable to shareholders for Q3 2024 was 425 million CNY, up 14.55% year-on-year but down 12.91% quarter-on-quarter [7] - For the first three quarters of 2024, the company reported a total revenue of 10.869 billion CNY, a 9.97% increase year-on-year, and a net profit of 1.269 billion CNY, up 15.07% year-on-year [7] Business Strategy and Market Position - The company is a leading player in the global relay market, holding a market share of 21.3% in 2023, an increase of 7.2 percentage points since 2019 [7] - The company is expanding its product categories, particularly in low-voltage electrical products, to create a new growth curve while maintaining its leadership in relay products [7] - The overseas layout has been enhanced with the completion of the German factory and significant growth in sales and profits from the Indonesian market, which saw a 157% increase in sales and an 89% increase in net profit year-on-year [7] Financial Forecast - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.56 CNY, 1.79 CNY, and 2.03 CNY respectively, reflecting adjustments from previous estimates [8] - Revenue is expected to grow from 14.62 billion CNY in 2024 to 18.40 billion CNY in 2026, with corresponding net profits increasing from 1.629 billion CNY to 2.119 billion CNY over the same period [8]

Investment Rating - The investment rating for the company is "Accumulate" [2][4]. Core Views - The company is experiencing accelerated product volume and significantly reduced losses, with core pipelines entering a harvest phase [3][4]. - The early pipeline is steadily advancing, expected to catalyze a new growth cycle [3][4]. Financial Summary - The company achieved revenue of 384 million yuan in Q1-Q3 2024, representing a year-on-year increase of 36.16%. Q3 revenue reached 143 million yuan, up 130.67% year-on-year and 8.28% quarter-on-quarter, driven by the product Donafenib [4]. - The net loss for Q1-Q3 2024 was 98 million yuan, a reduction of 104 million yuan year-on-year, indicating a trend towards reduced losses [4]. - The EPS forecasts for 2024-2026 are -0.63, 0.30, and 1.49 yuan, respectively, with a target price maintained at 75.02 yuan, corresponding to a 29X PS for 2024 [4]. Product Pipeline - The company's core product, recombinant human thrombin, was approved for market launch in January 2024, characterized by high purity and hemostatic activity [4]. - The JAK inhibitor, Jikaxitinib, is currently under review for market approval, with multiple indications for autoimmune diseases progressing [4]. - The early pipeline includes ZG006, a trispecific antibody targeting DLL3, showing promising efficacy in early clinical trials [4]. Market Data - The current stock price is 62.94 yuan, with a target price of 75.02 yuan [2]. - The market capitalization is 16.661 billion yuan, with a total share capital of 265 million shares [5]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 699 million, 1.313 billion, and 2.257 billion yuan, respectively, with significant growth rates anticipated [9]. - The net profit (attributable to the parent company) is projected to improve from a loss of 168 million yuan in 2024 to a profit of 395 million yuan in 2026 [9]. Operational Efficiency - The company has improved operational efficiency, with a notable decrease in sales expense ratio and a decrease in R&D expense ratio due to the completion of several clinical registrations [4].

Investment Rating - The report maintains an **Overweight** rating for Yonghui Superstores (601933) with a target price of **6.59 RMB**, up from the previous target of **2.96 RMB** [3] Core Views - Yonghui Superstores is undergoing a strategic transformation, focusing on supply chain optimization and store adjustments, which is expected to drive future growth [4] - The company has completed adjustments for 10 stores by Q3 2024, with plans to expand to 40-50 stores nationwide by the Spring Festival [9] - Yonghui has partnered with MINISO to enhance quality retail offerings, leveraging shared resources to improve economies of scale and cost structure [9] Financial Performance - Q1-Q3 2024 revenue reached **54.549 billion RMB**, a **12.14% YoY decline**, with net profit attributable to shareholders of **77.8657 million RMB**, down **130 million RMB** from 2023 [9] - Q3 2024 revenue was **16.77 billion RMB**, a **16.4% YoY decline**, with a net loss of **353 million RMB**, narrowing from the Q2 loss of **461 million RMB** [9] - The company's self-owned brand revenue reached **1.499 billion RMB** in Q3 2024, with 23 new SKUs launched [9] Valuation and Forecast - The report forecasts 2024 EPS at **-0.01 RMB**, revised from **0.02 RMB**, while raising 2025 and 2026 EPS to **0.04 RMB** and **0.09 RMB**, respectively [9] - The company is valued at **0.82x PS** for 2024, higher than the industry average [9] - Total market capitalization stands at **46.01 billion RMB**, with a current price of **5.07 RMB** [6] Operational Highlights - Yonghui closed **186 underperforming stores** in 2024, while opening **7 new stores**, incurring short-term closure costs [9] - The company's adjusted stores have shown significant revenue growth, with some stores achieving daily sales of **1.5-1.6 million RMB** [9] - Yonghui continues to optimize its product structure and expand its online business, with a focus on improving operational efficiency [9]

股 票 研 究 证 券 研 究 报 告 ——上市险企 2024 年三季报综述 | --- | --- | --- | |-------------------------|---------------|---------------------------------------------------------| | [Table_Invest] 评级： | 股票研究 /[ | Table_Date] 2024.11.04 \n[Table_Industry] 保险 \n增持 | | | 上次评级 : | 增持 | 价值利润均超预期，看好全年盈利改善 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|-------------------------|------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | [table_A ...