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 ...

Investment Rating and Target Price - The report initiates coverage on Huarong Gas with a "Buy" rating and a target price of HKD 37.05, based on a 15x PE multiple for 2024 [2] - The target price is derived from a combination of relative and absolute valuation methods, including PE, PB, and DDM models [11][14][16] Core Investment Thesis - Huarong Gas is expected to see steady profit growth driven by optimized business structure, improved operating cash flow, and reduced capital expenditures [1][7] - The company's free cash flow is improving, and its dividend per share (DPS) is entering an upward trajectory, enhancing its dividend value [1][2][7] - Key catalysts include margin improvement, dividend increases, and declining market interest rates [2][7] Business Segments and Growth Drivers Retail Gas Sales - Retail gas sales volume is expected to grow steadily, supported by policies like "coal-to-gas" and "bottle-to-pipeline" conversions [2][7][36] - The company's gas margin is expected to recover due to price adjustments and cost reductions, with a projected margin of RMB 0.53/0.55/0.56 per cubic meter for 2024-2026 [8][9] - Huarong Gas benefits from a higher proportion of residential gas sales, which allows it to capture more price adjustment benefits [7][42] Connection Business - Despite a slowdown in new connections due to the real estate downturn, the company still has room for growth, with an estimated 298/268/241 thousand new residential connections for 2024-2026 [8][54] - The company's contract liabilities remain high, providing a buffer for future connection business [7][55] Comprehensive Services and Energy Business - The comprehensive services business, including gas appliances and insurance, is expected to grow at a CAGR of 24.0%/22.0%/20.0% from 2024-2026 [8][58] - The comprehensive energy business, including distributed energy and EV charging, is projected to grow rapidly, with a target revenue of HKD 5 billion by 2025 [60][61] Financial Projections - Revenue is expected to grow at a CAGR of 5.0%/4.9%/3.9% from 2024-2026, reaching HKD 106.4/111.6/116.0 billion [9][10] - Net profit is projected to grow at a CAGR of 9.5%/11.3%/8.9% over the same period, with EPS of HKD 2.47/2.75/3.00 [9][10] Valuation - Relative valuation using PE and PB multiples suggests a fair value of HKD 37.05, based on a 15x PE and 2.0x PB for 2024 [11][12][13] - The DDM model estimates an intrinsic value of HKD 42.95 per share, based on a two-stage growth model and a cost of equity of 6.6% [14][15][16] Industry and Market Position - Huarong Gas is one of the largest city gas operators in China, with a strong presence in economically developed regions like the Yangtze River Delta and the Greater Bay Area [17][54] - The company benefits from its stable gas supply, with 87.7% of its gas sourced from pipelines, and long-term contracts with major suppliers like CNPC and Sinopec [42][43] Operational Efficiency and Cash Flow - The company has improved its working capital management, with positive cash flow contributions from prepayments and receivables in 2023 [7][51] - The gap between accounts receivable turnover days and prepayment turnover days has narrowed, indicating better cash flow efficiency [51][52]

Investment Rating - Maintains an "Overweight" rating [4] - Target price adjusted to 7.72 yuan, up from the previous 6.74 yuan [6] Core Views - The company's Q3 2024 results met expectations, with both float and photovoltaic glass sectors facing price pressures [3] - Despite industry challenges, the company maintains leading cost competitiveness and is expected to stabilize as industry cold repairs accelerate [3] - Q3 2024 revenue was 3.689 billion yuan, down 14.21% year-on-year, with a net loss of 112 million yuan [4] - Photovoltaic glass sector accelerated losses due to insufficient component demand, but cold repairs in 2025 are expected to drive profit recovery [4] - Float glass segment achieved break-even in Q3, with sales of approximately 27 million heavy cases and a production-sales ratio exceeding 100% [4] - Photovoltaic glass sales in Q3 were around 100 million square meters, with prices dropping to 13.82 yuan per square meter, leading to industry-wide losses [4] Financial Performance - 2024E revenue is projected at 16.405 billion yuan, with a net profit of 572 million yuan [5] - EPS for 2024E is forecasted at 0.21 yuan, down from 0.65 yuan in 2023A [5] - ROE for 2024E is expected to be 4.1%, down from 12.9% in 2023A [5] - P/E ratio for 2024E is 33.12, significantly higher than 10.82 in 2023A [5] Industry and Market Context - The float glass industry is under pressure, with the national average price in Q3 at 1,470 yuan per ton, down 305 yuan per ton from the previous quarter [4] - The photovoltaic glass industry saw a price drop of 3.54 yuan per square meter in Q3, leading to rapid inventory accumulation and accelerated price declines [4] - The company's governance structure and incentive mechanisms remain strong, with a management team capable of navigating industry cycles [4] - The float glass industry's daily melting capacity decreased by 13,200 tons per day from its peak in April, a reduction of 8% [4] Valuation and Comparables - The company's 2025E P/E ratio is 17.71, compared to an industry average of 19.31 [13] - Comparable companies include Fuyao Glass (600660.SH) with a 2025E P/E of 16.70 and Flat Glass (601865.SH) with a 2025E P/E of 25.46 [13]

Investment Rating - The report assigns a positive investment rating to Jintian Titanium Industry, highlighting its position as a leading domestic high-end titanium material manufacturer [3][21]. Core Viewpoints - Jintian Titanium Industry (688750.SH) is a major R&D and production base for high-end titanium alloy bars and forgings in China, primarily supplying the military sector with products used in various new aircraft and transport planes. The company achieved revenue and net profit of 801 million and 147 million CNY in 2023, respectively [2][3]. - The company plans to raise 1.045 billion CNY through its IPO to expand production capacity and optimize technology, which is expected to enhance its market share [3][21]. Summary by Relevant Sections Company Overview - Jintian Titanium Industry is a leading producer of high-end titanium materials, supplying multiple new military equipment in the aerospace sector and actively expanding into civilian applications such as commercial aircraft and shipbuilding materials. The demand for high-end titanium materials in both military and civilian sectors is robust, indicating a broad market outlook [3][6]. Main Business Analysis - The company focuses on R&D, production, and sales of high-end titanium and titanium alloy materials, with over 90% of its products supplied to military clients. The revenue from military products has shown stable growth, with a compound annual growth rate (CAGR) of 18.29% in revenue and 24.49% in net profit from 2021 to 2023 [3][8][10]. - The main products include titanium and titanium alloy bars, forgings, and components, primarily used in aerospace, shipbuilding, and weaponry [3][6]. Industry Development and Competitive Landscape - The titanium alloy industry is strategically significant, with the domestic market undergoing rapid structural upgrades. The demand for titanium materials in the aerospace sector is particularly high, with a significant increase in military and civilian aircraft requirements expected to drive growth [15][16]. - Jintian Titanium holds a market share of approximately 7.90% in the domestic aerospace titanium material market, benefiting from strong partnerships with major military and aerospace manufacturers [20][19]. Comparable Company Valuation - The industry average price-to-earnings (PE) ratio for the "C32 Non-ferrous Metal Smelting and Rolling Processing Industry" is 17.44 times. Jintian Titanium's comparable companies, such as Baotai Co. and Western Superconducting, have higher average PE ratios of 34.76 for 2023, 29.80 for 2024, and 24.11 for 2025 [23][24]. IPO and Fundraising Plans - The company plans to issue 92.5 million shares, representing 20% of the total share capital post-IPO, with the funds aimed at expanding production capacity and optimizing technology [21][22]. The total investment for the projects is estimated at 1.045 billion CNY [21].