Investment Rating - The report maintains a "Cautious Accumulate" rating for the company [2][3]. Core Views - The company's profitability has improved on a quarter-on-quarter basis, with a focus on high-end formulations and a transition to biopharmaceuticals, indicating a positive long-term growth outlook [2]. - For the first three quarters of 2024, the company reported revenue of 3.088 billion yuan, a year-on-year decrease of 1.72%, and a net profit attributable to shareholders of 6.06 million yuan, down 27.82% year-on-year. The third quarter alone saw revenue of 945 million yuan, a year-on-year increase of 12.79%, with a net profit of 201 million yuan, down 6.54% year-on-year [2]. - The report adjusts the EPS forecast for 2024-2026 to 0.52, 0.69, and 0.92 yuan respectively, down from previous estimates of 0.56, 0.74, and 0.96 yuan, and sets a target price of 16.56 yuan for 2025, up from 13.44 yuan [2]. Financial Summary - The gross profit margin for the first three quarters of 2024 was 41.41%, a decrease of 7.99 percentage points year-on-year, primarily due to high base prices of heparin raw materials in the same period last year. The gross profit margin for Q3 was 44.07%, down 0.32 percentage points year-on-year but up 2.30 percentage points quarter-on-quarter [2]. - The selling expense ratio decreased to 6.27%, down 3.56 percentage points year-on-year, mainly due to reduced promotional expenses for formulations. The management expense ratio increased to 3.93%, up 0.58 percentage points year-on-year, while the R&D expense ratio rose to 7.00%, up 0.23 percentage points [2]. - The net profit margin attributable to shareholders for the first three quarters of 2024 was 19.62%, down 7.09 percentage points year-on-year, with Q3 showing a net profit margin of 21.24%, an increase of 1.23 percentage points quarter-on-quarter [2]. Strategic Initiatives - The company is intensifying its strategic transition towards biopharmaceuticals and high-end formulations, having obtained multiple drug registration approvals in the first half of 2024. As of 2023, it holds 97 overseas drug registration approvals and 28 domestic approvals, leading the industry in the number of ANDA approvals [2]. - The company is advancing its capabilities in peptide and complex formulation technologies, with ongoing development of four biosimilar projects in 2023. Collaborations with other firms are also underway to enhance its product offerings in the high-end market [2].

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 股票研究 /[Table_Date] 2024.11.03 [table_Authors] 黄涛(分析师) 王楠瑀(研究助理) 021-38674879 021-38032030 huangtao@gtjas.com wangnanyu028176@gtjas.com 登记编号 S0880515090001 S0880123060041 证 券 研 究 报 告 三季报符合预期，行业 ROE 触底 [Table_Industry] 煤炭 [Table_Invest] 评级： 增持 上次评级: 增持 ——煤炭行业 2024 年三季报总结 本报告导读： 煤炭板块三季报符合预期，整体头部企业业绩领跑，基本面超预期背景下，自 2023 年年初开始随着煤价不断下行导致的板块 ROE 逐季下降趋势在 24Q3 正式结束。 投资要点： 行 业 专 题 研 究 [Table_Summary] 投资建议：维持行业"增持"评级。我们认为煤炭板块在 2024 年前 三季度业绩压力已经基本释放 ...

Investment Rating - The report maintains an "Overweight" rating for the robotics industry, consistent with the previous rating [3]. Core Insights - Boston Dynamics has made significant advancements with its Atlas humanoid robot, which can autonomously sort and grasp objects, showcasing the potential for automation in industrial settings [5][6]. - The report highlights the increasing interest and investment in the robotics sector, particularly from major players like Huawei, which is reportedly expanding into the robotics field [6][7]. - A new fund focused on artificial intelligence and robotics has been established in Chengdu, with a total scale of 10 billion yuan, aimed at accelerating innovation and development in these sectors [6][7]. Summary by Sections Industry News and Company Dynamics - Boston Dynamics released a video demonstrating the Atlas robot's ability to perform tasks autonomously, indicating advancements in machine learning and robotics [5][6]. - Huawei's potential entry into the robotics market is underscored by recent job postings related to robotics positions, alongside significant investments in related technologies [6][7]. - The Chengdu AI and Robotics Fund aims to support the growth of the robotics industry in the region, marking a significant step in public investment in technology [6][7]. Financing Dynamics - Agility Robotics completed a $150 million financing round, achieving a valuation of $1 billion, which will support the production of its bipedal robots [7][8]. - Domestic company Zhixing Robotics secured several million yuan in Series B financing to enhance its core product development and market expansion [7][8]. Investment Recommendations - The report suggests focusing on key components of robotics, including motors, reducers, sensors, and lead screws, with specific companies highlighted as beneficiaries [11][12]. - Recommended companies include: - Motors and actuators: Sanhua Intelligent Controls, Top Group, Mingzhi Electric [11]. - Reducers: Zhongdali De, Shuanghuan Transmission [11]. - Sensors: Donghua Testing, Keli Sensor, and Obsidian Light [11]. - Lead screws: Best, Wuzhou Xinchun, Hengli Hydraulic [11].

[table_Authors] 吴晓飞(分析师) 管正月(分析师) 周逸洲(研究助理) 0755-23976003 021-38032026 010-83939811 wuxiaofei@gtjas.com guanzhengyue@gtjas.com zhouyizhou028696@gtjas.com 登记编号 S0880517080003 S0880521030003 S0880123070150 行 业 周 报 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.11.03 美国大选结果即将出炉，关注特斯拉链 [Table_Industry] 汽车 [Table_Invest] 评级： 增持 上次评级: 增持 ——汽车行业周报（2024.10.28-2024.11.1） [Table_Report] 相关报告 汽车《豪华性能车发布，品牌持续向上》 2024.10.31 汽车《受多孩政策推动，大空间车型有望放量》 2024.10.29 汽车《特斯拉产业链预期有望逐步修正》 2024.10.27 汽车《盈利能力改善，新车、FSD 不断推进》 2024.10.26 汽车《9 月行业保持高 ...

Investment Rating - The investment rating for the company is "Increase" relative to the performance of the CSI 300 Index, with an expected increase of over 15% [32]. Core Viewpoints - The company, Yilian Technology (301631.SZ), is a leading domestic enterprise in the new energy electrical connection components sector, with a market share exceeding 10% in domestic new energy electrical connection components [2][3]. - The company achieved revenues and net profits of 3.075 billion and 260 million RMB respectively in 2023, with a compound annual growth rate (CAGR) of 46.43% and 35.00% for revenue and net profit from 2021 to 2023 [2][3]. - The company plans to raise a total of 1.193 billion RMB through its IPO, which will be used to alleviate capacity bottlenecks and enhance its operational capabilities [3][21]. Summary by Relevant Sections Company Overview - Yilian Technology is deeply integrated with CATL and focuses on the new energy vehicle sector, establishing production bases close to major clients to enhance supply chain efficiency [3][6]. - The company has developed key technologies in electrical connection components, including modular design and ultrasonic welding, and has established stable partnerships with major clients like CATL and Xpeng Motors [5][19]. Main Business Analysis - The company specializes in the research, production, and sales of electrical connection components, including cell connection components, power transmission components, and low-voltage signal transmission components [3][8]. - From 2021 to 2023, the company’s revenue and net profit showed significant growth, with the revenue from cell connection components increasing from 645.22 million RMB in 2021 to 1.810 billion RMB in 2023 [8][10]. - The gross margin has been declining due to rising raw material costs and increased competition in the new energy vehicle sector, with gross margins of 22.25%, 20.24%, 19.74%, and 16.86% from 2021 to 2024H1 [10][11]. Industry Development and Competitive Landscape - The global connector market is expected to exceed 100 billion USD in 2024, driven by strong demand from downstream industries such as new energy, industrial equipment, and consumer electronics [15][16]. - Domestic manufacturers are facing increasing competition as international firms have established a strong presence in the market, leading to a more competitive landscape [17][19]. - The company holds a market share of over 10% in the domestic new energy electrical connection components market, indicating its competitive position [19]. Comparable Company Valuation - The average PE ratio for comparable companies in the "C39 Computer, Communication and Other Electronic Equipment Manufacturing" industry is 39.09 times, with Yilian Technology's projected PE ratios for 2024 and 2025 being 26.84 and 19.19 times respectively [23][24].

Investment Rating - The report maintains an "Overweight" rating for the social service retail industry [2] Core Insights - The report highlights that cyclical consumption is still bottoming out, while emotional consumption and affordable overseas expansion remain high in demand. Supermarkets and other sectors are actively seeking improvement after years of stagnation [2][3] Summary by Sections 1. Overall Performance of Social Services and Retail - The overall revenue growth of the social service sector has slowed, with a negative growth rate of -0.84% in Q3 2024, while the retail sector saw a revenue decline of -12.60% [9] - The total retail sales of consumer goods reached 35,356.4 billion yuan in the first three quarters of 2024, with a year-on-year growth of 3.3% [7] - The per capita disposable income growth rate has decreased compared to the first half of the year, indicating weakened consumer spending power and willingness [7] 2. High Demand and Recovery in Certain Sectors - The education sector is experiencing significant growth, with leading companies like New Oriental and TAL Education showing impressive performance during the summer peak season [37] - The tourism sector is facing varied performance among companies, with expectations for recovery in Q4 due to low base effects [3] - Cross-border e-commerce is seeing a revenue growth acceleration of 34% in Q3 2024, up from 26.1% in Q1 and 24.2% in Q2 [3] 3. Challenges in the Market - The overall demand remains weak, with both revenue and profit margins under pressure. The social service and retail sectors are adopting cautious investment strategies and focusing on cost reduction and efficiency [3][9] - The hospitality and restaurant sectors are experiencing downward trends, with expectations for improvement in Q4 due to low base effects [3] 4. Supermarket Sector Adjustments - Traditional supermarkets are actively transforming their business models, focusing on quality retail development and store renovations [3] - The gold and jewelry sector is under pressure, with sales volume facing challenges despite high gold prices [3] 5. Financial Metrics - The overall gross profit margin for the social service sector in Q3 2024 was 24.55%, down 7.70 percentage points year-on-year, while the retail sector's gross profit margin was 8.11%, down 0.54 percentage points [13][16] - The operating profit margin for the social service sector was 8.76%, a decrease of 3.62 percentage points year-on-year, while the retail sector saw a slight increase in operating profit margins [21][22]

Investment Rating - The report maintains a "Buy" rating for Suzhou Bank, with an updated target price of 8.80 CNY per share [2][5]. Core Views - Suzhou Bank shows steady performance, with a negative revenue growth due to interest margin pressure, but net profit maintains double-digit growth. The bank has increased its efforts in asset quality management and bad debt disposal, resulting in stable asset quality [2][3]. Financial Summary - Revenue for 2023 is projected at 11,866 million CNY, with a slight increase of 0.9% from 2022. The net profit attributable to shareholders is expected to reach 4,601 million CNY, reflecting a growth of 17.4% [4]. - The bank's net interest income is forecasted to decline by 7.6% in 2024, while net profit growth rates are adjusted to 10.4%, 5.7%, and 7.4% for 2024, 2025, and 2026 respectively [3][4]. - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio stable at 0.84% as of Q3 2024, and a provision coverage ratio of 474% [3][4]. Loan and Deposit Growth - Loan growth has slightly slowed to 14.1% year-on-year, while deposits increased by 15.2%. The bank added 51.7 billion CNY in loans and 34.2 billion CNY in deposits in Q3 2024 [3][4]. Asset Quality - The report indicates an increase in bad debt generation, but overall asset quality remains robust. The bank has intensified its efforts in bad debt disposal, with significant write-offs in Q3 2024 [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - Short-term growth is under pressure due to external consumption environment and the implementation of centralized procurement for cataract artificial lenses. However, with the stabilization of the macro economy and improvement in the consumption environment, the company's performance is expected to recover [2][3]. Financial Summary - For the first three quarters of 2024, the company achieved operating revenue of 16.302 billion yuan, a year-on-year increase of 1.58%, and a net profit attributable to shareholders of 3.452 billion yuan, up 8.50%. The third quarter saw operating revenue of 5.756 billion yuan, down 0.68%, and a net profit of 1.402 billion yuan, down 4.56% [3][4]. - The gross profit margin for the first three quarters of 2024 was 51.02%, a decrease of 0.92 percentage points, while the third quarter gross profit margin was 53.91%, down 2.40 percentage points [3]. - The company has adjusted its EPS forecasts for 2024-2026 to 0.39, 0.43, and 0.47 yuan respectively, down from previous estimates of 0.42, 0.46, and 0.50 yuan [3]. M&A and Market Expansion - The company is steadily advancing its hospital acquisition and integration strategy, having announced the acquisition of partial equity in 35 hospitals, which collectively generated operating revenue of 749 million yuan in 2023, a year-on-year increase of 35.31% [3]. - The acquisition price for the 35 hospitals is 899 million yuan, with an overall valuation of 1.417 billion yuan, corresponding to a 2023 PS of 1.89, indicating reasonable valuation [3]. Valuation Metrics - The target price has been raised to 17.55 yuan, with a PE ratio of 45X for 2024, reflecting a positive outlook based on comparable company valuations [3][5]. - The company's market capitalization is approximately 132.257 billion yuan, with a current price of 14.18 yuan [6]. Financial Forecasts - The company is projected to achieve operating revenues of 20.766 billion yuan in 2024, 21.687 billion yuan in 2025, and 22.724 billion yuan in 2026, with corresponding net profits of 3.596 billion yuan, 3.969 billion yuan, and 4.354 billion yuan respectively [4]. - The net asset return rate is expected to remain stable around 17.6% to 17.2% over the forecast period [4].

Investment Rating - The report maintains an "Accumulate" rating for China Construction Bank [4][3] Core Views - The performance of China Construction Bank in Q3 2024 slightly exceeded expectations, with a positive growth rate in net profit for the quarter. However, the bank continues to face downward pressure on its interest margin, while asset quality remains stable [3][4] - The net profit growth forecast for China Construction Bank has been adjusted to 0.47% for 2024, 1.15% for 2025, and 2.78% for 2026, with corresponding EPS estimates of 1.34, 1.35, and 1.39 yuan respectively. The target price has been raised to 9.29 yuan, reflecting a 0.72 times PB for 2024 [3][4] Summary by Sections Financial Performance - In Q3 2024, the bank's revenue growth rate was -2.7% year-on-year, with net interest income declining by 7.3% due to slowing credit growth and narrowing interest margins. However, non-interest income saw a significant increase of 107.5%, primarily driven by foreign exchange business, which generated 4.51 billion yuan in Q3 [3][4] - The bank's Q3 2024 net profit growth rebounded to 3.8%, aided by a 24.5% reduction in impairment losses, resulting in a total of 21.9 billion yuan for the quarter [3][4] Asset and Liability Management - As of the end of Q3 2024, total assets grew by 8.1% year-on-year, with loans increasing by 9.0%. The bank added 307 billion yuan in loans during the quarter, with retail loans contributing 36.7 billion yuan [3][4] - Total liabilities increased by 8.2% year-on-year, while deposits grew by 2.5%. The net interest margin for the first three quarters of 2024 was 1.52%, a decrease of 2 basis points from the first half of the year [3][4] Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.35% as of Q3 2024, with a provision coverage ratio of 237%, down by 1.7 percentage points from the previous quarter [3][4]

Investment Rating - The report rates the construction industry as "Overweight" [2] Core Views - The report highlights a decline in net profit and cash flow in the construction sector, with a 5% decrease in overall revenue and a 12.7% drop in net profit for the first three quarters compared to the previous year [4][5] - It recommends focusing on fiscal debt policies, real estate chains, renewable energy, high-dividend stocks, state-owned enterprise reforms, and low-altitude economy themes [7][8] Summary by Sections Industry Overview - The construction industry's revenue decreased by 5% and net profit fell by 12.7% in the first three quarters compared to the previous year [4] - Cash flow from operations dropped by 77%, and accounts receivable increased by 20%, leading to a higher accounts receivable to revenue ratio of 34% [4] Central Enterprises Performance - Among nine major construction central enterprises, revenue declined by 3.9% and net profit decreased by 9.6% in the first three quarters [5] - Only China Energy Engineering and China Chemical Engineering reported positive growth in net profit, with increases of 17% and 3%, respectively [5] Recommendations - The report recommends specific companies based on fiscal debt policies, including China Communications Construction, China Railway Construction, and China State Construction [7] - It also suggests focusing on high-dividend stocks such as Tunnel Shares and Sichuan Road and Bridge, as well as companies involved in state-owned enterprise reforms [8] Financial Metrics - The report provides various financial metrics for recommended companies, including price-to-book (PB) ratios and dividend yields, indicating attractive valuations for investment [8][9]