Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.95 RMB, up from the previous 18.61 RMB [1][5] Core Views - The company has a strong dividend policy, having distributed dividends three times this year, totaling 0.63 RMB per share [1] - Despite a competitive domestic gaming market and increased marketing expenses, the company's product pipeline is robust, with multiple games expected to launch in 2024-2025 [1][3] - The company's revenue for Q3 2024 reached 13.339 billion RMB, a 10.76% YoY increase, although net profit declined due to higher sales expenses [1] Financial Performance - The company's 2024 Q3 revenue was 4.107 billion RMB, down 8.35% QoQ and 4.09% YoY, with net profit at 633 million RMB, down 34.51% YoY [1] - Gross margin for Q3 2024 was 78.0%, down 2.4 percentage points YoY, while sales expenses increased by 8.45 percentage points to 57.05% [1] - EPS for 2024-2026 is forecasted at 1.22/1.42/1.59 RMB, slightly lower than previous estimates of 1.26/1.47/1.66 RMB [1] Product Pipeline - The company has a rich product reserve, with several games expected to launch in 2024-2025, including MMORPGs and SLGs [1] - Key titles include "Douluo Continent: Soul Hunting World," which began pre-registration in August 2024, and other games like "Code: War Song M" and "Code: MLK" [1] Industry Comparison - The company's PE ratio is 13.57x for 2024E, lower than the industry average of 18.72x, indicating potential undervaluation [1][11] - Compared to peers like Giant Network and Perfect World, the company's valuation metrics are relatively attractive [11]

Investment Rating - The report maintains a "Buy" rating with a target price of 39.71 CNY [3][4]. Core Insights - The company's revenue decline has narrowed, achieving profitability in a single quarter, with a quarterly gross margin reaching a historical high. The productization strategy is progressing smoothly, positioning the company well in the core areas of trusted innovation and data elements, with potential for growth exceeding expectations [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 4.338 billion CNY, a year-on-year decline of 16.92%. The net profit attributable to shareholders was -28 million CNY, down 121.42% year-on-year. In Q3 alone, revenue was 1.724 billion CNY, a decline of 14.67% year-on-year, but the net profit was 131 million CNY, an increase of 60.73% year-on-year, marking a turnaround from previous losses [3][4]. Product Strategy - The company is successfully advancing its productization strategy, focusing on core software products like databases and office automation, as well as cloud and data services. The gross margin for Q3 reached 32.50%, up 3.29 percentage points quarter-on-quarter and 2.51 percentage points year-on-year, achieving a historical high [3][4]. Market Positioning - The company is strategically positioned in the trusted innovation and data element sectors. Its subsidiary has achieved significant sales in the domestic database market and recently won a major procurement project with a 60% market share. The "Taiji Trusted Data Space Platform" has passed key capability tests, indicating strong potential for commercial application and performance growth [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [5][3]. Core Views - The company reported a revenue of 5.136 billion yuan for Q3 2024, a decrease of 17.7% year-on-year, while the net profit attributable to shareholders was 126 million yuan, an increase of 54.0% year-on-year [3]. - The revenue decline is improving due to structural adjustments in the business and the gradual recovery of shipments from Fengze [3]. - The gross margin improved year-on-year to 22.19%, an increase of 0.84 percentage points, despite a slight decrease from the previous quarter [3]. - The report anticipates that the overall revenue will continue to maintain a risk control strategy throughout the year [3]. Financial Summary - Revenue for 2022 was 7,661 million yuan, with a forecasted decrease to 6,837 million yuan in 2024, followed by a recovery to 7,399 million yuan in 2025 and 8,134 million yuan in 2026 [1]. - The net profit attributable to shareholders was 178 million yuan in 2022, with a significant loss of 338 million yuan in 2023, expected to recover to 167 million yuan in 2024, and further increase to 243 million yuan in 2025 and 329 million yuan in 2026 [1]. - The earnings per share (EPS) is projected to be 0.15 yuan in 2024, 0.22 yuan in 2025, and 0.29 yuan in 2026 [1]. Target Price - The target price has been raised to 7.00 yuan, up from the previous forecast of 6.56 yuan [5]. Market Position - The company is expected to maintain high growth in the waterproof civil construction sector, while the engineering distribution is slightly declining but with a narrowing decrease [3]. Cost and Profitability - The company’s gross margin is expected to remain stable due to product structure optimization and cost improvements, despite a slight decrease in capacity utilization [3]. - The report indicates that the company has made significant progress in handling credit impairments, with a reduction of approximately 12.7 million yuan in credit impairment losses for Q3 [3]. Valuation Metrics - The current price-to-earnings (P/E) ratio is 36.66, with projections of 39.23 for 2024, 26.89 for 2025, and 19.85 for 2026 [1]. - The price-to-book (P/B) ratio is currently at 1.3 [7]. Shareholder Equity - The total shareholder equity is reported at 4,965 million yuan, with a net asset value per share of 4.43 yuan [7]. Debt and Leverage - The net debt ratio stands at 35.98%, indicating a moderate level of leverage [7]. Conclusion - The report suggests that while the company faces challenges, the adjustments in business structure and recovery in certain segments present potential investment opportunities [3][5].

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 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.11.01 ——3Q24 三季报业绩点评 业绩符合预期，保持高分红策略 紫燕食品(603057) 食品饮料 [Table_Industry] /必需消费 | --- | --- | --- | --- | --- | --- | |----------|------------------|---------------------|-------|-------|-------| | | [table_Authors] | | | | | | | 訾猛 ( 分析师 ) | 姚世佳 ( 分析师 ) | | | | | | 021-38676442 | 021-38676912 | | | | | | zimeng@gtjas.com | yaoshijia@gtjas.com | | | | | 登记编号 | S0880513120002 | S0880520070001 | | | | 本报告导 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 4.94 CNY, down from the previous 7.48 CNY [5][4]. Core Views - The company's Q3 performance was below expectations due to poor terminal sales influenced by weather factors and insufficient consumer confidence. However, there is an expectation for gradual improvement in sales as winter approaches [3][4]. - The company is positioned as a leading men's apparel brand, and despite the challenges, it is expected to maintain a solid market position [4]. Financial Summary - For the first three quarters of 2024, the company reported revenues of 3.54 billion CNY, a year-on-year decrease of 3.6%, and a net profit attributable to shareholders of 420 million CNY, down 25.2% year-on-year. Q3 alone saw revenues of 1.06 billion CNY, a decline of 11.7%, and a net profit of 70 million CNY, down 51.7% year-on-year [4][5]. - The report forecasts EPS for 2024-2026 to be adjusted to 0.38, 0.43, and 0.48 CNY respectively, down from previous estimates of 0.55, 0.63, and 0.70 CNY [4]. - The company’s gross margin in Q3 improved slightly by 0.2 percentage points year-on-year, despite a decline in revenue for several brands [4]. Market and Operational Insights - The company plans to focus on stabilizing channel profitability amidst weak consumer demand, with a steady pace of store openings expected in Q3 and Q4 [4]. - Recent temperature drops are anticipated to catalyze improved sales for the company's brands, particularly for the flagship brands [4].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's non-net profit attributable to shareholders increased by 48.98% year-on-year, indicating significant profit improvement [3] - The company is advancing its IP strategy, with a focus on the development of its animation IP layout [4] Financial Performance Summary - In Q3 2024, the company reported revenue of 401 million yuan, a year-on-year decline of 2.91%, while the net profit attributable to shareholders was 37 million yuan, up 5.71% year-on-year [4] - For the first three quarters of 2024, total revenue reached 1.206 billion yuan, down 6.20% year-on-year, with net profit attributable to shareholders at 130 million yuan, reflecting a 3.05% increase [4] - The gross profit for Q3 2024 was 161 million yuan, a year-on-year increase of 7.68%, with the gross margin rising by 3.97 percentage points to 40.26% [4] EPS Forecast - The EPS forecasts for 2024, 2025, and 2026 are 0.82 yuan, 0.97 yuan, and 1.06 yuan respectively, slightly adjusted down from previous estimates [4] Target Price - The target price is set at 33.19 yuan, corresponding to a PE ratio of 40.4x for 2024 [4] Business Development - The company has established an animation division to accelerate its cultural and creative strategy, focusing on various product lines and enhancing copyright reserves [4] - The first offline animation-themed store was opened in Shanghai, providing a comprehensive experience space for users [4]

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price raised to 17.85 CNY from the previous 16.66 CNY, while the current price is 14.99 CNY [5][6]. Core Views - The company's performance meets expectations, with steady progress in the whole-house business, opening up future growth opportunities. The short-term impact of the old-for-new policy has significantly boosted terminal sales [5][6]. - Revenue is currently under pressure, but overseas business shows strong performance, with a year-on-year growth of over 30% [6]. - The company plans to increase investment in management expenses, particularly in new retail channels and new product development, to improve overall profitability [6]. Financial Summary - **Revenue**: - 2022A: 5,389 million CNY - 2023A: 6,116 million CNY (up 13.5%) - 2024E: 5,788 million CNY (down 5.4%) - 2025E: 6,482 million CNY (up 12.0%) - 2026E: 7,130 million CNY (up 10.0%) [5][12] - **Net Profit (attributable to parent)**: - 2022A: 537 million CNY - 2023A: 595 million CNY (up 10.8%) - 2024E: 520 million CNY (down 12.7%) - 2025E: 598 million CNY (up 15.0%) - 2026E: 686 million CNY (up 14.8%) [5][12] - **Earnings Per Share (EPS)**: - 2022A: 1.23 CNY - 2023A: 1.36 CNY - 2024E: 1.19 CNY - 2025E: 1.37 CNY - 2026E: 1.57 CNY [5][12] - **Return on Equity (ROE)**: - 2022A: 18.7% - 2023A: 18.1% - 2024E: 15.2% - 2025E: 16.1% - 2026E: 16.9% [5][12] - **Price-to-Earnings Ratio (P/E)**: - Current: 11.00 - 2024E: 12.59 - 2025E: 10.95 - 2026E: 9.54 [5][12]

Investment Rating - The report maintains a rating of "Accumulate" for the company, with a target price adjusted to 8.68 CNY from the previous 11.29 CNY [3][5]. Core Views - The company has seen a decrease in breeding costs, with expectations for marginal improvements in the post-cycle phase. The third quarter performance met expectations, with significant profits from breeding operations [4][5]. - The company reported a total output of 2.14 million heads in the first three quarters and has revised its 2024 sales volume forecast down to 3 million heads due to intense competition in foot-and-mouth disease vaccines, leading to a reduction in gross margin predictions for some vaccine sales [5]. - The report anticipates a continued decline in breeding costs, with average costs expected to decrease further in the fourth quarter, driven by improved breeding efficiency and epidemic prevention capabilities [5]. Financial Summary - For the first three quarters, the company achieved a revenue of 1.3087 billion CNY, a year-on-year decrease of 11.01%, while the net profit attributable to the parent company was 566 million CNY, reflecting a year-on-year increase of 212.14% [5]. - The report projects the company's EPS for 2024 and 2025 to be 0.57 CNY and 0.76 CNY respectively, down from previous estimates of 0.65 CNY and 0.78 CNY [5]. - The company is valued using a segment valuation method, with projected market values for its feed, veterinary, and breeding segments at 2.4 billion CNY, 3.4 billion CNY, and 6 billion CNY respectively, leading to a total target market value of 11.8 billion CNY [5]. Market Data - The company's stock price has fluctuated between 5.71 CNY and 8.94 CNY over the past 52 weeks, with a total market capitalization of 9.243 billion CNY [6]. - The company has a net asset value per share of 5.09 CNY, with a current price-to-book ratio of 1.3 [7].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.50 CNY, reflecting a price-to-earnings (PE) ratio of 16 times for 2024, which is above the industry average [5][3]. Core Insights - The company's Q3 revenue met expectations, but earnings fell short primarily due to lower gross margins and increased expense ratios. The company plans to continue expanding its store network, and with seasonal sales expected to improve, a stable growth in performance is anticipated for Q4 [2][3]. - For the first three quarters of 2024, the company reported revenue of 9.4 billion CNY, a year-on-year increase of 5.6%, while net profit attributable to shareholders was 760 million CNY, a decrease of 9.3% year-on-year. Q3 alone saw revenue of 3.44 billion CNY, up 3.2% year-on-year, but net profit dropped 36.0% to 200 million CNY [3][5]. Financial Summary - **Revenue Forecast**: The company expects revenues to grow from 13.66 billion CNY in 2023 to 17.31 billion CNY by 2026, with annual growth rates of 2.5%, 6.5%, 9.4%, and 8.8% respectively [1]. - **Net Profit**: Net profit attributable to shareholders is projected to increase from 1.12 billion CNY in 2023 to 1.49 billion CNY in 2026, with growth rates of 76.1%, 9.4%, 9.7%, and 10.4% respectively [1]. - **Earnings Per Share (EPS)**: EPS is expected to rise from 0.42 CNY in 2023 to 0.55 CNY in 2026 [1]. - **Return on Equity (ROE)**: The ROE is forecasted to improve from 9.8% in 2023 to 11.5% in 2026 [1]. Operational Insights - The company is actively increasing its inventory in preparation for the peak sales season, with a 14% year-on-year increase in inventory to 4.17 billion CNY by the end of Q3. This is attributed to preparations for winter sales, which are expected to perform well due to seasonal demand [3][2]. - The company has maintained a strong market position in the casual apparel sector, which supports its growth outlook despite recent earnings fluctuations [3].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | |--------------------------------------|---------|--------|--------|-------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 800 | 1,929 | 1,926 | 2,028 | 2,082 | | (+/-)% | -10.6% | 141.2% | -0.2% | 5.3% | 2.7% | | 净利润（归母） | -130 | 423 | 307 | 332 | 359 | | (+/-)% | -400.0% | 424.3% | -27.4% | 8.2% | 8.3% | | 每股净收益（元） | -0.18 | 0.58 | 0.42 | 0.46 | 0.49 | | 净资产收益率 (%) | -3.2% | 9.4% | 6.5% | 6.8% | ...