Investment Rating - The report maintains an "Overweight" rating for Chongqing Department Store (600729) with a target price of CNY 25.56, unchanged from the previous rating [5] Core Views - Q3 performance was impacted by external factors and high temperatures, but the company's subsidiary, Ma Xiao, showed improvement [3] - The company's fresh discount stores are performing well and are expected to drive a new round of growth [3] - The report is optimistic about the continuous optimization of stores and the potential of fresh discount stores to boost growth [3] Financial Performance - Q3 revenue was CNY 4.02 billion, down 13% YoY, with net profit attributable to shareholders at CNY 211 million, down 12.4% YoY [10] - Gross margin for the first three quarters was 25.9%, up 0.25 pct YoY, while net margin was 7.1%, down 0.649 pct YoY [10] - Operating cash flow for the first three quarters was CNY 1.52 billion, down 5% YoY, but Q3 operating cash flow increased by 15% YoY to CNY 461 million [10] Store Optimization and Business Segments - The company added 4 new stores (1 supermarket, 2 appliance stores, and 1 auto trade store) and closed 12 stores (3 supermarkets, 1 appliance store, and 7 auto trade stores) in the first three quarters [10] - As of Q3, the company had a total of 273 stores (50 department stores, 149 supermarkets, 42 appliance stores, and 32 auto trade stores) [10] - The appliance segment benefited from the government's trade-in policy, with sales increasing by over 70% since the policy was implemented [10] Growth Drivers - The company launched its 5th Chongqing Department Store Shopping Festival on October 30, 2024, focusing on "good markets, good products, and good prices" [10] - The company's fresh discount stores have shown strong performance, with daily transaction volume increasing by 49% and transaction frequency by 74% as of the end of September [10] - The first "fresh + discount" super market opened with a sales increase of 580% on the first day, and sales during the National Day holiday increased by 32% [10] Financial Forecast - Revenue for 2024 is expected to be CNY 18.27 billion, down 3.8% YoY, with net profit attributable to shareholders at CNY 1.25 billion, down 4.9% YoY [11] - EPS for 2024-2026 is forecasted to be CNY 2.84, CNY 3.07, and CNY 3.31, with growth rates of -5%, 8%, and 8% respectively [10]

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 ——中远海能 2024 年三季报点评 Q3 业绩符合预期，放低旺季逆向布局 中远海能(600026) [Table_Industry] 运输/工业 | --- | --- | --- | |----------|-----------------------------------|--------------------| | | | | | | [table_Authors] 岳鑫 ( 分析师 ) | 尹嘉骐 ( 分析师 ) | | | 0755-23976758 | 021-38038322 | | | yuexin@gtjas.com | yinjiaqi@gtjas.com | | 登记编号 | S0880514030006 | S0880524030004 | 本报告导读： 2024Q3 地缘油价导致油运市场经历压力测试，公司业绩同比下降符合预期。继续看 好未来数年油运供需向好，原油增产将助力油运需求增长。建议放低旺季逆向布局。 投资要点： 公 司 更 新 ...

Investment Rating - Maintains an "Overweight" rating with a target price of 85.2 RMB [2][3] Core Views - Q3 2024 performance was under pressure due to weak Hainan duty-free sales, while airport duty-free sales continued to recover [2] - The company's 2024-2026 EPS forecasts were revised down to 2.38 RMB (-0.46), 2.84 RMB (-0.36), and 3.26 RMB (-0.32) respectively [2] - Airport and urban duty-free sales are expected to contribute to mid-term performance growth [2] Financial Performance - Q3 2024 revenue was 11.756 billion RMB, down 21.52% YoY, with net profit attributable to shareholders at 636 million RMB, down 52.53% YoY [2] - Hainan duty-free sales in Q3 2024 dropped 36% YoY, with shopping人次 down 27% and average spending per customer down 12% [2] - Beijing airport duty-free sales grew over 140% YoY in the first three quarters of 2024, while Shanghai airport duty-free sales increased nearly 60% [2] Operational Highlights - The company introduced 165 new brands in the first three quarters of 2024, with domestic brands accounting for over 40% [2] - Gross margin in Q3 2024 was 32.0%, down 2.4 percentage points YoY, impacted by exchange rates and promotional activities [2] - Urban duty-free policies are being implemented, with related system对接稳步推进, expected to contribute to mid-term业绩增量 [2] Market Data - The stock's 52-week price range is 53.76-96.30 RMB, with a current price of 67.83 RMB [4] - Total market capitalization is 140.331 billion RMB, with 2.069 billion shares outstanding [4] Financial Ratios - ROE is expected to be 8.8% in 2024, increasing to 10.8% by 2026 [8] - P/E ratio is forecasted at 28.51 for 2024, decreasing to 20.83 by 2026 [8] - Gross margin is projected to improve from 33.0% in 2024 to 35.3% in 2026 [8]

Industry Investment Rating - The report maintains an "Overweight" rating for the textile and apparel industry, consistent with the previous rating [2] Core Views - Q3 manufacturing performance remained strong, with leading manufacturers benefiting from high-quality customer structures and stable growth with high dividends [2] - The sportswear sector faced increased pressure in Q3, but the long-term outlook for the sportswear industry remains positive [2] - The textile manufacturing sector showed a slight decline in Q3 compared to Q2, but overall performance remained strong, with upstream manufacturers experiencing more significant declines [3] - The sportswear sector in Hong Kong saw increased sales pressure in Q3, with domestic apparel retail growth slowing down [3] Textile Manufacturing Sector Sector Level - Q3 textile manufacturing sector revenue growth remained strong at around 20%, with profit growth exceeding 30% [6][7][8] - Upstream manufacturers experienced a more significant decline in Q3, but raw material prices have bottomed out, potentially providing profit elasticity in the future [3][14] - Midstream manufacturers maintained strong growth due to their strong competitive advantages, with volume growth being the primary driver [15] Company Level - Weixing Group outperformed expectations in Q3, with both revenue and profit exceeding market expectations [16][20] - Huali Group and Xin'ao Group's 2024 full-year profit forecasts were revised downward due to Q3 performance [17][21] Outlook - The industry's inventory replenishment cycle is expected to end in H2 2024, with export data closely tied to terminal consumption [22] - Leading manufacturers with high-quality customer structures and stable growth with high dividends are preferred [22][28][30] Hong Kong Sportswear Sector Sector Level - Q3 domestic apparel retail growth slowed, with sportswear brands facing increased sales pressure [3][32] - The sportswear sector showed a K-shaped differentiation trend, with high-end and cost-effective brands performing better than mid-tier brands [33][35] Company Level - Most brands' Q3 sales met expectations, with discounts and inventory levels remaining healthy [37][38] - Li-Ning's offline discounts deepened in Q3, while other brands maintained or improved their discount levels [77][78] - FILA and Li-Ning's inventory-to-sales ratios increased in Q3, while Anta and Xtep maintained stable levels [79][80] Outlook - Q4 sales performance remains uncertain, with a focus on the Double 11 shopping festival [96][97] - The long-term outlook for the sportswear industry remains positive, with structural opportunities in the outdoor and multi-brand sectors [98][99] Investment Recommendations - In the brand sector, focus on Anta Sports, Li-Ning, Xtep International, and 361 Degrees for short-term recovery and long-term growth in the sportswear industry [3][101] - In the manufacturing sector, recommend Huali Group, Weixing Group, Shenzhou International, Nine West Holdings, Yuyuan Group, Xin'ao Group, and Kairui Group, with Bairun Oriental as a beneficiary [3][101]

Investment Rating - Maintains "Overweight" rating [3][4] - Target price raised to 97.16 RMB (previously 80.00 RMB) [3][4] Core Views - Revenue for 2024Q1-Q3 was 4.14 billion RMB (-35.1% YoY), with net profit attributable to shareholders of 710 million RMB (-67.86% YoY) [3] - Q3 revenue was 1.443 billion RMB (-18.09% YoY), with net profit of 211 million RMB (-59.68% YoY), meeting expectations [3] - Adjusted 2024-2026 EPS forecasts to 2.73/3.47/4.25 RMB (previously 2.94/3.59/4.50 RMB) [3] - Q3 gross margin improved to 46.32%, up 5.64 percentage points from Q2, driven by cost reduction and efficiency improvements in small molecule business [3] - Emerging business revenue was 745 million RMB, down 8.37% YoY, with gross margin at 19.97%, down 12.99 percentage points [3] - New orders grew over 20% YoY in 2024H1, with orders from European and American markets growing faster than overall order growth [3] - Overseas expansion: Europe's first R&D and pilot base, Sandwich Site, began operations in 2024Q3 [3] - Peptide capacity exceeds 20,000L, securing multiple late-stage clinical projects and GLP-1 peptide commercialization orders [3] Financial Performance - 2024Q1-Q3 gross margin was 43.60%, down 1.09 percentage points YoY excluding large orders [3] - 2024H1 order backlog was 970 million USD, ensuring steady growth [3] - 2024E revenue forecast at 5.958 billion RMB (-23.9% YoY), with net profit of 1.003 billion RMB (-55.8% YoY) [8] - 2025E revenue forecast at 7.059 billion RMB (+18.5% YoY), with net profit of 1.275 billion RMB (+27.1% YoY) [8] - 2026E revenue forecast at 8.412 billion RMB (+19.2% YoY), with net profit of 1.564 billion RMB (+22.7% YoY) [8] Valuation and Market Data - Current price: 82.91 RMB [4] - 52-week price range: 60.13-157.09 RMB [5] - Market capitalization: 30.488 billion RMB [5] - P/E ratio (2024E): 30.39x [8] - P/B ratio (current): 1.8x [6] - ROE (2024E): 5.6% [8] Industry and Peer Comparison - Peer comparison: Kanglong Chemical (300759.SZ) with 2024E P/E of 29.85x, Yaoming Helian (2268.HK) with 2024E P/E of 33.83x, Haoyuan Pharmaceutical (688133.SH) with 2024E P/E of 47.44x [10]

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] 2024.11.01 ——焦点科技 2024 年三季报点评 | --- | |-----------------------------------| | | | | | | | [table_Authors] 刘越男 ( 分析师 ) | | 021-38677706 | | liuyuenan@gtjas.com | | 登记编号 S0880516030003 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|--------------------------|-------|-------|-------|------------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | ...

Investment Rating - The report maintains an "Overweight" rating for the electronic components industry, consistent with the previous rating [2]. Core Insights - The introduction of AI Agents, such as AutoGLM and Honor AI Agent YOYO, significantly enhances user experience and drives demand for hardware upgrades, leading to potential growth in the upstream supply chain [3]. - AutoGLM enables seamless cross-application operations without third-party app adaptation, enhancing user interaction through voice commands and visual understanding [7][8]. - The Honor Magic 7 series features an L3 level AI Agent, capable of executing complex tasks across applications while ensuring user privacy by processing data locally [12][13]. - The upcoming iOS 18.1 update is expected to integrate Siri with ChatGPT, enhancing user interaction and enabling autonomous cross-application operations [14]. Summary by Sections 1. AutoGLM: Enhancing User Experience - AutoGLM can interpret user voice commands and perform tasks autonomously, significantly improving user interaction and operational efficiency [7]. - It currently supports various applications, including WeChat, Taobao, and Meituan, allowing users to perform tasks like ordering food and booking tickets hands-free [8][10]. 2. Honor AI Agent: Leading the Market - The Honor Magic 7 series, equipped with an L3 AI Agent, can perform tasks such as document sharing and travel planning, enhancing user convenience [12]. - The AI Agent operates on a secure model that protects user privacy by processing data on-device [12][13]. 3. Investment Recommendations - The report suggests that the audio component sector will benefit from the enhanced interaction capabilities of AI Agents, driving hardware upgrades [15]. - Recommended stocks include Hengxuan Technology and Longqi Technology, which are expected to perform well in the evolving market landscape [15][16].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 本报告导读： 公司 2024 年三季报符合预期，平台化战略下，紧跟市场头部客户，新产品新订单释 放，收入业绩快速增长。 投资要点： 请务必阅读正文之后的免责条款部分 | --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|--------|--------|--------|--------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 15,993 | 19,701 | 27,552 | 36,074 | 46,229 | | (+/-)% | 39.5% | 23.2% | 39.9% | 30.9% | 28.2% | | 净利润（归母） | 1,700 | 2,151 | 2,873 | 3,877 | 4,962 | | (+/-)% | 67.1% | 26.5% | 33.6% | 35.0% | 28. ...

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 ——洋河股份 2024Q3 业绩点评 股票研究 /[Table_Date] 2024.11.01 调整延续，静待回暖 洋河股份(002304) 食品饮料 [Table_Industry] /必需消费 | --- | --- | --- | --- | |----------|-----------------------------------|-----------------------|-------| | | | | | | | [table_Authors] 訾猛 ( 分析师 ) | 李耀 ( 分析师 ) | | | | 021-38676442 | 021-38675854 | | | | zimeng@gtjas.com | liyao022899@gtjas.com | | | 登记编号 | S0880513120002 | S0880520090001 | | 本报告导读： 2024Q3 公司业绩低于预期，深度调整延续；考虑到 ...

Investment Rating - Maintains an "Overweight" rating with a target price of RMB 92.25, up from the previous target of RMB 76.51 [4] Core Views - Domestic growth is under pressure due to centralized procurement, but dealer inventory has normalized, indicating potential for future growth [2][3] - Overseas markets continue to grow rapidly, with strong performance in Asia-Pacific, Americas, and EMEA regions [3] - New products are receiving positive feedback, supporting the company's growth trajectory [2][3] Financial Performance - Q3 2024 revenue reached RMB 679 million, a 13.44% YoY increase, with net profit attributable to shareholders at RMB 141 million, up 15.06% YoY [3] - Domestic revenue in Q3 2024 was RMB 323 million, a 2% YoY decline, while overseas revenue grew 27% YoY to RMB 350 million [3] - Gross margin improved to 67.06%, up 2.44 percentage points YoY, driven by automation and cost optimization [3] Market and Product Development - The company has expanded its presence in the US, covering over 500 hospitals and 1,000 outpatient surgery centers, with a current market share of around 5% [3] - In Europe, the company is strengthening its direct sales channels and has signed a merger agreement with CME, which has a comprehensive sales network across Europe [3] - Visualized products are performing well, with over 750 hospital installations in the first three quarters of 2024, compared to nearly 500 in 2023 [3] Financial Forecasts - EPS forecasts for 2024-2026 have been revised to RMB 3.07, RMB 3.69, and RMB 4.36, down from previous estimates of RMB 3.21, RMB 3.92, and RMB 4.77 [3] - Revenue is expected to grow to RMB 2.755 billion in 2024, RMB 3.221 billion in 2025, and RMB 3.732 billion in 2026 [10] - Net profit attributable to shareholders is projected to reach RMB 577 million in 2024, RMB 694 million in 2025, and RMB 820 million in 2026 [10] Valuation and Market Data - The company's market capitalization is RMB 13.6 billion, with a current stock price of RMB 72.40 [5] - The stock has a 52-week price range of RMB 56.60 to RMB 98.82 [5] - The company's P/E ratio is expected to decrease from 23.57 in 2024 to 16.59 in 2026 [10]