Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of 19.60 yuan, up from 17.46 yuan, based on a 20x PE valuation for 2025 [2][5]. Core Insights - The company's performance in Q3 2024 exceeded expectations, with revenue of 74.7 billion yuan, a year-on-year increase of 9.9%, and a net profit of 16.5 billion yuan, up 41.6% year-on-year. The growth is attributed to increased investment income and reduced minority shareholder losses [2][4]. - The company has significant potential for installed capacity growth, with plans to acquire stakes in eight renewable energy companies, adding a total of 2.0 GW of capacity, representing a 5.5% growth opportunity [2][4]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 263.5 billion yuan, a decrease of 6.4% year-on-year, and a net profit of 54.7 billion yuan, down 10.6% year-on-year. However, Q3 alone showed a positive trend with a net profit increase of 18.7% [2][3]. - The projected earnings per share (EPS) for 2024 is 0.83 yuan, with upward revisions for 2025 and 2026 to 0.98 yuan and 1.09 yuan, respectively [2][3]. - The company's total installed capacity reached 37.0 GW by the end of Q3 2024, with renewable energy capacity accounting for 98.2% of the total, reflecting a year-on-year increase of 3.9 percentage points [2][4].

Investment Rating - The report assigns a "Buy" rating to Shanxi Coking Coal (000983) with a target price raised to 9.60 yuan from the previous 9.12 yuan [5][4]. Core Views - The report anticipates an increase in coal volume but a decrease in price for Q3, with expectations of improved production and sales in Q4 to offset price declines. The company's asset structure is being optimized, and future growth is expected due to capacity expansion [3][4]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 33.093 billion yuan, a year-on-year decrease of 18.68%, and a net profit attributable to shareholders of 2.846 billion yuan, down 49.52% year-on-year. Q3 net profit was 880 million yuan, a decrease of 21.54% year-on-year and 13.42% quarter-on-quarter, aligning with market expectations [4][10]. Production and Sales Outlook - For Q3 2024, the company reported revenue of 11.5 billion yuan, a quarter-on-quarter increase of 4.58%. The average benchmark coal price for Shanxi Coking Coal in Q3 was 1488 points, down 56 points from the previous quarter. The increase in revenue is attributed to higher production and sales volumes, which had been impacted by regulatory measures earlier in the year [4][10]. Cost and Expenses - The operating cost for Q3 2024 was 7.687 billion yuan, a quarter-on-quarter increase of 5.82%, primarily due to increased coal production and sales. Total expenses amounted to 1.663 billion yuan, reflecting a quarter-on-quarter increase of 15.41% [4]. Future Growth Potential - The company is expected to see a further increase in production and sales in Q4 2024, driven by the resumption of operations at two mines. The average benchmark coal price for Q4 is projected to be 1363 points, down 125 points from Q3. The report suggests that macroeconomic policy changes could stimulate demand and profitability recovery in the steel sector, making coking coal a preferred cyclical investment [4][10]. Asset Structure and Capacity Expansion - Since 2022, the company has significantly improved its asset structure, reducing its debt-to-asset ratio from 69% in 2021 to 46% currently. The company plans to allocate more funds for capacity expansion, having recently acquired exploration rights for coal and bauxite with a planned capacity of 8 million tons per year [4][10].

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company's performance meets expectations, and the nationwide promotion of the old-for-new policy is expected to enhance terminal consumption elasticity [4] - The report maintains profit expectations and the "Accumulate" rating, forecasting EPS for 2024-2026 to be 1.38, 1.59, and 1.88 CNY respectively [4] - The target price has been raised to 23.83 CNY based on a 15X PE for 2025, reflecting the company's brand recognition and international market expansion potential [4] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 2.02 billion CNY, a year-on-year decrease of 10.9% [4] - The domestic retail segment's revenue for the first three quarters of 2024 was 3.6 billion CNY, down over 10% year-on-year [4] - Online channel revenue for the first three quarters of 2024 was over 1.2 billion CNY, an increase of 4% year-on-year [4] - The company's gross profit margin in Q3 2024 was 36.5%, an increase of 4.0 percentage points year-on-year [4] Business Segments - The company's offline channel revenue decreased by over 16% year-on-year, with a significant drop of 25% in Q3 alone [4] - The OEM business saw revenue of 1.76 billion CNY in the first three quarters of 2024, a year-on-year increase of over 13% [4] - International OEM business grew at approximately 30%, with cross-border revenue reaching 240 million CNY, an increase of over 11% [4] Strategic Initiatives - The nationwide old-for-new policy is being rolled out, with positive feedback from terminal sales expected to drive a rebound in Q4 performance [4] - The company is focusing on improving store operation quality and enhancing the coverage of franchisees through various strategies [4]

Investment Rating - The report maintains a "Buy" rating for Zhejiang Commercial Bank (601916) with a target price of 3.51 RMB, up from the previous target of 3.25 RMB [4] Core Views - Zhejiang Commercial Bank's Q3 2024 performance met expectations, with slowing scale expansion, stabilizing net interest margin, and overall stable asset quality [2] - The bank's revenue growth slowed, but other non-interest income supported performance, with Q3 revenue up 4.5% YoY [2] - Net interest margin showed signs of stabilization, with a cumulative net interest margin of 1.82% for the first three quarters of 2024, down only 2bp from the first half [2] - Asset quality remained stable, with a non-performing loan ratio of 1.43% at the end of Q3 2024, unchanged from Q2 [2] Financial Performance - Total assets grew 10.8% YoY to 3.25 trillion RMB by Q3 2024, with loans increasing 7.6% YoY [2] - Net profit attributable to parent company declined 2.1% YoY in Q3 2024, mainly due to increased impairment losses of 6.53 billion RMB, up 13.5% YoY [2] - The bank's ROAE is expected to remain stable at around 8.5% from 2024 to 2026 [3] - EPS forecasts for 2024-2026 are adjusted to 0.55, 0.56, and 0.58 RMB respectively [2] Industry Comparison - Among comparable banks, Zhejiang Commercial Bank has a relatively low P/B ratio of 0.48 for 2023 and 0.46 for 2024 [10] - The bank's P/E ratio is expected to decrease from 5.18 in 2023 to 4.93 in 2026 [3] - Compared to industry peers, Zhejiang Commercial Bank has a lower valuation multiple but maintains stable profitability metrics [10] Future Outlook - The bank faces continued pressure on net interest margin due to LPR cuts and adjustments to existing mortgage rates [2] - Revenue and profit growth are expected to further narrow due to slowing scale expansion and non-interest income growth [2] - The bank's capital adequacy ratio is projected to improve from 12.2% in 2023 to 12.7% in 2024 [9]

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 37.86 CNY, unchanged from the previous forecast [3][8]. Core Views - The company's performance is in line with expectations, and a recovery in operations is anticipated. The report emphasizes a "one body, two wings" strategy aimed at steady growth despite short-term pressures from the consumer environment [8]. - Revenue for Q3 2024 reached 6.06 billion CNY, reflecting a year-on-year increase of 2.8%. The report highlights strong performance in online business and various product segments [8]. - The report projects EPS for 2024-2026 to be 1.89, 2.24, and 2.60 CNY respectively, with a reference valuation of 20X PE for 2024 [8][9]. Financial Summary - The company reported a net profit of 1.527 billion CNY for 2023, with a projected increase to 1.749 billion CNY in 2024, representing a growth rate of 14.5% [9]. - The gross profit margin for Q3 2024 was 20.5%, with a net profit margin of 6.6%, showing slight year-on-year improvements [8]. - The total market capitalization is 26.791 billion CNY, with a current share price of 29.00 CNY [4][3]. Revenue Breakdown - For the first three quarters of 2024, revenue from writing instruments, student stationery, office supplies, and other products was 2.02 billion CNY, 2.76 billion CNY, 2.47 billion CNY, and 670 million CNY respectively, with year-on-year growth rates of 8.8%, 0.5%, 4.5%, and 19.4% [8]. - The company operates 740 retail stores nationwide, with significant contributions from its sub-brands [8]. Strategic Outlook - The report indicates that the company is actively pursuing strategic changes to enhance store quality and expand online channels. The focus is on improving service quality and product variety to increase market share [8].

Investment Rating - The report maintains a "Buy" rating for Guolian Securities with a target price raised to 14.05 CNY, corresponding to a 2024 price-to-book ratio of 2.2x [3][11]. Core Views - The company has shown improvement in its brokerage business, with a year-on-year increase in revenue despite market challenges. The third quarter of 2024 saw a significant profit increase, with net profit reaching 3.1 billion CNY, up 143.7% year-on-year [11]. - The acquisition of Minsheng Securities is progressing, which is expected to enhance the company's overall strength and market position, potentially placing it among the top 20 firms in the industry [11][10]. - The report highlights the effectiveness of talent investment and business transformation, leading to a positive growth trend in the brokerage segment, which is expected to outperform peers [11]. Financial Summary - For 2023, the company reported a revenue of 2,955 million CNY, a 12.7% increase from the previous year, while net profit was 671 million CNY, down 12.5% [9][11]. - The earnings per share (EPS) for 2024 is projected at 0.24 CNY, with subsequent years showing slight increases to 0.26 CNY in 2025 and 0.29 CNY in 2026 [11][9]. - The company’s total market capitalization is approximately 34,038 million CNY, with a current share price of 12.02 CNY [5][3]. Market Position and Trends - The report indicates that Guolian Securities has a market share of 0.5% in brokerage services, with a projected revenue growth rate of 2.1% in the brokerage business for 2023 [12][13]. - The company’s net asset return (ROE) for 2023 is reported at 3.7%, with expectations of slight recovery in the following years [13][11]. - The report notes a significant increase in investment income, which reached 5.5 billion CNY in Q3 2024, reflecting a 220% year-on-year growth [11].

Investment Rating - The report maintains an "Accumulate" rating for the company [4][10]. Core Views - The sale of Assetmark significantly boosts earnings, and the company is expected to benefit from improving capital market policies and ongoing supply-side reforms in the industry [2][10]. - The company's investment business net income increased by 39.24% year-on-year to 136.5 billion yuan, contributing significantly to revenue growth [10]. - The report highlights the company's strong financial technology capabilities, enhancing its service offerings and competitive advantages in wealth management and institutional client services [10]. Financial Summary - The target price is set at 20.86 yuan, corresponding to a 2024 PE of 12.09x and a PB of 1.03x [4][10]. - For the first three quarters of 2024, the company reported revenue and net profit attributable to shareholders of 314.24 billion yuan and 125.21 billion yuan, respectively, representing year-on-year growth of 15.41% and 30.63% [10]. - The report adjusts the 2024 earnings per share (EPS) forecast to 1.73 yuan, up from 1.23 yuan, while lowering the 2025-2026 EPS forecasts to 1.33 yuan and 1.43 yuan, respectively [10]. - The company’s net asset value per share is reported at 19.95 yuan, with a current price of 17.41 yuan, indicating a price-to-book ratio of 0.9 [6][10]. Market Data - The total market capitalization is 157,165 million yuan, with a 52-week stock price range of 11.88 to 19.36 yuan [5]. - The company’s average return on equity (ROE) for 2024 is projected to be 8.0%, up from 7.0% in 2023 [13].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 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 ——恒生电子 2024 年三季报点评 | --- | |-------------------------------------| | | | | | | | [table_Authors] 李博伦 ( 分析师 ) | | 0755-23976516 | | libolun@gtjas.com | | 登记编号 S0880520020004 | 本报告导读： 资本市场回暖叠加金融信创推进，公司收入有望重回增长，叠加费用控制，利润具 备较大弹性 投资要点： [Table_Summary] 上调目标价至 36.93 元，维持"增持"评级。考虑到公司持有金融 资产会计核算方式改变，上调 2024 年盈利预测，下调 2025、2026 年预测，预计 2024-2026 年 EPS 分别为 0.71（+0.03）、0.83（-0.09）、 1.02（-0.07）元。考虑到行业整体估值中枢上移，参考可比公司 2025 年 44.4 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 本报告导读： 上调盈利预测和目标价，维持增持评级；业绩超预期，营收和盈利双升。越南子公 司开始投产，MT 自供率有望进一步提升。 投资要点： | --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|--------|-------|-------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 934 | 885 | 1,329 | 1,839 | 2,375 | | (+/-)% | 44.4% | -5.2% | 50.2% | 38.4% | 29.1% | | 净利润（归母） | 180 | 155 | 231 | 351 | 461 | | (+/-)% | 150.9% | -13.9% | 48.8% | 52.3% | 31.3% | | 每股净收益（元） | 0.79 | 0.68 | ...

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 ——老白干 2024 年三季报点评 [table_Authors]訾猛(分析师) 021-38676442 zimeng@gtjas.com 登记编号S0880513120002 | --- | --- | --- | --- | --- | --- | |-----------------------|-------|-------|-------|-------|-------| | | | | | | | | 李耀 ( 分析师 ) | | | | | | | 021-38675854 | | | | | | | liyao022899@gtjas.com | | | | | | | S0880520090001 | | | | | | 本报告导读： 公司 2024Q3 收入表现低于预期，但利润表现符合预期，盈利能力仍有改善；得益 于局部市场高占有及组织效率优化，公司后续盈利能力仍有提振空间。 投资要点： [Table_Summary] 投 ...