Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company's performance meets expectations, and it is expected to continue gaining market share amid supply chain reforms, aiming for a compound double-digit growth target in the "Four Five" plan [3][5]. Financial Summary - For Q3 2024, the company achieved revenue of 20.399 billion yuan, a year-on-year increase of 9.38%, and a net profit attributable to shareholders of 4.815 billion yuan, up 11.23% year-on-year [5]. - The Q3 single-quarter revenue was 6.243 billion yuan, with a year-on-year growth of 9.83%, and a net profit of 1.362 billion yuan, reflecting a 10.5% increase year-on-year [5]. - The gross margin for Q3 was 36.61%, an increase of 2.07% year-on-year, primarily due to the decline in raw material prices [5]. - The company expects EPS for 2024-2026 to be 1.12, 1.29, and 1.51 yuan, representing year-on-year growth of 10.8%, 14.9%, and 17.3% respectively [5]. Product and Channel Performance - Revenue growth for Q3 2024 by product category includes soy sauce (+8.7%), seasoning sauce (+10.2%), oyster sauce (+7.8%), and other categories (+15.1%) [5]. - Offline and online channel revenues grew by 8.1% and 45.4% year-on-year, respectively, with online growth attributed to supply chain reforms enhancing new retail capabilities [5]. Market Position and Strategy - The company is focusing on enhancing its overall supply chain capabilities, aiming to reduce costs and improve efficiency while aligning products with consumer trends [5]. - The number of distributors reached 6,722 by the end of Q3 2024, with a net increase of 48 distributors in the quarter [5].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's performance exceeded expectations, with impressive revenue and profit growth in Q3, and a positive outlook on its internationalization strategy [2][3]. - The company is expected to outperform industry growth due to equipment renewal policies, with upward revisions to EPS for 2024-2026 [3]. - The target price has been raised to 34.00 CNY, based on a 20x PE for 2025 [3][4]. Financial Summary - Revenue is projected to grow from 4,096 million CNY in 2023 to 7,072 million CNY in 2026, reflecting a CAGR of approximately 15.8% [1]. - Net profit attributable to the parent company is expected to increase from 477 million CNY in 2023 to 958 million CNY in 2026, with a significant growth rate of 33.6% in 2025 [1]. - The earnings per share (EPS) is forecasted to rise from 1.02 CNY in 2023 to 2.04 CNY in 2026 [1]. - The return on equity (ROE) is anticipated to remain strong, with projections of 20.0% in 2025 and 19.7% in 2026 [1]. Performance Highlights - In the first three quarters of 2024, the company achieved revenue of 3,673 million CNY, a year-on-year increase of 24.95%, and a net profit of 480 million CNY, up 31.71% [3]. - Q3 alone saw revenue and net profit of 1,304 million CNY and 181 million CNY, respectively, marking year-on-year growth of 33.23% and 59.87% [3]. - The gross margin for Q3 reached a new high of 35.01%, with a net margin of 14.36% [3]. Strategic Developments - The company is actively expanding its international market presence, with over 40 overseas distributors covering more than 70 countries [3]. - Significant advancements in product technology are being made, including the delivery of large injection molding machines and die-casting machines for key automotive clients [3].

Investment Rating - The report maintains a "Buy" rating for the company despite lowering the profit forecast and target price [3][5][7]. Core Views - The company's performance in Q3 2024 was below expectations, with a quarterly revenue decline of 37.15% year-on-year, resulting in a loss of 1.08 billion yuan [5][6]. - The report highlights the impact of reduced capital expenditure from telecom operators, which is expected to continue affecting the company's operations in the short term [5][6]. - The G60 satellite launch program and new policies from Guangdong province are seen as potential catalysts for growth in the commercial aerospace sector, which may benefit the company's related business [5][6]. Financial Summary - For the first three quarters of 2024, the company reported a revenue of 4.146 billion yuan, a year-on-year decrease of 21.50%, and a net loss of 1.70 billion yuan [5][6]. - The projected net profits for 2024-2026 are revised to -233 million yuan, 35 million yuan, and 345 million yuan, respectively, with corresponding EPS of -0.07, 0.01, and 0.10 yuan [5][6]. - The target price has been adjusted to 7.44 yuan, down from the previous 7.56 yuan, based on an industry average valuation of 4x PB for 2025 [5][7]. Industry Insights - The report notes that from August to October 2024, the G60 program successfully launched 18 satellites, with a total of 108 satellites expected to be launched this year [5][6]. - Guangdong's new action plan aims to develop the commercial aerospace industry to a scale of 300 billion yuan by 2026, which includes a comprehensive industrial chain from rockets to applications [5][6].

Investment Rating - The report maintains an "Accumulate" rating for Longbai Group [4][3] - The target price is set at 26.70 yuan, up from the previous 20.75 yuan [4][8] Core Insights - The company's Q3 2024 performance slightly exceeded expectations, driven by resource and cost advantages, as well as ongoing projects such as the Fengyuan technical transformation project and the vanadium-aluminum new material industrial park [3][8] - For the first three quarters of 2024, the company achieved revenue of 20.9 billion yuan, a year-on-year increase of 2.97%, and a net profit attributable to shareholders of 2.564 billion yuan, up 19.68% year-on-year [8][9] - The report highlights the company's strong sales margins, with a gross margin of 27.01% and a net margin of 12.24% for the first three quarters of 2024 [8][9] Financial Performance - In Q3 2024, the company reported revenue of 7.081 billion yuan, a year-on-year increase of 0.85% and a quarter-on-quarter increase of 8.77% [8] - The net profit for Q3 2024 was 843 million yuan, down 4.29% year-on-year but up 9.33% quarter-on-quarter [8] - The company’s gross margin for Q3 was 25.87%, reflecting a year-on-year increase of 3.16 percentage points [8] Industry Overview - The titanium dioxide industry is experiencing a slight decline in operating rates, with a September operating rate of approximately 78.26%, down 3.33 percentage points month-on-month [8] - The report notes that the long-term demand for titanium dioxide is expected to grow, driven by increasing needs from downstream industries such as coatings, plastics, and paper [8] - The global titanium dioxide market demand is projected to reach 890 million tons in 2025 and 930 million tons in 2026 [8]

Investment Rating - The report maintains a "Buy" rating with a target price of 6.27 CNY per share, corresponding to a P/B ratio of 1.51 for 2024 [4][5]. Core Views - The company continues to demonstrate steady growth, with asset scale, net interest margin, and non-performing loan ratio remaining stable. The conversion of convertible bonds effectively supplements the company's capital, indicating a positive outlook for sustained development [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company's net profit attributable to shareholders reached 2.227 billion CNY, reflecting a year-on-year increase of 9.12%. The weighted average ROE was 11.87%, a slight decline of 0.40 percentage points year-on-year [4]. - The company forecasts EPS for 2024-2026 to be 0.50, 0.53, and 0.58 CNY, with net assets per share projected at 4.14, 4.42, and 4.71 CNY respectively [4]. Asset Growth - As of September 2024, the company's total asset scale was 134.52 billion CNY, a 12.18% increase from the end of the previous year. The scale of financing lease assets was 126.9 billion CNY, up 11.21% year-on-year [4]. - The non-performing financing lease asset ratio stood at 0.92%, a slight increase of 0.01 percentage points from the end of the previous year [4]. Capital Strength - The company announced the early redemption of its convertible bonds, with 49.98 billion CNY of the 50 billion CNY bonds converted into 1.595 billion shares, accounting for 53.40% of the total shares before conversion. This move is expected to enhance the company's capital strength and support the growth of its leasing business [4][5]. Strategic Initiatives - The company is expanding its customer acquisition channels through a dual-line strategy of "manufacturers + regions," establishing deep partnerships with over 4,000 manufacturers and dealers to reach quality end customers quickly [4]. - The net interest margin for Q3 2024 was 3.67%, showing a slight decrease of 0.02 percentage points year-on-year and a decrease of 0.01 percentage points from Q2 2024 [4].

Investment Rating - The investment rating for China State Construction Engineering Corporation is "Buy" [3]. Core Views - The report indicates that the company's Q3 performance was below expectations due to ongoing adjustments in the real estate market and a slowdown in infrastructure investment. However, it is anticipated that with the implementation of incremental fiscal policies, the company will leverage its competitive advantages to achieve sustained growth [4][5]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 1.63 trillion yuan, a decrease of 2.67% year-on-year. The net profit attributable to shareholders was 39.7 billion yuan, down 9.05% year-on-year [5]. - The operating cash flow showed significant improvement, with a net cash flow of -77 billion yuan for the first three quarters of 2024, compared to -16.4 billion yuan in the same period of 2023 [5]. - The company’s gross profit margin for the first three quarters was 8.83%, a slight decrease of 0.1 percentage points [5]. Earnings Forecast - The earnings per share (EPS) estimates for 2024, 2025, and 2026 have been revised down to 1.24 yuan, 1.28 yuan, and 1.32 yuan respectively, reflecting a decrease of 5%, 3%, and 3% from previous forecasts [5]. - The target price remains at 7.76 yuan, corresponding to a price-to-earnings (PE) ratio of 6.3 times for 2024 [5]. Order Growth - New signed contracts increased by 4.7% year-on-year to 32.48 billion yuan in the first three quarters of 2024, with significant growth in energy engineering and water environmental projects [5][13]. - The breakdown of new contracts shows that the construction of residential buildings decreased by 9.9%, while industrial plant contracts increased by 26.4% [13]. Shareholder Confidence - The controlling shareholder's recent increase in holdings demonstrates confidence in the company's future performance, with a current dividend yield of 4.4% and a price-to-book (PB) ratio of 0.57, indicating potential value for investors [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [3][4]. Core Views - The company is experiencing temporary pressure on revenue but is actively expanding its layout in the smart lighting sector, which is expected to create synergistic effects. The earnings forecast for 2024-2026 is maintained, with EPS projected at 0.22, 0.25, and 0.29 yuan, representing year-on-year growth of +16%, +16%, and +15% respectively. The target price is set at 6.60 yuan, based on a 30x PE ratio for 2024 [4][12]. Summary by Sections 1. Investment Recommendation - The company is rated "Accumulate" despite current revenue pressures, with a target price of 6.60 yuan [3][4]. 2. Performance Overview - For the first three quarters of 2024, the company achieved a revenue of 6.887 billion yuan, a year-on-year increase of +1.33%. The net profit attributable to shareholders was 251 million yuan, up +5.12% year-on-year [14]. 3. Revenue Analysis - The LED lighting business is expected to face revenue growth pressure due to the real estate sector's post-cycle impact. Traditional LED lighting revenue is projected to decline slightly, while new lighting business revenue is expected to grow by approximately +20% year-on-year [15]. 4. Financial Performance - The gross margin for the first three quarters of 2024 was 19.08%, a year-on-year increase of +0.4 percentage points. However, the gross margin for Q3 2024 was 18.59%, a decrease of -1 percentage point year-on-year [16]. 5. Cash Position - As of Q3 2024, the company had cash and cash equivalents plus trading financial assets totaling 3.216 billion yuan, a year-on-year increase of +14.62% [17]. 6. Strategic Acquisition - The company signed a share acquisition intention agreement with the controlling shareholder of Yilai Smart on October 28, 2024, aiming to acquire over 50% of Yilai Smart's shares. This acquisition is expected to enhance the company's capabilities in smart lighting, particularly in research and development of smart control systems [18][19].

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 ——2024 年三季报点评 业绩表现平稳，回购注销催化 承德露露(000848) 食品饮料 [Table_Industry] /必需消费 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|--------------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | [table_Authors] 訾猛 ( 分析师 ) | 陈力宇 ( 分析师 ) | | | | | | | | | 021-38676442 | 021-38677618 | | | | | | | | | zimeng@gtjas.com | chenl ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 28.90 CNY, reflecting a 17x PE for 2024 [5][13]. Core Views - The report suggests that the ongoing relaxation of real estate policies is expected to improve construction and sales data, which will subsequently boost kitchen appliance sales. The company's new products are anticipated to create a second growth curve, leading to better revenue performance than the industry [2]. Summary by Sections 1. Performance Overview - For Q1-Q3 2024, the company achieved a revenue of 7.396 billion CNY, down 6.78% year-on-year, and a net profit of 1.202 billion CNY, down 12.44% year-on-year. In Q3 2024 alone, revenue was 2.666 billion CNY, down 11.07% year-on-year, with a net profit of 443 million CNY, down 18.49% year-on-year [3][15]. 2. Channel Performance - The engineering channel has seen a significant decline, while the smoke and stove segment performed better than the integrated stove segment. The company, being a traditional leader in kitchen appliances, faces short-term revenue pressure due to the sluggish real estate market. Retail and e-commerce channels are expected to show single-digit declines, while the engineering channel is experiencing a larger drop [16]. 3. Profitability Metrics - The gross margin for Q1-Q3 2024 was 50.43%, down 1.6 percentage points year-on-year, while the net margin was 16.03%, down 1.13 percentage points year-on-year. In Q3 2024, the gross margin improved to 53.18%, up 0.99 percentage points year-on-year, but the net margin decreased to 16.38%, down 1.58 percentage points year-on-year [17]. 4. Financial Health - The company reported a cash and cash equivalents balance of 2.693 billion CNY at the end of Q3 2024, down 5.86 billion CNY year-on-year. The net cash flow from operating activities for Q1-Q3 2024 was 526 million CNY, down 869 million CNY year-on-year [19][20].

Investment Rating - The report maintains an "Accumulate" rating for the company [3][6]. Core Views - The company continues to show growth in its performance, with new plasma stations contributing to incremental gains. The report highlights that the company has received certification for two new plasma stations, which are expected to enhance plasma collection capacity and market potential [4][6]. - The financial forecasts for EPS are maintained at 1.06, 1.28, and 1.54 CNY for 2024, 2025, and 2026 respectively, with a target price set at 30.72 CNY based on a PE ratio of 24x for 2025 [6]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 1.89 billion CNY, representing a year-on-year increase of 37.5%. The net profit attributable to the parent company was 543 million CNY, up 66.4%, and the net profit excluding non-recurring items was 498 million CNY, an increase of 84.7% [6]. - In Q3 2024 alone, the company reported a revenue of 754 million CNY, a 13.3% increase year-on-year, with a net profit of 216 million CNY, up 17.9% [6]. - The company has a total of 38 plasma stations, with 17 currently operational and two new stations recently certified for operation, which is expected to further increase plasma collection capacity [6]. Market Data - The current stock price is 22.41 CNY, with a target price of 30.72 CNY, indicating significant upside potential [3][6]. - The company has a total market capitalization of 16.43 billion CNY and a total share capital of 733 million shares [8]. Comparative Valuation - The report includes a comparative valuation table showing the company’s market cap and PE ratios against peers in the biopharmaceutical sector, indicating a competitive position within the industry [13][14].