公 司 研 究 农 林 牧 渔 巨星农牧 沪深300 [Table_Reportdate] 2024年11月04日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 能稳健增加 [巨星农牧（ Table_NewTitle] 603477）：成本保持低位，产 ——公司简评报告 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn [table_main] 投资要点 | --- | --- | |---------------------------|-------------| | 数据日期 Table_cominfo] | 2024/11/01 | | 收盘价 | 20.06 | | 总股本 ( 万股 ) | 51,007 | | 流通 A 股 /B 股 ( 万股 ) | 51,007/0 | | 资产负债率 (%) | 60.81% | | 市净率 ( 倍 ) | 3.06 | | 净资产收益率 ( 加权 ) | 8.10 | | 12 个月内最高 / 最低价 | 39.39/15.48 | [Table_Quo ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年11月04日 [晨会纪要 Table_NewTitle] 20241104 [证券分析师： Table_Authors] 张季恺S0630521110001 zjk@email.com.cn 联系人： 陈伟业 cwy@longone.com.cn [table_main] 重点推荐 ➢ 1.爱柯迪（600933）：收入端增长稳健，持续推进中大件转型、全球产能布局——公司简 评报告 ➢ 2.浙江鼎力（603338）：三季度业绩超预期，费用持续下降，臂式推广顺利——公司简评 报告 ➢ 3.保隆科技（603197）：TPMS业务延续高增速，空悬海外拓展取得突破——公司简评报告 ➢ 4.老百姓（603883）：利润端短期承压，积极稳中求进——公司简评报告 ➢ 5.益丰药房（603939）：业绩增长稳健，盈利维持较高水平——公司简评报告 ➢ 6.贝达药业（300558）：业绩略超预期，恩沙替尼国际化进展顺利——公司简评报告 ➢ 7.工商银行（601398）：付息率明显改善，资产质量稳定 ——公司简评报告 ➢ 8.继峰股份（60 ...

公 司 研 究 [Table_Reportdate] 2024年11月04日 机 械 设 备 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 商俭 shangjian@longone.com.cn | --- | --- | |---------------------------|-------------| | | | | 数据日期 Table_cominfo] | 2024/11/01 | | 收盘价 | 70.50 | | 总股本 ( 万股 ) | 10,170 | | 流通 A 股 /B 股 ( 万股 ) | 10,170/0 | | 资产负债率 (%) | 20.91% | | 市净率 ( 倍 ) | 4.06 | | 净资产收益率 ( 加权 ) | 4.87 | | 12 个月内最高 / 最低价 | 88.99/54.69 | [Table_QuotePic] -33% -24% -16% -8% 1% 9% 17% 25% 23-11 ...

公 司 研 究 [Table_Reportdate] 2024年11月01日 汽 车 继峰股份 沪深300 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn | --- | --- | |---------------------------|------------| | 数据日期 Table_cominfo] | 2024/11/01 | | 收盘价 | 13.30 | | 总股本 ( 万股 ) | 126,608 | | 流通 A 股 /B 股 ( 万股 ) | 126,608/0 | | 资产负债率 (%) | 74.81% | | 市净率 ( 倍 ) | 3.36 | | 净资产收益率 ( 加权 ) | -11.81 | | 12 个月内最高 / 最低价 | 15.25/9.41 | [Table_QuotePic] -43% -33% -22% -12% -2% 9% 19% 30% 23-11 24-02 24-05 24-08 [相关研究 Tab ...

Investment Rating - The report maintains an "Increase" rating for the company [3] Core Views - The company achieved operating revenue of 626.42 billion yuan, a decrease of 3.82% year-on-year, and a net profit attributable to ordinary shareholders of 269.03 billion yuan, an increase of 0.13% year-on-year [4] - As of the end of September, the company's total assets reached 48.36 trillion yuan, up 8.71% year-on-year, with a non-performing loan ratio of 1.35%, remaining stable quarter-on-quarter [4] - The report indicates a slowdown in general loan issuance due to weak demand and a shift away from scale-oriented growth, although there was a significant increase in bill discounting [4][5] - Deposit growth has stabilized as the impact of "squeezing water" has diminished, with a notable increase in the proportion of fixed-term deposits [5] - The report highlights a significant improvement in interest rates, with a quarterly net interest margin of 1.43%, a year-on-year decrease of 15 basis points, but a quarter-on-quarter increase of 5 basis points [6] - Fee and commission income has continued to decline due to market factors, but a recovery is expected in the fourth quarter [7] - The non-performing loan rate remains stable, with a slight increase in the provision coverage ratio to 220.30% [7] Summary by Sections Financial Performance - The company reported a total operating revenue of 626.42 billion yuan, down 3.82% year-on-year, and a net profit of 269.03 billion yuan, up 0.13% year-on-year [4] - Total assets reached 48.36 trillion yuan, an increase of 8.71% year-on-year, with a non-performing loan ratio of 1.35% [4] Loan and Deposit Trends - General loan issuance has slowed significantly due to weak demand, while bill discounting has increased [4][5] - Deposit growth has stabilized, with the impact of "squeezing water" diminishing [5] Interest Margin and Income - The quarterly net interest margin was 1.43%, with a year-on-year decrease of 15 basis points but a quarter-on-quarter increase of 5 basis points [6] - Fee and commission income has declined but is expected to recover in the fourth quarter [7] Asset Quality - The non-performing loan rate remains stable at 1.35%, with a provision coverage ratio of 220.30% [7]

公 司 研 究 [Table_Reportdate] 2024年11月01日 公 司 简 评 医 药 生 物 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn 联系人 付婷 futing@longone.com.cn | --- | --- | |--------------------------|-------------| | | | | 收盘价 | 45.66 | | 总股本 ( 万股 ) | 41,849 | | 流通 A 股 /B 股 ( 万股 ) | 41,718/0 | | 资产负债率 (%) | 38.81% | | 市净率 ( 倍 ) | 3.34 | | 净资产收益率 ( 加权 ) | 7.64 | | 12 个月内最高 / 最低价 | 63.09/30.43 | [Table_QuotePic] -64% -50% -36% -22% -8% 5% 19% 33% 2 ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年11月01日 [晨会纪要 Table_NewTitle] 20241101 [证券分析师： Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn 联系人： 陈芯楠 cxn@longone.com.cn [table_main] 重点推荐 ➢ 1.兆易创新（603986.SH）：Flash与MCU销量高增长、利基DRAM快速发展——公司简评 报告 ➢ 2.赛轮轮胎（601058.SH）：经营业绩稳固，持续推进全球战略布局——公司简评报告 ➢ 3.甘源食品（002991）：Q3业绩表现亮眼，多渠道齐发力——公司简评报告 ➢ 4.科伦药业（002422）：利润端快速增长，创新产品即将商业化——公司简评报告 ➢ 5.同力股份（834599）：研发费用高增，新能源产品与无人驾驶技术加速落地——公司简 评报告 ➢ 6.11月投资策略及金股组合 ➢ 7.开启基本面验证序幕——国内观察：2024年10月PMI 财经要闻 ➢ 1.央行增设商业性个人住房贷款加权平均利率 ➢ 2.央行： ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's performance shows steady growth, with a revenue of 17.219 billion yuan for the first three quarters of 2024, representing an 8.38% year-on-year increase. The net profit attributable to the parent company reached 1.111 billion yuan, up 11.14% year-on-year [6] - The company is focusing on steady expansion and optimization of existing stores, with a total of 15,050 chain pharmacies across ten provinces and cities by the end of the reporting period. The company added 2,254 new stores in the first nine months of 2024, while the pace of overall expansion has slowed down [7] - The retail business is developing steadily, with retail revenue of 15.184 billion yuan and wholesale revenue of 1.480 billion yuan for the first three quarters of 2024, showing year-on-year growth of 6.84% and 17.56%, respectively [8] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 40.39% (up 0.84 percentage points) and a net profit margin of 6.96% (down 0.14 percentage points). The selling, administrative, and financial expense ratios were 25.99%, 4.39%, and 0.71%, respectively [6] Expansion Strategy - The company has adopted a strategy of regional focus and optimization of existing stores. In Q3 alone, the company added 679 new stores, with a significant increase in the number of closed stores, indicating a shift towards improving operational quality rather than aggressive expansion [7] Business Segments - The retail and wholesale segments are performing well, with the retail segment showing a gross margin of 41.43% and the wholesale segment at 8.78%. The main product categories, including traditional Chinese medicine and non-pharmaceuticals, have also seen positive growth [8] Investment Recommendations - Given the current macroeconomic environment and increasing regulatory scrutiny, the company is expected to maintain strong operational resilience and improve market share. The projected net profits for 2024-2026 are 1.740 billion, 2.129 billion, and 2.584 billion yuan, respectively, with corresponding EPS of 1.43, 1.76, and 2.13 yuan [8]

公 司 研 究 医 药 生 物 老百姓 沪深300 公 司 简 评 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 | --- | --- | |---------------------------|-------------| | | | | 数据日期 Table_cominfo] | 2024/10/31 | | 收盘价 | 16.07 | | 总股本 ( 万股 ) | 76,023 | | 流通 A 股 /B 股 ( 万股 ) | 75,792/0 | | 资产负债率 (%) | 64.41% | | 市净率 ( 倍 ) | 1.62 | | 净资产收益率 ( 加权 ) | 9.14 | | 12 个月内最高 / 最低价 | 36.90/11.90 | [Table_Reportdate] 2024年11月01日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 w ...

公 司 研 究 汽 车 公 司 简 评 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 | --- | --- | |---------------------------|-------------| | | | | | | | 数据日期 Table_cominfo] | 2024/10/31 | | 收盘价 | 38.32 | | 总股本 ( 万股 ) | 21,208 | | 流通 A 股 /B 股 ( 万股 ) | 21,122/0 | | 资产负债率 (%) | 64.44% | | 市净率 ( 倍 ) | 2.37 | | 净资产收益率 ( 加权 ) | 8.24 | | 12 个月内最高 / 最低价 | 67.18/26.82 | [Table_Reportdate] 2024年11月1日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn [Table_QuotePic] -73% -57% -42% -27 ...