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 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 5.9 billion yuan in Q3 2024, a year-on-year increase of 7%, while the net profit attributable to shareholders was a loss of 585 million yuan [7] - Emerging businesses such as passenger car seats are expected to continue growing, although the sale of the US TMD subsidiary has negatively impacted short-term performance [7] - The company has accumulated orders for passenger car seats and is gradually transforming into a global leader in the industry [9] - The report adjusts profit forecasts due to the impact of selling the US TMD stake, predicting net profits of -393 million yuan, 890 million yuan, and 1.212 billion yuan for 2024-2026 [9] Summary by Sections Company Overview - The company has a total share capital of 126.608 million shares and a closing price of 13.30 yuan as of November 1, 2024 [5] - The asset-liability ratio stands at 74.81%, with a price-to-book ratio of 3.36 and a weighted return on equity of -11.81% [5] Financial Performance - In Q3 2024, the company recorded a revenue of 5.9 billion yuan, with a year-to-date revenue of 16.906 billion yuan, reflecting a 6% year-on-year increase [7] - The company incurred asset impairment losses of 274 million yuan and credit impairment losses of 29 million yuan during the first three quarters of 2024 [7] - The comprehensive gross profit margin for Q3 2024 was 14.08%, a decrease of 1.02 percentage points year-on-year [8] Business Development - The company delivered 89,000 sets of seats in H1 2024, generating sales of 899 million yuan, significantly up from 108 million yuan in the same period last year [9] - The company has secured orders from various leading clients, including new energy vehicle manufacturers and luxury brands, establishing a strong market position [9] Profit Forecast and Valuation - The report revises the profit forecast, expecting net profits of -393 million yuan in 2024, 890 million yuan in 2025, and 1.212 billion yuan in 2026, with corresponding EPS of -0.31 yuan, 0.70 yuan, and 0.96 yuan [9] - Based on the closing price on November 1, 2024, the projected PE ratios for 2025 and 2026 are 19X and 14X, respectively [9]

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has a leading global market share in its mature business, with a robust order backlog in emerging sectors. The profit forecast remains unchanged, expecting net profits of 386 million yuan, 496 million yuan, and 647 million yuan for 2024-2026, with corresponding EPS of 1.82 yuan, 2.34 yuan, and 3.05 yuan, resulting in PE ratios of 21X, 16X, and 13X based on the closing price on October 31, 2024 [5] - The company plans to increase its investment in Shanghai Bobang to strengthen its cooperation in the air compressor sector. The air suspension business has established a strong market position in China, with ongoing expansions into electric control dampers and closed systems, enhancing the self-manufacturing rate of components [5] - The company has secured project approvals from various clients, including a well-known European OEM, marking a significant breakthrough in overseas expansion for its air suspension business [8][9] Financial Performance Summary - For Q3 2024, the company reported revenue of 1.843 billion yuan, a year-on-year increase of 20%, while net profit attributable to shareholders was 100 million yuan, a decrease of 35% year-on-year. For the first three quarters of 2024, total revenue reached 5.026 billion yuan, up 21% year-on-year, with a net profit of 249 million yuan, down 27% year-on-year [10] - The company's main revenue and profit figures for the years 2021 to 2026 are as follows: - Main revenue (million yuan): 3898 (2021), 4778 (2022), 5897 (2023), 7245 (2024E), 9298 (2025E), 11838 (2026E) - Net profit (million yuan): 268 (2021), 214 (2022), 379 (2023), 386 (2024E), 496 (2025E), 647 (2026E) - EPS (yuan): 1.27 (2021), 1.01 (2022), 1.79 (2023), 1.82 (2024E), 2.34 (2025E), 3.05 (2026E) [6][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 1.725 billion yuan in Q3 2024, representing an 8% year-on-year increase, and a net profit attributable to shareholders of 292 million yuan, up 45% year-on-year [7] - The gross margin improved significantly, reaching 29.75% in Q3 2024, an increase of 0.96 percentage points year-on-year and 2.09 percentage points quarter-on-quarter [7] - The company is successfully transitioning to larger components and expanding its global production capacity, with plans to increase the share of large-tonnage die-casting products by 25% by 2025 and 40% by 2030 [8] Summary by Sections Financial Performance - In Q1-Q3 2024, the company achieved a total revenue of 4.974 billion yuan, a 17% increase year-on-year, with a net profit of 742 million yuan, up 24% year-on-year [7] - The company’s net profit forecast for 2024-2026 is 1.041 billion yuan, 1.305 billion yuan, and 1.581 billion yuan respectively, with corresponding EPS of 1.07 yuan, 1.33 yuan, and 1.62 yuan [9] Cost Management - The company’s expense ratio decreased, with the period expense ratio at 11.61%, down 0.67 percentage points year-on-year [7] Employee Incentives - The company launched a stock incentive plan covering 857 key employees, with performance targets set for revenue growth rates of 15.35%/19.19% for 2025 and 20.72%/25.90% for 2026 [8] Market Positioning - The company has a strong customer base in the global market, including major Tier 1 suppliers, and is expanding its product offerings in both small and large components [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company achieved a revenue of 6.134 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 29.35%, with a net profit attributable to shareholders of 1.460 billion yuan, up 12.91% year-on-year [6] - The company has successfully reduced its expense ratio, with sales, management, R&D, and financial expenses at 2.24%, 2.32%, 2.94%, and -1.04% respectively [6] - The company continues to deepen its global development, with overseas sales accounting for 60.8% of total revenue in 2023, and a 21.3% year-on-year increase in high-altitude operation platform exports [7] - The promotion of boom products has been successful, contributing significantly to revenue growth, with boom product revenue increasing by 57.67% year-on-year in the first half of 2024 [7] - The company emphasizes research and technological innovation, with R&D investment of 180 million yuan in the first three quarters of 2024, a 21.03% increase year-on-year [8] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 2.106 billion, 2.554 billion, and 2.939 billion yuan respectively, with corresponding EPS of 4.16, 5.04, and 5.81 yuan [8] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 2.274 billion yuan, a year-on-year increase of 38.37%, and a net profit of 636 million yuan, up 37.72% year-on-year [6] - The gross margin and net margin for the first three quarters of 2024 were 36.16% and 23.83% respectively [6] Expense Management - The company has effectively reduced its expense ratios, with notable decreases in sales and R&D expenses compared to the end of the previous year [6] Global Expansion - The company has established a global sales network covering over 80 countries, with significant growth in the North American market facilitated by its subsidiary CMEC [7] Product Development - The boom product series has become a major driver of revenue growth, with a significant increase in its revenue contribution compared to the previous year [7] Research and Development - The company maintains a leading position in R&D innovation within the industry, holding 280 patents and focusing on high-end, differentiated products [8] Investment Outlook - The company is expected to see continued growth in high-value equipment sales and exports to Europe, the US, and emerging markets, supporting the "Buy" rating [8]