%% %% 丨证券研究报告丨 公司研究丨点评报告丨壹石通（688733.SH） [Table_Title] 价格&盈利企稳修复，新技术稳步推进 | --- | --- | --- | --- | |----------|-------|-------|-------| | | | | | | 报告要点 | | | | 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 请阅读最后评级说明和重要声明 壹石通（688733.SH） cjzqdt11111 2024-11-17 [Table_Rank]投资评级 买入丨维持 相关研究 2024-05-20 [Table_Title2] 价格&盈利企稳修复，新技术稳步推进 公司研究丨点评报告 [Table_Summary2] 事件描述 公司发布 2024 年三季报，Q3 实现收入 1.36 亿元，同比增长 3.3%，环比增长 8.0%；归母净 利润 0.09 亿元，同比增长 139.1%，环比下降 62.4%；扣非归 ...

%% %% 丨证券研究报告丨 行业研究丨行业周报丨运输 [Table_Title] 内贸集运景气加速修复，航空单座收益同比翻正 ——交运周专题 2024W46 | --- | --- | --- | |----------------------------------------------------------------|-------|-------| | | | | | 报告要点 | | | | [Table_Summary] 出行链：产能利用率行至高位，单座收益同比翻正 | | | | 海运：内贸集运季节性延续，油运运价反弹 | | | | 物流：货运流量增速改善， 10 月快递件量快增 | | | 分析师及联系人 [Table_Author] 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SFC：BQK468 请阅读最后评级说明和重要声明 相关研究 [Table_Title 内贸集运景气加速修复，航空单座收益同比翻 2] 正——交运周专题 2024W4 ...

%% %% 丨证券研究报告丨 行业研究丨点评报告丨纺织品、服装与奢侈品 [Table_Title] 海外观察系列 74 丨 Adidas FY2024Q3 经营跟 踪：鞋类产品持续引领增长，上调全年业绩指引 | --- | --- | --- | --- | |----------|-------|-------|-------| | | | | | | 报告要点 | | | | 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SFC：BUU942 请阅读最后评级说明和重要声明 纺织品、服装与奢侈品 cjzqdt11111 2024-11-17 行业研究丨点评报告 相关研究 [Table_Title 海外观察系列2] 74 丨 Adidas FY2024Q3 经营跟 踪：鞋类产品持续引领增长，上调全年业绩指引 [Table_Summary2] 事件描述 FY24Q3（7/1-9/30）实现营收 64.4 亿欧元，固定汇率下同比+10%，其中 Yeezy 产生收入～ 2 亿欧（去年同期~3.5 亿欧）。营业利润同比+46%至 6.0 亿欧元，毛利率同比+2pct ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨易普力（002096.SZ） [Table_Title] 看好区域景气，优选新疆和西藏 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 公司发布 2024 年第三季度报告，实现营业收入 63.03 亿元，同比增长 0.29% ，归属净利润 5.24 | | 分析师及联系人 [Table_Author] 张弛 张智杰 袁志芃 SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 请阅读最后评级说明和重要声明 易普力（002096.SZ） cjzqdt11111 2024-11-18 相关研究 [Table_Title2] 看好区域景气，优选新疆和西藏公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨神州数码（000034.SZ） [Table_Title] 战略业务加速成长 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 神州数码发布 2024 年度三季度业绩报告， 2024 年前三季度，公司营业收入累计实现 916 亿 | | | 元，同比增长 8.81% ，实现归母净利润实现 8.9 亿元，同比增长 5.04% 。公司分销业务行业领 先，构建极强壁垒，在数字化、智能化和国产化 ...

Investment Rating - The report maintains a "Buy" rating for Yutong Bus (600066 SH) [10] Core Views - Yutong Bus reported strong Q3 2024 results with revenue of 24 07 billion yuan (+27 0% YoY) and net profit of 2 43 billion yuan (+131 5% YoY) [2][5] - The company's profitability continues to improve with Q3 net profit margin reaching 9 8% (+2 4pct YoY) [7] - Yutong's domestic market shows steady growth in seating buses while the overseas market demonstrates strong profitability through globalization and premiumization strategies [2][8] - Battery cost reduction and economies of scale support sustained performance improvement [2][8] Financial Performance Revenue and Profit - Q3 2024 revenue reached 7 74 billion yuan (-1 2% YoY -20 4% QoQ) due to seasonal factors and export order timing [6] - Q3 2024 net profit was 758 million yuan (+30 7% YoY) exceeding expectations [7] Profitability - Adjusted Q3 2024 gross margin was 23 9% (+0 8pct YoY) [7] - Q3 2024 operating expense ratio improved to 14 3% (-0 4pct YoY) [7] - Per vehicle profit reached 70 000 yuan in Q3 2024 (+18 000 yuan YoY) [7] Sales and Production - Q3 2024 total sales volume was 10 791 units (-3 1% YoY -15 9% QoQ) [6] - Export sales accounted for 2 590 units (-15 6% YoY) in Q3 2024 [6] - New energy export sales were 324 units showing a decline both YoY and QoQ [6] Market Outlook Domestic Market - Seating buses continue to drive sales growth [8] - Bus replacement cycle and new subsidy policies are expected to boost the market in H2 2024 [8] International Market - Yutong demonstrates global competitiveness in electric buses [8] - Overseas expansion contributes significantly to profit growth [8] Valuation and Projections - 2024-2026 net profit forecasts are 3 51 billion 4 21 billion and 5 02 billion yuan respectively [8] - 2024-2026 PE ratios are projected at 14 5X 12 1X and 10 2X [8] Dividend Policy - Yutong announced a Q3 2024 dividend of 0 5 yuan per share (45 5% payout ratio) [8] - Total dividend distribution reached 1 11 billion yuan with a dividend yield of 2 2% [8]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨平煤股份（601666.SH） [Table_Title] 成本改善修复 Q3 业绩，回购方案开启煤炭公司 "增持回购再贷款"序幕 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 公司发布 2024 年三季报， 24Q1~3 公司实现归母净利润 20.45 亿元，同比减少 10.97 亿元（ - | | | 34.9% ，调整后）；单三季度实现归母净利润 6.52 亿元，环比基本持平，同比减少 2.52 亿元（ - 27.9% ，调整后）。 2024 年 10 月 31 日平煤股份发布公告《关于以集中竞价交易方式回购股 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨天顺风能（002531.SZ） [Table_Title] 天顺风能：Q3 经营短暂承压，合同负债高增奠 定交付景气基础 | --- | --- | --- | --- | |----------|-------|-------|-------| | | | | | | 报告要点 | | | | 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 SFC：BQK482 SFC：BUD284 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 请阅读最后评级说明和重要声明 天顺风能（002531.SZ） cjzqdt11111 2024-11-17 公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 相关研究 2024-05-31 [Table_Title 天顺风能：Q32] 经营短暂承压，合同负债高增奠 定交付景气基础 [Table_Summary2] 事件描述 公司 2024 年前三季度实现收入 35.6 亿元，同比下降 44%，归属母公司股东净利润 2.9 亿元， ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨璞泰来（603659.SH） [Table_Title] 经营趋稳，逐步修复可期 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------|-------|-------| | | | | | 报告要点 | | | | [Table_Summary] 璞泰来发布 2024Q3 财报，收入为 35.09 亿元，同比下滑 9.62% ，环比增长 6.41% ；归母净利 | | | 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 请阅读最后评级说明和重要声明 璞泰来（603659.SH） cjzqdt11111 2024-11-17 相关研究 2024-08-25 [Table_Title2] ...

Investment Rating - The report maintains a "Buy" rating for Megmeet (002851 SZ) [9] Core Views - Megmeet achieved a 21% YoY revenue growth to RMB 5 903 billion in the first three quarters of 2024 despite a complex macroeconomic environment demonstrating the effectiveness of its core strategy and balanced risk approach [6][7] - Net profit attributable to the parent company decreased by 14 8% YoY to RMB 411 million in the first three quarters but increased by 3 9% YoY to RMB 97 million in Q3 [6] - Gross margin remained stable at 25 66% in the first three quarters up 0 57 percentage points YoY with Q3 gross margin at 25 28% [7] - R&D expenses increased significantly with the R&D expense ratio rising by 1 29 percentage points to 13 2% in Q3 reflecting the company's increased investment in innovation [7] - Inventory increased by 28 5% YoY to RMB 2 236 billion at the end of Q3 indicating strong delivery trends [8] Financial Performance - Revenue for Q3 2024 was RMB 1 892 billion a 19% YoY increase [6] - Net profit attributable to the parent company for Q3 2024 was RMB 97 million a 3 9% YoY increase [6] - Non-GAAP net profit for Q3 2024 was RMB 81 million a 16 3% YoY increase [6] - The company received other income of RMB 42 63 million in Q3 a 142 6% YoY increase mainly due to increased government subsidies [8] Future Projections - The report forecasts net profit attributable to the parent company of RMB 560 million and RMB 720 million for 2024 and 2025 respectively with corresponding valuations of approximately 45x and 35 5x [8] - The company's EPS is projected to be RMB 1 07 and RMB 1 36 for 2024 and 2025 respectively [18] - The P/E ratio is expected to be 45 33x and 35 50x for 2024 and 2025 respectively [18]