Investment Rating - The investment rating for the company is Neutral (maintained) [2][5]. Core Views - The company's Q3 2024 performance shows a total revenue of 3.546 billion yuan for the first three quarters, representing a year-on-year increase of 24.05%, while the net profit attributable to the parent company is a loss of 410 million yuan, compared to a loss of 140 million yuan in the same period last year [4][5]. - Q3 2024 revenue reached 1.519 billion yuan, up 30.8% year-on-year, but the net profit attributable to the parent company was a loss of 76.78 million yuan, a decline of 50.08% year-on-year [4][5]. - The company has improved its gross margin to 23.95% in Q3, an increase of 3 percentage points from Q2, aided by cost control measures that have narrowed losses [4][5]. - The company has established strong partnerships with major domestic automotive manufacturers, which are expected to support continued revenue growth in the coming year [4][5]. Summary by Sections Market Data - Closing price as of October 31, 2024, is 82.10 yuan, with a one-year high of 143.55 yuan and a low of 54.73 yuan [2]. - The market capitalization of circulating A shares is 6.525 billion yuan [2]. Financial Data - As of September 30, 2024, the company's net asset per share is 35.74 yuan, with a debt-to-asset ratio of 52.15% [3]. - The total share capital is 120 million shares, with 79 million circulating A shares [3]. Revenue and Profit Forecast - Projected total revenue for 2024 is 5.594 billion yuan, with a year-on-year growth rate of 19.6% [6]. - The net profit attributable to the parent company is expected to be a loss of 363 million yuan in 2024, with a forecasted recovery to a profit of 99 million yuan in 2025 [6]. - The gross margin is projected to improve slightly to 24.1% in 2024 and stabilize around 24.9% by 2026 [6].

Investment Rating - The report maintains an "Outperform" rating for the company [6][8]. Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 786 million yuan, up 60.41% year-on-year, and net profit of 162 million yuan, up 75.99% year-on-year [6]. - The growth is attributed to the successful penetration of periscope camera models and the continuous increase in revenue from the optical prism segment, which saw a 191% year-on-year increase in 2023 and a 313% increase in the first half of 2024 [6][7]. - The report highlights the expected doubling of micro-prism shipment volumes due to the adoption of periscope cameras in newer iPhone models, which is anticipated to enhance average selling prices (ASP) [7]. - The demand for automotive lenses and laser radar is increasing due to advancements in smart driving technology, benefiting the company's glass aspheric lens business, which saw a 16% revenue growth in the first half of 2024 [7]. Financial Summary - For 2024, the company is projected to achieve total revenue of 1,154 million yuan, with a year-on-year growth rate of 52.9% [9]. - The net profit forecast for 2024 is adjusted to 266 million yuan, reflecting a year-on-year growth of 47.9% [9]. - The report provides a detailed financial outlook, including earnings per share (EPS) projections of 0.66 yuan for 2024 and a projected price-to-earnings (PE) ratio of 36 for the same year [9][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's revenue met expectations, but the net profit attributable to the parent company fell short of expectations. For the first three quarters of 2024, the company achieved revenue of 12.69 billion yuan, a year-on-year increase of 18%. The net profit attributable to the parent company was 785 million yuan, a year-on-year increase of 7%, while the net profit after deducting non-recurring gains and losses decreased by 1% [4][5] - The company continues to see growth in overseas sales, with a notable increase in external orders. The home appliance category is experiencing rapid growth due to the company's expansion into new categories and large customer orders. The overseas production capacity is expected to be released by the end of the year, which will help meet orders from the US market [5] - The gross margin has decreased, while the expense ratio remains stable. The gross margin fell from 23.1% in Q3 2023 to 20.87% in Q3 2024, influenced by product mix adjustments. The company’s three major expense ratios remained stable, with a slight decrease [6] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a total revenue of 12.69 billion yuan, with a year-on-year growth rate of 18%. The net profit attributable to the parent company was 785 million yuan, reflecting a year-on-year increase of 6.7% [7] - The company forecasts net profits of 1.068 billion yuan, 1.169 billion yuan, and 1.258 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 9.3%, 9.4%, and 7.6% [6][7] - The earnings per share are projected to be 1.32 yuan, 1.44 yuan, and 1.55 yuan for 2024, 2025, and 2026 respectively [7] Market Position - The company is positioned as a leading player in the Western small home appliance market, with significant recovery in export business and gradual ramp-up of new business lines. The profitability is expected to gradually recover [6]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [5][11]. Core Views - The company reported a record high revenue in Q3 2024, achieving 1.31 billion yuan in revenue for the first three quarters, a year-on-year increase of 60.8%, and a net profit attributable to shareholders of 191 million yuan, up 62.9% year-on-year [5]. - In Q3 2024, the company achieved revenue of 507 million yuan, with a quarter-on-quarter increase of 16.5% and a year-on-year increase of 47.1%. The net profit for Q3 was 67 million yuan, reflecting a quarter-on-quarter increase of 8.2% [5]. - The growth in revenue is primarily driven by increased sales from major clients such as Chery and Geely, with Chery's Q3 sales reaching 640,000 units, a 29% year-on-year increase, and Geely's Q3 sales at 480,000 units, a 27% year-on-year increase [5]. - The company is experiencing a decline in gross margin due to product mix and customer price reductions, with Q3 gross margin at 29.0%, down 0.9 percentage points quarter-on-quarter [5]. - Sales revenue from airbags increased by 233.16% year-on-year, confirming the anticipated second growth curve for the company [5]. - The company maintains a strong growth trajectory, with projected revenues of 1.8 billion, 2.3 billion, and 3.4 billion yuan for 2024, 2025, and 2026 respectively, and net profits of 300 million, 387 million, and 512 million yuan for the same years [6][8]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 1.31 billion yuan, with a year-on-year growth rate of 60.8% [6]. - The net profit attributable to shareholders for the same period was 191 million yuan, reflecting a year-on-year increase of 62.9% [6]. - The company’s Q3 revenue reached 507 million yuan, with a year-on-year increase of 47.1% and a quarter-on-quarter increase of 16.5% [5]. Revenue and Profit Forecast - The company forecasts revenues of 1.79 billion yuan for 2024, 2.31 billion yuan for 2025, and 3.41 billion yuan for 2026, with corresponding net profits of 300 million, 387 million, and 512 million yuan [6][8]. - The projected compound annual growth rate (CAGR) for revenue from 2022 to 2024 is expected to exceed 190% [5]. Market Position and Strategy - The company has successfully expanded its product offerings, particularly in airbags and steering wheels, which have contributed significantly to revenue growth [5]. - The company has also made strides in international markets, securing orders from well-known European automotive manufacturers, marking a significant step in its internationalization strategy [5].

上 市 公 司 证 券 研 究 报 告 家用电器 2024 年 11 月 01 日 极米科技 (688696) —— 2024 年三季报点评：Q3 业绩承压，车载业务连获 定点放量可期 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 31 日 | | 收盘价（元） | 72.50 | | 一年内最高/最低（元） | 136.73/50.71 | | 市净率 息率（分红/股价） | 1.7 0.41 | | 流通 A 股市值（百万元） | 5,075 | | 上证指数/深证成指 | 3,279.82/10,591.22 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------| | | | | | | | 基础数据 : | 09 月 30 日 | | 每股净资产（元） | 42.38 | | 资产负债率 % | 43.6 ...

Investment Rating - The report maintains an "Outperform" rating for Shanghai Port Bay, indicating a positive outlook for the company's stock performance relative to the market [3]. Core Insights - The company reported a revenue of 940 million yuan for the first three quarters of 2024, reflecting a year-on-year increase of 4.8%, while the net profit attributable to shareholders decreased by 24.5% to 110 million yuan [3][4]. - The gross margin slightly increased to 34.5%, but the net profit margin decreased to 11.4% due to rising R&D and financial expenses [3][4]. - The company is focusing on its soft soil foundation treatment business, leveraging advanced technology to maintain a leading position in the market and expanding its international presence, particularly in Southeast Asia and Middle Eastern countries [3][4]. - New orders signed in the first half of 2024 reached 1.19 billion yuan, a significant year-on-year increase of 78.2%, with domestic orders growing by 40.9% and overseas orders by 92.0% [3][4]. - The company forecasts revenues of 1.56 billion, 2.02 billion, and 2.46 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 205 million, 324 million, and 401 million yuan [3][4]. Summary by Sections Market Data - Closing price as of October 31, 2024: 19.08 yuan - Market capitalization: 4,637 million yuan - Price-to-book ratio: 2.5 - Dividend yield: 1.12% [1][2]. Financial Performance - Earnings per share for 2024 is projected at 0.83 yuan, with a gross margin of 36.4% and a return on equity (ROE) of 10.7% [4][6]. - The company’s total revenue for 2023 was 1,277 million yuan, with a significant increase expected in the following years [4][6]. Order and Revenue Outlook - The company has a strong order backlog, with expectations for continued revenue growth driven by new contracts and international expansion [3][4].

Investment Rating - The investment rating for the company is maintained at "Outperform" [3] Core Views - The company's Q3 2024 performance met expectations, with total revenue of 3.32 billion yuan, a year-on-year decline of 17%, and a net profit attributable to shareholders of 465 million yuan, down 44% year-on-year [1] - The brand structure is further optimized, with the introduction of new products and a focus on high-end design driving brand upgrades [2] - The company continues to invest heavily in sales expenses, resulting in improved profitability on a quarter-on-quarter basis [3] - The profit forecast for 2024-2026 has been revised downwards, with expected net profits of 644 million yuan, 753 million yuan, and 891 million yuan respectively [3] Summary by Sections Financial Performance - For Q3 2024, the company achieved a gross margin of 56.92%, a year-on-year decrease of 0.41 percentage points, with a net profit margin of 14.88%, down 1.69 percentage points year-on-year but up 3.05 percentage points from Q2 [3] - The company reported a total revenue of 3.32 billion yuan for the first three quarters of 2024, with a net profit of 465 million yuan [1] Brand Development - The company launched nine new product series in the first half of 2024, including shavers and high-speed hair dryers, to enhance its market position [2] - The BoRui brand saw a revenue increase of 35.92% in the first half of 2024, with a market share increase [2] Sales and Marketing - The sales expense ratio for Q3 2024 was 36.23%, an increase of 5.40 percentage points year-on-year, reflecting increased advertising and promotional expenditures due to intensified industry competition [3] Profit Forecast - The revised profit forecasts for 2024, 2025, and 2026 indicate a significant decline in 2024, followed by growth in subsequent years, with expected year-on-year changes of -36.8%, +16.9%, and +18.4% respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company's Q3 performance met expectations, with revenue of 20.563 billion yuan, up 8% YoY, and net profit attributable to the parent company of 2.302 billion yuan, up 7% YoY [6] - The traditional refrigeration industry showed steady domestic sales but a declining trend quarter by quarter, while exports grew rapidly due to high demand in emerging markets [7] - The automotive sector saw slower growth in the company's auto parts business, with revenue of 8.11 billion yuan, up 7.5% YoY, and net profit of 1.07 billion yuan, up 5% YoY, lagging behind the industry growth [8] - The company is expected to achieve net profit attributable to the parent company of 3.284 billion yuan, 3.933 billion yuan, and 4.522 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 12.4%, 19.8%, and 15.0% [8] Financial Summary - The company's total revenue for 2024E is projected to be 28.224 billion yuan, with a YoY growth rate of 14.9% [9] - Net profit attributable to the parent company for 2024E is expected to be 3.284 billion yuan, with a YoY growth rate of 12.4% [9] - The company's gross margin is forecasted to remain stable at around 27.8% to 28.3% from 2024E to 2026E [9] - The ROE is expected to be 15.5%, 15.7%, and 15.3% for 2024E, 2025E, and 2026E, respectively [9] Industry Analysis - The domestic refrigeration market showed a high-to-low trend in 2024, with domestic sales of air conditioners and refrigerators increasing by 0.7% and 1.5%, respectively, while exports surged by 32.1% and 20.3% [7] - The production schedule for air conditioners and refrigerators in Q4 2024 indicates optimistic domestic and export prospects, with domestic production for air conditioners expected to increase by 5%, 19%, and 21% in October, November, and December, respectively, and export production to surge by 51%, 66%, and 49% [7] - The Chinese new energy vehicle market saw production and sales of 8.316 million and 8.32 million units, respectively, in the first nine months of 2024, with YoY growth rates of 31.7% and 32.5% [8]

Investment Rating - The investment rating for China Railway (601390) is "Buy" (maintained) [5] Core Views - The company's net profit growth for Q1-Q3 2024 is -14.3%, slightly below expectations, with total revenue of 820.3 billion yuan, down 7.26% year-on-year [5] - The report highlights a decline in revenue growth and pressure on gross margins, with a gross margin of 8.80% and a net profit margin of 2.51% for Q1-Q3 2024 [5] - The company is focusing on quality improvement and scaling down growth in response to ongoing local government debt reduction policies [5] Summary by Sections Market Data - Closing price: 6.41 yuan - One-year high/low: 7.38/4.95 yuan - Price-to-book ratio: 0.5 - Dividend yield: 3.28% - Circulating A-share market value: 130,889 million yuan [2] Financial Performance - Q1-Q3 2024 total revenue: 820.3 billion yuan, down 7.26% year-on-year - Q1-Q3 2024 net profit: 20.57 billion yuan, down 14.3% year-on-year - Q1-Q3 2024 gross margin: 8.80%, down 0.29 percentage points year-on-year [5][6] - Q1-Q3 2024 operating cash flow: net outflow of 71.3 billion yuan, an increase in receivables by 84.2 billion yuan [5] Segment Performance - Infrastructure construction revenue: 713.2 billion yuan, down 7.66% year-on-year, gross margin 7.56% - Design consulting revenue: 12.9 billion yuan, down 4.08%, gross margin 24.53% - Equipment manufacturing revenue: 19.8 billion yuan, down 1.08%, gross margin 22.73% - Real estate development revenue: 21.9 billion yuan, down 13.22%, gross margin 12.70% [5] Future Projections - Expected net profits for 2024-2026: 31.4 billion, 32.8 billion, and 34.0 billion yuan respectively, with corresponding PE ratios of 5X [5][6]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profit growth of 23%, 15%, and 15% for 2024, 2025, and 2026, respectively [6] Core Views - Q3 performance met expectations, with revenue of RMB 70.579 billion (+8.75% YoY) and net profit of RMB 2.793 billion (+15.13% YoY) in the first three quarters of 2024 [4] - Export business showed significant growth, with home air conditioner exports increasing by 32.1% YoY in the first nine months of 2024 [5] - Q4 white goods sector is expected to see improved performance due to domestic "trade-in" policies and overseas stocking [5] - Q3 gross margin declined by 2.45 percentage points YoY to 20.76%, mainly due to changes in domestic and export business structure and rising raw material costs [6] Financial Performance - The company achieved revenue of RMB 219.37 billion in Q3 2024, a slight decrease of 0.08% YoY [4] - Net profit attributable to the parent company in Q3 2024 was RMB 777 million, down 16.29% YoY [4] - Gross margin for the first three quarters of 2024 was 21.12%, a decrease of 0.98 percentage points YoY [6] - Net profit margin for the first three quarters of 2024 was 5.90%, a slight decrease of 0.21 percentage points YoY [6] Industry Outlook - Home air conditioner production for October-December 2024 is expected to increase by 5%, 19%, and 21% YoY for domestic sales, and 51%, 66%, and 49% YoY for exports [5] - Refrigerator production for October-December 2024 is expected to increase by 15%, 14%, and 18% YoY for domestic sales, and 11%, 5%, and 5% YoY for exports [5] - Central air conditioning sales from January to August 2024 reached RMB 85.95 billion, with exports increasing by 40.0% YoY [5] Valuation - The company's current price-to-book ratio is 2.8, with a dividend yield of 3.50% based on the most recent year's announced dividend [2] - The company's market capitalization is RMB 26.37 billion [2] - The company's net asset per share is RMB 10.67, with a debt-to-asset ratio of 73.28% [3]