Investment Rating - The report maintains a positive outlook on the semiconductor and automotive sectors, particularly highlighting the growth potential in the Chinese market for Texas Instruments and Horizon Robotics [2][9][11]. Core Insights - Texas Instruments reported a 3Q24 revenue of $4.15 billion, down 8.4% year-over-year but up 8.6% quarter-over-quarter, with automotive business showing a sequential growth of 7-8% primarily driven by strong performance in China [9][10]. - Horizon Robotics, a leading provider of advanced driver-assistance systems (ADAS) and autonomous driving solutions, has achieved significant market share in China, with 33.73% and 28.65% in front-view integrated machine computing solutions and intelligent driving computing solutions, respectively [11][13]. Summary by Sections Texas Instruments Performance - 3Q24 revenue was $4.15 billion, net profit was $1.36 billion, and EPS was $1.47, aligning with guidance [9][10]. - The automotive segment experienced a sequential growth of 7-8%, while other markets showed varied performance, with industrial continuing to decline [9][10]. - The company anticipates a revenue decline in Q4, projecting between $3.70 billion and $4.00 billion [9][10]. Horizon Robotics Overview - Horizon Robotics was established in June 2015 and has become a leader in the ADAS and autonomous driving market in China [11][13]. - The company has accumulated 290 model designations and shipped 6 million units, with over 50% of models not yet in mass production [11][13]. - Horizon's revenue from product solutions has increased from 208 million to 506 million yuan from 2021 to 2023, while revenue from licensing and services surged from 202 million to 964 million yuan in the same period [14][15]. Market Trends - The semiconductor sector is experiencing a recovery, with key players like Texas Instruments and Horizon Robotics positioned to benefit from the growing demand in automotive and AI applications [2][3][11]. - The report emphasizes the importance of R&D investments for Horizon Robotics, which have significantly outpaced revenue, indicating a focus on long-term growth despite current losses [14][17].

Investment Rating - The report maintains a positive outlook on the home appliance industry, indicating a favorable investment rating [2]. Core Insights - The home appliance sector has outperformed the CSI 300 index, with the sector index rising by 2.2% compared to a 0.8% increase in the CSI 300 index [3][5]. - November production for home air conditioners is expected to show double-digit year-on-year growth for both domestic and export sales, with domestic production forecasted at 619.7 million units, a 18.5% increase year-on-year, and exports at 899.5 million units, a 65.5% increase [8][9]. - Key companies such as Huaxiang Co. and Biyi Co. have reported significant revenue growth, with Huaxiang achieving a revenue of 2.787 billion yuan, up 18% year-on-year, while Biyi reported a revenue of 1.48 billion yuan, up 17% year-on-year [9][30]. Summary by Sections Industry Dynamics - The home appliance sector is experiencing robust growth, with November production for home air conditioners expected to increase significantly, both domestically and for exports [8]. - The report highlights the performance of key companies, noting that Huaxiang Co. and Biyi Co. have shown strong revenue growth in their recent quarterly reports [9][30]. Data Observations - In September, air conditioner sales saw substantial increases, with online sales rising by 76.3% and offline sales by 63.1% year-on-year [17]. - The report also notes a significant increase in sales for kitchen appliances, with range hoods and dishwashers showing strong performance [19]. Macro Economic Environment - The report indicates that the exchange rate of the US dollar against the Chinese yuan has increased by 0.45% since the beginning of the year [21]. - The real estate market shows mixed signals, with residential property sales area increasing by 15.52% for existing homes but decreasing by 18.03% for new homes [22].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a total revenue of 12.846 billion yuan for the first three quarters of 2024, a year-on-year increase of 3.47%, and a net profit attributable to shareholders of 1.288 billion yuan, up 34.73% year-on-year. The Q3 revenue was 4.8 billion yuan, with a slight increase of 0.19% year-on-year, and a net profit of 530 million yuan, growing by 19.84% year-on-year. The performance aligns with expectations [5] - The company is expected to maintain a net profit growth of 45%, 23%, and 20% for the years 2024 to 2026, with corresponding PE ratios of 32, 26, and 21 times. The company is strengthening its core product U8 and expanding its product matrix, which provides considerable growth potential amid the high-end trend in the beer industry [5] - The company is likely to achieve continuous stepwise development during the 14th Five-Year Plan period, supported by ongoing internal management improvements and capacity optimization [5] Summary by Sections Market Data - Closing price: 10.50 yuan - One-year high/low: 12.33/7.59 yuan - Market capitalization: 26.351 billion yuan [2] Financial Data - Net asset per share: 5.27 yuan - Asset-liability ratio: 36.18% - Total shares: 2,819 million, circulating A shares: 2,510 million [3] Sales and Profitability - Q3 beer sales volume was 3.4474 million tons, a year-on-year increase of 0.48%, with a Q3 average price of 4,201.98 yuan/ton, remaining flat year-on-year. The company aims to enhance channel coverage and control pricing for U8, which may improve future pricing potential [6] - The company achieved a gross margin of 47.99% in Q3, with a net profit margin of 11%, reflecting a year-on-year increase of 1.8 percentage points [6] Revenue and Profit Forecast - Projected total revenue for 2024 is 15.122 billion yuan, with a year-on-year growth rate of 6.4%. The net profit forecast for 2024 is 935 million yuan, with a growth rate of 45.1% [7]

上 市 公 司 证 券 研 究 报 告 环保 2024 年 10 月 25 日 高能环境 (603588) ——工程板块承压及铜价下降影响，Q3 业绩低于预期 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 24 日 | | 收盘价（元） | 5.12 | | 一年内最高 / 最低（元） | 8.12/4.21 | | 市净率 | 0.8 | | 息率（分红 / 股价） | 8.40 | | 流通 A 股市值（百万元） | 7,799 | | 上证指数 / 深证成指 | 3,280.26/10,441.75 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |---------------------------------|--------------------------------------| | 基础数据 : \n每股净资产（元） | 2024 年 09 月 30 日 \n6.29 | | 资产负债率 ...

Investment Rating - The report maintains a "Buy" rating for the company, considering the expected recovery in demand for 2C software following an increase in market activity in Q4 2024 [6]. Core Insights - The company reported a revenue of 2.335 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.59%, with a net profit of 651 million yuan, down 15.53% year-on-year. However, the revenue for Q3 2024 was 945 million yuan, showing a year-on-year increase of 4.81%, which exceeded market expectations [8][6]. - The company launched the Agent Studio platform, which supports a million daily active users and provides over 300 financial business tool plugins to more than 150 securities, futures, and banking institutions [7][6]. - The financial forecasts for 2024-2026 estimate revenues of 36.15 billion, 40.97 billion, and 46.25 billion yuan, respectively, with net profits projected at 13.37 billion, 16.04 billion, and 18.41 billion yuan [6]. Financial Data Summary - For 2023, the total revenue was 3.564 billion yuan, with a projected increase to 3.615 billion yuan in 2024, and further growth to 4.097 billion yuan in 2025 and 4.625 billion yuan in 2026 [12]. - The gross profit margin is expected to improve from 89.1% in 2023 to around 91.2% in 2024 and beyond [5][12]. - The return on equity (ROE) is projected to be 15.5% in 2024, with a slight decrease to 15.2% by 2026 [5][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its order recovery and profitability forecasts [4]. Core Views - The company's Q3 performance met market expectations, with a revenue of 319 million yuan for the first three quarters, a 15% year-on-year decline, and a net profit of 97 million yuan, down 18% year-on-year [4]. - The gross margin improved significantly, reaching 65.74% for the first three quarters, compared to 64.10% in the same period last year, driven by an increase in high-margin products [4]. - The report expresses optimism about the recovery of orders, anticipating a significant improvement in performance starting from Q4 due to inventory clearance and new product contributions [4]. Financial Data and Profit Forecast - Total revenue for 2023 is projected at 471 million yuan, with a slight decline expected in Q1-Q3 2024 to 319 million yuan, followed by a recovery to 521 million yuan in 2024 [5]. - The net profit for 2023 is estimated at 146 million yuan, with a forecasted increase to 166 million yuan in 2024, representing a 13.7% year-on-year growth [5]. - The report projects earnings per share to rise from 1.20 yuan in 2023 to 1.37 yuan in 2024, reflecting a positive trend in profitability [5].

上 市 公 司 证 券 研 究 报 告 基础化工 2024 年 10 月 25 日 蓝晓科技 (300487) —— 系统装置收入环比下滑，汇兑及所得税拖累业绩， 短期波动不改公司长期成长 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 24 日 | | 收盘价（元） | 51.96 | | 一年内最高 / 最低（元） | 68.02/36.48 | | 市净率 | 7.4 | | 息率（分红/股价） | 1.09 | | 流通 A 股市值（百万元） | 15,803 | | 上证指数/深证成指 | 3,280.26/10,441.75 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 7.03 | | ...

Investment Rating - The investment rating for the company is "Outperform" [5][6][11] Core Views - The company's Q3 performance was negatively impacted by declining prices of monosodium glutamate, leading to a year-over-year revenue decrease of 9% to 186.81 billion yuan and a net profit decrease of 8% to 19.95 billion yuan [5][6] - Despite the challenges in Q3, the price increases of lysine and threonine are expected to drive a recovery in Q4 performance [5][6] - The company has a strong history of cash dividends and share buybacks, with a cumulative dividend of 9.809 billion yuan from 2012 to 2023, indicating a commitment to shareholder returns [5][6] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 60.38 billion yuan, a decrease of 13% year-over-year, and a net profit of 5.21 billion yuan, down 34% year-over-year [5][6] - The gross margin for Q3 was 17.65%, reflecting a decline compared to previous periods due to price pressures on key products [5][6] Revenue Breakdown - In Q3 2024, revenue from various segments included 16.85 billion yuan from flavor enhancers, 28.77 billion yuan from feed amino acids, and 1.03 billion yuan from pharmaceutical amino acids, with significant year-over-year changes [5][6] Price Trends - Average prices for key products in Q3 2024 were 7,532 yuan/ton for monosodium glutamate, 10,632 yuan/ton for 98.5% lysine, and 10,848 yuan/ton for threonine, with varying year-over-year changes [5][6] Future Outlook - The company plans to increase prices for threonine and lysine, which is expected to stabilize revenue and mitigate the impact of declining monosodium glutamate prices [5][6] - The company has ongoing projects to expand production capacity, with significant investments in new facilities expected to come online in H2 2024 [5][6] Profit Forecast - The forecast for net profit for 2024-2026 has been revised down to 26.64 billion yuan, 30.13 billion yuan, and 34.83 billion yuan respectively, reflecting the impact of current market conditions [5][6]

上 市 公 司 证 券 研 究 报 告 商业贸易 公 司 点 评 / 公 司 点 评 报告原因：有业绩公布需要点评 | --- | --- | |--------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 24 日 | | 收盘价（港币） | 2.76 | | 恒生中国企业指数 | 7359.14 | | 52 周最高/最低（港币） | 6.96/2.11 | | H 股市值（亿港币） | 171.15 | | 流通 H 股（百万股） | 6,201.22 | | 汇率（人民币/港币） | 1.0899 | 一年内股价与基准指数对比走势： -51% -1% 49% HSCEI 滔搏 资料来源：Bloomberg 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 研究支持 刘佩 A0230523070002 liupei@swsresearch.com 联系人 刘佩 (8621)23 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company's revenue performance is in line with expectations, achieving a total revenue of 16.512 billion yuan in Q1-3 2024, representing a year-on-year growth of 7% [7]. - The company has shown strong domestic sales performance, outperforming the industry in the kitchen small appliances market, with significant market share gains in both online and offline channels [7]. - The company has increased its expected daily related transaction amount with SEB Group for 2024 to 6.95 billion yuan, a 17% increase compared to 2023, indicating confidence in overseas sales recovery [7]. Financial Summary - Total revenue for 2023 is reported at 21.304 billion yuan, with projected revenues of 22.915 billion yuan for 2024, 24.743 billion yuan for 2025, and 26.406 billion yuan for 2026 [10]. - The net profit attributable to the parent company for 2023 is 2.180 billion yuan, with forecasts of 2.315 billion yuan for 2024, 2.543 billion yuan for 2025, and 2.663 billion yuan for 2026 [10]. - The company maintains a stable gross margin of 26.3% for 2024, with a return on equity (ROE) projected to be 35.7% [6][7].