Investment Rating - The report maintains a "Buy" rating for Ping An Insurance [5] Core Views - The third quarter performance exceeded expectations, with a year-on-year increase in net profit of 36.1% to 119.18 billion yuan, surpassing the forecast of 34.7% [3][5] - The company's new business value (NBV) growth was also above expectations, increasing by 34.1% year-on-year to 35.16 billion yuan [4][5] - The report highlights improvements in the agent scale and profitability across core business segments, indicating a positive trend [4][5] Summary by Sections Market Data - Closing price: 56.90 yuan; Market capitalization: 612,395 million yuan; P/B ratio: 1.1; Dividend yield: 5.91% [2] Financial Performance - For the first three quarters of 2024, the company achieved a net profit of 119.18 billion yuan, with a quarterly net profit of 44.56 billion yuan, reflecting a year-on-year increase of 151.3% [3][4] - The operating profit for the same period was 113.82 billion yuan, with a year-on-year increase of 5.5% [3] Business Segments - The three core business segments (life insurance, property insurance, and banking) collectively reported a year-on-year operating profit growth of 5.7% [3] - The property insurance segment saw a significant improvement in combined operating ratio (COR), which decreased by 1.5 percentage points to 97.8% [4] Investment Performance - The company reported an annualized net investment return of 3.8% and a comprehensive investment return of 5.0% for the first three quarters of 2024 [4] - Investment assets grew by 12.7% year-to-date, reaching 5.32 trillion yuan [4] Profit Forecast - The report raises profit forecasts for 2024-2026 to 147.37 billion yuan, 164.47 billion yuan, and 191.88 billion yuan respectively [5][6]

Investment Rating - The report maintains a positive outlook on the light industry and paper manufacturing sector, highlighting resilience in export demand and opportunities in specific companies [2]. Core Insights - Q3 performance shows a divergence between external and internal demand, with exports demonstrating growth resilience despite profit pressures from currency fluctuations [2]. - The report emphasizes the importance of identifying individual companies with strong growth potential (Alpha) within the sector, recommending specific firms for investment [2]. - The light consumer goods segment is experiencing a deepening competitive landscape, with quality companies maintaining or increasing market share [2]. - The packaging industry is undergoing consolidation, with leading firms entering a harvest phase, highlighting high dividend value [2]. - The paper industry faces challenges with rising wood pulp costs and weak market conditions, but certain niche companies are expected to perform well [2]. Export Sector Performance - Q3 export revenue is projected to grow, with companies like Jia Yi Co. expected to see a revenue increase of over 50% year-on-year [3]. - Other notable companies include Yongyi Co. with a projected revenue growth of approximately 38% and Yi Yi Co. with an expected growth of 38% [3][4]. Light Consumer Goods Sector Performance - Companies such as Baiya Co. are forecasted to achieve a revenue increase of 50.6% year-on-year in Q3, while Jiuhua Co. is expected to see a 40% increase [5][6]. - The report highlights the resilience of leading brands in the face of external pressures, with many maintaining steady growth [5]. Packaging Sector Performance - The packaging industry is expected to see revenue growth, with companies like Yutong Technology projected to achieve an 8% increase in revenue [8][9]. - The report notes that leading firms are benefiting from efficiency advantages and market consolidation [8]. Paper Sector Performance - The paper industry is facing profitability challenges, with companies like Sun Paper expected to see a 19% decline in net profit quarter-on-quarter [10][12]. - Despite these challenges, certain niche players are anticipated to navigate the downturn effectively [10]. Home Furnishing Sector Performance - The home furnishing sector is projected to experience revenue declines, with companies like Gujia Home expected to see an 8% drop in revenue [13][14]. - The report suggests that while short-term pressures exist, there may be a gradual recovery in demand supported by policy changes [13].

Investment Rating - The investment rating for the company is "Participate" [3][23]. Core Views - The company is recognized as a "small giant" in modified plastics, specifically for its CPP materials that address industry pain points, particularly in refrigerator inner liners [3][23]. - The company has established stable partnerships with well-known appliance manufacturers and is actively expanding its automotive parts business [3][23]. - The company's revenue has shown rapid growth, with a 2023 revenue of 389 million yuan, reflecting a 21.89% CAGR over the past three years [3][7]. Summary by Sections 1. Company Overview - The company, founded in 2010 and headquartered in Hefei, Anhui, specializes in the research, production, and sales of modified plastics and color masterbatches, with products widely used in home appliances, consumer goods, and automotive parts [3][6]. - The company has a comprehensive product formulation system and a strong ability to respond quickly to customization requests from clients [3][6]. 2. Issuance Plan - The new share issuance will adopt a direct pricing method, with an initial issuance scale of 10.82 million shares, accounting for 25% of the total share capital post-issuance, and expected to raise 144 million yuan [3][13]. - The issuance price is set at 13.31 yuan per share, with a PE ratio of 11.33, significantly lower than the median PE of comparable listed companies at 23.01 [3][13]. 3. Industry Situation - The demand for modified plastics is driven by growth in downstream sectors, particularly home appliances and automotive parts, with the modified plastic production in China growing at a CAGR of 9.46% from 2018 to 2022 [3][16]. - The modified plastic market in China reached approximately 415.2 billion yuan in 2022, with expectations for continued growth as the modification rate increases [3][16]. 4. Competitive Advantages - The company possesses strong technological advantages, a quick response capability to customer needs, and a rich customer resource base, particularly in the home appliance sector [3][18]. - The company has established stable relationships with major appliance manufacturers and has received quality management certification for the automotive industry [3][18]. 5. Financial Performance - In 2023, the company achieved a revenue of 389 million yuan and a net profit of 45.24 million yuan, with a gross margin of 20.07% and a net margin of 11.64% [3][7][21]. - The company has shown a consistent increase in profitability, with a net profit growth rate of 54.77% in 2023 [3][21].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance relative to the market [5][7]. Core Insights - The company's profitability has significantly improved in Q3 2024, with a notable increase in gross margin and net profit, despite a cautious approach leading to higher asset impairment provisions [8]. - The company is expected to see a steady increase in the shipment of new products and continued growth in overseas shipments, prompting an upward revision of profit forecasts for 2024-2026 [5][8]. Summary by Sections Market Data - As of October 18, 2024, the closing price is 249.89 CNY, with a market capitalization of 974,937 million CNY and a price-to-book ratio of 5.6 [2]. Financial Performance - In Q3 2024, the company reported revenue of 922.78 billion CNY, a year-on-year decrease of 12.5%, while net profit reached 131.36 billion CNY, up 26.0% year-on-year [7]. - The gross margin for Q3 2024 was 31.2%, marking a significant increase from previous quarters [8]. Profit Forecasts - The revised net profit estimates for 2024-2026 are 506.8 billion CNY, 615.5 billion CNY, and 717.1 billion CNY, respectively, with corresponding price-to-earnings ratios of 22, 18, and 15 [5][6]. Shipment and Market Share - The company is expected to ship approximately 140-150 GWh of lithium batteries in Q4 2024, continuing the trend of high growth in shipments [8]. - The global market share for the company's power batteries reached 37.1% in the first eight months of 2024, reflecting a year-on-year increase of 1.6 percentage points [8].

Investment Rating - The report maintains a "Buy" rating for Zijin Mining (601899) [6] Core Views - The company's Q3 2024 performance met expectations, with revenue of 230.4 billion yuan (up 2.4% year-on-year) and net profit attributable to shareholders of 24.36 billion yuan (up 50.7% year-on-year) [6] - The increase in revenue and profit is attributed to rising prices (copper and gold prices up 10% and 22% year-on-year, respectively) and production growth (copper and gold production up 5% and 8% year-on-year) [6] - The company has announced a five-year plan aiming to achieve significant production targets by 2028, including copper production of 1.5-1.6 million tons and gold production of 100-110 tons annually [6] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 799.8 billion yuan (up 7.1% year-on-year, up 5.7% quarter-on-quarter) and a net profit of 9.27 billion yuan (up 58.2% year-on-year, up 5.1% quarter-on-quarter) [6] - The gross margin for mining enterprises was 58.5%, a decrease of 1.2 percentage points from the previous quarter [6] Production Data - In Q3 2024, copper production increased by 6% quarter-on-quarter to 271,000 tons, while gold production rose by 1% to 18.9 tons [6] - The average selling price for copper was 58,000 yuan per ton (down 9.8% quarter-on-quarter), and for gold, it was 537.2 yuan per gram (up 5.1% quarter-on-quarter) [6] Strategic Developments - The company is proceeding with the internal project for the Tibet Juno copper mine with an investment of approximately 8.393 billion yuan, expected to be operational by June 2026 [6] - Zijin Mining signed an agreement to acquire 100% equity in the Akyem gold mine in Ghana for 1 billion USD, which is one of the largest gold mines in Ghana [6] - The company plans to optimize processes and reduce costs for projects in Argentina and Tibet due to delays in project approvals and low lithium prices [6] Profit Forecast - The profit forecast for 2024-2026 has been revised upwards due to rising gold prices, with expected net profits of 32.94 billion yuan, 37.96 billion yuan, and 39.42 billion yuan for the respective years [6]

Investment Rating - The report maintains a "Buy" rating for Ping An Bank, with a target PB of 0.54x for 2024 [6][12] Core Views - Ping An Bank's revenue continued to decline in 9M24, with a year-on-year drop of 12.6%, while net profit attributable to shareholders grew slightly by 0.2% [6][7] - The bank's asset quality remained stable, with a non-performing loan (NPL) ratio of 1.06% in 3Q24, down 1bp quarter-on-quarter [6][8] - The bank is actively optimizing its asset structure, reducing high-risk retail loans and increasing exposure to infrastructure, new energy, and other emerging industries [9][12] Financial Performance - Net interest income in 9M24 decreased by 21% year-on-year, contributing to a 14.9 percentage point drag on revenue growth [7] - Non-interest income grew by 8.1% year-on-year in 9M24, contributing 2.3 percentage points to revenue growth [7] - The net interest margin (NIM) in 3Q24 was 1.87%, down 4bps quarter-on-quarter, but the decline has narrowed compared to previous quarters [10] Asset Quality - The NPL ratio for corporate loans remained stable at 0.66% in 3Q24, while the retail NPL ratio increased slightly by 1bp to 1.43% [11] - The provision coverage ratio stood at 251% in 3Q24, down 13.1 percentage points quarter-on-quarter [6][11] - The bank wrote off 47.7 billion yuan in loans in the first three quarters of 2024, a 7% increase year-on-year [11] Loan Structure - Total loans decreased by 1.2% year-on-year in 3Q24, with a net reduction of 30.2 billion yuan in the quarter [8][9] - The bank reduced high-risk retail loans, including credit cards and consumer loans, by approximately 400 billion yuan in 3Q24 [9] - Corporate loans increased by 41% year-on-year in key sectors such as infrastructure, new energy, and manufacturing [9] Profitability and Valuation - The bank's ROE is expected to decline from 10.57% in 2024E to 9.69% in 2026E [12][20] - EPS is projected to grow from 2.27 yuan in 2024E to 2.39 yuan in 2026E [20] - The cost-to-income ratio is expected to remain stable at around 27.7% from 2024E to 2026E [20] Industry Comparison - Ping An Bank's 2024E P/B ratio of 0.54x is lower than the A-share banking sector average of 0.64x [22] - The bank's 2024E ROE of 10.6% is slightly above the A-share banking sector average of 10.4% [22] - Ping An Bank's dividend yield of 6.0% for 2024E is higher than the sector average of 4.8% [22]

Investment Rating - The investment rating for the company is "actively participate" in the new stock subscription [20]. Core Viewpoints - The company is positioned as a regional oil service "small giant," focusing on the oilfield engineering technology service sector, with a strong emphasis on international market expansion [2][7]. - The company has shown steady revenue growth, achieving a revenue of 359 million yuan in 2023, with a three-year CAGR of +3.51%, and a net profit of 52.07 million yuan, with a three-year CAGR of +21.06% [2][7]. - The company is expected to benefit from national policies promoting oil and gas exploration and development, as well as the "Belt and Road" initiative [3][20]. Summary by Sections 1. Company Overview - The company, founded in 2004 and headquartered in Karamay, Xinjiang, specializes in oilfield engineering technology services, covering major oil and gas production areas in Xinjiang [2][7]. - It is recognized as a high-tech enterprise and has established several provincial-level research and development platforms [7]. 2. Issuance Plan - The new stock issuance will adopt a direct pricing method, with an initial issuance scale of 21 million shares, accounting for 24.73% of the total shares post-issuance [11]. - The issuance price is set at 7.32 yuan per share, with an expected market capitalization of 622 million yuan post-issuance [12][11]. 3. Industry Situation - The oil service industry is experiencing growth driven by government policies aimed at enhancing oil and gas exploration and development, with a significant shift towards marketization and internationalization [3][13]. - The industry is expected to see increased demand for high-technology services due to the rising complexity of oilfield development [3][13]. 4. Competitive Advantages - The company possesses strong research and development capabilities, a comprehensive technical system, and a solid customer base, primarily serving major clients like PetroChina and CNOOC [14][16]. - Its geographical location in Xinjiang provides a strategic advantage for oilfield technology services, especially with the ongoing development of the "Belt and Road" initiative [16][14]. 5. Subscription Analysis - The company is recommended for active participation in the new stock subscription due to its low issuance price and limited circulating shares, which may present a favorable investment opportunity [20].

行 业 及 产 业 证 券 研 究 报 告 通信/ 通信设备 行 业 研 究/ 行 业 点 评 相关研究 《英维克（002837）深度：算力+能源精 密温控，全链条成长的核心资产（液冷产 业链系列报告之三） 》 2024/09/30 《液冷：AI 基石，爆发在即！——液冷产 业链系列报告之二》 2024/06/04 证券分析师 李国盛 A0230521080003 ligs@swsresearch.com 刘菁菁 A0230522080003 liujj@swsresearch.com 联系人 郝知雨 (8621)23297818× haozy@swsresearch.com 2024 年 10 月 20 日 算网产业链重要变化，液冷渗透提 速！ 看好 ——申万宏源通信周观点 20241014-20241018 本期投资提示： ⚫ 事件更新：2024 年 10 月 15 日，OCP 宣布扩展其 AI 开放系统的战略计划，英伟达向 OCP 贡献基于 Blackwell GPU 平台和 MGX 的 GB200-NVL72 机架和计算以及交换机 托盘设计；此外 Meta 为 AI 集群引入 Catalina AI ...

Investment Rating - The report maintains a "Positive" investment rating for the media industry, particularly focusing on the internet media sector in Hong Kong, which is seen as nearing the end of its first round of valuation recovery [2][3]. Core Insights - The report highlights three main investment themes for the media sector: gaming, film, and cyclical recovery, with a strong emphasis on the upcoming product cycles in gaming and the expected improvement in film supply by 2025 [2][15][23]. Summary by Sections Media Industry Overview - The media sector has lagged behind other TMT sectors since September 24, with a reported increase of 26.3% compared to higher gains in technology and communication sectors [6]. - Historically, the media sector has outperformed the ChiNext and CSI 300 indices in Q4 over the past five years, driven by performance vacuums and new industry trends or catalysts [6][9]. Gaming Sector - The gaming industry is entering a new product cycle, with Q3 2024 mobile game market size reaching 657 billion, marking a historical high [15][19]. - Regulatory concerns have eased with a normalization in the issuance of game licenses, leading to a more favorable environment for new product launches [17][19]. - Key gaming stocks include Shenzhou Taiyue, Kaixin Network, and Giant Network, with a focus on upcoming titles expected to launch in Q4 2024 and beyond [19][22]. Film Sector - The film market is expected to improve in 2025 due to a higher number of quality films being released, following a weak 2024 where ticket sales dropped by 24% [23][26]. - Upcoming films include "The Flames on the Plain" and "Nezha: The Devil Child Rises," which are anticipated to drive growth in the film sector [26][28]. Cyclical Recovery - The report notes a positive shift in cyclical consumption expectations following recent policy announcements, which are expected to bolster market confidence [15][23]. - Key stocks in this area include Focus Media and Mango TV, which are positioned to benefit from improving consumer sentiment [15][23]. AI and M&A Catalysts - The report identifies AI advancements and merger & acquisition activities as potential catalysts for growth in the media sector, with significant policy support for restructuring and integration [10][13][15].

Investment Rating - The report maintains a positive outlook on the chemical industry, highlighting undervalued high-growth targets [4][5]. Core Insights - The macroeconomic judgment for the chemical sector indicates a shift towards a looser supply-demand balance for crude oil, with expectations of prices around $70 per barrel in Q4 and $65 in 2025 [5][6]. - BASF's vitamin production has been delayed again, which is expected to tighten supply and positively impact the market in the short term [9]. - Export demand is recovering, leading to an increase in R32 foreign trade prices, suggesting a strong upward trend for refrigerant prices [10]. Summary by Sections Industry Dynamics - The report notes that crude oil supply is expected to increase, leading to a more relaxed supply-demand situation globally, with coal prices projected to decline in the medium to long term [5][6]. - The natural gas market is experiencing bottom fluctuations, while overall energy prices are expected to remain above the central level [5][6]. Vitamin Sector - BASF has announced further delays in the production of vitamins VA and VE, now expected to resume in April and July 2025, respectively, which may tighten supply in the industry [9]. Refrigerant Market - R32 foreign trade prices have risen by approximately 3000 RMB/ton, with prices now exceeding 40,000 RMB/ton, indicating a strong upward trend in refrigerant prices [10]. Chemical Sector Configuration - The report suggests focusing on traditional cyclical stocks and specific companies within the chemical sector, including Wanhua Chemical and Hualu Hengsheng, among others [5]. MDI Market - The MDI market is entering a peak demand season, with prices for both polymer and pure MDI showing slight increases, indicating a strong market outlook [5][10].