证券研究报告 | 行业专题研究 gszqdatemark 2024 11 08 年 月 日 轻工制造 包装 Q3 综述：收入增速普遍环比改善，盈利表现分化 塑料包装：收入稳健，盈利能力表现优异。永新股份24Q3收入同比+1.7%、 归母净利润同比+7.4%，毛利率/归母净利率 24.1%/14.0%（同比1.5pct/+0.8pct），收入&净利率如期修复。彩印业务收入 24Q3 预计表现 稳定，受益于中秋及国庆节备货推动、销量预计表现稳健，受原油价格同 比下降影响（24Q3 原油价格同比-7.4%、环比-5.5%）、产品价格或同比 下跌；薄膜业务 24Q3 延续快速增长，受益于新产线陆续投产、有望持续 贡献增量。伴随原材料进一步下跌，同时海外&新材料高毛利业务占比提 升、薄膜新产能释放后原材料自给能力进一步提升，永新盈利能力有望稳 步提升。 纸包装：Q3 逆势稳健成长，海外业务扩张加速。裕同科技 24Q3 收入同 比+10.5%、归母净利润同比+11.4%，毛利率/归母净利率 27.6%/12.6% （同比-0.5pct/+0.1pct），24Q3 收入&利润逆势表现靓丽，我们判断 24Q3 公司 3C、烟 ...

证券研究报告 | 李报点评 2024 年 11月08 日 永辉超市（601933.SH） 转型品质零售,调改门店表现优异 事件:10月 30 日,公司发布 2024年三季报,2024Q1-3 实现营业收入 545.49 亿元/同比-12.14%,归母净利润-0.78 亿元/上年同期为 0.52 亿元, 扣非归母净利润-6.62 亿元/上年同期为-3.75 亿元;单 2024Q3 实现营业 收入 167.7 亿元/同比-16.40%，归母净利润-3.53 亿元/上年同期为-3.21 亿元，扣非归母净利润-6.92 亿元/上年同期为-4.74 亿元。 受内外部因素影响,收入有所下降。2024Q3 公司实现营收 167.7 亿元/同 比-16.40%，主要系①外部:消费环境出现变化,消费者消费习惯改变并 对购物体验、商品品质等要求更高,容流客单均有所下滑;2内部：公司 主动进行门店优化调改,在对潜力门店进行关店改造的同时淘汰关闭了部 分尾部门店。分渠道看,1)线下:2024Q3公司新开门店 2家,积极推进 调改;2）线上:实现营收 115.7 亿元/同比-5.63%,占比 21.21%,其中 自有 APP/三方到家 ...

Investment Rating - The report maintains a "Buy" rating for Yiling Pharmaceutical (002603 SZ) [1][3] Core Views - Yiling Pharmaceutical's Q3 2024 performance was under pressure, with revenue of 6 365 billion yuan, down 25 8% YoY, and net profit attributable to parent company of 550 million yuan, down 68 5% YoY [1] - The company's respiratory product sales are expected to gradually recover as external factors stabilize, with Lianhua Qingke tablets showing strong growth potential after OTC approval [1] - Yiling Pharmaceutical is deepening academic promotion efforts in the cardiovascular field, aiming to drive stable growth of its Tongcanqi product [1] - The company has a robust innovation pipeline, with 7 products in clinical stages, including Lianhua Qingke Granules for children and Luobitong Tablets for rheumatoid arthritis [1] Financial Performance - For Q3 2024, Yiling Pharmaceutical reported revenue of 1 761 billion yuan, down 1 3% YoY, and net profit attributable to parent company of 24 million yuan, down 84 1% YoY [1] - The company's 2024-2026 net profit forecasts are adjusted to 814 million yuan, 1 078 billion yuan, and 1 248 billion yuan, with growth rates of -39 8%, 32 5%, and 15 8% respectively [1] - Yiling Pharmaceutical's 2024E revenue is projected at 8 7 billion yuan, with a YoY decline of 15 7%, while 2025E and 2026E revenues are expected to grow by 15 5% and 14 4% respectively [2] Valuation Metrics - The company's 2024E-2026E P/E ratios are 37X, 28X, and 24X respectively [1] - Yiling Pharmaceutical's 2024E-2026E P/B ratios are 2 5X, 2 4X, and 2 2X respectively [2] - The stock's closing price on November 7, 2024 was 17 92 yuan, with a total market capitalization of 29 939 billion yuan [3] Product Pipeline - Yiling Pharmaceutical plans to submit 1-2 new drug applications annually, with Qifang Bitong Tablets for persistent allergic rhinitis and Chaihuang Lidan Capsules for chronic cholecystitis currently under review [1] - The company's Qiluo Mingmu Capsule for diabetic retinopathy was approved in 2023, adding to its innovative product portfolio [1] Market Position - Yiling Pharmaceutical operates in the traditional Chinese medicine sector, with a strong presence in respiratory and cardiovascular therapeutic areas [1][3] - The company's Lianhua Qingke tablets have demonstrated rapid market penetration since their launch, benefiting from the company's established respiratory product brand and distribution channels [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - Q3 performance showed steady growth, with revenue reaching 6.79 billion yuan, a year-on-year increase of 13.44%, and net profit attributable to shareholders of 1.41 billion yuan, up 15.06% year-on-year [1] - Overseas markets performed strongly, with revenue from the Americas growing 19.2% year-on-year, and EMEA markets growing 36.5% year-on-year [1] - The company's gross margin improved to 67.06% in Q3, driven by cost reduction and efficiency improvements, as well as strong growth in tumor intervention products [1] - New products, such as visualization devices, are gaining traction in both domestic and international markets, with over 750 units sold domestically and 40 million yuan in sales in overseas markets [1] Financial Performance Summary - For 2024Q1-Q3, the company achieved revenue of 20.12 billion yuan, a year-on-year increase of 15.31%, and net profit attributable to shareholders of 4.51 billion yuan, up 16.70% year-on-year [1] - The company's revenue is expected to grow to 27.88 billion yuan in 2024, 33.81 billion yuan in 2025, and 41.39 billion yuan in 2026, with year-on-year growth rates of 15.6%, 21.3%, and 22.4%, respectively [1] - Net profit attributable to shareholders is projected to reach 5.85 billion yuan in 2024, 7.27 billion yuan in 2025, and 9.09 billion yuan in 2026, with growth rates of 20.4%, 24.2%, and 25.0%, respectively [1] Overseas Market Expansion - The company has been actively expanding its overseas sales channels, including acquiring mature channels in Europe and increasing investment in markets such as Japan and Australia [1] - The construction of a factory in Thailand is accelerating, which is expected to further boost overseas market sales [1] - In Q3, overseas revenue accounted for a significant portion of total revenue, with the Americas contributing 1.44 billion yuan, EMEA contributing 1.24 billion yuan, and Kangyou Medical contributing 730 million yuan [1] New Product Development - Visualization products have seen rapid adoption, with over 750 units sold domestically and 40 million yuan in sales in overseas markets [1] - New products, such as the pancreatic cyst product and the three-arm clip, are progressing well in terms of registration and market access, with the three-arm clip expected to be launched in Japan and approved in Europe by the end of the year [1] - The company's pipeline of new products, including the bile duct micro-instruments, is expected to drive long-term growth, with the bile duct micro-instruments anticipated to receive U.S. approval in Q1 2025 [1]

证券研究报告 | 季报点评 gszqdatemark 2024 11 07 年 月 日 明确，基药目录调整在即值得期待》 2023-05-19 方盛制药（603998.SH） 三季度业绩表现亮眼，产品矩阵多点开花持续放量 公司发布 2024 年三季报。2024 年前三季度，公司实现营业收入 13.48 亿元，同比 11%；归母净利润 2.3 亿元，同比 60.7%；扣非归母净利润 1.63 亿元，同比 33.9%。2024 年第三季度，公司实现营业收入 4.38 亿 元，同比 21.7%；归母净利润 0.91 亿元，同比 158.7%；扣非归母净利润 0.52 亿元，同比 52.6%；非经常性损益中非流动性资产处置损益，包括已 计提资产减值准备的冲销部分 4185 万元，主要是处置湖南新盘生物科技 有限公司股权产生收益所致。 核心产品表现亮眼，入院数量稳步增加。2024 年前三季度，公司骨科经典 用药藤黄健骨片销售量实现同比增长约 14%，产品作为独家剂型中标，已 经累计完成近 8400 家公立医疗机构覆盖；小儿荆杏止咳颗粒实现销售收 入约 6000 万元，同比增长超 130%，已经累计完成 1500 多家公 ...

Investment Rating - The report maintains a "Buy" rating for Yaowang Technology (002291 SZ) [3] Core Views - Yaowang Technology's Q3 2024 revenue declined by 13 52% YoY to 1 021 billion yuan while net loss narrowed to -190 million yuan from -242 million yuan in the same period last year [1] - The company is actively expanding its live e-commerce business with a 50% YoY increase in GMV to 9 3 billion yuan in H1 2024 and exploring overseas markets IP monetization and instant retail [1] - Despite revenue growth of 16 10% YoY in the first three quarters of 2024 the company remains unprofitable with a net loss of -408 million yuan [1] Financial Performance - Q3 2024 gross margin decreased by 0 44pct YoY to 3 13% while operating expenses increased by 3 25pct YoY to 21 30% [1] - The company's revenue is expected to grow to 5 638 billion yuan in 2024 6 634 billion yuan in 2025 and 7 752 billion yuan in 2026 [2] - Net loss is projected to narrow from -465 million yuan in 2024 to -193 million yuan in 2025 and turn positive at 109 million yuan in 2026 [2] Business Expansion - The company has established an overseas live streaming operations team and is exploring international live e-commerce markets [1] - It has leveraged its IP resources to produce variety shows and short dramas with short drama business generating over 160 million yuan in recharge revenue in H1 2024 [1] - Yaowang Technology has entered the instant retail market with the X27 MINI front warehouse project in Hangzhou [1] Industry Position - Yaowang Technology is a leading MCN in China's live e-commerce industry with coverage across three major platforms strong supply chain resources and a robust anchor matrix [1] - The company continues to deepen its presence in the live e-commerce sector while facing rising costs due to new consumer projects and industry factors [1]

证券研究报告 | 季报点评 gszqdatemark 2024 11 07 年 月 日 免税业务快速爬坡》 2024-09-13 2、《王府井（600859.SH）：奥莱、购物中心拉动业绩 增长，免税业务仍处爬坡期》 2024-05-03 3、《王府井（600859.SH）：稳健经营，业绩基本符合 预期》 2023-11-07 王府井（600859.SH） 奥莱业态延续韧性，部分细分品类表现较好 事件：10 月 30 日，公司发布 2024 年三季报，2024Q1-3 实现营业收入 84.99 亿元/同比-8.27%，实现归母净利润 4.27 亿元/同比-34.13%，扣非 归母净利润 3.59 亿元/同比-39.12%；单 2024Q3 实现营业收入 24.64 亿 元/同比-14.61%，归母净利润 1.34 亿元/同比+2.53%，扣非归母净利润 0.39 亿元/同比-70.54%。 奥莱业态延续经营韧性，部分细分类目表现较好。1）主业：分业态看，公 司 2024Q3 百 货 / 购物中心 / 奥特莱斯 / 专 业 店 实 现 销 售 收 入 9.23/7.12/5.10/3.20/0.32 亿元，同比 ...

三只松鼠（300783.SZ） 高端性价比，全渠拓未来 三只松鼠：逆势突破，走出低谷。三只松鼠诞生于互联网电商崛起之初的 2012 年，借助电商渠道红利快速成长为线上零食头部品牌，多年维持主 流电商零食类目销量第一，2019 年即突破百亿营收。但 2020 年伴随电商 去中心化、线下门店闭店，进入营收负增长阶段，2022 年营收回落至 72.9 亿元，2022 年底公司转型"高端性价比"，以内部组织及供应链变革驱动 公司调整新的运营模式，对内一品一链深度挖掘供应链潜力，对外达成性 价比后，以"D+N"战略牵引全渠道势能提升，2023 年逐季企稳回升，营 收同比-2.4%至 71.1 亿元，归母净利润同比+69.9%至 2.2 亿元，2024 年 前三季度营收同比高增 56.5%至 71.7 亿元，走出低谷进入成长新阶段。 高端性价比：重构供应链路，打造极致效率。三只松鼠在"高端性价比" 战略引领下，以市场需求为导向，重构供应链运营模式，实现总成本领先， 达成终端性价比，并调整组织模式实现品类精细化运营。1）"一品一链" 重构大单品优势：对于核心大单品构建""一品一链"供应链理模模式，在 采购端以源头直采发挥规 ...

证券研究报告 | 季报点评 gszqdatemark 2024 11 07 年 月 日 发展再添动能》 2024-06-20 盐田港（000088.SZ） 盐田港区驱动公司业绩增长，重组配套募资顺利推进 事件：2024 年 10 月 30 日，公司发布 2024 年三季度报告。2024 年前三 季度公司实现营收 6.1 亿元，同比下降 9.5%；实现归母净利润 10.04 亿 元，同比增长 5.7%；扣非归母净利润 10.03 亿元，同比增长 107.1%。 盐田港区吞吐量增长，投资收益增加驱动公司业绩增长。2024 年第三季 度公司营业收入 2.06 亿元，同比减少 17.1%；归母净利润 3.8 亿元，同 比增长 8%；扣非归母净利润 3.8 亿元，同比增长 106.1%。上年同期的 扣非归母净利润调整较大，主要因为上年公司收购盐港运营公司 100%股 权构成同一控制下的企业合并产生非经常性损益的影响。公司前三季度 营收下降而利润增长主要因为投资收益同比增长，前三季度投资收益 9.7 亿元，同比增长 12%，主要得益于公司投资的盐田港区业绩良好，吞吐 量增长。根据深圳特区报，2024 年 1-9 月，盐田 ...

证券研究报告 | 季报点评 gszqdatemark 2024 11 07 年 月 日 福瑞股份（300049.SZ） 业绩增长符合预期，MASH 药物"卖水人"静待花开 公司发布 2024 年三季报。2024 年前三季度，公司实现营业收入 9.8 亿 元，同比+21.42%；归母净利润 1.02 亿元，同比+39.42%；扣非归母净 利润 9689 万，同比+21.98%。2024 年单三季度，公司实现营业收入 3.37 亿元，同比+19.37%；归母净利润 2664 万元，同比-9.22%；扣非归母净 利润 2243 万元，同比-31.38%。 业绩增长符合预期。2024 年前三季度公司股权激励共摊销成本 2450.55 万元；单三季度股权激励摊销成本 1662.59 万元。不考虑所得税影响，直 接加回股权激励摊销成本后，公司 2024 年前三季度和单三季度分别实现 扣非归母净利润 1.21 亿元、0.39 亿元，业绩增长符合此前预期。 静待花开：MASH 药物行业迎来变革，"卖水人"有望持续获益。FibroScan 作为全球技术领先的肝脂肪化和纤维化诊断设备，已被广泛认可为 MASH 的首选诊断工具。2 ...