证券研究报告 | 季报点评 gszqdatemark 2024 10 30 年 月 日 相关研究 倍轻松（688793.SH） Q3 费用率增加，盈利水平下滑 事件：公司发布 2024 年第三季度报告。公司 2024Q1-Q3 实现营业收入 8.37 亿元，同比-11.16%；实现归母净利润 0.13 亿元，同比+180.21%； 扣非归母净利润 0.09 亿元，同比+142.17%。Q3 单季度来看，2024Q3 实 现营收 2.33 亿元，同比-31.92%；归母净利润-0.13 亿元，同比-244.58%； 扣除非母净利润-0.15 亿元，同比-300.65%。 Q3 国内消费恢复缓慢，行业竞争依旧激烈，公司单季度收入、利润表现 承压。 Q3 费用率增加，盈利水平下滑。1）毛利率：24Q1-Q3/24Q3 同比 +1.79pct/+2.94pct 至 63.21%/66.80%。2）费率端：24Q1-Q3 销售/管 理/研发/财务费率同比-2.68pct/+1.51pct/+1.27pct/+0.41pct 至 52.10%/5.57%/5.57%/0.25%；24Q3 单季度销售/管理/研发/财务费率 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 30 年 月 日 宝钢股份（600019.SH） 季度业绩走弱，盈利维持韧性 事件：公司发布 2024 年三季度报告。公司前三季度实现营业收入 2428.56 亿元，同比减少 4.77%；归属于上市公司股东的净利润 58.82 亿元，同比减少 29.56%；基本每股收益 0.27 元，同比减少 28.95%。 季度业绩走弱，盈利维持韧性。公司 2024 年第三季度实现归母净利 13.38 亿元，同比下降 64.77%，环比下降 48.92%，实现扣非归母净利 12.53 亿元，同比下降 65.59%，环下降 52.88%；2024 年前三季度钢价走弱，1-9 月行业利润同比下降 256%，公司前三季度归母 净利同比仅减少 29.56%，展现出公司稳健经营能力。公司 2023Q4~2024Q3 销售毛利率分 别为 6.32%、5.13%、6.32%、4.30%，销售净利率分别为 4.55%、2.83%、3.58%、2.07%， 2024 第三季度公司毛利率及净利率受行业盈利整体下滑影响均走弱。 产品结构持续优化，国际化战略进一步深化。根据公司 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 30 年 月 日 恒帅股份（300969.SZ） 业务稳健发展，持续推进全球化布局 事件：公司发布 2024 年三季报。2024 年前三季度，公司营收 7 亿元，同 比+6%；归母净利润 1.6 亿元，同比+9%。2024Q3，公司营收 2.4 亿元， 同比-9%，环比+9%；归母净利润 0.5 亿元，同比-18%，环比-6%。 业务稳健发展，持续推进全球化布局。据中国网、中汽协，2024 年 Q1- Q3，国内市场新能源汽车销量 832 万辆，同比增长 33%，其中 Q3，国内 新能源车销量 338 万辆，环比增长 18%。24Q3，特斯拉全球交付 46.3 万 辆，环比+4%。下游客户需求较好，带动公司 Q3 营收实现环比增长+9%。 公司目前客户已覆盖宝马、本田、现代、比亚迪、吉利、长城等整车厂及 博世、大陆等零部件企业，同时除主生产基地宁波外，公司在清远、沈阳、 武汉、美国、泰国等地设立了生产基地，打造就近配套优势。 Q3 受到汇兑损失扰动，盈利能力短暂承压。盈利能力方面，2024 年 Q1- Q3，公司销售毛利率 35.6%，同比 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected PE ratios of 9.7x, 9.1x, and 8.1x for 2024, 2025, and 2026 respectively [4][6] Core Views - The company achieved significant year-on-year growth in revenue and net profit in the first three quarters of 2024, with revenue reaching 30.941 billion yuan (up 12.18% YoY) and net profit attributable to shareholders reaching 584 million yuan (up 85.12% YoY) [1] - The company's sales gross margin and net margin improved due to strong production and sales in the domestic stainless steel wide cold-rolled market, with domestic production increasing by 1.49 million tons (21.7% YoY) in the first half of 2024 [1] - The company is accelerating its transformation towards deep processing, with multiple projects under construction, including high-performance stainless steel material projects and titanium alloy new material projects [3] Financial Performance - In Q3 2024, the company achieved a net profit attributable to shareholders of 156 million yuan, a 53.13% YoY increase, and a non-GAAP net profit of 152 million yuan, a 66.44% YoY increase [1] - The company's gross profit margin and net profit margin fluctuated quarterly, with Q3 2024 figures at 5.61% and 1.97% respectively [1] - The company's cold-rolled stainless steel production and sales reached 2.3488 million tons and 2.2921 million tons respectively in the first three quarters of 2024, representing YoY growth of 19.0% and 17.7% [2] Future Outlook - The company is expected to achieve net profits attributable to shareholders of 730 million yuan, 790 million yuan, and 880 million yuan in 2024, 2025, and 2026 respectively [4] - The company's revenue is projected to grow at a compound annual growth rate of 9.3% from 2024 to 2026, reaching 52.089 billion yuan in 2026 [5] - The company's ROE is expected to remain stable at around 13.4% to 13.7% from 2024 to 2026 [5] Industry and Market Position - The company maintains a competitive advantage in the stainless steel cold-rolled processing sector, with rapid capacity expansion supported by leading stainless steel hot-rolled enterprises [4] - The company's business is gradually expanding from traditional stainless steel processing to metal deep processing, including non-ferrous metals, enhancing its ability to withstand industry cyclical fluctuations [3]

证券研究报告 | 季报点评 gszqdatemark 2024 10 30 年 月 日 科沃斯（603486.SH） 预售新品费用投放增加，Q3 收入利润同比下滑 事件：公司发布 2024 年三季度报告。公司 2024Q1-Q3 实现营业收入 102.26 亿元，同比-2.90%；实现归母净利润 6.15 亿元，同比+1.88%。 扣非归母净利润 5.31 亿元，同比+1.69%。单季度来看，2024Q3 实现营 收 32.50 亿元，同比-4.06%；归母净利润 0.06 亿元，同比-69.21%；扣 非归母净利润-0.27 亿元，同比-264.92%。 Q3 国内消费恢复缓慢，行业竞争依旧激烈，叠加新品销量延后交付，公 司收入利润有所承压。受国内消费恢复比较缓慢，行业竞争依旧激烈影响， 以及公司新品销量相比去年主要交付于四季度的影响，公司营收恢复较 慢。叠加科沃斯及添可品牌多款新品启动预售，公司加大市场费用投入力 度，Q3 归母净利润增速低于收入增速。公司 Q3 收到的政府补助增加、交 易性金融资产及非流动金融资产公允价值变动增加，导致非经常性损益增 加，引起扣非归母净利润同比下降幅度大于归母净利润。 毛 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 30 年 月 日 长盈通（688143.SH） 2024 前三季度实现营业收入 1.83 亿元，同比+36.80% 事件：公司发布 2024 三季报。2024 年前三季度实现营收 1.83 亿元，同 比+36.80%；归母净利润-0.04 亿元，同比-230.34%；扣非归母净利润0.05 亿元，同比+70.40%。单季度来看，2024Q3 实现营收 0.47 亿元， 同比+56.92%，环比-41.68%；归母净利润-0.19 亿元，同比-57.54%，环 比-314.28%；扣非归母净利润-0.13 亿元，同比+26.20%，环比-339.01%。 1、利润表：2024 前三季度营收稳健增长，盈利能力受保证金损失影响 短期承压。 1）收入端，2024 前三季度实现营收同比+36.80%，主要系重要军工客户 订单量增加，保偏光纤及光纤环器件交付数量增加。 2）盈利能力端，2024 前三季度公司毛利率 44.99%，同比-6.21pct；销售 净利率-2.49%，同比-4.49pct；扣非后销售净利率-2.57%，同比+9.32pct， 公 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 30 年 月 日 稳健医疗（300888.SZ） 发布股权激励计划，期待医疗+消费共同驱动增长 2024Q1~Q3：收入同比+1%/扣非归母净利润同比-24%。1）2024Q1~Q3 公司收入为 60.7 亿元，同比+1%；归母净利润为 5.5 亿元，同比-74%（主要系上年同期城市更新改造 项目增加归母净利润 13.6 亿，剔除该因素后为下降 30%）；扣非归母净利润为 4.7 亿元，同 比-24%。2）盈利质量方面，2024Q1~Q3 毛利率同比-2.0pct 至 48.1%，销售/管理/财务费 用率同比分别+1.9/+0.5/+0.5pct 至 26%/7.7%/-0.7%；扣非净利率同比-2.6pct 至 7.8%。 单三季度：收入同比+17%/扣非归母净利润同比+105%，盈利质量同比修复。1）2024Q3 公司收入为 20.4 亿元，同比+17%；归母净利润为 1.7 亿元，同比-88%（主要系上年同期 城市更新改造项目增加归母净利润 13.6 亿，剔除该因素后为增长 62%）；扣非归母净利润为 1.4 亿元，同比+105%。2 ...

2、《华致酒行（300755.SZ）：门店升级开发，酒水矩阵 丰富》 2024-04-23 3、《华致酒行（300755.SZ）：业绩基本符合预期，精修 内功待恢复》 2023-10-25 证券研究报告 | 季报点评 gszqdatemark 2024 10 30 年 月 日 华致酒行（300755.SZ） 持续控制费用，业绩有所承压 事件：10 月 28 日，公司发布 2024 年三季报，2024Q1-3 实现营业收入 78.32 亿元/同比-5.10%，归母净利润 1.68 亿元/同比-27.36%，扣非归母 净利润 1.49 亿元/同比-15.24%；单 2024Q3 实现营业收入 18.89 亿元/同 比-20.84%，归母净利润 0.13 亿元/同比-84.17%，扣非归母净利润为 0.12 亿元/同比-64.64%。 扩充 3.0 门店布局，持续发力精品酒。1）渠道：高端门店稳步扩张。 2024Q3，公司 3.0 门店分别于湖北、陕西、山西、广东等省份开业，稳步 推动 3.0 门店高端升级迭代。2）产品：接连上新，持续发力精品酒。8 月 16 日，公司与仰韶酒业达成战略合作，推出仰韶彩陶坊-源系列 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its leadership in the photovoltaic (PV) equipment industry and its potential to benefit from technological advancements such as 0BB welding technology [3][5] Core Views - The company reported strong financial performance in Q3 2024, with revenue reaching 6.921 billion yuan, a year-on-year increase of 63.27%, and net profit attributable to shareholders of 1.166 billion yuan, up 36.91% year-on-year [1] - Despite a temporary oversupply in the PV industry, the company demonstrated strong risk management capabilities, with net operating cash flow growing faster than revenue [1] - The company is a leader in the PV equipment market, with key products including string welding machines, silicon wafer sorting machines, and screen printing lines [1] - The company's new orders for Q3 2024 were 8.707 billion yuan, with a total backlog of 13.434 billion yuan as of September 30, 2024 [2] Financial Performance - Q3 2024 revenue was 2.504 billion yuan, up 45.42% year-on-year, while net profit attributable to shareholders was 397 million yuan, a 20.58% increase year-on-year [1] - The net profit margin for Q3 2024 was 17.54%, down 2.29 percentage points year-on-year [1] - Operating cash flow for Q3 2024 was 421 million yuan, up 85% year-on-year and 117% quarter-on-quarter, outperforming revenue growth [2] Product and Market Analysis - The company's string welding machines hold over 60% market share, with the successful development of 0BB and XBC string welding machines in 2023 [2] - The company introduced a low-oxygen monocrystalline furnace in 2023, which has gained significant orders from leading customers [2] - The company's screen printing technology achieved a breakthrough with a 0.8-second cycle time and 6-micron precision, compatible with 182-230mm wafer sizes [2] - The Laser Enhanced Metallization (LEM) equipment has been validated by leading TOPCon battery manufacturers and is becoming a standard product in TOPCon production lines [3] - The silicon wafer sorting machine has been upgraded to handle 18,000 wafers per hour, with major customers including LONGi Green Energy and Gaojing Solar [3] Future Projections - The report forecasts the company's net profit attributable to shareholders to reach 1.654 billion yuan in 2024, 1.705 billion yuan in 2025, and 1.816 billion yuan in 2026, with year-on-year growth rates of 31.7%, 3.1%, and 6.5%, respectively [3] - The company's PE ratio is projected to be 10x, 10x, and 9x for 2024, 2025, and 2026, respectively [3] Industry Context - The PV industry is currently facing a phase of oversupply, but the company is expected to benefit from technological advancements and overseas market growth [3]

Investment Rating - The report maintains a "Buy" rating for the company, citing potential valuation recovery and improved profitability in the medium to long term [3][5] Core Views - The company's Q3 2024 performance showed a significant decline, with revenue dropping 49.94% YoY to RMB 31.18 billion and a net loss of RMB 579 million, compared to a profit of RMB 476 million in the same period last year [1] - The company's gross margin and net margin have been declining sequentially, with Q3 2024 gross margin at -2.87% and net margin at -5.11%, reflecting industry-wide profit pressure [1] - The company is focusing on its core steel business, particularly high-quality silicon steel and thick plate products, with plans to increase the proportion of high-performance, high-grade products to over 60% and expand total capacity to 2.1 million tons [2] - The controlling shareholder plans to increase its stake in the company by purchasing A-shares worth RMB 150-300 million, signaling confidence in the company's future [2] Financial Performance - The company's revenue for the first three quarters of 2024 was RMB 31.18 billion, a 49.94% YoY decrease, with a net loss of RMB 579 million, compared to a profit of RMB 476 million in the same period last year [1] - The company's cold-rolled and hot-rolled steel production and sales volumes for the first three quarters of 2024 were 7.4163 million tons and 7.3847 million tons, respectively, down 9.6% and 6.8% YoY [2] - The report forecasts the company's net profit for 2024-2026 to be RMB 90 million, RMB 540 million, and RMB 940 million, respectively, with a valuation range of RMB 20.2-21.9 billion [3] Industry and Market Context - The steel industry's profits declined by 256% YoY in the first nine months of 2024, aligning with the company's profit trend [1] - The company's stock price has underperformed the CSI 300 index, with a significant decline over the past year [6] Strategic Initiatives - The company is advancing its fourth and fifth phases of high-performance, high-grade electrical steel projects, aiming to optimize its product structure and enhance profitability [2] - The company has largely ceased its trade business to focus on its core steel operations, particularly in high-quality silicon steel and thick plate products [2]