Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company reported a significant improvement in gross margin and a reduction in net loss for Q3 2024, with a gross margin of 8.1%, up 6.9 percentage points year-on-year and 5.3 percentage points quarter-on-quarter [5][6] - The company achieved record-high vehicle deliveries in Q3 2024, with 86,000 units delivered, representing a 94% year-on-year increase and a 62% quarter-on-quarter increase [7] - The company is expanding its global presence, having launched models in Europe and established a comprehensive partnership with Stellantis [8] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 9.86 billion yuan, a 74% increase year-on-year and an 84% increase quarter-on-quarter [6] - The net loss for Q3 2024 was 690 million yuan, down from 990 million yuan in Q3 2023 and 1.2 billion yuan in Q2 2024, indicating a narrowing loss [5][6] Sales and Delivery - The sales structure improved, leading to a quarter-on-quarter increase in average revenue per vehicle, estimated at approximately 114,000 yuan, which is a 1.4% increase from the previous quarter [7] - The sales volume for different models in Q3 2024 was as follows: T03 (17,000 units), C10 (5,000 units), C11 (21,000 units), C16 (22,000 units), and others [7] Global Expansion - The company has completed EU WVTA certification for models C10 and T03, officially launching in Europe in September 2024 [8] - As of October 2024, the company has opened 339 dealerships in Europe, all equipped for sales and after-sales services, with plans to expand into Asia-Pacific, the Middle East, Africa, and South America by 2025 [8] Profitability Forecast - The company forecasts sales of 287,000 and 518,000 units for 2024 and 2025, respectively, with projected revenues of 33.3 billion and 59.1 billion yuan [9] - The estimated net profit for 2024 is projected to be -3.4 billion yuan, improving to -213 million yuan in 2025, and turning positive with a net profit of 1.3 billion yuan in 2026 [10][12]

Investment Rating - The report assigns an "Outperform" rating to the company [1] Core Views - The company is positioned as a "luxury home textile" brand with a clear equity structure and stable growth [4] - The company has maintained steady revenue growth and profitability, with a high dividend yield and low volatility [4] - The home textile industry is a mature market, and the concentration of leading companies is expected to increase [5] - The company's revenue growth is more stable compared to peers, reflecting a focus on quality growth and prudent management [5] - The company is expected to achieve net profits of 517 million, 561 million, and 606 million yuan in 2024, 2025, and 2026, respectively, with a reasonable valuation range of 8.03-9.26 yuan per share [6] Company Overview - The company was founded in 1994 and is a comprehensive home textile enterprise with five brands and five production and logistics bases [13] - The company's actual controller, Lin Guofang, holds 39.8% of the shares, and the second-largest shareholder, Chen Guohong, holds 14.6% [13] - The company's offline channels consist of both self-operated and franchised stores, with 498 self-operated stores and 1,033 franchised stores as of the first half of 2024 [15] Financial Performance - The company's revenue in 2023 was 3.03 billion yuan, with a CAGR of 4.4% from 2014 to 2023 [18] - The company's gross margin in 2023 was 55.6%, and its net profit margin was 18.9% [19] - The company's dividend payout ratio has been increasing since 2018, reaching 95.1% in 2023, with a dividend yield of around 7.0% [20] Industry Analysis - The home textile industry in China is a mature market with a size of 256.7 billion yuan in 2023, expected to grow at a CAGR of 2.1% from 2023 to 2029 [22] - The concentration of the home textile market in China is expected to increase, with leading companies likely to gain market share through natural selection and proactive changes [22] - The top five companies in the home textile market have a combined market share of around 7.0%, with room for further concentration compared to developed countries [23] Competitive Landscape - The company's revenue growth is more stable compared to peers, with a CAGR of 4.9% from 2014 to 2023, lower than some competitors but with less volatility [32] - The company's gross margin and net profit margin are significantly higher than its peers, maintaining a gross margin of over 50% [32] - The company's operating cash flow is strong, with a cash content of net profit consistently above 100%, reflecting excellent cash generation capabilities [34] Valuation and Forecast - The company's valuation is relatively stable, with a median PE (FY1) of 12.6X from 2024 to 2023 [21] - The company's EPS is expected to be 0.62, 0.67, and 0.72 yuan in 2024, 2025, and 2026, respectively [37] - The company's dividend yield is expected to be 6.9%, 7.5%, and 7.6% in 2024, 2025, and 2026, respectively [41]

Investment Rating - The industry investment rating is "Outperform the Market" and maintains "Market Performance" [1][2]. Core Insights - Forklift sales in October increased by 0.44% year-on-year, with a month-on-month increase in operating rate by 1.1 percentage points [1]. - In October 2024, a total of 98,600 forklifts were sold, with cumulative sales from January to October reaching 1,069,300 units, representing a year-on-year growth of 9.75% [1][2]. - Domestic forklift sales in October were 60,600 units, down 5.99% year-on-year, while exports reached 38,000 units, up 12.7% [1][2]. - The electric forklift sales accounted for 59.20% in September, with a slight decrease of 0.29 percentage points month-on-month [1][2]. Summary by Sections Sales Performance - In October 2024, the sales of various types of forklifts reached 98,600 units, marking a year-on-year increase of 0.44%. Cumulatively, from January to October, sales totaled 1,069,300 units, reflecting a year-on-year growth of 9.75% [1][2]. - The domestic market saw a decline in sales, with 60,600 units sold in October, while the export market showed growth with 38,000 units sold [1][2]. Company Performance - Anhui Heli reported a revenue increase of 2.11% year-on-year for Q1-Q3 2024, with a net profit increase of 11.63% [2]. - Hangcha Group's revenue grew by 1.55% year-on-year for Q1-Q3 2024, with a net profit increase of 21.20% [2]. - Noli Co. experienced a revenue decline of 3.57% year-on-year for Q1-Q3 2024, but a net profit increase of 1.03% [2]. Market Trends - The manufacturing PMI for October 2024 was reported at 50.1%, indicating a slight recovery in manufacturing activity [1]. - The average working hours for major engineering machinery products in October were 88.9 hours, with a month-on-month decrease of 1.24% [1].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights that the company is facing short-term operational pressure, but the duty-free business continues to expand [1][10]. - The company operates 79 large retail stores across seven major economic regions in China, actively expanding its footprint in shopping centers and outlets [10]. - The report projects revenue for 2024-2026 to be 111 billion, 122 billion, and 131 billion respectively, with corresponding year-on-year growth rates of -9.3%, 9.8%, and 7.6% [10]. Financial Performance Summary - In Q3 2024, the company achieved revenue of 2.464 billion yuan, a year-on-year decrease of 14.61%, while the net profit attributable to shareholders was 134 million yuan, an increase of 2.53% [5][6]. - The gross profit margin for Q3 2024 was 38.29%, down 1.09 percentage points from the previous year [6][8]. - For the first three quarters of 2024, total revenue was 8.5 billion yuan, a decrease of 8.27% year-on-year, with a gross profit margin of 40.17% [6][10]. Business Segment Analysis - By business segment in the first three quarters of 2024, department store revenue was 3.242 billion yuan (down 15.45%), shopping center revenue was 2.254 billion yuan (down 1.58%), outlet revenue was 1.650 billion yuan (up 4.37%), specialty store revenue was 1.078 billion yuan (down 4.97%), and duty-free revenue was 204 million yuan (up 68.62%) [7][11]. - Regionally, South China saw revenue of 312 million yuan (up 13.64%), Northeast China 365 million yuan (up 7.91%), East China 455 million yuan (down 2.93%), and Southwest China 1.753 billion yuan (down 14.75%) [7][12]. Expense and Profitability Analysis - The company's expense ratio increased by 2.63 percentage points in Q3 2024, with a sales expense ratio of 16.35% and a management expense ratio of 13.02% [8]. - The net profit attributable to shareholders for Q3 2024 was 134 million yuan, with a significant drop in non-recurring net profit by 70.54% [8][10]. Earnings Forecast and Valuation - The report estimates earnings per share (EPS) for 2024 to be 0.47 yuan, with a projected price-to-earnings (P/E) ratio of 25-30 times for 2025, leading to a reasonable value range of 15.63 to 18.75 yuan per share [10][15]. - The company is expected to maintain a net profit margin of around 4.9% to 6.4% over the next few years, with a return on equity projected to rise from 2.7% in 2024 to 3.9% in 2026 [15][16].

Investment Rating - The investment rating for Oracle (ORCL.N) is "Outperform" [5] Core Views - The report highlights steady quarterly growth, driven by cloud and licensing business momentum. For FY2025 Q1, revenue reached $13.307 billion, a year-on-year increase of 6.86%, with net profit attributable to shareholders at $2.929 billion, up 21.03% year-on-year [5][8] - The cloud and licensing revenue for FY2025 Q1 was $11.389 billion, representing a 9.97% increase year-on-year and accounting for 85.59% of total revenue [5][8] - The report emphasizes that acquisitions will be a significant part of the company's strategy, with a current 29% stake in Ampere Computing Holdings LLC [6][8] Financial Performance Summary - For FY2023, total revenue was $49.954 billion, with a year-on-year growth of 17.7%. The projected revenues for FY2024, FY2025, FY2026, and FY2027 are $52.961 billion, $58.571 billion, $66.524 billion, and $77.187 billion, respectively, with expected growth rates of 6.0%, 10.6%, 13.6%, and 16.0% [7][8] - Net profit for FY2023 was $8.503 billion, with projections of $10.467 billion, $11.899 billion, $13.940 billion, and $16.544 billion for the following years, reflecting year-on-year growth rates of 26.6%, 23.1%, 13.7%, and 17.1% [7][8] - The report forecasts an EPS of $3.13 for FY2023, increasing to $3.80, $4.29, $5.03, and $5.97 in the subsequent years [7][8] Business Segment Breakdown - The cloud and licensing segment is expected to generate revenues of $44.464 billion in FY2024, with a year-on-year growth of 8.22%, and projected to reach $68.181 billion by FY2027 [10] - Hardware revenue is projected to decline slightly in FY2024 to $3.066 billion, with a year-on-year decrease of 6.35%, but expected to recover to $3.250 billion by FY2027 [10] - Service revenue is expected to be $5.431 billion in FY2024, with a slight decline of 2.91%, but projected to grow to $5.756 billion by FY2027 [10]

[Table_AuthorInfo] | --- | --- | |----------------------------------------------------------------------------------------------------------------------|------------------| | 股票数据 | | | 1 [ 1 T 月 ab 1 l 3 e 日 _S 收 t 盘 o 价 ck （ In H f K o D ] ） | 7.06 | | 52 周股价波动（HKD） | 4.01-7.55 | | 总股本（亿股） | 43.19 | | 总市值/流通市值（亿元 HKD ） | 312/312 | | 相关研究 | | | [ 《 T 统 a 一 bl 企 e_ 业 R 中 e 国 p （ o 0 r 2 t 2 In 0） fo 半 ] 续维持良好成长性，盈利能力大幅修复》 2024.08.11 | 年报点评：饮料继 | | 《2023 年年报点评：盈利能力&分红提升，期 待 24 年收入增速复苏》 2024.03.08 | | | 《单三季度 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company's profitability remains robust, with significant loan growth and stable net interest margin. The ratio of overdue loans and loans under scrutiny has decreased quarter-on-quarter, leading to the maintenance of the "Outperform the Market" rating [3][4] Summary by Sections Financial Performance - In the first three quarters of 2024, the company's revenue growth rate was -1.39%, and the net profit attributable to the parent company grew by -0.69%. In Q3 2024, revenue increased by 3.3% year-on-year, and net profit increased by 1.2% year-on-year, showing improvement compared to Q2 2024 [3] - The net increase in loans for Q3 2024 was 174.4 billion, with retail loans increasing by 73.9 billion and corporate loans increasing by 82.2 billion. Year-on-year growth rates for retail and corporate loans were 8.2% and 6.5%, respectively [3] Asset Quality - The non-performing loan (NPL) ratio for Q3 2024 was 1.32%, remaining stable quarter-on-quarter. The provision coverage ratio was 203.87%, indicating sufficient risk coverage. The proportion of loans under scrutiny decreased by 8 basis points to 1.58%, and overdue loans decreased by 6 basis points to 1.39% [4] Net Interest Margin - The net interest margin for the first three quarters of 2024 was 1.28%, remaining stable. In Q3 2024, the net interest margin was 1.23%, a decrease of 2 basis points quarter-on-quarter. The yield on interest-earning assets decreased by 7 basis points, while the cost of interest-bearing liabilities decreased by 17 basis points, indicating a favorable trend in funding costs [4] Valuation and Forecast - The forecasted EPS for 2024-2026 is 1.1, 1.12, and 1.15 yuan, with net profit growth rates of -3.56%, 1.42%, and 2.81%, respectively. The reasonable value based on the DDM model is 9.2 yuan, and the PB-ROE model gives a 2024E PB valuation of 0.65 times, leading to a reasonable value range of 8.47-9.2 yuan [5][6]

[Table_MainInfo] 公司研究/商业贸易/卖场与超市 证券研究报告 家家悦（603708）公司季报点评 2024 年 11 月 14 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |--------------------------------------------------------|----------------| | 股票数据 | | | 11 [ Table_StockInfo 月 14 日收盘价（元） ] | 10.63 | | 52 周股价波动（元） | 7.40-15.08 | | 总股本 / 流通 A 股（百万股） | 638/599 | | 总市值 / 流通市值（百万元） | 6786/6372 | | 相关研究 | | | [Table_ReportInfo] 《 1H24 收入增 3% 净利降 9% | ，内蒙古盈利释 | | 放》 2024.09.21 | | | 《 1Q24 收入增 6% 净利增 7% | ，供应链变革初 | | 显成效》 2024.05.30 | | 市 ...

Investment Rating - The investment rating for the industry is "Outperform the Market" and is maintained [2]. Core Views - In October, the domestic retail penetration rate of new energy vehicles reached 52.9%, an increase of 15 percentage points compared to the same period last year. The production of new energy passenger vehicles reached 1.379 million units, a year-on-year increase of 49.9% and a month-on-month increase of 12.6%. Retail sales of new energy passenger vehicles were 1.196 million units, up 56.7% year-on-year and 6.4% month-on-month. Wholesale sales reached 1.369 million units, reflecting a year-on-year increase of 55.2% and a month-on-month increase of 11.2% [2][3]. Summary by Sections New Energy Vehicle Production and Sales - In October, major manufacturers' new energy vehicle deliveries included BYD with 500,500 units (up 66.2% year-on-year), SAIC with 157,100 units (up 51.08%), and others like Li Auto and NIO showing increases of 27.3% and 30.5% respectively [3]. Battery Production and Installation - The production of power and other batteries in October grew by 36.8%, with a total output of 113.1 GWh, marking a year-on-year increase of 45.5%. The installation of power batteries reached 59.2 GWh, up 51.0% year-on-year [3]. Key Battery Developments - LG Energy signed a long-term supply agreement for 50.5 GWh of batteries with Mercedes-Benz, while CATL entered a strategic partnership with Taiyuan Heavy Industry. Additionally, LG Energy secured two contracts with Ford for a total of 109 GWh of battery supply starting in 2026 [4]. Solid-State Battery Technology Updates - The first domestic solid-state lithium battery production line has commenced operations, with several companies, including Renault and Jiangxi Yili, advancing their solid-state battery projects. Notably, a new solid-state battery product was jointly launched by Tablue New Energy and Changan Automobile [6]. Investment Recommendations - The report suggests maintaining focus on domestic lithium battery manufacturers' bidding situations and continues to recommend companies like Xian Dao Intelligent, Hangke Technology, and others that collaborate with quality battery manufacturers [7].

Investment Rating - The report maintains an "Outperform" rating for the mechanical industry [1]. Core Viewpoints - The report emphasizes a clear policy shift, with domestic demand gradually stabilizing, suggesting that current investments should balance supply-side and demand-side considerations, focusing on two main directions: recovery sectors and emerging sectors [2]. - Key areas of focus include industrial gases, engineering machinery, automation, and new technologies such as humanoid robots and photovoltaic equipment [3]. Summary by Sections 1. Sector Review - The mechanical sector's overall valuation is at the 51.10% percentile historically, with a PE ratio of 36.99x and a PB ratio of 2.35x as of November 8, 2024 [6]. - The overall holding ratio for the mechanical sector is 2.18%, with significant holdings in service robots and 3C equipment [6]. 2. Policy Shift - Continuous fiscal policies are being implemented to support the real estate market and local government debt resolution, with significant increases in local government debt resources [15]. - The report highlights the importance of counter-cyclical fiscal policies and the stabilization of the real estate market [15]. 3. Investment Strategy Recovery Sectors - **Industrial Gases**: The market is expected to see a rebound in both volume and price, with liquid gas prices stabilizing [2]. - **Engineering Machinery**: Domestic sales are showing signs of recovery due to counter-cyclical policies, with excavator sales in September 2024 increasing by 10.8% year-on-year [17]. - **Automation**: Demand is gradually recovering, with a shift in focus towards traditional industries and 3C sectors [25]. Emerging Sectors - **New Technologies**: Focus on humanoid robots, digital printing, and photovoltaic technologies, with recommendations for companies like Honghua Digital and Greentech [3]. - **New Markets**: Emphasis on global competitiveness in industrial products, particularly in oil and gas equipment and high-altitude work platforms [3]. 4. Key Company Valuation Table - The report includes a valuation table for key companies within the mechanical sector, highlighting their market positions and growth potential [4].