Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company has shown impressive performance in the first three quarters of 2024, with revenue reaching 4.514 billion yuan, a year-on-year increase of 11.42%, and net profit attributable to the parent company at 1.094 billion yuan, up 94.33% year-on-year [5] - The third quarter of 2024 saw a significant increase in net profit, achieving 1.463 billion yuan, a year-on-year growth of 191.43%, driven by effective cost control and a recovery of bad debt provisions [5] - The company’s existing games have performed well, particularly in overseas markets, with its subsidiary ranking high in revenue among Chinese game developers [6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 4.514 billion yuan, a growth of 11.42% year-on-year, and a net profit of 1.094 billion yuan, which is a 94.33% increase year-on-year [5] - In Q3 2024, revenue was 1.461 billion yuan, up 4.53% year-on-year, and net profit reached 463 million yuan, reflecting a 191.43% increase year-on-year [5] Product Development - The company is focusing on new product launches, with two self-developed games, "Code LOA" and "Code DL," expected to be released overseas by the end of 2024 [6] - The existing games, "Sunrise City" and "War Fire and Order," have shown stable revenue performance, contributing to the company's solid financial base [6] Earnings Forecast and Valuation - The revenue forecast for 2024-2026 is projected at 7.118 billion, 8.689 billion, and 10.067 billion yuan respectively, with net profits expected to be 1.207 billion, 1.344 billion, and 1.547 billion yuan [7] - The estimated EPS for 2024-2026 is projected to be 0.61, 0.68, and 0.79 yuan respectively, with a dynamic PE ratio of 25-30 times for 2025, leading to a target price range of 17.00-20.40 yuan per share [7]

Investment Rating - The investment rating for the agriculture sector is "Outperform the Market" and is maintained [2]. Core Viewpoints - The agriculture sector saw a 1.3% increase last week, ranking 10th among the Shenwan first-level industries. The seed and aquaculture sub-industries led the gains with a 9.9% increase, while grain and oil processing and other agricultural product processing were the only two sub-industries that declined [5][6]. - The pig farming sector has shown significant improvement in performance, with Q3 profits for listed pig farming companies more than doubling compared to Q2. However, expansion remains cautious, with production biological assets only increasing by 0.4% [6][9]. - The water product prices are experiencing seasonal declines, but the overall industry is expected to recover due to increased demand in the fourth quarter. Key focus should be on leading companies like Haida Group [7][9]. - The white feather broiler industry is expected to stabilize and improve profitability due to lower feed costs and increased demand in the fourth quarter. Companies such as Shennong Development and He Feng Co. are recommended for attention [8][9]. Summary by Sections Market Performance - The agriculture sector increased by 1.3% last week, with notable gains in seeds and aquaculture [5][6]. - The average price of live pigs was 17.2 CNY/kg, down 1.2% week-on-week [6][15]. Pig Farming Sector - The average price of 15kg piglets rose by 7.0% to 502 CNY/head, while the price of 50kg sows remained stable at 1628 CNY/head [6][18][20]. - The overall pig farming sector is entering a stable development phase, with a recommendation to focus on companies like Muyuan Foods and Wens Foodstuffs [6][9]. Aquaculture Sector - Seasonal price declines were noted in fish products, but a recovery is anticipated due to increased demand. The average price for grass carp was 5.7 CNY/jin, down 0.8% [7][9]. - The water feed industry is expected to see overall recovery, with a focus on leading companies like Haida Group [7][9]. Poultry Sector - The average price of white feather broiler chicks increased by 0.6% to 4.3 CNY/chick, while the average price of broilers rose by 1.6% to 3.8 CNY/chick [8][9]. - The overall industry is expected to improve profitability as demand increases in the fourth quarter, with recommendations for companies like Shennong Development and He Feng Co. [8][9]. Seed Industry - The commercialization of genetically modified crops is progressing, with significant opportunities for leading companies like Dabeinong and Longping High-Tech [9].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company has shown continuous growth in performance, with a revenue of 8.592 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 10.60%. The net profit attributable to shareholders reached 1.016 billion yuan, up 27.86% year-on-year [5] - The company has demonstrated strong cost control and efficiency improvement, maintaining a high level of profitability despite price reductions in the structural components industry [6] - The company is expanding its overseas market presence, with production bases in Sweden and Hungary already operational, and plans for a 600 million yuan investment in Malaysia to enhance production capacity [6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 8.592 billion yuan, with a net profit of 1.016 billion yuan. The gross margin was 23.19%, and the net profit margin was 11.83% [5] - The company’s revenue for Q3 2024 was 3.146 billion yuan, with a net profit of 368 million yuan, reflecting a year-on-year increase of 10.35% and 28.70% respectively [5] Cost Control and Efficiency - The company has effectively managed its costs, with a period expense ratio of 14.11% for the first three quarters of 2024, down 1.05 percentage points year-on-year. The management expense ratio was 7.89%, a decrease of 0.57 percentage points [6] Market Expansion - The company is actively expanding its overseas operations, with production bases in Sweden and Hungary operational, and a new investment in Malaysia aimed at increasing production capacity for lithium battery precision structural components [6] Profit Forecast and Valuation - The company is expected to achieve net profits of 1.449 billion yuan, 1.713 billion yuan, and 1.940 billion yuan for 2024, 2025, and 2026 respectively. The estimated price-to-earnings ratio for 2024 is projected to be between 25-30 times, corresponding to a reasonable value range of 133.72 to 160.46 yuan [7][8]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a total revenue of 31.358 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.3%, with a net profit attributable to shareholders of 11.350 billion yuan, up 20.3% year-on-year [4] - In Q3 2024, the company achieved a revenue of 8.611 billion yuan, reflecting a year-on-year growth of 11.4%, and a net profit of 2.940 billion yuan, which is a 10.4% increase year-on-year [4] - The revenue growth in the third quarter was stable, although the growth rate in provinces outside the home province showed signs of slowing down [4] - The gross profit margin for Q3 2024 was 74.3%, down 0.75 percentage points year-on-year, but the decline was significantly narrower compared to Q2 2024 [5] - The company’s operating cash flow showed strong performance, with net cash flow from operating activities reaching 3.505 billion yuan, a year-on-year increase of 67.2% [5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 31.358 billion yuan, with a year-on-year growth of 17.3% and a net profit of 11.350 billion yuan, up 20.3% [4] - Q3 2024 revenue was 8.611 billion yuan, with a year-on-year increase of 11.4%, and net profit was 2.940 billion yuan, reflecting a 10.4% year-on-year growth [4] - The company’s gross profit margin for Q3 2024 was 74.3%, down 0.75 percentage points year-on-year, but the decline was less severe than in Q2 2024 [5] Revenue Breakdown - In Q3 2024, revenue from mid-to-high-end liquor and other liquor categories grew by 6.7% and 25.6% year-on-year, reaching 6.188 billion yuan and 2.405 billion yuan respectively [4] - Revenue from the home province increased by 12.1% year-on-year to 3.506 billion yuan, while revenue from outside the province grew by 10.9% year-on-year to 5.087 billion yuan, indicating a slowdown compared to the first half of the year [4] Profitability and Cash Flow - The company’s operating cash flow was robust, with sales cash receipts of 8.560 billion yuan, a year-on-year increase of 30.8% [5] - The net cash flow from operating activities was 3.505 billion yuan, up 67.2% year-on-year, indicating strong operational efficiency [5] Earnings Forecast - The company’s EPS for 2024-2026 is projected to be 10.23, 11.66, and 13.11 yuan per share respectively [6] - Based on comparable company valuations, a PE ratio of 20-25 times is suggested for 2024, leading to a reasonable value range of 204.51 to 255.64 yuan [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company reported a revenue of 6.217 billion yuan for the first three quarters, representing a year-on-year increase of 5.12%, and a net profit attributable to the parent company of 652 million yuan, up 43.22% year-on-year [3] - In Q3 2024, the company achieved a revenue of 2.142 billion yuan, a year-on-year increase of 4.55% and a quarter-on-quarter increase of 9.74%, with a net profit of 318 million yuan, reflecting a year-on-year growth of 108.87% [3] - The domestic vehicle-mounted and Fixed Wireless Access (FWA) businesses are the main contributors to revenue growth, with significant market share in North America and expansion into India and Europe [4] - The company is also expanding into AI and robotics, with plans for mass production of smart modules and intelligent robots in Q4 2024 [4] - The company expects substantial growth in FWA business over the next three years due to market opportunities [4] Financial Summary - The company forecasts revenues of 8.428 billion yuan, 8.985 billion yuan, and 11.090 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 760 million yuan, 614 million yuan, and 783 million yuan [5] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.99 yuan, 0.80 yuan, and 1.02 yuan respectively [5] - The company’s gross margin is expected to be around 20.5% in 2024, with a net profit margin of 9.0% [9] - The company’s total revenue is projected to grow at a rate of 9.23% in 2024 and 6.61% in 2025 [8] Business Segmentation - The wireless communication equipment segment is expected to generate revenues of 8.121 billion yuan in 2024, with a growth rate of 8.12% [8] - The other segment is projected to see revenues of 307.15 million yuan in 2024, with a growth rate of 50% [8] - The overall gross margin for the company is expected to stabilize around 20.5% in the coming years [8]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a total revenue of 3.788 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 5.6%, with a net profit attributable to the parent company of 1.125 billion yuan, up 10.0% year-on-year [5] - In Q3 2024, the company achieved a total revenue of 2.070 billion yuan, a slight increase of 0.4% year-on-year, and a net profit of 883 million yuan, up 7.7% year-on-year [5] - The performance of mid-range liquor is notable, with a revenue increase of 87.2% year-on-year, while high-end liquor revenue decreased by 2.0% [5] - The company has reduced marketing and advertising expenses, leading to an improvement in profitability, with a gross margin increase of 0.9 percentage points to 84.6% in Q3 2024 [6] - The company expects EPS for 2024-2026 to be 2.88, 3.17, and 3.46 yuan per share, respectively, and maintains a target PE ratio of 16-20 times for 2024, corresponding to a reasonable value range of 46.03-57.53 yuan [7] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 3.788 billion yuan, with a net profit of 1.125 billion yuan [5] - Q3 2024 saw a revenue of 2.070 billion yuan and a net profit of 883 million yuan [5] - The company’s gross margin improved to 84.6% in Q3 2024, reflecting effective cost control [6] Market and Product Analysis - Mid-range liquor sales increased significantly, with a revenue growth of 87.2% year-on-year, while high-end liquor sales declined [5] - The company’s domestic revenue slightly decreased by 0.3%, while international revenue surged by 112.2% [5] Profitability and Cost Management - The company has successfully reduced its marketing expenses, contributing to a net profit margin increase of 2.9 percentage points to 42.7% in Q3 2024 [6] - The sales expense ratio decreased significantly, indicating a strategic contraction in marketing efforts due to weak demand [6] Future Outlook - The company projects steady growth in EPS over the next three years, with a target PE ratio indicating a positive market outlook [7]

Investment Rating - The investment rating for Haier Smart Home is "Outperform the Market" and is maintained [2] Core Views - Haier Smart Home reported a revenue growth of 2% year-on-year and a net profit growth of 15% for the first three quarters of 2024, achieving a revenue of 202.97 billion yuan and a net profit of 15.15 billion yuan [6] - The company is expected to benefit from domestic demand driven by government subsidies in Q4 2024, while also expanding its market share in Europe and the US [7] - The earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 2.03 yuan, 2.31 yuan, and 2.60 yuan respectively, with expected growth rates of 15.0%, 13.6%, and 12.7% [7][10] Summary by Sections Financial Performance - For Q3 2024, Haier Smart Home achieved a revenue of 67.35 billion yuan, a year-on-year increase of 0.47%, and a net profit of 4.73 billion yuan, up 13.15% year-on-year [6] - The gross margin for the first three quarters of 2024 reached 30.8%, an increase of 0.1 percentage points year-on-year [6] Market Position - In Q3 2024, Haier held a market share of 44.2% in refrigerators, 47.2% in washing machines, and over 20% in the offline air conditioning market, solidifying its position as a leading brand [7] - The "Three Wings Bird" channel achieved retail sales of 8.6 billion yuan in the first three quarters of 2024, a growth of 10% year-on-year [7] Valuation and Forecast - The estimated revenue for 2024 is 275.67 billion yuan, with a projected net profit of 19.09 billion yuan [10] - The price-to-earnings (P/E) ratio for 2024 is estimated to be between 15-18 times, corresponding to a reasonable value range of 30.45 to 36.54 yuan per share [7]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a total revenue of 4.088 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.3%, with a net profit attributable to shareholders of 556 million yuan, up 33.0% year-on-year [4][5] - In Q3 2024, the company achieved a revenue of 1.618 billion yuan, a slight increase of 0.3% year-on-year, and a net profit of 252 million yuan, which is a 25.2% increase year-on-year [4][5] - The company continues to optimize its product structure and enhance brand communication, leading to growth in mid-to-high-end liquor sales [5] Summary by Sections Revenue and Profitability - The company's liquor revenue in Q3 2024 increased by 5.9% to 1.612 billion yuan, with revenues from products priced above and below 100 yuan increasing by 9.9% and 2.3% respectively [5] - The company’s net profit margin improved by 3.1 percentage points year-on-year to 15.6% in Q3 2024, with a gross margin of 66.8% [6] Cost Management - The company has maintained stable expense ratios, with sales, management, R&D, and financial expense ratios showing minimal changes [6] - The effective tax rate decreased by 4.8 percentage points year-on-year, contributing to profit improvement [6] Cash Flow and Receivables - The company reported a decrease in cash receipts from sales by 11.9% year-on-year to 1.624 billion yuan, and a net cash flow from operating activities of 419 million yuan, down 36.5% year-on-year [6] Earnings Forecast - The company is expected to have EPS of 0.92, 1.12, and 1.33 yuan per share for 2024, 2025, and 2026 respectively, with a target P/E ratio of 25-30 times for 2024, leading to a fair value range of 22.91-27.49 yuan [7]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a total revenue of 13.063 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.3%, while the net profit attributable to the parent company was 1.332 billion yuan, a decrease of 0.9% [3] - In Q3 2024, the company achieved a total revenue of 4.202 billion yuan, a year-on-year decline of 7.1%, with a net profit of 431 million yuan, down 10.1% year-on-year [3] - The weak demand has put pressure on both volume and price, with Q3 2024 beer revenue down 7.9% to 4.084 billion yuan, and beer sales and average price down 5.6% and 2.4% respectively [3] - The company’s gross margin slightly decreased by 1.4 percentage points to 49.2% in Q3 2024, with a net profit margin of 10.3%, down 0.3 percentage points year-on-year [4] - The company expects EPS for 2024-2026 to be 2.75, 2.85, and 2.93 yuan per share respectively, and maintains a target PE of 20-25 times for 2024, corresponding to a fair value range of 54.94-68.67 yuan [4] Summary by Sections Financial Performance - For the first three quarters of 2024, total revenue was 13.063 billion yuan, with a slight increase of 0.3% year-on-year, while net profit was 1.332 billion yuan, down 0.9% [3] - Q3 2024 saw a revenue of 4.202 billion yuan, a decrease of 7.1% year-on-year, and a net profit of 431 million yuan, down 10.1% [3] - The company’s gross margin for Q3 2024 was 49.2%, a decrease of 1.4 percentage points year-on-year [4] Revenue Breakdown - In Q3 2024, revenue from high-end, mainstream, and economy beers decreased by 5.8%, 7.7%, and 12.6% respectively [3] - Revenue from different regions in Q3 2024 showed declines, with the Northwest region down 10.5%, Central region down 5.2%, and Southern region down 9.3% [3] Cost and Profitability - The company’s operating expenses remained stable, with a slight fluctuation in sales, management, R&D, and financial expense ratios [4] - The net profit margin for Q3 2024 was 10.3%, reflecting a year-on-year decrease of 0.3 percentage points [4] Future Outlook - The company forecasts EPS for 2024-2026 to be 2.75, 2.85, and 2.93 yuan per share, with a maintained investment rating of "Outperform the Market" [4]

[Table_MainInfo]行业研究/机械工业 证券研究报告 行业周报 2024 年 11 月 03 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -19.29% -11.82% -4.34% 3.13% 10.60% 18.08% 2023/11 2024/2 2024/5 2024/8 机械工业 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《供需有望出现显著改善，光伏板块投资 机会值得重视》2024.11.03 《欧盟确认对中国进口纯电动车加征反 补贴税，10 月新能源车零售预计 115.0 万辆》2024.11.03 《关注三季报业绩落地》2024.10.29 分析师 [Table_AuthorInfo] :赵玥炜 Tel:(021)23185630 Email:zyw13208@haitong.com 证书:S0850520070002 分析师:赵靖博 Tel:(021)23185625 Email:zjb13572@haitong.com 证书:S0850521100001 分析师:毛冠锦 ...