畜牧养殖 唐人神（002567.SZ） 增持-B(维持) Q3 业绩环比和同比均明显改善 2024 年 11 月 1 日 公司研究/公司快报 证券研究报告 中小100 | --- | --- | |-------------------------------------------|--------------| | 市场数据： 2024 年 10 月 \n收盘价（元）： | 31 日 \n5.32 | | 年内最高/最低（元）： | 7.90/4.47 | | 流通 A 股/ 总股本（亿 | 14.32/14.33 | | 股）： | | | 流通 A 股市值（亿元）： | 76.16 | | 总市值（亿元）： | 76.24 | | 基础数据： 2024 年 9 月 30 | 日 | | 基本每股收益(元 )： | 0.18 | | 摊薄每股收益(元)： | 0.18 | | 每股净资产(元)： | 4.38 | | 净资产收益率 (%) ： | 3.39 | | 资料来源：最闻 | | 陈振志 执业登记编码：S0760522030004 邮箱：chenzhenzhi@sxzq.com 张彦博 执业登记 ...

Investment Rating - The investment rating for the company is "Buy-B" [1] Core Views - The company reported a revenue decline of 13.49% year-on-year for the first three quarters of 2024, totaling 10.809 billion yuan, with a net profit of 855 million yuan, down 21.95% year-on-year [1] - The domestic gold jewelry consumption remains sluggish, leading to an expanded revenue decline in Q3 2024, with embedded products and gold products experiencing significant revenue drops [1][4] - Despite the challenges, the company has improved its gross margin significantly in Q3 2024, attributed to a decrease in the revenue share from lower-margin franchise channels and ongoing product structure adjustments [1][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 20.6%, an increase of 2.4 percentage points year-on-year [1] - The operating cash flow for the first three quarters of 2024 was 1.315 billion yuan, a substantial increase of 1310.22% year-on-year, primarily due to a decrease in cash payments for goods and services [3] - The company’s net profit margin for Q3 2024 improved to 9.7%, up 1.7 percentage points year-on-year, despite a decline in overall sales [1][4] Revenue and Profit Forecast - The company’s revenue for 2024 is projected to be 13.89 billion yuan, reflecting a year-on-year decrease of 14.7%, with expected EPS of 0.99 yuan [6][4] - The forecast for EPS in 2025 and 2026 is 1.10 yuan and 1.21 yuan respectively, with corresponding P/E ratios of 10.2 and 9.3 [4][6] Market Position and Strategy - The company continues to invest in product research and development, enhancing its product offerings and marketing efforts to strengthen brand presence despite a challenging market environment [4] - The company opened 129 new offline stores in the first three quarters of 2024, indicating a commitment to expanding its retail footprint [1]

Company Insights - Tianmu Lake (603136.SH) reported a revenue of 4.05 billion yuan, a decrease of 14.77% year-on-year, and a net profit of 0.85 billion yuan, down 28.84% year-on-year, primarily due to extreme weather affecting business operations [11][12] - The company’s gross margin was 52.84%, down 3.32 percentage points, and the net margin was 24.88%, down 4.55 percentage points [12] - The expected opening of the Huzhou-Su Lake high-speed railway by the end of 2024 is anticipated to enhance visitor traffic, benefiting the company’s tourism business [12] Industry Insights - The carbon neutrality policy in China presents significant investment opportunities across various sectors, including key technologies like CCUS, green energy transition, and the greening of high-energy-consuming industries [4][5][6] - The renewable energy sector, particularly solar and wind power, is crucial for achieving carbon neutrality, with substantial market potential for related products and technologies [5] - The traditional high-energy industries may face constraints on new capacity due to carbon neutrality goals, but there are still investment opportunities in demand-side adjustments and policy implementations [6] Financial Performance - Financial reports from various companies indicate a mixed performance, with some experiencing revenue growth while others face declines due to market conditions and external factors [8][10][22] - For instance, Longbai Group (002601.SZ) reported a revenue of 20.88 billion yuan for the first three quarters, a 2.97% increase year-on-year, while net profit rose by 19.68% [22][23] - The overall market sentiment appears cautious, with companies like Financial Securities (601108.SH) showing a decrease in revenue but improvements in profit margins due to cost reductions [8][10]

Investment Rating - The report maintains an "Accumulate-B" rating for the company [1][3]. Core Views - The company has shown significant growth in its pig farming business, with a remarkable increase in revenue and net profit for Q3 2024, driven by cost reduction and increased sales volume [1][2]. - The average domestic pig price has risen significantly in Q3 compared to Q2, contributing to improved profitability in the pig farming sector [2]. - The company is expected to achieve substantial net profit growth over the next three years, with projected earnings per share (EPS) increasing accordingly [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 4.078 billion yuan, a year-on-year increase of 42.11%, and a net profit of 480 million yuan, up 321.20% [1]. - In Q3 2024 alone, the company reported a revenue of 1.583 billion yuan, a 36.32% increase year-on-year, and a net profit of 356 million yuan, reflecting a staggering growth of 662.97% [1]. - The company's pig sales reached 1.6637 million heads in the first three quarters, with a 49.6% year-on-year increase, generating a revenue of 3.236 billion yuan, up 63.19% [2]. Financial Projections - The company is projected to achieve net profits of 645 million yuan, 1.252 billion yuan, and 1.260 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.23, 2.39, and 2.40 yuan [3][4]. - Revenue forecasts for the upcoming years are 7.228 billion yuan for 2024, 8.825 billion yuan for 2025, and 10.297 billion yuan for 2026, indicating a strong growth trajectory [4][5]. Key Financial Ratios - The company reported a return on equity (ROE) of 10.81% for the first three quarters of 2024, an increase of 15.60 percentage points year-on-year [1]. - The projected price-to-earnings (P/E) ratios are 26 times for 2024 and 13 times for 2025, suggesting a favorable valuation outlook [3][4].

Investment Rating - The report maintains a "Buy-A" rating for the company [2][3] Core Views - The company has experienced a decline in net income from its securities trading business, with a net income of 8.33 billion yuan for the first three quarters, down 7.52% year-on-year. The third quarter alone saw a decrease of 18.70% [2] - The asset management product scale remained stable at 1239.43 billion yuan, with asset management revenue of 11.80 billion yuan, roughly unchanged from the previous year [2] - The investment banking revenue dropped significantly by 28.82% year-on-year, totaling 3.91 billion yuan for the first three quarters due to a slowdown in the primary market issuance [2] - The company is focusing on internet customer acquisition and enhancing its wealth management services for residents, aiming for a new development cycle [2] - Projected revenues for 2024-2026 are 61.00 billion yuan, 65.76 billion yuan, and 73.42 billion yuan, with net profits of 23.92 billion yuan, 26.52 billion yuan, and 30.12 billion yuan, reflecting growth rates of 6.20%, 10.86%, and 13.59% respectively [2] Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 44.41 billion yuan, a decrease of 10.36% year-on-year, and a net profit of 14.72 billion yuan, down 1.93% year-on-year [3] - The weighted average return on equity (ROE) was 4.19%, a decline of 0.29 percentage points year-on-year [3] - The third quarter net profit improved to 5.45 billion yuan, showing a year-on-year increase of 17.37% and a quarter-on-quarter increase of 15.79% [4] - The company’s management expenses significantly decreased by 17.94% year-on-year to 7.58 billion yuan in the third quarter, contributing to profit enhancement [4] - The self-operated investment business saw a revenue increase of 123.23% year-on-year in the third quarter, totaling 3.76 billion yuan, benefiting from improved market conditions [4] Financial Projections - Revenue projections for the upcoming years are as follows: 61.00 billion yuan in 2024, 65.76 billion yuan in 2025, and 73.42 billion yuan in 2026, with corresponding net profits of 23.92 billion yuan, 26.52 billion yuan, and 30.12 billion yuan [7] - The projected price-to-book (PB) ratios are 1.07 for 2024, 1.03 for 2025, and 1.01 for 2026 [7] - The expected earnings per share (EPS) are 0.52 yuan in 2024, 0.57 yuan in 2025, and 0.65 yuan in 2026 [7]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [2] Core Views - The company has experienced significant growth in its 3D business, while the education market is under short-term pressure. The domestic commercial market is facing challenges due to slow macroeconomic recovery, impacting software procurement [2][3] - The company reported a revenue of 512 million yuan for the first three quarters of 2024, a year-on-year increase of 10.11%, and a net profit of 11 million yuan, a substantial increase of 159.69% [2] - The company is expected to benefit from the trend of domestic industrial software localization and the rapid growth of overseas markets, which will contribute to steady revenue growth [3] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 204 million yuan, a year-on-year increase of 7.66%, with a net profit of 5 million yuan, a decrease of 11.83% [2] - The gross margin for Q3 2024 was reported at 96.81%, a decrease of 0.74 percentage points compared to the same period last year [2] - The company’s net profit margin improved to 1.35%, an increase of 0.26 percentage points year-on-year [2] Earnings Forecast - The company’s EPS for 2024-2026 is projected to be 0.58, 0.87, and 1.24 yuan respectively, with corresponding P/E ratios of 161.83, 107.86, and 75.50 [3][4] - The expected revenue for 2024 is 928 million yuan, with a year-on-year growth of 12.2% [3][4] Market Dynamics - The domestic education market is currently under pressure due to budget constraints, but the company is working to explore opportunities and improve its competitive position in this sector [2][3] - The overseas market is showing robust growth, with the company enhancing its sales channels and customer service capabilities, leading to a growth rate exceeding the company’s average [2][3]

Investment Rating - The report assigns an "Accumulate-A" rating to Huangshan Tourism (600054.SH) for the first time [1]. Core Views - The company's short-term performance is under pressure due to adverse weather conditions, but the opening of high-speed rail is expected to boost visitor traffic [1][3]. - The company has unique natural resources centered around Huangshan Scenic Area, which includes other top ecological resources, attracting over 10,000 visitors daily [3]. - The financial situation is solid, with ample free cash flow and smooth financing channels, supported by the state-owned platform of Huangshan City [3]. Financial Performance Summary - For Q3 2024, the company reported revenue of 5.78 billion yuan, a decrease of 3.25% year-on-year, and a net profit of 1.53 billion yuan, down 26.35% [1][2]. - Cumulative visitors to Huangshan Scenic Area reached 3.63 million in the first three quarters of 2024, an increase of 2.8% [2]. - The gross margin for the period was 53.41%, down 4.01 percentage points, while the net margin was 22.15%, down 8.72 percentage points [2]. Future Earnings Estimates - The report forecasts EPS for 2024, 2025, and 2026 to be 0.55 yuan, 0.67 yuan, and 0.75 yuan respectively, with corresponding P/E ratios of 20.8, 16.9, and 15.2 [3][5].

Investment Rating - The report maintains a "Buy-B" rating for the company Longbai Group (002601.SZ) [1] Core Views - The titanium dioxide market remains stable, with a quarter-on-quarter performance increase in Q3 2024. The company reported a revenue of 20.885 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.97%, and a net profit attributable to shareholders of 2.564 billion yuan, a year-on-year increase of 19.68% [2][3] - In Q3 2024, the company achieved a revenue of 7.081 billion yuan, a year-on-year increase of 0.85% and a quarter-on-quarter increase of 8.77%. The net profit attributable to shareholders for the same quarter was 842 million yuan, a year-on-year decrease of 4.29% but a quarter-on-quarter increase of 9.33% [3] - The gross profit margin for the first three quarters of 2024 was 26.95%, an increase of 0.51 percentage points year-on-year, while the expense ratio decreased to 11%, a year-on-year decrease of 1.07 percentage points [3] Summary by Sections Market Performance - As of October 31, 2024, the closing price was 18.84 yuan, with a year-to-date high of 23.20 yuan and a low of 15.12 yuan. The circulating A-shares are 1.989 billion, with a total market capitalization of 44.958 billion yuan [1] Financial Performance - The company’s earnings per share (EPS) for September 30, 2024, was 1.08 yuan, with a return on equity (ROE) of 9.63% [1] - The report projects net profits for 2024-2026 to be 3.308 billion, 3.836 billion, and 4.758 billion yuan respectively, with corresponding price-to-earnings (PE) ratios of 13.6, 11.7, and 9.4 times [5] Industry Insights - The titanium dioxide market is characterized by stable pricing, with the average market price in Q3 2024 at 15,407.18 yuan per ton, a decrease of 759.63 yuan per ton or 4.70% from the previous quarter. The industry supply is sufficient, with an estimated production of 1.182 million tons in Q3, relying on exports to alleviate domestic demand pressure [3] - The company’s subsidiary successfully acquired exploration rights for titanium ore resources, enhancing the company's resource reserves and core competitiveness [4]

Investment Rating - The report maintains an "Accumulate-B" rating for the company [1]. Core Views - The company reported a slight revenue growth of 16.79% year-on-year for the first three quarters of 2024, achieving a total revenue of 501 million yuan. However, the net profit attributable to shareholders decreased by 17.45% to 37.30 million yuan [1]. - The improvement in net profit for Q3 was attributed to the reversal of share-based payment expenses and receipt of significant government subsidies [1]. - The company has strengthened its marketing system and brand influence, leading to increased recognition of its AQ-300 product in clinical settings [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 501 million yuan, a year-on-year increase of 16.79% [1]. - The net profit attributable to shareholders was 37.30 million yuan, a decrease of 17.45% year-on-year, while the non-deducted net profit dropped by 55.24% to 14.81 million yuan [1]. - The basic earnings per share (EPS) for the period was 0.28 yuan, down 17.65% year-on-year [1]. - The company expects to achieve revenues of 814 million, 1.022 billion, and 1.374 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 20.0%, 25.6%, and 34.5% [2][3]. Valuation Metrics - The projected P/E ratios for the company are 101.4, 55.6, and 35.1 for 2024, 2025, and 2026 respectively [2]. - The projected EPS for the same years are 0.52, 0.95, and 1.51 yuan [2]. - The company’s gross margin is expected to be around 70.3% in 2024, improving to 72.6% by 2026 [2].

Investment Rating - The investment rating for the company is upgraded to "Accumulate-A" [1][4] Core Views - The company's revenue for the first three quarters of 2024 reached 1.129 billion yuan, a year-on-year increase of 21.72%, while the net profit attributable to shareholders was 172 million yuan, up 1.75% year-on-year [1][2] - The improvement in product structure due to the deepening application of AI has led to a significant increase in net profit margin in Q3, with a net profit margin of 20.08%, an increase of 7.38 percentage points from Q2 [3][4] - The company is focusing on high-end product areas such as AI and semiconductors, which has resulted in a structural change in product demand, particularly for micro-drills and coated drills [2][3] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 416 million yuan, a year-on-year increase of 20.74% and a quarter-on-quarter increase of 9.53% [3] - The net profit for Q3 2024 was 83.35 million yuan, a year-on-year increase of 31.49% and a quarter-on-quarter increase of 72.93% [3] - The company expects to achieve revenues of 1.618 billion, 1.957 billion, and 2.338 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 22.5%, 20.9%, and 19.5% [4][5] Valuation Metrics - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.62 yuan, 0.81 yuan, and 1.03 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 33.9X, 25.9X, and 20.4X based on the closing price of 21.00 yuan on October 31 [4][5] - The company's gross margin and net margin for Q3 2024 were 37.17% and 20.08% respectively, showing improvements from Q2 [3][4]