Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance relative to the benchmark index [3][10]. Core Views - The company's short-term performance remains under pressure, but there are signs of improvement in its gaming business. The third quarter of 2024 saw a revenue of 1.313 billion yuan, a year-on-year decline of 24.36%, but the gaming business's operational performance is showing signs of recovery [2]. - The company is focusing on the launch of new products, particularly the game "Zhu Xian World," which is set to officially launch on December 19, 2024. This new release is expected to boost the company's performance [2]. - The company is actively exploring the application of AI technology in game development and operations to enhance efficiency and player experience [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 4.073 billion yuan, a year-on-year decline of 34.26%, and a net loss attributable to shareholders of 389 million yuan, a year-on-year decline of 163.25% [2]. - The third quarter alone saw a revenue of 1.313 billion yuan, with a net profit attributable to shareholders of 212 million yuan, down 190.27% year-on-year [2]. - The company’s gaming business reported a net loss of approximately 94.67 million yuan in Q3, primarily due to losses from invested enterprises [2]. Product Development and Strategy - The company is advancing the development and testing of new games, including "Zhu Xian World" and "Yihuan," with positive feedback from players during testing phases [2]. - The company plans to continue its focus on quality over quantity in its film and television business, aiming for innovative integration in the "film+" sector [2]. Profit Forecast - The profit forecast for the company from 2024 to 2026 is as follows: net profit attributable to shareholders is projected to be -458 million yuan in 2024, 537 million yuan in 2025, and 713 million yuan in 2026. The corresponding EPS is expected to be -0.24 yuan, 0.28 yuan, and 0.37 yuan respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company Giant Network (002558) [3][10]. Core Views - The company reported a quarter-on-quarter revenue growth of 8.28% in Q3 2024, although there was a year-on-year revenue decline of 2.15% [3]. - The net profit attributable to shareholders decreased by 1.29% year-on-year, with a net profit of 1.071 billion yuan in Q3, reflecting a 16.18% decline year-on-year [3]. - The company has increased its sales expenses, with a sales expense ratio of 35.24% in Q3, up 7.49 percentage points year-on-year [3]. - The performance of the mini-program game "King's Journey" has been strong, ranking 9th to 14th in sales from July to October [4]. - The company showcased its AI capabilities at the 2024 Yunqi Conference, introducing new AI models that enhance its gaming business [4]. Financial Summary - For Q3 2024, the company achieved a revenue of 7.91 billion yuan, down 3.94% year-on-year but up 8.28% quarter-on-quarter [3]. - The projected earnings per share (EPS) for 2024-2026 are 0.71, 0.81, and 0.91 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 17, 15, and 14 times [4]. - The company's total revenue for 2024 is estimated at 3.011 billion yuan, with a year-on-year growth of 2.98% [5]. - The net profit for 2024 is projected to be 1.409 billion yuan, reflecting a year-on-year increase of 29.73% [5]. Market Position and Strategy - The company is focusing on the "Journey" IP sector, maintaining a strong position in casual competitive products while leveraging AI for business empowerment [4]. - The company has successfully launched both mini-program and app versions of its games, which are expected to support future revenue performance [4].

Market Information - In October, the Caixin China Services PMI reached 52, the highest in three months, up from 50.3; the Caixin China Composite PMI rebounded by 1.6 percentage points to 51.9, a new high since July [10] - The Ministry of Commerce reported that in the first three quarters, China's service trade continued to grow rapidly, with total service trade imports and exports amounting to 55,181.4 billion yuan, a year-on-year increase of 14.5% [10] - The logistics industry prosperity index for October was 52.6%, indicating continued improvement in the logistics sector amid growing demand [10] Overall Market Performance - On November 5, 2024, the three major indices collectively rose, with the ChiNext Index increasing by nearly 5%. The Shanghai Composite Index rose by 2.32%, the Shenzhen Component Index by 3.22%, and the ChiNext Index by 4.75%. The market turnover was 23,030.48 billion yuan, an increase of 6,095.41 billion yuan from the previous trading day [2][13] Market Style and Industry Performance - All 30 CITIC first-level industries rose, with the top performers being defense and military (6.65%), computer (5.75%), and non-bank financials (4.98%). The laggards included banking (0.76%), home appliances (0.76%), and electric power and public utilities (0.95%) [2][16] - In terms of market style, growth stocks outperformed, with small-cap growth leading large-cap growth, followed by mid-cap growth. Fund-heavy stocks performed better than the CSI All Share Index [2][16] Fund Flow Performance - On November 5, the net inflow of main funds was 18.463 billion yuan, with super large orders seeing a net inflow of 26.834 billion yuan, while large orders experienced a net outflow of 8.371 billion yuan [3][19] - Southbound funds had a net inflow of 9.425 billion Hong Kong dollars, with the Shanghai-Hong Kong Stock Connect seeing a net inflow of 4.654 billion Hong Kong dollars and the Shenzhen-Hong Kong Stock Connect a net inflow of 4.771 billion Hong Kong dollars [3][19] ETF Fund Flow Performance - On November 5, the trading volume of ETFs such as the Huaxia Shanghai 50 ETF and the Huatai-PB CSI 300 ETF increased significantly, with respective trading volumes of 4.356 billion yuan and 11.308 billion yuan, reflecting increases of 2.392 billion yuan and 6.311 billion yuan from the previous trading day [4][22] - The main inflow of funds was directed towards the CSI 300 ETF, with an inflow amounting to 828 million yuan [4][23] Global Market Performance - On November 5, major Asia-Pacific indices closed mixed, with the Hang Seng Index rising by 2.14% to 21,006.97 points, while the Nikkei 225 Index fell by 2.63% to 38,053.67 points [5][26] - On November 4, European indices showed mixed results, with the DAX Index down by 0.56% and the FTSE 100 Index up by 0.09% [5][26]

Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Insights - The company reported a slight increase in total profit, while facing revenue pressure, with a total revenue of 8.338 billion yuan for the first three quarters of 2024, down 14.74% year-on-year. The net profit attributable to the parent company was 812 million yuan, a decrease of 17.45% year-on-year. The fluctuation in profit was mainly due to the expiration of tax incentives, but overall profit for the first three quarters increased by 2.25% year-on-year [3]. - The business structure is continuously adjusting, with stable textbook business but a decline in general book business and other segments. The textbook business generated 1.606 billion yuan in revenue, down 1.52% year-on-year, while the general book and audio-visual products business generated 3.577 billion yuan, down 7.35% year-on-year. Other segments saw a significant decline of 26.43% in revenue [3]. - The company is actively promoting digital transformation and upgrading its business model, achieving 370 million yuan in online sales, a year-on-year increase of 34.5%. The "Wanmei Education Platform" saw a significant increase in payments, totaling 730 million yuan, up 120% year-on-year [3]. Financial Summary - For the fiscal year 2024, the company is projected to achieve a net profit of 817.29 million yuan, with earnings per share (EPS) of 0.41 yuan, corresponding to a price-to-earnings (P/E) ratio of 18 times. The projections for 2025 and 2026 are net profits of 900.99 million yuan (EPS of 0.45) and 1.00522 billion yuan (EPS of 0.51), with P/E ratios of 17 and 15 respectively [4][8]. - The company's revenue for 2024 is expected to be 9.938 billion yuan, reflecting a year-on-year decline of 11.61%. The revenue is projected to recover slightly in 2025 and 2026, with expected revenues of 10.344 billion yuan and 10.782 billion yuan respectively [5][10].

Investment Rating - The report maintains a "Buy" rating for the company, considering its growth potential and industry dynamics [6][21]. Core Insights - The company has successfully turned a profit in the third quarter of 2024, achieving a revenue of 709 million yuan, a year-on-year increase of 10.21%, and a net profit of 36 million yuan [3]. - The company is focusing on quality improvement and efficiency enhancement strategies, with significant growth in new business areas such as cloud computing and cloud security [4][6]. - The company’s revenue for the first three quarters of 2024 was 1.582 billion yuan, a decrease of 3.98% year-on-year, while the net profit attributable to shareholders was -169 million yuan, an increase of 31.83% year-on-year [3]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 709 million yuan, with a net profit of 36 million yuan, marking a turnaround from previous losses [3]. - For the first three quarters of 2024, the company generated a revenue of 1.582 billion yuan, down 3.98% year-on-year, and a net profit of -169 million yuan, up 31.83% year-on-year [3]. Business Growth - The company has seen significant growth in key sectors, with the healthcare sector experiencing nearly 60% growth in orders, and the cloud security revenue increasing by 126.40% year-on-year [4]. - The company’s new business initiatives are yielding results, with cloud computing revenue growing by 9.98% and cloud security revenue growing by 126.40% in the first three quarters of 2024 [4]. Cost Management - The company has effectively controlled costs, with total expenses decreasing by 5.26% year-on-year, including an 8.05% reduction in R&D expenses [5]. - The revenue structure is improving, with cloud computing and cloud security products and services generating 188 million yuan, a year-on-year increase of 11.58% [5]. Earnings Forecast - The company is projected to achieve revenues of 3.375 billion yuan, 3.807 billion yuan, and 4.265 billion yuan for the years 2024, 2025, and 2026, respectively, with net profits of 204 million yuan, 306 million yuan, and 377 million yuan [6][10].

Investment Rating - The report gives a "Recommended" rating for the telecommunications and electronics industry due to the sustained high prosperity of the sector, driven by AI, 5.5G, and satellite communications [2]. Core Insights - The overall market performance for the week (October 28 - November 3, 2024) saw a decline in major indices, with the Shanghai Composite Index down 0.84%, the Shenzhen Component down 1.55%, and the ChiNext Index down 5.14%. The telecommunications sector specifically experienced a decline of 3.28% [2][8]. - In the telecommunications sub-sectors, the communication terminal and accessories had the lowest decline at 0.91%, while communication engineering and services faced the highest decline at 5.82% [9][10]. - Notable stock performances included Huichang Communication with a rise of 39.14%, followed by Haida with 31.78%, and ST Tongmai with 27.61% [11]. Summary by Sections Market Overview - The telecommunications sector index declined by 3.28% during the week [8]. - The sub-sector performance showed that communication terminals and accessories had the least decline, while communication engineering and services had the most significant drop [9][10]. Company News - North American cloud providers reported a total capital expenditure of $55.023 billion in Q3 2024, marking a 49% year-on-year increase and a 13% quarter-on-quarter increase. All major providers indicated continued growth in capital expenditures for 2025 [2]. - Google, Microsoft, Mota, and Amazon all reported significant increases in capital expenditures, with Amazon showing an 81% year-on-year increase in Q3 2024 [2]. Investment Focus - The report suggests focusing on the computing power industry chain and satellite internet, recommending specific stocks such as Zhongji Xuchuang, Xinyi Sheng, and Shenchao Technology in the computing sector, and Netcom Communication and Fujida in the satellite communication sector [4].

公司研究|可选消费|耐用消费品与服装 证券研究报告 周大生(002867)公司点评报告 2024年11月06日 三季度业绩承压,电商及自营稳健增长加盟下滑 增持|下调 -周大生(002867)2024 三季报点评 事件: 公司发布 2024 年三季报。 点评: ● 三季度经营承压,利润下滑 28.70% 前三季度公司实现营业收入 108.09 亿元,同比下滑 13.49%,实现归母净 利润 8.55 亿元同比下滑 21.95%，实现销售毛利率 20.58%，较去年同期下 降 2.36 个百分点,归母净利润率 7.91%,同比下降 0.86 个百分点。单三季 度公司实现营业收入 26.12 亿元，同比下滑 40.91%，归母净利润 2.53 亿 元,同比下滑 28.70%, 销售毛利率 27.48%,同比提升 9.70 个百分点,归 母净利润率 9.70%，同比提升 1.66 个百分点。 ● 金价高位上涨影响行业,公司电商及自营保持稳健增长 按业务渠道划分:(1)自营线下业务实现营业收入 13.54 亿元,较上年同期 增长 9.77%;(2) 电商业务实现营业收入 16.53 亿元,同比增长 5.94%, (3 ...

Investment Rating - The report maintains a positive investment outlook for the low-altitude economy and humanoid robots sectors, suggesting specific companies to focus on for investment opportunities [4][9]. Core Insights - The low-altitude economy is experiencing robust policy support, with various regions setting ambitious development targets, such as Inner Mongolia's plan to build 500 drone automatic airports by the end of 2027 and the establishment of a low-altitude economic industry cluster in Qingyuan with a projected output value exceeding 10 billion yuan by 2030 [3][21]. - The humanoid robot industry is accelerating, with significant support from government initiatives like Chongqing's "Robot+" application action plan for 2024-2027, and advancements in product maturity demonstrated by Boston Dynamics' Atlas robot [3][27]. Summary by Sections Weekly Market Review - From October 27 to November 1, 2024, the Shanghai Composite Index fell by 0.84%, while the ShenZhen Component Index and the ChiNext Index dropped by 1.55% and 5.14%, respectively. The Shenwan Machinery Equipment Index decreased by 0.05%, outperforming the CSI 300 by 1.6 percentage points, ranking 15th among 31 industry indices [12][14]. Key Sector Tracking - The low-altitude economy is supported by multiple policies, with notable developments in various cities, including Nanjing's low-altitude flight service guarantee measures and Inner Mongolia's logistics development plan [3][20][21]. - The humanoid robot sector is witnessing increased support and technological advancements, with the release of national standards for humanoid robots and significant product developments [3][24][27]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and Huasheng Group for infrastructure, and EHang Intelligent and Zongheng Co. for complete machines [4]. - In the humanoid robot sector, key components manufacturers such as Wuzhou Xinchun and Jiangsu Leili are highlighted, along with strong front-end processing companies [4].

Investment Rating - Buy | Maintain [1] Core Views - Bright Dairy's Q3 2024 revenue was RMB 56.99 billion, a year-on-year decrease of 12.66%, with a net profit attributable to the parent company of -RMB 1.64 billion, compared to -RMB 0.15 billion in the same period last year [1] - The company's gross profit margin for Q3 2024 was 18.06%, an increase of 2.54 percentage points year-on-year, mainly due to the decline in milk prices [2] - The net profit margin attributable to the parent company for Q3 2024 was -2.88%, a decrease of 2.64 percentage points year-on-year, mainly affected by rigid expenses and increased impairment losses [2] Financial Performance - Total revenue for the first three quarters of 2024 was RMB 184.13 billion, a year-on-year decrease of 10.89%, with a net profit attributable to the parent company of RMB 1.16 billion, a year-on-year decrease of 63.94% [1] - Liquid milk revenue for the first three quarters of 2024 was RMB 110.97 billion, a year-on-year decrease of 9.22%, while other dairy products revenue was RMB 56.14 billion, a year-on-year decrease of 1.03% [2] - Revenue from overseas regions in Q3 2024 increased by 4.08% year-on-year, reaching RMB 52.73 billion [2] Profitability and Expenses - The gross profit margin for the first three quarters of 2024 was 19.28%, an increase of 0.61 percentage points year-on-year [2] - The sales and management expense ratios for Q3 2024 increased by 1.48 and 1.14 percentage points year-on-year, reaching 14.46% and 4.08%, respectively [2] - The impairment loss ratio for Q3 2024 increased by 4.91 percentage points year-on-year to 5.06%, mainly due to asset impairment and operating losses of the overseas subsidiary New Zealand Synlait [2] Future Projections - The company's net profit attributable to the parent company is expected to be RMB 270 million, RMB 499 million, and RMB 543 million for 2024, 2025, and 2026, respectively, with growth rates of 72.05%, 84.69%, and 8.80% [3] - The PE ratios for 2024, 2025, and 2026 are projected to be 44, 24, and 22 times, respectively, based on the market value of RMB 11.8 billion as of November 4 [3] Regional and Channel Performance - Revenue from Shanghai, other domestic regions, and overseas regions for the first three quarters of 2024 was RMB 54.16 billion, RMB 76.68 billion, and RMB 52.73 billion, respectively, with year-on-year changes of -6.92%, -20.03%, and +3.01% [2] - Direct sales revenue for the first three quarters of 2024 was RMB 39.71 billion, a year-on-year decrease of 18.17%, while distributor revenue was RMB 142.88 billion, a year-on-year decrease of 8.32% [2] - The number of distributors in Shanghai and other domestic regions increased by 58 and 138, respectively, in Q3 2024 [2]

Investment Rating - The report maintains a "Buy" rating for the company [5][7] Core Views - The company's revenue and net profit declined in the first three quarters of 2024 due to inventory reduction by its core customer Stryker However the impact is gradually weakening and order volumes are expected to recover [2][3] - The company's third-quarter performance showed a narrowing decline with Q3 revenue of 98 million yuan down 9 39% YoY and net profit of 27 million yuan down 7 00% YoY [3] - The company's overseas factory construction is progressing smoothly with the Thailand factory expected to apply for capacity expansion by the end of the year Domestic promotion of self-branded equipment is also poised for full commercialization in 2025 [4] - The company's gross margin remained stable at 65 74% in Q1-3 2024 while net margin slightly decreased to 30 26% [3] Financial Performance - For Q1-3 2024 the company achieved revenue of 319 million yuan down 15 30% YoY and net profit of 97 million yuan down 17 60% YoY [2] - The company's EPS for Q1-3 2024 was 0 81 yuan [2] - The company's operating efficiency remained stable with a gross margin of 65 74% (+1 64pct) and a net margin of 30 26% (-0 52pct) in Q1-3 2024 [3] - The company's sales expense ratio increased to 4 91% (+1 43pct) while R&D expense ratio rose to 14 80% (+0 39pct) [3] Future Projections - The company is expected to achieve revenue of 442 million yuan 545 million yuan and 676 million yuan in 2024 2025 and 2026 respectively [5] - Net profit is projected to be 138 million yuan 195 million yuan and 245 million yuan for 2024 2025 and 2026 respectively [5] - EPS is forecasted to be 1 14 yuan/share 1 64 yuan/share and 2 08 yuan/share for 2024 2025 and 2026 respectively [5] - The company's PE ratio is expected to be 34x 23x and 18x for 2024 2025 and 2026 respectively [5] Operational Highlights - The company has completed the construction of a light source module production line at its Thailand factory which will help reduce tariff impacts [4] - The domestic distribution system for self-branded equipment has been established with full commercialization expected to begin in 2025 [4] - The company's self-branded equipment sales are expected to significantly improve profitability due to higher gross margins [4]