金融工程与基金研究 证券研究报告 回购金额超百亿元，融资余额连续6周提升 ——(2024.10.28-2024.11.3)微观流动性观察 分析师: 朱定豪 SAC执业资格证书编码: S0020521120002 邮箱：zhudinghao@gyzq.com.cn 2024年11月 联系人：黄雯瑜 邮箱：huangwenyu@gyzq.com.cn 电话：021-51097188 报告要点 市场情绪观察 1. 本期沪深300估值下降，科创50估值提升。全市场成交额、换手率较上周继续回升，仍处于较高位置。创 业板换手率有所下降。 2. 大宗交易情况显示大盘股成交较为活跃，折价率较上周收敛。 3. 大盘指数期权隐含波动率继续在历史高位，较上周小幅提升。 资金供给情况 1. 近期股票型基金新发份额超百亿，其中A500为主。近一周股票类ETF规模增加19.03亿元，中证A500ETF持 续流入超200亿元，中证1000ETF流出规模居前。黄金类指数ETF延续流入，本周规模增加16.2亿元。 2. 本周人民币兑美元中间价小幅升值，VIX指数小幅抬升。 3. 融资余额连续6周提升，本周融资净买入额小幅回落，但仍然处于高位。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Insights - The company reported strong profit growth in the first three quarters of 2024, with a revenue of 33.179 billion yuan, representing a year-on-year increase of 15.46%. The net profit attributable to shareholders reached 641 million yuan, up 84.75% year-on-year, and the net profit after deducting non-recurring items was 402 million yuan, a significant increase of 137.92% [3]. - In Q3 2024, the company achieved a revenue of 11.313 billion yuan, a year-on-year growth of 18.39%, and a net profit of 207 million yuan, up 52.30% year-on-year. The growth in profit for the quarter was primarily driven by overall business growth and timing differences in government subsidies [3]. - The company has been optimizing its cost structure, with sales and management expense ratios decreasing to 1.22% and 2.10%, respectively, down 0.31 and 0.46 percentage points year-on-year [3]. - The company's outsourcing business is experiencing steady growth, with a focus on enhancing its recruitment team and optimizing recruitment processes. Strategic global cooperation agreements have been signed with major clients like Huawei and the Adecco Group [4]. - An internal restructuring plan was approved, which includes the transfer of equity in 27 subsidiaries, aimed at improving group management efficiency [4]. Financial Summary - The company is projected to have earnings per share (EPS) of 1.5, 1.7, and 1.9 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 14, 12, and 11 times [5]. - Revenue forecasts for the next few years are as follows: 44.225 billion yuan in 2024, 50.773 billion yuan in 2025, and 58.152 billion yuan in 2026, with year-on-year growth rates of 15.43%, 14.81%, and 14.53% respectively [6][10]. - The net profit attributable to shareholders is expected to reach 857.66 million yuan in 2024, 964.93 million yuan in 2025, and 1.08365 billion yuan in 2026, with year-on-year growth rates of 56.51%, 12.51%, and 12.30% respectively [6][10]. - The company's return on equity (ROE) is projected to be 13.00% in 2024, 12.76% in 2025, and 12.53% in 2026 [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4] 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 6.29%. The net profit attributable to the parent company was 555.6 million yuan, up 33.00% year-on-year [2] - The product structure continues to optimize, with products priced above 100 yuan showing the highest growth rates [2] - The company has seen steady growth in its distribution channels, with revenue from distributors, direct sales, and online channels increasing by 12.83%, 4.02%, and decreasing by 17.54% respectively in the first three quarters of 2024 [2] - The company's main market in Hebei has shown stable growth, with revenue from various regions increasing year-on-year [2][3] Summary by Sections Financial Performance - For Q3 2024, the company achieved total revenue of 1.618 billion yuan, a slight increase of 0.26% year-on-year, with a net profit of 252 million yuan, up 25.17% year-on-year [2] - The gross profit margin for the first three quarters of 2024 was 66.21%, a decrease of 0.54 percentage points year-on-year, while the net profit margin increased by 2.73 percentage points to 13.61% [3] Product and Market Analysis - The revenue from products priced above 100 yuan reached 2.044 billion yuan, growing by 15.71% year-on-year, while products priced below 100 yuan saw revenue of 2.020 billion yuan, increasing by 8.35% [2] - The company’s distribution network in Hebei, Shandong, Anhui, Hunan, and other regions has shown varied growth rates, with Hebei growing by 9.12% year-on-year [2] Profitability Forecast - The forecast for net profit attributable to the parent company for 2024, 2025, and 2026 is 830 million yuan, 996 million yuan, and 1.176 billion yuan respectively, with year-on-year growth rates of 24.62%, 20.04%, and 18.02% [4] - The corresponding price-to-earnings ratios for these years are projected to be 23, 19, and 16 times [4]

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company achieved record high quarterly revenue and profit, driven primarily by AI demand [1] - The company is expected to benefit significantly from the ongoing digital transformation and increasing demand for computing power hardware [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 436.37 billion yuan, a year-on-year increase of 32.71%, and a net profit attributable to shareholders of 15.14 billion yuan, up 12.28% year-on-year [1] - In Q3 2024, the company achieved revenue of 170.28 billion yuan, a year-on-year increase of 39.53% and a quarter-on-quarter increase of 15.52% [1] - The net profit for Q3 2024 was 6.40 billion yuan, reflecting a year-on-year growth of 1.24% and a quarter-on-quarter growth of 40.57% [1] Revenue Drivers - The growth in revenue is attributed to the rapid increase in demand for AI servers and high-speed switches, with AI server revenue growing by 228% year-on-year [1] - The cloud computing business benefited from the expanding demand for AI hardware, with a 71% year-on-year revenue increase [1] - The communication and mobile network equipment business also saw significant growth, with data center 400/800G high-speed switches achieving a revenue increase of 128% year-on-year in Q3 2024 [1] Profitability - The overall gross margin showed a slight recovery in Q3 2024, increasing by 0.96 percentage points to 6.97% [1] - The company maintained a low expense ratio of approximately 2.66% for the first three quarters of 2024, down 0.58 percentage points year-on-year [1] Future Outlook - The company is projected to achieve revenues of 555.93 billion yuan, 629.15 billion yuan, and 707.88 billion yuan for the years 2024, 2025, and 2026, respectively [2] - The net profit attributable to shareholders is expected to reach 23.78 billion yuan, 27.73 billion yuan, and 31.32 billion yuan for the same years [2] - Corresponding PE ratios are forecasted to be 20, 17, and 15 times for the years 2024, 2025, and 2026, respectively [2]

Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Views - The company is experiencing pressure on its third-quarter performance due to brand adjustments and preemptive promotional spending, leading to a decline in profits. However, gross margins continue to improve [2]. - For the first three quarters of 2024, the company achieved a revenue of 3.045 billion yuan, a year-on-year decrease of 9.84%, and a net profit attributable to the parent company of 94 million yuan, down 47.6% year-on-year [2]. - The company is focusing on high-end and global strategies, with significant growth in its self-owned brands, particularly in the high-end segment [3]. Financial Performance Summary - The company reported a revenue of 7.52 billion yuan in Q3 2024, a year-on-year decline of 30.87%, with a net profit attributable to the parent company of -11 million yuan [2]. - The gross margin for Q3 was 67.99%, an increase of 7.67 percentage points year-on-year, while the net margin was -1.49% [2]. - The sales expense ratio for Q3 was 57.45%, up 8.17 percentage points year-on-year, primarily due to preemptive spending for promotional activities [2]. - The company expects to achieve net profits of 200 million, 295 million, and 356 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.51, 0.76, and 0.91 yuan [4]. Strategic Developments - The company continues to implement a dual business strategy of self-owned and CP brands, with notable growth in high-end products [3]. - The company has acquired a high-end skincare brand in the U.S. and gained complete ownership of a French brand, enhancing its product structure and market positioning [3]. - The company is currently in an adjustment phase for its brands, with a focus on optimizing its product mix and enhancing profitability through successful overseas brand operations [3].

Investment Rating - The report maintains a "Buy" rating for the company [4][9]. Core Views - The company reported a significant increase in profits for Q3 2024, primarily driven by investment income from its indirect stake in a media company that successfully listed on the Growth Enterprise Market, resulting in an investment gain of 141 million yuan [2]. - The company’s revenue for the first three quarters of 2024 was 2.169 billion yuan, a year-on-year decrease of 5.20%, while the net profit attributable to shareholders was 475 million yuan, down 31.38% year-on-year [2]. - The digital culture segment is focusing on premium operations, with the launch of offline centers for its flagship product, indicating a strategy to integrate online and offline markets [3]. - The company has made strategic partnerships in the digital technology sector, enhancing its service capabilities and expanding its business scope [3]. - The completion of the equity restructuring of the Zhejiang Big Data Trading Center, in which the company holds a 50.2% stake, is expected to contribute positively to the company's performance in the future [3]. Financial Summary - For 2024-2026, the company is projected to achieve net profits of 528 million, 629 million, and 725 million yuan, respectively, with corresponding earnings per share (EPS) of 0.42, 0.50, and 0.57 yuan per share [4]. - The company’s price-to-earnings (P/E) ratios are forecasted to be 25, 21, and 18 times for the years 2024, 2025, and 2026, respectively [4]. - The company’s total revenue is expected to grow from 3.188 billion yuan in 2024 to 3.702 billion yuan in 2026, reflecting a gradual recovery [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [3][10]. Core Views - The company has shown significant growth in revenue and net profit, with a year-on-year revenue increase of 29.54% and a net profit increase of 113.51% for the first three quarters of 2024 [1]. - The company's gross margin has improved, reaching 46.45% in the first three quarters of 2024, up by 10.67 percentage points year-on-year [1]. - The semiconductor materials segment is expected to benefit from the industry's recovery, with projected revenues of 33.41 billion, 40.96 billion, and 46.16 billion yuan for 2024, 2025, and 2026 respectively [2]. Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 9.07 billion yuan, a quarter-on-quarter increase of 11.85% and a year-on-year increase of 27.17% [1]. - The net profit for Q3 2024 was 1.58 billion yuan, reflecting a quarter-on-quarter increase of 16.30% and a year-on-year increase of 97.15% [1]. - The company’s revenue for the first three quarters of 2024 reached 24.26 billion yuan, with a gross margin of 46.45% [1][2]. Product Segments - The CMP consumables segment saw a revenue of 2.25 billion yuan in Q3 2024, with a remarkable year-on-year growth of 90% [1]. - Semiconductor display materials generated 1.15 billion yuan in revenue for Q3 2024, marking a year-on-year increase of 110% [1]. - The company is actively developing advanced packaging materials and high-end wafer photoresists, with positive customer feedback and progress in new product testing [1]. Future Projections - The company is expected to see continued revenue growth, with projected net profits of 5.14 billion, 7.30 billion, and 9.00 billion yuan for 2024, 2025, and 2026 respectively [2]. - The projected PE ratios for the next three years are 50, 35, and 28 times, indicating a favorable valuation outlook [2].

Investment Rating - The report assigns a rating of "Accumulate" to the company, reflecting a downward adjustment due to recent stock price increases [5]. Core Insights - The company has demonstrated resilient performance with revenue growth of 14.83% year-on-year, reaching 6.743 billion yuan in the first three quarters of 2024, and a net profit increase of 25.21% to 738 million yuan [1]. - The company has successfully navigated industry headwinds, achieving a quarterly revenue of 2.42 billion yuan in Q3 2024, a 10.73% increase year-on-year, and a net profit of 265 million yuan, up 20.01% [1]. - The gross margin for Q3 2024 was reported at 23.96%, with a net profit margin of 11.41%, both significantly higher than industry averages [1]. - The company is expanding its product lines in new energy vehicles and smart actuators, with revenue growth rates of 40.31% and 82.17% respectively in H1 2024 [1]. - The construction of the Hungary base is progressing, enhancing the company's international business and positioning it favorably in the European market [1]. Financial Performance Summary - For 2024E, the company is projected to achieve a net profit of 1.032 billion yuan, with earnings per share (EPS) expected to be 1.22 yuan, corresponding to a price-to-earnings (P/E) ratio of 22.51 [2][7]. - Revenue forecasts for 2024E, 2025E, and 2026E are 8.074 billion yuan, 9.415 billion yuan, and 11.284 billion yuan respectively, with year-on-year growth rates of 18.08%, 16.61%, and 19.85% [2][7]. - The company's return on equity (ROE) is projected to improve from 10.25% in 2023 to 11.14% in 2024E [2][7].

Investment Rating - The report maintains a "Buy" rating for the company [3][10]. Core Insights - The company reported a revenue of 2.571 billion yuan for Q1-Q3 2024, representing a year-over-year increase of 68.56%, with a net profit of 978 million yuan, up 318.42% year-over-year [1]. - In Q3 2024, the company achieved a revenue of 906 million yuan, a year-over-year increase of 51.60%, and a net profit of 385 million yuan, reflecting a year-over-year growth of 153.40% [1]. - The company's DDR5 memory interface chip sales exceeded 50% of its total sales, contributing to a record high revenue of 849 million yuan for interconnect chips in Q3, a 46.02% increase year-over-year [1]. - The company is actively investing in the development of the fifth-generation RCD chip to maintain its technological leadership [1]. - The AI "capacity" chip has started mass shipments, providing a new growth point for the company's performance [1]. - The company forecasts revenues of 3.703 billion yuan and 5.598 billion yuan for 2024 and 2025, respectively, with net profits of 1.325 billion yuan and 2.022 billion yuan [2][9]. Financial Summary - The company's gross margin and net margin for Q3 2024 were 58.74% and 42.30%, respectively [1]. - The earnings per share (EPS) are projected to be 1.16 yuan for 2024 and 1.77 yuan for 2025, with corresponding price-to-earnings (P/E) ratios of 59 and 39 [2][9]. - The total market capitalization of the company is approximately 78.161 billion yuan [3].

Investment Rating - Buy | Maintain [2] Core Views - The company's Q3 2024 revenue continued to grow significantly, reaching RMB 1.843 billion (yoy +19.75%, qoq +8.34%), driven by the rapid expansion of emerging businesses such as air suspension and sensors, while maintaining its core businesses like TPMS, valve stems, and automotive metal pipes [2] - Despite the revenue growth, profitability was under short-term pressure, with Q3 2024 gross margin at 24.60% (yoy -3.55pcts, qoq -0.48pcts) and net margin at 5.78% (yoy -3.93pcts, qoq +0.54pcts). The decline in profitability was attributed to higher equity incentive expenses and lower investment income compared to the same period last year [2] - The company has secured multiple air suspension projects, including 23 air spring damper assembly projects, 5 suspension controller projects, and 48 air tank projects, indicating strong growth potential in this segment [3] - The company plans to raise up to RMB 1.39 billion to expand its air suspension system manufacturing capacity, which is expected to further accelerate the growth of its air suspension business [3] Financial Performance Summary - Q3 2024 revenue: RMB 1.843 billion (yoy +19.75%, qoq +8.34%) [2] - Q3 2024 net profit attributable to shareholders: RMB 100 million (yoy -35.21%, qoq +24.87%) [2] - Q1-Q3 2024 revenue: RMB 5.026 billion (yoy +20.96%) [2] - Q1-Q3 2024 net profit attributable to shareholders: RMB 249 million (yoy -26.62%) [2] Future Projections - Expected revenue for 2024-2026: RMB 7.145 billion, RMB 8.636 billion, and RMB 10.635 billion, respectively [4] - Expected net profit attributable to shareholders for 2024-2026: RMB 397 million, RMB 512 million, and RMB 676 million, respectively [4] - Expected EPS for 2024-2026: RMB 1.87, RMB 2.41, and RMB 3.19, respectively [4] - Expected PE ratios for 2024-2026: 21.32x, 16.54x, and 12.52x, respectively [4] Business Highlights - The company has secured 10 OEMs for 23 air spring damper assembly projects, 2 OEMs for 5 suspension controller projects, and 17 OEMs and Tier 1 suppliers for 48 air tank projects, indicating strong market demand for its air suspension products [3] - The company's air suspension business is expected to benefit from the rapid penetration of air suspension systems in new energy vehicles, with capacity expansion plans in place to meet growing demand [3] Financial Ratios and Metrics - Q3 2024 sales/management/R&D/financial expense ratios: 3.09%/5.91%/7.92%/0.87% (yoy +1.01/-0.32/+0.45/-1.02pcts, qoq -0.61/-0.61/-0.31/-0.25pcts) [2] - Expected gross margin for 2024-2026: 26.09%, 26.29%, and 26.24%, respectively [10] - Expected net margin for 2024-2026: 5.56%, 5.93%, and 6.36%, respectively [10] - Expected ROE for 2024-2026: 12.22%, 12.91%, and 13.95%, respectively [10]