Investment Rating - The investment rating for the company is "Buy" and is maintained [2]. Core Views - The company achieved a revenue of 13.05 billion yuan in the first three quarters, representing a year-on-year increase of 37.9%. The net profit attributable to shareholders reached 1.49 billion yuan, up 63.9% year-on-year, with a non-recurring net profit of 1.38 billion yuan, increasing by 86.7% year-on-year. In Q3 2024, the company reported a revenue of 4.73 billion yuan, a 38.0% year-on-year increase, and a net profit of 501 million yuan, up 15.3% year-on-year [2][3]. - The demand for AI and automotive electronics is driving improvements in the PCB business, with Q3 operating rates remaining high. In the communications sector, the demand for high-speed switches and optical modules is increasing due to AI needs, benefiting from the rise in single-machine value and high-speed PCB demand. The data center sector is seeing a recovery in server demand, supported by the growth of AI accelerator cards and ESG platform products. In the automotive sector, the focus is on new energy and ADAS, with steady growth in product demand as customer projects are released [2][3]. Financial Performance - The gross profit margin for Q1-Q3 2024 was 25.9%, an increase of 2.79 percentage points year-on-year, while the Q3 gross profit margin was 25.4%, up 1.96 percentage points year-on-year but down 1.72 percentage points quarter-on-quarter [2]. - The company's BT products are aligning with the recovery trend in the storage market, leading to an increase in orders for storage-related products. The processor chip products have achieved breakthroughs in large-size manufacturing capabilities, supporting the introduction of new customers and products. The ABF substrate business is expected to have significant growth potential, with the company achieving mass production capabilities for 16-layer and below FC-BGA packaging substrates [3]. Investment Recommendations and Profit Forecast - The target price for the company is set at 104.99 yuan with a target period of 6 months. The current price is expected to outperform the benchmark index by more than 15% [2][3]. - Revenue forecasts for 2024 and 2025 are 18.64 billion yuan and 21.73 billion yuan, respectively, with growth rates of 38% and 17% [6]. The net profit attributable to shareholders is projected to be 2.14 billion yuan in 2024 and 2.44 billion yuan in 2025, with growth rates of 53% and 14% [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][9] Core Views - The company reported total revenue of 4.229 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 7.81%, while the net profit attributable to the parent company was 1.229 billion yuan, a decrease of 4.69% year-on-year [2] - In Q3 2024, the company achieved total revenue of 1.287 billion yuan, a decline of 18.79% year-on-year, and a net profit of 199 million yuan, down 47.26% year-on-year [2][3] - The company is expanding its dealer network, with the number of dealers increasing to 2,512 by the end of Q3, a net increase of 387 from the previous quarter [3] Revenue and Profitability - For the first three quarters of 2024, the revenue from the distribution channel decreased by 9.79% to 3.965 billion yuan, while the direct sales channel saw an increase of 26.72% to 239 million yuan [3] - The gross profit margin for the first three quarters of 2024 was 46.53%, an increase of 1.22 percentage points year-on-year, while the net profit margin was 29.07%, up 0.96 percentage points year-on-year [3] - In Q3 2024, the gross profit margin was 45.49%, a slight decrease of 0.16 percentage points year-on-year, and the net profit margin was 15.49%, down 8.36 percentage points year-on-year [3] Financial Forecast - The company is expected to achieve net profits of 1.383 billion yuan, 1.509 billion yuan, and 1.702 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 5.74%, 9.06%, and 12.79% [2][3] - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 19, 18, and 16 times, respectively, based on the market capitalization of 26.7 billion yuan as of October 28 [2]

Investment Rating - The report maintains an "Accumulate" rating for Tianyoude Liquor (002646) [4] Core Views - The company reported a total revenue of 987 million yuan for the first three quarters of 2024, reflecting a year-on-year increase of 4.89%, while the net profit attributable to the parent company was 57 million yuan, down 45.80% [2] - The decline in profit margins is attributed to increased marketing expenses related to the company's marketing transformation and the recognition of restricted stock expenses [3] - The company is focusing on enhancing sales of products priced above 100 yuan per 500ml, with significant sales growth in the 100-200 yuan segment [3] Financial Performance Summary - For Q3 2024, the company achieved total revenue of 228 million yuan, a decrease of 18.76%, and a net profit of 22 million yuan, down 334.41% [2] - The gross profit margin for the first three quarters was 59.36%, a decrease of 4.35 percentage points year-on-year, while the net profit margin was 5.82%, down 5.45 percentage points [3] - The company expects net profits for 2024, 2025, and 2026 to be 51 million, 77 million, and 100 million yuan respectively, with corresponding P/E ratios of 100, 67, and 51 times [4]

Investment Rating - Buy rating maintained for the company [1][4] Core Views - The company's performance shows significant year-on-year and quarter-on-quarter growth, driven by AI-related demand expansion [2][3] - AI-driven demand for computing power hardware is boosting the company's revenue and profitability, with high-speed products contributing significantly [3] - The company's cost control and high-speed product offerings have led to a gross margin increase of 14.14 pcts YoY to 42.34% in the first three quarters of 2024 [3] - OpenAI's new model, o1-preview, has further boosted market confidence in AI capabilities, accelerating the demand for high-speed, low-power, and low-cost optical modules [3] - The company has a strong product portfolio, including 400G, 800G, and 1.6T high-speed optical modules, with LPO solutions offering advantages in power consumption and cost [3] Financial Performance - In Q3 2024, the company achieved revenue of 2.403 billion yuan, up 207.12% YoY and 48.79% QoQ, with net profit of 781 million yuan, up 453.07% YoY and 44.46% QoQ [2] - For the first three quarters of 2024, the company's revenue reached 5.130 billion yuan, up 145.82% YoY, with net profit of 1.646 billion yuan, up 283.20% YoY [2] - The company's gross margin for Q3 2024 was 41.53%, up 15.37 pcts YoY, while expense ratios continued to decline [3] - Revenue and net profit are expected to grow significantly from 2024 to 2026, with revenue projected at 6.909 billion, 12.064 billion, and 16.731 billion yuan, and net profit at 2.220 billion, 3.635 billion, and 5.059 billion yuan, respectively [4] Industry Trends - The demand for high-speed optical modules is accelerating due to the increasing need for AI computing power and faster data transmission [3] - The trend towards lower power consumption and cost in optical modules is becoming more prominent as the number of interconnected GPUs in clusters grows [3] Product Portfolio - The company offers a wide range of high-speed optical modules, including 400G, 800G, and 1.6T solutions based on VCSEL/EML, silicon photonics, and thin-film lithium niobate technologies [3] - LPO (Linear Pluggable Optics) solutions are highlighted for their advantages in power consumption and cost efficiency [3]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company reported a revenue of 3.675 billion yuan for Q1-Q3 2024, representing a year-over-year increase of 9.75%. The net profit attributable to the parent company was 483 million yuan, up 28.97% year-over-year. The gross margin and net margin were 23.55% and 12.54%, respectively [1]. - In Q3, the company achieved a revenue of 1.280 billion yuan, a year-over-year increase of 6.82% but a quarter-over-quarter decrease of 1.73%. The net profit attributable to the parent company was 180 million yuan, reflecting a year-over-year increase of 0.95% and a quarter-over-quarter increase of 7.20% [1]. - The company has established itself as a core supplier of PCBs for Tesla, particularly in the automotive sector, and is expected to benefit from the anticipated increase in Tesla's sales and the rollout of autonomous driving services [1]. - The company is also a key supplier of server PCBs for Tesla's Dojo project, which is expected to ramp up production and enhance the company's revenue growth [1]. Financial Forecast - The forecasted net profit attributable to the parent company for 2024 and 2025 is 672 million yuan and 874 million yuan, respectively. The report assigns a valuation of 24-27 times earnings for 2024, leading to target prices of 32 and 36 yuan per share [1][2].

Investment Rating - The report maintains a "Recommended" rating for the automotive and automotive parts industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [4]. Core Insights - October sales have shown significant growth, with a focus on year-end sales opportunities. From October 1 to 20, retail sales of passenger cars reached 1.264 million units, a year-on-year increase of 16% and a month-on-month increase of 12%. Cumulative retail sales for the year reached 16.838 million units, up 3% year-on-year [1][16]. - The wholesale volume of passenger cars during the same period was 1.336 million units, marking a 25% year-on-year increase and a 9% month-on-month increase, with cumulative wholesale sales for the year at 19.78 million units, up 5% year-on-year [1][16]. - In the new energy sector, retail sales of new energy passenger cars reached 609,000 units from October 1 to 20, a 45% year-on-year increase, with a cumulative retail volume of 7.741 million units for the year, up 38% year-on-year [1][16]. - The report emphasizes the cyclical nature of the automotive industry and the importance of macroeconomic indicators in predicting future sales and policy impacts [1][3]. Summary by Sections Weekly Market Review - The automotive sector saw a 3.51% increase in the week from October 19 to 25, outperforming the Shanghai and Shenzhen 300 index by 2.71 percentage points [7]. - The motorcycle and other segments had the highest weekly increase at 8.16%, while the passenger car segment had the smallest increase at 0.49% [7][8]. Data Tracking - The report provides detailed tracking of retail and wholesale sales in the passenger car market, highlighting significant growth in both traditional and new energy vehicles [16][22]. - The report also includes brand-specific sales data, showcasing the top-selling brands in the new energy vehicle market [20][21]. Industry News - Major developments include Volkswagen's plan to launch 22 new energy models in China by 2030 and the establishment of a 3,000 square kilometer autonomous driving demonstration area in Beijing [24][29]. - Strategic partnerships, such as the collaboration between BYD and OPPO, are aimed at enhancing the integration of mobile technology and automotive innovation [34]. Investment Recommendations - The report suggests focusing on the year-end market trends and the impact of policies like "trade-in for new" programs, which are expected to stimulate sales [3][4]. - Long-term investment opportunities are highlighted in the context of the industry's ongoing transition towards electric and intelligent vehicles [3].

Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Views - The company reported better-than-expected performance in Q3 2024, with a revenue of 1.95 billion yuan, a year-on-year increase of 27.07%, and a net profit attributable to shareholders of 239 million yuan, up 37.38% year-on-year [3]. - The gross profit margin for the first three quarters was 74.63%, and the net profit margin was 12.23% [3]. - The company is focusing on a big product strategy, enhancing its brand image in the eye care and anti-aging segments, with significant growth in its major brands [4]. Financial Performance - For Q3 2024, the company achieved a revenue of 600 million yuan, a year-on-year increase of 25.79%, and a net profit of 62.27 million yuan, up 44.32% year-on-year [3]. - The average selling prices for various product categories increased, with skincare products seeing a notable price rise of 43.07% [4]. - The company expects EPS for 2024-2026 to be 0.89, 1.12, and 1.41 yuan, corresponding to PE ratios of 34, 27, and 21 times respectively [5]. Brand Performance - The eye care products generated 124 million yuan in revenue, up 22.28% year-on-year, while skincare products reached 215 million yuan, a 15.14% increase [4]. - The beauty product category saw a remarkable growth of 54.11% year-on-year, indicating a strong performance from the company's major brands [4]. Market Position - The company has established a differentiated positioning with its mid-to-high-end brand "Marubi" and the high-quality, minimalist makeup brand "Lianhuo" to meet diverse consumer needs [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][9]. Core Views - The company's performance in Q1-Q3 2024 met expectations, with a revenue of 1.245 billion yuan, a year-on-year decrease of 43.16%. The net profit attributable to the parent company was 413 million yuan, down 11.07% year-on-year [3]. - The blood product business showed steady growth, with revenue of 1.089 billion yuan in Q1-Q3 2024, a year-on-year increase of 0.39%. New products are expected to contribute to future growth [3]. - The company has expanded its plasma collection stations, with 16 stations as of August 2024, and has seen a 12.39% increase in raw plasma collection volume [3]. - Research and development efforts are accelerating, with ongoing projects expected to enhance the product lineup and the construction of an intelligent factory to improve processing capacity [3]. Financial Summary - For 2024-2026, the company is projected to achieve revenues of 1.904 billion yuan, 2.013 billion yuan, and 2.113 billion yuan, respectively. The net profit attributable to the parent company is expected to be 554 million yuan, 607 million yuan, and 637 million yuan, respectively [3][4]. - The earnings per share (EPS) for the same period is forecasted to be 1.10 yuan, 1.20 yuan, and 1.26 yuan, with corresponding price-to-earnings (P/E) ratios of 29 times, 27 times, and 26 times [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Insights - The company reported a total revenue of 57.34 billion yuan for the first three quarters of 2024, representing a decline of 26.33% year-on-year. The net profit attributable to shareholders was 8.69 billion yuan, down 54.31% year-on-year [2][3]. - In Q3 2024, the company achieved total revenue of 11.20 billion yuan, a significant decrease of 48.76% year-on-year, with a net profit of -0.22 billion yuan, marking a decline of 106.30% [2][3]. - The revenue decline in Q3 was attributed to the transition of old and new products in the protein powder and Jianli Duo offline channels, as well as the company's proactive adjustment of less profitable products [3]. Revenue Breakdown - For the first three quarters of 2024, revenue from the main brand, Jianli Duo, Lifespace domestic, overseas LSG, and other brands were 31.94 billion yuan, 6.98 billion yuan, 2.71 billion yuan, 6.84 billion yuan, and 8.87 billion yuan, respectively, with year-on-year declines of -29.20%, -29.90%, -29.55%, -11.66%, and -20.65% [3]. - In Q3 2024, the revenue from these brands showed even steeper declines, with year-on-year changes of -54.43%, -62.53%, -41.78%, -27.21%, and -33.54% [3]. Profitability Analysis - The company's gross margin for the first three quarters of 2024 was 67.93%, down 1.73 percentage points year-on-year, while the net profit margin was 15.15%, down 9.28 percentage points year-on-year [4]. - In Q3 2024, the gross margin was 65.31%, a decrease of 2.64 percentage points year-on-year, and the net profit margin was -2.00%, down 18.27 percentage points year-on-year [4]. Financial Projections - The company is expected to achieve net profits of 7.44 billion yuan, 11.43 billion yuan, and 14.42 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of -57.39%, 53.61%, and 26.17% [5]. - The corresponding price-to-earnings ratios (PE) for these years are projected to be 30, 19, and 15 times, respectively, with a market capitalization of 222 billion yuan [5].

[Table_Main] 公司研究|可选消费|媒体Ⅱ 证券研究报告 芒果超媒(300413)公司点评报告 2024 年 10 月 28 日 [Table_Title] 有效会员破 7000 万，期待 Q4 优势内容表现 ——芒果超媒(300413) 2024 年三季报点评 [Table_Summary] 事件： 公司发布 2024 年三季报。 点评： 税收政策调整影响利润增速，收入前三季度-0.85% 2024 前三季度，公司实现营业收入 102.78 亿元，同比微降 0.85%；实现 归母净利润 14.44 亿元，同比下降 18.96%，扣非归母净利润 12.26 亿元， 同比下降 23.98%，主要受税收政策调整影响，利润端略承压。分季度来看， 24Q3 单季度，公司实现营业收入 33.18 亿元，同比下降 7.14%，归母净利 润 3.80 亿元，同比下滑 27.41%，扣非归母净利润 3.14 亿元，同比下降 26.80%。费用率角度，2024 年前三季度，公司销售/管理/研发费用率为 11.87%/2.50%/1.24%，较上年同期分别下降 3.53/1.30/0.34pct。 有效会员突破 700 ...