Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][19]. Core Views - The company achieved a net profit of 740 million yuan in the first three quarters, representing a year-on-year increase of 81.2% [1]. - The company is experiencing strong growth in its retail new business formats, which is contributing to improved operational quality [1]. - The company is optimistic about the recovery of profitability and the growth potential of its C-end business [4]. Financial Performance - In the first three quarters, the company reported operating revenue and net profit of 939 million yuan and 74 million yuan, respectively, with year-on-year growth of 2.7% and 81.2% [1]. - The gross margin for the first three quarters was 32.8%, an increase of 4.1 percentage points year-on-year, with a quarterly gross margin of 33.6% [3]. - The company’s operating cash flow showed a net inflow of 1.09 billion yuan, up 18.7% year-on-year, indicating improved operational quality [3]. Business Segments - The company’s home decoration paint revenue grew by 11.8% year-on-year to 2.49 billion yuan, while engineering paint revenue declined by 2.5% to 2.90 billion yuan [2]. - The C-end business is experiencing rapid growth through three main models: "Immediate Move-In," "Beautiful Countryside," and high-end artistic paint products [2]. - The company is focusing on optimizing its revenue structure, with the C-end business accounting for 26.5% of home decoration paint revenue in the first three quarters, up 2.2 percentage points year-on-year [3]. Profit Distribution - The company announced a cash dividend distribution of 369 million yuan, with a payout ratio of 49.61%, reflecting its commitment to shareholder returns [4].

Group 1 - The report highlights a potential shift in market style towards "profit quality + valuation safety" large-cap blue chips in Q4, driven by conservative funding behavior and policy expectations [1][20][21] - It notes that leading industries are concentrated in financial, stable, and cyclical sectors, reflecting a decrease in investor risk appetite as they seek to lock in annual gains [1][21] - The report suggests that low-valuation sectors may have switching potential, but emphasizes that mere low valuation may not sustain a continuous market rally without policy catalysts and economic data improvement [1][21] Group 2 - The report indicates an upward trend in industries such as coal, electronics, home appliances, automotive, and environmental protection, while sectors like oil and petrochemicals, machinery, food and beverage, banking, real estate, public utilities, and retail are trending downward [22][23] - It predicts that industries such as commercial vehicles, automotive parts, automation equipment, and engineering machinery will perform well in the coming weeks [22][23] - The report identifies three main investment directions: breakthroughs in technology AI, economic recovery with a focus on strong performers, and the continued rise of undervalued sectors [24][25] Group 3 - The report discusses Longbai Group's acquisition of Venator UK, which is expected to enhance the global competitiveness of China's titanium dioxide industry [7] - The acquisition will increase Longbai Group's total capacity to 1.66 million tons, with chloride process capacity rising to 810,000 tons, allowing for better market access and reduced anti-dumping tax exposure [7] - The report notes that Longbai's titanium dioxide segment generated $1.18 billion in revenue in 2023, a 26% year-over-year decline due to weak demand and price drops [7] Group 4 - The report on the food and beverage sector indicates that the market atmosphere during the "Double Festival" was relatively flat, with traditional peak season effects weakening [9] - It mentions that while terminal sales showed a mild recovery, channel profits are narrowing, and inventory levels among distributors remain high [9] - The report anticipates that as Q3 earnings are disclosed, risks may be fully released, potentially leading to a recovery in sector sentiment [9]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The "credit explosion chain" in the US may not have ended, and risks may further ferment in the short term, but the risk of a systemic crisis is still controllable, and the probability of a "subprime crisis" is low [4]. - If the risk ferments, US stocks are expected to fall first and then rise; US Treasury yields and the US dollar tend to decline; gold will rise; and emerging markets are expected to see their equities fall first and then rise, with bond yields declining [5]. Summary by Relevant Catalogs 1. Three "Explosion" Events Trigger Concerns about US Financial Risks - **Tricolor Bankruptcy, Auto - Loan ABS Risk**: On September 10, 2025, Tricolor Holdings filed for bankruptcy due to high - leverage, sub - prime loans, "repeated pledge" fraud, and rising auto - loan default rates. The "repeated pledge" of the same "auto - loan pool" as collateral and the increase in sub - prime auto - loan delinquency rates added to its operating pressure. Fifth Third Bank and JPMorgan Chase suffered losses of about $1.8 trillion and $1.7 trillion respectively due to Tricolor's bankruptcy [13]. - **First Brands Bankruptcy, "Black - Box" Financing Exposure**: On September 28, 2025, First Brands, an auto - parts leader, filed for bankruptcy protection, leaving a $5.8 billion leveraged loan debt and a total debt of nearly $12 billion. It relied on syndicated loans and private credit, accumulating high leverage through private credit and asset factoring, with billions of dollars of financing off - balance - sheet. Jefferies faced a $715 million exposure, and UBS and a Japanese joint - venture company may bear losses [15]. - **Two Regional Banks Disclose "Credit Fraud"**: On October 16, 2025, Zions Bancorp and Western Alliance Bancorp disclosed major credit fraud and bad - debt events. Zions' subsidiary provided a $60 million loan and made a $50 million bad - debt provision. On that day, bank stocks tumbled, and safe - haven funds flowed into Treasuries and precious metals, with gold breaking through $4,300 [16]. 2. Comparison between the 2023 Silicon Valley Bank Crisis and the 2025 Credit Storm - **2023 Silicon Valley Bank Crisis**: The core cause was the asset - liability mismatch and the exposure of interest - rate risk due to the Fed's sharp interest - rate hikes. The secondary cause was the high customer concentration and the resulting confidence - based bank run [20]. - **2025 Credit Storm**: Different from the SVB crisis, the core causes were financial fraud, high - leverage financing, weak credit risk control, deteriorating credit quality due to economic slowdown, and the spread of losses through structured tools [22]. 3. Outlook on the Subsequent Risks of "Credit Explosions" - **Short - Term Spread Possible but Systemic Risk Controllable**: The "credit explosion chain" may not end, and risks may ferment in the short term. The US financial market shows "multi - layer fragility" including large post - pandemic issuance of private credit, CLOs, and CRE ABS; deterioration of underlying asset quality in auto, commercial real estate, and SME loans; and insufficient risk control. However, the risk of a systemic financial crisis is controllable as large banks and the core financial system are stable, and the Fed has room for easing. Current credit risk indicators are performing well [4]. - **Impact on Asset Prices if Risks Ferment**: US stocks are expected to fall first and then rise, with short - term impacts concentrated on the banking and financial sectors. US Treasury yields and the US dollar tend to decline, while gold will rise. Emerging market equities are expected to fall first and then rise, and bond yields may decline [35].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.62 HKD, representing a potential upside of over 20% from the current price of 9.68 HKD [5][6]. Core Insights - The company demonstrated strong revenue growth in H1 2025, with total revenue reaching 1.612 billion RMB, a year-on-year increase of 22%. Gross profit also rose by 22% to 1.182 billion RMB, maintaining a high gross margin of over 73% [1]. - The growth in revenue and profit is attributed to the company's robust foundation in artificial intelligence (AI) research, application, and commercialization, alongside favorable digital and AI policies [1][4]. - The company's net profit for H1 2025 was 201 million RMB, reflecting a significant year-on-year increase of 41% [1]. Summary by Sections Revenue Breakdown - The company's MaaS (Managed as a Service) revenue in H1 2025 was 502 million RMB, up 19% year-on-year, with core customer revenue increasing by 16% to 381 million RMB and a core customer retention rate of 98% [2]. - BaaS (Banking as a Service) revenue from the financial industry cloud reached 857 million RMB, a 45% increase year-on-year, accounting for 53% of total revenue [2]. - BaaS revenue from the insurance sector, however, declined by 19% to 253 million RMB, despite first-year premiums increasing by 5% to 2.006 billion RMB [3]. AI Commercialization - The company accelerated the commercialization of its AI capabilities in H1 2025, signing contracts with multiple institutions and launching innovative products based on its proprietary large language model, BR-LLM [4]. - The integration of AI capabilities into various sectors, including telecommunications and healthcare, is expected to enhance the company's revenue stability and growth potential [4]. Financial Projections - The report adjusts the company's revenue forecasts for FY2025-FY2027 to 3.24 billion RMB, 3.72 billion RMB, and 4.23 billion RMB, respectively, while net profit estimates are revised to 284 million RMB, 351 million RMB, and 431 million RMB for the same period [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price yet to be specified [7] Core Insights - The company has shown significant growth in its main brand retail sales, with a low single-digit year-on-year increase in Q3 2025, while its subsidiary, Saucony, experienced over 20% year-on-year growth in retail sales [1] - The company has made notable strides in brand building, serving as the global partner for the 12th World Games in 2025 and providing official gear support, which enhances its international influence [2] - The company is focusing on the growth needs of youth by launching products like antibacterial pants for children and collaborating with various authoritative institutions to promote scientific growth [3] - Saucony has accelerated its growth since being acquired by the company in 2019, with a compound annual growth rate exceeding 100% and projected revenue surpassing 1 billion RMB in 2024 [4] Financial Projections - The report maintains profit forecasts for 2025-2027, estimating revenues of 14.6 billion RMB, 15.4 billion RMB, and 16.5 billion RMB respectively, with corresponding net profits of 1.4 billion RMB, 1.5 billion RMB, and 1.7 billion RMB [5]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [3] Core Views - Since October, domestic demand for building materials has shown weakness, with cement affected by cooling, rainfall, and funding issues, resulting in a year-on-year shipment rate still 10 percentage points lower as of last Friday. Glass prices are hindered by insufficient replenishment sentiment post-holiday, leading to increased producer inventory and price stagnation. Currently, the profitability of major building materials like cement and glass remains at relatively low levels. A previously released plan for stable growth in the building materials industry suggests potential continued policy support for supply-side optimization in the fourth quarter. As the year-end performance sprint approaches, companies may increasingly seek to optimize supply and raise prices through market mechanisms. Recent market performance indicates a relative advantage for cyclical stocks, suggesting a possible style shift in the fourth quarter. The building materials sector currently possesses both low valuation defensive attributes and valuation recovery momentum under anti-involution catalysts, continuing to recommend high-demand African cement and glass fiber with price increase expectations [2][17]. Summary by Sections Market Review - Last week (October 13-17, 2025), the CSI 300 index fell by 2.22%, while the building materials sector (CITIC) dropped by 3.48%. Among sub-sectors, ceramics and glass performed relatively well, while fiberglass saw a significant decline. Notable individual stock performances included Fashilong (up 18.1%), Huali Shares (up 14.5%), Hainan Development (up 10.9%), Saitex New Materials (up 7.7%), and Tubao (up 6.9%) [1][9]. Recommended Stocks - The report recommends the following stocks: Western Cement, Huaxin Cement, Qingsong Construction, China National Materials, Honghe Technology, China Jushi, Sankeshu, and Dongpeng Holdings. The current building materials industry is nearing a cyclical bottom, with high-demand new materials expected to continue demonstrating growth potential. Cement is anticipated to benefit from improving infrastructure and real estate demand, with long-term supply dynamics expected to optimize. Recommended stocks include Huaxin Cement, Western Cement, and Qingsong Construction, with a focus on companies like Sankeshu and Dongpeng Holdings that are likely to improve their balance sheets as real estate policies become more favorable [3][17].

Core Conclusions - In the context of a fully realized profit effect throughout the year, fourth-quarter funding behavior tends to be conservative, with market style often shifting towards "profit quality + valuation safety" large-cap blue chips [2][3] - The overall market shows a tendency for risk rebalancing in the fourth quarter, with the Shanghai and Shenzhen 300 and performance strategies showing positive excess returns relative to the entire A-share market, indicating a shift towards fundamental certainty as the trading focus moves from "high elasticity" to "high stability" [3][9] - Leading sectors in the fourth quarter are concentrated in financial, stable, and cyclical sectors, reflecting a decrease in investor risk appetite and a demand to lock in annual returns [3][17] Calendar Effects in Q4 - The fourth quarter is characterized by a tendency for conservative funding behavior, with a shift towards large-cap blue chips that emphasize profit quality and valuation safety [9][21] - Historical data from 2005 to 2024 shows that micro-cap stocks have a leading win rate, but differences among styles are not significant, suggesting a potential risk rebalancing feature in Q4 [9][17] - The trading behavior in Q4 tends to exhibit reduced volatility, with a marginal tightening of market liquidity and a decrease in average turnover rate [3][9] Switching Conditions Assessment - Attention should be paid to whether the conditions for switching to undervalued sectors are maturing and whether the prosperity of high-valued sectors can be sustained [21] - Some financial, cyclical, and consumer sectors remain at historically low valuations, indicating safety margins and switching potential; however, merely relying on low valuations may not drive a sustainable market trend without policy catalysts and improvements in economic data [21][21]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the current chaotic bond market, trading desks are actively exploring structural trading opportunities, especially showing high enthusiasm for the previously oversold Tier 2 and perpetual bonds. Although the allocation desks have not yet formed a systematic承接 strength, the pressure restricting the allocation power is easing, and the承接 strength may improve marginally [10]. - Fund sentiment has stabilized, with a return to net buying of various bond types. However, overall, the enthusiasm for interest - rate bonds is not high, mainly focusing on steadily increasing the allocation of credit bonds and Tier 2 and perpetual bonds [10]. - Attention should be paid to the承接 strength of large - scale banks and insurance companies. The constraints on large - scale banks' bond allocation may ease, and the bond market has adjusted to a level with allocation value, which is more attractive to insurance companies [10][11]. 3. Summary by Relevant Catalogs 3.1 Overall Emotion - As of October 17, the bond market vitality index increased by 21 pcts to 21% compared to October 10, and the 5D - MA increased by 19 pcts to 25%. The warming indicators include the implied tax rate of the 10 - year China Development Bank bond (inverse), the trading volume of the active 10Y CDB bond / the balance of 9 - 10Y CDB bonds, the leverage ratio of the inter - bank bond market, and the turnover rate of the 30Y Treasury bond. The cooling indicator is the median duration of medium - and long - term pure bond funds [1][12][13]. 3.2 Institutional Behavior 3.2.1 Buying and Selling Strength and Bond Type Selection - In the current bond market, the order of net buying strength is other product types > insurance > funds > rural finance > money market funds > securities firms > wealth management > city commercial banks, and the order of net selling strength is large - scale banks > joint - stock banks > foreign banks. For ultra - long bonds (bonds with a maturity of over 15 years), the order of net buying strength is insurance > funds > securities firms > others > wealth management > foreign banks, and the order of net selling strength is large - scale banks > other product types > city commercial banks > joint - stock banks > rural commercial banks [23]. - On different trading days from October 13 to October 17, the buying and selling behaviors of various institutions showed different characteristics. For example, on October 13, funds significantly increased their net buying of long - term and ultra - long - term interest - rate bonds; on October 14, funds slightly net sold interest - rate bonds of all maturities but maintained net buying of Tier 2 and perpetual bonds and credit bonds within 3 years [23][24]. - Currently, the main bond types of various institutions are as follows: large - scale banks and rural commercial banks have no obvious main bond types; insurance mainly focuses on interest - rate bonds with a maturity of less than 1 year; funds mainly focus on 1 - 3 - year credit bonds; wealth management mainly focuses on 1 - 3 - year credit bonds; other product types mainly focus on credit bonds with a maturity of less than 1 year [2][26]. 3.2.2 Trading Desk - As of October 17, the mean and median durations of the full - sample medium - and long - term pure bond funds decreased by 0.18 years and 0.23 years respectively compared to October 10, reaching 4.09 years and 3.82 years. Among them, the median durations of pure interest - rate bond funds, interest - rate bond funds, and credit bond funds decreased by 0.40 years, 0.35 years, and 0.21 years respectively. The median durations of high - performing interest - rate bond funds decreased by 0.20 years, while that of high - performing credit bond funds increased by 0.06 years [38][41]. 3.2.3 Allocation Desk - **Decrease in primary subscription demand for Treasury bonds and policy - financial bonds**: The primary subscription demand for Treasury bonds and policy - financial bonds decreased, and the demand for ultra - long bonds also declined. The weighted average full - market multiples of Treasury bonds and policy - financial bonds decreased or remained flat, and the weighted average full - market multiples of 10Y and above Treasury bonds and policy - financial bonds declined [55]. - **Large - scale banks**: The constraints on large - scale banks' bond allocation may ease. Although the cumulative net buying scale of short - term Treasury bonds by large - scale banks since June has increased, it is still far lower than the same period in 2024. The net buying scale of 1 - 3Y Treasury bonds has been declining since August [61]. - **Rural commercial banks**: The cumulative net buying scale of rural commercial banks this year is significantly weaker than in previous years, mainly due to the weak net buying strength of short - term bonds within 1 year. However, the net buying strength of 7 - 10Y and over 10Y bonds is significantly higher than in previous years [73]. - **Insurance companies**: The net buying strength of insurance companies for bonds this year is significantly higher than in previous years, especially for ultra - long bonds over 10 years. As of October 17, the ratio of the cumulative net buying of bonds to the cumulative premium income and the ratio of the cumulative net buying of bonds to the cumulative issuance scale of over 10Y government bonds are both higher than the end of October last year. The strong performance of 30Y local government bonds and railway bonds this week may reflect the improvement of insurance companies' bond - allocation strength [80]. - **Wealth management**: Since June, the cumulative net buying scale of wealth management products in the secondary market has continued to rise, significantly higher than the past three years. As of October 17, the cumulative net buying of over 10Y bonds by wealth management products this year reached 16.3 billion yuan [85]. 3.3 Asset Management Product Tracking - Since October, the scales of bond funds and equity funds have both decreased month - on - month, with equity funds experiencing a larger decline. There were no newly established bond - type funds this week. In terms of bond fund performance, the net values of most credit and interest - rate bond funds continued to rise in the past week, with pure interest - rate bond funds having a larger increase. Most interest - rate and credit bond funds recorded negative returns in the past three months [5][89][90].

1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - Maintain a relatively neutral attitude towards convertible bonds as a whole, considering the high valuation, potential institutional profit - taking in Q4, external risks, and possible credit risks near the performance period. Wait for opportunities when the market further corrects and the cost - performance improves. Also, pay attention to the Fourth Plenary Session of the Central Committee and uncertainties like Trump's tariff events [2][16] - Focus on three types of convertible bond structural opportunities: high - rated and large - cap style convertible bonds, opportunities for improved cost - performance in the technology growth direction after correction, and high - quality new bonds [3][17][18] 3. Summary According to Relevant Catalogs 3.1.转债周度专题与展望 3.1.1. 风格切换，往后怎么看？ - This week, the A - share equity and convertible bond markets declined overall, with a style shift. Large - cap value industries such as banking and coal outperformed technology growth sectors. The possible reasons for the style shift include the over - prominent structural market of technology sectors in Q3, leading to high valuations and crowding, year - end portfolio adjustment and defensive needs in Q4, and external risks and market sentiment disturbances [1][10][11] - For convertible bonds, maintain a neutral view. High - rated and large - cap convertible bonds showed better resilience, and investors can focus on high - rated and large - cap style convertible bonds, opportunities in the technology growth direction after correction, and high - quality new bonds [15][16][18] 3.1.2. 周度回顾与市场展望 - This week, the A - share market declined, with the ChiNext and STAR Market leading the fall. The risk - return ratio indicates that the A - share market still has good allocation value, and the weak resonance between the economic fundamentals and capital flows is expected to gradually start [19] - In the convertible bond market, considering the impact of refinancing policies, there is some support on the demand side under the background of shrinking supply. Given the low long - term yield of pure bonds, the opportunity cost of convertible bonds is relatively low, but be vigilant against correction risks. Pay attention to the game space of downward revisions, beware of forced redemptions, and appropriately focus on short - term game opportunities of near - maturity convertible bonds [20] - Industries to focus on include popular themes, domestic demand - oriented sectors, and high - dividend sectors under the China - specific valuation system [23] 3.2. 转债市场周度跟踪 3.2.1. 权益市场收跌 - This week, major equity market indices declined. The Wind All - A Index fell 3.45%, the Shanghai Composite Index fell 1.47%, and the Shenzhen Component Index fell 4.99%. The market style favored large - cap growth stocks. Among small - cap indices, the CSI 1000 fell 4.62% and the STAR 50 fell 6.16% [24] - Four Shenwan industry indices rose, and 27 declined. Banking, coal, and food and beverage industries led the gains, while electronics, media, and automobiles led the losses [28] 3.2.2. 转债市场收跌，全市场转股溢价率上行 - This week, the convertible bond market declined. The CSI Convertible Bond Index fell 2.35%, the Shanghai Convertible Bond Index fell 2.17%, and the Shenzhen Convertible Bond Index fell 2.63%. The average daily trading volume increased, with an average daily trading volume of 68.844 billion yuan, an increase of 0.961 billion yuan from last week, and a total weekly trading volume of 344.218 billion yuan [3][30] - At the industry level, one industry rose and 28 declined. The banking industry rose 1.09%, while electronics, non - ferrous metals, and communication industries led the decline. Most individual convertible bonds fell (367 out of 413). The median convertible bond price decreased [34][36][39] - The weighted conversion value of the whole market decreased, and the premium rate increased. The weighted conversion premium rate of the whole market was 40.23%, an increase of 1.18 pct from last weekend. The 100 - par premium rate decreased. The median implied volatility of the whole market decreased, and the pure - bond premium rate of debt - biased convertible bonds increased [4][41] 3.2.3. 不同类型转债高频跟踪 3.2.3.1. 分类估值变化 - This week, the valuations of convertible bonds in all categories increased, including those of different par values, ratings, and scales. Since the beginning of 2024, the conversion premium rates of equity - biased and balanced convertible bonds have rebounded from the bottom. As of Friday, the conversion premium rate of equity - biased convertible bonds is above the 35th percentile since 2017, and that of balanced convertible bonds is above the 50th percentile since 2017 [52] 3.2.3.2. 市场指数表现 - This week, AAA - rated convertible bonds rose, while other rated convertible bonds fell. Since 2023, high - rated AAA convertible bonds have shown stable performance, while low - rated convertible bonds have shown weaker resilience and greater rebound strength [66] - This week, convertible bonds of all scales declined. Since 2023, small - cap convertible bonds have recorded a 26.82% return, medium - small - cap convertible bonds 25.64%, medium - cap convertible bonds 22.32%, and large - cap convertible bonds 17.81% [69] 3.3. 转债供给与条款跟踪 3.3.1. 本周一级预案发行 - This week, there were no newly listed convertible bonds, and 4 convertible bonds were issued but not yet listed. The number of first - level approvals was 7. Since the beginning of 2023 to October 17, 2025, there have been 103 convertible bond plans in total, with a total scale of 159.263 billion yuan [73][74] 3.3.2. 下修&赎回条款 - This week, 7 convertible bonds announced that they were expected to trigger downward revisions, 9 announced no downward revisions, and Zhengchuan Convertible Bond announced the result of a downward revision. Six convertible bonds announced that they were expected to trigger redemptions, 5 announced no early redemptions, and 5 announced early redemptions. As of the end of this week, 2 convertible bonds were still in the put - option declaration period, and 12 were in the company's capital - reduction settlement declaration period [5][77][84]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company reported a significant year-on-year growth in net profit attributable to shareholders of 94% in Q3, driven by a substantial increase in new orders and the conversion of overseas projects [1] - The company’s revenue for the first three quarters of 2025 reached 2.116 billion, a year-on-year increase of 46.3%, with a net profit of 96 million, up 29.1% [1] - The company is expected to benefit from the high demand in the semiconductor industry and the growth of overseas markets, leading to an upward revision of profit forecasts for 2025-2027 [1] Summary by Sections Financial Performance - For the first three quarters of 2025, the gross profit margin was 9.4%, a decrease of 2.94 percentage points year-on-year, while the net profit margin was 4.74%, down 0.47 percentage points [3] - The company’s cash flow from operations for the first three quarters was 121 million, an increase of 99 million year-on-year [3] Order Backlog and Industry Demand - As of September 30, 2025, the company had an order backlog of 2.214 billion, a year-on-year increase of 21.21% [2] - The semiconductor industry, precision manufacturing, and optoelectronics are key areas for the company, with significant growth in orders for semiconductor-related projects [2] Financial Data - The company’s total market capitalization is 4.325 billion, with a total share capital of 100 million shares [5] - The earnings per share (EPS) for 2025 is projected to be 1.34, with a price-to-earnings (P/E) ratio of 32.29 [10]