Investment Rating - The investment rating for the company is "Buy" [2][15][18] Core Views - The report indicates that the company is experiencing a slight decline in revenue and net profit growth due to a slowdown in non-interest income, with a cumulative year-on-year revenue decrease of 1.9% as of Q3 2024 [5][14] - The company maintains a stable asset quality, with a non-performing loan (NPL) ratio of 1.17%, which has decreased by 2 basis points [12][13] - The report highlights the company's strong position in the Chongqing market, capitalizing on the development of three trillion-level industrial clusters and the Chengdu-Chongqing economic circle [15] Summary by Sections Q3 Report Overview - The company's net interest income remains stable, with a quarter-on-quarter growth of 1% in Q3 2024, driven by an increase in new credit issuance [5][8] - The overall cumulative net profit growth has decreased by 1.8 percentage points to 3.5% year-on-year [5][14] Net Interest Income - Q3 net interest income increased by 1% quarter-on-quarter, with a narrowing decline in net interest margin to 1.57% [8][9] - The asset yield decreased by 11 basis points to 3.26%, while the liability interest rate decreased by 7 basis points to 1.78% [8][9] Asset and Liability Growth and Structure - New credit issuance in Q3 2024 was 8.51 billion yuan, a year-on-year increase of 54.2% [8][11] - The loan-to-earning asset ratio increased to 46.9%, with corporate loans remaining the primary focus [8][11] Asset Quality - The overall asset quality remains robust, with a non-performing loan ratio of 1.17% and a cumulative annualized NPL generation rate of 0.86% [12][13] - The provision coverage ratio decreased to 358.59% [12][13] Other Financial Metrics - The report notes a year-on-year increase of 21.3% in net non-interest income, although this is a decline from the previous quarter [14] - The cost-to-income ratio has decreased year-on-year to 26.97% [14]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [4]. Core Views - The company experienced an increase in volume but a decrease in price during the third quarter, with profits aligning with expectations. The net profit attributable to shareholders for the first three quarters of 2024 reached 19.65 billion yuan, a year-on-year increase of 48.86% [1][3]. - The report highlights that the company's operational capacity continues to recover, with a significant improvement in passenger load factors, positioning it as a leader among major airlines [1][3]. Financial Performance Summary - **Revenue Forecasts**: - 2023A: 159,929 million yuan - 2024E: 175,662 million yuan (10% growth YoY) - 2025E: 200,409 million yuan (14% growth YoY) - 2026E: 211,293 million yuan (5% growth YoY) [1][3]. - **Net Profit Forecasts**: - 2023A: -4,209 million yuan - 2024E: 1,669 million yuan (140% growth YoY) - 2025E: 5,473 million yuan (228% growth YoY) - 2026E: 7,895 million yuan (44% growth YoY) [1][3]. - **Earnings Per Share (EPS)**: - 2023A: -0.23 yuan - 2024E: 0.09 yuan - 2025E: 0.30 yuan - 2026E: 0.44 yuan [1][3]. - **Return on Equity (ROE)**: - 2023A: -8% - 2024E: 3% - 2025E: 9% - 2026E: 11% [1][3]. Operational Highlights - The company added 5 aircraft in the first three quarters of 2024, with a total fleet size of 913 aircraft as of September 2024, reflecting a 28% increase compared to the end of 2023 [1]. - The passenger turnover (RPK) for the first three quarters of 2024 showed significant recovery, with domestic and international load factors improving to 81% and 72% respectively, marking a notable increase from the previous year [1][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][8]. Core Views - The company reported a revenue of 11.077 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 7.84%. However, the net profit attributable to the parent company decreased by 6.65% to 1.047 billion yuan [1][3]. - The third quarter of 2024 saw a revenue of 3.533 billion yuan, up 4.63% year-on-year, but the net profit attributable to the parent company fell sharply by 36.76% to 244 million yuan [1][3]. - The company is facing pressure on short-term net profit margins due to intensified industry competition and increased expense allocation, with a gross profit margin of 19.93%, down 2.04 percentage points year-on-year [3][4]. Summary by Sections Financial Performance - For 2024, the company is projected to achieve revenues of 15.036 billion yuan, with a net profit of 1.470 billion yuan, reflecting a growth rate of 7% year-on-year [3][4]. - The earnings per share (EPS) for 2024 is estimated at 5.01 yuan, with a price-to-earnings (P/E) ratio of 18.3 [3][4]. Revenue Breakdown - In Q3 2024, the sales of frozen prepared foods and dishes increased by 24% year-on-year, while sales of rice and noodle products decreased by 9% [3][4]. - The new retail channel experienced significant growth, with a 96% increase year-on-year, primarily driven by the expansion of Shanghai Hema [3][4]. Future Outlook - The company plans to enhance its product development strategy by launching new products and improving the speed and success rate of new product introductions [4]. - The channel strategy focuses on expanding into lower-tier markets and maximizing channel potential, aiming to increase market share [4].

Investment Rating - Buy rating maintained for Crystal Optoelectronics (002273 SZ) [1] Core Views - Q3 2024 results significantly exceeded expectations with record high revenue and profits [1] - Revenue in Q3 2024 reached 2 05 billion yuan up 21 2% YoY and 56 9% QoQ [1] - Net profit attributable to parent company in Q3 2024 was 430 million yuan up 67 0% YoY and 75 3% QoQ [1] - Gross margin in Q3 2024 hit 36 7% the highest since 2014 up 8 1 ppts YoY and 5 4 ppts QoQ [1] - Net margin in Q3 2024 was 21 4% up 5 8 ppts YoY and 2 0 ppts QoQ [1] - Strong growth driven by increased utilization of key products like micro prisms and internal cost optimization [1] - Positive outlook for optical innovation in Apple supply chain and AR waveguide technology [1] Financial Performance - 2024E revenue forecast increased to 6 205 billion yuan up 22 2% YoY [1][4] - 2024E net profit attributable to parent company forecast raised to 1 001 billion yuan up 66 7% YoY [1][4] - 2025E revenue forecast at 7 416 billion yuan up 19 5% YoY [1][4] - 2025E net profit attributable to parent company forecast at 1 301 billion yuan up 30 0% YoY [1][4] - 2026E revenue forecast at 8 680 billion yuan up 17 0% YoY [1][4] - 2026E net profit attributable to parent company forecast at 1 563 billion yuan up 20 2% YoY [1][4] - 2024E EPS forecast at 0 72 yuan up from previous estimate of 0 65 yuan [1][4] - 2025E EPS forecast at 0 94 yuan [1][4] - 2026E EPS forecast at 1 12 yuan [1][4] Growth Drivers - Micro prism products benefiting from periscope camera adoption and future specification upgrades [1] - Increased market share in coating business expected to drive growth [1] - Strategic positioning in high barrier AR waveguide technologies including array and volume holography [1] - Collaboration with industry leaders like Lumus and Digilens in AR space [1] Valuation - 2024E PE ratio at 27x [1] - 2025E PE ratio at 21x [1] - 2026E PE ratio at 17x [1] - Current market capitalization at 26 85 billion yuan [2] - Current share price at 19 31 yuan [2]

长电科技（600584.SH） 半导体 证券研究报告/公司点评报告 2024 年 10 月 29 日 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师：游凡 执业证书编号：S0740522120002 Email：youfan@zts.com.cn 报告摘要 24Q3 营收创历史新高 【24Q1-Q3】公司实现营收 249.78 亿元，同比+22.26%；归母净利 10.76 亿元，同比 10.55%；扣非归母净利 10.21 亿元，同比+36.73%；毛利率 12.93%，同比-0.94pcts；净 利率 4.31%，同比-0.46pcts。 【24Q3】公司实现营收 94.91 亿元，同比+14.95%，环比+9.8%；归母净利 4.57 亿元， 同比-4.39%，环比-5.57%；扣非归母净利 4.4 亿元，同比+19.5%，环比-7.21%；毛利率 12.23%，同比-2.13pcts，环比-2.05pcts；净利率 4.82%，同比- ...

拓普集团（601689.SH） 汽车零部件 证券研究报告/公司点评报告 2024 年 10 月 29 日 24Q3 业绩符合预期，营收、利润双增长 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady performance with a record high in contract liabilities, indicating strong order backlog and proactive inventory management [1] - The revenue for the first three quarters of 2024 reached 738 million yuan, representing a year-on-year growth of 22.55%, while the net profit attributable to the parent company was 309 million yuan, up 14.41% year-on-year [1] - The gross margin for the first three quarters of 2024 was 54.61%, a decrease of 4.23 percentage points compared to the previous year, and the net profit margin was 39.55%, down 4.44 percentage points [1] Financial Performance Summary - Revenue (in million yuan): - 2022A: 672 - 2023A: 917 - 2024E: 1,215 - 2025E: 1,659 - 2026E: 2,080 [1] - Year-on-year growth rates for revenue: - 2022: 31% - 2023: 36% - 2024E: 32% - 2025E: 37% - 2026E: 25% [1] - Net profit (in million yuan): - 2022A: 333 - 2023A: 335 - 2024E: 507 - 2025E: 671 - 2026E: 858 [1] - Year-on-year growth rates for net profit: - 2022: 43% - 2023: 0% - 2024E: 51% - 2025E: 33% - 2026E: 28% [1] Business Expansion and Market Opportunities - The company is expanding its subsidiaries, which has led to an increase in expense ratios, but it is also benefiting from a robust order backlog and proactive production planning [1] - The company is integrating into the aerospace engine collaborative industry system, with plans to develop ceramic matrix composites and aerospace component processing [1] - The company is also exploring civilian markets by applying military technology to civilian products, such as protective materials and acoustic metamaterials [1]

骆驼股份（601311.SH） 电池 证券研究报告/公司点评报告 2024 年 10 月 29 日 24Q3 归母净利润高增长，铅酸电池龙头地位稳固 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|----------------------------------------------------------------|---------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady revenue growth, with a continued upward operational cycle [1] - The report highlights that the company's main business is steadily growing, with all three major product categories accelerating on a quarter-over-quarter basis [1] - The company achieved a revenue of 20.399 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 9.38% [1] - The net profit attributable to the parent company for the same period was 4.815 billion yuan, reflecting a year-on-year increase of 11.23% [1] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 25,610 million yuan - 2023A: 24,559 million yuan - 2024E: 27,059 million yuan (10% growth) - 2025E: 29,769 million yuan (10% growth) - 2026E: 32,431 million yuan (9% growth) [1] - **Net Profit Forecasts**: - 2022A: 6,198 million yuan - 2023A: 5,627 million yuan - 2024E: 6,256 million yuan (11% growth) - 2025E: 6,932 million yuan (11% growth) - 2026E: 7,588 million yuan (9% growth) [1] - **Earnings Per Share (EPS)**: - 2022A: 1.34 yuan - 2023A: 1.01 yuan - 2024E: 1.12 yuan - 2025E: 1.25 yuan - 2026E: 1.36 yuan [1] - **Gross Margin**: - The gross margin for the company improved year-on-year, primarily due to a decrease in raw material prices [1] - **Market Performance**: - The company’s stock price as of October 28, 2024, was 45.37 yuan, with a market capitalization of approximately 252.28 billion yuan [1] Segment Performance - **Product Categories**: - Revenue from soy sauce, seasoning sauce, and oyster sauce for Q3 2024 was 30.75 billion yuan, 5.83 billion yuan, and 11.05 billion yuan, respectively, with year-on-year growth rates of 8.72%, 10.17%, and 20.34% [1] - **Regional Performance**: - The company achieved revenue growth across various regions, with notable increases in the eastern, southern, central, northern, and western regions [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [15]. Core Insights - The company is showing a gradual recovery in Q3, with a significant increase in revenue and profit, driven by the growth of its DEL platform and ongoing improvements in its drug discovery capabilities [1][2]. - The company achieved a revenue of 1.04 billion yuan in Q3 2024, representing a year-on-year growth of 14.96%, and a net profit of 199.2 million yuan, up 59.82% year-on-year [1]. - The report highlights the company's strong pipeline of new drug projects and the successful implementation of new technology platforms, which are expected to contribute to long-term growth [1][2]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 329.65 million yuan - 2023A: 371.32 million yuan (growth rate: 12.64%) - 2024E: 434.94 million yuan (growth rate: 17.13%) - 2025E: 518.31 million yuan (growth rate: 19.17%) - 2026E: 625.55 million yuan (growth rate: 20.69%) [1] - **Net Profit Forecasts**: - 2022A: 25.27 million yuan - 2023A: 40.72 million yuan (growth rate: 61.16%) - 2024E: 50.23 million yuan (growth rate: 23.36%) - 2025E: 63.12 million yuan (growth rate: 25.67%) - 2026E: 80.36 million yuan (growth rate: 27.31%) [1] - **Earnings Per Share (EPS)**: - 2022A: 0.06 yuan - 2023A: 0.10 yuan - 2024E: 0.13 yuan - 2025E: 0.16 yuan - 2026E: 0.20 yuan [1] - **Valuation Ratios**: - P/E ratio is projected to decrease from 225.03 in 2022A to 70.75 in 2026E, indicating improving valuation as earnings grow [1]. - P/B ratio is expected to decline from 4.37 in 2022A to 3.68 in 2026E [1]. Market Comparison - The company’s market capitalization is approximately 5.69 billion yuan, with a share price of 14.19 yuan as of October 28, 2024 [1]. - The report notes that the overall market trend is showing a recovery, with the company’s performance improving relative to its peers in the industry [1]. Business Development - The company is expanding its capabilities in drug discovery through the establishment of new technology platforms, including DEL and AI/ML, which are expected to enhance its competitive edge and drive future growth [1][2]. - The report emphasizes the importance of the company’s diverse drug pipeline and its ability to adapt to market demands, which positions it well for sustained growth [1].