Investment Rating - The investment rating for Jiangsu Bank is "Buy" (maintained) [1][2]. Core Views - Jiangsu Bank's performance shows strong sustainability, with a balanced asset distribution and robust asset quality. The bank's core competitiveness is supported by its historical endowment combined with financial technology, a solid public business foundation in manufacturing and infrastructure, and a competitive retail business with scale advantages [1][2]. Summary by Sections Revenue and Profit Growth - Revenue growth has slightly narrowed, with a year-on-year increase of 6.1% in Q3 2024 compared to 7.1% in the first half of 2024. Net profit growth remains stable at 10.1% year-on-year for the first half of 2024 [5][11]. - Cumulative revenue, PPOP, and net profit for Q3 2024 show year-on-year growth of 6.1%, 7.1%, and 10.1% respectively [5][6]. Net Interest Income and Margin - Net interest income decreased by 0.1 percentage points quarter-on-quarter, with the annualized net interest margin declining by 8 basis points to 1.71%. The yield on interest-earning assets fell by 23 basis points to 3.94%, while the cost of interest-bearing liabilities decreased by 10 basis points to 2.17% [8][11]. Asset and Liability Growth and Structure - The asset side remains stable, with public business continuing to grow and retail lending showing signs of recovery in the second half of the year. In Q3 2024, loans increased by 200.8 billion, with public loans up by 208.7 billion and retail loans down by 5.2 billion, although retail loans saw a net increase of 12.8 billion in the third quarter [11][12]. - On the liability side, the proportion of deposits decreased while the proportion of bond issuance increased. In Q3 2024, the changes in the proportions of deposits, bond issuance, and interbank liabilities were -1.8, +3, and -1.2 percentage points respectively [11][12]. Non-Interest Income - Non-interest income increased by 16.9% year-on-year, with other non-interest income showing a marginal upward trend. However, net fee income turned negative with an 11.9% year-on-year decrease [14][15]. Asset Quality - The bank maintains a solid asset quality with a non-performing loan (NPL) ratio of 0.89%, the best level since 2012. The annualized NPL generation rate is 1.21%, with a coverage ratio of 351.03% [16][17].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved record-high revenue in Q3 2024, driven by strong demand for AI servers and a recovery in general server shipments [2] - The financial performance was impacted by foreign exchange losses due to the depreciation of the US dollar, which increased financial expenses [2] - The company is expected to see significant profit growth in the coming years, with projected net profits of 25 billion, 30 billion, and 33 billion yuan for 2024, 2025, and 2026 respectively [3] Revenue and Profit Forecast - Revenue for 2024 is projected to be 561.6 billion yuan, with a year-on-year growth rate of 18% [1] - The net profit for 2024 is estimated at 25 billion yuan, reflecting a year-on-year growth of 19% [1] - Earnings per share (EPS) is expected to increase to 1.26 yuan in 2024, up from 1.06 yuan in 2023 [1] Business Segments Performance - The cloud computing business saw a year-on-year revenue increase of 71%, with AI server revenue growing by 228% [2] - The network communication business, focusing on 400/800G switches, reported a revenue increase of 60% in Q1-Q3 2024, with 400/800G switch revenue up by 128% year-on-year in Q3 [3] Valuation Metrics - The company’s P/E ratio is projected to decrease from 22.9 in 2023 to 19.3 in 2024, indicating a more attractive valuation [1] - The P/B ratio is expected to decline from 3.4 in 2023 to 3.0 in 2024 [1]

Overview - The report discusses the liquidity outlook for November, focusing on the potential impact of increased government bond supply on the financial market [2]. Group 1: Key Findings - In October, the financial market exhibited four characteristics: a low central price for funds, persistent segmentation, rapid government bond issuance, and high volatility in certificate of deposit (CD) issuance rates [2]. - The net financing for government bonds in November and December is projected to be 850 billion and 490 billion respectively, with local government bonds potentially adding significant supply pressure [2]. - The report anticipates a seasonal increase in fiscal deposits of 500 to 1,000 billion in November, with comparisons to previous years indicating a similar trend in government bond financing [2]. Group 2: Scenarios and Projections - Two scenarios for local government bond issuance are considered: one with an additional 1 trillion and another with 2 trillion, leading to net financing estimates of 1.6 trillion and 2.1 trillion respectively for November and December [2]. - The report predicts a funding gap of 3,507 billion in October and 12,291 billion in November under the assumption of 2 trillion in local bond issuance, with the central bank expected to maintain a supportive monetary policy stance [2]. - The excess reserve ratio is expected to decrease to 1.3% in November, indicating potential liquidity tightening despite the anticipated government bond issuance [2].

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Viewpoints - The life sciences and biopharmaceutical sectors are experiencing significant growth, with the company making notable progress in overseas markets and launching new products [3][4]. - The company reported a revenue of 986 million yuan for the first three quarters of 2024, reflecting a year-on-year growth of 13.42%, and a net profit attributable to shareholders of 18 million yuan, up 123.77% year-on-year [3][4]. - The company is expected to see rapid growth in its product lines, particularly in the areas of AD and brain inflammation testing, as well as GLP-1 products [3][4]. Summary by Sections Financial Performance - The company’s total revenue for 2022 was 3,569 million yuan, with a projected revenue of 1,416 million yuan for 2024, indicating a year-on-year growth of 10% [3][4]. - The net profit attributable to shareholders is expected to recover significantly from a loss of 71 million yuan in 2023 to a profit of 33 million yuan in 2024, representing a growth rate of 147% [3][4]. - The earnings per share (EPS) is projected to increase from -0.18 yuan in 2023 to 0.08 yuan in 2024 [3][4]. Market Trends - The company is actively expanding its international business, focusing on differentiated solutions that combine reagents, consumables, and equipment, which have led to breakthroughs in North America, Europe, and Southeast Asia [3][4]. - The IVD (in vitro diagnostics) business is expected to perform steadily despite industry-wide policy impacts and inventory digestion [3][4]. Cost Management - The company has optimized its cost structure, with a decrease in sales expense ratio by 3.70 percentage points and management expense ratio by 3.43 percentage points in the first three quarters of 2024 [3][4]. - The gross margin for the first three quarters of 2024 was reported at 70.48%, a slight decrease of 0.45 percentage points year-on-year [3][4].

Investment Rating - The investment rating for Shandong Publishing is "Buy" (maintained) [1] Core Views - The company's performance in Q1-Q3 is stable, with steady operations in its main business and continuous advancement in innovative business models [1] - Revenue for Q1-Q3 reached 8.52 billion yuan, an increase of 5.8% year-on-year; however, net profit attributable to shareholders decreased by 22.7% to 1.32 billion yuan [1] - The decline in net profit is primarily attributed to a decrease in market revenue from educational materials, while total revenue and profit still show positive growth [1] Summary by Relevant Sections Financial Performance - Revenue (in million yuan): - 2022A: 11,215 - 2023A: 12,154 - 2024E: 12,761 - 2025E: 13,714 - 2026E: 14,873 - Year-on-year growth rates: - 2022A: 3% - 2023A: 8% - 2024E: 5% - 2025E: 7% - 2026E: 8% [1] Profitability Metrics - Net profit (in million yuan): - 2022A: 1,680 - 2023A: 2,376 - 2024E: 1,507 - 2025E: 1,680 - 2026E: 1,890 - Year-on-year growth rates: - 2022A: 10% - 2023A: 41% - 2024E: -37% - 2025E: 11% - 2026E: 13% [1] Earnings Per Share - Earnings per share (in yuan): - 2022A: 0.81 - 2023A: 1.14 - 2024E: 0.72 - 2025E: 0.80 - 2026E: 0.91 [1] Market Position and Strategy - The company is actively expanding its educational materials and general book categories, ensuring a robust promotion of new books [1] - In the innovative business sector, the company is advancing in smart education and cultural tourism, with strategic partnerships to enhance its offerings [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2]. Core Views - The company has achieved a record high in contract liabilities and plans to issue convertible bonds to enhance its capabilities in the aviation and nuclear energy sectors [1][2]. - The company is expected to benefit from the acceleration of domestic nuclear power construction and the advancement of its two-machine business due to localization efforts [2][3]. Financial Summary - **Revenue Forecast**: The projected revenues for 2024, 2025, and 2026 are 2,737 million, 3,145 million, and 3,546 million respectively, reflecting growth rates of 13%, 15%, and 13% [1][2]. - **Net Profit Forecast**: The expected net profits for the same years are 369 million, 458 million, and 593 million, with growth rates of 22%, 24%, and 29% [1][2]. - **Earnings Per Share (EPS)**: The projected EPS for 2024, 2025, and 2026 are 0.54, 0.67, and 0.87 respectively [1][2]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratios for the forecasted years are 26X, 21X, and 16X [2][3]. Business Performance - The company reported a revenue of 6.42 billion in Q3 2024, a year-on-year increase of 3.06% [1]. - The net profit attributable to the parent company for the same period was 0.75 billion, a decrease of 8.75% year-on-year [1]. - The company has maintained a steady growth in its core businesses, including gas turbines and nuclear power components, with significant advancements in product development and delivery [1][2]. Strategic Initiatives - The company is actively expanding its product offerings in the nuclear energy sector, including advanced materials and key components, while also enhancing production efficiency through automation and smart manufacturing systems [2][3]. - The planned issuance of convertible bonds aims to raise funds for upgrading capabilities in the aviation and nuclear sectors, which is expected to support long-term growth [1][2].

浙矿股份（300837.SZ） 专用设备 证券研究报告/公司点评报告 2024 年 10 月 30 日 300 下游需求持续承压，Q3 利润延续下滑 ——浙矿股份 2024 三季度点评 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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 [2][9]. Core Views - The company is experiencing pressure on its performance in Q3 2024, with a decline in both revenue and net profit. However, there is an expectation for demand improvement in the future [1][2]. - The report highlights the company's strong position as a leader in the industrial mother machine sector, suggesting that its long-term growth potential remains intact despite current challenges [2]. Financial Summary - **Revenue Forecast**: The company is projected to achieve revenues of 3,389 million in 2024, with a growth rate of 2% year-on-year. This is expected to increase to 4,348 million by 2026, reflecting a growth rate of 15% [1][6]. - **Net Profit Forecast**: The net profit is expected to decline to 550 million in 2024, a decrease of 10% year-on-year, but is projected to recover to 760 million by 2026, with a growth rate of 19% [1][6]. - **Earnings Per Share (EPS)**: The EPS is forecasted to be 1.05 in 2024, down from 1.17 in 2023, but expected to rise to 1.46 by 2026 [1][6]. - **Cash Flow**: Operating cash flow is projected to be 402 million in 2024, with a gradual increase to 639 million by 2026 [5][6]. Market Position and Strategy - The company is focusing on domestic market share through import substitution and expanding its overseas presence. It aims to adapt its products to meet the needs of various international markets [1][2]. - The report notes that the company has established subsidiaries in Singapore and Thailand, which are expected to contribute to its growth in overseas markets [1][2]. Growth Drivers - The report identifies key growth drivers including the ongoing trend of import substitution in high-end CNC machine tools and the company's strategic initiatives to enhance its global marketing efforts [1][2]. - The company is also expected to benefit from the increasing restrictions on exports from developed countries to China, which may accelerate domestic substitution [1][2].

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 [9]. Core Views - The company achieved a revenue of 986 million yuan in the first three quarters of 2024, representing a year-on-year growth of 13.42%. The net profit attributable to shareholders was 18 million yuan, with a significant year-on-year increase of 123.77% [1]. - The company is experiencing robust growth in its life sciences and biopharmaceutical sectors, with a steady performance in its IVD (in vitro diagnostics) business. The introduction of high-performance products and breakthroughs in overseas markets are expected to drive rapid growth in related reagent products [1][2]. - The company has actively expanded its overseas business since 2022, leveraging differentiated solutions that combine reagents, consumables, and equipment. This strategy has led to significant breakthroughs in North America, Europe, and Southeast Asia, enhancing delivery efficiency and contributing to revenue growth [1][2]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 337 million yuan, a year-on-year increase of 12.87%. The net profit attributable to shareholders was 2 million yuan, a decline of 57.55% year-on-year, while the non-recurring net profit was -15 million yuan, showing a year-on-year growth of 30.88% [1][3]. - The gross profit margin for the first three quarters of 2024 was 70.48%, a slight decrease of 0.45 percentage points year-on-year. The net profit margin improved by 10.67 percentage points year-on-year to 1.73% [1][2]. Cost Management - The sales expense ratio for the first three quarters of 2024 was 34.21%, down by 3.70 percentage points year-on-year. The management expense ratio was 16.47%, a decrease of 3.43 percentage points, and the R&D expense ratio was 21.76%, down by 6.85 percentage points [1][2]. Growth Forecast - The revenue forecast for 2024-2026 is adjusted to 1.416 billion yuan, 1.779 billion yuan, and 2.191 billion yuan, respectively, with year-on-year growth rates of 10%, 26%, and 23%. The net profit attributable to shareholders is projected to be 33 million yuan, 196 million yuan, and 314 million yuan for the same period, with year-on-year growth rates of 147%, 493%, and 60% [1][2].

公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2,500 2,944 3,382 4,177 4,900 增长率 yoy% 8% 18% 15% 23% 17% 归母净利润（百万元） 298 407 559 659 766 增长率 yoy% -9% 36% 37% 18% 16% 每股收益（元） 0.50 0.68 0.93 1.10 1.28 每股现金流量 0.17 0.31 0.66 0.89 1.09 净资产收益率 9% 12% 15% 16% 17% P/E 67.1 49.2 35.8 30.4 26.1 P/B 6.6 5.9 5.5 5.1 4.6 备注：股价截止自2024 年 10 月 25 日收盘价，每股指标按照最新股本数全面摊薄 彤程新材（603650.SH） 橡胶 证券研究报告/公司点评报告 2024 年 10 月 27 日 评级： 买入（维持） 分析师：王芳 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： ...