Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is experiencing a turning point in performance as the impact of centralized procurement is gradually being digested, leading to improved profitability [4][5] - The company's revenue for the first three quarters of 2024 was 994 million yuan, a decrease of 6.30% year-on-year, while net profit attributable to shareholders increased by 15.71% to 243 million yuan [3] - The core product, injectable multivitamins (12), has significant market potential despite a decline in sales revenue due to centralized procurement price reductions [4] - The company has a rich pipeline of second-tier products that are expected to drive continuous growth, including pediatric multivitamin injections which saw a revenue increase of 47.29% in the first half of 2024 [5] - Profitability is on the rise, with the company achieving record high non-recurring profit margins and amounts in recent quarters, indicating a clear performance inflection point [5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 994 million yuan, down 6.30% year-on-year, and a net profit of 243 million yuan, up 15.71% [3] - The third quarter alone saw operating revenue of 361 million yuan, an increase of 15.83% [3] Product Analysis - The injectable multivitamins (12) were uniquely selected in the centralized procurement in September 2023, which has led to a temporary decline in sales but is expected to recover due to increased market coverage and reduced costs [4] - Other products, such as trace element injections, are anticipated to recover quickly following successful bids in regional centralized procurement [5] Profitability and Forecast - The company is expected to see revenue growth from 1.377 billion yuan in 2024 to 1.951 billion yuan in 2026, with corresponding net profits increasing from 251 million yuan to 388 million yuan [7] - The projected growth rates for revenue are 4.1% in 2024, 20.7% in 2025, and 17.4% in 2026, with net profit growth rates of 17.4%, 24.9%, and 23.8% respectively [5][7]

Investment Rating - The report assigns a **Buy** rating to Wuliangye (000858) [2] Core Views - Wuliangye delivered solid Q3 2024 results with revenue of RMB 67.92 billion (+8.6% YoY) and net profit of RMB 24.93 billion (+9.19% YoY) [3] - The company maintained stable profitability with Q3 gross margin at 76.17% (+2.77pct YoY) and net margin at 34.02% (-0.02pct YoY) [3] - Wuliangye adjusted its business strategy to strengthen shareholder returns, with a minimum 70% dividend payout ratio (up from 60% in 2023) and at least RMB 20 billion in annual cash dividends [3] - The company is expected to achieve net profits of RMB 32.79 billion, RMB 35.67 billion, and RMB 38.93 billion in 2024-2026, representing YoY growth of 8.5%, 8.8%, and 9.1% respectively [3] Financial Performance Income Statement - Revenue is projected to grow from RMB 89.91 billion in 2024 to RMB 105.34 billion in 2026, with a CAGR of 8.2% [4] - Net profit margin is expected to increase from 36.5% in 2024 to 37.0% in 2026 [5] - EPS is forecasted to rise from RMB 8.45 in 2024 to RMB 10.03 in 2026 [4] Balance Sheet - Total assets are projected to grow from RMB 182.39 billion in 2024 to RMB 214.31 billion in 2026 [5] - Current ratio is expected to improve from 4.86 in 2024 to 5.42 in 2026 [5] - Debt-to-asset ratio is forecasted to decline from 18.6% in 2024 to 16.8% in 2026 [5] Cash Flow - Operating cash flow is expected to increase from RMB 30.67 billion in 2024 to RMB 36.56 billion in 2026 [5] - Free cash flow is projected to grow steadily, supported by efficient working capital management [5] Valuation - The stock is trading at 17.6x, 16.2x, and 14.8x forward P/E for 2024-2026 [4] - Dividend yield is estimated at 3.98% based on the 70% payout ratio [3] - P/B ratio is expected to decline from 4.0x in 2024 to 3.4x in 2026 [5] Business Strategy - Wuliangye is optimizing its product mix, focusing on premium products like Classic Wuliangye to capture high-end market share [3] - The company is strengthening channel management and dealer relationships to maintain healthy manufacturer-distributor dynamics [3] - Marketing efforts are increasingly consumer-centric, emphasizing consumption activation, banquets, and tasting events [3]

[Table_Summary] [Table_Title] 三季度业绩环比下降 未来矿产铜增量可期 [Table_ReportDate] 铜陵有色(000630)公司简评报告 | 2024.11.06 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 吴轩 有色行业首席分析师 SAC 执证编号：S0110521120001 wuxuan123@sczq.com.cn 电话：021-58820297 [市场指数走势（最近 Table_Chart] 1 年） -0.5 0 0.5 6-Nov18-Jan 31-Mar 12-Jun 24-Aug 5-Nov 铜陵有色 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|-----------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 3.64 | | 一年内最高 / 最低价（元） | 4.36/2.78 | | 市盈率（当前） | 16.32 | | 市净率（当前） | 1.39 | | 总股本（亿股） | 1 ...

评级： 看好 [Table_Authors] 岳清慧 汽车首席分析师 SAC 执证编号：S0110521050003 yueqinghui@sczq.com.cn 黄璿 汽车研究助理 SAC 执证编号：S0110123010014 huangxuan2023@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 0.4 30-Oct 10-Jan 22-Mar 2-Jun13-Aug 24-Oct 汽车 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 汽车行业周报：十月前两周乘用车销 量同环比增长，高阶智能驾驶有望创 新突破 汽车行业周报：9 月乘用车市场回 暖，看好汽车板块 汽车行业周报：新车密集催化，九月 前两周乘用车零售销量同比增长 [Table_Title] 汽车行业周报：特斯拉 Q3 盈利超预期，预计明年交 付量增加二至三成 [Table_ReportDate] 汽车 | 行业简评报告 | 2024.10.30 核心观点 l [Table_Summary] 特斯拉 Q3 盈利超预期，预计明年交付量增加二至三 ...

[Table_Rank] 评级： 买入 [Table_Authors] 吴轩 有色行业首席分析师 SAC 执证编号：S0110521120001 wuxuan123@sczq.com.cn 电话：021-58820297 [市场指数走势（最近 Table_Chart] 1 年） -0.4 -0.2 0 0.2 0.4 30-Oct 10-Jan 22-Mar 2-Jun13-Aug 24-Oct 宝武镁业 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 10.97 | | 一年内最高 / 最低价（元） | 15.45/8.54 | | 市盈率（当前） | 81.83 | | 市净率（当前） | 2.04 | | 总股本（亿股） | 9.92 | | 总市值（亿元） | 108.80 | | 资料来源：聚源数据 | | 相关研究 [Table_OtherReport] 低镁价影响上半年业绩 静待青阳项 目产能释放 Q3 ...

Investment Rating - Buy rating for the company [1] Core Views - The company reported strong Q3 2024 results with revenue of 5.27 billion yuan, up 53.37% YoY, and net profit of 0.72 billion yuan, up 58.39% YoY [2] - Stabilizer bar revenue grew 138% YoY in the first three quarters of 2024, driving overall revenue growth [2] - Gross margin improved to 26.68% in Q3 2024, up 1.17 ppts YoY and 4.52 ppts QoQ, due to economies of scale and capacity expansion [2] - Market share for suspension springs exceeded 26% and stabilizer bars exceeded 12% in the first three quarters of 2024 [2] - The company is pursuing international expansion through partnerships and acquisitions, including a potential 20 million euro investment in MSSC AHLE GmbH assets [2] Financial Performance - Revenue for the first three quarters of 2024 reached 12.34 billion yuan, up 45.86% YoY [2] - Net profit for the first three quarters of 2024 was 1.53 billion yuan, up 39.92% YoY [2] - Revenue is forecast to grow to 17.8 billion yuan in 2024, 22.9 billion yuan in 2025, and 28.3 billion yuan in 2026 [2][3] - Net profit is expected to reach 2.2 billion yuan in 2024, 2.9 billion yuan in 2025, and 3.7 billion yuan in 2026 [2][3] - EPS is projected to be 1.19 yuan in 2024, 1.59 yuan in 2025, and 2.05 yuan in 2026 [3] Valuation - Current PE ratio is 30.52 and PB ratio is 2.39 [1] - Forecast PE ratios are 17.7 for 2024, 13.3 for 2025, and 10.3 for 2026 [2][3] - Forecast PB ratios are 2.20 for 2024, 1.93 for 2025, and 1.67 for 2026 [4] Business Segments - Suspension spring revenue reached 6.7 billion yuan in the first three quarters of 2024, up 30% YoY [2] - Stabilizer bar revenue reached 3.9 billion yuan in the first three quarters of 2024, up 138% YoY [2] Capacity and Market Position - The company is expanding production capacity in Henan, Chongqing, and Zhuji [2] - Suspension spring market share exceeded 26% and stabilizer bar market share exceeded 12% in the first three quarters of 2024 [2] International Expansion - The company began cooperation with Stellantis in 2023 [2] - A potential 20 million euro investment in MSSC AHLE GmbH assets is planned to support international growth [2] Financial Ratios - Gross margin improved to 26.68% in Q3 2024 [2] - Net margin reached 14.53% in Q3 2024, up 1.04 ppts YoY and 4.03 ppts QoQ [2] - ROE is forecast to increase from 10.9% in 2023 to 16.2% in 2026 [4] - ROIC is expected to grow from 9.9% in 2023 to 15.3% in 2026 [4]

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a revenue of 1.606 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 22.23%. The net profit attributable to the parent company was 277 million yuan, up 29.48% year-on-year [2] - In Q3 2024, the company achieved a revenue of 563 million yuan, a year-on-year increase of 15.58%, with a notable improvement in revenue growth compared to Q2 2024 [2] - The company is actively optimizing its distribution channels, particularly in the snack wholesale sector, which has shown high growth rates. The e-commerce channel is also being enhanced with new product introductions [2] Financial Summary - For 2024, 2025, and 2026, the projected net profits attributable to the parent company are 390 million yuan, 470 million yuan, and 560 million yuan, respectively, with year-on-year growth rates of 21%, 20%, and 18% [2][3] - The company's current price-to-earnings (PE) ratios for 2024, 2025, and 2026 are projected to be 17, 14, and 12 times, respectively [2] - The revenue for 2024 is expected to be 2.257 billion yuan, with a growth rate of 22.2% [3]

[Table_Summary] [Table_Title] 海外业务快速增长，盈利能力持续提升 [Table_ReportDate] 科兴制药(688136)公司简评报告 | 2024.10.30 [Table_Rank] 评级： 增持 核心观点 [Table_Authors] 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：86-10-81152643 [Table_Chart] 市场指数走势（最近 1 年） -0.5 0 0.5 30-Oct 11-Jan 24-Mar 5-Jun17-Aug 29-Oct 科兴制药 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 17.91 | | 一年内最高 / 最低价（元） | 22.82/10.61 | | 市盈率（当前） | -30.03 | | 市净率（当前） | 2.21 | | 总股本（亿股） | ...

[Table_Rank] 评级： 看好 [Table_Authors] 翟绪丽 首席分析师 SAC 执证编号：S0110522010001 zhaixuli@sczq.com.cn 电话：010- 81152683 甄理 行业分析师 SAC 执证编号：S0110524070001 zhenli@sczq.com.cn 电话：021-58820301 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 0.4 30-Oct 10-Jan 22-Mar 2-Jun13-Aug 24-Oct 基础化工 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 农药行业点评：部分农药价格反弹， 关注具有成本优势的龙头企业 国际油价回调，兴福电子获中国证监 会注册 化肥行业点评：化肥价格有所回暖， 关注冬储备肥情况 【首创化工】2023 年策略报告——周 期起伏中寻求确定性，关注龙头股、 磷化工、氟化工三条主线 [Table_Title] 液氯涨幅居前，兴发集团前三季度利润同比快速增 长 [Table_ReportDate] 基础化工 | 行业简评报告 | ...

[Table_Rank] 评级： 增持 [Table_Authors] 曲小溪 首席分析师 SAC 执证编号：S0110521080001 quxiaoxi@sczq.com.cn 电话：010-8115 2676 [市场指数走势（最近 Table_Chart] 1 年） -0.5 0 0.5 30-Oct 10-Jan 22-Mar 2-Jun13-Aug 24-Oct 鼎泰高科 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 20.90 | | 一年内最高 / 最低价（元） | 24.18/11.61 | | 市盈率（当前） | 38.55 | | 市净率（当前） | 3.54 | | 总股本（亿股） | 4.10 | | 总市值（亿元） | 85.69 | | 资料来源：聚源数据 | | 相关研究 [Table_OtherReport] 鼎泰高科 2024 年半年报点评：受益于 新兴业务增长，2024H1 收 ...