Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company's Q3 performance shows significant improvement compared to previous quarters, with a notable recovery in operational performance and profitability [3] - The company has reduced credit impairment risks significantly due to profitability in the downstream pig farming industry since May [3] - Recent approvals for new vaccines indicate that the company's R&D efforts are entering a fruitful phase, enhancing its product portfolio and market competitiveness [3] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 666 million, a year-on-year decrease of 19.57%, and a net profit attributable to shareholders of 261 million, down 27.09% [3] - In Q3 2024, revenue was 265 million, a year-on-year decline of 10.35%, while net profit was 108 million, down 8.68% [3] - The gross margin increased by 5.5 percentage points quarter-on-quarter, and the net profit margin improved by 7.35 percentage points quarter-on-quarter [3] Earnings Forecast and Valuation - The revenue projections for 2024-2026 are adjusted to 1,006 million, 1,168 million, and 1,378 million, with year-on-year growth rates of -5.48%, +16.16%, and +17.95% respectively [3] - The net profit forecasts for the same period are 371 million, 438 million, and 519 million, with year-on-year growth rates of -6.28%, +17.97%, and +18.62% respectively [3] - The current price-to-earnings (PE) ratios are projected to be 18x, 15x, and 13x for 2024, 2025, and 2026 respectively [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7]. Core Views - The company is expected to benefit from the increasing demand for Huawei smartphones and servers, with steady growth in Q3 performance [1][4]. - The company's revenue for the first three quarters of 2024 reached 3.423 billion yuan, a year-on-year increase of 17.53%, while the net profit attributable to shareholders was 104 million yuan, up 111.26% year-on-year [1][2]. - The company has a strong market presence in consumer electronics, communication, and new energy sectors, with revenue contributions of 38%, 25%, and 35% respectively [1][4]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 1.254 billion yuan, a year-on-year increase of 10.52%, and a net profit of 47 million yuan, up 4.66% year-on-year [1][2]. - The gross profit margin for the first three quarters of 2024 was 18.27%, with a slight decrease of 0.5 percentage points year-on-year [2][4]. Business Strategy - The company is focused on deepening cooperation with clients and actively expanding its market presence, particularly in terminal, network, and server businesses [1][4]. - The company is enhancing its core technology barriers in the new energy sector, particularly in the application of electric vehicles [1][4]. Market Outlook - The company is positioned to benefit from the growth of Huawei's business, which reported a revenue of 585.9 billion yuan in the first three quarters of 2024, a year-on-year increase of 29.55% [3][4]. - The demand for liquid cooling solutions in servers is expected to rise, with the company being a key supplier in this area [4][5]. Earnings Forecast - Revenue projections for 2024, 2025, and 2026 are estimated at 5.274 billion yuan, 6.816 billion yuan, and 8.742 billion yuan respectively, with corresponding net profits of 262 million yuan, 467 million yuan, and 762 million yuan [5][7]. - The expected price-to-earnings ratios for the years 2024, 2025, and 2026 are 42, 24, and 14 respectively [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [2][7][11] Core Views - The company achieved a revenue of 4.88 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 14.78%. However, the net profit attributable to shareholders decreased by 2.05% to 276 million yuan [2] - The company is actively overcoming adverse factors such as shipping costs and exchange rate fluctuations, with tire sales showing a quarter-on-quarter increase [3] - The company is expanding its production capacity for giant tires, which is expected to significantly enhance profitability once the new projects are fully operational [5] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 1.73 billion yuan, a year-on-year increase of 17.07% and a quarter-on-quarter increase of 3.03%. The net profit attributable to shareholders was 45 million yuan, down 59.57% year-on-year and 71.14% quarter-on-quarter [3] - The gross profit margin for Q3 2024 was 14.60%, a decrease of 7.26 percentage points year-on-year, while the net profit margin was 2.60%, down 4.94 percentage points year-on-year [3] Market Position and Strategy - The company is transitioning towards a non-highway tire strategy, with a focus on expanding its giant tire production capacity. The completion of new projects is expected to add significant revenue and profit [5][6] - The company plans to distribute cash dividends amounting to 0.12 yuan per share for the first three quarters of 2024, with a cash dividend ratio of 31.74% [6] Earnings Forecast - The company’s projected revenues for 2024, 2025, and 2026 are 6.435 billion yuan, 6.730 billion yuan, and 7.331 billion yuan, respectively. The net profits are expected to be 351 million yuan, 472 million yuan, and 642 million yuan, corresponding to P/E ratios of 13, 10, and 7 [7][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7][10] Core Views - The company reported strong revenue growth in Q3 2024, with a year-on-year increase of 26.20%, positioning it among the industry leaders [3][5] - The company's revenue for the first three quarters of 2024 reached 3.861 billion yuan, up 28.49% year-on-year, while the net profit attributable to shareholders was 493 million yuan, an increase of 24.55% [3][4] - Despite short-term profit fluctuations due to changes in channel structure and tax rates, the long-term outlook remains positive with significant growth potential in both revenue and profit [4][7] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 1.402 billion yuan, a 26.20% increase year-on-year, and a net profit of 174 million yuan, up 15.62% [3][4] - The gross profit margin for Q3 2024 was 30.6%, down 2.3 percentage points year-on-year, primarily due to changes in channel structure [4][5] - The company’s operating profit margin for Q3 was 14.8%, reflecting a slight increase of 0.2 percentage points year-on-year [4] Revenue and Profit Forecast - The company is expected to achieve revenues of 5.257 billion yuan, 6.537 billion yuan, and 8.002 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 651 million yuan, 785 million yuan, and 961 million yuan [7][8] - The earnings per share (EPS) are projected to be 2.38 yuan, 2.88 yuan, and 3.52 yuan for the same years, with a price-to-earnings (P/E) ratio of 21, 18, and 14 respectively [8][10] Market Position and Strategy - The company has successfully cultivated two major brands, "Egg Emperor" and "Big Devil," which have significantly contributed to revenue growth [5][7] - The company is expanding its product lines by establishing subsidiaries focused on snack foods and meat products, expected to contribute to revenue in Q4 2024 [5][6]

公司研究 [Table_Title] 主业增长稳健，盈利弹性释放 ——新乳业（002946）2024 年三季报点评 | --- | --- | |--------------|-----------------------------------------| | 2024 | 11 月 03 日 | | 研究所： | | | 证券分析师： | 刘洁铭 S0350521110006 liujm@ghzq.com.cn | | 证券分析师： | 秦一方 S0350523120001 qinyf@ghzq.com.cn | 评级：增持(维持) 最近一年走势 事件: 新乳业发布 2024 年三季报，2024 年前三季度公司实现营业收入 81.94 亿元，同比-0.54%，归母净利润 4.74 亿元，同比+24.4%，扣非归母净 利润 5.07 亿元，同比+29.5%。单 Q3 公司实现营收 27.85 亿元，同比 -3.82%，归母净利润 1.77 亿元，同比+22.9%，扣非归母净利润 1.93 亿 元，同比+19.73%。 投资要点: 主业增长稳健，单 Q3 收入同比下滑主要系剥离一只酸奶牛影响。 公司单 Q3 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The company's revenue performance has significantly improved both year-on-year and quarter-on-quarter, with Q3 2024 revenue reaching 3.441 billion yuan, up 28.08% year-on-year and 10.39% quarter-on-quarter [4][5]. - The net profit attributable to shareholders for Q3 2024 was 275 million yuan, reflecting a year-on-year increase of 47.98% and a quarter-on-quarter increase of 33.14% [4][5]. - The company is benefiting from a robust order flow and scale effects, leading to substantial growth in performance [5]. - The gross profit margin for Q3 2024 was 21.35%, an increase of 1.86% year-on-year, while the net profit margin was 7.98%, up 1.06% year-on-year [5]. - The company is actively expanding its overseas strategy, with new subsidiaries established in the United States, which is expected to enhance revenue contributions from international markets [5]. Financial Projections - The company is projected to achieve main business revenues of 13.109 billion, 17.178 billion, and 20.615 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 24%, 31%, and 20% [3][7]. - The net profit attributable to shareholders is expected to be 1.059 billion, 1.383 billion, and 1.805 billion yuan for the same years, with a consistent growth rate of 31% [3][7]. - The earnings per share (EPS) are forecasted to be 2.17, 2.84, and 3.70 yuan for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (P/E) ratios of 23, 17, and 13 times [3][7].

当前价格（元） 116.13 2024 年 11 月 03 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 李航 S0350521120006 lih11@ghzq.com.cn 证券分析师： 邱迪 S0350522010002 qiud@ghzq.com.cn [Table_Title] 业绩符合预期，HJT 产业化进程有望加速 ——迈为股份（300751）2024 年三季报点评 事件: 最近一年走势 10 月 28 日，迈为股份发布三季报：2024 年前三季度公司实现营收 78 亿元，同比+52%；归母净利润 7.6 亿元，同比+6%；其中 24Q3 营收 29.0 亿元，同比+29%，环比+9%；归母净利润 3.0 亿元，同比+3%，环比+48%； 扣非归母净利润 2.8 亿元，同比+1%，环比+52%；毛利率 30.2%，同比 -2.1pct，环比-0.8pct；净利率 13.1%，同比+0.7pct，环比+5.5pct。 投资要点: 相对沪深 300 表现 2024/11/01 收入环比保持增长，HJT 确收进度放缓 2024Q3 公司毛利率 30.2%，我们预计毛利率环比下滑主要系 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10]. Core Views - The company achieved significant growth in Q3 2024, with a year-on-year increase in net profit attributable to shareholders of 60.9% and a quarter-on-quarter increase of 25.3% [3][4]. - The smart driving domain controller is expected to support rapid growth in the smart driving business, with mass production already underway for major clients such as Li Auto and Zeekr [4]. - The company has secured new project orders from mainstream clients like Toyota and Great Wall, indicating a strong demand for its products [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 18.975 billion yuan, a year-on-year increase of 31.1%, and a net profit of 1.407 billion yuan, up 46.5% year-on-year [3]. - In Q3 2024 alone, the company achieved revenue of 7.282 billion yuan, a 26.7% increase year-on-year, and a net profit of 568 million yuan, reflecting a 60.9% year-on-year growth [3]. - The net profit margin improved to 7.84% in Q3 2024, an increase of 1.71 percentage points year-on-year [4]. Future Earnings Forecast - The company is expected to achieve total revenue of 28.121 billion yuan in 2024, with a year-on-year growth rate of 28%, and a net profit of 2.140 billion yuan, reflecting a growth rate of 38% [5][8]. - Projections for 2025 and 2026 indicate continued revenue growth, with expected revenues of 34.872 billion yuan and 41.702 billion yuan, respectively, and net profits of 2.881 billion yuan and 3.690 billion yuan [8][10].

流通股本（万股） 736,224.92 2024 年 11 月 03 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 2024Q3 业绩承压，静待智能转型触底反弹 ——广汽集团（601238）2024 年三季报点评 最近一年走势 事件: 广汽集团 2024 年 10 月 30 日发布三季度报告：公司 2024 年前三季度实 现营业收入 740.4 亿元，同比-24.18%，实现归母净利润 1.201 亿元，同 比-97.34%，扣非后归母净利润-18.704 亿元，同比-146.49%；2024Q3 前三季度累计销量 133.5 万辆，同比-25.59%。 投资要点: 2024Q3 营 收 同 比 下滑 ， 自 主 合 资 销 量 同 比承 压 环 比 恢 复 。 2024Q3 公 司 实 现 营 收 282.3 亿 元 ， 同 / 环 比 分 别 为 -21.73%/+15.42%，营收表现主要原因是自主品牌销量同比承压， 环比修复。2024Q3 公司自主品牌实现销量 18.9 万辆，同/环比 -24 ...

Investment Rating - The report maintains a "Buy" rating for Robinhood (HOOD) [2][3] Core Insights - The Q3 performance of Robinhood was below expectations, with revenue of $637 million, a year-over-year increase of 36% but a quarter-over-quarter decrease of 7%. The GAAP net profit was $150 million, marking a return to profitability. The company expects to maintain its annual expense guidance of $1.85 to $1.95 billion [3][7] - Despite the overall performance being below market expectations, several operational metrics showed strong growth, including assets under custody reaching a new high of $152.2 billion, a year-over-year increase of 76% and a quarter-over-quarter increase of 6%. The number of Gold members reached 2.19 million, with a subscription rate of 9% [3][9] - October data trends are promising, with net inflows exceeding $4 billion, stock trading volumes hitting a three-year high, and cryptocurrency trading volumes expected to exceed $5 billion, indicating a strong foundation for Q4 performance [3][12] Summary by Sections Financial Performance - In Q3 2024, Robinhood reported revenue of $637 million, a year-over-year increase of 36% and a quarter-over-quarter decrease of 7%. The GAAP net profit was $150 million, with an EPS of $0.17, which was below market expectations. The company also indicated a continued guidance for annual expenses between $1.85 billion and $1.95 billion [3][8][7] Operational Metrics - The assets under custody reached $152.2 billion, reflecting a year-over-year growth of 76% and a quarter-over-quarter growth of 6%. The average assets per funded customer increased to $6,300. The number of Gold subscribers was 2.19 million, with a subscription rate of 9% and a monthly active user count of 11 million, representing a year-over-year growth of 7% [3][9][11] Future Outlook - The report projects revenues for 2024, 2025, and 2026 to be $2.6 billion, $3.4 billion, and $4.0 billion respectively, with GAAP net profits of $691 million, $1.3 billion, and $1.7 billion. The corresponding P/E ratios are expected to be 30.6x, 16.1x, and 12.5x. The continuous development phase and product upgrades support a positive outlook for Robinhood's future performance [3][15][6]