Investment Rating - The report maintains a "Buy" rating for Longxin General (603766) as of November 1, 2024 [2][3][8] Core Insights - Longxin General reported a revenue of 12.22 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 30.5%, with a net profit attributable to shareholders of 900 million yuan, up 13.7% year-on-year [3] - In Q3 2024, the company achieved a revenue of 4.55 billion yuan, a year-on-year increase of 34.5%, and a net profit of 310 million yuan, up 7.0% year-on-year [3] - The motorcycle business showed significant growth, with revenue reaching 4.56 billion yuan in Q3 2024, a year-on-year increase of 79.4% [3] - The restructuring process is progressing steadily, with significant investments received from related parties totaling 1.346 billion yuan and 846 million yuan [3] Summary by Sections Financial Performance - For Q3 2024, the gross margin was 17.6%, down 0.9 percentage points year-on-year, and the net profit margin was 6.8%, down 1.7 percentage points year-on-year [3] - The company forecasts revenues of 14.655 billion yuan, 15.532 billion yuan, and 16.672 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.096 billion yuan, 1.292 billion yuan, and 1.462 billion yuan [3][6] Market Performance - Longxin General's stock performance relative to the CSI 300 index shows an increase of 3.3% over the past month, 23.2% over three months, and 49.3% over the past year [3] - The stock price is currently at 8.17 yuan, with a market capitalization of approximately 16.78 billion yuan [3][8] Business Segments - The VOGE series of motorcycles generated revenue of 910 million yuan in Q3 2024, marking a year-on-year increase of 120.6%, with domestic sales up 147.1% [3] - The general machinery business also performed well, with revenue of 940 million yuan, a year-on-year increase of 47.3% [3]

Investment Rating - The report maintains a "Buy" rating for the company [2][6][9] Core Views - The company achieved a revenue of 5.667 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 1.51%. However, the net profit attributable to shareholders decreased by 12.00% to 701 million yuan [2] - The third quarter of 2024 saw a revenue of 2.085 billion yuan, a year-on-year decrease of 3.02% but a quarter-on-quarter increase of 0.85%. The net profit attributable to shareholders was 286 million yuan, reflecting a year-on-year increase of 1.89% and a quarter-on-quarter increase of 13.91% [3] - The company is expected to benefit from the gradual increase in organic fluorochemical products, with a positive outlook for future performance [3][4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a gross profit margin of 27.09%, down 2.83 percentage points year-on-year, and a net profit margin of 12.48%, down 1.97 percentage points year-on-year [2] - The third quarter of 2024 showed a gross profit margin of 25.72%, down 2.55 percentage points year-on-year and down 2.65 percentage points quarter-on-quarter [3] Market Position and Growth Potential - The company is positioned as a leader in the domestic electrolyte market, with significant growth potential in the fluorinated liquid space. Revenue projections for 2024-2026 are 8.216 billion, 10.114 billion, and 12.911 billion yuan, respectively [6][9] - The report highlights the company's comprehensive fluorochemical industry chain and its strategic investments in high-performance fluorinated materials [4] Valuation Metrics - The expected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 28, 19, and 15, respectively, indicating a favorable valuation outlook as the company grows [6][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][8] Core Views - The report highlights that the company's coal chemical sales have increased quarter-on-quarter, with ethanol gradually contributing to performance growth [1][5] - The company achieved a total operating revenue of 566.69 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 2.04%, while net profit attributable to shareholders decreased by 18.17% [3][4] - The report emphasizes strong cost control capabilities in the coal business, with a slight decline in gross profit per ton year-on-year [4][5] Summary by Sections Financial Performance - In Q3 2024, the company reported total operating revenue of 194.3 billion yuan, a year-on-year increase of 6.55%, while net profit attributable to shareholders was 12.04 billion yuan, down 18.12% year-on-year [3][4] - For the first three quarters, the company produced 1,567.04 million tons of commodity coal, a decrease of 6% year-on-year, with sales of 1,187.83 million tons, down 14% year-on-year [4][5] Coal Business - The company’s coal production in Q3 2024 was 534.7 million tons, a year-on-year decrease of 1% but an increase of 5% quarter-on-quarter [4][5] - The average selling price of coal was 1,052.7 yuan per ton, up 3% year-on-year but down 5% quarter-on-quarter, with a gross profit margin of 48.6% [4][5] Chemical Products - In Q3 2024, the company produced 95.4 million tons of coke, down 4% year-on-year but up 16% quarter-on-quarter, with sales revenue of 16.4 billion yuan [5] - Ethanol production reached 14.8 million tons in Q3, with sales revenue of 7.56 billion yuan, indicating a growing contribution from the ethanol project [5][6] Earnings Forecast and Valuation - The company is expected to achieve operating revenues of 705.2 billion yuan, 739.0 billion yuan, and 784.5 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 51.9 billion yuan, 56.4 billion yuan, and 65.6 billion yuan [6][8] - The report projects EPS of 1.93 yuan, 2.10 yuan, and 2.43 yuan for the same years, with corresponding P/E ratios of 8, 7, and 6 [6][8]

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Insights - The company reported a significant year-on-year revenue growth of 39.5% for the first three quarters of 2024, reaching 20.35 billion yuan, with a net profit increase of 54.7% to 4.46 billion yuan [3] - In Q3 2024, the company achieved a revenue of 8.02 billion yuan, reflecting a 30.1% year-on-year growth and a 23.8% quarter-on-quarter increase, with a net profit of 1.68 billion yuan, up 55.0% year-on-year [3] - The company's gross margin for Q3 2024 was 42.3%, an increase of 5.9 percentage points year-on-year, while the net profit margin was 20.9%, up 2.8 percentage points year-on-year [3] - The company has a strong focus on R&D, with Q3 2024 R&D expenses amounting to 845 million yuan, a 57.4% increase year-on-year [3] - The company is expanding its product matrix and has successfully developed several high-end equipment with independent intellectual property rights [3] Financial Projections - Revenue projections for 2024-2026 are 30 billion yuan, 39.4 billion yuan, and 49.8 billion yuan, with year-on-year growth rates of 36%, 31%, and 26% respectively [3] - Net profit projections for the same period are 5.8 billion yuan, 7.8 billion yuan, and 9.9 billion yuan, with growth rates of 50%, 34%, and 27% respectively [3] - The current price-to-earnings (P/E) ratios are projected to be 36x, 27x, and 21x for 2024, 2025, and 2026 respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Insights - The company achieved a record high revenue of 7.13 billion yuan in Q3 2024, with a year-on-year growth of 42.85% and a quarter-on-quarter growth of 9.13% [3]. - The net profit attributable to shareholders reached 778 million yuan, reflecting a year-on-year increase of 54.63% but a slight quarter-on-quarter decrease of 4.07% [3]. - The company’s innovative Tier 0.5 business model continues to gain acceptance among clients, with notable sales increases from key customers such as Tesla, Geely, and Xiaomi [3]. - The overseas expansion is progressing, with the first factory of the Mexico industrial park and the second phase project already in operation, contributing to future revenue growth [3]. Financial Performance - In Q3 2024, the company reported a gross margin of 20.88%, which is a slight year-on-year decrease of 1.79 percentage points but a quarter-on-quarter increase of 0.48 percentage points [4]. - The net profit margin for Q3 2024 was 10.96%, showing a year-on-year increase of 0.86 percentage points but a quarter-on-quarter decrease of 1.49 percentage points [4]. - The company expects improvements in gross and net margins in Q4 2024 as production capacity ramps up [4]. Revenue and Profit Forecast - The company is projected to achieve revenues of 26.5 billion, 34.7 billion, and 43.4 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 35%, 31%, and 25% [4][7]. - The net profit attributable to shareholders is expected to reach 2.91 billion, 3.89 billion, and 4.81 billion yuan for the same years, with growth rates of 35%, 34%, and 24% [4][7]. - The earnings per share (EPS) are forecasted to be 1.73, 2.31, and 2.85 yuan for 2024, 2025, and 2026, respectively [7][9].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][5]. Core Insights - The company achieved a record high revenue of 44.06 billion yuan in Q3 2024, driven by its consumer electronics and new energy sectors [3][5]. - For the first three quarters of 2024, the company reported a revenue of 120.97 billion yuan, a year-on-year increase of 23.56%, and a significant rise in net profit attributable to shareholders, reaching 5.94 billion yuan compared to 0.02 billion yuan in the same period last year [2][3]. - The report highlights the company's effective cost control, with a notable decrease in expense ratios across sales, management, and financial costs [3][5]. Financial Performance Summary - In Q3 2024, the company recorded a gross margin of 20.00%, a slight decrease of 1.46 percentage points year-on-year, while the net profit margin increased by 0.21 percentage points to 3.65% [3][5]. - The company’s revenue projections for 2024-2026 are 170.44 billion yuan, 200.03 billion yuan, and 239.57 billion yuan, reflecting growth rates of 24%, 17%, and 20% respectively [5][6]. - The expected net profits for the same period are 8.00 billion yuan, 8.51 billion yuan, and 10.99 billion yuan, with growth rates of 834%, 6%, and 29% respectively [5][6]. Market Position and Future Outlook - The company is positioned to benefit from the AI wave and is actively expanding its new energy business, with production capacity gradually being released [5][6]. - The introduction of new products by major clients, such as the MacBook Pro with M4 chips, is anticipated to stimulate a replacement wave in consumer electronics [3][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9][18] Core Views - The company's Q3 performance was impacted by weak macro demand, but new projects are progressing steadily [2][4] - For the first three quarters of 2024, the company achieved revenue of 147.6 billion yuan, a year-on-year increase of 11.4%, while net profit attributable to shareholders was 11.1 billion yuan, a year-on-year decrease of 12.7% [2][4] - The company is expected to maintain growth with new capacity coming online, enhancing its competitive edge [9][10] Financial Performance Summary - In Q3 2024, the company reported revenue of 50.5 billion yuan, a year-on-year increase of 12.5% but a quarter-on-quarter decrease of 0.7% [3][4] - The net profit for Q3 2024 was 2.92 billion yuan, down 29.4% year-on-year and down 27.3% quarter-on-quarter [3][4] - The operating cash flow for Q3 2024 was 9 billion yuan, an increase of 31 million yuan year-on-year [3][4] - The gross margin for Q3 2024 was 13.4%, down 4.0 percentage points year-on-year [3][4] Segment Performance Summary - The polyurethane segment generated revenue of 18.8 billion yuan in Q3 2024, up 8.5% year-on-year [5] - The petrochemical segment achieved revenue of 22.4 billion yuan, a year-on-year increase of 42.4% [5] - The fine chemicals and new materials segment reported revenue of 7 billion yuan, a year-on-year increase of 10.9% [5] Price Spread Analysis - The average price spread for polymer MDI in Q3 2024 was 10,823 yuan/ton, up 2.5% year-on-year [6] - The average price spread for pure MDI decreased by 21.5% year-on-year to 11,886 yuan/ton [6] - The average price spread for TDI fell by 30.2% year-on-year to 9,243 yuan/ton [6] Future Outlook - The company is expected to achieve revenues of 190.6 billion yuan, 230.5 billion yuan, and 261.8 billion yuan for 2024, 2025, and 2026 respectively [10][18] - The net profit forecast for the same years is 14.9 billion yuan, 20.4 billion yuan, and 25.9 billion yuan respectively [10][18] - The company is projected to maintain a PE ratio of 16, 12, and 9 for the years 2024, 2025, and 2026 respectively [10][18]

2024 年 11 月 01 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2024 年第 187 期 观点精粹: 最新报告摘要 单三季度营收同比+127%，盈利能力持续改善--安达智能/自动化设备(688125/216407) 科创板公司动态研究 盈利能力同比提升，大家居战略坚定推进--欧派家居/家居用品(603833/213603) 公司点评 销量环比微降，投资增厚业绩--陕西煤业/煤炭开采(601225/217401) 公司点评 2024Q3 主动型基金在煤炭行业持仓比例环比下降 0.36pct，延续低配状态--行业专题研究 三季度扣非归母净利润创历史新高，拟对墨西哥控股子公司增资--赛轮轮胎/汽车零部件(601058/212802) 公 司点评 怎么看财政赤字？--宏观深度研究 Q3 业绩同比提升，下游石化项目迎来进展--博隆技术/专用设备(603325/216402) 中小市值点评报告 征途小游戏推动 24Q3 营收环比增长，积极关注《王者征途》持续表现和《原始征途》版本大推--巨人网络/ 游戏 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][6]. Core Views - The company's Q3 performance shows a year-on-year improvement, with revenue from downstream petrochemical projects increasing due to better acceptance progress and confirmed orders [2][5]. - The company reported a total revenue of 581 million yuan for the first three quarters of 2024, a decrease of 23.52% year-on-year, while the net profit attributable to shareholders was 169 million yuan, down 4.45% year-on-year. However, Q3 revenue reached 214 million yuan, an increase of 9.25% year-on-year, and net profit attributable to shareholders was 71 million yuan, up 60.20% year-on-year [1][2]. - The company has a high level of contract liabilities, amounting to 2.444 billion yuan as of September 30, 2024, which provides assurance for future performance as downstream projects are gradually accepted and revenue is confirmed [2][5]. - The company maintains good liquidity and cash flow, with a cash balance of 668 million yuan and a net cash flow from operating activities of 445 million yuan for the first three quarters of 2024 [2][5]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a gross margin of 41.54%, an increase of 6.67 percentage points year-on-year, and a net margin of 33.14%, up 10.54 percentage points year-on-year, marking historical highs for both metrics [3][6]. - The comprehensive gross margin for the first three quarters of 2024 was 34.31%, up 1.84 percentage points year-on-year, while the net margin was 29.14%, an increase of 5.82 percentage points year-on-year [3][6]. Revenue and Profit Forecast - The company is expected to generate revenues of 1.303 billion yuan, 2.225 billion yuan, and 2.730 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 296 million yuan, 475 million yuan, and 566 million yuan [6][7]. - The projected P/E ratios for 2024, 2025, and 2026 are 16, 10, and 8 times, respectively, indicating a favorable valuation outlook [6][7]. Market Trends - The acceleration of large-scale integrated refining and chemical projects, such as the Yulong Island project, is expected to benefit the demand for large-scale equipment in the upstream sector [5][6]. - The company’s products are integral to key projects like Yulong and Baofeng, which are expected to enhance the revenue recognition pace as these projects progress [5][6].

2024 年 10 月 31 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 证券分析师： 吴铭杰 S0350524090003 wumj@ghzq.com.cn [Table_Title] 2024 年 Q3 归母净利润同比稳中有升，机器人 执行器有望打造第三成长曲线 ——三花智控（002050）2024 年 Q3 季报点评 最近一年走势 事件: 2024 年 10 月 30 日，三花智控发布 2024 年 Q3 季报：2024 年 Q1-Q3 公司实现营收 205.63 亿元，同比+8.4%；归母净利润 23.02 亿元，同比 +6.6%；扣非后归母净利润 22.48 亿元，同比+1.1%，其中 2024Q3 实现 营收 68.87 亿元，同比+6.8%；归母净利润 7.87 亿元，同比+3%；扣非 后归母净利润 7.21 亿元，同比-4.5%。 投资要点: 相对沪深 300 表现 2024/10/30 2024 年 Q3 归母净利润同比稳中有升，毛利率环比提升。 2024 年 Q3 公司实现归母净利润 7.87 亿元，同比+ ...