沪深 300 -3.2% 13.8% 8.9% 市场数据 2024/11/01 2024 年 11 月 03 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn 联系人 ： 史亚州 S0350124060026 shiyz@ghzq.com.cn 联系人 ： 张晋铭 S0350124040003 zhangjm02@ghzq.com.cn [Table_Title] Q3 业绩同比实现高增，步入旺季景气有望延续 ——东航物流（601156）2024 年三季报点评 2024 年 10 月 30 日，东航物流发布 2024 年三季报： *物流*祝玉波》——2024-05-04 事件: 最近一年走势 《东航物流（601156）2024 年半年报点评：Q2 业绩实现高增，中期分红比例近五成（买入）*物 2024Q1-Q3，公司实现营业收入 176.74 亿元，同比增加 24.19%，录得 归母净利润 20.67 亿元，同比增加 24.14%，录得扣非归母净利润 19.38 亿元，同比增加 26.78%。 其中 2024Q3，公司实现 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights strong sales of methionine, with significant year-on-year and quarter-on-quarter improvements in Q3 performance [2][3] - The company achieved a revenue of 11.376 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 18.32% [2] - The net profit attributable to shareholders reached 1.003 billion yuan, a substantial recovery from a loss of 34 million yuan in the same period last year [2] - The report anticipates continued growth in revenue and profit for the years 2024 to 2026, with projected revenues of 15.317 billion yuan, 16.979 billion yuan, and 18.031 billion yuan respectively [6] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 4.115 billion yuan, up 25.23% year-on-year and 9.28% quarter-on-quarter [3] - The net profit for Q3 was 396 million yuan, compared to a loss of 680 million yuan in the same quarter last year, marking a quarter-on-quarter increase of 19.65% [3] - The operating cash flow for the quarter was 990 million yuan, reflecting a strong operational performance [3] Product Performance - The methionine segment saw a significant increase in both volume and price, with a revenue growth of 31% year-on-year and a gross profit increase of 296% [3] - The average price of 99% methionine in Q3 2024 was 20.69 yuan per kilogram, showing a year-on-year increase of 15.8% [3] - The vitamin A and E segments also experienced substantial price increases, contributing to improved profitability [3] Future Outlook - The company is expanding its production capacity, with ongoing construction of a 150,000-ton/year solid methionine plant in Quanzhou and a 37,000-ton/year specialty feed additive plant in Nanjing [6] - The report projects that the company will benefit from the favorable market conditions for its main products, methionine and vitamins, and maintain its leading position in the industry [6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The company's Q3 2024 performance showed significant growth in profitability, driven by a decline in raw material prices and optimized expense management [6] - The company released a stock incentive plan, demonstrating confidence in long-term development [4] - The company's product portfolio is expanding from small to medium and large components, with capacity expansion both domestically and internationally, supporting continued growth [7] Financial Performance - Q3 2024 revenue reached 1.725 billion yuan, up 8.40% YoY and 7.33% QoQ [5] - Q3 2024 net profit attributable to shareholders was 292 million yuan, up 44.74% YoY and 34.02% QoQ [5] - Q3 2024 gross margin was 29.75%, up 0.96 percentage points YoY and 2.09 percentage points QoQ [6] - Q3 2024 net profit margin was 17.34%, up 4.57 percentage points YoY and 3.20 percentage points QoQ [6] Market Data - Current stock price is 15.70 yuan [2] - 52-week price range is 11.59-23.63 yuan [2] - Total market capitalization is 15.34 billion yuan [2] - Average daily trading volume is 466.29 million yuan [2] Forecasts - Revenue for 2024-2026 is projected to be 7.22 billion, 8.53 billion, and 10.85 billion yuan, with growth rates of 21%, 18%, and 27% respectively [10] - Net profit attributable to shareholders for 2024-2026 is expected to be 1.03 billion, 1.22 billion, and 1.55 billion yuan, with growth rates of 13%, 18%, and 26% respectively [10] - EPS for 2024-2026 is forecasted to be 1.06, 1.25, and 1.58 yuan [10] Stock Incentive Plan - The company plans to grant 8.032 million restricted shares to 857 employees, accounting for 0.82% of total shares [4] - The incentive plan sets revenue growth targets of 15.35%-19.19% for 2025 and 20.72%-25.90% for 2026, compared to 2023 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5]. Core Insights - The company reported a revenue recovery in Q3 2024, with a year-on-year increase of 14.29% to 1.31 billion yuan, while the net profit attributable to shareholders decreased by 6.76% to 332.07 million yuan [2]. - The high-end development strategy has shown significant results, with direct sales revenue increasing by 33.71% in the first three quarters of 2024 [2]. - The overall gross margin improved to 62.08%, up 0.46 percentage points year-on-year, despite a decline in net profit margin due to increased exchange losses and reduced interest income and government subsidies [2]. Summary by Relevant Sections Revenue and Profitability - For the first three quarters of 2024, the company achieved a total revenue of 3.55 billion yuan, a 1.50% increase year-on-year, and a net profit of 916.49 million yuan, down 23.00% year-on-year [1]. - The gross margin for the first three quarters of 2024 was 62.08%, reflecting a year-on-year increase of 0.46 percentage points [2]. Product Strategy - The company's high-end product revenue accounted for 24.16% of total revenue, an increase of 3.18 percentage points year-on-year, contributing to an average price increase of 14.67% across major products [2]. - Sales of products priced above 50,000 yuan grew by 38.37% year-on-year, while those priced above 30,000 yuan increased by 24.39% [2]. Market Performance - As of November 1, 2024, the company's stock price was 29.88 yuan, with a market capitalization of 4.76 billion yuan [2]. - The company's performance relative to the CSI 300 index showed a 1.6% increase over the past month, a 22.4% increase over the past three months, but a decline of 21.3% over the past year [2]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 5.11 billion yuan, 5.54 billion yuan, and 6.33 billion yuan, respectively, with net profits projected at 1.28 billion yuan, 1.59 billion yuan, and 2.01 billion yuan [5][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The company is focusing on improving operational quality and is expected to benefit from policy support, leading to stabilization in the industry [1][6]. - The company has shifted its strategy from pursuing scale to focusing on profitability and cash flow, resulting in an improved contract structure for core products [1][2]. - The digital construction business is expected to enhance the quality of core products, while the digital design segment aims to establish project benchmarks for future scaling [4][6]. Financial Performance Summary - For the first three quarters of 2024, the company's revenue was 4.51 billion and 0.47 billion for digital construction and digital design businesses, respectively, reflecting a year-on-year decline of 40% and 26.22% [1]. - The total revenue for the first three quarters was 43.96 billion, down 8.03% year-on-year, with a net profit attributable to shareholders of 2.13 billion, down 18.47% year-on-year [2]. - In Q3 2024, the company reported revenue of 14.38 billion, a decrease of 15.96% year-on-year, but a significant increase in net profit of 0.21 billion, up 59.71% year-on-year [2]. Business Strategy and Market Outlook - The company is actively reducing low-margin product sales to enhance overall profitability, with a notable improvement in the contract structure of core products [1][2]. - The digital cost business generated 36.25 billion in revenue, with a slight decline of 1.29% year-on-year, while the renewal rate for pricing products remained stable despite lower new purchases due to industry conditions [3][4]. - The company plans to deepen relationships with existing clients and expand into new sectors such as international markets, infrastructure, and new energy to drive future growth [3][4]. Earnings Forecast - The company is projected to achieve revenues of 62.91 billion, 70.55 billion, and 79.93 billion for 2024, 2025, and 2026, respectively, with net profits expected to be 4.78 billion, 7.84 billion, and 9.92 billion [6][10]. - The estimated EPS for 2024, 2025, and 2026 are 0.29, 0.47, and 0.60, with corresponding P/E ratios of 46, 28, and 22 [6][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][11] Core Views - The report indicates that the turning point for sweeteners may be emerging, with a quarter-on-quarter increase in net profit attributable to the parent company in Q3 [2][3] - The company achieved a revenue of 4.043 billion yuan in the first three quarters of 2024, a year-on-year decrease of 1.24%, and a net profit of 409 million yuan, down 27.39% year-on-year [2][3] - The report highlights that the prices of key sweeteners have recently increased, suggesting a potential recovery in profitability for the company in the upcoming quarters [3][4] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 1.504 billion yuan, an increase of 6.04% year-on-year and 13.54% quarter-on-quarter [3] - The net profit attributable to the parent company for Q3 was 162 million yuan, up 1.17% year-on-year and 37.51% quarter-on-quarter [3] - The operating cash flow for Q3 was 468 million yuan, with a gross profit margin of 19.52%, down 3.93 percentage points year-on-year [3][4] Market Trends - The report notes that the prices of sucralose and acesulfame have recently risen from their lowest points in 2024, indicating a potential improvement in market conditions [3][4] - The company is positioned as a leader in the sweetener industry, with ongoing projects aimed at enhancing production efficiency and reducing costs [4][5] Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 5.441 billion, 6.006 billion, and 6.518 billion yuan respectively, with corresponding net profits of 705 million, 990 million, and 1.236 billion yuan [5][6] - The report anticipates a recovery in the company's main product prices, which could lead to improved financial performance in the near future [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 2.154 billion yuan for the first three quarters of 2024, a year-on-year decrease of 18.98%, and a net profit attributable to shareholders of 301 million yuan, down 56.04% year-on-year [2][3] - The sales of parent stock white feather broiler chicks decreased by 20% year-on-year, while the sales of commercial broiler chicks fell by 15% year-on-year [3] - The company expects to sell over 3 million sets of parent stock white feather broiler chicks and 14 million commercial broiler chicks in Q4 2024 [3] - The company's breeding pig business has seen a significant increase, with over 14,000 pigs sold in the first three quarters of 2024, representing a year-on-year growth of more than 7 times [3] - The price of parent stock broiler chicks is expected to strengthen in Q4 2024, with current prices at 70 yuan per set for parent stock and 4.9 yuan per chick for commercial broilers [3] Financial Summary - Revenue projections for 2024-2026 are adjusted to 2.99 billion, 3.439 billion, and 3.838 billion yuan, respectively, with net profits projected at 579 million, 886 million, and 1.137 billion yuan [3][8] - The corresponding price-to-earnings (PE) ratios are expected to be 17, 11, and 9 times for the respective years [3] - The company is expected to benefit first from the rebound in chick prices, leading to continuous improvement in performance [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Insights - The company experienced operational pressure in the first three quarters of 2024, but there is optimism for a recovery in 2025 [1][4] - Revenue for the first three quarters of 2024 was 4.12% lower year-on-year, with a significant decline in net profit of 26.57% [3][4] - The company is focusing on enhancing its project-based business and optimizing its talent structure to improve competitiveness [2][4] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 4.188 billion yuan, down 4.12% year-on-year, and a net profit of 446 million yuan, down 26.57% year-on-year [3][4] - In Q3 2024, revenue was 1.352 billion yuan, a decrease of 12.26% year-on-year, while net profit increased significantly by 159.18% to 416 million yuan, mainly due to non-operating gains from financial asset disposals [3][4] - The gross profit margin for the first three quarters was 69.31%, a decrease of 2.58 percentage points year-on-year [2] Business Segment Performance - Wealth technology services revenue was 803 million yuan, down 20.32% year-on-year; asset management technology services revenue was 1.01 billion yuan, down 3.4%; and operational and institutional technology services revenue was 786 million yuan, down 6.54% [4] - Core financial infrastructure technology services saw a notable increase in revenue to 470 million yuan, up 16.74% year-on-year [4] Future Outlook - The report anticipates that IT spending by financial institutions will stabilize in Q4 2024 and into 2025, which could positively impact the company's performance [4] - The company is expected to maintain its leading position in the securities and asset management IT sector, focusing on high-quality products and efficiency improvements [8]

Investment Rating - The report maintains a "Buy" rating for Ruihuatai (688323) [1][6] Core Views - Ruihuatai's Q3 2024 revenue showed significant year-over-year and quarter-over-quarter growth, driven by the gradual ramp-up of the Jiaxing project [1] - The company achieved Q3 revenue of 107.17 million yuan, up 23.87% YoY and 38.69% QoQ [2] - Gross profit margin in Q3 was 18.14%, down 16.67 percentage points YoY [1] - Net profit attributable to shareholders was -12.54 million yuan in Q3, a decrease of 12.8 million yuan YoY [2] Financial Performance - For the first three quarters of 2024, Ruihuatai achieved revenue of 239 million yuan, up 14.68% YoY [1] - Net profit attributable to shareholders was -49 million yuan for the first three quarters, compared to -8 million yuan in the same period last year [2] - Weighted average ROE was -4.99%, down 4.24 percentage points YoY [2] - Sales net profit margin was -20.35%, down 9.48 percentage points YoY [2] Jiaxing Project Progress - The 1600-ton Jiaxing project has completed factory construction, with 4 production lines already in operation [4] - Two additional chemical production lines are undergoing process debugging and product testing [4] - The project is expected to enhance the company's product layout and supply capacity in the electronics field [4] CPI Film Development - Ruihuatai has mastered core CPI film production technology, with products demonstrating excellent optical and mechanical properties [5] - The company's CPI film has passed evaluations by domestic terminal brand manufacturers and achieved sample sales [5] - An optical-grade pilot production line for flexible OLED CPI film is under equipment and process optimization [5] Future Outlook - The company is expected to achieve revenue of 344 million yuan in 2024, 547 million yuan in 2025, and 729 million yuan in 2026 [6][8] - Net profit is forecasted to be -49 million yuan in 2024, turning positive to 31 million yuan in 2025 and 87 million yuan in 2026 [6][8] - The PE ratio is projected to be 80.23 in 2025 and 28.26 in 2026 [6][8] - The company is focusing on product structure optimization and market expansion in electronics and new energy sectors [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4][7] Core Views - The company's revenue for the first three quarters of 2024 reached 1.498 billion yuan, a year-on-year increase of 10.54%, while the net profit attributable to shareholders decreased by 20.09% to 181 million yuan [1][2] - In Q3 2024, the company achieved a revenue of 526 million yuan, a year-on-year growth of 14.32%, but the net profit attributable to shareholders fell by 33.32% to 46 million yuan due to a decline in helium revenue and gross profit [2] - The gross margin for the first three quarters of 2024 was 27.94%, down 8.66 percentage points year-on-year, while the net profit margin decreased by 4.44 percentage points to 12.25% [2] Summary by Sections Financial Performance - The company reported a revenue of 1.835 billion yuan in 2023, with projections of 2.118 billion yuan for 2024, 2.558 billion yuan for 2025, and 3.094 billion yuan for 2026, reflecting growth rates of 19%, 15%, 21%, and 21% respectively [5][7] - The net profit attributable to shareholders is forecasted to be 261 million yuan in 2024, down 18% from 2023, with expected recoveries of 346 million yuan in 2025 and 442 million yuan in 2026 [5][7] Market Data - As of November 1, 2024, the company's stock price is 9.08 yuan, with a market capitalization of approximately 11.98 billion yuan [2][5] - The stock has a 52-week price range of 7.00 to 13.93 yuan, and the average daily trading volume is 68.42 million yuan [2][5] Business Development - The company is expanding its electronic specialty gas business, having secured projects such as Wuhan Chuxing (Phase II) and Zhuhai Huacan, which solidify its leading position in the domestic electronic gas market [2] - The company has successfully commercialized several projects, including Beijing Jidian and Wuhan Chuxing (Phase I), and has made breakthroughs in the general industrial gas sector [2]