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]

Investment Rating - The report maintains a "Buy" rating for Microsoft (MSFT) [2] Core Insights - Microsoft's overall financial performance is positively influenced by AI-driven business growth, with significant revenue increases across its major business segments [3] - The company reported Q1 FY2025 revenue of $65.585 billion, a year-over-year increase of 16.04%, and a net profit of $24.667 billion, up 10.66% year-over-year [2][3] - The intelligent cloud segment saw the most substantial growth, with a revenue increase of 20% year-over-year, while personal computing and productivity segments also showed strong growth [3] Financial Performance Summary - For Q1 FY2025, Microsoft achieved a gross margin of approximately 69.35% and a net margin of about 37.61% [2] - The capital expenditure (Capex) for the quarter reached $20 billion, with cash spending of $14.9 billion [3] - The productivity and business processes segment generated $28.3 billion in revenue, accounting for 43% of total revenue, driven primarily by Microsoft 365 [3] - The intelligent cloud segment's revenue was $20 billion, with Azure and other cloud services growing by 33% year-over-year [3] - The more personal computing segment reported $13.2 billion in revenue, with Xbox content and services revenue increasing by 61% [5] Future Outlook - For Q2 FY2025, Microsoft expects productivity and business processes revenue to be between $28.7 billion and $29 billion, representing a year-over-year growth of 50% [6] - The intelligent cloud revenue is projected to be between $25.55 billion and $25.85 billion, with a slight year-over-year decrease [6] - More personal computing revenue is anticipated to be between $13.85 billion and $14.25 billion, reflecting a year-over-year decrease of 17% [6] Valuation Metrics - The report forecasts FY2025 revenue of $285 billion and net profit of $101.8 billion, with corresponding P/S ratios of 10.60X and P/E ratios of 29.69X [6][7] - For FY2026, revenue is expected to reach $329.9 billion with a net profit of $117.2 billion, leading to P/S and P/E ratios of 9.16X and 25.78X respectively [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][8] Core Views - The company has demonstrated strong revenue growth, achieving a total revenue of 31.36 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 17.25%. The net profit attributable to shareholders reached 11.35 billion yuan, up 20.34% year-on-year, indicating robust performance despite external macroeconomic pressures [1][2][5] - The company ranks among the top three in revenue among listed liquor companies, showcasing its resilience in a challenging market environment. The third quarter saw a revenue increase of 11.35% year-on-year, with net profit growth of 10.36% [2][5] - The company has successfully expanded its dealer network, increasing the number of dealers to 4,368, which is a 172 dealer increase from the previous quarter, indicating effective channel expansion [2][5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 31.36 billion yuan, a 17.25% increase year-on-year, and a net profit of 11.35 billion yuan, up 20.34% year-on-year. In Q3 alone, revenue was 8.61 billion yuan, reflecting an 11.35% year-on-year growth, while net profit was 2.94 billion yuan, a 10.36% increase [1][2][5] - The company's cash flow quality remains strong, with a net cash flow from operating activities of 3.51 billion yuan, a significant increase of 67.22% year-on-year, attributed to higher sales receipts [5][6] Market Position - The company has solidified its position in the market, ranking among the top three liquor companies in terms of revenue. It has maintained a leading growth rate among major liquor enterprises, even in a challenging consumption environment [2][5] - The company has seen a slight slowdown in revenue growth from external markets, with Q3 revenue from outside Shanxi province increasing by 10.95% year-on-year, down from 21.78% in Q2 [2][5] Product and Regional Performance - The company’s product mix has shifted, with mid-to-high-end liquor categories generating revenue of 6.19 billion yuan, up 6.73% year-on-year, while other liquor categories saw a 25.62% increase to 2.41 billion yuan [2][5] - Revenue from Shanxi province reached 3.51 billion yuan, a 12.12% increase year-on-year, while revenue from outside the province was 5.09 billion yuan, reflecting a 10.95% increase [2][5] Profitability and Valuation - The company's net profit margin decreased slightly to 34.11%, and gross margin to 74.29%, attributed to product mix adjustments. However, the overall profitability remains strong [2][5] - The company’s earnings per share (EPS) is projected to be 10.18 yuan for 2024, with a price-to-earnings (P/E) ratio of 21 times [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][7] Core Views - The company reported a total revenue of 9.942 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 18.85%. The net profit attributable to shareholders was 3.086 billion yuan, up 17.08% year-on-year [1] - In Q3 2024, the company achieved a revenue of 2.637 billion yuan, a year-on-year increase of 10.11%, while the net profit attributable to shareholders was 624 million yuan, up 6.61% year-on-year [1][2] - The company is actively adjusting its delivery and payment rhythm to alleviate pressure on distributors and maintain a healthy channel [2] Summary by Sections Recent Performance - For Q3 2024, the company's revenue and net profit growth rates have slowed significantly compared to previous quarters, primarily due to a challenging macro consumption environment and an increase in discount proportions [2] - The revenue from the company's premium A+ products in Q3 2024 was 1.813 billion yuan, a year-on-year increase of 11.70%, but the growth rate has decreased by 9.37 percentage points compared to Q2 [2] - The company has seen a slight decrease in the proportion of revenue from its home province, which now accounts for 92.23% of total revenue, while revenue from outside the province increased by 23.04% year-on-year [2] Financial Metrics - The company’s gross profit margin decreased by 5.13 percentage points to 75.59% in Q3 2024, primarily due to increased discount-related expenses [2] - The net profit margin for Q3 2024 was 23.68%, down 0.78 percentage points year-on-year [2] - The company’s cash flow from operations showed stability, with a net operating cash flow of 3.064 billion yuan, although it decreased by 16.85% year-on-year [2] Future Projections - The company is expected to continue expanding its revenue scale, with projected revenues of 11.653 billion yuan, 13.086 billion yuan, and 14.552 billion yuan for 2024, 2025, and 2026 respectively [4][5] - The projected net profits for the same years are 3.585 billion yuan, 3.963 billion yuan, and 4.391 billion yuan, with corresponding EPS of 2.86 yuan, 3.16 yuan, and 3.50 yuan [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][7] Core Views - The company demonstrates strong performance resilience as a leading player in the Huizhou liquor industry, with revenue growth outpacing industry peers [2][4] - The company achieved a total revenue of 19.069 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 19.53%, and a net profit of 4.746 billion yuan, up 24.49% year-on-year [1][2] - The company is expected to continue its upward momentum, with revenue projections for 2024-2026 set at 23.778 billion yuan, 26.964 billion yuan, and 30.011 billion yuan respectively [4][5] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 5.263 billion yuan, a year-on-year increase of 13.36%, and a net profit of 1.174 billion yuan, up 13.60% year-on-year [1][2] - The company's sales net profit margin increased by 0.17 percentage points to 23.14%, while the gross profit margin decreased by 1.55 percentage points to 77.87% [2][4] Market Position - The company maintains a solid market position in its home province of Anhui, which remains the primary source of revenue growth, while also expanding its presence in other provinces such as Jiangsu, Shandong, and Zhejiang [2][4] Product Performance - The company’s product lines, including the Xianli version and various aged products, are expected to benefit from the ongoing growth in consumer spending, although some segments may experience a slowdown in growth rates [2][4] Cash Flow and Financial Health - The company reported a significant increase in cash flow, with operating cash flow net amount rising by 34.55% year-on-year [2][4] - As of Q3 2024, the company’s contract liabilities stood at 1.936 billion yuan, reflecting a decrease as the company adjusted its cash collection pace [2][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11]. Core Insights - The company reported a strong revenue growth of 40% year-on-year in Q3 2024, driven by robust performance in AI server sales [2][3]. - For the first three quarters of 2024, the company achieved a revenue of 436.37 billion yuan, representing a year-on-year increase of 32.71%, and a net profit attributable to shareholders of 15.14 billion yuan, up 12.28% year-on-year [2][3]. - The AI server segment saw a remarkable revenue growth of 228% year-on-year, contributing to 48% of the total server revenue in Q3 2024 [3][4]. Financial Performance Summary - In Q3 2024, the company reported a revenue of 170.28 billion yuan, a year-on-year increase of 39.53% and a quarter-on-quarter increase of 15.52% [2]. - The net profit attributable to shareholders for Q3 2024 was 6.40 billion yuan, showing a year-on-year growth of 1.24% and a quarter-on-quarter increase of 40.58% [2]. - The gross margin for the first three quarters of 2024 was 6.82%, a decrease of 1.14 percentage points year-on-year, while the net margin was 3.47%, down 0.63 percentage points year-on-year [3]. Market Data - As of November 1, 2024, the current stock price is 23.68 yuan, with a 52-week price range of 12.63 to 29.47 yuan [3]. - The total market capitalization is approximately 470.47 billion yuan [3]. Business Segment Performance - The AI server segment accounted for 48% of server revenue in Q3 2024, with a year-on-year growth of 128% for 400/800G switches [4][6]. - The company's cloud computing business experienced a revenue growth of 71% year-on-year in the first three quarters of 2024 [3]. - The network communication business, focusing on 400/800G switches and SmartNIC/DPU cards, also showed significant growth, with a 200% year-on-year increase in revenue for SmartNIC/DPU cards [6][4]. Future Outlook - The company is expected to benefit from the increasing demand for AI computing power globally, with projected revenues of 553.95 billion yuan, 677.21 billion yuan, and 782.95 billion yuan for 2024, 2025, and 2026 respectively [8][9]. - The earnings per share (EPS) are forecasted to be 1.23 yuan, 1.53 yuan, and 1.78 yuan for the years 2024, 2025, and 2026 respectively [9][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's Q3 earnings improved year-on-year, driven by increased orders in the modified plastics segment and a reduction in losses in the green petrochemical segment [3][4] - The company is advancing its integrated layout, with new material projects set to commence production soon, enhancing its competitive edge [4][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 40.46 billion, a year-on-year increase of 18.0%, and a net profit attributable to shareholders of 680 million, up 41.0% year-on-year [2] - In Q3 2024, the company reported revenue of 17.12 billion, a year-on-year increase of 22.8% and a quarter-on-quarter increase of 33.3% [3] - The net profit attributable to shareholders in Q3 2024 was 300 million, a significant year-on-year increase of 1886.4% [3] - The operating cash flow for Q3 2024 was 70 million [3] Segment Performance - The modified plastics segment generated sales revenue of 8.50 billion, with a year-on-year increase of 8% and a quarter-on-quarter increase of 5% [3] - The new materials segment achieved sales revenue of 980 million, up 19% year-on-year and 9% quarter-on-quarter, with notable growth in biodegradable plastics [3] - The green petrochemical segment reported revenue of 3.55 billion, a year-on-year increase of 29% and a quarter-on-quarter increase of 39% [3] Future Earnings Forecast - Projected revenues for 2024, 2025, and 2026 are 56.76 billion, 64.61 billion, and 73.73 billion respectively, with net profits expected to be 1.01 billion, 1.52 billion, and 2.16 billion [6][11] - The company is expected to maintain a leading position in the modified plastics industry, with an anticipated improvement in overall gross margins following the integration of its Ningbo and Liaoning projects [6]