Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7]. Core Views - The company has shown significant revenue and profit growth in Q3 2024, with revenue reaching 3.509 billion yuan, representing a year-on-year increase of 24.77% and a quarter-on-quarter increase of 6.19%. The net profit attributable to shareholders was 383 million yuan, up 21.60% year-on-year and 8.96% quarter-on-quarter [2]. - The company benefits from increased sales from core independent customers, with notable sales growth from key clients such as Li Auto, Seres, and Chery, which saw quarter-on-quarter sales increases of 41%, 12%, and 14% respectively [2]. - The company's gross margin for Q3 2024 was 19.94%, with a net margin of 10.91%, indicating a slight improvement in profitability despite a minor decline in gross margin compared to previous periods [2]. - The company is positioned as a leading domestic automotive lighting enterprise, with ongoing projects in advanced lighting technologies and a growing customer base, including new energy vehicle clients [2][5]. Summary by Sections Recent Performance - In Q3 2024, the company achieved a revenue of 3.509 billion yuan, with a year-on-year growth of 24.77% and a quarter-on-quarter growth of 6.19%. The net profit was 383 million yuan, reflecting a year-on-year increase of 21.60% and a quarter-on-quarter increase of 8.96% [2]. - The company has a diverse customer base, including luxury brands and domestic manufacturers, which has contributed to its revenue growth [2]. Financial Metrics - The company’s gross margin was 19.94%, with a net margin of 10.91%. The expense ratio improved to 8.12%, indicating better cost management [2]. - The company’s total market capitalization is approximately 42.35 billion yuan, with a current stock price of 148.25 yuan [2]. Earnings Forecast - The company is expected to achieve revenues of 12.9 billion yuan, 15.9 billion yuan, and 19.2 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 1.484 billion yuan, 1.911 billion yuan, and 2.388 billion yuan [5][7]. - The projected EPS for the same years is 5.20 yuan, 6.69 yuan, and 8.36 yuan, with a P/E ratio decreasing from 28.54 to 17.74 over the forecast period [5][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown improvement in revenue growth year-on-year and quarter-on-quarter, with a focus on cost optimization leading to enhanced profitability [2][4] - The company achieved a revenue of 47.58 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.24%, and a net profit attributable to shareholders of 6.26 billion yuan, up 23.79% year-on-year [2] - The third quarter of 2024 saw a revenue of 18.59 billion yuan, a year-on-year increase of 3.72%, and a net profit of 2.89 billion yuan, up 21.4% year-on-year [2] Financial Performance Summary - The company's gross margin improved significantly in Q3 2024, reaching 33.11%, an increase of 6.31 percentage points year-on-year, driven by lower raw material costs and increased sales scale [4] - The sales and management expense ratios for Q3 2024 were 7.86% and 3.94%, respectively, showing a year-on-year optimization [4] - The net profit margin for Q3 2024 was 15.57%, up 2.27 percentage points year-on-year, indicating a significant enhancement in profitability [4] Market Performance - The company's stock has outperformed the CSI 300 index, with a 1-month performance of 17.9% and a 3-month performance of 29.0% [2] - As of October 25, 2024, the stock price was 33.18 yuan, with a 52-week price range of 23.67-38.72 yuan [2] Future Outlook - The company is well-positioned for growth in the upcoming year, with expectations for strong performance during the New Year festival due to good channel inventory and planned marketing investments [2] - The company is projected to achieve revenues of 75.41 billion yuan, 81.71 billion yuan, and 87.78 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11%, 8%, and 7% [5][6]

Investment Rating - The report maintains a "Buy" rating for the company [1][5][9] Core Insights - The company has demonstrated steady growth in performance, with international business emerging as a "second engine" for growth [1][6] - For the first three quarters of 2024, the company achieved revenue of 1.9 billion yuan, a year-on-year increase of 17%, and a net profit attributable to shareholders of 420 million yuan, up 22% year-on-year [3][6] - The company has a strong order backlog of 3.8 billion yuan, reflecting a year-on-year increase of 29% [6] Financial Performance Summary - Revenue for Q3 2024 was 720 million yuan, representing an 11% year-on-year increase but a 7% decrease quarter-on-quarter [3] - The gross profit margin for Q3 2024 was 40.2%, a decrease of 0.4 percentage points year-on-year but an increase of 3.7 percentage points quarter-on-quarter [3] - The net profit margin for Q3 2024 was 21.0%, an increase of 0.7 percentage points year-on-year [3] Earnings Forecast and Valuation - The company is expected to achieve revenues of 2.6 billion, 3.2 billion, and 3.9 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 19%, 21%, and 22% [5][9] - The forecasted net profit attributable to shareholders for the same period is 650 million, 800 million, and 1 billion yuan, with growth rates of 23%, 24%, and 24% [5][9] - The current price corresponds to a price-to-earnings ratio (PE) of 32X for 2024, 26X for 2025, and 21X for 2026 [5][9]

Investment Rating - The report maintains a "Buy" rating for Tianshan Aluminum [2][5] Core Views - The decline in aluminum prices has impacted Q3 performance, but Q4 is expected to improve due to rising aluminum and alumina prices [4][5] - Tianshan Aluminum's revenue for the first three quarters of 2024 was 20.8 billion yuan, a year-on-year decrease of 6.93%, while net profit attributable to shareholders was 3.08 billion yuan, an increase of 88.36% year-on-year [3][4] Financial Performance Summary - Q3 2024 revenue was 7.01 billion yuan, a quarter-on-quarter increase of 0.7% but a year-on-year decrease of 7.1% [3] - Q3 2024 net profit attributable to shareholders was 1.01 billion yuan, a quarter-on-quarter decrease of 25.4% but a year-on-year increase of 63.5% [3] - The average price of aluminum in Q3 2024 was 19,560 yuan/ton, down 975 yuan/ton from Q2 but up 729 yuan/ton year-on-year [4] Future Outlook - The company has multiple growth projects in progress, including a 200,000-ton electrolytic aluminum project and alumina projects in Indonesia and Guinea [4] - Revenue forecasts for 2024-2026 are 33.7 billion, 35.4 billion, and 38.4 billion yuan respectively, with net profits of 4.22 billion, 4.51 billion, and 4.95 billion yuan [5][8] - The expected EPS for 2024-2026 is 0.91, 0.97, and 1.06 yuan, with corresponding P/E ratios of 9.33, 8.72, and 7.95 [5][8]

Investment Rating - The report maintains a "Buy" rating for Pingmei Co Ltd (601666) [2] Core Views - Pingmei Co Ltd's Q3 2024 performance showed marginal improvement in volume reduction trends and stable overall performance due to cost optimization [2] - The company's coal business saw a slight increase in gross profit per ton despite a decrease in volume [3] - Pingmei Co Ltd's convertible bonds still have nearly half remaining unconverted, with potential for further expansion in coal-coking integration [4][5] - The company has a significant high-dividend feature, with a commitment to distribute at least 60% of annual distributable profits in cash [5] Financial Performance - Q1-Q3 2024 revenue reached 23.32 billion yuan, up 0.78% YoY, while net profit attributable to shareholders decreased by 34.9% to 2.045 billion yuan [2] - Q3 2024 revenue was 7.01 billion yuan, down 1.9% YoY, with net profit attributable to shareholders decreasing by 27.9% to 650 million yuan [2] - Basic EPS for Q1-Q3 2024 was 0.84 yuan/share, down 38.1% YoY [2] - Weighted average ROE for Q1-Q3 2024 was 7.1%, down 5.9 percentage points YoY [2] Coal Business Analysis - Q1-Q3 2024 raw coal production was 21.061 million tons, down 9% YoY [3] - Commercial coal sales volume was 20.08 million tons, down 13% YoY [3] - Average coal price per ton was 1,032.6 yuan, up 8% YoY [3] - Cost per ton of coal was 718 yuan, up 11% YoY [3] - Gross profit per ton of coal was 314.6 yuan, up 2% YoY [3] Q3 2024 Performance - Q3 2024 raw coal production was 6.853 million tons, down 10% QoQ and 11% YoY [3] - Commercial coal sales volume was 6.594 million tons, up 0.3% QoQ but down 13% YoY [3] - Average coal price per ton in Q3 was 918 yuan, down 10% QoQ but up 6% YoY [3] - Cost per ton of coal in Q3 was 608.4 yuan, down 14% QoQ but up 6% YoY [3] - Gross profit per ton of coal in Q3 was 309.9 yuan, down 0.5% QoQ but up 6% YoY [3] Future Projections - 2024-2026 net profit attributable to shareholders is projected to be 2.7/3.11/3.42 billion yuan, with growth rates of -33%/+15%/+10% [6] - 2024-2026 EPS is projected to be 1.09/1.26/1.38 yuan, with corresponding P/E ratios of 9/8/7 [6] - 2024-2026 ROE is projected to be 10%/11%/11% [6] - 2024-2026 revenue is projected to be 29.133/30.554/31.509 billion yuan, with growth rates of -8%/+5%/+3% [7] Valuation Metrics - Current price: 10.17 yuan [3] - 52-week price range: 7.84-15.05 yuan [3] - Total market capitalization: 25.172 billion yuan [3] - Circulating market capitalization: 25.113 billion yuan [3] - Average daily trading volume: 242.42 million yuan [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 2.328 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 15.31%. The net profit attributable to shareholders was 333 million yuan, up 22.17% year-on-year [2] - In Q3 2024, the company achieved a revenue of 574 million yuan, a year-on-year increase of 15.77%, with a net profit of 38 million yuan, reflecting a significant year-on-year growth of 108.84% [2][3] - The company continues to optimize its product structure, with over 85% of revenue coming from mid-to-high-end products, and strong growth in the provincial and out-of-province markets [3] Summary by Sections Financial Performance - For Q3 2024, the company's gross margin decreased by 1.52 percentage points to 61.13%, attributed to promotional adjustments and increased market competition [3] - The company maintained a net profit margin of 6.6% in Q3 2024, an increase of 3.0 percentage points year-on-year [3] - The company’s sales cash receipts reached 610 million yuan in Q3 2024, a year-on-year increase of 12.73% [3] Market Position and Strategy - The company’s strategy of "national layout, deepening the Northwest, and key breakthroughs" is gradually being implemented, with significant growth in the provincial and out-of-province markets [3] - The company is expected to achieve revenues of 3 billion, 3.6 billion, and 4.3 billion yuan in 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 16%, 21%, and 19% [5] Earnings Forecast - The forecast for net profit attributable to shareholders is 412 million yuan for 2024, 499 million yuan for 2025, and 611 million yuan for 2026, with EPS projected at 0.81, 0.98, and 1.20 yuan respectively [5][6] - The company is expected to maintain a price-to-earnings ratio (P/E) of 25, 21, and 17 for the years 2024, 2025, and 2026 respectively [5][6]

Key Insights - The report highlights a significant recovery in orders and performance across various companies, indicating a positive trend in the market [5][11][15] - Companies are focusing on product structure optimization and channel efficiency to enhance profitability [8][10][26] - The overall economic environment shows signs of recovery, with downstream demand gradually improving [15][30] Company Summaries Tianwei Foods (603317) - For Q3 2024, Tianwei Foods reported revenue of 896 million yuan, a year-on-year increase of 10.93%, and a net profit of 186 million yuan, up 64.79% year-on-year [8] - The company achieved a gross margin of 38.83%, an increase of 0.77 percentage points year-on-year, driven by cost reductions and product upgrades [9] - The online sales channel saw a remarkable growth of 55% year-on-year, contributing to the overall revenue increase [8] Dongfang Cable (603606) - Dongfang Cable's Q3 2024 revenue reached 2.631 billion yuan, a 58.3% increase year-on-year, with a net profit of 288 million yuan, up 40.3% [11] - The company maintained a stable gross margin of 21.74%, indicating consistent profitability [11] - The backlog of orders has significantly increased, with a total of 4.098 billion yuan in hand orders as of late October 2024 [12] Jiete Bio (688026) - Jiete Bio reported a revenue of 391 million yuan for the first three quarters of 2024, an 18.56% increase year-on-year, with a net profit of 50 million yuan, up 259.26% [15] - The gross margin improved to 39.78%, reflecting better cost management and increased demand [15] - The company is actively enhancing its product development capabilities in response to market trends [17] Lixiao Technology (300487) - Lixiao Technology achieved a revenue of 1.892 billion yuan for the first three quarters of 2024, a 19.99% increase year-on-year, with a net profit of 596 million yuan, up 15.10% [19] - The gross margin for Q3 was 51.20%, indicating a strong performance despite a slight decline in net profit compared to the previous quarter [20] - The company is focusing on expanding its core product lines and enhancing operational efficiency [21] Chip Source Microelectronics (688037) - Chip Source Microelectronics reported a revenue of 1.105 billion yuan for the first three quarters of 2024, a decrease of 8.44% year-on-year, with a net profit of 108 million yuan, down 51.12% [22] - The gross margin improved to 46.22%, reflecting ongoing investments in research and development [23] - The company is experiencing fluctuations in revenue due to uneven order distribution and production cycles [22] Electric Power Investment (002128) - Electric Power Investment reported a revenue of 21.81 billion yuan for the first three quarters of 2024, a 10.54% increase year-on-year, with a net profit of 4.4 billion yuan, up 22.73% [30] - The coal business remains stable, with a high proportion of long-term contracts mitigating market volatility [30] - The company is benefiting from rising aluminum prices, which are expected to support profitability [31] Beite Technology (603009) - Beite Technology achieved a revenue of 487 million yuan in Q3 2024, a slight increase of 1.7% year-on-year, with a net profit of 23 million yuan, up 128.6% [33] - The gross margin improved significantly, indicating effective cost management strategies [33] - The company is focusing on developing its second growth curve through innovative product offerings [33]

2024 年 10 月 27 日 策略周报 研究所： 证券分析师： 胡国鹏 S0350521080003 hugp@ghzq.com.cn 证券分析师： 袁稻雨 S0350521080002 yuandy@ghzq.com.cn [Table_Title] 科创能否重现 2013-2015 年创业牛 ——策略周报 最近一年走势 投资要点: 1、科创能否成为本轮牛市的主线，可以参照 2013-2015 年的创业板， 2012 年底市场普涨熊转牛，2013 年在分化中创业板脱颖而出，最终造 就了 2013-2015 年创业板大牛市。 2、科创和当年创业板相似之处有四点，分别是经历了充分调整，新兴产 业涌现，并购重组政策支持与 IPO 暂缓，以及相似的基金持仓比例。 3、科创和当年创业板不同点在于估值水平、业绩表现以及板块结构，或 导致科创上涨空间可能不如当时的创业板，波动也可能相对更大。 4、科创后续空间的第一个估算思路是参考 2013-2015 年创业板的涨幅， 乐观情形下科创 50 后续仍有 65%左右的上涨空间。 5、科创后续空间的第二个估算思路是参考科创 50 最大权重，即科创芯 片相较于过去 1 年半费 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Views - The company's Q3 2024 performance showed a revenue of 859 million yuan, a year-over-year decrease of 10.36%, and a net profit of 140 million yuan, down 23.82% year-over-year [2][3] - The company continues to reward shareholders with cash dividends, proposing a distribution of 20.00 yuan per 10 shares, totaling 144 million yuan, which represents 70.94% of the net profit attributable to shareholders for the first three quarters of 2024 [3][5] - The overseas revenue for the first nine months of 2024 reached 369 million yuan, reflecting a significant year-over-year increase of 99.57% [4][5] Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 859 million yuan, a decrease of 10.36% year-over-year, and a net profit of 140 million yuan, down 23.82% year-over-year [2][3] - The total revenue for the first nine months of 2024 was 2.818 billion yuan, a decline of 14.77% year-over-year, with a net profit of 658 million yuan, down 23.48% year-over-year [3][4] Dividend Policy - The company announced a cash dividend of 20.00 yuan per 10 shares, amounting to 144 million yuan, with total cash dividends for the first three quarters of 2024 expected to be 466 million yuan, representing 70.94% of the net profit attributable to shareholders [3][5] Product Pipeline and Growth Potential - The company has a rich product pipeline with several games in the testing phase, including "Wanjian Changsheng" and "Zhangjian Chuanqi," which are expected to launch in 2025 [5] - The company forecasts revenues of 3.68 billion yuan, 4.10 billion yuan, and 4.53 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 873 million yuan, 1.092 billion yuan, and 1.240 billion yuan for the same years [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4][8] 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 shareholders was 277 million yuan, with a year-on-year increase of 32.10% for the same period [2][4] - In Q3 2024, the company achieved a revenue of 563 million yuan, up 15.58% year-on-year, and a net profit of 111 million yuan, up 17.10% year-on-year. The net profit margin for Q3 was 19.66%, an increase of 0.26 percentage points year-on-year [2][4] - The company is expected to benefit from a strong product innovation capability and a comprehensive channel strategy, with significant growth potential in the snack wholesale and overseas markets [3][4] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 1.606 billion yuan, up 22.23% year-on-year, and a net profit of 277 million yuan, up 32.10% year-on-year. In Q3 alone, revenue was 563 million yuan, up 15.58% year-on-year, and net profit was 111 million yuan, up 17.10% year-on-year [2][4] - The gross profit margin for Q3 was 36.80%, with a year-on-year decrease of 0.75 percentage points but an increase of 2.44 percentage points quarter-on-quarter [2][4] Growth Drivers - The company is focusing on product innovation, having launched a new product in October 2024, which is expected to contribute to revenue growth. The snack wholesale channel and overseas market expansion are seen as key growth areas [3][4] - The company has optimized its tax rate, resulting in a Q3 income tax rate of 15.48%, down 7.79 percentage points year-on-year, which has positively impacted profit margins [2][4] Future Outlook - The company is projected to achieve revenues of 2.220 billion yuan, 2.652 billion yuan, and 3.080 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 20%, 19%, and 16% [4][6] - The net profit attributable to shareholders is expected to be 401 million yuan, 472 million yuan, and 542 million yuan for the same years, with growth rates of 22%, 18%, and 15% [4][6]