相对沪深 300 表现 2024/10/29 总市值（百万） 28,994.41 日均成交额（百万） 1,334.35 2024 年 10 月 30 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 谭瑞峤 S0350521120004 tanrq@ghzq.com.cn [Table_Title] 2024Q3 业绩高增，新品储备丰富，有望开启增 长新周期 ——恺英网络（002517）2024 年三季报点评 文，谭瑞峤》——2024-09-06 事件: 最近一年走势 2024 年 10 月 28 日，公司发布 2024 年第三季度报告，2024 年 Q3 公司 实现营业收入 13.72 亿元，yoy+30.33%，归母净利润 4.71 亿元， yoy+31.52%，扣非归母净利润 4.80 亿元，yoy+32.53%。 投资要点: 2024Q3 业绩增长亮眼。 表现 1M 3M 12M （1）2024 年 Q3 公司实现营业收入 13.72 亿元，yoy+30.33%，归母净 利 润 4.71 亿 元 ， yo ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7][10] Core Views - The company reported a robust revenue growth of 4.53% year-over-year (YOY) in Q3 2024, achieving a total revenue of 1.461 billion yuan. The net profit attributable to shareholders surged by 191.43% YOY to 463 million yuan, primarily due to a 245 million yuan lawsuit compensation received in September 2024 [3][4] - The company's performance in the SLG (Simulation and Strategy Game) segment remains stable, with two new SLG products expected to launch by the end of 2024 [5][7] Summary by Relevant Sections Financial Performance - In Q3 2024, the company achieved a gross margin of 61.19%, a decrease of 2.13 percentage points YOY. The sales, research and development, and management expenses were 214 million, 79 million, and 356 million yuan respectively, with YOY changes of -47.97%, -4.66%, and +51.00% [4] - For the first three quarters of 2024, the company reported total revenue of 4.514 billion yuan, a YOY increase of 11.42%, and a net profit of 1.094 billion yuan, up 94.33% YOY [4] Market Position and Future Outlook - The company is strategically focused on "innovation-driven, global layout," aiming to enhance its game and software information technology services. Revenue projections for 2024-2026 are 6.511 billion, 7.421 billion, and 8.506 billion yuan respectively, with net profits expected to be 1.431 billion, 1.499 billion, and 1.893 billion yuan [7][8] - The average global revenue ranking for the company in the mobile game sector was 10th in Q1, 10th in Q2, and 9th in Q3 of 2024, indicating a stable performance in international markets [5][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 revenue growth rate improved year-on-year, and it is expected to benefit from the gradual recovery of the macro economy as the effects of policy measures become evident [2] - The company's gross profit margin has significantly improved due to price increases in the payment collection business and expansion into high-priced overseas markets [2][3] - The company is actively expanding its overseas payment business, which is expected to provide long-term growth opportunities [3] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 2.445 billion yuan, a year-on-year decrease of 15.53%, and a net profit attributable to shareholders of 297 million yuan, down 46.18%. However, the net profit after deducting non-recurring items was 543 million yuan, showing a year-on-year increase of 5.03% [1] - In Q3 2024, the company achieved revenue of 868 million yuan, a year-on-year decrease of 7.17%, and a net profit of -151 million yuan, a decline of 169% [1] - The gross profit margin for the first three quarters of 2024 was 41.99%, an increase of 5.25 percentage points year-on-year [2] - The company is projected to achieve revenues of 3.593 billion, 3.994 billion, and 4.612 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 579 million, 952 million, and 1.172 billion yuan [3]

Investment Rating - The report maintains an "Accumulate" rating for Great Wall Motors [2][5][8] Core Views - Great Wall Motors reported a steady performance in Q3 2024, with total revenue of 50.83 billion yuan, a year-on-year increase of 2.6%, and a net profit attributable to shareholders of 3.35 billion yuan, a year-on-year decrease of 7.8% [2][4] - The average selling price (ASP) per vehicle increased to 172,800 yuan, driven by higher sales of premium models, with sales of models priced above 200,000 yuan rising by 38.7% year-on-year [2][4] - The company is accelerating its smart electric vehicle initiatives and has signed strategic cooperation agreements with multiple research institutions regarding AI models [3][4] Financial Performance Summary - In Q3 2024, Great Wall Motors achieved total revenue of 50.83 billion yuan, with a year-on-year growth of 2.6% and a quarter-on-quarter growth of 4.6% [2] - The net profit attributable to shareholders was 3.35 billion yuan, down 7.8% year-on-year, while the net profit excluding non-recurring items was 2.72 billion yuan, down 11.0% year-on-year [2] - Vehicle sales in Q3 2024 totaled 294,000 units, a decrease of 14.7% year-on-year but an increase of 3.4% quarter-on-quarter [2][4] Sales and Market Expansion - The company exported 123,000 vehicles in Q3 2024, a year-on-year increase of 39.9%, with overseas sales accounting for 41.7% of total sales [4] - Great Wall Motors has been expanding its overseas presence, with new factories in Senegal and Vietnam, and has launched models in Malaysia and South Africa [4] Future Earnings Forecast - The company is expected to achieve revenues of 222.5 billion yuan, 260.7 billion yuan, and 287.1 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 28%, 17%, and 10% [5][6] - Net profit attributable to shareholders is projected to be 13.26 billion yuan, 16.47 billion yuan, and 19.10 billion yuan for the same years, with growth rates of 89%, 24%, and 16% respectively [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Views - The company has made significant progress in multiple innovative pipelines, and the employee stock ownership plan strengthens development confidence [1]. - The company's revenue for the first three quarters of 2024 reached 20.189 billion yuan, a year-on-year increase of 18.67%, with a net profit attributable to shareholders of 4.620 billion yuan, up 32.98% year-on-year [3]. - The company is focusing on international expansion, which is becoming a second growth engine, with the approval of a generic drug application in the U.S. [4]. Summary by Sections Recent Performance - The company's stock performance relative to the CSI 300 index shows a decline of 1.0% over the last month, but a 19.0% increase over the last three months [2]. - The current stock price is 48.18 yuan, with a 52-week price range of 35.51-57.53 yuan [2]. Research and Development - In the first three quarters of 2024, the company invested 4.549 billion yuan in R&D, accounting for 22.53% of its revenue [2]. - Several key products have received market approval, including treatments for severe psoriasis and alopecia areata [2][3]. Financial Forecast - The company forecasts revenues of 26.939 billion yuan, 30.758 billion yuan, and 36.007 billion yuan for 2024, 2025, and 2026, respectively [7]. - The projected net profit for the same years is 6.106 billion yuan, 6.666 billion yuan, and 8.046 billion yuan, with corresponding P/E ratios of 50, 46, and 38 [6][7]. Employee Incentives - The employee stock ownership plan includes performance metrics focused on innovative drug sales and the number of new drug applications approved [6]. - The targets for innovative drug revenue are set at 13 billion yuan, 29.5 billion yuan, and 50.3 billion yuan for 2024, 2025, and 2026, respectively [6].

Group 1 - The report highlights that Wanxing Technology's Q3 performance was under pressure, with a revenue of 1.053 billion yuan, down 3.91% year-on-year, and a net profit of -5 million yuan, down 108.48% year-on-year [3][4] - The report indicates that Guodian Power's Q3 revenue was 48.03 billion yuan, down 2.1% year-on-year, while the net profit was 2.47 billion yuan, down 6.5% year-on-year [9][10] - The report notes that Weigao Bio's Q3 revenue reached 331 million yuan, up 19.02% year-on-year, with a net profit of 73 million yuan, up 45.05% year-on-year [12][13] Group 2 - The report states that Tianranxin achieved a Q3 revenue of 709 million yuan, up 10.21% year-on-year, and turned a profit with a net profit of 36 million yuan [17][18] - The report mentions that Huayang Group's Q3 revenue was 2.648 billion yuan, up 37.2% year-on-year, and the net profit was 178 million yuan, up 53.5% year-on-year [21][22] - The report highlights that Wens Foodstuff's revenue for the first three quarters was 75.419 billion yuan, up 16.56% year-on-year, with a net profit of 6.408 billion yuan, turning profitable [24][25] Group 3 - The report indicates that Antu Bio's Q3 revenue was 1.173 billion yuan, up 3.38% year-on-year, with a net profit of 337 million yuan, down 5.18% year-on-year [27][28] - The report states that Petty's revenue for the first three quarters was 1.323 billion yuan, up 44.34% year-on-year, with a net profit of 155 million yuan, turning profitable [29][30] - The report notes that Narui Radar's Q3 revenue was 63.43 million yuan, up 53.45% year-on-year, with a net profit of 20.12 million yuan, up 45.11% year-on-year [31]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company's revenue for the first three quarters of 2024 reached 7.1 billion yuan, a year-on-year increase of 2.49%, while the net profit attributable to shareholders was 302 million yuan, up 8.76% year-on-year. The net profit after deducting non-recurring gains and losses was 299 million yuan, reflecting a growth of 10.67% year-on-year [2] - The digital product business is showing strong growth momentum, and the company is expected to maintain robust business growth throughout 2024 [3] - The controlling shareholder's plan to increase holdings in the company is expected to boost market confidence [4] Summary by Sections Financial Performance - In Q3 2024, the company's revenue was 2.587 billion yuan, a decrease of 3.07% year-on-year, while the net profit attributable to shareholders was 169 million yuan, an increase of 15.38% year-on-year. The net profit after deducting non-recurring gains and losses was 168 million yuan, reflecting a growth of 19.25% year-on-year [2] - The gross profit margin for the first three quarters of 2024 was 19.54%, an increase of 0.24 percentage points year-on-year, primarily due to the increased proportion of high-margin digital product business [3] Business Outlook - The company is positioned as a leading provider of comprehensive digital solutions in China, with expectations for steady growth driven by the deepening of the domestic information technology industry and the flourishing of the intelligent industry [3] - Revenue forecasts for 2024-2026 are 11.034 billion yuan, 12.266 billion yuan, and 13.955 billion yuan, respectively, with net profits of 565 million yuan, 657 million yuan, and 783 million yuan, respectively [5][7] Shareholder Confidence - The controlling shareholder, Electric Science Digital Group, and its concerted parties plan to increase their holdings in the company by no less than 200 million yuan and no more than 400 million yuan, which reflects their confidence in the company's future development prospects [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in its performance, with a focus on new product launches and channel reforms. The introduction of the new product "Jian 8" fills a gap in the 200-300 RMB price range, which is one of the fastest-growing segments in the Anhui market. This product is expected to drive revenue growth [1][2] - The company reported a total revenue of 43.62 billion RMB for the first three quarters of 2024, a decrease of 1.89% year-on-year, with a net profit of 13.11 billion RMB, down 2.81% year-on-year. The third quarter saw a significant decline in revenue and profit due to macroeconomic pressures and the impact of the Mid-Autumn Festival [2][3] - The company is undergoing positive changes in its operations, including capacity expansion and increased marketing investments. The focus on channel flatness and market penetration in Anhui is expected to strengthen its market position [5] Summary by Sections Recent Performance - In Q3 2024, the company achieved a revenue of 11.95 billion RMB, down 22.04% year-on-year, and a net profit of 3.62 billion RMB, down 27.72% year-on-year. The decline reflects the overall pressure on the liquor industry this year [2][3] Financial Metrics - The company’s gross margin decreased by 5.90 percentage points to 71.91% in Q3 2024, primarily due to increased operating costs. The net profit margin also fell by 2.38 percentage points to 30.28% [3] - The company’s cash flow remains stable, with a year-on-year increase in sales cash receipts by 1.78% and a decrease in operating cash flow by 8.32% [3] Earnings Forecast - The company’s revenue projections for 2024-2026 are 60.51 billion RMB, 69.77 billion RMB, and 80.15 billion RMB, respectively. The net profit forecasts are 17.52 billion RMB, 20.20 billion RMB, and 23.21 billion RMB for the same years. The expected EPS for these years are 2.92 RMB, 3.37 RMB, and 3.87 RMB, respectively [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Insights - The company reported record-high revenue in Q3 2024, driven by rapid growth in its high-performance computing business, with a year-on-year revenue increase of 45.36% in Q3 [2][3] - The company aims to achieve approximately 100 billion yuan in revenue for 2024, supported by strong growth in both its laptop and data center businesses [7][8] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 760.10 billion yuan, a year-on-year increase of 17.15%, and a net profit of 20.50 billion yuan, up 3.31% [2][3] - In Q3 2024, the company reported revenue of 366.12 billion yuan and a net profit of 7.59 billion yuan, reflecting a year-on-year increase of 8.04% [2][3] - The company's gross margin for the first three quarters of 2024 was 9.76%, a decrease of 1.59 percentage points year-on-year, while the net margin was 2.68%, down 0.31 percentage points [3][4] Business Segments - High-performance computing generated revenue of 459 billion yuan, accounting for 60.40% of total revenue, with a doubling of revenue in data services [4][6] - The smart terminal segment contributed 257 billion yuan, representing 33.80% of total revenue, with significant growth in smartphone shipments [4][6] - AIoT revenue reached approximately 33 billion yuan, a year-on-year increase of 241% [4][6] Future Projections - Revenue projections for 2024-2026 are 1000.54 billion yuan, 1148.01 billion yuan, and 1296.59 billion yuan, respectively, with corresponding net profits of 31.64 billion yuan, 36.10 billion yuan, and 40.77 billion yuan [8][9] - The company is expected to benefit from the recovery in the smart hardware market and the development of AI hardware, opening growth opportunities from both volume and price perspectives [8][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company, Samsung Medical (601567), reported a revenue of 10.4 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 25%. The net profit attributable to shareholders was 1.82 billion yuan, up 22% year-on-year, while the net profit excluding non-recurring items was 1.75 billion yuan, reflecting a 31% increase year-on-year [3] - The company's sales gross margin improved to 36.2%, an increase of 2.6 percentage points year-on-year, although the net profit margin decreased by 0.5 percentage points to 17.5% due to high base effects from non-recurring income in the same period last year [3] - The company has a strong order backlog of 15.6 billion yuan as of September 2024, with a year-on-year increase of 35%. The overseas distribution segment is expected to contribute significantly to growth, with overseas orders reaching 6.2 billion yuan, a remarkable increase of 273% year-on-year [3] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 3.44 billion yuan, a year-on-year increase of 23% but a quarter-on-quarter decrease of 14%. The net profit for Q3 was 670 million yuan, up 7% year-on-year but down 15% quarter-on-quarter [3] - The company forecasts revenues of 14.6 billion, 17.9 billion, and 21.3 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27%, 23%, and 19%. The net profit attributable to shareholders is expected to be 2.36 billion, 3.01 billion, and 3.66 billion yuan for the same years, with growth rates of 24%, 27%, and 22% [3][6] Market Position - Samsung Medical is positioned as a leading company in the electric meter export market, with continuous breakthroughs in its distribution business [3] - The current stock price is 31.80 yuan, with a market capitalization of approximately 44.87 billion yuan [3]