Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Views - The company has shown significant improvement in Q3 performance, transitioning from a loss to a profit, with a strong ability to control costs [3]. - The company is expected to continue its cost reduction efforts, which may enhance profitability in the future [3]. - The forecasted earnings per share for 2024-2026 have been adjusted to -0.04, 1.06, and 1.56 RMB respectively, reflecting a significant change in expectations [3][4]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 54,347.86 million RMB, a decrease of 9.39% year-on-year, and a net profit attributable to shareholders of -4.84 million RMB, down 107.16% year-on-year [3][5]. - In Q3 2024, the company achieved a net profit of 3.90 million RMB, a decrease of 80.02% year-on-year but a recovery from previous losses [3][5]. - The gross margin for Q3 2024 improved to 8.67%, an increase of 5.62 percentage points from the previous quarter [3][5]. Production and Sales - The company shipped over 57 GW of battery modules in the first three quarters of 2024, with N-type components accounting for approximately 63% of total shipments [3]. - In Q3 2024, the company shipped 18.5 GW of battery modules, with N-type components making up about 75% of the total [3]. Cost Control and Capacity Expansion - The company plans to exceed 100 GW of module production capacity by the end of 2024, with N-type battery capacity reaching 70 GW [3]. - The sales cost of battery modules in Q3 2024 was approximately 0.84 RMB/W, reflecting a decrease of about 11% from the previous quarter [3]. Valuation - The adjusted earnings per share forecasts for 2024-2026 are -0.04, 1.06, and 1.56 RMB, with corresponding price-to-earnings ratios of -523.4, 17.4, and 11.8 times [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company experienced a significant decline in net profit, with a 116.67% year-on-year decrease in the first three quarters of 2024, primarily due to impairment losses [3]. - Despite the profit decline, the company is actively pursuing its overseas strategy and has shown a robust cash flow with a net inflow of 39.89 billion RMB in Q3 2024 [3]. - The company has restructured its 5GW solar module factory in the U.S., which is expected to enhance its profitability in the American market [3]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 631.47 billion RMB, a decrease of 22.16% year-on-year [3]. - The projected earnings per share (EPS) for 2024 is adjusted to -0.29 RMB, with subsequent years forecasted at 1.73 RMB for 2025 and 2.21 RMB for 2026 [3][4]. - The company's total market capitalization is approximately 56.79 billion RMB, with a circulating share count of 2,179.37 million [2]. Business Performance - The company shipped nearly 16.5GW of solar modules in Q3 2024, with significant contributions from the U.S. market [3]. - The distributed system sales volume approached 1GW, while the mounting structure shipments reached about 2GW, with over 70% being tracking mounts [3]. - The energy storage segment saw shipments of approximately 850MWh, with a notable increase in gross margin [3]. Valuation Metrics - The company’s projected P/E ratios are -89.2 for 2024, 15.1 for 2025, and 11.8 for 2026 [4][6]. - The projected EBITDA for 2024 is 2,665 million RMB, with a significant increase expected in subsequent years [4][5]. - The company’s revenue is expected to decline by 25.5% in 2024, followed by growth rates of 22.7% and 22.9% in 2025 and 2026, respectively [4][6].

Monetary Policy Insights - The People's Bank of China (PBOC) reduced the reserve requirement ratio by 0.5 percentage points, releasing approximately 1 trillion yuan in long-term liquidity[1] - The PBOC lowered the 7-day reverse repurchase rate by a total of 30 basis points in July and September[1] - The monetary policy toolbox has expanded significantly, including support for real estate and stock market stability measures[1] Economic Outlook - The PBOC's monetary policy is expected to become more proactive and flexible, with an emphasis on maintaining reasonable liquidity and promoting a moderate recovery in prices[1] - The upcoming political bureau meeting in November-December will likely set the tone for 2025's economic work arrangements[1] - Global inflation is declining slowly, and there are risks associated with the rapid economic slowdown in Europe and the US[2] International Considerations - The report highlights the need to closely monitor changes in overseas central bank policies, particularly the Federal Reserve's recent rate cuts[1] - The Fed's rate cuts of 50 basis points in September and 25 basis points in November have initiated a global easing cycle, with further cuts expected in December[1] Risk Factors - Potential risks include slow global inflation recovery, rapid economic downturns in Europe and the US, and increasing complexity in international relations[1]

宏观经济 | 证券研究报告 — 总量点评 2024 年 11 月 9 日 1-10 月进出口数据点评 10 月出口同比增速明显回升 10月出口同比增速明显回升。主要贸易对手对出口同比增速的正贡献走扩。 汽车产业链、机电产品出口表现较好。 ◼ 10 月出口同比增速明显回升。10 月 14 日，海关总署公布数据显示，以 美元计价，1-10 月我国出口同比增长 5.1%，延续正增长，且增速较前三 季度加快 0.8 个百分点；进口同比增长 1.7%，增幅较前三季度继续收窄 0.5个百分点；贸易顺差实现 7852.6亿美元。以人民币计价，1-10月我国 出口同比增长 6.7%，增幅较前三季度走扩 0.5 个百分点；进口同比增长 3.2%，增幅较前三季度继续收窄 0.9 个百分点；贸易顺差实现 55837.0 亿 元。单月数据方面，以美元计价，10 月我国出口同比增长 12.7%，增速 较上月明显加快 10.3 个百分点；进口同比下滑 2.3%，增速较上月由正转 负，下滑 2.6 个百分点；贸易顺差 957.2 亿美元，较上月增加 140.1 亿美 元。 10 月出口同比增速明显回升，除受到去年同期较低基数影响外，部分 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported a significant reduction in losses in Q3 2024, with a year-on-year decline in net profit of 155.62% for the first three quarters [1] - The company's silicon wafer shipments continue to grow, and module shipments have steadily increased, affirming its commitment to the BC technology route [1] - The introduction of a minimum cost price for solar modules by the China Photovoltaic Industry Association is expected to stabilize profitability in the industry, benefiting the company [1] - The company has made significant breakthroughs in HPBC 2.0 technology, achieving a battery efficiency of 26.6% and a module conversion efficiency of 24.43% [1] Financial Summary - For the first three quarters of 2024, the company achieved operating revenue of 58,592.70 million RMB, a decrease of 37.73% year-on-year, and a net profit attributable to shareholders of -6,504.60 million RMB, a decline of 155.62% [5][6] - The company’s silicon wafer shipments reached 82.80 GW in the first three quarters, with external sales of 35.03 GW [1] - The company’s module shipments totaled 51.23 GW in the first three quarters, representing a year-on-year growth of 17.70% [1] - The forecasted earnings per share for 2024-2026 have been adjusted to -0.92, 0.75, and 0.93 RMB respectively, with corresponding P/E ratios of 25.5 and 20.7 for 2025-2026 [1][2]

Investment Rating - The report maintains a "Buy" rating for the company [1][2][3] Core Views - The company has demonstrated steady revenue and profit growth, with a year-on-year revenue increase of 8.38% to RMB 17.219 billion and a net profit increase of 11.14% to RMB 1.111 billion for the first three quarters of 2024 [2][3] - All regions have shown stable revenue growth, with both wholesale and retail businesses maintaining positive growth [3] - The company continues to expand its store network, adding 2,254 new stores in the first nine months of 2024, bringing the total to 15,050 stores [3] Financial Summary - For Q3 2024, the company achieved a revenue of RMB 5.456 billion, a 5.31% increase year-on-year, and a net profit of RMB 313 million, up 6.38% year-on-year [3] - The gross margin for Q1-Q3 2024 was 40.39%, an increase of 0.84 percentage points year-on-year, while Q3 2024 gross margin was 41.13%, up 2.50 percentage points year-on-year [3] - Revenue projections for 2024, 2025, and 2026 are RMB 26.051 billion, RMB 31.779 billion, and RMB 38.654 billion, respectively, with corresponding net profits of RMB 1.677 billion, RMB 2.036 billion, and RMB 2.512 billion [4][3]

Core Insights - The report highlights the strong performance of LinYong Energy, with a year-on-year revenue growth of 6.95% in the first three quarters of 2024, and a significant 15.41% increase in net profit for Q3 2024 [2][3] Financial Performance - For the first three quarters of 2024, LinYong Energy reported revenues of 5.166 billion yuan, an increase of 8.76% year-on-year, and a net profit attributable to shareholders of 910 million yuan, reflecting a growth of 6.95% [3] - In Q3 2024, the company achieved a net profit of 312 million yuan, marking a 15.41% increase compared to the same period last year [3] Business Development - LinYong Energy is actively expanding its international presence, with significant contracts in the domestic market and overseas. As of October 2024, the company secured approximately 800 million yuan in contracts from the State Grid for smart meters, showing a year-on-year increase in domestic orders [3] - The company is also making strides in the overseas market, with its subsidiary EGM winning orders worth 806 million yuan in Central and Eastern Europe, and a partnership with global leader Landis+Gyr to enhance market share in Western Europe and Asia-Pacific [3] Product Innovation - LinYong Energy launched the Power Key 2.0 smart modular P2G energy storage system in September 2024, marking a significant innovation in the energy storage sector [4] - The company is set to commence operations at its joint venture energy storage PACK factory in Saudi Arabia, further enhancing its global production capabilities [4] Renewable Energy Initiatives - The company is progressing with the development and operation of renewable energy projects, with its 150MW photovoltaic project in Hebei successfully connected to the grid in October 2024 [4] - As of the end of Q3 2024, LinYong Energy's self-owned power generation capacity reached approximately 1.34GW, including a 187MW wind power project [4]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 7.69, maintaining a previous rating of "Buy" [2]. Core Views - The company has shown significant growth in Q3, with a year-on-year increase in revenue of 47.74% and a net profit increase of 74.00%. The growth is attributed to the expansion of new capacities in specialized vessels and favorable market conditions [3][4]. - The report anticipates continued growth in net profit for the years 2024 to 2026, with projected figures of RMB 16.09 billion, RMB 19.35 billion, and RMB 22.54 billion respectively, reflecting growth rates of 51.2%, 20.3%, and 16.5% [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of RMB 120.43 billion, a 33.00% increase year-on-year, and a net profit of RMB 12.02 billion, up 31.38% [3]. - In Q3 alone, revenue reached RMB 45.63 billion, marking a 47.74% increase, while net profit was RMB 4.73 billion, a 74.00% increase [3]. Market Conditions - The BDI freight index averaged 1871 in Q3, up 56.7% year-on-year, while the CCFI and SCFI indices increased by 127.3% and 212.7% respectively [3]. - The report highlights a tightening supply in the multipurpose and heavy-lift vessel sectors, which is expected to benefit the company's operations [3]. Capacity Expansion - The company is set to expand its fleet with the delivery of new vessels, including 11 expected in the following year and 6 in 2026, aiming for a total of approximately 30 specialized car carriers with an annual capacity of 700,000 vehicles [3][4]. - The report emphasizes the positive outlook for the company's performance due to the expansion of its automotive shipping capacity [3]. Valuation Metrics - The projected earnings per share (EPS) for 2024, 2025, and 2026 are RMB 0.75, RMB 0.90, and RMB 1.05 respectively, with corresponding price-to-earnings (PE) ratios of 10.3, 8.5, and 7.3 [4][6]. - The report indicates an upward adjustment in profit forecasts due to favorable market conditions and capacity expansion [3][4].

Investment Rating - The report maintains a **Buy** rating for the company, with a target price of RMB 7.75 [1] - The sector rating is **Outperform** [1] Core Views - The company's three major business segments are developing synergistically, accelerating its global expansion [3] - The company reported a 6.95% YoY growth in net profit for the first three quarters of 2024, with Q3 net profit growing 15.41% YoY [3] - The company's smart meter business is expanding overseas, with significant orders in Central and Eastern Europe, and partnerships with global leaders like Landis+Gyr [3] - The energy storage business is launching new products, with a joint venture factory in Saudi Arabia expected to start production soon [3] - The company's new energy power station construction is progressing, with a 150MW photovoltaic project successfully connected to the grid in October 2024 [3] Financial Performance - Revenue for the first three quarters of 2024 reached RMB 5.17 billion, up 8.76% YoY [3] - Net profit attributable to shareholders was RMB 910 million, up 6.95% YoY [3] - Gross profit margin increased by 0.58 percentage points to 32.48% [5] - The company's self-owned power station capacity reached approximately 1.34GW by the end of Q3 2024, including 187MW of wind power projects [3] Valuation and Forecast - The report adjusts the EPS forecast for 2024-2026 to RMB 0.56/0.65/0.74, up from the previous forecast of RMB 0.55/0.60/0.71 [3] - The P/E ratio for 2024-2026 is estimated at 13.8x, 11.9x, and 10.4x respectively [3] - The company's EV/EBITDA ratio is expected to decrease from 8.2x in 2024 to 5.9x in 2026 [4] Business Highlights - The company secured domestic smart meter orders worth approximately RMB 800 million, with overseas orders reaching RMB 806 million by October 2024 [3] - The new Power Key 2.0 modular P2G energy storage system was launched in September 2024, marking a significant advancement in the industry [3] - The joint venture factory in Jeddah, developed in collaboration with ECC, is expected to start production in Q4 2024 [3] Market Performance - The company's stock price has outperformed the Shanghai Composite Index by 7.2% year-to-date, with a 25.2% increase over the past three months [2] - The company's total market capitalization is RMB 15.97 billion, with a three-month average daily trading volume of RMB 182.84 million [2]

电力设备 | 证券研究报告 — 调整盈利预测 2024 年 11 月 7 日 688390.SH 增持 原评级：增持 市场价格:人民币 53.33 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (52%) (38%) (25%) (12%) 2% 15% Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Oct-24Nov-24 固德威 上证综指 至今 个月 个月 个月 绝对 (57.8) (12.4) (15.9) (55.3) 相对上证综指 (72.0) (13.8) (33.9) (66.0) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 242.59 | | 流通股 ( 百万 ) | | 242.59 | | 总市值 ( 人民币 百万 ) | | 12,937.13 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 439.46 | | 主要股东 | ...