002938.SZ 买入 原评级：买入 市场价格:人民币 36.61 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (21%) 3% 28% 52% 77% 101% Oct-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 鹏鼎控股 深圳成指 绝对 65.1 2.3 2.4 74.3 相对深圳成指 53.1 2.3 (22.0) 68.3 | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 2,318.56 | | 流通股 ( 百万 ) | | 2,305.49 | | 总市值 ( 人民币 百万 ) | | 84,882.51 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 688.74 | | 主要股东 | | | | 美港实业有限公司 | | 66.17 | | 资料来源：公司公告， Wind | ，中银证券 | | ...

Investment Rating - The report maintains a "Buy" rating for the company [1][2][3] Core Views - The company has shown steady growth in oil and gas production, with a year-on-year increase in net profit of 19.5% for the first three quarters of 2024 [2] - The average selling price of oil liquids increased by 2.9% year-on-year, contributing to a 13.9% increase in oil and gas sales revenue [2] - The company has a strong cash flow position, with net cash inflow from operating activities increasing by 14.9% year-on-year [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 3260.24 billion RMB, a year-on-year increase of 6.3%, and a net profit attributable to the parent company of 1166.59 billion RMB, up 19.5% year-on-year [2][4] - In Q3 2024, the company reported operating revenue of 992.54 billion RMB, a decrease of 13.5% year-on-year, and a net profit of 369.28 billion RMB, an increase of 9.0% year-on-year [5] Production and Cost Analysis - The company's net production reached 542.1 million barrels of oil equivalent in the first three quarters of 2024, an increase of 8.5% year-on-year, with a primary cost of 28.14 USD per barrel equivalent, remaining stable year-on-year [2][3] - The production from domestic and overseas sources accounted for 68% and 32% of total output, respectively, with domestic production increasing by 6.8% and overseas production by 12.2% [2] Sales and Revenue Breakdown - The product structure for the first three quarters of 2024 showed that oil liquids and natural gas accounted for 78% and 22% of total output, respectively [2] - The sales revenue from oil liquids was 2353.82 billion RMB, up 14.6% year-on-year, while natural gas sales revenue was 360.50 billion RMB, up 9.4% year-on-year [2] Cash Flow and Capital Expenditure - The company reported a net cash inflow from operating activities of 1827.68 billion RMB, a year-on-year increase of 14.9% [2] - Capital expenditures for the first three quarters of 2024 totaled 953.4 billion RMB, a 6.6% increase from the previous year [2]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company has shown significant growth in its non-recurring net profit, with a year-on-year increase of 39.5% in the first three quarters, despite a slight decline in total revenue [3] - The company is positioned to benefit from accelerated policies regarding data resources, as it serves as a key integrator and operator of data platforms in Shanghai [3] - The company's future in computing power leasing is promising, with ongoing developments in its data centers [3] Financial Summary - Total revenue for the first three quarters reached RMB 4.01 billion, reflecting an 8.3% year-on-year growth [3] - The net profit attributable to the parent company for the first three quarters was RMB 160 million, a 1.2% increase year-on-year, while the non-recurring net profit was RMB 140 million, marking a 39.5% increase [3] - Research and development expenses for the first three quarters amounted to RMB 290 million, a 12.7% increase year-on-year [3] - The company expects net profits for 2024, 2025, and 2026 to be RMB 230 million, RMB 280 million, and RMB 330 million respectively, with corresponding EPS of RMB 0.17, RMB 0.20, and RMB 0.24 [3][4] Valuation Metrics - The company’s projected P/E ratios for 2024, 2025, and 2026 are 87X, 72X, and 59X respectively [4][5] - The expected EBITDA for 2024, 2025, and 2026 is RMB 205 million, RMB 274 million, and RMB 328 million respectively [4][5] - The company’s market capitalization is approximately RMB 19.72 billion [2]

Investment Rating - The investment rating for Qingdao Beer is "Buy" with a target price of RMB 68.51, maintaining a previous rating of "Buy" [2][3]. Core Views - The report indicates that Qingdao Beer experienced pressure on both volume and price in Q3 2024, leading to a slight decline in profitability. The company reported a revenue of RMB 28.96 billion for the first three quarters of 2024, a year-on-year decrease of 6.5%, while the net profit attributable to shareholders was RMB 4.99 billion, an increase of 1.7% year-on-year [3][5]. - The report emphasizes the importance of monitoring the recovery of the catering channel, which is expected to help restore volume and price growth in the future [3][4]. Summary by Sections Financial Performance - For Q3 2024, Qingdao Beer achieved a revenue of RMB 8.89 billion, down 5.3% year-on-year, and a net profit of RMB 1.35 billion, down 9.0% year-on-year. The overall volume and price for the first three quarters were 6.785 million tons and RMB 4,268 per ton, respectively, reflecting a volume decrease of 7.0% and a price increase of 0.5% year-on-year [3][5]. - The company’s gross margin improved to 41.8% for the first three quarters, up 2.0 percentage points year-on-year, due to lower raw material costs [3][4]. Earnings Forecast - The earnings per share (EPS) for Qingdao Beer is projected to be RMB 3.28, RMB 3.58, and RMB 3.84 for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 4.9%, 9.1%, and 7.1% [4][6]. - The report adjusts the previous earnings forecast based on the disclosed sales volume, ton price, and cost changes [3][4]. Valuation Metrics - The price-to-earnings (P/E) ratios are projected at 20.9, 19.1, and 17.9 for 2024, 2025, and 2026, respectively [4][6]. - The report highlights a strong brand asset and extensive distribution network, which are expected to support future growth [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [1][3][4] Core Views - The company achieved a stable revenue growth of 13.57% year-on-year in the first three quarters of 2024, with total revenue reaching 292 million RMB [3][4] - The net profit attributable to the parent company decreased by 16.56% year-on-year, indicating short-term pressure on profits [3][4] - The company is increasing its R&D investment, which is expected to drive future revenue growth as new products are launched and promoted [3][4] Revenue Performance - In Q1-Q3 2024, the company reported a revenue of 292 million RMB, a 13.57% increase year-on-year, while the net profit was 59 million RMB, down 16.56% [4][5] - In Q3 2024 alone, the revenue was 102 million RMB, reflecting a 13.25% year-on-year growth, with a net profit of 24 million RMB, down 10.04% [4][5] Business Segments - The main business segments showed robust growth: cardiac valve replacement and repair treatment increased by 14.78%, congenital heart disease interventional treatment by 10.82%, and soft tissue repair by 14.33% [4][5] - The artificial biological heart valve segment achieved a revenue of 87.49 million RMB, growing by 15.54% year-on-year [4][5] R&D Investment - R&D expenses reached 109 million RMB in Q1-Q3 2024, a significant increase of 72.77%, accounting for 37.28% of total revenue [4][5] - The company is advancing various products in its pipeline, with several new products expected to be approved and launched soon [4][5] Financial Projections - The projected net profits for 2024-2026 are 164 million RMB, 229 million RMB, and 322 million RMB, respectively, with corresponding EPS of 1.20 RMB, 1.67 RMB, and 2.35 RMB [4][5][6] - The PE ratios for the same period are projected to be 102.7x, 73.7x, and 52.4x, indicating a decreasing trend as earnings grow [4][5][6]

Investment Rating - The report maintains a positive outlook on the real estate sector, indicating a potential recovery in the market driven by recent policy adjustments and interest rate cuts [1][4]. Core Insights - The new housing transaction area has shifted from positive to negative on a month-on-month basis, with a significant decline in both new and second-hand housing transactions [1][10]. - The report highlights that the central bank's recent adjustments to the Loan Prime Rate (LPR) and the reduction of existing mortgage rates are expected to stimulate demand in the housing market [1][4]. - The overall sentiment is that the real estate market is transitioning from a phase of "stable volume and declining prices" to "increasing volume and stable prices," with a recovery cycle anticipated to last approximately 12-15 months [1][4]. Summary by Sections 1. Key City New Housing Market and Inventory Tracking - In the week of October 19 to October 25, 2024, new housing transaction volume in 40 cities was 30,000 units, reflecting a month-on-month decrease of 9.6% and a year-on-year decrease of 11.9% [11][12]. - The new housing transaction area was 337.7 million square meters, with a month-on-month decline of 7.7% and a year-on-year decline of 6.1% [11][12]. - Inventory levels in 12 cities showed a total of 898,000 units, with a month-on-month decrease of 41.4% and a year-on-year decrease of 5.8% [17][22]. 2. Land Market Tracking - The total area of land transactions across 100 cities was 1,602.5 million square meters, down 9.4% month-on-month and down 49.6% year-on-year [5][6]. - The total land transaction value was 34.65 billion yuan, reflecting a month-on-month decrease of 24.6% and a year-on-year decrease of 42.8% [5][6]. 3. Policy Overview - Recent policy changes, including the reduction of mortgage rates, are aimed at stabilizing the real estate market and encouraging transactions [1][4]. - The report emphasizes the importance of upcoming economic indicators and events, such as the U.S. elections and Federal Reserve meetings, which may influence global investment decisions [1][4]. 4. Company Announcements and Bond Issuance - The total bond issuance in the real estate sector was 7.34 billion yuan, showing a month-on-month increase of 13.5% but a year-on-year decrease of 56.3% [1][8]. - The report notes that the net financing amount was 970 million yuan, indicating a challenging financing environment for real estate companies [1][8].

Investment Rating - The investment rating for the company is "Buy" [1][2] Core Views - The company has achieved significant growth in the first three quarters of 2024, with revenue reaching RMB 13.049 billion, a year-on-year increase of 37.92%, and a net profit attributable to shareholders of RMB 1.488 billion, up 63.86% year-on-year [2] - The company's PCB business is capitalizing on structural opportunities, while the packaging substrate segment is accelerating the introduction of high-end products [2] - The report maintains a positive outlook on the company's performance, supported by product structure optimization and operational efficiency improvements [2] Financial Performance Summary - For the first three quarters of 2024, the company reported a gross margin of 25.91%, an increase of 2.79 percentage points year-on-year, and a net profit margin of 11.40%, up 1.80 percentage points year-on-year [2] - In Q3 2024, the company achieved revenue of RMB 4.728 billion, a year-on-year increase of 37.95% and a quarter-on-quarter increase of 8.45% [2] - The company’s EPS for 2024 is projected to be RMB 4.04, with corresponding P/E ratios of 26.0 for 2024, 22.3 for 2025, and 19.4 for 2026 [2][3] Market Position and Strategy - The company is focusing on optimizing its PCB structure driven by AI and is expected to benefit from the recovery in the BT substrate market [2] - The new factory in Guangzhou has enhanced the company's production capabilities, allowing for mass production of products with 16 layers and above [2] - The company is advancing its "3 in one" strategy to explore new markets [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 8.83 and a sector rating of "Outperform" [1]. Core Views - The company reported a revenue of RMB 2.16 billion for the first three quarters of 2024, reflecting a year-on-year increase of 6.1%, while the net profit attributable to shareholders was RMB 420 million, down 5.5% year-on-year. The third quarter saw revenues and net profits of RMB 520 million and RMB 130 million, respectively, representing declines of 3.0% and 2.3% year-on-year. The weak performance is attributed to a sluggish consumption environment, but sales are expected to accelerate with the upcoming holiday season [3][5]. - The company is experiencing a cost inflection point, with a significant decrease in raw material costs, particularly bitter almonds, which fell by 26.1% quarter-on-quarter and 36.6% year-on-year in Q3 2024. This is expected to enhance profit margins in subsequent quarters [3][5]. - The company has announced a share buyback plan, intending to repurchase 30-60 million shares, which represents 2.9%-5.7% of the total share capital, at a price not exceeding RMB 11.75 per share. This move underscores the company's commitment to shareholder returns [3][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of RMB 2.16 billion, up 6.1% year-on-year. In Q3 2024, revenue was RMB 520 million, down 3.0% year-on-year. The net profit for the same period was RMB 130 million, down 2.3% year-on-year [3][5]. - The gross profit margin improved to 40.7% in Q3 2024, an increase of 3.2 percentage points year-on-year, despite a slight decline in overall net profit margin to 23.9% [5][6]. Cost and Profitability - The company is witnessing a reduction in raw material costs, which is expected to positively impact profit margins. The cost of bitter almonds decreased significantly, leading to an anticipated increase in profitability in the coming quarters [3][5]. - The report projects revenue growth for 2024 and 2025 at RMB 3.18 billion and RMB 3.38 billion, respectively, with net profits expected to be RMB 641 million and RMB 743 million [4][6]. Shareholder Returns - The company plans to repurchase shares, indicating a strong focus on returning value to shareholders. The buyback amount is set to be significantly higher than previous repurchase amounts, reflecting the company's commitment to enhancing shareholder value [3][5].

Investment Rating - The investment rating for Qingdao Beer is "Buy" with a target price of RMB 68.51, maintaining a previous rating of "Buy" [2][3]. Core Views - The report indicates that Qingdao Beer experienced pressure on both volume and price in Q3 2024, leading to a slight decline in profitability. The company reported a revenue of RMB 28.96 billion for the first three quarters of 2024, a year-on-year decrease of 6.5%, while the net profit attributable to shareholders was RMB 4.99 billion, an increase of 1.7% [3][5]. - The report emphasizes the importance of monitoring the recovery of the catering channel, which is expected to help restore volume and price growth in the future [3][4]. Summary by Sections Financial Performance - For Q3 2024, Qingdao Beer achieved a revenue of RMB 8.89 billion, down 5.3% year-on-year, and a net profit of RMB 1.35 billion, down 9.0% year-on-year. The overall volume and price for the first three quarters were 6.785 million tons and RMB 4,268 per ton, respectively, reflecting a volume decrease of 7.0% and a price increase of 0.5% [3][5]. - The gross profit margin for Q3 2024 was 42.1%, an increase of 1.2 percentage points year-on-year, supported by a decrease in raw material costs [5][6]. Earnings Forecast - The earnings per share (EPS) for Qingdao Beer is projected to be RMB 3.28, RMB 3.58, and RMB 3.84 for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 4.9%, 9.1%, and 7.1% [4][6]. - The report adjusts the previous earnings forecast based on the disclosed sales volume, ton price, and cost changes, maintaining the "Buy" rating [3][4]. Market Position and Strategy - Qingdao Beer is noted for its strong brand assets and extensive distribution network, which are expected to support its recovery in the catering channel as the macroeconomic environment improves [3][4]. - The company continues to focus on high-quality development and product structure upgrades, aiming to strengthen its market position [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company achieved a net profit of RMB 1,325.18 billion in the first three quarters of 2024, a year-on-year increase of 0.7%, despite a 1.1% decline in revenue [3] - The third quarter saw a revenue of RMB 7,024.10 billion, down 12.5% year-on-year, but net profit increased by 2.3% quarter-on-quarter, highlighting the resilience of its quality assets [3] - The company’s cash flow from operating activities was RMB 3,389.28 billion, with a net cash outflow from investing activities of RMB 2,039.41 billion, leading to an asset-liability ratio of 39.5%, the lowest in 14 years [3] - The upstream natural gas production grew by 4.0% year-on-year, indicating potential for further increases in oil and gas output [3] - The chemical business saw a profit increase, with chemical product output rising by 9.7% year-on-year, reflecting successful transformation efforts [3] - Natural gas sales volume increased by 8.6% year-on-year, with domestic sales growing by 4.9%, indicating strong demand driven by economic development and energy transition [3] Financial Summary - For the first three quarters of 2024, total revenue was RMB 22,562.79 billion, a decrease of 1.1% from the previous year [5] - The company processed 1,036.2 million barrels of crude oil, a decrease of 0.7% year-on-year, while chemical product output reached 2,864.3 million tons, an increase of 9.7% [3][5] - The forecast for net profit for 2024-2026 is RMB 1,713.51 billion, RMB 1,825.56 billion, and RMB 1,920.94 billion, respectively, with corresponding P/E ratios of 9.5x, 9.0x, and 8.5x [3][4]