Investment Rating - The industry investment rating is "Outperform the Market" [1][36]. Core Viewpoints - The social services sector has seen a 9.13% increase in the last two trading weeks, ranking 7th among 31 sectors in the Shenwan classification, outperforming the CSI 300 index by 7.35 percentage points [2][14]. - The inbound tourism market continues to thrive, with a 48.8% year-on-year increase in foreign visitors to China in Q3, reaching 8.186 million [2][22]. - The upcoming Q3 earnings reports from several companies in the sector are expected to be a focal point for investors [2][31]. Market Review & Industry Dynamics - The Shanghai Composite Index rose by 2.55% to 3299.70, while the CSI 300 increased by 1.78% to 3956.42 during the same period [2][14]. - Among the sub-sectors, education led with a 13.80% increase, followed by tourism and scenic spots at 8.82%, and professional services at 8.13% [2][16]. - The number of domestic flights decreased by 2.93% week-on-week, but international flights have recovered to 79.24% of 2019 levels [2][22]. Investment Recommendations - The report suggests focusing on companies with strong earnings growth potential, including Huangshan Tourism, Lijiang Co., Songcheng Performance, and others [2][31]. - Chain hotel brands like Junting Hotel and Jinjiang Hotel are expected to benefit from the recovery in business travel [2][31]. - Companies involved in cross-border tourism and duty-free markets, such as China Duty Free Group and Wangfujing, are also recommended [2][31].

Investment Rating - The report maintains a "Buy" rating for the company [1][3] - The market price is noted at RMB 48.00, with a sector rating of "Outperform" [1] Core Insights - The company achieved a revenue of RMB 20.189 billion in the first three quarters of 2024, representing a year-on-year growth of 18.67%, while the net profit attributable to shareholders increased by 32.98% to RMB 4.620 billion [3][4] - The company is increasing its R&D investments, with R&D expenses reaching RMB 4.549 billion in Q1-Q3 2024, a 22.10% increase year-on-year [4] - The company has established a diversified product portfolio, including chemical drugs, monoclonal antibodies, and ADC drugs, which is expected to contribute to future revenue growth [4] Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported a revenue of RMB 20.189 billion, a 18.67% increase year-on-year, and a net profit of RMB 4.620 billion, up 32.98% [4][5] - The company’s Q3 revenue was RMB 6.589 billion, reflecting a 12.72% year-on-year growth, while net profit for the same period was RMB 1.188 billion, a 1.91% increase [4] R&D and Innovation - The company is actively pursuing international collaborations and has received clinical trial qualifications for several innovative drugs, including three ADC products that gained fast track designation from the FDA [4][5] - The total number of invention patents applied globally reached 2,527 as of H1 2024 [4] Product Diversification - The company has developed a mature platform for various drug types, including ADCs and mRNA, which broadens its product line and aims to enhance its market presence in oncology and chronic diseases [4][5] Valuation - The projected net profits for 2024-2026 are RMB 5.593 billion, RMB 6.704 billion, and RMB 7.975 billion, respectively, with corresponding EPS of RMB 0.88, RMB 1.05, and RMB 1.25 [4][5] - The PE ratios for the same years are expected to be 55.5, 46.3, and 38.9, indicating a positive outlook for the company's long-term growth [4][5]

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 9.83 and a sector rating of "Outperform" [1][3]. Core Insights - The company's Q3 performance showed a slight decline due to high base effects from previous year, with revenue of RMB 836 million, down 4.69% year-on-year, and net profit of RMB 457 million, down 5.54% year-on-year. However, new projects are expected to contribute positively to future performance, maintaining the "Buy" rating [3][4]. - The company achieved a total revenue of RMB 2.013 billion for the first three quarters of 2024, representing a year-on-year increase of 24.46%, and a net profit of RMB 1.008 billion, up 28.04% year-on-year [3][4]. - The company has seen strong performance from new projects, with significant audience turnout during the National Day holiday, where 13 scenic spots received 2.6 million visitors, a 59.7% increase year-on-year [3][4]. Summary by Sections Financial Performance - Q3 2024 revenue was RMB 836 million, down 4.69% year-on-year, while net profit was RMB 457 million, down 5.54% year-on-year. The first three quarters of 2024 saw revenue of RMB 2.013 billion, up 24.46%, and net profit of RMB 1.008 billion, up 28.04% [3][4]. - The company adjusted its EPS forecasts for 2024-2026 to RMB 0.44, 0.50, and 0.66, with corresponding P/E ratios of 22.4, 19.8, and 17.6 [4][3]. Project Performance - Existing projects showed mixed results, with some underperforming compared to last year, while new projects like the West Xi'an project and the Three Gorges project have performed exceptionally well, indicating strong growth potential [3][4]. - The company plans to focus on its core business and may consider divesting its stake in Huafang Group, which has a low impairment risk [3][4]. Market Position - The company has a total market capitalization of RMB 25.759 billion and a circulating share count of 2,351.39 million [2][3]. - The company is positioned well within the tourism and scenic area sector, with a strong recovery in visitor numbers and performance metrics [3][4].

食品饮料 | 证券研究报告 — 调整盈利预测 2024 年 10 月 28 日 600519.SH 买入 原评级：买入 市场价格:人民币 1,558.85 板块评级:强于大市 本报告要点 ◼ 贵州茅台 2024 年 3 季报业绩点评 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (7.5) 11.4 9.0 (7.1) 相对上证综指 (18.9) (2.5) (5.3) (18.0) (23%) (15%) (7%) 0% 8% 15% Oct-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 贵州茅台 上证综指 | --- | --- | --- | |------------------------------------------|-------|------------| | | | | | 发行股数 ( 百万 ) | | | | 流通股 ( 百万 ) | | | | 总市值 ( 人民币 百万 ) | | | | 3 个月日均交易额 ( 人民币 主要股东 | | 百万 ) | | 中国贵州茅 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 21.84 and a sector rating of "Outperform" [1]. Core Insights - The company reported a revenue of RMB 2.33 billion for the first three quarters of 2024, representing a year-on-year increase of 15.3%, and a net profit of RMB 333 million, up 22.2% year-on-year. In Q3 2024, revenue and net profit were RMB 574 million and RMB 38 million, respectively, showing increases of 15.8% and 108.8% year-on-year [3][5]. - The company's product structure is continuously upgrading, with a significant increase in the revenue contribution from products priced above RMB 300, which reached RMB 470 million, a 43.8% increase year-on-year [3]. - The company has optimized its expense ratio, leading to improved profit margins, with a net profit margin of 6.6% in Q3 2024, an increase of 3.0 percentage points year-on-year [3][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of RMB 2.33 billion, a 15.3% increase year-on-year, and a net profit of RMB 333 million, up 22.2% year-on-year. Q3 2024 revenue was RMB 574 million, with a net profit of RMB 38 million, reflecting a 15.8% and 108.8% increase year-on-year, respectively [3][5]. - The gross profit margin for Q3 2024 was 61.1%, down 1.5 percentage points year-on-year, while the net profit margin improved to 6.6%, up 3.0 percentage points year-on-year [5]. Product and Market Development - The company has seen a robust performance in its product segments, particularly in the RMB 300 and above price range, which accounted for 20.8% of total revenue, an increase of 4.3 percentage points year-on-year [3]. - The company is expanding its presence in the provincial markets, with revenue from outside the province reaching RMB 550 million, a 15.7% increase year-on-year, maintaining a stable income contribution [3]. Expense Management - The company has effectively reduced its expense ratios, with the selling expense ratio and management expense ratio decreasing to 24.1% and 13.1%, respectively, in Q3 2024 [3][5]. - The total liabilities stood at RMB 1.08 billion, with a stable contract liability of RMB 480 million, indicating good cash flow management [6].

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Views - The company has demonstrated steady revenue growth, with a reported revenue of RMB 31.478 billion for Q1-Q3 2024, reflecting a year-on-year increase of 3.56%. The net profit attributable to shareholders reached RMB 2.562 billion, up 17.05% year-on-year [3][4]. - The medical aesthetics segment is experiencing overall positive growth, with domestic revenue increasing steadily despite challenges in overseas markets. The domestic subsidiary, Xinkeli Aesthetics, reported revenue of RMB 909 million, a 10.31% increase year-on-year [4]. - The company continues to invest in research and development, with R&D expenditure of RMB 1.607 billion in Q1-Q3 2024, representing 11.69% of the pharmaceutical industrial revenue. The innovative product pipeline has exceeded 70 projects [4]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved revenue of RMB 31.478 billion, a 3.56% increase year-on-year, and a net profit of RMB 2.562 billion, up 17.05% year-on-year. In Q3 2024 alone, revenue was RMB 10.513 billion, a 5.03% increase year-on-year, with a net profit of RMB 866 million, up 14.71% year-on-year [3][4]. - The pharmaceutical industrial segment reported revenue of RMB 9.941 billion for Q1-Q3 2024, a 10.53% increase year-on-year, while the pharmaceutical commercial segment achieved revenue of RMB 20.571 billion, a 1.38% increase year-on-year [4]. Market Segments - The medical aesthetics segment reported revenue of RMB 1.909 billion for Q1-Q3 2024, a 1.90% increase year-on-year. The UK subsidiary, Sinclair, faced a revenue decline of 20.30% to approximately RMB 776 million due to global economic challenges, while the domestic subsidiary saw a 10.31% increase in revenue [4]. Research and Development - The company invested RMB 1.607 billion in R&D for Q1-Q3 2024, with direct R&D spending of RMB 1.149 billion. The focus areas for innovation include endocrinology, autoimmune diseases, and oncology, with over 70 projects in the pipeline [4]. Valuation - The projected net profits for 2024, 2025, and 2026 are RMB 3.447 billion, RMB 4.113 billion, and RMB 4.975 billion, respectively, with corresponding EPS of RMB 1.96, RMB 2.34, and RMB 2.84. The price-to-earnings ratios are expected to be 17.2x, 14.4x, and 11.9x for the respective years [4][5].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][3] Core Views - The company has shown a strong growth trend in Q3 2024, with a revenue of RMB 2.473 billion, representing a year-on-year increase of 58%. The gross margin is at 33.8%, down by 1.1 percentage points year-on-year, and the net profit attributable to shareholders is RMB 289 million, up 145% year-on-year [3] - The AI headphone segment is expected to contribute new growth points, with ByteDance's AI headphone "Ola Friend" being a notable product that integrates with its cloud model [3] - The company's SoC for smartwatches has gained brand recognition, with its chips being adopted in several major products, indicating a growing market share [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of RMB 2.473 billion, with a gross margin of 33.8% and a net profit of RMB 289 million [3] - Q3 2024 revenue reached RMB 942 million, showing a quarter-on-quarter increase of 7% and a year-on-year increase of 44% [3] - The company expects EPS for 2024, 2025, and 2026 to be RMB 3.28, RMB 4.85, and RMB 6.37 respectively, with corresponding PE ratios of 72.5, 49.0, and 37.3 [3][4] Market Position and Growth Potential - The company has successfully entered the AI headphone market, which is anticipated to enhance user experience in wearable devices [3] - The SoC for smartwatches has been recognized by major brands, with a significant presence in the supply chain of products like Samsung Galaxy Fit3 and OPPO Watch X [3] - The company is also venturing into the AR glasses market, which is expected to provide additional growth opportunities in the long term [3]

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The company's performance in the first three quarters of 2024 is above the midpoint of its guidance, with significant growth in 50M CIS shipments driving a sequential increase in gross margin [3] - The domestic CIS is progressing in high, medium, and low-end sectors, maintaining a parallel replacement strategy [3] - The company maintains a "Buy" rating based on its strong performance and market position [3] Financial Summary - For the first three quarters of 2024, the company reported revenue of RMB 4.208 billion, a year-on-year increase of 137%, with a gross margin of 22.0%, up 3.7 percentage points year-on-year [3] - The net profit attributable to the parent company for the same period was RMB 273 million, marking a turnaround from losses [3] - In Q3 2024, revenue reached RMB 1.751 billion, reflecting a quarter-on-quarter increase of 8% and a year-on-year increase of 150% [3] - The gross margin for Q3 2024 was 23.1%, with a quarter-on-quarter increase of 2.1 percentage points and a year-on-year increase of 2.9 percentage points [3] Market Position and Growth - The global CIS market is projected to reach USD 21.4 billion in 2024, growing by 13% year-on-year, with a recovery trend in the smartphone CIS market since the second half of 2023 [3] - Major domestic smartphone brands are reducing or abandoning partnerships with Sony, favoring domestic CIS manufacturers [3] - The company is expected to benefit from the exit of competitors from the mid-to-low-end CIS market, providing further opportunities for domestic manufacturers [3] Valuation - The estimated EPS for the company for 2024, 2025, and 2026 is RMB 0.96, RMB 2.12, and RMB 3.30 respectively [3] - As of October 25, 2024, the company's market capitalization is approximately RMB 27.1 billion, corresponding to PE ratios of 70.7, 31.9, and 20.5 for 2024, 2025, and 2026 respectively [3]

Investment Rating - The investment rating for the company is "Buy" [1][2] - The sector rating is "Outperform the market" [1] Core Insights - The company achieved record high performance in Q3 2024, driven by the continuous penetration of high-end mobile CIS and the rapid growth of automotive CIS due to the autonomous driving market [2] - The company maintains a "Buy" rating based on its strong financial performance and market position [2] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 18.908 billion RMB, a year-over-year increase of 25% [3] - Gross margin was 29.6%, up by 8.3 percentage points year-over-year [3] - Net profit attributable to shareholders reached 2.375 billion RMB, reflecting a significant year-over-year increase of 545% [3] - In Q3 2024, revenue was 6.817 billion RMB, showing a quarter-over-quarter increase of 6% and a year-over-year increase of 10% [3] - The gross margin for Q3 2024 was 30.4%, with a quarter-over-quarter increase of 0.2 percentage points and a year-over-year increase of 8.7 percentage points [3] - Net profit for Q3 2024 was 1.008 billion RMB, with a quarter-over-quarter increase of 25% and a year-over-year increase of 368% [3] Market Trends and Projections - The global CIS market is projected to reach 21.4 billion USD in 2024, with a year-over-year growth of 13% [3] - The smartphone CIS market is showing signs of recovery, with terminal manufacturers introducing high-spec CIS to attract consumer upgrades [3] - The automotive CIS market is expected to grow from 5.7 billion USD in 2023 to 8.4 billion USD by 2029, benefiting from the rapid growth of the autonomous driving sector [3] Valuation - The estimated EPS for 2024, 2025, and 2026 are 2.79 RMB, 3.76 RMB, and 4.69 RMB respectively [3] - The company's market capitalization is approximately 135.7 billion RMB, with corresponding P/E ratios of 40.1, 29.7, and 23.9 for 2024, 2025, and 2026 [3]

Investment Rating - The investment rating for the company is "Buy" [1][4] - The previous rating was also "Buy" [1] Core Views - The company benefits from the ongoing AI boom and has accelerated its layout in high-end production capacity [3][4] - The company reported strong revenue and profit growth in the first three quarters of 2024, with revenue reaching RMB 9.01 billion, a year-on-year increase of 48.15%, and net profit attributable to shareholders of RMB 1.85 billion, up 93.94% year-on-year [4] - The company is expanding its high-end production capacity to meet the long-term demand for high-end printed circuit boards (PCBs) in emerging computing scenarios [4] Financial Performance Summary - In Q3 2024, the company achieved revenue of RMB 3.59 billion, a year-on-year increase of 54.67% and a quarter-on-quarter increase of 26.29% [4] - The gross profit margin for the first three quarters of 2024 was 35.86%, an increase of 5.28 percentage points year-on-year [4] - The company plans to invest approximately RMB 4.3 billion in a new high-end PCB production project, which is expected to generate significant additional revenue and profit [4] Future Projections - Revenue projections for 2024, 2025, and 2026 are RMB 12.07 billion, RMB 14.67 billion, and RMB 17.57 billion, respectively [4][9] - Net profit projections for the same years are RMB 2.60 billion, RMB 3.35 billion, and RMB 3.99 billion, respectively [4][9] - The company is expected to maintain a strong growth trajectory with a PE ratio of 32.6 for 2024, decreasing to 21.2 by 2026 [4][9]