Investment Rating - The investment rating for the company is "Buy" and is maintained [4][6]. Core Views - The company achieved single-digit revenue growth in Q3 2024 despite a weak demand environment, which is commendable. Although gross margin was under pressure and expense ratios increased, other income sources helped maintain stable profitability. The company's comprehensive competitive strength and clear strategy suggest it can sustain steady operations in the long term. The projected revenue growth for 2024-2026 is expected to be +13%/+8%/+12% year-on-year, with corresponding valuations of 22X/20X/18X [2][6]. Summary by Relevant Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 12.603 billion, a year-on-year increase of +8.58%. The net profit attributable to shareholders was 3.263 billion, up +16.00% year-on-year, while the net profit excluding non-recurring items was 2.839 billion, an increase of +8.26% year-on-year. In Q3 alone, revenue was 4.217 billion, a year-on-year increase of +5.04%, and net profit attributable to shareholders was 1.025 billion, up +3.36% year-on-year [6][7]. Business Segments - The company’s revenue growth was driven by its core businesses, with the new energy segment continuing to grow rapidly. The electrical connection segment is expected to see slight positive growth, while the smart electrical lighting segment is projected to grow in the single digits. The overall performance indicates that, apart from the new energy business, other segments are experiencing a slowdown [6][7]. Cost and Profitability - The gross margin in Q3 2024 decreased by 1.2 percentage points year-on-year, primarily due to rising copper prices. The expense ratio increased by 2.6 percentage points, with sales expenses rising significantly due to accelerated channel development and flagship store construction. However, other income sources, including investment income and reduced credit impairment losses, contributed positively to net profit margins [6][7]. Future Outlook - Despite the revenue slowdown, the company is expected to maintain stable growth due to its strong operational capabilities and effective product innovation. The demand for core products remains steady, and the company is actively expanding into new product categories, which is anticipated to contribute to revenue growth in the future [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - Despite low industry demand, the company demonstrates strong profitability resilience [6] - The company reported a revenue of 25.2 billion yuan for the first three quarters of 2024, a year-on-year increase of 30%, and a net profit attributable to shareholders of 3.05 billion yuan, up 4% year-on-year [2][6] - The third quarter of 2024 saw a revenue of 8.2 billion yuan, a 17% increase year-on-year, but a 32% decrease in net profit compared to the same quarter last year [2][6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 25.2 billion yuan, with a year-on-year growth of 30% and a net profit of 3.05 billion yuan, reflecting a 4% increase [2][6] - In Q3 2024, the company reported a revenue of 8.2 billion yuan, which is a 17% increase year-on-year, but the net profit decreased by 32% year-on-year and 29% quarter-on-quarter [2][6] Product Performance - The company experienced an increase in sales volume for key products such as new energy materials (+19%), fertilizers (+41%), organic amines (+15%), and acetic acid and derivatives (+148%) in the first three quarters of 2024 [6] - In Q3 2024, the sales volume for these products showed mixed results, with new energy materials (+4%), fertilizers (+35%), organic amines (+14%), and acetic acid and derivatives (+149%) year-on-year, but some products saw a decline in sales volume compared to the previous quarter [6] Cost Management and Capital Expenditure - The company maintains a competitive edge in urea production costs, which are lower than gas-based and most coal-based processes, allowing it to sustain profitability despite price declines [6] - As of Q3 2024, the company has ongoing capital expenditures of approximately 4.4 billion yuan, representing 15% of fixed assets, focusing on coal gasification and amine industry chain projects [6] Future Outlook - The company forecasts revenues of 31.8 billion yuan, 35.7 billion yuan, and 38.6 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 17%, 12%, and 8% [6] - The projected net profits for the same years are 3.9 billion yuan, 5 billion yuan, and 5.6 billion yuan, with corresponding growth rates of 9%, 29%, and 11% [6]

Investment Rating - The report maintains a "Buy" rating for the company, with expected valuations of 26X/17X/15X for 2024-2026 [2][4][6] Core Views - The company's traditional business revenue continued to decline by nearly double digits in Q3 2024, excluding the consolidation of Roman Smart, with significant profit pressure [2][6] - The company is actively adjusting its strategies, and operational quality is expected to improve, supported by policy stimulus and e-commerce promotions, which may drive a sequential improvement in industry demand [2][6] - The company's revenue and profitability are expected to improve in Q4 2024, driven by internal strategy adjustments and external demand recovery [6] Financial Performance - In Q3 2024, the company achieved revenue of RMB 10.08 billion, a year-on-year increase of 3.17%, but net profit attributable to shareholders dropped by 75.6% year-on-year to RMB 0.19 billion [6] - Excluding the impact of Roman Smart's consolidation, the company's traditional business revenue is estimated to have declined by approximately 10% in Q3 2024 [6] - The gross margin in Q3 2024 decreased by 7.5 percentage points year-on-year, mainly due to the consolidation of Roman Smart and intense industry competition [6] - The company's net profit margin attributable to shareholders decreased by 6.2 percentage points year-on-year in Q3 2024, primarily due to declining gross margins and increased R&D expenses [6] Business Segments - Traditional e-commerce revenue continued to decline in Q3 2024, while Douyin e-commerce revenue is expected to reverse the previous sharp decline due to lower base effects and changes in operational strategies [6] - Overseas revenue maintained strong growth, providing incremental contributions, while offline revenue remained relatively stable [6] Future Outlook - The company's performance for 2024-2026 is expected to grow by -37%/+46%/+13% year-on-year, with valuations of 26X/17X/15X [2][6] - The company's high R&D investment is expected to translate into product innovation, which may drive future growth [6] Financial Data and Valuation - The company's revenue for 2024E is projected to be RMB 46.91 billion, with a year-on-year decline of 0.44%, while 2025E and 2026E revenues are expected to grow by 12.15% and 8.17%, respectively [7] - Net profit attributable to shareholders for 2024E is estimated at RMB 2.81 billion, a year-on-year decline of 36.79%, with expected growth of 46.45% and 13.08% in 2025E and 2026E, respectively [7] - The company's P/E ratios for 2024E, 2025E, and 2026E are 25.5X, 17.4X, and 15.4X, respectively [7]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company reported its Q3 2024 results, achieving revenue of 9.077 billion yuan for the first three quarters, a year-on-year increase of 38.04%. In Q3 alone, revenue reached 3.093 billion yuan, up 34.90% year-on-year. However, the net profit attributable to shareholders for the first three quarters was 4.160 billion yuan, a decrease of 4.63% year-on-year, with Q3 net profit at 1.452 billion yuan, down 6.43% year-on-year [2][6] - The decline in Q3 net profit was attributed to the impact of the consolidation of China Merchants Jinling, with operating costs rising to 1.855 billion yuan, a year-on-year increase of 37.58%. The gross profit margin for Q3 was 40.03%, down 1.17 percentage points year-on-year. Investment income from various toll road companies was 1.202 billion yuan, a decline of 7.13% year-on-year [6] - The company is steadily advancing its investment and operation of toll roads, with the approval of the Bozhou-Fu Highway REITs project and the completion of fundraising for the highway REIT, which raised 3.496 billion yuan. The company is also progressing with expansion projects for the Beijing-Tianjin-Tanggu Highway and the Yongtaiwen Highway [6] - The company plans to repurchase shares worth between 310 million yuan and 618 million yuan to enhance shareholder returns, with a loan limit of up to 430 million yuan from China Merchants Bank [6] Financial Summary - For 2024-2026, the company is expected to achieve revenues of 13.203 billion yuan, 13.814 billion yuan, and 14.318 billion yuan, with year-on-year growth rates of 35.67%, 4.63%, and 3.65% respectively. The net profit attributable to shareholders is projected to be 6.128 billion yuan, 6.573 billion yuan, and 7.016 billion yuan, with year-on-year growth rates of -9.44%, 7.27%, and 6.74% respectively. The earnings per share (EPS) are expected to be 0.90 yuan, 0.96 yuan, and 1.03 yuan [7][8]

证券研究报告 行业研究|行业专题研究|石油石化 特朗普胜选如何影响大化工？ 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月06日 证券研究报告 |报告要点 美国前总统、共和党总统候选人特朗普在 2024 年美国总统选举中获得超过 270 张选举人票， 锁定大选胜局。我们展望特朗普政策 2.0 时期对化石能源以及对外贸易的政策措施，分析了 其对大化工行业产生的潜在影响。特朗普在能源政策方面或放松对石油行业监管，并试图推 动美国油气产量增长；在税收政策方面或升级对华贸易政策，由于大多数中国化工品对美出 口占比较小，受贸易影响或有限。此外，中国化工企业有望在美国以外区域迎来产能出海布局 的机会。 |分析师及联系人 许隽逸 张玮航 陈律楼 申起昊 SAC：S0590524060003 SAC：S0590524090003 SAC：S0590524080002 SAC：S0590524070002 陈康迪 请务必阅读报告末页的重要声明 1 / 34 数据来源：公司公告，iFinD，国联证券研究所预测，股价取 2024 年 11 月 03 日收盘价 行业研究|行业专题研究 glzqdatema ...

证券研究报告 非金融公司 | 公司点评 | 德邦股份 (603056) 业绩阶段承压，静待需求复苏 请务必阅读报告末页的重要声明 2024年11月06日 证券研究报告 |报告要点 公司发布 2024 年三季报。2024 年前三季度，公司实现营收 282.96 亿元，同比增长 11.21%, 其中第三季度实现营收 98.50 亿元，同比增长 1.03%；前三季度公司实现归母净利润 5.17 亿 元，同比增长 9.71%，其中第三季度实现归母净利润 1.84亿元，同比下降 19.40%。 | 分析师及联系人 曾智星 李蔚 SAC: S0590524100004 SAC: S0590522120002 请务必阅读报告末页的重要声明 1 / 5 非金融公司 | 公司点评 2024年11月06日 德邦股份(603056) 业绩阶段承压, 静待需求复苏 | --- | --- | |-------------------------|---------------| | | | | 行 নাম : | 交通运输/物流 | | 授资评级: | 增持 (维持) | | 当前价格: | 14. 40 元 | | 基本数据 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company reported a strong growth in new contracts, with a year-on-year increase of 12% in new signed contracts for Q3 2024, driven mainly by infrastructure construction and dredging projects [5] - The net profit margin showed a slight improvement, with the net profit for Q3 2024 being 49 billion yuan, a year-on-year decrease of only 1% [5] - The company is expected to achieve revenue growth of 9% to 10% from 2024 to 2026, with projected net profits increasing correspondingly [5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a total revenue of 536.6 billion yuan, a year-on-year decrease of 2%, and a net profit of 16.3 billion yuan, also showing a slight decline [2][5] - The gross profit margin for the first three quarters of 2024 was 11.5%, reflecting a year-on-year increase of 0.2 percentage points [5] New Contracts and Growth - The new signed contracts for Q3 2024 amounted to 319.6 billion yuan, marking a 12% increase year-on-year [5] - The breakdown of new contracts includes 286.1 billion yuan from infrastructure construction, 6.1 billion yuan from infrastructure design, and 24.5 billion yuan from dredging projects [5] Profitability and Margins - The net profit margin for Q3 2024 was 2.7%, showing a slight year-on-year increase [5] - Investment income and impairment losses both increased, contributing positively to the profit [5] Future Projections - Revenue projections for 2024 to 2026 are 830.1 billion yuan, 914.0 billion yuan, and 1,009.7 billion yuan, respectively, with net profits expected to reach 26.1 billion yuan, 28.7 billion yuan, and 31.8 billion yuan [6] - The company is positioned as a leader in China's infrastructure sector, with potential benefits from the "Belt and Road" initiative [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a steady revenue growth with a year-on-year increase of 1.81% in operating income for the first three quarters of 2024, amounting to 164.217 billion yuan [6] - The net profit attributable to shareholders decreased by 3.02% year-on-year, totaling 63.006 billion yuan, primarily due to the impact of interest margin business and provision for impairment [6] - The company has shown resilience in net interest margin, which stood at 1.84% for the first three quarters of 2024, despite a slight decline of 2 basis points compared to the first half of 2024 [6] Summary by Sections Financial Performance - For Q1-Q3 2024, the company's revenue growth slightly improved by 0.01 percentage points compared to H1 2024, driven by marginal improvements in non-interest income [2][6] - The company’s non-interest income showed a mixed performance, with commission income down by 15.16% and other non-interest income up by 12.79% year-on-year [2][6] - The company’s total loan balance reached 5.74 trillion yuan, reflecting an 8.05% year-on-year increase, with a significant portion of new loans coming from bill discounting [6] Asset Quality and Provisions - As of Q3 2024, the company maintained a non-performing loan ratio of 1.08% and a focus rate of 1.77%, indicating stable asset quality [6] - The company made provisions for asset impairment losses amounting to 47.703 billion yuan, which is a 14.31% increase year-on-year [6] Future Outlook - The company is expected to achieve operating revenues of 214.7 billion yuan, 222.8 billion yuan, and 235.1 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 1.83%, 3.78%, and 5.50% [6][7] - The net profit attributable to shareholders is projected to be 77.5 billion yuan, 80.1 billion yuan, and 83.8 billion yuan for the same years, with growth rates of 0.48%, 3.32%, and 4.71% respectively [6][7]

证券研究报告 北交所投资策略|专题报告 北交所 2024Q3 综述：需求弱复苏，利 润端持续承压 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月06日 证券研究报告 |报告要点 2024 年第三季度需求端继续弱复苏，利润端承压，净利率、ROE 等盈利指标也持续下滑。三季 度资本开支和补库现金环比提升，企业补库和扩产意愿有所企稳。北证交投仍活跃，但市场风 格或将转换，低估值绩优股性价比优势显现。建议关注：1）分红稳健，成长稳健且经营性净 现金流为正的标的，建议关注万通液压等个股； 2）关注并购重组主线方向；3）关注主题事 件利好个股和板块，随着北证交投活跃度提升，资金对科创主题、化债等关注度提升，如珠海 航空展举行，"小鹏汇天"首飞，建议关注低空经济、人形机器人、化债、无人驾驶等方向。 |分析师及联系人 刘建伟 SAC：S0590524050005 请务必阅读报告末页的重要声明 1 / 17 北交所投资策略|专题报告 | --- | --- | |--------------------------------------------------------------------- ...

证券研究报告 行业研究|行业专题研究|家用电器 2024Q3 家电板块财报综述： 短期承压，改善可期 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月06日 证券研究报告 |报告要点 2024Q1-Q3 家电板块收入同比+5.00%至 11456 亿元，其中 Q3 同比+1.58%，环比有所放缓；Q1- Q3 板块归母净利润同比+7.91%至 951 亿元，其中 Q3 同比+1.51%。期内政策带动有限，成本汇 率有压力，龙头经营提效持续兑现，盈利能力彰显韧性。 |分析师及联系人 管泉森 孙珊 崔甜甜 莫云皓 SAC：S0590523100007 SAC：S0590523110003 SAC：S0590523110009 SAC：S0590523120001 蔡奕娴 请务必阅读报告末页的重要声明 1 / 31 行业研究|行业专题研究 glzqdatemark2 2024年11月06日 家用电器 2024Q3 家电板块财报综述： 短期承压，改善可期 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 -20% 0% 20% 40% 2023-11 2024-3 2024- ...