证券研究报告 行业研究|行业专题研究|银行 整体业绩边际提升，负债成本明显改善 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 从营收看，上市银行营业收入增速回升。2024Q1-Q3 上市银行营收同比-1.06%，增速较 2024H1 +0.91pct。从归母净利润看，上市银行整体归母净利润同比增速继续提升，2024Q1-Q3 上市银 行归母净利润同比+1.42%，增速较 2024H1 +1.06pct。从业绩归因来看，生息资产规模扩张及 非息收入贡献度提升，净息差及拨备反哺贡献度减弱。展望后续，监管维护银行息差意图明 确，银行业绩有望维持稳健增长。当前申万银行指数 PB 为 0.50 倍，处于 2000 年以来 7.17% 分位数水平，但股息率高达 5.04%，处于 2000 年以来 71.66%分位数水平，投资性价比较高。 |分析师及联系人 刘雨辰 陈昌涛 SAC：S0590522100001 请务必阅读报告末页的重要声明 1 / 17 行业研究|行业专题研究 | --- | --- | --- | |---------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company's revenue for 2024-2026 is projected to be CNY 37.50 billion, CNY 43.13 billion, and CNY 47.44 billion, representing year-on-year changes of -10.39%, +15.00%, and +10.00% respectively. The net profit attributable to shareholders is expected to be CNY 8.48 billion, CNY 11.40 billion, and CNY 12.88 billion, with year-on-year growth rates of -24.65%, +34.42%, and +13.00% respectively. The EPS is projected to be CNY 11.77, CNY 15.82, and CNY 17.87 [2][6]. Financial Data and Valuation - The company reported a revenue of CNY 8.59 billion in Q3 2024, a decrease of 10% year-on-year. The net profit attributable to shareholders was CNY 1.40 billion, down 24% year-on-year. The company plans to distribute a cash dividend of CNY 20 per 10 shares, totaling CNY 4.66 billion for the first three quarters of 2024, which accounts for 70.94% of the net profit [6][7]. - The company's financial forecasts for 2024E, 2025E, and 2026E include revenues of CNY 37.50 billion, CNY 43.13 billion, and CNY 47.44 billion, with corresponding net profits of CNY 8.48 billion, CNY 11.40 billion, and CNY 12.88 billion. The projected EPS for these years is CNY 11.77, CNY 15.82, and CNY 17.87 [7][9]. Game Development and Market Position - The company is focusing on the progress of new game launches, with several self-developed and agency-distributed titles in the pipeline. Notable titles include "Wanjian Changsheng" and "Zhangjian Chuanqi," which have recently entered paid testing. The company is also accelerating its overseas market expansion, with overseas revenue growing by 99.6% year-on-year in the first three quarters of 2024 [6][7].

证券研究报告 非金融公司|公司点评|申通快递（002468） Q3 业绩高增，市占率稳步提升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月05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 334.91 亿元，同比增长 14.16%， 其中第三季度实现营收 119.22 亿元，同比增长 16.31%；前三季度公司实现归母净利润 6.52 亿元，同比增长 195.18%，其中第三季度实现归母净利润 2.15 亿元，同比增长 7760.86%。 |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 glzqdatemark2 2024年11月05日 申通快递(002468) Q3 业绩高增，市占率稳步提升 | --- | --- | |----------------------------|---------------| | | | | 行 业： | 交通运输/物流 | | 投资评级： | 买入（维持） | | 当前 ...

证券研究报告 非金融公司|公司点评|圆通速递（600233） Q3 业绩稳健增长，归母净利同增 18% 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 公司发布 2024 年三季报。2024 年前三季度，公司实现营收 493.69 亿元，同比增长 21.13%， 其中第三季度实现营收 168.05 亿元，同比增长 22.13%；前三季度公司实现归母净利润 29.30 亿元，同比增长 10.21%，其中第三季度实现归母净利润 9.43 亿元，同比增长 18.06%。 |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 glzqdatemark2 2024年11月06日 圆通速递(600233) Q3 业绩稳健增长，归母净利同增 18% | --- | --- | |----------------------------|---------------| | | | | 行 业： | 交通运输/物流 | | 投资评级： | 买入（维持 ...

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company's performance in Q3 2024 met expectations, with a forecast for improved transportation demand in Q4 [4] - Revenue for the first three quarters of 2024 was CNY 55.214 billion, a year-on-year decrease of 9.18%, while net profit attributable to shareholders was CNY 8.603 billion, down 22.57% year-on-year [2][6] - The company is expected to see a recovery in coal transportation demand in Q4 due to seasonal factors and a stabilization in the macroeconomic environment [6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of CNY 55.214 billion, a decline of 9.18% year-on-year, with Q3 revenue at CNY 18.608 billion, down 8.59% year-on-year [2][6] - Net profit attributable to shareholders for the first three quarters was CNY 8.603 billion, a decrease of 22.57% year-on-year, with Q3 net profit at CNY 2.740 billion, down 23.34% year-on-year [2][6] Operational Insights - The total cargo transportation volume for the first nine months of 2024 was 286 million tons, a year-on-year decrease of 9.14% [6] - The decline in coal production in Shanxi province, the main source of coal for the company, was attributed to strict regulations and low coal prices [6] - Q4 is expected to see a recovery in coal transportation demand due to the winter season and a decrease in port coal inventory [6] Dividend Policy - The company has a robust dividend policy, with a projected dividend yield of approximately 4.5% for 2024 [6] - The company plans to distribute a cash dividend of CNY 0.13 per share for the first half of 2024, totaling CNY 2.36 billion, which is 40.24% of the H1 net profit [6] Earnings Forecast - Revenue projections for 2024-2026 are CNY 77.379 billion, CNY 81.343 billion, and CNY 83.677 billion, with year-on-year growth rates of -4.49%, 5.12%, and 2.87% respectively [7] - Net profit forecasts for the same period are CNY 9.916 billion, CNY 11.293 billion, and CNY 11.722 billion, with year-on-year growth rates of -16.88%, 13.89%, and 3.79% respectively [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported continuous improvement in performance, with a 24% year-on-year increase in net profit attributable to shareholders in Q3 2024 [2][6] - For the first three quarters of 2024, the company achieved revenue of 35.509 billion yuan, a year-on-year growth of 8.14%, and a net profit of 1.408 billion yuan, up 20.93% year-on-year [2][6] Summary by Sections Financial Performance - In Q3 2024, the company generated revenue of 12.257 billion yuan, reflecting an 8.84% year-on-year increase, and a net profit of 3.67 billion yuan, which is a 24.25% increase year-on-year [2][6] - The total express delivery volume for the first three quarters reached 16.943 billion pieces, a growth of 27.71% year-on-year, with a market share of 13.69% [6] - In Q3 2024, the express delivery volume was 6.019 billion pieces, growing 23.72% year-on-year, with a market share of 13.80%, up 0.41 percentage points year-on-year [6] Cost Management - The company has effectively utilized digital management to reduce period expenses, which decreased by 16% year-on-year in Q3 2024 [6] - The total expenses for the first three quarters were 1.537 billion yuan, down 14.99% year-on-year, with Q3 expenses at 493 million yuan, a 16.33% decrease year-on-year [6] Asset Impairment - The company made provisions for asset impairment totaling 169 million yuan in the first three quarters of 2024, which will reduce the net profit attributable to shareholders by 127 million yuan [6] Earnings Forecast - The company is expected to achieve revenues of 52.236 billion yuan, 58.611 billion yuan, and 63.484 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 16.12%, 12.20%, and 8.31% [6] - The net profit attributable to shareholders is projected to be 2.036 billion yuan, 2.465 billion yuan, and 2.846 billion yuan for the same years, with growth rates of 25.26%, 21.10%, and 15.45% respectively [6]

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 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, 镇定大选胜局。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 许婷逸 张玮航 陈律楼 中起买 SAC: S0590524060003 SAC: S0590524090003 SAC: S0590524080002 SAC: S0590524070002 除康迪 请务必阅读报告末页的重要声明 1 / 34 行业研究 | 行业专题研究 2024年11月06日 石油石化 特朗普胜选如何影响大化工? 授费建议: 上次建议: 役于大市 (维持) 径于大市 相对大盘走 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Insights - The company reported a revenue of 14.12 billion yuan for the first three quarters of 2024, a year-over-year decrease of 3.5%, while the net profit attributable to shareholders was 760 million yuan, an increase of 9.7% year-over-year [5]. - In Q3 2024, the revenue was 3.71 billion yuan, down 12.3% year-over-year, but the net profit attributable to shareholders increased by 15.9% to 220 million yuan [5]. - The company continues to focus on projects along the "Belt and Road" initiative, benefiting from the ongoing development of overseas projects [5]. - Integrated project operations remain stable, supporting the company's long-term outlook, with ongoing projects in Bangladesh, Congo, and Mongolia expected to contribute additional revenue [5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 11.7%, an increase of 1.6 percentage points year-over-year, with Q3 gross margin at 16.2%, up 4.1 percentage points year-over-year [5]. - The net profit margin for the first three quarters of 2024 was 5.4%, an increase of 0.6 percentage points year-over-year, while Q3 net profit margin was 5.9%, up 1.4 percentage points year-over-year [5]. - The company expects revenues of 23.8 billion yuan, 26.3 billion yuan, and 29.1 billion yuan for 2024, 2025, and 2026 respectively, with a consistent year-over-year growth rate of 11% [5]. Key Projects and Future Outlook - The ongoing construction of the Bangladesh power station is 96% complete, and the company anticipates steady growth in engineering revenue despite some pressure from specific projects [5]. - The company is expected to benefit from the seasonal increase in demand for coal and electricity in Q4, which may alleviate some revenue pressure [5].

证券研究报告 行业研究 | 行业专题研究 | 交通运输 2024 年三季报业绩综述：板块业绩分 化，把握向上趋势 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 航空板块随着需求企稳,油汇环境有望进一步改善,中长期供需结配景气皮有望设步兑现业 绩，推荐华夏航空，海航控股，中国国航。物流行业看好盈利持续修复的快递板块和景气上行 的跨境物流赛道，推荐中通快递、圆通速递、东航物流和中国外运，建议关注韵达股份、申通 快递。基础设施关注低估值高股息赛道，建议关注宁沪高速、山东高速、粤高速 A、广深铁路、 京沪高铁、招商港口。 | 分析师及联系人 曾智星 李蔚 李天琛 SAC: S0590524100004 SAC: S0590522120002 请务必阅读报告末页的重要声明 1 / 24 行业研究 | 行业专题研究 2024年11月06日 交通运输 2024 年三季报业绩综述:板块业绩分化，把 握向上趋势 授费建议: 上次建议: 径于大市(维持) 径于大市 相对大盘走势 交通运输 20% 2024/11 2024/7 2023/11 2024/3 相关报告 1、《交通运输：行业持仓比例环 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook compared to the market index [4][11]. Core Insights - The company reported a revenue of 3.884 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 10.27%. The net profit attributable to shareholders reached 184 million yuan, a significant increase of 426.25% year-on-year [2][6]. - In Q3 alone, the company achieved a revenue of 1.620 billion yuan, up 25.79% year-on-year and 35.23% quarter-on-quarter, with a net profit of 114 million yuan, reflecting a year-on-year growth of 66.49% and a quarter-on-quarter increase of 151.27% [2][6]. - The report highlights that the company's gross margin and net margin improved, with Q3 gross margin at 20.47% and net margin at 8.48%, showing positive trends in profitability [6]. Financial Performance Summary - The company’s total revenue for 2024 is projected to be 5.457 billion yuan, with expected year-on-year growth rates of 11.20%, 23.95%, and 26.69% for 2025 and 2026 respectively [6][8]. - The net profit attributable to shareholders is forecasted to be 314 million yuan in 2024, with substantial growth rates of 652.87% for 2024, 72.70% for 2025, and 55.85% for 2026 [6][8]. - Earnings per share (EPS) are expected to be 0.46 yuan in 2024, increasing to 1.23 yuan by 2026, indicating a compound annual growth rate (CAGR) of 172.63% over three years [6][8]. Market Position and Strategy - The company is positioned as a leading supplier of anode materials, with plans to invest up to 5 billion yuan in a new integrated production base in Morocco, aiming to enhance its production capacity and market reach [6]. - The report notes that the company has secured contracts with a well-known international automotive client, which is expected to contribute positively to future revenues [6].