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].

Investment Rating - The report maintains an "Outperform" rating for the petrochemical sector [5]. Core Insights - The report analyzes the potential impacts of Trump's policies on the petrochemical industry, particularly focusing on fossil energy and trade policies. It suggests that Trump may relax regulations on the oil industry and promote increased oil and gas production in the U.S. [6][15]. - The report highlights that the trade impact on most Chinese chemical products exported to the U.S. is limited due to their small export share. It also notes that Chinese chemical companies may find opportunities for capacity expansion outside the U.S. [6][15]. Summary by Sections 1. Trump Policy 2.0 Perspective - Trump's victory in the 2024 election may lead to a shift in energy policies, favoring fossil fuel extraction and reducing regulations that were imposed during the Biden administration [15][16]. - The report indicates that while Trump may support traditional energy sources, it does not imply a complete withdrawal of support for renewable energy [17]. 2. Basic Chemicals: Trade Barriers as Challenges and Opportunities - The report states that the share of Chinese chemical exports to the U.S. has decreased, with a 16.1% drop in 2019 compared to 2018, and a further 21.2% decline in 2023 [24][25]. - It emphasizes that companies may adapt by establishing overseas production bases to mitigate the impact of trade tensions [25]. 3. Potential Impacts on Petrochemicals - The report suggests that the petrochemical sector is currently undervalued, with many sub-sectors showing potential for valuation improvement [6][15]. - It identifies specific companies and sectors that could benefit from strategic overseas expansions and low valuation core assets [6][15]. 4. Investment Recommendations - The report advises focusing on companies with overseas production bases, low valuation core assets, and growth potential in the chemical sector [6][15]. - It highlights specific companies such as Sailun Tire, Senqcia, and Wanhua Chemical as potential investment opportunities [6][15].

Investment Rating - The report maintains an "Outperform" rating for the transportation sector, consistent with previous recommendations [3]. Core Insights - The aviation sector is expected to benefit from stabilizing demand and improving oil exchange rates, leading to a gradual recovery in performance. Recommended stocks include Huaxia Airlines, Hainan Airlines, and Air China [2][4]. - The logistics industry shows promising recovery in profitability, particularly in the express delivery segment and the cross-border logistics sector. Recommended stocks include ZTO Express, YTO Express, Eastern Airlines Logistics, and China Foreign Trade [2][4]. - The infrastructure sector is highlighted for its low valuation and high dividend yield, with recommendations for Ninghu Expressway, Shandong Expressway, Guangdong Expressway A, Guangzhou-Shenzhen Railway, Beijing-Shanghai High-Speed Railway, and China Merchants Port [2][4]. Summary by Sections Aviation Sector - The aviation sector has shown robust performance during the peak season, with passenger volume increasing by 20% year-on-year in the first nine months of 2024. International flights have recovered to 85% of 2019 levels, improving supply structure and capacity utilization [4][9]. - The average domestic aviation kerosene price in Q3 2024 was 6,287 RMB/ton, down 3.6% year-on-year, easing cost pressures for airlines [9][10]. - Major airlines like Air China, China Eastern Airlines, and China Southern Airlines reported significant revenue growth, with Air China achieving a 21.5% increase in revenue [21][22]. Logistics Sector - The logistics sector is experiencing a recovery, with national freight turnover increasing by 1.8% year-on-year, and the total social logistics cost showing a slight decrease [29]. - The logistics prosperity index (LPI) stood at 52.4% in September 2024, indicating continued growth above the threshold [29]. Shipping Sector - The shipping industry is facing pressure in oil transportation during the off-season, while container shipping performance remains strong. The Baltic Dry Index (BDI) and the China Containerized Freight Index (CCFI) have shown significant year-on-year increases [4][29]. - Major shipping companies reported varying performance, with some achieving substantial revenue growth despite the challenges in oil transportation [4]. Infrastructure Sector - The highway sector showed improved performance in Q3 2024, with net profits of 7.924 billion RMB, a year-on-year decline of 4.7%, but an improvement from Q2 [4]. - The railway sector faced challenges, with net profits declining by 14.22% year-on-year, while port throughput growth has slowed [4].

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].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company's profitability continues to improve, with new contracts showing structural highlights. The Q3 2024 results indicate a year-on-year revenue increase of 8% and a net profit increase of 29% [2][6] - The company has experienced a decline in new contracts in the chemical engineering sector, while infrastructure and new materials businesses have seen rapid growth [2][6] - The "Two Business" strategic transformation is expected to support the company's growth momentum and quality [6] Financial Performance Summary - For the first three quarters of 2024, total revenue reached 134.7 billion yuan, up 2% year-on-year, with a net profit of 3.8 billion yuan, up 3% year-on-year [2][6] - In Q3 2024, total revenue was 43.7 billion yuan, up 8% year-on-year, and net profit was 1 billion yuan, up 29% year-on-year [2][6] - The comprehensive gross profit margin for the first three quarters of 2024 was 9.5%, an increase of 0.8 percentage points year-on-year [6] - The company expects revenues of 201.6 billion yuan, 228.2 billion yuan, and 258.6 billion yuan for 2024, 2025, and 2026 respectively, with a compound annual growth rate (CAGR) of 15% over three years [6][7] Contract and Business Segment Analysis - The total new contract amount for the first three quarters of 2024 was 284.1 billion yuan, a slight increase year-on-year, with Q3 2024 new contracts amounting to 80.5 billion yuan, down 19% year-on-year [6] - New contracts in the infrastructure and new materials sectors showed significant growth, with respective year-on-year increases of 28% and 19% [6] - The company’s new contract amounts for various segments in Q3 2024 were 61.4 billion yuan for chemical engineering, 14.8 billion yuan for infrastructure, and 2.2 billion yuan for new materials [6] Valuation Metrics - The current price of the company's stock is 8.22 yuan, with a market capitalization of approximately 49.73 billion yuan [4] - The earnings per share (EPS) for 2024 is projected to be 1.00 yuan, with a price-to-earnings (P/E) ratio of 8.2 [7] - The company’s asset-liability ratio stands at 69.95% [4]

Investment Rating - The report suggests a "Buy" rating for the company, indicating a favorable outlook compared to the market index [11]. Core Insights - The company reported a revenue of 3.694 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.70%, and a net profit attributable to shareholders of 152 million yuan, down 74.92% year-on-year. However, the third quarter showed significant improvement compared to the second quarter [2][5]. - The company is recognized as a leading global provider of intelligent operating systems, capitalizing on opportunities in the AI sector and expanding its global business [2][6]. Financial Performance Summary - For the third quarter of 2024, the company achieved a revenue of 1.294 billion yuan, a year-on-year decline of 7.04%, but a quarter-on-quarter increase of 5.8%. The gross margin for this quarter was 35.82%, up approximately 2 percentage points from the previous quarter [5][6]. - The net profit for the third quarter was 48 million yuan, reflecting a year-on-year decrease of 78.17%, but a quarter-on-quarter increase of 249.72% [5][6]. Strategic Focus - The company is committed to its "Operating System + Edge Intelligence" strategy, focusing on the development of intelligent applications and expanding its ecosystem in smart vehicles and robotics [6][5]. - The company plans to increase its R&D investment to support the growth of its edge AI market, with projected revenues for 2024-2026 of 5.250 billion, 5.690 billion, and 6.426 billion yuan, respectively [6][8]. Financial Projections - The expected growth rates for revenue from 2024 to 2026 are 0.15%, 8.38%, and 12.94%, respectively. The net profit projections for the same period are 258 million, 435 million, and 625 million yuan, with corresponding growth rates of -44.75%, 68.74%, and 43.76% [6][8]. - The earnings per share (EPS) are projected to be 0.56, 0.94, and 1.36 yuan for 2024, 2025, and 2026, respectively, indicating a compound annual growth rate (CAGR) of 10.22% over three years [6][8].

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [3]. Core Insights - In Q3 2024, funds slightly reduced their holdings in the non-ferrous metals sector, with a configuration ratio of 5.41%, down by 0.70 percentage points from the previous quarter [2][6]. - The total market value of fund holdings in the non-ferrous metals sector was 876.29 billion, a decrease of 30.51 billion from the previous quarter [2][6]. - The top ten stocks in the non-ferrous metals sector by fund holdings include Zijin Mining, Luoyang Molybdenum, and Zhongjin Gold, among others [2][9]. Summary by Sections 1. Fund Configuration in Non-Ferrous Metals - The fund configuration ratio for the non-ferrous metals sector decreased to 5.41% in Q3 2024, with an overweight ratio of 2.03% compared to the overall A-share market [2][6]. - The total market value of fund holdings in this sector was 876.29 billion, reflecting a decline of 30.51 billion [2][6]. 2. Industrial Metals - The total market value of fund holdings in the industrial metals sector was 588.59 billion, down by 3.89% [15]. - Stocks in aluminum processing and tin saw increases in holdings, while copper stocks were reduced [15]. 3. Precious Metals - The market value of fund holdings in the precious metals sector was 173.40 billion, a decrease of 7.82% [17]. - Many gold stocks were reduced as investors anticipated uncertainty in gold prices following the Federal Reserve's interest rate cuts [17]. 4. Energy Metals - The energy metals sector saw an increase in fund holdings to 60.44 billion, up by 23.68% [19]. - The lithium sector rebounded due to improved market conditions in the new energy supply chain [19]. 5. Small Metals and New Metal Materials - The total market value of fund holdings in small metals and new metal materials was 57.36 billion, down by 6.11% [9]. - Tungsten and molybdenum sectors received increased investments, while titanium and magnetic materials faced reductions [9]. 6. Investment Recommendations - The report continues to be optimistic about investment opportunities in the non-ferrous metals sector [4].

证券研究报告 非金融公司|公司点评|巨星农牧（603477） 生猪出栏增长，业绩显著改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月04日 证券研究报告 |报告要点 公司披露 2024 年三季度报告，第三季度实现营收 17.23 亿元，同比增长 66.89%；归母净利润 3.04 亿元，同比增长 5380.20%。2024 年 1 至 9 月公司出栏商品猪 173.35 万头，同比增长 32.62%。产能方面，2024 年上半年德昌巨星生猪繁育一体化项目已经交付和引种，下半年四 个养殖场项目已经交付和陆续引种，公司现有 18 万头以上种猪场产能和 25 万头以上存栏种 猪，能够有效保障公司生猪养殖产能规模的稳健、持续增长。成本方面，公司进一步提升生产 成绩，叠加产能利用率提升，后续有望逐步下降。 |分析师及联系人 王明琦 马鹏 SAC：S0590524040003 SAC：S0590524050001 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04日 巨星农牧(603477) 生猪出栏增长，业绩显著改善 | -- ...

Investment Rating - Maintains a "Buy" rating for China Construction Bank (CCB) [4][6] Core Views - CCB's net interest margin (NIM) decline has narrowed, and profit growth has turned positive [1][4] - Revenue growth for 2024Q1-Q3 increased by 0.27pct compared to 2024H1, driven by improved non-interest income [2][6] - Other non-interest income reached 430.61 billion yuan, up 71.50% YoY, with a 15.74pct increase compared to 2024H1 [2][6] - Net profit growth turned positive, with contributions from scale expansion and provision replenishment [6] - Loan balance as of 2024Q3 was 25.70 trillion yuan, up 8.87% YoY, with significant growth in bill financing [6] - NIM for 2024Q1-Q3 was 1.52%, a 2bp decline from 2024H1, with narrowing decline due to improved liability costs [6] - Non-performing loan (NPL) ratio remained stable at 1.35%, with NPL balance at 3469.06 billion yuan, up 5.13% YoY [6] - Provision coverage ratio was 237.03%, and core tier 1 capital adequacy ratio improved to 14.10% [6] Financial Performance - 2024Q1-Q3 revenue was 5690.22 billion yuan, up 3.30% YoY, with net profit of 2557.76 billion yuan, up 0.13% YoY [6] - Contribution to net profit from interest-earning assets, NIM, other non-interest income, and provisions were +9.71%, -15.61%, +3.33%, and +3.20% respectively [6] - Forecasted revenue for 2024-2026 is 7566/7756/8053 billion yuan, with a 3-year CAGR of 1.52% [6] - Forecasted net profit for 2024-2026 is 3330/3389/3516 billion yuan, with a 3-year CAGR of 1.87% [6] Industry and Valuation - CCB operates in the banking sector, specifically large state-owned banks [4] - Current stock price is 8.08 yuan, with a total market capitalization of 77,516.75 million yuan [4] - EPS for 2024E is 1.30 yuan, with a PE ratio of 5.47 and PB ratio of 0.56 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported strong performance in Q3 2024, with revenue reaching 18.975 billion yuan, a year-on-year increase of 31.13%, and a net profit attributable to shareholders of 1.407 billion yuan, up 46.49% year-on-year [3][7] - The company's gross margin for Q3 was 20.91%, an increase of 2.2 percentage points year-on-year, although it decreased slightly by 0.34 percentage points quarter-on-quarter [7] - The company plans to raise up to 4.5 billion yuan through a private placement to fund three projects aimed at expanding production capacity in smart automotive electronics [7] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 18.975 billion yuan, with a quarterly revenue of 7.282 billion yuan in Q3, reflecting a year-on-year growth of 26.74% and a quarter-on-quarter growth of 20.48% [7] - The net profit for Q3 was 568 million yuan, representing a year-on-year increase of 60.90% and a quarter-on-quarter increase of 25.29% [7] - The company expects revenues for 2024-2026 to be 28.319 billion yuan, 35.421 billion yuan, and 42.342 billion yuan, with corresponding year-on-year growth rates of 29.26%, 25.08%, and 19.54% respectively [7][8] Valuation Metrics - The company’s earnings per share (EPS) for 2024-2026 are projected to be 3.80 yuan, 4.92 yuan, and 6.08 yuan, with a three-year compound annual growth rate (CAGR) of 29.73% [7][8] - The price-to-earnings (P/E) ratio is expected to decrease from 58.8 in 2022 to 33.0 in 2024, and further to 20.6 by 2026 [8] - The price-to-book (P/B) ratio is projected to decline from 10.8 in 2022 to 7.3 in 2024, and to 4.9 in 2026 [8]