Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's Q1-Q3 2024 revenue reached 8.592 billion yuan, a year-on-year increase of 10.60%, while the net profit attributable to shareholders was 1.016 billion yuan, up 27.86% year-on-year [2][6] - The company has accelerated its overseas expansion, with plans to invest up to 600 million yuan in Malaysia to establish a production base with an annual capacity of 1.3 billion yuan [6] - The company maintains a robust profitability level despite price reductions, attributed to excellent expense management and significant growth in other income [6] Financial Performance - For Q1-Q3 2024, the gross margin and net profit margin were 23.19% and 11.83%, respectively, with slight year-on-year changes [6] - The company expects revenue growth rates of 17.46%, 20.25%, and 20.05% for 2024, 2025, and 2026, respectively, with net profit growth rates of 18.46%, 22.43%, and 21.65% [6][7] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 5.25 yuan, 6.43 yuan, and 7.82 yuan, respectively [6][7] Market Position and Strategy - The company has established a multi-point layout in Europe, North America, and Southeast Asia, enhancing its global market share [6] - The company is positioned as a leading structural component manufacturer for electric vehicles, benefiting from the growing demand in the new energy vehicle sector [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 141 million yuan for Q3 2024, representing a year-on-year growth of 41.79%, with a quarterly revenue of 25.57 million yuan, showing a significant increase of 167.73% [2][6] - The company has three commercialized products, with sales from Mai Li Shu reaching 23.56 million yuan in Q3, and Mai Wei Jian generating 1.49 million yuan in the same period [6] - The company has initiated two Phase III clinical trials for 9MW2821 in Q3, targeting cervical cancer and first-line treatment for urothelial carcinoma [6] Summary by Sections Financial Performance - Revenue for 2024 is projected to be 220 million yuan, with a growth rate of 72.49% [7] - The company expects revenues of 1.09 billion yuan in 2025 and 2.27 billion yuan in 2026, with growth rates of 396.15% and 107.68% respectively [7] - Net profit is forecasted to be -849 million yuan in 2024, improving to -199 million yuan by 2026 [7] Product Development - The company has three listed products, with Mai Li Shu and Mai Wei Jian showing significant market penetration across multiple provinces and hospitals [6] - The clinical pipeline includes G-CSF in NDA stage, and other ophthalmic drugs in Phase III trials [6] Market Position - The company has established a presence in 30 provinces with 1,336 hospitals and 2,632 pharmacies for Mai Li Shu, and 25 provinces with 42 hospitals and 653 pharmacies for Mai Wei Jian [6]

证券研究报告 行业研究|行业专题研究|保险Ⅱ 上市险企 2024 年三季报综述：寿险 NBV 延续向好，投资收益改善带动净利 润同比高增 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 9M2024 保险板块取得亮眼的业绩。展望全年，我们预计寿险 NBV 有望延续向好、财险 COR 有 望同比改善。同时，随着利好政策继续加码带动长端利率企稳、资本市场回暖，保险公司全年 的净利润有望延续较好增长态势，进而能支撑板块估值修复。 |分析师及联系人 刘雨辰 朱丽芳 SAC：S0590522100001 SAC：S0590524080001 请务必阅读报告末页的重要声明 1 / 19 行业研究|行业专题研究 glzqdatemark2 2024年11月04日 保险Ⅱ 上市险企 2024 年三季报综述：寿险 NBV 延续 向好，投资收益改善带动净利润同比高增 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 2024/7 2024/11 保险Ⅱ 沪深300 相关报告 扫码查看更多 ➢ ...

证券研究报告 行业研究|行业点评研究|有色金属 有色金属 2024Q3 业绩总结：工业金属 利润环比收缩，贵金属业绩持续兑现 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 2024Q3 有色金属板块实现实现归母净利润 370.10 亿元，同比增长 7.09%，环比下降 15.14%。 盈利能力方面，2024Q3 有色金属板块销售毛利率/净利率分别为 10.71%/5.32%，分别同比下 降 0.31/0.07pct，环比下降 1.73/0.69pct。现金流方面，2024Q3 经营性现金净流量为 775.54 亿元，同比提高 19.55%，环比提高 11.08%。细分板块来看，铜铝价格环比回落，工业金属板 块 Q3 利润环比收缩。受益于金价上行，贵金属板块业绩持续兑现。小金属板块 Q3 钼钨盈利 下滑，稀土业绩持续承压。 |分析师及联系人 丁士涛 刘依然 SAC：S0590523090001 SAC：S0590523110010 请务必阅读报告末页的重要声明 1 / 14 行业研究|行业点评研究 | --- | --- | |----------- ...

证券研究报告 非金融公司|公司点评|比亚迪（002594） DM5.0 带动公司量价齐升，三季度盈利 再创新高 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 5 月份 DM5.0 上市后，王朝海洋混动车型持续换代，公司车型产品力增强，带动混动车型销量 迅速扩张。2024Q3DM5.0 车型实现销量 28.3 万辆，占公司内销的 26.5%，环比提升 23.3pct。 换代后车型销售价格相较荣耀版车型有所恢复，例如秦 L 相较同系列荣耀款车型提升 1.4-2.0 万元，带动公司单车收入环比增长。 |分析师及联系人 高登 陈斯竹 SAC：S0590523110004 SAC：S0590523100009 请务必阅读报告末页的重要声明 1 / 5 高 非金融公司|公司点评 glzqdatemark2 2024年11月04日 比亚迪(002594) DM5.0 带动公司量价齐升，三季度盈利再创新 | --- | --- | |----------------------------|---------------| | | | | 行 业： | 汽车/乘用 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a delivery of 153,000 vehicles in Q3 2024, representing a year-on-year growth of 45.4%. The revenue reached 42.87 billion yuan, a year-on-year increase of 23.6%, with a net profit of 2.82 billion yuan and a GAAP net profit of 3.85 billion yuan. The company expects revenue for 2024-2026 to be 147.3 billion, 205.4 billion, and 280 billion yuan, with year-on-year growth rates of 19.0%, 39.4%, and 36.3% respectively [2][7][8]. Financial Performance - In Q3 2024, the company achieved a vehicle delivery of 153,000 units, leading to a sales revenue of 41.32 billion yuan, which is a 22.9% increase year-on-year. The overall revenue for the quarter was 42.87 billion yuan, marking a 23.6% increase year-on-year. The company anticipates Q4 deliveries to be between 160,000 and 170,000 units, with expected revenue of 43.2 to 45.9 billion yuan [7][8]. - The automotive sales gross margin for Q3 2024 was 20.9%, with an overall gross margin of 21.5%, primarily driven by the scale effect of the Li L6 model. R&D and SG&A expenses were 2.59 billion and 3.36 billion yuan respectively, with a decrease in expense ratios [7][8]. Future Projections - The company forecasts its revenue for 2024-2026 to be 147.3 billion, 205.4 billion, and 280 billion yuan, with corresponding year-on-year growth rates of 19.0%, 39.4%, and 36.3%. The net profit is projected to be 8.53 billion, 14.24 billion, and 23.72 billion yuan, with year-on-year growth rates of -27.1%, 67.0%, and 66.6% respectively. The EPS is expected to be 4.02, 6.71, and 11.18 yuan per share, with a 3-year CAGR of 40.6% [2][8]. Ecosystem Development - The company is accelerating its ecosystem development, with 479 retail centers and 436 after-sales service centers established across 221 cities as of September 30, 2024. Additionally, it has deployed 894 charging stations and 4,286 charging piles nationwide [7]. Product and Technology Advancements - The company is enhancing its product capabilities and accelerating its smart electric strategy, with the OTA 6.4 version released in October, optimizing user experience through improved smart driving solutions [7].

Investment Rating - The report maintains a "Buy" rating for the company [2][4][6] Core Views - The company achieved a breakthrough in its screw-related business and saw steady development in component orders [1][4] - Revenue for 2024Q1-3 was RMB 1,042 million, up 3.52% YoY, with net profit attributable to the parent company at RMB 225 million, up 7.08% YoY [2][6] - For 2024Q3, revenue was RMB 345 million, down 7.58% YoY but net profit attributable to the parent company increased by 0.97% YoY to RMB 81 million [2][6] - Gross margin for 2024Q1-3 was 34.92%, up 0.4 pct YoY, while net margin was 21.59%, up 0.6 pct YoY [6] - The company's subsidiary, Anhui Best, is accelerating capacity ramp-up and developing new products to enhance customer stickiness [6] - The screw business achieved a key breakthrough, with potential for future performance elasticity [6] Financial Projections - Revenue for 2024-2026 is projected to be RMB 1,508 million, RMB 1,750 million, and RMB 1,917 million, with YoY growth rates of 12.28%, 16.06%, and 9.53% respectively [2][6] - Net profit attributable to the parent company for 2024-2026 is expected to be RMB 311 million, RMB 354 million, and RMB 383 million, with YoY growth rates of 18.15%, 13.58%, and 8.33% respectively [2][6] - EPS for 2024-2026 is forecasted to be RMB 0.62, RMB 0.71, and RMB 0.77 [6] Business Segments - The first-tier business includes turbocharger core components and intelligent equipment, with efforts to maintain existing customers and expand market share [6] - The second-tier business is undergoing customer certification, with Anhui Best accelerating capacity ramp-up and developing new products [6] - The third-tier screw business achieved a breakthrough, with orders for high-level C0-grade screw pairs and progress in linear actuator components for humanoid robots [6] Valuation Metrics - P/E ratios for 2024-2026 are projected at 27.3x, 24.0x, and 22.2x [7] - P/B ratios for 2024-2026 are expected to be 2.7x, 2.5x, and 2.3x [7] - EV/EBITDA ratios for 2024-2026 are forecasted at 13.5x, 11.8x, and 10.8x [7]

Investment Rating - The report maintains a rating of "Market Perform" for the electricity sector, indicating a stable outlook for electricity assets [3][8]. Core Insights - The electricity sector is currently underweight, with stable profitability for electricity assets. The sector's profit growth is among the highest, and it is considered to be in a low allocation phase [3][8]. - As of Q3 2024, the public utility sector's net profit growth rate was 8.79%, ranking 8th among 31 sectors [2][11]. - The demand for electricity remains strong, supporting the growth of various power sources and their installed capacity [11][15]. Summary by Sections 1. Sector Performance - The electricity and public utility sector increased by 11.13% as of October 30, 2024, which is 3.73 percentage points lower than the Shanghai and Shenzhen 300 index [2][8]. - The SW public utility fund's holding ratio was 2.33% as of Q3 2024, a decrease of 1.18 percentage points quarter-on-quarter but an increase of 0.56 percentage points year-on-year [11][12]. 2. Power Generation Insights - For Q1-Q3 2024, the SW thermal power sector generated revenue of 934.6 billion yuan, a year-on-year decrease of 1.17%, while net profit increased by 12.1% to 61.4 billion yuan [3][20]. - The installed capacity for wind power reached 480 GW, with a net profit of 16.7 billion yuan, down 5.26% year-on-year [3][18]. - The hydropower sector's revenue was 146.5 billion yuan, with a net profit increase of 22.6% year-on-year [3][18]. 3. Investment Recommendations - The report suggests focusing on electricity assets that demonstrate stable profitability and growth potential, particularly in the context of electricity market reforms [3][20]. - It highlights the potential for improved profitability in thermal power due to cost reductions and stable pricing mechanisms [3][20]. - For renewable energy, the report notes that consumption issues are gradually being resolved, and the value of renewable energy pricing is expected to become more prominent [3][20].

Investment Rating - Investment recommendation: Outperform the market (maintained) [5] Core Insights - The construction materials industry is experiencing a contraction in demand, with intense competition leading to continued pressure on revenue and profits. However, there are bright spots in cement and other materials, particularly in Q4 as supply and demand dynamics may resonate positively [2][5][6]. Summary by Sections 1. Construction Materials Overview - In Q3 2024, the overall demand for construction materials is weak, with most companies facing revenue and profit declines. Some companies with stronger consumer characteristics, such as Beixin and Tubao, continue to show stable growth [10][11]. 1.1 Renovation Materials - Total revenue for renovation materials in Q1-Q3 2024 was 111.8 billion yuan, down 7% year-on-year. Net profit attributable to shareholders was 6.9 billion yuan, down 31% year-on-year. In Q3 2024, total revenue was 38.3 billion yuan, down 11% year-on-year, and net profit was 2.3 billion yuan, down 42% year-on-year [6][10]. 1.2 Glass Sector - The pharmaceutical glass leader, Shandong Yaoboa, continues to grow rapidly, while the float and photovoltaic glass sectors are under pressure. In Q3 2024, the float glass sector is experiencing declining profitability, and photovoltaic glass companies are facing losses [6][10][19]. 1.3 Fiberglass and Cement - In Q3 2024, fiberglass prices improved, and major companies showed a sequential improvement in profits. The cement sector reported revenues of 76.6 billion yuan, down 20% year-on-year, but the decline in profits is narrowing, indicating a "not-so-dull" off-season [6][10]. 1.4 Other New Materials - The demand for civil explosives and silicon materials is on the rise, while refractory materials face increasing pressure. Companies in the civil explosives sector are experiencing rapid revenue and profit growth [6][10]. 2. Investment Recommendations - For the real estate chain, focus on leading companies in cement and renovation materials. For non-real estate chains, pay attention to fiberglass, pharmaceutical packaging materials, civil explosives, and silicon materials, particularly the molded bottle leader Shandong Yaoboa [6][10].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported a revenue of 295.1 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 3.4%. The net profit attributable to shareholders was 3.6 billion yuan, up 17.3% year-over-year [2][6]. - In Q3 2024, the company achieved a revenue of 100.9 billion yuan, an increase of 8.2% year-over-year, with a net profit of 800 million yuan, reflecting a significant year-over-year growth of 98% [2][6]. - The growth in net profit is partly attributed to a low base effect, and Q3 included non-operating income from the disposal of non-current assets [6]. - The company's new energy and integrated smart energy business saw a revenue increase of 10.1% year-over-year, indicating a strong performance in this segment [6]. - The report highlights the company's confidence in its growth prospects, as evidenced by the controlling shareholder's plan to increase their stake by 300 to 500 million yuan [6]. Financial Data Summary - For the first three quarters of 2024, the company's gross profit margin was 11.5%, a year-over-year increase of 0.6 percentage points, while Q3's gross profit margin was 10.3%, a decrease of 0.7 percentage points year-over-year [6]. - The company's asset-liability ratio at the end of Q3 2024 was 77.6%, an increase of 0.9 percentage points year-over-year [6]. - The report projects net profits for 2024, 2025, and 2026 to be 8.1 billion, 9.0 billion, and 10.1 billion yuan respectively, with year-over-year growth rates of 2%, 11%, and 11% [6][7].