Investment Rating - The investment rating for Jiangyin Bank (002807) is "Buy" (maintained) [4] Core Views - The bank's revenue for the first three quarters of 2024 increased by 1.33% year-on-year, reaching 3.018 billion yuan, while net profit attributable to shareholders rose by 6.79% to 1.128 billion yuan [6] - The bank has shown resilience in net interest margin despite a decrease in interest income, with a net interest margin of 1.74% for Q1-Q3 2024 [6] - The non-performing loan ratio improved significantly to 0.90% by the end of Q3 2024, with a reduction in non-performing loans by 114 million yuan compared to the end of H1 2024 [6] Summary by Sections Financial Performance - Revenue for Q1-Q3 2024 was 3.018 billion yuan, up 1.33% year-on-year [6] - Net profit attributable to shareholders was 1.128 billion yuan, an increase of 6.79% [6] - Interest income decreased by 7.28% year-on-year, but the decline was less severe than in H1 2024 [6] Non-Interest Income - Non-interest income showed weaker performance, with growth rates for fee income and other non-interest income at 26.49% and 29.82% respectively, both declining compared to H1 2024 [6] Asset Quality - The non-performing loan ratio improved to 0.90%, with a non-performing loan balance of 1.09 billion yuan, down from H1 2024 [6] - The provision coverage ratio increased to 452.16%, indicating strong risk mitigation capabilities [6] Future Outlook - Revenue projections for 2024-2026 are 4 billion, 4.2 billion, and 4.4 billion yuan respectively, with expected growth rates of 2.49%, 5.28%, and 6.48% [6] - Net profit forecasts for the same period are 2 billion, 2.2 billion, and 2.4 billion yuan, with growth rates of 8.47%, 9.30%, and 9.22% [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6]. Core Views - The company reported a total revenue of 7.399 billion yuan in Q3 2024, a year-on-year increase of 0.67%, and a net profit attributable to shareholders of 3.566 billion yuan, up 2.58% year-on-year, which is slightly below previous expectations. The weak business demand in 2024 is expected to recover in 2025, providing performance elasticity for the company. Current market concerns regarding short-term performance are gradually dissipating, and public fund holdings have decreased to a phase low. The company is viewed as a high-end liquor with cost-effective valuation, and macro expectations are likely to bring significant valuation elasticity [2][6]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved total revenue of 24.304 billion yuan, a year-on-year increase of 10.76%, and a net profit of 11.593 billion yuan, up 9.72% year-on-year. However, Q3 revenue and profit were slightly below expectations, with revenue growth slowing compared to sales receipts [6][7]. - The gross margin for Q3 2024 was 88.12%, a slight decrease of 0.52 percentage points year-on-year, indicating stable profitability. The net profit margin was 48.19%, an increase of 0.90 percentage points year-on-year [6][7]. Market Strategy - The company is focusing on a "dual brand, three product lines, and major products" development strategy, with expectations for growth driven by mid-to-high-end liquors such as Guojiao 1573, aged liquor, and special liquor. Market initiatives include promotional activities to enhance consumer engagement and strengthen ties with younger demographics [6][7]. Future Projections - Revenue projections for 2024-2026 are 32.595 billion yuan, 34.213 billion yuan, and 35.898 billion yuan, respectively, with year-on-year growth rates of 7.81%, 4.97%, and 4.92%. Net profits are projected to be 13.907 billion yuan, 14.188 billion yuan, and 14.921 billion yuan, with corresponding growth rates of 4.99%, 2.02%, and 5.17% [6][7].

Investment Rating - The investment rating for the company is "Buy" [5][7]. Core Views - The company reported a total revenue of 4.641 billion yuan in Q3 2024, a year-on-year decrease of 44.82%, and a net profit attributable to shareholders of 631 million yuan, down 73.03% year-on-year, which was below previous expectations [2][7]. - The company is currently facing high internal and external pressures, and Q4 is expected to continue adjustments, with hopes for improvement after inventory digestion [2][7]. - The company announced a cash dividend rate of no less than 70% and a total amount of no less than 7 billion yuan (including tax), which supports an estimated dividend yield of approximately 4.4% for 2024 [2][7]. - Given the guaranteed dividend, the investment value is maintained [2][7]. Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 27.516 billion yuan, a year-on-year increase of 9.14%, and a net profit of 8.579 billion yuan, down 15.92% year-on-year [7]. - The Q3 gross margin was 66.24%, a decrease of 8.63 percentage points year-on-year, primarily due to promotional discounts [7]. - The company expects revenues for 2024-2026 to be 29.029 billion yuan, 29.015 billion yuan, and 29.101 billion yuan respectively, with corresponding net profits of 8.048 billion yuan, 8.061 billion yuan, and 8.097 billion yuan [7][8]. Valuation Metrics - The estimated P/E ratios for 2024-2026 are 15, 15, and 15 respectively [7][8]. - The company’s market capitalization is approximately 127.174 billion yuan [5]. - The current price per share is 84.63 yuan [5]. Dividend Policy - The company has committed to a cash dividend policy with a minimum payout ratio of 70%, which is expected to support investor confidence [2][7].

证券研究报告 非金融公司|公司点评|鲁阳节能（002088） 收入利润降幅均收窄，关注新业务拓展 进展 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 公司公告 2024 年三季报，24Q1-3 收入 25.4 亿元，yoy-0.7%（同口径，后文同），归母净利 3.4 亿元，yoy-6.0%，扣非归母净利 3.4 亿元，yoy-12.7%。24Q3 收入 9.3 亿元，yoy+6.0%； 归母净利 1.3 亿元，yoy-3.5%；扣非归母净利 1.3 亿元，yoy-4.5%。收入利润降幅收窄，单 Q3 收入增速回正。23 年公司收购并表奇耐上海（2023 年 11 月末完成合并），致 23 年非经规 模阶段偏多。公司作为陶纤龙头地位稳固、竞争力预计持续强化，汽车衬垫与工业过滤产品正 进入积极发展轨道，多材料发展格局初步奠定，公司成长前景值得期待。维持"买入"评级。 |分析师及联系人 SAC：S0590523080005 武慧东 吴红艳 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 ...

Industry Investment Rating - The investment rating for the beauty and personal care industry is **Stronger than the Market** (maintained) [4] Core Views - Growth in the beauty and personal care sector is becoming increasingly scarce, with companies experiencing significant differentiation and intensifying competition [2] - The valuation of core companies has risen, and future stock price increases will be driven more by EPS growth and certainty [2] - Short-term focus for Q4 2024 to Q1 2025 includes the recovery of medical aesthetics and jewelry retail during peak seasons, as well as the performance of beauty brands during promotional events like Double 11 and Double 12 [2] - Recommended companies based on sub-sector growth, earnings certainty, and valuation include **Giant Biogene**, **Shanghai Jahwa**, **Proya**, and **Runben** [2] Industry Overview - The beauty and personal care sector underperformed the CSI 300 by **17 percentage points** year-to-date, while the jewelry sector underperformed by **26 percentage points** [6] - The sector's fund allocation ratio declined from **0.43%** to **0.39%** in Q3 2024, with **Giant Biogene**, **Proya**, and **Runben** leading in terms of market value held by funds [6][21] Performance Analysis Medical Aesthetics - The medical aesthetics industry saw a slowdown in growth, but companies like **Jinbo Biotech** continued to deliver strong revenue and profit growth, driven by high demand for recombinant collagen products [7][24] - **Aimeike** and **Langzi** experienced slower revenue growth due to seasonal factors [24] Beauty and Cosmetics - The beauty sector faced a weak off-season, with significant differentiation among brands [7] - **Proya**, **Marubi**, and **Runben** achieved over **20% revenue growth** in Q3 2024, while **Shanghai Jahwa**, **Bloomage Bio**, and **Betaine** faced profit pressures due to strategic and organizational adjustments [7][28] Jewelry - High gold prices put pressure on jewelry retailers, with most brands experiencing significant declines in revenue and profits, except for **Yuyuan** and **Mankeleon**, which saw positive profit growth [7][34] Investment Recommendations - Focus on companies with strong earnings growth certainty, particularly in medical aesthetics (recombinant collagen, new formulations) and domestic beauty brands [9] - Key companies to watch include **Giant Biogene**, **Shanghai Jahwa**, **Proya**, and **Runben** [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a total revenue of 15.9 billion yuan for the first three quarters of 2024, a year-on-year decrease of 6% [2][6] - The net profit attributable to the parent company was 660 million yuan, down 26% year-on-year, while the net profit after deducting non-recurring gains and losses was 360 million yuan, down 49% year-on-year [2][6] - The slowdown in steel structure production growth is attributed to a large-scale intelligent transformation of production equipment, leading to a temporary decline in capacity utilization [6] - The company's steel structure profitability is under pressure due to intensified industry competition, resulting in price declines exceeding cost reductions [6] - The company expects revenue growth to recover in the coming years, with projected revenues of 22.8 billion, 25.2 billion, and 27.9 billion yuan for 2024, 2025, and 2026, respectively [6] Financial Summary - For Q3 2024, the company achieved a revenue of 5.6 billion yuan, a year-on-year decrease of 6%, and a net profit of 230 million yuan, down 32% year-on-year [2][6] - The average capacity utilization rate for the first three quarters of 2024 is estimated at 86.7%, a decrease of 5% year-on-year [6] - The company signed new contracts worth 21.9 billion yuan in the first three quarters, a decrease of 4.3% year-on-year, with Q3 new contracts amounting to 7.6 billion yuan, down 3.7% year-on-year [6] - The gross profit per ton of steel structure was 447 yuan in Q3 2024, down 196 yuan year-on-year, while the net profit per ton was 172 yuan, down 106 yuan year-on-year [6] - The company’s operating cash flow improved in Q3 2024, with a net cash flow of 370 million yuan, an increase of 2.7 million yuan year-on-year [6] Future Outlook - The company is expected to maintain its competitive advantages and growth prospects, with a projected EPS of 1.48, 1.65, and 1.82 yuan for 2024, 2025, and 2026, respectively [6] - The current price corresponds to a PE ratio of 8.6 times for 2025, indicating a favorable valuation [6]

Key Points - The report recommends several stocks across different sectors for November 2024, including Boss Electric in home appliances, Sophia in light industry, Kelun-Botai Biopharmaceutical in pharmaceuticals, Luzhou Laojiao in food, Shangmei Co. in trading, and Zhongchong Co. in agriculture [2][4][6][7][8][10][11]. Home Appliances - Boss Electric is highlighted for its strong retail demand driven by the "old-for-new" policy, with retail sales growth rates for traditional products like range hoods and gas stoves at +43% and +37% respectively since the policy's implementation in September [6]. - The company is positioned as a leading player in the kitchen appliance sector, adopting proactive competition strategies to develop mid-range sub-brands and capture market share [6]. - The stock is currently valued at historical lows, with projected earnings growth of 1% in 2024, 13% in 2025, and 8% in 2026, and a dividend payout ratio of 54% for 2023, leading to a "buy" rating [6]. Light Industry - Sophia is recommended due to government subsidies boosting home consumption, with a reported 106% increase in orders during the National Day holiday [7]. - The company is expanding its market presence through a multi-brand, full-category, and full-channel strategy, with a 26.34% year-on-year growth in integrated decoration channels [7]. - Expected revenue growth rates for 2024-2026 are +0.87%, +11.40%, and +10.78%, with net profit growth of +4.87%, +10.11%, and +6.06%, leading to a "buy" rating [7]. Pharmaceuticals - Kelun-Botai Biopharmaceutical is noted for its flagship product SKB-264, which is expected to receive approval by the end of 2024, potentially becoming the first domestically approved Trop2 ADC in China [8]. - The company has a robust pipeline of innovative products set to launch, with 2025 anticipated to be a significant year for commercialization, resulting in a "buy" rating [8]. Food - Luzhou Laojiao faces short-term pressure due to declining business demand but is expected to see a recovery in 2025, providing performance elasticity [9]. - The stock is considered undervalued in the high-end liquor market, with projected EPS of 9.45 and 9.64 for 2024 and 2025 respectively, leading to a "buy" rating [9]. Trading - Shangmei Co. is recognized for its agile marketing strategies, particularly in leveraging Douyin (TikTok) for live streaming sales, which has driven significant growth in 2023-2024 [10]. - The company is expected to maintain high growth rates through its competitive pricing and flexible channel operations, with projected EPS of 2.29 and 2.96 for 2024 and 2025 respectively, resulting in a "buy" rating [10]. Agriculture - Zhongchong Co. reported Q3 2024 revenue of 1.232 billion yuan, a year-on-year increase of 23.55%, and a net profit of 140 million yuan, up 73.18% [11]. - The company is expanding its overseas business successfully, with strong performance from its overseas factories and domestic brands, leading to a "buy" rating with projected EPS of 1.25 and 1.42 for 2024 and 2025 respectively [11].

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the telecommunications industry [4]. Core Insights - The telecommunications operators are expected to experience steady growth, with capital expenditures likely to decline year-on-year, enhancing profitability and dividend ratios. Key operators to focus on include China Mobile [2][5]. - The AI sector is driving demand in the North American optical communication industry, with significant growth observed in companies like Zhongji Xuchuang, Tianfu Communication, and Xinyi Technology [2][5]. - AI is expanding its influence into DCI scenarios, leading to ongoing infrastructure development in AIDC. Companies such as Dekeli and Runze Technology are recommended for investment [2][5]. Summary by Sections 1. Telecommunications Industry Overview for Q1-Q3 2024 - **Optical Communication**: The North American optical communication sector has seen a revenue increase of 65.95% year-on-year, with a total revenue of 47.02 billion yuan. Companies like Zhongji Xuchuang and Xinyi Technology are experiencing rapid growth [8][9]. - **IDC**: Four IDC companies reported a revenue growth of 39.30% year-on-year, totaling 15 billion yuan. Runze Technology has shown remarkable performance due to its strategic focus on AIDC business [17][20]. - **Telecom Operators**: The three major telecom operators reported a combined revenue growth of 2.45% year-on-year, totaling 1,473.55 billion yuan, with China Unicom leading in net profit growth at 10.04% [25][26]. 2. Investment Recommendations - Focus on telecom operators as capital expenditures are expected to decline, improving profitability. China Mobile is highlighted as a key player [2][5]. - The AI-driven demand for high-speed optical modules is benefiting the North American supply chain, with a focus on companies like Zhongji Xuchuang, Tianfu Communication, and Xinyi Technology [2][5]. - The expansion of AI into DCI scenarios is anticipated to drive market growth, with investment opportunities in companies like Dekeli and Runze Technology [2][5].

Investment Rating - The report maintains a rating of "Market Perform" for the telecommunications sector [3]. Core Insights - The telecommunications operators are expected to experience steady growth, with capital expenditures likely to decline annually, enhancing profitability and dividend ratios. The report recommends focusing on leading operators such as China Mobile [2][33]. - The AI sector is driving significant growth in the North American optical communication industry, with key companies like Zhongji Xuchuang, Tianfu Communication, and Xinyi Sheng showing rapid revenue growth [2][4][33]. - AI is expanding the demand for networks into DCI scenarios, which is expected to drive the rapid growth of the DCI market. The development of AI is also promoting the continuous construction of AIDC infrastructure, with recommendations to focus on companies like Dekeli and Runze Technology [2][33]. Summary by Sections 1. Telecommunications Industry Overview for Q1-Q3 2024 - **Optical Communication**: The North American optical communication companies have seen a combined revenue increase of 65.95% year-on-year, with a net profit growth of 114.67% [4][7]. - **IDC Sector**: Four IDC companies reported a revenue increase of 39.30% year-on-year, with net profits rising by 22.79%. Runze Technology has shown significant performance due to its focus on AIDC business [4][16]. - **Telecom Operators**: The three major telecom operators reported a combined revenue growth of 2.45% year-on-year, with net profits increasing by 5.94%. China Unicom led with a net profit growth of 10.04% [4][24]. 2. Investment Recommendations - Focus on telecom operators and the AI industry chain for investment opportunities. The report suggests monitoring leading operators like China Mobile due to expected declines in capital expenditures and increased profitability [2][33]. - The report highlights the benefits of AI in driving the optical communication sector, recommending companies such as Zhongji Xuchuang, Tianfu Communication, and Xinyi Sheng [2][33]. - The expansion of AI into DCI scenarios is expected to boost the DCI market, with recommendations to focus on Dekeli and Runze Technology for their ongoing infrastructure developments [2][33].

Investment Rating - The report maintains an "Outperform" rating for the electric power equipment and new energy sector [3]. Core Insights - The electric power equipment and new energy sector continues to face performance pressure, but there are signs of potential improvement in market conditions [3]. - For the first three quarters of 2024, the new energy sector reported total revenue of CNY 24,211.4 billion, a year-on-year decline of 10.1%, and a net profit attributable to shareholders of CNY 966.7 billion, down 54.2% year-on-year [2][11]. - All sub-sectors experienced a decline in net profit, with the photovoltaic sector showing a significant drop of 102.1% year-on-year [11]. Summary by Sections 1. Supply Pressure Affects Performance, Marginal Improvement Trend Clear - The electric power equipment and new energy index has slightly rebounded since June 2024, but remains at a historical low [7]. - The new energy sector's overall decline of 20% places it 26th among 31 industries [7][8]. 2. Performance Under Pressure, Leading Companies Expected to Generate Alpha - **Photovoltaic**: The sector is facing dual pressures from demand and supply, leading to a continued decline in performance. Revenue for Q1-Q3 2024 was CNY 6,970 billion, down 21.4%, with a net profit of -CNY 20 billion, a decrease of 102.1% [12][20]. - **Wind Power**: The sector's performance is under pressure due to slower-than-expected construction, with revenue of CNY 1,203 billion, down 8.3%, and a net profit of CNY 49 billion, down 35.3% [12][16]. - **Lithium and Energy Storage**: The sector is experiencing temporary performance pressure due to supply-demand mismatches, with revenue of CNY 7,952 billion, down 12.8%, and a net profit of CNY 523 billion, down 12.5% [12][18]. - **Grid Equipment**: The sector's revenue increased by 7.5% to CNY 5,587 billion, but net profit decreased by 10.2% to CNY 319 billion [12][19]. 3. Investment Recommendations: Focus on Leading Companies with Competitive Advantages and New Technology Innovations - The report suggests focusing on leading companies in each sub-sector that exhibit strong alpha characteristics, including: - **Photovoltaic**: Companies like Sungrow Power Supply, LONGi Green Energy, and others [3]. - **Wind Power**: Companies such as Dongfang Cable and Zhongtian Technology [3]. - **Energy Storage**: Companies like Sungrow Electric and DeYuan Co., Ltd. [3]. - **Lithium**: Companies including CATL and EVE Energy [3]. - **Grid Equipment**: Companies like State Grid Corporation and XJ Electric [3].