品 证券研究报告 非金融公司|公司点评|百润股份（002568） 三季报点评：预调酒承压，期待 Q4 新 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月02日 证券研究报告 |报告要点 公司发布 2024 年三季度报告，2024Q3 公司实现营业收入 7.58 亿元，同比-5.95%；归母净利 润 1.72 亿元，同比-24.01%；扣非归母净利润 1.70 亿元，同比-22.21%。2024Q3 预调鸡尾酒 实现收入 6.71 亿元，同比下降 6.58%，我们判断主因终端需求疲软且强爽去年同期基数较高。 考虑到我国预调酒与威士忌烈酒市场扩容空间较大，公司预调酒业务龙头地位稳、威士忌业 务产能与储备等优势明显，Q4 新品上市后有望带动增量，维持"买入"评级。 |分析师及联系人 邓周贵 徐锡联 刘景瑜 吴雪枫 SAC：S0590524040005 SAC：S0590524040004 SAC：S0590524030005 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02日 百润股份(002568) 三季报点评：预调酒承压 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported Q3 revenue of 1.583 billion yuan, a year-on-year increase of 36.32%, and a net profit attributable to shareholders of 356 million yuan, a year-on-year increase of 662.97% [2][6] - For the first three quarters, the revenue reached 4.078 billion yuan, up 42.11% year-on-year, with a net profit of 480 million yuan, up 321.20% year-on-year [2][6] - The company's pig farming business has seen both volume and price increases, with expected net profit growth rates of turning profitable in 2024, 24.04% in 2025, and 57.66% in 2026 [2][9] - Earnings per share (EPS) are projected to be 1.29 yuan, 1.59 yuan, and 2.51 yuan for 2024, 2025, and 2026 respectively [2][9] Summary by Sections Financial Performance - The company achieved a total revenue of 6.461 billion yuan in 2024, with a growth rate of 66.03%, and is expected to reach 8.649 billion yuan in 2025 and 10.627 billion yuan in 2026, with growth rates of 33.87% and 22.87% respectively [10] - The net profit attributable to shareholders is forecasted to be 674 million yuan in 2024, 837 million yuan in 2025, and 1.319 billion yuan in 2026, with growth rates of 268.07%, 24.04%, and 57.66% respectively [10] - The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) is expected to be 1.083 billion yuan in 2024, 1.284 billion yuan in 2025, and 1.757 billion yuan in 2026 [10] Operational Insights - The company has seen a significant increase in pig sales, with 1.6637 million pigs sold in the first three quarters of 2024, a year-on-year increase of 49.60% [7] - The average selling price of pigs in Q3 2024 was 19.00 yuan per kilogram, up 23.54% year-on-year and 21.33% quarter-on-quarter [7] - The company plans to increase its breeding capacity by adding 30,000 to 40,000 sows annually, with a target production capacity of 3 million pigs by the end of 2024 and 4 million pigs by the end of 2025 [7] Cost Management - The company has demonstrated a clear cost advantage, with the total cost of pig farming decreasing from 14.6 yuan per kilogram in January 2024 to 13.8 yuan per kilogram in August 2024 [8] - The company aims to keep the total cost below 14 yuan per kilogram for the entire year [8] - The debt-to-asset ratio is at a low level of 27.7%, with a decrease of 3.06 percentage points quarter-on-quarter, indicating a strong financial position [8]

证券研究报告 非金融公司|公司点评|立高食品（300973） 主业承压奶油稳增，费效比提升净利率 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月02日 证券研究报告 |报告要点 公司发布 2024 三季报，2024Q1-3 实现营业收入 27.17 亿元，同比 5.22%，实现归母净利润 2.03 亿元，同比 28.21%。2024Q3 实现营业收入 9.36 亿元，同比-1.11%，实现归母净利润 0.68 亿元，同比 35.07%；利润表现突出。公司作为冷冻烘焙龙头企业，尽管主业有所承压，但高 毛利的奶油第二曲线高速增长，同时费用率把控优秀突出盈利弹性，且考虑到去年业绩低基 数影响，我们维持"买入"评级。 |分析师及联系人 刘景瑜 陆冀为 SAC：S0590524030005 SAC：S0590524080005 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02日 立高食品(300973) 主业承压奶油稳增，费效比提升净利率 | --- | --- | |----------------------------|- ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5][7]. Core Views - The company reported a decline in revenue and profit in Q3 2024, with revenue at 4.202 billion yuan, down 7.11% year-on-year, and net profit at 431 million yuan, down 10.10% year-on-year. The decrease is attributed to high base effects from the previous year and weaker demand in the restaurant and nightlife sectors [3][7]. - Despite the current challenges, the company is expected to achieve stable growth in the future, supported by a leading dividend payout ratio in the industry [3][7]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 13.063 billion yuan, a slight increase of 0.26% year-on-year, while net profit was 1.332 billion yuan, down 0.90% year-on-year [7]. - In Q3 2024, the company’s sales volume and average price per ton decreased by 5.59% and 1.61% respectively, indicating pressure on both volume and pricing [7]. - The product sales breakdown for Q3 2024 shows high-end, mainstream, and economic products generating sales of 2.362 billion yuan, 1.590 billion yuan, and 132 million yuan respectively, with economic products showing a year-on-year increase of 19.97% [7]. - The gross margin for Q3 2024 was 49.17%, a decrease of 1.35 percentage points year-on-year, influenced by changes in product mix and increased depreciation from new factory operations [7]. - The company forecasts revenues of 14.878 billion yuan, 15.180 billion yuan, and 15.485 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.324 billion yuan, 1.361 billion yuan, and 1.445 billion yuan [7][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported significant quarter-on-quarter improvement in performance, with a notable recovery in profitability driven by the rebound in wind power demand [6] - For the first three quarters of 2024, the company achieved operating revenue of 1.313 billion yuan, a year-on-year decrease of 1.72%, and a net profit attributable to the parent company of 149 million yuan, down 54.39% year-on-year [2][6] - The third quarter of 2024 saw operating revenue of 600 million yuan, an increase of 11.50% year-on-year and a 31.11% increase quarter-on-quarter [6] Financial Performance Summary - The company’s gross margin for Q3 2024 was 24.9%, up 5.5 percentage points quarter-on-quarter, and the net margin was 12.5%, up 2.7 percentage points quarter-on-quarter [6] - The forecast for operating revenue from 2024 to 2026 is 2.037 billion yuan, 2.723 billion yuan, and 3.617 billion yuan, representing year-on-year growth rates of 4.7%, 33.63%, and 32.86% respectively [6][7] - The net profit attributable to the parent company is projected to be 330 million yuan, 510 million yuan, and 670 million yuan for the years 2024 to 2026, with growth rates of -19.07%, 52.3%, and 31.51% respectively [6][7] Market Position and Outlook - The company is positioned as a leading player in the wind power sector, with expectations for increased delivery scale and improved product structure due to rising wind power installation demand [6] - The company’s earnings per share (EPS) are projected to be 1.0 yuan, 1.6 yuan, and 2.1 yuan for 2024 to 2026 [6][7] - The company’s market capitalization is approximately 6.04 billion yuan, with a current price of 24.89 yuan per share [4]

证券研究报告 非金融公司|公司点评|高测股份（688556） 2024 年三季报点评：业绩短暂承压， 看好代工利润修复&钨丝线加速渗透 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月02日 证券研究报告 |报告要点 2024Q1-Q3 公司营收 34.3 亿元，同比-18%，归母净利润 2.1 亿元，同比-82%；2024Q1-Q3 公 司毛利率为 23.0%，同比-23.0pct，净利率 6.0%，同比-21.9pct。我们预计公司 2024-2026 年 营业收入分别为 46.6/52.5/61.6 亿元，同比增速分别为-25%/+13%/+17%；实现归母净利润分 别为 1.9/5.4/7.9 亿元，同比增速分别为-87%/+186%/+47%。我们看好未来硅片价格修复利好 代工，公司钨丝线有望加速渗透，维持"买入"评级。 |分析师及联系人 SAC：S0590524040006 刘晓旭 蒙维洒 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02日 高测股份(688556) 2024 年三季报点评：业绩短暂承压，看好 ...

证券研究报告 非金融公司|公司点评|老白干酒（600559） 三季报点评：结构升级延续，盈利持续 提升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月03日 证券研究报告 |报告要点 公司发布 2024 年三季度报告，2024Q3 公司实现营业总收入 16.18 亿元，同比+0.26%；归母净 利润 2.52 亿元，同比+25.17%，业绩符合预期。100 元以上产品增速韧性较强，我们预计或主 要受益于武陵酒、甲等 15/20 驱动。考虑到公司国企改革效果明显，业绩进一步改善，未来盈 利提升空间仍大，维持"买入"评级。 |分析师及联系人 邓周贵 徐锡联 刘景瑜 吴雪枫 SAC：S0590524040005 SAC：S0590524040004 SAC：S0590524030005 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03日 老白干酒(600559) 三季报点评：结构升级延续，盈利持续提升 | --- | --- | --- | |-------|--------------------------|------ ...

Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests to "continue to pay attention" to the company due to its proactive reforms and potential recovery in sales [2][7]. Core Views - The company reported a significant decline in revenue and profit for Q3 2024, with total revenue of 197 million yuan, down 67.24% year-on-year, and a net profit loss of 65 million yuan, down 213.67% year-on-year. This performance was below previous expectations [2][6]. - Despite the challenges in the mid-to-high-end market segment, the company is undergoing a marketing transformation, which has led to a reduction in social inventory pressure and an increase in consumption activities such as bottle openings and banquet numbers. However, cautious payment collection from distributors has caused a mismatch between expense input and revenue, impacting profits [2][6]. - The company is increasing promotional investments, but its profitability remains under pressure, with a gross margin of 64.04%, down 11.65 percentage points year-on-year. The sales expense ratio has increased significantly, indicating higher promotional costs [6][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 1.191 billion yuan, down 44.41% year-on-year, and a net profit of 56 million yuan, down 88.20% year-on-year [6]. - The Q3 2024 revenue was 197 million yuan, with a significant year-on-year decline, and the sales cash collection was 244 million yuan, down 57.91% [6][7]. Future Projections - The company is expected to see revenues of 1.387 billion yuan in 2024, with a year-on-year decline of 50.99%, followed by a recovery in 2025 and 2026 with projected revenues of 1.537 billion yuan and 1.694 billion yuan, respectively [7]. - The net profit projections for 2024, 2025, and 2026 are 59 million yuan, 152 million yuan, and 226 million yuan, respectively, indicating a significant recovery in profitability in the following years [7]. Market Position and Strategy - The company is focusing on proactive reforms and channel improvements, which are expected to lead to a gradual recovery in sales of major products. The report emphasizes the importance of monitoring these developments closely [2][7].

证券研究报告 非金融公司|公司点评|三一重工（600031） 公司经营持续向好，Q3 业绩实现翻倍 增长 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月02日 San 证券研究报告 |报告要点 我们持续看好国内设备更新及海外市场需求，看好公司路面机械等产品持续放量，以及智能 制 造 工 厂 落 地 后 提 升 公 司 运 营 效 率 ， 我 们 预 计 公 司 2024-2026 年 营 收 分 别 为 772.87/861.49/988.84 亿元，归母净利润分别为 56.79/65.42/81.56 亿元，CAGR 为 21.68%。 EPS 分别为 0.67/0.77/0.96 元/股,考虑到国内工程机械行业景气度有望逐步回暖；多元化产 品有望为公司带来海外业务新增长，维持"买入"评级。 |分析师及联系人 田伊依 SAC：S0590524070001 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02日 三一重工(600031) 公司经营持续向好，Q3 业绩实现翻倍增长 | --- | --- | |------- ...

Investment Rating - The investment rating for the company is "Buy" [4][6] Core Views - The company reported significant year-on-year growth in its performance, with a 31.55% increase in revenue to 6.388 billion yuan and a 100.65% increase in net profit to 790 million yuan in Q3 2024. The company is expected to benefit from the upward trend in the cross-border air transport industry, leveraging its core air transport capacity and cargo station infrastructure, which provides a clear competitive advantage. Additionally, the company is likely to sustain long-term dividends, enhancing shareholder returns [2][6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 17.674 billion yuan, a year-on-year increase of 24.19%, and a net profit of 2.067 billion yuan, also up 24.14%. In Q3 alone, revenue reached 6.388 billion yuan, marking a 31.55% increase, while net profit surged by 100.65% to 790 million yuan [6][7]. - The company's ground service business generated revenue of 642 million yuan in Q3 2024, reflecting a 10.2% year-on-year increase, with a gross profit margin of 38.8% [6]. Industry Outlook - The cross-border e-commerce sector is experiencing rapid growth, with exports reaching 1.48 trillion yuan in the first three quarters of 2024, a 15.2% increase year-on-year. This growth is expected to continue, particularly with the upcoming traditional consumption peak in Europe and the United States, which will likely further boost the company's air transport and cross-border logistics performance [6][7]. - The average outbound air freight rate index in October 2024 was 4,977, representing a 4.6% increase compared to Q3 2023 and a 14.8% increase year-on-year [6]. Financial Projections - The company forecasts revenues of 25.239 billion yuan, 30.733 billion yuan, and 35.066 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22.39%, 21.77%, and 14.10%. Net profits are projected to be 3.250 billion yuan, 3.694 billion yuan, and 4.119 billion yuan for the same years, with corresponding growth rates of 30.63%, 13.63%, and 11.52% [6][7].