证券研究报告 非金融公司|公司点评|唐人神（002567） 生猪景气度回升 Q3 利润大幅好转 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月01日 证券研究报告 |报告要点 公司 2024 年前三季度营收为 170.71 亿元，同比减少 18.2%；归母净利润为 2.54 亿元，同比 增加 127.86%。第三季度营收为 62.34 亿元，同比下降 15.64%；归母净利润为 2.49 亿元，同 比增长 200.91%。我们预计 2024-2026 年公司营收分别为 310.18/347.90/391.49 亿元，同比 增速分别为 15.10%/12.16%/12.53%，归母净利润分别为 7.30/7.84/16.69 亿元,同比增速分别 为扭亏为盈/7.36%/112.89%。2024-2026 年 EPS 分别为 0.51/0.55/1.16 元/股。公司生猪养殖 业务持续向好，有望受益猪周期反转，建议关注。 |分析师及联系人 王明琦 涂雅晴 SAC：S0590524040003 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 2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved a revenue of 6.92 billion yuan in Q1-Q3 2024, representing a year-on-year increase of 63%, with a net profit attributable to shareholders of 1.17 billion yuan, up 37% year-on-year [2][6] - The company is expected to see revenue growth of approximately 10.3 billion, 12.7 billion, and 15.7 billion yuan for the years 2024, 2025, and 2026, with year-on-year growth rates of about 63%, 24%, and 23% respectively [2][6] - The company is optimistic about the subsequent release of 0BB orders, maintaining a "Buy" rating [2][6] Financial Performance - For Q1-Q3 2024, the company's gross margin was 33.1%, down 3.6 percentage points year-on-year, and the net margin was 18.0%, down 2.3 percentage points year-on-year [6] - In Q3 2024, the company recorded a single-quarter revenue of 2.5 billion yuan, a year-on-year increase of 45% and a quarter-on-quarter increase of 2% [6] - The company signed new orders worth 8.71 billion yuan (including tax) in Q1-Q3 2024, a decrease of 3% year-on-year, with a backlog of approximately 13.43 billion yuan (including tax) as of the end of Q3 2024, up 17% year-on-year [6] Order and Capacity Insights - The company has received significant orders for low-oxygen monocrystalline furnaces and supporting auxiliary equipment, totaling approximately 1.3 billion yuan, with deliveries expected to begin in December 2024 [6] - The company launched the TOPCon 0BB string welding equipment at the beginning of 2024 and successfully developed ultra-high-speed 0BB string welding equipment in August, securing bulk orders from leading customers [6] Future Outlook - The company anticipates a strong performance from the 0BB new and retrofit orders, which are expected to enhance its financial results [6] - The projected net profit for the company for 2024, 2025, and 2026 is approximately 1.93 billion, 2.50 billion, and 3.07 billion yuan, with year-on-year growth rates of about 53%, 30%, and 23% respectively [2][6]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company's net profit growth has turned positive, with a reduction in the drag from net interest margin [6] - The company reported a revenue of 626.422 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 3.82% [6] - The net profit attributable to shareholders for the same period was 269.025 billion yuan, showing a slight increase of 0.13% year-on-year [6] Summary by Relevant Sections Financial Performance - For Q1-Q3 2024, the company's interest income and other non-interest income showed marginal improvement, with interest net income down by 4.94% and other non-interest income up by 17.53% year-on-year [6] - The net interest margin for Q1-Q3 2024 was 1.43%, remaining stable compared to H1 2024 [6] - The company’s loan balance reached 28.10 trillion yuan, an increase of 8.97% year-on-year, with a notable increase in bill discounting [6] Asset Quality and Capital Strength - The non-performing loan ratio stood at 1.35%, unchanged from H1 2024, with a non-performing loan balance of 379.955 billion yuan, up 7.99% year-on-year [6] - The provision coverage ratio was 220.30%, indicating strong risk mitigation capabilities [6] - The core Tier 1 capital adequacy ratio was 13.95%, reflecting a slight increase from H1 2024 [6] Future Projections - Revenue projections for 2024-2026 are 826.2 billion yuan, 849.5 billion yuan, and 876.1 billion yuan, with year-on-year growth rates of -2.01%, +2.82%, and +3.13% respectively [6] - Net profit projections for the same period are 363.2 billion yuan, 369.1 billion yuan, and 379.3 billion yuan, with growth rates of -0.23%, +1.64%, and +2.77% respectively [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported significant quarter-on-quarter growth in Q3, with a revenue of 20.85 billion yuan, a year-on-year increase of 3.02% and a quarter-on-quarter increase of 0.85% [6][8] - The company's net profit for Q3 was 2.86 billion yuan, reflecting a year-on-year increase of 1.89% and a quarter-on-quarter increase of 13.91% [6][8] - The report highlights that the profitability of the electrolyte segment is expected to bottom out, with the average price of ternary and lithium iron phosphate electrolytes stabilizing [8] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 56.67 billion yuan, a year-on-year increase of 1.51%, and a net profit of 7.01 billion yuan, a year-on-year decrease of 12.00% [6][9] - The company's gross margin in Q3 was 25.72%, a decrease of 2.55 percentage points year-on-year and 2.65 percentage points quarter-on-quarter [7] - The net profit margin for Q3 was 13.85%, an increase of 0.61 percentage points year-on-year and 1.49 percentage points quarter-on-quarter [7] Future Earnings Forecast - The company is projected to achieve revenues of 81.96 billion yuan, 97.33 billion yuan, and 133.80 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 9.5%, 18.8%, and 37.5% [9] - The forecasted net profits for the same years are 10.96 billion yuan, 14.80 billion yuan, and 20.18 billion yuan, with year-on-year growth rates of 8.4%, 35.0%, and 36.3% [9]

Investment Rating - The investment rating for the company is "Buy" [10] Core Views - The company reported a significant year-on-year improvement in performance, with Q3 2024 revenue of 482 million yuan, a year-on-year increase of 39.45% and a net profit of 115 million yuan, up 70.27% year-on-year [2][6] - The improvement in performance is attributed to the gradual recovery of the downstream market since the 2024 Spring Festival, increased demand in emerging application areas, accelerated inventory digestion, and continuous improvement in sales [6] - The company is actively expanding into new fields such as AI computing servers and low-altitude economy, with products already applied in key components for drones and achieving large-scale sales [6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 1.356 billion yuan, a year-on-year growth of 22.77%, and a net profit of 332 million yuan, up 54.59% year-on-year [6] - Q3 2024 gross margin was 38.04%, an increase of 7.91 percentage points year-on-year, while net margin was 23.59%, up 4.37 percentage points year-on-year [2][6] Future Projections - Revenue projections for 2024-2026 are 1.845 billion yuan, 2.289 billion yuan, and 2.796 billion yuan, with year-on-year growth rates of 24.97%, 24.03%, and 22.17% respectively [6][7] - Net profit projections for the same period are 457 million yuan, 564 million yuan, and 696 million yuan, with growth rates of 41.36%, 23.49%, and 23.43% respectively [6][7] Valuation Metrics - The company’s earnings per share (EPS) for 2024-2026 are projected to be 1.10 yuan, 1.36 yuan, and 1.68 yuan, with corresponding price-to-earnings (P/E) ratios of 33, 26, and 21 [7] - The current market capitalization is approximately 14.9 billion yuan, with a current price of 35.88 yuan per share [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported Q3 results that met expectations, with strong performance in its consumer business. For the first three quarters of 2024, revenue reached 38.279 billion yuan, a year-on-year increase of 11.54%, and net profit attributable to shareholders was 1.212 billion yuan, up 50.84% year-on-year [2][6] - The third quarter revenue was 14.360 billion yuan, reflecting an 18.85% year-on-year increase and a 10.95% quarter-on-quarter increase. The net profit attributable to shareholders for Q3 was 388 million yuan, a year-on-year increase of 6.35% but a quarter-on-quarter decrease of 23.13% [2][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 38.279 billion yuan, with a year-on-year growth of 11.54%. The net profit attributable to shareholders was 1.212 billion yuan, up 50.84% year-on-year, and the non-recurring net profit was 1.163 billion yuan, increasing by 90.78% year-on-year [2][6] - In Q3 2024, the company reported a revenue of 14.360 billion yuan, a year-on-year increase of 18.85% and a quarter-on-quarter increase of 10.95%. The net profit attributable to shareholders was 388 million yuan, a year-on-year increase of 6.35% but a quarter-on-quarter decrease of 23.13% [2][6] Business Segment Performance - The consumer business showed significant improvement, with the self-supply rate of consumer battery cells exceeding 35% in the first three quarters of 2024. The company is actively promoting integrated "pack + cell" business, which is expected to enhance gross margins [8] - The company has strengthened collaborations with major domestic automotive manufacturers and is expanding partnerships with well-known international car manufacturers. The LFP battery technology has achieved industry-leading specifications, including a charging rate of 6C and an energy density of 450Wh/L [8] Earnings Forecast and Investment Recommendations - The company is expected to achieve revenues of 55.453 billion yuan, 62.339 billion yuan, and 71.840 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15.86%, 12.42%, and 15.24%. The net profit attributable to shareholders is projected to be 1.671 billion yuan, 2.011 billion yuan, and 2.547 billion yuan for the same years, with corresponding growth rates of 55.25%, 20.35%, and 26.65% [9][10]

Investment Rating - The investment rating for Jiangsu Bank (600919) is "Buy" (maintained) [4] Core Views - Jiangsu Bank reported a double-digit profit growth with a robust credit environment [6] - The bank's revenue for the first three quarters of 2024 reached 62.303 billion yuan, a year-on-year increase of 6.18% [6] - The net profit attributable to shareholders for the same period was 28.235 billion yuan, reflecting a year-on-year growth of 10.06% [6] Summary by Sections Financial Performance - For Q1-Q3 2024, Jiangsu Bank's interest income and non-interest income grew by 1.49% and decreased by 11.88% year-on-year, respectively [6] - The bank's net profit growth slightly increased by 0.01 percentage points compared to H1 2024 [6] - The contribution to net profit from interest-earning assets, net interest margin, other non-interest income, cost expenses, and provisions were +18.10%, -16.61%, +5.95%, +0.83%, and +3.14%, respectively [6] Credit and Deposit Growth - As of Q3 2024, the loan balance was 2.09 trillion yuan, a year-on-year increase of 17.02% [6] - The deposit balance reached 2.08 trillion yuan, reflecting a year-on-year growth of 9.08% [6] - The bank's credit structure is favorable, with retail, corporate, and discount loans accounting for 31.69%, 27.60%, and 40.72% of new loans, respectively [6] Asset Quality and Capital Adequacy - As of Q3 2024, the non-performing loan ratio and attention ratio were 0.89% and 1.45%, respectively [6] - The provision coverage ratio was 351.03%, indicating strong risk compensation capability [6] - The core Tier 1 capital adequacy ratio was 9.27%, showing sufficient capital [6] Future Outlook - The bank expects revenue growth of 6.58%, 7.01%, and 8.04% for 2024, 2025, and 2026, respectively, with a three-year CAGR of 7.21% [6] - The net profit is projected to grow by 9.75%, 10.71%, and 11.83% for the same years, with a three-year CAGR of 10.76% [6]

证券研究报告 非金融公司|公司点评|禾丰股份（603609） 主营业务逐步改善，三季度业绩超预期 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月01日 证券研究报告 |报告要点 公司披露 2024 年第三季度报告，第三季度实现营收 90.40 亿元（同比-11.24%）；归母净利润 3.23 亿元（同比+397.99%）。禽业务方面，公司持续推进降本增效，料肉比逐步改善带动成本 下降，进而支撑禽业务利润显著改善。生猪养殖方面，公司提升生产成绩，叠加猪价回暖，板 块持续贡献利润。饲料业务方面，随下游养殖存栏逐步恢复，猪及反刍饲料需求改善带动产品 销量增长以及板块结构优化，高毛利产品占比提升带动利润增长。展望后市，公司猪禽业务有 望伴随成本持续改善而有较好利润，饲料业务逐步回暖。 |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01日 禾丰股份(603609) 主营业务逐步改善，三季度业绩超预期 | --- | --- ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook compared to the market index performance [10]. Core Insights - The company reported a revenue of 17.081 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 7.38%. The net profit attributable to shareholders reached 553 million yuan, with a remarkable year-on-year increase of 967.83% [2][6]. - In Q3 2024 alone, the company achieved a revenue of 6.001 billion yuan, with a quarter-on-quarter growth of 3.50% and a year-on-year growth of 0.04%. The net profit for the same quarter was 230 million yuan, showing a quarter-on-quarter increase of 2.53% and a year-on-year increase of 85.32% [2][6]. - The company is positioned as a leading player in advanced packaging, driven by the growing demand for AI chips, which is expected to see a 33% increase in the global market size in 2024 [6]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 23.951 billion yuan, with a growth rate of 7.55%. The net profit is expected to be 790 million yuan, reflecting a staggering growth rate of 366.42% [7]. - The earnings per share (EPS) for 2024 is estimated at 0.52 yuan, with corresponding price-to-earnings (P/E) ratios of 52 for 2024, 36 for 2025, and 27 for 2026 [6][7]. - The company maintains a stable gross margin of 14.64% and a net margin of 4.33% for Q3 2024, with improvements in both margins compared to previous periods [6]. Market Position and Future Outlook - The company has established strong partnerships with industry leaders like AMD, which is expected to boost its high-performance packaging business due to the increasing demand for AI chips [6]. - The report anticipates a compound annual growth rate (CAGR) of 107.95% for net profit from 2024 to 2026, indicating robust growth potential in the coming years [6].

Investment Rating - The investment rating for Postal Savings Bank (601658) is "Buy" (maintained) [4] Core Views - The report highlights significant improvements in the effectiveness of the agency fee rate reduction and an excellent credit allocation structure [4] - For the first three quarters of 2024, the company achieved a revenue of 260.35 billion yuan, a year-on-year increase of 0.09%, and a net profit attributable to shareholders of 75.82 billion yuan, a year-on-year increase of 0.22% [6] Summary by Sections Revenue and Profitability - In Q1-Q3 2024, the company's revenue growth rate slightly increased by 0.19 percentage points compared to H1 2024, mainly due to marginal improvements in the growth rate of non-interest income [6] - The company achieved non-interest income of 20.715 billion yuan, a year-on-year decrease of 12.65%, but the decline rate narrowed compared to H1 2024 by 4.06 percentage points [6] Cost Control - The growth rate of net profit attributable to shareholders increased by 1.73 percentage points compared to H1 2024, primarily due to effective cost control measures [6] Credit Structure and Asset Quality - As of Q3 2024, the company's loan balance was 8.78 trillion yuan, a year-on-year increase of 9.46%, with a quarterly net increase of 120.61 billion yuan in Q3 2024 [6] - The non-performing loan ratio, attention ratio, and overdue ratio were 0.86%, 0.91%, and 1.11% respectively at the end of Q3 2024, indicating stable asset quality [6] Future Outlook - The report projects the company's revenue for 2024-2026 to be 345.6 billion, 360 billion, and 384.3 billion yuan respectively, with year-on-year growth rates of 0.90%, 4.16%, and 6.75% [7] - The net profit attributable to shareholders is expected to be 88.37 billion, 92.09 billion, and 97.43 billion yuan for the same period, with growth rates of 2.44%, 4.21%, and 5.80% respectively [7]