Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's self-operated business has significantly improved, driving positive performance growth [3][5] - For the first nine months of 2024, the company achieved a total operating revenue of 14.08 billion, a year-on-year increase of 2.81%, and a net profit attributable to shareholders of 3.30 billion, up 15.57% year-on-year [2][5] - The weighted average ROE is 4.16%, an increase of 0.49 percentage points compared to the same period last year [2][5] Financial Performance Summary - In Q3 2024, the company reported an operating revenue of 5.51 billion, a year-on-year increase of 10.16% and a quarter-on-quarter increase of 11.03% [2][5] - The net profit for Q3 2024 was 1.19 billion, reflecting a year-on-year increase of 24.58% but a quarter-on-quarter decrease of 2.81% [2][5] - The company’s total assets as of Q3 2024 were 322.20 billion, with a debt-to-asset ratio of 79.07% [3][10] Revenue Breakdown - Brokerage business net income for the first nine months of 2024 was 1.60 billion, down 26.0% year-on-year [6] - Asset management revenue for the same period was 1.02 billion, down 37.1% year-on-year, primarily due to a decrease in fund management fees [6] - Investment income saw a significant increase, with net investment income reaching 4.14 billion, up 77.1% year-on-year, accounting for 45.4% of the main revenue [7] Future Earnings Forecast - The company expects revenue for 2024-2026 to be 18.00 billion, 19.40 billion, and 21.24 billion respectively, with year-on-year growth rates of 5.3%, 7.9%, and 9.4% [7][8] - Net profit attributable to shareholders is projected to be 4.40 billion, 5.10 billion, and 5.55 billion for the same years, with growth rates of 60.1%, 15.2%, and 7.7% respectively [7][8] - The estimated EPS for 2024-2026 is 0.52, 0.60, and 0.64 yuan per share [7][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 43.02 billion yuan for the first three quarters of 2024, a year-on-year decline of 15.4%, with a net profit attributable to shareholders of 3.92 billion yuan, down 24.7% year-on-year [2][6] - The sales in the Hainan market are under pressure, while the sales from duty-free shops at ports have significantly increased [4][6] - The company's gross profit margin for Q3 2024 was 32.0%, a decrease of 2.4 percentage points year-on-year, attributed to increased promotional efforts [6] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 11.76 billion yuan, down 21.5% year-on-year, and a net profit of 640 million yuan, down 52.5% year-on-year [2][6] - The total revenue for the first three quarters of 2024 was 43.02 billion yuan, with a net profit of 3.92 billion yuan [6] - The company expects revenues for 2024-2026 to be 58.19 billion yuan, 64.93 billion yuan, and 71.87 billion yuan, respectively, with corresponding net profits of 5.05 billion yuan, 5.99 billion yuan, and 6.83 billion yuan [6][7] Market Analysis - The Hainan market is experiencing a decline in sales, with duty-free shopping amounts dropping by 35.6% year-on-year in Q3 2024 [6] - The number of duty-free shoppers and the average spending per shopper in Hainan also decreased by 27.2% and 11.6%, respectively [6] - Conversely, sales at duty-free shops in Beijing and Shanghai airports increased by over 140% and nearly 60% year-on-year, respectively, due to a recovery in inbound and outbound passenger flow [6] Cost and Profitability - The company's selling and administrative expenses for Q3 2024 were 2.16 billion yuan and 480 million yuan, respectively, with selling expense ratio and administrative expense ratio increasing by 0.6 percentage points and 0.5 percentage points year-on-year [6] - The net profit margin for Q3 2024 was 5.4%, down 3.5 percentage points year-on-year [6] Future Outlook - The company maintains a strong competitive advantage, leading to the sustained "Buy" rating despite current market pressures [6]

证券研究报告 金融公司|公司点评|中金公司（601995） 业绩表现承压，自营尚待修复 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 中金公司发布 2024 三季报，2024 前三季度公司累计实现营业收入 134.49 亿，yoy-23.00%； 归母净利润 28.58 亿，yoy-37.97%；加权平均 ROE 2.64%，较去年同期减少 2.20pct。其中 2024Q3实现营收45.39亿元，yoy-10.03%/qoq-9.91%;归母净利润6.30亿元，yoy-39.82%/qoq36.30% |分析师及联系人 刘雨辰 耿张逸 SAC：S0590522100001 SAC：S0590524100001 请务必阅读报告末页的重要声明 1 / 6 金融公司|公司点评 2024年11月01日 glzqdatemark2 中金公司(601995) 业绩表现承压，自营尚待修复 | --- | --- | |----------------------------|----------------| | | | | 行 业： | 非银金融/证券Ⅱ | ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company achieved a revenue of 3.59 billion yuan in Q1-Q3 2024, a year-on-year decrease of 4%, while the net profit attributable to shareholders was 250 million yuan, an increase of 17%, mainly due to a reduction in environmental losses [2][6] - The company maintains a gross margin of 35.3%, down 2.7 percentage points year-on-year, and a net margin of 7.5%, up 1.2 percentage points year-on-year [6] - The company plans to absorb and merge its subsidiary, Southern Pump Industry, to focus on its core pump manufacturing business, which is expected to enhance management efficiency and asset quality [6] Financial Performance Summary - For Q1-Q3 2024, the company reported a gross margin of 35.3% and a net margin of 7.5% [6] - The projected revenues for 2024-2026 are 6.06 billion, 6.86 billion, and 7.71 billion yuan, with year-on-year growth rates of 11%, 13%, and 12% respectively [2][6] - The projected net profits for the same period are 390 million, 600 million, and 690 million yuan, with year-on-year growth rates of 93%, 54%, and 16% respectively [2][6] Business Strategy - The company aims to accelerate the collection of local debts, which is expected to improve cash flow and reduce bad debt provisions [6] - The company is positioned as a leader in the domestic stainless steel centrifugal pump industry, with an anticipated increase in market share due to the exit of smaller competitors [6] - The company is expanding its international presence along the "Belt and Road" initiative, establishing subsidiaries in Singapore, the United States, and Spain [6]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4]. Core Insights - The company reported a significant revenue increase driven by its overseas warehouse business, with Q3 2024 revenue reaching 1.548 billion yuan, up 53.67% year-on-year. However, the gross margin faced temporary pressure due to increased operating costs [2][6]. - The company sold part of its overseas warehouse in Florida, contributing a non-operating asset disposal gain of approximately 89.86 million yuan, which positively impacted net profit for Q3 2024 [2][6]. - The company is expected to see a recovery in profitability in Q4 2024, supported by the upcoming promotional season and the continued ramp-up of its overseas warehouse operations [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 3.975 billion yuan, a year-on-year increase of 48.03%. The net profit attributable to shareholders was 265 million yuan, down 48.64% year-on-year [6][10]. - In Q3 2024 alone, the company reported revenue of 1.548 billion yuan, up 53.67% year-on-year, and a net profit of 105 million yuan, up 43.01% year-on-year. However, the net profit after deducting non-recurring items was 33 million yuan, down 53.71% year-on-year [6][10]. Business Operations - The revenue growth was primarily driven by the overseas warehouse business, which saw continuous high growth. The company opened new warehouses in Chicago and Germany and expanded existing facilities to meet Q4 demand [6][10]. - The company has established a total of 19 overseas warehouses globally, with a total storage area of 6.675 million square feet, serving over 800 cross-border e-commerce companies [6][10]. Future Outlook - The company expects revenue for 2024 to reach 5.059 billion yuan, with a year-on-year growth rate of 29.66%. The net profit attributable to shareholders is projected to be 450 million yuan, reflecting a decline of 29.02% year-on-year, but a recovery is anticipated in subsequent years [7][10]. - The company aims to enhance its profitability through self-built warehouses and increased operational efficiency, with expectations of continued rapid growth in its overseas warehouse business [6][10].

Investment Rating - The investment rating for Gree Electric Appliances is "Buy (Maintain)" [4] Core Views - Gree Electric Appliances reported a revenue of 46.939 billion yuan in Q3 2024, a year-on-year decline of 15.84%, while the net profit attributable to shareholders was 7.825 billion yuan, an increase of 5.47% year-on-year. The company is experiencing short-term revenue pressure but has significantly improved its profitability. The "old-for-new" policy is expected to boost retail sales of air conditioners, leading to potential improvements in Q4 [2][6][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, Gree Electric achieved a total revenue of 146.722 billion yuan, down 5.34% year-on-year, with a net profit of 21.961 billion yuan, up 9.30% year-on-year. In Q3 alone, revenue was 46.939 billion yuan, down 15.84% year-on-year, while net profit was 7.825 billion yuan, up 5.47% year-on-year [6][2]. - The company's gross margin in Q3 2024 decreased by 0.5 percentage points, influenced by cost pressures and a shift in sales structure, with domestic sales margins higher than export margins. The net profit margin increased by 3.4 percentage points to 16.7% [6][10]. Market Outlook - The report indicates that Gree's channel inventory may further decrease, and recent retail data for air conditioners has shown improvement due to the "old-for-new" policy. The company is expected to see better performance in Q4 [2][6]. - The projected earnings for 2024 and 2025 are 32 billion yuan and 35.5 billion yuan, respectively, with corresponding price-to-earnings ratios of 8.0 and 7.2 times [6][7]. Valuation Metrics - As of the report date, Gree Electric's current price is 45.78 yuan, with a market capitalization of approximately 252.497 billion yuan. The company has a total share capital of 5.601 billion shares and a debt-to-asset ratio of 65.05% [4][6].

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [4][8]. Core Insights - The public fund heavy holding ratio in the home appliance sector reached 5.20% in Q3 2024, an increase of 0.61 percentage points from the previous quarter, ranking 7th among all sectors [5][12]. - The white goods segment, benefiting from the old-for-new policy and stable operational advantages, saw the largest increase in holdings, indicating strong future performance potential for leading companies in the sector [6][8]. - The overall performance of the home appliance index increased by 19.90% in Q3 2024, outperforming the CSI 300 index by 3.83 percentage points [5][12]. Summary by Sections 1. Heavy Holding Ratio in Home Appliance Industry - The heavy holding ratio for public funds in the home appliance industry is 5.20%, up 0.61 percentage points, placing it in the 78th percentile since 2010 [5][12]. - The home appliance sector ranked 7th in fund allocation among all sectors, with the largest increases seen in electric power equipment and new energy, non-bank financials, automotive, and real estate [5][12]. 2. Continuous Increase in White Goods Holdings - The heavy holding ratios for various segments in the home appliance sector are as follows: white goods (3.81%), upstream (0.67%), small appliances (0.57%), black goods (0.22%), lighting (0.12%), and kitchen appliances (0.02%) [6][15]. - The largest increase in holdings was in white goods (+0.52 percentage points), followed by upstream (+0.20 percentage points) [6][15]. 3. Northbound Holdings Decline with Some Companies Gaining Favor - The overall northbound holdings in the home appliance sector saw a decline, with significant decreases in companies like Roborock (-4.21 percentage points) and Midea Group (-2.26 percentage points) [7][29]. - Companies such as Boss Electric (+0.79 percentage points) and XGIMI (+0.66 percentage points) experienced increases in northbound holdings [7][29]. 4. Future Outlook - The home appliance sector is expected to benefit from the old-for-new policy, with domestic sales entering a renewal cycle, and the potential for significant subsidies [8][31]. - The report recommends leading white goods companies such as Midea Group, Gree Electric, Haier Smart Home, and Hisense Home Appliances due to their strong market positions and high dividend yields [8][31].

Investment Rating - The investment rating for Tongkun Co., Ltd. is "Buy" (maintained) [3] Core Views - The company reported a revenue of 76.049 billion yuan for the first three quarters of 2024, an increase of 23.17% year-on-year, and a net profit attributable to shareholders of 1.007 billion yuan, up 11.41% year-on-year. However, in Q3 2024, the company faced a net loss of 59 million yuan, a decrease of 107.34% year-on-year [2][6] - The polyester segment's performance was under pressure, leading to a significant decline in profits. Excluding the contribution from Zhejiang Petrochemical, the net loss in Q3 2024 was 183 million yuan, down 148.87% year-on-year [7] - The demand for polyester filament is showing signs of recovery, with a year-on-year increase in consumption volume of 5.53% in Q3 2024 [7] - Recent government policies aimed at boosting real estate and consumption are expected to further improve demand for polyester filament [7] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 27.834 billion yuan, a year-on-year increase of 12.03% and a quarter-on-quarter increase of 2.70%. The net profit for the same period was a loss of 590 million yuan, down 112.07% quarter-on-quarter [2][6] - The company holds a 20% stake in Zhejiang Petrochemical, which reported a net profit of 620 million yuan in Q3 2024, a decrease of 70.74% year-on-year [7] Market Outlook - The average PTA-crude oil price spread in Q3 2024 was 315 yuan/ton, remaining stable, but the PTA price spread is still at a low level, impacting the company's performance [7] - If the demand for end-use chemical products recovers and projects at Zhejiang Petrochemical are fully operational, it is expected to enhance investment returns [7] Earnings Forecast - The company is projected to achieve net profits of 1.6 billion yuan, 3.6 billion yuan, and 5.2 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.65 yuan, 1.49 yuan, and 2.14 yuan [8]

Investment Rating - The investment rating for Anhui Heli (600761) is "Buy" (maintained) [4] Core Views - The report indicates that the domestic macroeconomic environment in 2024 is expected to be less favorable than anticipated, leading to a decrease in demand for forklifts. However, the overseas demand is projected to remain robust due to the increasing penetration of lithium battery technology in forklifts. The company is expected to achieve revenues of 18.36 billion, 19.85 billion, and 21.48 billion yuan from 2024 to 2026, with net profits of 1.47 billion, 1.68 billion, and 1.90 billion yuan respectively, resulting in a CAGR of 14.11%. The EPS is projected to be 1.65, 1.88, and 2.13 yuan per share for the same period, leading to a maintained "Buy" rating [2][6][7]. Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 13.409 billion yuan, a year-on-year increase of 2.11%, and a net profit of 1.101 billion yuan, up 11.63% year-on-year. In Q3 2024, the revenue was 4.4 billion yuan, a slight decline of 0.11% year-on-year, with a net profit of 298 million yuan, down 9.18% year-on-year [6][7]. - The company’s gross margin and net margin for the first three quarters of 2024 were 21.53% and 8.82%, respectively, showing a year-on-year increase of 1.29 and 0.47 percentage points. In Q3 2024, the gross margin was 21.42%, and the net margin was 7.26%, reflecting a year-on-year increase of 0.26 percentage points but a decline of 0.83 percentage points for net margin [7]. Market Position and Strategy - The domestic forklift industry is experiencing stable growth, with the total sales volume in China reaching 970,680 units in the first three quarters of 2024, a year-on-year increase of 10.8%. The company has established a strong domestic market presence with 27 provincial marketing agencies and nearly 500 secondary and tertiary service networks [6][7]. - The export demand for forklifts is growing rapidly, with a year-on-year increase of 19.9% in sales volume. The company has established seven overseas centers and plans to expand its international market share by setting up a European headquarters and an overseas R&D center in Germany [7]. Financial Projections - The financial projections for Anhui Heli from 2024 to 2026 include revenues of 18.36 billion, 19.85 billion, and 21.48 billion yuan, with net profits of 1.47 billion, 1.68 billion, and 1.90 billion yuan respectively. The EPS is expected to be 1.65, 1.88, and 2.13 yuan per share, with a projected CAGR of 14.11% [2][8].

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a revenue of 620 million yuan for the first three quarters of 2024, representing a year-over-year increase of 24.6%. The net profit attributable to the parent company was 8 million yuan, marking a turnaround from losses, while the non-recurring net profit was a loss of 2 million yuan, indicating a narrowing of losses [2][6]. - The company has a leading position in high-end electronic fabric manufacturing, with the Huangshi Honghe project enhancing its self-supply capability for ultra-fine yarn, thereby strengthening its competitive edge. The growth prospects for the company are viewed positively [2][6]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 210 million yuan, a year-over-year increase of 1.2% but a quarter-over-quarter decrease of 3.1%. The net profit attributable to the parent company was 7 million yuan, showing a year-over-year turnaround, but a quarter-over-quarter decline of 22.3% [2][6]. - The average price of electronic fabric for Q1-3 2024 was 3.7 yuan/meter, up 1.8% year-over-year, while the average price for Q3 was 3.8 yuan/meter, reflecting a year-over-year increase of 9.2% and a quarter-over-quarter increase of 5.1% [6][7]. - The comprehensive gross margin for Q1-3 2024 was 16.5%, an increase of 8.7 percentage points year-over-year, with Q3 gross margin at 19.0%, up 13.8 percentage points year-over-year [6][7]. Future Projections - The company is projected to achieve revenues of 800 million yuan, 970 million yuan, and 1.18 billion yuan for 2024, 2025, and 2026, respectively, with year-over-year growth rates of 21.1%, 21.3%, and 21.3% [6][7]. - The net profit attributable to the parent company is expected to be 20 million yuan in 2024, 50 million yuan in 2025, and 120 million yuan in 2026, with significant year-over-year growth rates of 134.1% and 144.5% for 2025 and 2026, respectively [6][7].