Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company reported a revenue of 5.89 billion yuan for the first three quarters of 2024, a year-on-year decline of 0.4%, while the net profit attributable to shareholders was 720 million yuan, an increase of 5.6% year-on-year [6][2] - In Q3 2024, the company achieved a revenue of 2.16 billion yuan, down 6.4% year-on-year, with a net profit of 370 million yuan, a decrease of 9.5% year-on-year [6][2] - The company is focusing on developing standard brands, with a significant increase in the number of new hotel openings, totaling 952 in the first three quarters of 2024 [6][2] - The company experienced pressure in both hotel and scenic area operations, leading to a decline in profits in Q3 2024 [6][2] - Positive trends were observed during the National Day holiday, indicating a potential recovery in business travel demand [6][2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 5.89 billion yuan, a decline of 0.4% year-on-year, and a net profit of 720 million yuan, an increase of 5.6% year-on-year [6][2] - In Q3 2024, the revenue was 2.16 billion yuan, down 6.4% year-on-year, with a net profit of 370 million yuan, a decrease of 9.5% year-on-year [6][2] - The company’s gross profit margin and various expense ratios showed mixed results, with a gross margin decrease of 2.3 percentage points [6][2] Business Strategy - The company opened 952 new hotels in the first three quarters of 2024, with a focus on standard brands, which accounted for 60.3% of new openings [6][2] - The company is enhancing the quality of its new hotel openings, particularly in the economy and mid-to-high-end segments [6][2] Market Outlook - The company’s RevPAR (Revenue per Available Room) for all hotels, excluding light management hotels, was 195 yuan in Q3 2024, down 6.0% year-on-year, but showed a 4.5% increase during the National Day holiday [6][2] - The company expects a gradual recovery in business travel demand, supported by favorable policies [6][2] Financial Projections - Revenue projections for 2024-2026 are 7.76 billion, 8.50 billion, and 8.76 billion yuan, with expected net profits of 820 million, 996 million, and 1.12 billion yuan respectively [6][2] - The company’s EPS (Earnings Per Share) is projected to be 0.73, 0.89, and 1.00 yuan per share for 2024, 2025, and 2026 respectively [6][2]

Group 1 - The report outlines that the M&A restructuring policies have undergone four phases: neutral, loose, tightening, and neutral again, with the current phase indicating a potential new wave of M&A activity driven by supportive policies [5][9][12] - The report identifies four key directions and one regulatory focus for the current M&A environment, emphasizing support for leading companies and innovative enterprises, advocating for industrial mergers, encouraging the use of targeted convertible bonds, and maintaining strict regulation on "shell" resources [5][9][12] - The report highlights the increasing importance of state-owned enterprises (SOEs) in M&A activities, noting that their transaction amounts have remained high since 2021, reflecting a shift in the types of companies engaging in M&A [5][9][12] Group 2 - The financial characteristics of companies involved in recent M&A activities show that they generally possess strong cash flow and lower debt pressure compared to previous cycles, indicating a healthier financial position [5][9][12] - The report suggests three strategies for identifying potential M&A targets: cross-industry mergers, debt consolidation among peers, and re-injection of assets into listed companies following IPO withdrawals, particularly focusing on state-owned and innovative enterprises [5][9][12] - The report notes that the current M&A landscape is characterized by a decline in share-based payments and an increase in cash transactions, reflecting a shift in payment methods for acquisitions [5][9][12]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the social services sector [4]. Core Insights - The report highlights an increase in fund holdings for the social services, retail, and beauty care sectors, with respective ratios of 1.73%, 1.09%, and 0.33%, showing quarter-on-quarter increases of +0.50 percentage points, +0.70 percentage points, and a slight decrease of -0.05 percentage points [5][9]. - The total fund holding ratio for these three sectors is 3.14%, reflecting a quarter-on-quarter increase of 1.15 percentage points [5][9]. - The report emphasizes the strong performance of leading companies in these sectors, suggesting a focus on high-growth segments and quality companies amid a weak macroeconomic backdrop [6][30]. Summary by Sections 1. Sector: Increase in Heavy Holdings for Social Services and Retail - Fund holding ratios for social services, retail, and beauty care sectors are 1.73%, 1.09%, and 0.33%, with respective increases of +0.50pct, +0.70pct, and -0.05pct [5][9]. - The sectors ranked 18th, 23rd, and 29th in fund allocation, with social services and retail showing significant increases in holdings [9]. 2. Sub-Sectors: Significant Increases in E-commerce and Local Services - The e-commerce sector saw a substantial increase of +0.718 percentage points, while local life services II increased by +0.275 percentage points [12]. - Other sectors like hotel and restaurant services also experienced growth, while sectors such as education and cosmetics saw declines [12][20]. 3. Northbound Capital: Net Inflows in Social Services, Retail, and Beauty Care - Northbound capital recorded net inflows of 966 million CNY in social services, 1.37 billion CNY in retail, and 358 million CNY in beauty care [6][30]. - The report notes significant increases in foreign investment in specific companies within these sectors, indicating strong interest from international investors [30]. 4. Investment Recommendations: Clear Incremental Direction and Focus on Leaders - The report suggests focusing on high-growth segments and quality companies, recommending stocks such as Miniso, Giant Bio, Proya, and others [6][30]. - It emphasizes the importance of selecting quality stocks in a challenging economic environment, with a focus on companies that exhibit competitive advantages [6][30].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a significant increase in profits for Q3, with expectations for a recovery in labor demand [7] - The company achieved a revenue of 33.179 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 15.46%, and a net profit attributable to shareholders of 641 million yuan, up 84.75% year-on-year [2][7] - The company has signed global cooperation agreements with leading firms, which is expected to enhance overseas business growth [7] Financial Performance Summary - For Q3 2024, the company reported revenue of 11.313 billion yuan, a year-on-year increase of 18.39%, and a net profit of 207 million yuan, up 52.30% year-on-year [2][7] - The company's core business, Beijing Foreign Enterprises, achieved a net profit of 652 million yuan in the first three quarters of 2024, with a year-on-year increase of 1.84% [7] - The company expects revenues of 44.081 billion yuan, 50.904 billion yuan, and 58.638 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 15.06%, 15.48%, and 15.19% [7][8] Valuation Metrics - The current price of the stock is 20.11 yuan, with a market capitalization of approximately 7.372 billion yuan [5] - The earnings per share (EPS) for 2024 is projected to be 1.54 yuan, with a price-to-earnings (P/E) ratio of 13.0 [8] - The company has a debt-to-asset ratio of 57.48% [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 5.89 billion yuan for the first three quarters of 2024, a year-on-year decline of 0.4%, while the net profit attributable to shareholders was 720 million yuan, an increase of 5.6% year-on-year [2][5] - The company is focusing on developing standard brands, with positive data during the National Day holiday indicating a potential recovery in business travel demand [5] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 2.16 billion yuan, down 6.4% year-on-year, and a net profit of 370 million yuan, down 9.5% year-on-year [5] - The company opened 952 new hotels in the first three quarters of 2024, with a significant increase in the number of economy and mid-to-high-end hotels [5] - The RevPAR (Revenue per Available Room) for all hotels, excluding light management hotels, was 195 yuan in Q3 2024, a decrease of 6.0% year-on-year, but showed a growth of 4.5% during the National Day holiday [5] Future Projections - Revenue projections for 2024-2026 are 7.76 billion yuan, 8.50 billion yuan, and 8.76 billion yuan, with year-on-year growth rates of -0.4%, 9.5%, and 3.0% respectively [5] - Net profit projections for the same period are 820 million yuan, 1.00 billion yuan, and 1.12 billion yuan, with year-on-year growth rates of 3.1%, 21.5%, and 12.4% respectively [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4]. Core Views - The company reported a revenue of 215.196 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.57%, and a net profit attributable to shareholders of 877 million yuan, a significant year-on-year increase of 714.73% [2][7]. - In Q3 2024, the company achieved a revenue of 83.947 billion yuan, a year-on-year decrease of 0.68% but a quarter-on-quarter increase of 4.72%. The net profit attributable to shareholders was 19 million yuan, a drastic year-on-year decrease of 98.48% and a quarter-on-quarter decrease of 93.87% [2][7]. - The demand for chemical products is still at a low point, and Q3 performance is under short-term pressure. However, if terminal consumer demand improves, profitability is expected to recover [7]. - The demand for refined oil has declined, but the refining segment is expected to recover, supported by export quotas and potential demand increases from downstream PTA capacity [7]. - The company is set to benefit from the production of high-value-added products, with several projects progressing well, which may help restore performance [7]. - The company is projected to have net profits of 1.3 billion yuan, 4.5 billion yuan, and 6.5 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.13 yuan, 0.44 yuan, and 0.64 yuan [7][8]. Financial Data Summary - For 2024, the company is expected to generate a revenue of 337.856 billion yuan, with a growth rate of 3.92% [8]. - The projected EBITDA for 2024 is 31.3 billion yuan, with a significant increase in net profit expected in subsequent years [8]. - The company’s asset-liability ratio stands at 75.93%, indicating a high level of debt relative to its assets [5].

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Insights - The company achieved a revenue of 12.69 billion, representing a year-on-year increase of 17.99%, while the net profit attributable to shareholders was 785 million, up 6.66% year-on-year. The third quarter alone saw a revenue of 4.97 billion, a 12.88% increase year-on-year, with a net profit of 343 million, a slight increase of 0.53% year-on-year [5]. - External sales continued to show strong growth, with a year-on-year increase of 20% in Q3, while internal sales faced pressure, declining by 15% in the same period. The report anticipates that external sales will continue to grow due to strong demand, while internal sales may improve due to policies encouraging upgrades [5][6]. - The company's gross margin decreased significantly, down 2.2 percentage points year-on-year, primarily due to a higher proportion of lower-margin external sales and the impact of currency appreciation. Despite this, the report expects external sales to maintain growth momentum, and internal sales to benefit from upgrade policies [5][6]. Financial Performance Summary - For the years 2024 to 2026, the company is projected to achieve revenue growth of 12%, 14%, and 14% respectively, with corresponding valuations of 11X, 10X, and 9X [2][5]. - The report provides detailed financial forecasts, including expected revenues of 16.92 billion in 2024, 18.43 billion in 2025, and 20.03 billion in 2026, with net profits projected at 1.10 billion, 1.25 billion, and 1.42 billion respectively [7][12].

证券研究报告 非金融公司|公司点评|三美股份（603379） 业绩同比增长 136%，制冷剂景气延续 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月30日 证券研究报告 |报告要点 2024 年 10 月 28 日，三美股份发布《2024 年第三季度报告》： 2024 年前三季度，公司实现营 收约 30.39 亿元（同比+16.5%）；归母净利润约 5.61 亿元（同比+135.63%）；其中，2024Q3 单 季度公司实现营业收入 9.99 亿元（同比+14.48%）；归母净利润 1.77 亿元（同比+63.55%、环 比-22.77%）。 |分析师及联系人 张玮航 许隽逸 申起昊 SAC：S0590524090003 SAC：S0590524060003 SAC：S0590524070002 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10月30日 三美股份(603379) 业绩同比增长 136%，制冷剂景气延续 | --- | --- | |----------------------------|---------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's hydraulic products related to excavators may remain under pressure in 2024, but diversified products in non-excavation fields are expected to contribute additional revenue [2][6] - The company achieved revenue of 6.936 billion yuan in Q1-Q3 2024, a year-on-year increase of 9.32%, and a net profit attributable to the parent company of 1.791 billion yuan, up 2.16% year-on-year [6] - The company is actively expanding overseas markets and has made significant progress in its "electrification" strategy, laying the groundwork for future growth [6] Financial Performance Summary - Revenue projections for 2024-2026 are 9.925 billion, 11.461 billion, and 13.152 billion yuan, respectively, with a CAGR of 15.34% [2][6] - Net profit attributable to the parent company is expected to be 2.698 billion, 3.245 billion, and 3.834 billion yuan for the same period [2][6] - Earnings per share (EPS) are projected to be 2.01, 2.42, and 2.86 yuan per share for 2024-2026 [2][6] Financial Ratios and Valuation - The company’s gross margin and net margin for Q1-Q3 2024 were 41.46% and 25.87%, respectively [6] - The company’s P/E ratio is projected to decrease from 31.9 in 2022 to 19.5 in 2026, indicating an improving valuation [7] - The company’s P/B ratio is expected to decline from 5.9 in 2022 to 3.6 in 2026 [7]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company reported strong performance in Q3 2024, with revenue of 39.909 billion yuan, a year-on-year increase of 28.33%, and a net profit attributable to shareholders of 9.652 billion yuan, a remarkable growth of 930.20% [2][6] - The company plans to distribute a cash dividend of 8.31 yuan per 10 shares (including tax), totaling 4.505 billion yuan [2][6] - The improvement in profitability and significant increase in shareholder returns are highlighted, with a gross margin of 30.84% and a net margin of 25.61% in Q3 2024 [6] Summary by Sections Financial Performance - In Q3 2024, the company sold 17.756 million pigs, a year-on-year increase of 6.04%, with an average selling price of 18.89 yuan/kg, up 23.30% year-on-year [2][6] - The breeding cost improved, dropping to slightly below 13.7 yuan/kg in September [6] - The company expects revenue for 2024-2026 to be 136.284 billion yuan, 144.954 billion yuan, and 157.732 billion yuan, with year-on-year growth rates of 22.93%, 6.36%, and 8.82% respectively [6][7] Profitability and Valuation - The net profit for 2024-2026 is projected to be 18.038 billion yuan, 22.082 billion yuan, and 24.038 billion yuan, with growth rates of 523.10%, 22.42%, and 8.86% respectively [6][7] - Earnings per share (EPS) are expected to be 3.30 yuan, 4.04 yuan, and 4.40 yuan for the same period [6][7] - The company maintains a strong market position and has shown a clear commitment to increasing shareholder returns [6]