Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to achieve revenue of 2.912 billion, 3.233 billion, and 3.556 billion yuan for 2024-2026, with year-on-year growth rates of 14.31%, 11.02%, and 10.00% respectively. The net profit attributable to the parent company is projected to be 398 million, 447 million, and 498 million yuan for the same period, with growth rates of 21.03%, 12.32%, and 11.37% respectively. The three-year CAGR is estimated at 14.82%, with corresponding PE valuations of 26, 23, and 21X for 2024-2026 [2][6] Financial Performance - In the first three quarters of 2024, the company achieved revenue of 2.328 billion yuan, a year-on-year increase of 15.31%, and a net profit of 333 million yuan, up 22.17% year-on-year. In Q3 2024, revenue reached 574 million yuan, growing by 15.77% year-on-year, while net profit surged by 108.84% to 38 million yuan [6][7] - The company’s gross margin in Q3 2024 was 61.13%, a decrease of 1.52 percentage points year-on-year, attributed to increased market competition. However, the net profit margin improved to 6.63%, an increase of 2.95 percentage points year-on-year, due to a decline in expense ratios [6][7] Product and Market Dynamics - The company’s high-end products continued to show strong growth, with Q3 2024 revenue from products priced above 300 yuan increasing by 42.06% year-on-year. The revenue from provincial markets is accelerating, with Q3 2024 revenue from provincial and non-provincial markets at 375 million and 171 million yuan, respectively, reflecting year-on-year growth of 4.40% and 37.91% [6][7] Future Outlook - The company is expected to maintain its structural upgrade trend, with steady performance in its base market and an anticipated gradual increase in market share within the province [2][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6][7] Core Insights - The company reported a revenue of 8.377 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 5.36% - The net profit attributable to the parent company was 412 million yuan, showing a significant year-on-year increase of 47.73% - In Q3 2024, the net profit reached 258 million yuan, marking an impressive year-on-year growth of 85.57% - The company won the first bid for the GSE project from China Mobile, which will support the development of a new type of intelligent computing center network [2][6][7] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit margin of 7.74%, an increase of 3.28 percentage points year-on-year and 2.51 percentage points quarter-on-quarter - The company has successfully delivered 200G/400G data center switches, positioning itself as one of the few domestic companies capable of high-end switch R&D [6][7] - The projected revenues for 2024, 2025, and 2026 are estimated to be 12.245 billion yuan, 14.097 billion yuan, and 16.087 billion yuan, with year-on-year growth rates of 6.09%, 15.13%, and 14.12% respectively [7][8] Market Position and Future Outlook - The company is actively aligning with AI development trends and is expected to benefit from the ongoing evolution of AI computing networks - The company is also seizing opportunities in the development of high-speed Ethernet switches, which are in demand due to the growth of AI large models [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 142.25 billion yuan, up 19% year-on-year, and a net profit of 8.37 billion yuan, up 120% year-on-year. The strong performance is attributed to the success of the company's high-end branding and export strategy, with exports accounting for 40% of sales in Q3 [2][7] - The company is accelerating its high-end vehicle development and enhancing its competitive edge in the market, which is expected to positively impact future sales [2][7] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 142.25 billion yuan, a year-on-year increase of 19%, and a net profit of 8.37 billion yuan, a year-on-year increase of 120%. In Q3 alone, revenue was 50.83 billion yuan, up 3% year-on-year and 5% quarter-on-quarter, while net profit was 2.72 billion yuan, down 11% year-on-year and 25% quarter-on-quarter [7] - The company sold 170,000 units of its Tank model, a year-on-year increase of 62%, and exported 324,000 vehicles, a year-on-year increase of 53% [7] - The average revenue per vehicle reached a record high of 173,000 yuan in Q3, up 20% year-on-year and 1% quarter-on-quarter, driven by the increased export ratio [7] Strategic Initiatives - The company is focusing on high-end vehicle sales, with a gross margin of 20.8% for the first three quarters, an increase of 1.9 percentage points year-on-year. The sales of vehicles priced above 200,000 yuan reached 212,000 units, a year-on-year increase of 39% [7] - The company has opened over 160 retail centers in more than 50 cities, enhancing its direct sales strategy and improving customer access [7] Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 218.1 billion yuan, 266.4 billion yuan, and 314.9 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 26%, 22%, and 18% [8] - The net profit is projected to reach 13.48 billion yuan, 15.21 billion yuan, and 17.29 billion yuan for the same years, with year-on-year growth rates of 92%, 13%, and 14% [8]

Investment Rating - The investment rating for the company is "Buy" [2][4][6] Core Views - The company reported a revenue of 6.337 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 11.58%. The net profit attributable to shareholders was 717 million yuan, up 3.36% year-on-year. Excluding foreign exchange gains and losses, the net profit increased by 32.02% to 737 million yuan [2][6] - The company has shown effective cost control, with a notable breakthrough in overseas markets. Its core products maintain a leading market share, positioning the company to benefit from equipment renewal policies [2][6] - The company is a leading player in the domestic process automation industry and is expected to benefit from the equipment renewal policy outlined by the Ministry of Industry and Information Technology [2][6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 6.337 billion yuan, a year-on-year increase of 11.58%. The net profit attributable to shareholders was 717 million yuan, up 3.36% year-on-year. The net profit excluding foreign exchange gains and losses was 737 million yuan, reflecting a growth of 32.02% [6] - The gross profit margin was 32.85%, a slight increase of 0.10 percentage points year-on-year [6] Cost Management - The company demonstrated significant improvements in cost management, with sales, management, and R&D expense ratios decreasing to 8.23%, 4.54%, and 10.63%, respectively, compared to the previous year [6] Market Position - The company holds a 37.8% market share in DCS products and a 33.7% market share in SIS products, both ranking first in the domestic market for thirteen consecutive years [6] - The company is expected to benefit from the industrial equipment renewal and technology transformation guidelines issued by the Ministry of Industry and Information Technology, which aims to complete the renewal of approximately 200,000 sets of industrial software and 800,000 sets of industrial operating systems by 2027 [6] Future Projections - Revenue projections for 2024, 2025, and 2026 are 10.033 billion yuan, 11.623 billion yuan, and 13.524 billion yuan, respectively, with year-on-year growth rates of 16.39%, 15.85%, and 16.35% [7] - Net profit projections for the same years are 1.233 billion yuan, 1.487 billion yuan, and 1.834 billion yuan, with growth rates of 11.89%, 20.67%, and 23.32% [7]

证券研究报告 非金融公司|公司点评|巨化股份（600160） 短期业绩承压，制冷剂景气上行 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月25日 证券研究报告 |报告要点 2024 年 10 月 24 日，巨化股份发布《2024 年第三季度报告》：受益于制冷剂产品价格上升、 公司完成收购淄博飞源等促使制冷剂销售量增加；含氟精细化学品产销量、营业收入同比大 幅增长等影响，2024 年前三季度，公司实现营业收入 179.06 亿元，同比+11.83%；归母净利 润 12.58 亿元，同比+68.40%。其中，2024Q3 单季度公司实现归母净利润 4.23 亿元，同比 +64.76%、环比-19.19%；扣非归母净利润 3.9 亿元，同比+67.81%、环比-22.81%。 |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 / 10 非金融公司|公司点评 glzqdatemark2 2024年10月25日 巨化股份(600160) 短期业绩承压，制 ...

Investment Rating - The investment rating for the company is "Buy" [4][6]. Core Insights - The company reported a strong production performance in Q3 2024, achieving copper production of 114,700 tons, a year-on-year increase of 22% and a quarter-on-quarter increase of 26%. Zinc production was 46,400 tons, showing a year-on-year decline of 22% and a quarter-on-quarter decline of 8%. The growth in copper production, combined with an upward price cycle for copper, indicates strong momentum for the company's performance [6][4]. - The forecasted net profit attributable to the parent company for 2024-2026 is projected to be $260 million, $365 million, and $467 million, representing year-on-year growth rates of 2793%, 40.35%, and 27.81% respectively. The earnings per share (EPS) are expected to be HKD 0.17, HKD 0.23, and HKD 0.30, with corresponding price-to-earnings (PE) ratios of 15.9, 11.4, and 8.9 times [6][4]. Summary by Sections Production Performance - In Q3 2024, the company achieved a copper concentrate production of 90,600 tons from the Las Bambas mine, marking an 11% year-on-year increase and a 29% quarter-on-quarter increase. This is the highest quarterly production since 2021. The commencement of operations at the Chalcobamba mine has contributed to optimizing resource utilization and maximizing copper output [6][4]. - The Kinsevere expansion project began production in September 2024, with Q3 2024 electrolytic copper production reaching 13,000 tons, a 6% year-on-year increase and a 12% quarter-on-quarter increase [6][4]. Financial Forecasts - The company's revenue is projected to grow from $4.35 billion in 2023 to $4.48 billion in 2024, with a growth rate of 3.1%. The EBITDA is expected to increase from $1.46 billion in 2023 to $1.75 billion in 2024 [7][11]. - The net profit for 2024 is forecasted at $260 million, a significant recovery from $9 million in 2023, with a projected net profit margin improvement [7][11]. Valuation Metrics - The current market capitalization is approximately HKD 32.26 billion, with a total share capital of 12,129 million shares. The book value per share is HKD 1.37, and the debt-to-asset ratio stands at 68.28% [4][6]. - The company’s price-to-book (P/B) ratio is projected to decrease from 2.0 in 2023 to 1.2 in 2024, indicating an improvement in valuation metrics [7][11].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company's Q3 performance met expectations, with energy storage batteries accelerating their market release [2][4] - For the first three quarters of 2024, the company achieved revenue of 34.049 billion yuan, a year-on-year decrease of 4.16%, and a net profit attributable to shareholders of 3.189 billion yuan, down 6.88% year-on-year [2][6] - The company is expected to benefit from the growing demand for energy storage solutions and the anticipated recovery in the electric vehicle market [8][9] Financial Performance Summary - In Q3 2024, the company reported revenue of 12.390 billion yuan, a year-on-year increase of 1.30%, and a net profit of 1.051 billion yuan, down 17.44% year-on-year [2][6] - The gross margin for Q3 2024 was 19.01%, an increase of 0.67 percentage points year-on-year, while the net margin was 9.09%, a decrease of 1.66 percentage points year-on-year [7] - The company’s battery shipments for the first three quarters included 20.71 GWh of power batteries, up 4.96% year-on-year, and 35.73 GWh of energy storage batteries, up 115.57% year-on-year [7] Future Outlook - The company anticipates a release of multiple passenger vehicle models in Q4 2024, which is expected to boost demand [8] - The company is set to launch its 628ah large cell in Q4 2024, which aligns with the growing trend in long-duration energy storage [8] - Revenue projections for 2024-2026 are estimated at 48.892 billion yuan, 56.829 billion yuan, and 64.648 billion yuan, with respective year-on-year growth rates of 0.22%, 16.23%, and 13.76% [9][10]

Investment Rating - The investment rating for Hengli Petrochemical is "Buy" (maintained) [3] Core Views - Demand is still at a low point, but recovery is expected in the future [3] - The company reported total revenue of 177.857 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.71%, while net profit attributable to shareholders was 5.105 billion yuan, a year-on-year decrease of 10.45% [2][6] - In Q3 2024, total revenue was 65.261 billion yuan, a year-on-year increase of 2.44% and a quarter-on-quarter increase of 20.44%, with net profit of 1.087 billion yuan, down 59.01% year-on-year and down 42.14% quarter-on-quarter [2][6] Summary by Sections Financial Performance - For Q3 2024, the average price spread of polyolefins and crude oil was 3,211 yuan/ton, up 16.10% year-on-year and 9.39% quarter-on-quarter [6] - The PTA-PX price spread averaged 315 yuan/ton, up 66.57% year-on-year, remaining stable quarter-on-quarter [6] - The apparent consumption of refined oil in Q3 2024 was 97 million tons, down 4.87% year-on-year [6] - The average price spread for diesel, gasoline, and aviation kerosene was 1,099 yuan, 1,619 yuan, and 1,416 yuan per ton, respectively, with year-on-year changes of -9.19%, +7.53%, and +29.24% [6] - The average PX-crude oil price spread was 2,760 yuan/ton, down 16.91% year-on-year [6] Cost and Competitive Position - Coal prices averaged 848 yuan/ton in Q3 2024, down 2.09% year-on-year, providing a cost advantage for the company [6] - The company has a coal processing capacity of 5 million tons per year, benefiting from lower raw material prices [6] Growth Potential - New materials are expected to be fully operational in the second half of 2024, with a 1.6 million tons/year high-performance resin project and functional film projects progressing as planned [6] - The company anticipates that the gradual release of new material capacity will open up growth opportunities if downstream demand improves [6] Earnings Forecast and Valuation - The company is expected to see net profits of 6.8 billion yuan, 9.8 billion yuan, and 12.3 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.97 yuan, 1.40 yuan, and 1.75 yuan [6][7] - The projected P/E ratios are 14.9X, 10.3X, and 8.2X for the same years [6][7]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company reported Q3 results that exceeded expectations, with a 6% year-on-year increase in net profit attributable to shareholders [1][4] - For the first three quarters of 2024, the company achieved revenue of 3.502 billion yuan, a decrease of 5.03% year-on-year, while the net profit attributable to shareholders was 1.356 billion yuan, a slight increase of 0.01% year-on-year [2][6] Summary by Sections Financial Performance - In Q3 2024, the company generated revenue of 1.271 billion yuan, down 5.64% year-on-year, primarily due to traffic diversion from newly opened highways [6] - The net profit attributable to shareholders for Q3 was 501 million yuan, reflecting a year-on-year growth of 6.45% [2][6] - The company's operating costs in Q3 were 399 million yuan, a decrease of 5.08% year-on-year, and financial expenses dropped by 23.94% due to reduced interest expenses [6] Investment Insights - Investment income in Q3 increased significantly by 78.19% to 103 million yuan, mainly due to dividends from Guangle Expressway [6] - The depreciation period for completed sections of the Guangzhu East Expressway has been extended to 2052, which is expected to reduce depreciation expenses by 17.4 million yuan in 2024, increasing net profit by approximately 979,000 yuan [6] Dividend Policy - The company maintains a high dividend policy, with a planned payout ratio of no less than 70% for 2024-2026, resulting in an estimated dividend yield of about 4.7% based on the closing price of 11.15 yuan on October 24 [6] Future Projections - Revenue projections for 2024-2026 are 4.676 billion yuan, 4.773 billion yuan, and 4.884 billion yuan, with year-on-year growth rates of -4.16%, 2.08%, and 2.32% respectively [7] - Net profit attributable to shareholders is expected to be 1.578 billion yuan, 1.627 billion yuan, and 1.676 billion yuan for the same period, with growth rates of -3.42%, 3.10%, and 3.02% respectively [7]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company reported a revenue of 5.728 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 38.49%. However, the net profit attributable to shareholders was 278 million yuan, a decrease of 3.11% year-on-year, primarily due to high shipping costs and increased marketing expenditures to enhance market share [2][6] - The company is expected to achieve revenues of 7.951 billion yuan, 9.709 billion yuan, and 11.662 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 30.90%, 22.10%, and 20.12%. The net profit attributable to shareholders is projected to be 389 million yuan, 497 million yuan, and 635 million yuan for the same years, with growth rates of -5.76%, 27.69%, and 27.75% [2][6] Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 2.007 billion yuan, a year-on-year increase of 34.49%. The net profit attributable to shareholders was 106 million yuan, an increase of 5.44% year-on-year, while the non-recurring net profit was 99 million yuan, a decrease of 1.46% year-on-year [6] - The gross margin for the first three quarters of 2024 was 35.10%, down 1.76 percentage points year-on-year, and the net margin was 4.85%, down 2.08 percentage points year-on-year. The company faced pressure on profitability due to high shipping costs and increased marketing investments [6][2] Market Position and Strategy - The company continues to experience high revenue growth, attributed to successful product launches and expansion into emerging platforms such as Temu, Shein, and TikTok Shop. The company is expected to gain market share as larger cross-border sellers continue to capture market share from smaller sellers [6] - The company has sufficient inventory, amounting to 1.365 billion yuan as of the end of Q3, an increase of 84.21% year-on-year, indicating readiness for the upcoming promotional season [6] Future Outlook - The company is expected to maintain its growth trajectory despite facing challenges such as high shipping costs and increased market competition. The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.97 yuan, 1.24 yuan, and 1.58 yuan, respectively [6][7] - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 20x, 16x, and 12x, respectively, supporting the "Accumulate" rating [6][7]