Investment Rating - The report assigns a 2024E P/B of 0.4x and a 2024E P/E of 5.0x for the company, with a TTM dividend yield of 5.1% [1][5]. Core Insights - The company reported a revenue decline of 8.7% YoY in Q3 2024, with profit before provision down 11.7% YoY, while net profit attributable to the parent increased by 2.3% YoY [1][5]. - For the first three quarters of 2024, revenue decreased by 8.8% YoY, profit before provision fell by 10.9% YoY, and net profit attributable to the parent rose by 1.9% YoY [1][5]. - The annualized ROE for the first three quarters of 2024 decreased by 0.57 percentage points to 9.66%, while the CET1 capital ratio increased by 0.56 percentage points to 9.67% YoY [1][5]. Summary by Sections Revenue and Profitability - Q3 2024 net interest income decreased by 11.0% YoY, with a slight improvement from Q2 2024's decline of 12.1% [2]. - The estimated net interest margin for Q3 2024 was 1.49%, up 4 basis points QoQ, while the yield on interest-bearing assets decreased by 5 basis points to 3.54% [2]. - The cost of interest-bearing liabilities decreased by 9 basis points to 2.18% [2]. Loan and Deposit Growth - Loan growth compared to the end of 2023 was 2.91%, which is lower than the 5.29% growth rate from the same period last year [2]. - Deposits decreased by 1.79% compared to the end of 2023, contrasting with a 4.29% growth rate from the previous year [2]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.25%, while the provision coverage ratio decreased to 170.73%, down 1.72 percentage points [3]. - Net fee and commission income for the first three quarters of 2024 fell by 20.6% YoY, with fee income down 19.2% and fee expenses down 7.7% [3]. Cost Management - The cost-to-income ratio for the first three quarters of 2024 was 27.6%, an increase of 1.4 percentage points YoY [3].

Investment Rating - The report assigns a 2024E P/B of 0.6x and a 2024E P/E of 5.9x, with a TTM dividend yield of 5.1%, which is in line with industry averages [1][4]. Core Insights - The Industrial and Commercial Bank (ICBC) reported a Q3 2024 revenue increase of 1.1% year-on-year, with pre-provision profit rising by 1.7% and net profit attributable to the parent company growing by 3.8% year-on-year [1][4]. - For the first three quarters of 2024, revenue decreased by 3.8% year-on-year, while pre-provision profit fell by 5.3%, and net profit attributable to the parent company increased by 0.1% year-on-year [1][4]. - The annualized ROA for Q1-Q3 2024 decreased by 0.08 percentage points to 0.78%, and the annualized ROE decreased by 0.79 percentage points to 9.77% [1][4]. - The core Tier 1 capital adequacy ratio increased by 0.56 percentage points year-on-year to 13.95% [1][4]. Summary of Financial Performance - In Q1-Q3 2024, the net interest margin remained stable compared to the first half of 2024, supported by a decline in the cost of liabilities [2][5]. - Net interest income decreased by 4.9% year-on-year, showing improvement from a decline of 6.8% in the first half of 2024, with Q3 net interest income down by 1.1% year-on-year [2][5]. - The non-performing loan ratio remained stable at 1.35%, while the provision coverage ratio slightly declined to 216.2% [3][5]. - Net fee and commission income decreased by 9.0% year-on-year, continuing the decline from -8.2% in the first half of 2024 [3][5]. - The cost-to-income ratio for Q1-Q3 2024 was 25.1%, an increase of 1.0 percentage point year-on-year [3][5].

Investment Rating - The report assigns a rating of "Neutral" to Postal Savings Bank of China, indicating that the stock's total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark [6][10][12]. Core Insights - Postal Savings Bank of China reported a revenue increase of 0.5% year-on-year for Q3 2024, with profit before provisions rising by 8.8% and net profit attributable to the parent increasing by 3.5% [1][3]. - For the first three quarters of 2024, revenue grew by 0.1%, while profit before provisions decreased by 1.8%, and net profit attributable to the parent rose by 0.2% [1][3]. - The annualized Return on Assets (ROA) for the first three quarters of 2024 was 0.62%, down by 0.07 percentage points year-on-year, and the annualized Return on Equity (ROE) was 11.79%, down by 1.11 percentage points year-on-year [1][3]. - The Common Equity Tier 1 (CET1) capital ratio decreased by 0.04 percentage points year-on-year to 9.42% [1][3]. - The A-share 2024E Price-to-Book (P/B) ratio is 0.6x, the 2024E Price-to-Earnings (P/E) ratio is 6.0x, and the trailing twelve months (TTM) dividend yield is 5.0%, compared to industry averages of 0.6x, 5.4x, and 4.8% respectively [1][3]. Summary by Sections Revenue and Profitability - Q3 2024 saw a year-on-year increase in net interest income of 0.7%, with a cumulative increase of 1.5% for the first three quarters [2][4]. - The net interest margin for the first three quarters was 1.89%, slightly down from 1.91% in the first half of 2024 [2][4]. - The cost-to-income ratio for Q3 2024 was reported at 60.0%, reflecting a year-on-year increase of 0.8 percentage points [5]. Asset Quality - The non-performing loan (NPL) ratio increased by 3 basis points to 0.86%, while the special mention loan ratio rose by 10 basis points to 0.91%, and the overdue loan ratio increased by 5 basis points to 1.11% [2][5]. - The provision coverage ratio decreased by 23.7 percentage points to 301.9%, marking a continuous decline since the end of 2021 [2][5]. Fee Income - Net fee and commission income for the first three quarters of 2024 decreased by 12.7% year-on-year, showing improvement from a 16.7% decline in the first half of 2024 [2][5]. - Other net income increased by 0.5% year-on-year, although it showed a decline compared to the first half of 2024 [2][5].

Investment Rating - The report assigns an "Outperform" rating to Bethel Automotive Safety Systems with a target price of RMB 66.68 [1][4]. Core Insights - Bethel Automotive Safety Systems reported Q3 2024 results with revenue of RMB 2.61 billion, a year-on-year increase of 30% and a quarter-on-quarter increase of 24%. The net profit attributable to shareholders was RMB 320 million, up 34% year-on-year and 30% quarter-on-quarter [2][9]. - The company is focusing on increasing R&D investment to advance new products and technologies, including successful mass production of WCBS1.5 and small batch supply of WCBS2.0 [11][12]. - The expected new capacity will support order releases, with significant developments in lightweight product production and expansion in international markets, including a second phase project in Mexico [3][12]. Financial Performance Summary - For 2024-2026, the revenue forecast is RMB 96 billion, RMB 121 billion, and RMB 149 billion respectively, with net profit attributable to shareholders projected at RMB 11.56 billion, RMB 15.01 billion, and RMB 19.50 billion [4][13]. - The earnings per share (EPS) are expected to be RMB 1.91, RMB 2.48, and RMB 3.22 for the years 2024, 2025, and 2026 respectively [4][13]. - The gross profit margin (GPM) for Q3 2024 was reported at 21.56%, a decrease of 1.05 percentage points year-on-year, while the net profit margin (NPM) was 12.57%, an increase of 0.40 percentage points year-on-year [2][9].

Investment Rating - The report does not explicitly state an investment rating for the industry or specific company [5]. Core Insights - Xiaomi has launched the mass-produced version of the Xiaomi SU7 Ultra, a high-end performance electric vehicle, with a pre-sale price of Rmb814,900, capable of accelerating from 0-100 km/h in just 1.98 seconds and reaching a top speed of 350 km/h [2][7]. - The SU7 Ultra is positioned to challenge luxury electric vehicle leaders, showcasing significant advancements in power and technology compared to competitors like Tesla Model S Plaid and Porsche Taycan Turbo S [3][8]. - Xiaomi's delivery targets are being exceeded, with October deliveries reaching 20,000 vehicles, and the company aims to achieve a total of 120,000 vehicles for the year, reflecting strong market competitiveness and brand recognition [4][8]. Summary by Sections Product Launch - Xiaomi officially launched the SU7 Ultra, which received 3,680 pre-orders within 10 minutes of its release, indicating strong consumer interest [2][7]. Performance Comparison - The SU7 Ultra features a maximum power output of 1,548 horsepower, significantly surpassing the Tesla Model S Plaid's 1,020 horsepower and the Porsche Taycan Turbo S's 760 horsepower [3][8]. - The vehicle is equipped with advanced battery technology from CATL, supporting a maximum discharge power of 1,330 kW and a peak voltage of 897 V, ensuring stability and range under extreme conditions [3][8]. Market Positioning - The launch of the SU7 Ultra is seen as a strategic move to establish Xiaomi's image in the luxury electric vehicle market, similar to Tesla's approach with its high-end models [3][8]. - Xiaomi's advancements in intelligent driving technology are expected to narrow the gap with industry leaders, with plans for a nationwide rollout of its City NOA feature [4][8].

Investment Rating - The report maintains an "Outperform" rating for Guangdong Great River Smarter Logistics [1][3] Core Views - The company experienced a decline in revenue and profitability in 3Q24, with total revenue of Rmb1,088 million, down 6.29% year-on-year, and net profit of Rmb171 million, down 28.81% year-on-year [6][7] - The report highlights the short-term pressure on domestic petrochemical logistics demand, with the petrochemical industry facing a situation of "increased production and sales without increased profits" [2] - Despite short-term challenges, the long-term outlook for the petrochemical storage and logistics market remains supported by significant storage and transportation demand [2] Financial Performance Summary - For 3Q24, the company reported revenue of Rmb351 million, a decrease of 9.20% year-on-year, and a net profit of Rmb39 million, down 52.14% year-on-year [6][7] - The gross profit margin for 3Q24 was 48.53%, down 11.0 percentage points year-on-year, while the net profit margin was 13.15%, down 10.57 percentage points year-on-year [2] - The company forecasts revenue for FY24-26E to be Rmb1,629 million, Rmb1,902 million, and Rmb2,209 million, respectively, with net profit estimates of Rmb228 million, Rmb319 million, and Rmb420 million [7] Growth Drivers - Future growth points include improved occupancy rates from new acquisitions and ongoing projects, as well as the extension of the chemical logistics supply chain [3] - The company is expected to continue its strategy of organic and inorganic growth to expand capacity [7] Valuation - The target price is set at Rmb13.85 per share based on a 20x FY25E PE ratio, reflecting a potential upside of 45% from the current price [3][7]

Investment Rating - The report maintains an "OUTPERFORM" rating for Shenzhen Capchem Technology with a target price of RMB 41.44 per share, based on a 28x PE valuation for 2024 [1][10]. Core Insights - In Q3 2024, the company's recurring net profit increased by 3.61% year-over-year, while the operating revenue for the first three quarters reached RMB 5.667 billion, a 1.51% increase year-over-year [6][10]. - The company has seen a significant increase in shipments of battery chemicals despite fierce competition and declining prices in the lithium battery materials market [7]. - The Hydrafone project is progressing smoothly, with production capacity gradually increasing and expected to achieve profitability within two years of production commencement [8][10]. - The Poland plant has been operating steadily since 2023, with a production capacity of 40,000 tonnes, effectively meeting the demand from European and American customers [9]. Financial Summary - The company achieved operating revenue of RMB 2.085 billion in Q3 2024, a quarter-over-quarter increase of 0.85% but a year-over-year decrease of 3.02% [6]. - The net profit after deductions for Q3 2024 was RMB 275 million, reflecting a quarter-over-quarter increase of 11.38% and a year-over-year increase of 3.61% [6][10]. - Forecasted net profits for 2024, 2025, and 2026 are RMB 1.117 billion, RMB 1.444 billion, and RMB 1.846 billion, respectively [10].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 7.92, based on a 12x PE for 2024 [1][11]. Core Insights - The company achieved a recurring net profit growth of 62.99% year-over-year in the first three quarters of 2024, with operating income of RMB 12.79 billion, up 0.48% year-over-year [2][7]. - The gross profit margin improved to 15.72%, an increase of 3.03 percentage points year-over-year, driven by lower procurement costs and optimized production processes [8][9]. - The company’s overseas sales accounted for 46.20% of total revenue in the first three quarters, reflecting a year-over-year increase of 10.47 percentage points [3][9]. Financial Performance - For the first three quarters of 2024, the company reported a net profit of RMB 677 million, a year-over-year increase of 38.38%, while the net profit after deduction was RMB 762 million, up 62.99% year-over-year [2][7]. - In Q3 2024, the company’s revenue was RMB 4.303 billion, showing a quarter-over-quarter increase of 0.38% but a year-over-year decline of 3.56% [2][7]. - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are RMB 0.66, RMB 0.73, and RMB 0.81, respectively [11]. Product Segmentation - Revenue from the food additives business decreased by 1.27% year-over-year to RMB 3.335 billion, while feed additives revenue increased by 1.13% to RMB 8.453 billion [3][9]. - The biochemical raw materials and preparations business saw a revenue decline of 6.53%, and pharmaceutical intermediates revenue dropped by 24.15% year-over-year [3][9]. Market Conditions - Prices for lysine and threonine have risen, with lysine prices in Shandong reaching RMB 10,950 per ton, up RMB 150 from late October 2024 [4][10]. - The report indicates a widening price spread for lysine and threonine, which is expected to positively impact the company's profitability [10].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 24.81 RMB based on a 15x PE for 2024 [3][11]. Core Insights - The company reported a slowdown in growth for Q3 2024, with a net profit of 329 million RMB, a 30% year-over-year increase. However, the net profit for the first three quarters reached 1.09 billion RMB, reflecting a 44.73% year-over-year growth [1][11]. - The growth in Mongolian coal volumes has slowed in the second half of the year due to weak domestic demand and high inventory levels, impacting Q3 supply chain performance. However, a recovery is anticipated in Q4 due to winter demand [2][11]. - The African logistics business is expanding rapidly, with the company replicating its Mongolian operations in Africa, aiming to establish a second growth curve. The logistics project in Congo has shown significant growth in the first three quarters of 2024 [2][3][11]. Financial Summary - The company forecasts net profits of 1.62 billion RMB, 2.14 billion RMB, and 2.68 billion RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.65 RMB, 2.19 RMB, and 2.74 RMB [3][11]. - Revenue projections are set at 9.45 billion RMB for 2024, 12.06 billion RMB for 2025, and 15.61 billion RMB for 2026, with year-over-year growth rates of 35.0%, 27.7%, and 29.3% respectively [4][9].

Investment Rating - The report assigns a positive outlook on Standard Chartered PLC with a focus on outperforming the market in the next 12-18 months [6][12][15] Core Insights - Standard Chartered's Q3 2024 revenue and profit exceeded Bloomberg consensus expectations, with a year-on-year revenue growth of 11.4% compared to the expected 7.0% [2][6] - Net interest income grew by 9.1% year-on-year, surpassing the consensus forecast of 7.9%, while other income increased by 14.0%, exceeding the expected 6.3% [2][6] - The bank's net interest margin (NIM) rose by 32 basis points to 1.95%, higher than the expected 1.80% [3][7] - Customer loans and advances grew by 2.2% year-on-year, which was below the expected growth of 3.0%, while customer deposits increased by 5.5%, exceeding the forecast of 4.6% [2][6] Summary by Sections Revenue and Profit - The underlying operating income for Q3 2024 was reported at $4.712 billion, reflecting a growth of 7.0% year-on-year, which is above the consensus estimate [5] - The audited pre-tax profit showed a significant increase of 172.0% year-on-year, surpassing the expected growth of 134.1% [2][5] Credit Quality - Credit impairment losses were reported at $178 million, a decrease of 39.5% year-on-year, which was lower than the consensus estimate of $275 million [3][6] - The non-performing loan (NPL) ratio was reported at 2.27%, down 13 basis points from the previous quarter and lower than the expected 2.67% [3][7] Capital Ratios - The Common Equity Tier 1 (CET1) ratio increased by 30 basis points year-on-year to 14.2%, slightly below the consensus forecast of 14.44% [3][7] - The Return on Tangible Equity (RoTE) rose by 3.8 percentage points to 10.8%, exceeding the expected 10.3% [3][6]