Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 24.30 based on a PE of 18X for 2024 [4][10]. Core Insights - The company experienced rapid growth in Q3 2024, with revenue increasing by 34.86% year-on-year and net profit attributable to shareholders rising by 48.75% [9][10]. - The smart meter industry is in an upgrade and replacement phase, with the State Grid's bidding volume for smart meters expected to increase by 25% year-on-year in 2024, indicating strong market demand [2][10]. - The company is leveraging its position as a major supplier to the State Grid and Southern Grid, while also expanding its overseas market presence in smart metering and collection systems [2][10]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of RMB 1.55 billion, a year-on-year increase of 23.85%, and a net profit of RMB 542 million, up 22.47% [9][10]. - The gross profit margin for the first three quarters was 47.96%, an increase of 4.09 percentage points year-on-year [9]. - The period expense rate decreased to 6.96%, with reductions in sales, management, and financial expense rates [9][10]. Quarterly Analysis - For Q3 2024, revenue was RMB 531 million, reflecting a 34.86% year-on-year growth, while the gross profit margin was 48.36% [9][10]. - The net profit for Q3 was RMB 201 million, marking a 48.75% increase year-on-year, attributed to a rise in gross profit margin and a decrease in period expense rate [9][10]. Future Projections - The company forecasts net profits of RMB 696 million, RMB 800 million, and RMB 921 million for 2024, 2025, and 2026 respectively, with corresponding EPS of RMB 1.35, RMB 1.56, and RMB 1.79 [4][10]. - Revenue projections for the next three years are RMB 2.06 billion in 2024, RMB 2.35 billion in 2025, and RMB 2.69 billion in 2026, with expected growth rates of 16.5% and 14.1% in subsequent years [3][4][10].

Investment Rating - The report does not explicitly state an investment rating for Dow Chemical, but it indicates a slight negative market reaction to the company's third-quarter performance, suggesting a cautious outlook [1]. Core Insights - Dow Chemical reported adjusted net income of $240 million for the third quarter, which was below market expectations of $325 million, despite net sales exceeding guidance at $10.649 billion [1][2]. - The company anticipates fourth-quarter net sales to be around $10.7 billion, slightly below market expectations of $10.8 billion [1]. - The performance of the high-performance materials and coatings segment was below expectations, with revenues declining by 22% year-over-year [1]. - The industrial intermediates and infrastructure segment reported a significant decline in operating income, down 352% year-over-year, attributed to lower profit margins and increased maintenance activities [1]. - The packaging and specialty plastics segment performed well, with revenues increasing by 30% year-over-year, although a slight decline is expected in the fourth quarter [1]. Summary by Segment Overall Performance - Adjusted net income for Q3 was $240 million, down from $482 million in Q2, and below the expected $325 million [1][2]. - Net sales for Q3 were $10.649 billion, exceeding the guidance of $10.6 billion [1]. High-Performance Materials and Coatings - Revenue for this segment was $2130 million, a year-over-year decrease of 22% [2]. - Operating income fell to $179 million, reflecting a margin of 8% [2]. Industrial Intermediates and Infrastructure - Revenue was $3035 million, with operating income dropping to $21 million, resulting in a margin of 1% [2]. - The segment experienced a significant year-over-year decline in operating income of 352% [1][2]. Packaging and Specialty Plastics - Revenue reached $5454 million, a 30% increase year-over-year, although a quarterly decline of 12% was noted [2]. - Operating income was $476 million, with a margin of 9% [2]. Corporate - Corporate revenue was $111 million, with an operating loss of $50 million [2].

Investment Rating - The report maintains a Neutral rating for the US energy sector, indicating that the expected total return over the next 12-18 months is anticipated to be in line with the relevant market benchmark [3]. Core Insights - The upcoming US election is highly competitive, with polls showing both candidates nearly tied. The election outcome is expected to influence energy policies, but the fundamental policy basis is likely to remain unchanged regardless of the winner [1][2]. - Trump's energy policy is expected to favor traditional energy sources, easing restrictions on traditional energy companies and promoting capital expenditures in oil and gas to lower prices. In contrast, Harris is likely to continue Biden's focus on clean energy and climate governance, with a moderate approach to natural gas and nuclear power [1][2]. - Both parties have reached a consensus on certain policies, such as the IRA Act, which will continue to operate irrespective of the election results due to its positive impact on employment and social issues [1][2]. Summary by Sections Energy Policy Differences - Trump's administration would likely push for greater investment in natural gas and nuclear power, while Harris's approach may be more gradual and fiscally constrained, particularly regarding clean energy subsidies [2]. - The report highlights that under any administration, utility companies will need to accelerate investments to meet the rising energy demands driven by AI applications, with projected electricity consumption from global data centers reaching approximately 2.2 trillion kWh by 2030, which is 3.6 times the level in 2022 [2]. Investment Opportunities - The report suggests focusing on companies related to energy consumption in data centers, including Constellation, Vistra, and Cameco, as well as those with strong overseas production capabilities like Hitachi [3]. - It also emphasizes the expected annual growth rates for utility investments: 8.2% for power generation, 8.5% for transmission, and 9.6% for distribution from 2024 to 2030, which will drive demand for electrical equipment at an average annual growth rate of about 13% [2][3].

Investment Rating - The report maintains an "Outperform" rating for Pop Mart International (9992 HK) with a current price of HK$75.20 and a target price of HK$80.90 [2][9]. Core Insights - Pop Mart's third-quarter performance significantly exceeded expectations, with revenue growth of 120%-125% year-on-year, driven by a 55%-60% increase in mainland China and a remarkable 440%-445% growth in Hong Kong, Macau, Taiwan, and overseas markets [8][12]. - The company is expected to continue its growth trajectory, bolstered by enhanced IP operations and new product launches, alongside strong overseas demand contributing to domestic sales [8][12]. - Revenue projections for 2024-2026 are set at RMB 12.42 billion, RMB 16.21 billion, and RMB 19.97 billion, respectively, with adjusted net profits of RMB 2.85 billion, RMB 3.88 billion, and RMB 4.95 billion [9][12]. Financial Summary - Revenue and net profit forecasts for the upcoming years are as follows: - **2024E**: Revenue of RMB 12,420 million (+97% YoY), Net profit of RMB 2,851 million (+139% YoY) [5][9]. - **2025E**: Revenue of RMB 16,206 million (+30% YoY), Net profit of RMB 3,879 million (+36% YoY) [5][9]. - **2026E**: Revenue of RMB 19,966 million (+23% YoY), Net profit of RMB 4,951 million (+28% YoY) [5][9]. - The gross profit margin is projected to improve from 61.3% in 2023 to 67.1% by 2026, indicating strong operational efficiency [5][11]. Market Performance - The stock has shown impressive absolute returns of 51.3% over the past month, 87.1% over three months, and 238.0% over the past year, significantly outperforming the MSCI China index [3][6].

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [2][10]. Core Views - The company reported stable growth in its Q3 2024 results, with revenue of RMB 1.04 billion for the first three quarters, representing a year-on-year increase of 3.52%. The net profit attributable to shareholders was RMB 225 million, up 7.08% year-on-year. The gross profit margin (GPM) was 34.92%, an increase of 0.39 percentage points year-on-year, while the net profit margin (NPM) was 21.59%, up 0.56 percentage points year-on-year [2][10]. - In Q3 2024, the company achieved revenue of RMB 345 million, a decrease of 7.58% year-on-year and 2.63% quarter-on-quarter. The net profit for the quarter was RMB 81 million, reflecting a year-on-year increase of 0.97% and a quarter-on-quarter increase of 8.86%. The GPM for Q3 was 35.15%, down 1.34 percentage points year-on-year but up 0.97 percentage points quarter-on-quarter, while the NPM was 23.51%, up 1.99 percentage points year-on-year and 2.48 percentage points quarter-on-quarter [2][10]. - The company is advancing its three-tier development strategy, with significant progress in its C0-grade ball screw assembly and ongoing capacity ramp-up in Wuxi Best Precision Machinery. The Thailand project has commenced construction, enhancing the company's international growth prospects [2][10]. Financial Summary - The company forecasts net profits of RMB 314 million, RMB 418 million, and RMB 535 million for 2024, 2025, and 2026 respectively, with earnings per share (EPS) projected at RMB 0.63, RMB 0.84, and RMB 1.07 [2][10]. - Revenue is expected to grow from RMB 1.34 billion in 2023 to RMB 2.53 billion in 2026, with a compound annual growth rate (CAGR) of 26.3% [3][4]. - The gross profit margin is projected to remain stable around 34.4% to 34.7% over the forecast period [3][4]. Business Development - The company is focusing on high-end aviation equipment manufacturing and industrial automation, with key products including precision components for turbochargers and automation systems for aircraft manufacturing [6][10]. - The company has successfully developed new products and expanded its customer base, with notable achievements in the industrial machine tool sector and humanoid robotics [2][10].

Investment Rating - The report maintains an "Outperform" rating for Guangdong Hongda Blasting [1][4][7]. Core Views - In Q3 2024, the company achieved a recurring net profit of RMB 230 million, representing a year-on-year increase of 29.58%. For the first three quarters of 2024, the operating income reached RMB 9.272 billion, up 16.75% year-on-year, with a net profit attributable to shareholders of RMB 650 million, an increase of 30.83% year-on-year [1][4][7]. - The company is expanding its production capacity through external mergers and acquisitions, including a proposed acquisition of 21% of Xuefeng Sci-Tech, which will enhance its strategic layout in Xinjiang [5][6][7]. - The civil explosives segment is expected to benefit from the acquisition of Jiangsu Hongguang, which will enhance the supply capacity of raw materials and strengthen the company's military brand image [6][7]. Financial Summary - For 2024, the company is projected to achieve a net profit attributable to shareholders of RMB 854 million, with further increases to RMB 1.025 billion in 2025 and RMB 1.222 billion in 2026. The target price is set at RMB 28.00, based on a P/E ratio of 25x for 2024 [4][7]. - The company's production capacity is expected to increase to 580,000 tons by Q3 2024, supported by recent mergers and expansions in the explosives production lines [7].

Investment Chain - Real estate investment cumulative year-on-year growth rate has rebounded, while infrastructure investment cumulative year-on-year growth rate has also increased. As of September 2024, fixed asset investment cumulative year-on-year growth rate remained at 3.40%, with real estate development investment cumulative year-on-year decline rising to -10.10%. Manufacturing fixed asset investment cumulative year-on-year growth rate increased to 9.20%, and infrastructure construction investment cumulative year-on-year growth rate rose to 9.26% [5][6] - Since October, prices for copper, lead, tin, and nickel have decreased, while prices for aluminum, zinc, gold, and silver have increased. The price of thermal coal slightly rose to 715 RMB/ton, and coking coal prices have also increased. Steel prices have risen since October, while prices for light and heavy soda ash have decreased. The average price of ordinary cement has increased, and sales of large and medium-sized buses and light-duty trucks have shown a year-on-year growth [5][6] Consumption Chain - In September 2024, the nominal year-on-year growth rate of social consumption expenditure increased to 3.20%, and the cumulative year-on-year growth rate of commercial housing sales area saw a narrowing decline, rising to -17.12%. The year-on-year growth rate of home appliance retail sales increased to 24.94% [6][7] - However, tourism revenue in Beijing in August saw a year-on-year decline of -10.80%, and tourism revenue in Hainan in March decreased by 20.03%. Prices for antibiotics such as amoxicillin and cephalosporins remained unchanged, while prices for Vitamin A and E have decreased, and Vitamin C prices have increased since October [6][7] Export Chain - In September 2024, the year-on-year growth rate of exports to the United States, ASEAN, EU, and Japan decreased. Cumulative year-on-year growth rates for exports of agricultural products, toys, furniture, lighting, refined oil, coke, plastics, and auto parts have declined, while the export value of steel, ships, and aluminum has increased. The export value of high-tech products and electromechanical products saw a year-on-year decline [7][8] - The OECD leading indicator for the United States rose to 100.09 in September. The China Container Freight Index (CCFI) decreased to 1405.22 on October 18, and the Baltic Dry Index (BDI) fell to 1480 on October 22. The year-on-year growth rate of electronic technology exports from China decreased to -1.17%, and the textile and apparel export value saw a year-on-year decline of -3.37% [7][8] Price Chain - In October 2024, oil prices increased, while pork prices decreased. The WTI crude oil price rose to 71.74 USD/barrel on October 22. The price of PVC futures increased to 5304 RMB/ton, and the spot price rose to 5328 RMB/ton. The price of pure MDI rose to 18500 RMB/ton, and the price of polymer MDI increased to 18600 RMB/ton [8] - Since October, prices for cotton and white sugar have decreased, while pork prices fell to 18.34 RMB/kg on October 16. The valuation of liquor has decreased compared to September 2024, with both the CSI 300 and all A-shares showing a slight decline in valuation. The USDA has lowered its global grain production forecast, with inventory-to-consumption ratios expected to remain stable, while inventory and consumption expectations have increased [8]

Investment Rating - The report indicates a positive market reaction to Baker Hughes' Q3 2024 performance, with an adjusted net EBITDA of $1.208 billion, aligning with market expectations [1][3]. Core Insights - Baker Hughes is expected to achieve the midpoint of its fiscal year 2024 guidance, projecting revenues between $27.6 billion and $28.4 billion, and adjusted EBITDA between $4.4 billion and $4.65 billion [1]. - The company reported a revenue of $6.9 billion for Q3 2024, slightly below expectations driven by oilfield services, while the adjusted EBITDA margin was 17.5%, meeting market expectations [1][3]. - The oilfield services and equipment segment generated $3.963 billion in revenue, consistent with market expectations, while the industrial and energy technology segment reported $2.945 billion, which was below market expectations despite a 9% year-over-year growth [1][3]. Summary by Segment Oilfield Services & Equipment - Revenue for this segment was $3.963 billion, flat year-over-year, with an operating income of $547 million, reflecting an 18% increase year-over-year [3]. - The EBITDA margin for this segment was reported at 19.3%, indicating strong profitability [3]. Industrial & Energy Technology - Revenue for this segment was $2.945 billion, showing a 9% year-over-year increase but falling short of market expectations [3]. - The EBITDA margin improved to 17.9%, benefiting from increased sales and pricing power [1][3].

Investment Rating - The report does not explicitly state an investment rating for the Bank of Nanjing, but it provides relevant financial metrics for evaluation, such as a 2024 estimated P/B of 0.7x and a P/E of 5.7x, compared to industry averages of 0.6x and 5.6x respectively [1][3]. Core Insights - The Bank of Nanjing reported a Q3 2024 revenue growth of 8.4% year-on-year and a net profit attributable to the parent of 10.2% year-on-year. For the first three quarters of 2024, revenue grew by 8.0% and net profit increased by 9.0% [1][3]. - The net interest margin (NIM) has stabilized at 1.10% for Q3 2024, showing a quarter-on-quarter increase of 6 basis points. The yield on interest-earning assets rose by 5 basis points to 3.31% [2][3]. - The non-performing loan (NPL) ratio remained stable at 0.83%, while the special mention loan ratio increased slightly [2][3]. Financial Performance Summary - For Q1-3 2024, the annualized ROA decreased by 0.03 percentage points to 0.92%, and the annualized ROE decreased by 0.17 percentage points to 15.08%. The Core Tier 1 capital adequacy ratio declined by 0.55 percentage points to 9.02% [1][3]. - The net interest income for Q1-3 2024 showed a year-on-year increase of 1.4%, with Q3 net interest income growing by 8.7% [2][3]. - The net fee and commission income for Q1-3 2024 increased by 11.7% year-on-year, with a slight narrowing compared to the first half of 2024 [2][3]. Asset Quality and Loan Growth - The total loan amount increased by 12.5% compared to the end of 2023, with corporate loans contributing 84.9% of the loan growth at a rate of 14.3% [2][3]. - The deposit structure showed a 2.4% increase in total deposits, with personal deposits rising by 7.0%, leading to a 1.4 percentage point increase in the proportion of personal deposits to 32.5% [2][3].

Investment Rating - The report maintains an "OUTPERFORM" rating for Miniso Group (MNSO US) with a target price of USD 25.30, reflecting a potential upside from the current price of USD 17.59 [1][2]. Core Insights - Miniso is expected to announce its 3Q24 financial results in mid-November, with projected revenue of RMB 4.57 billion, representing a year-on-year growth of 20%. The adjusted net profit is anticipated to be RMB 708 million, with an adjusted net profit margin of 15.5% [5][1]. - The report highlights that domestic revenue is projected to be RMB 2.75 billion, while overseas revenue is expected to reach RMB 1.81 billion, indicating strong growth in international markets [5][1]. - For FY24-26, the revenue estimates are RMB 17.3 billion, RMB 21.3 billion, and RMB 25.4 billion, respectively, with adjusted net profits of RMB 2.81 billion, RMB 3.48 billion, and RMB 4.16 billion [5][2]. Financial Summary - Revenue for 3Q24 is expected to be RMB 4.57 billion, with a year-on-year growth of 20%. The adjusted net profit is projected at RMB 708 million, with a net profit margin of 15.5% [1][5]. - The report forecasts revenue growth rates of 25%, 23%, and 19% for FY24, FY25, and FY26, respectively, with adjusted net profit growth rates of 19%, 24%, and 19% [2][4]. - The gross profit margin is expected to improve to 44.0% in 3Q24, up 2.3 percentage points year-on-year, driven by increased contributions from overseas direct sales [1][2]. Valuation - The company is valued at a 20x PE for FY24, leading to a target market capitalization of USD 7.9 billion and a target price of USD 25.3 [2][5]. - The report indicates a projected diluted EPS of RMB 8.97 for FY24, increasing to RMB 11.14 in FY25 and RMB 13.30 in FY26 [2][4].