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证券研究报告 汽车 报告日期：2024 年 11 月 06 日 自主新能源表现亮眼，月度销量同比由降转增 华龙证券研究所 最近一年走势 长安汽车发布 2024 年 10 月产销快报：公司 10 月批发销量 25.08 万辆，同/环比+4.07%/+17.66%，1-10 月累计批发销量 215.58 万辆， 同比+2.14%。其中自主乘用车 10 月批发销量 16.80 万辆，同/环比 +3.45%/+29.91%，1-10 月累计批发销量 132.88 万辆，同比-0.91%； 合资品牌 10 月批发销量 2.73 万辆，同/环比-14.75%/-9.64%，1-10 月 累计批发销量 25.13 万辆，同比-1.18%。 投资评级：买入（维持） 《自主归母净利润环比+48.9%，新产品 +出海驱动成长—长安汽车（000625.SZ） 年报点评》2024.04.22 事件： 自主新能源增长驱动下公司 10 月销量同环比双增。公司 10 月销 量同/环比+4.07%/+17.66%，同比增幅由负转正，环比增幅扩大 3.73pct，主要系公司自主新能源产品驱动，10 月批发销量 8.53 万辆，同/环比+48. ...

市场数据 2024年11月06日 当前价格(元) 14.38 52 周价格区间(元) 11.43-21.48 142,610.62 总市值(百万元) 流通市值(百万元) 118,094.79 总股本(万股) 991,728.90 流通股(万股) 821,243.35 近一月换手 (%) 72.77 证券研究报告 汽车 报告日期:2024年11月06日 自主新能源表现亮眼，月度销量同比由降转增 华龙证券研究所 投资评级:买入(维持) 最近一年走势 长安汽车 -18% -33% 2024-03 2024-07 2024-11 2023-11 分析师:杨阳 执业证书编号: S0230523110001 邮箱:yangy@hlzqgs.com 联系人:李浩洋 执业证书编号: S0230124020003 邮箱:lihy@hlzqgs.com 相关阅读 《自主归母净利润环比+48.9%,新产品 +出海驱动成长—长安汽车(000625.SZ) 年报点评》 2024.04.22 A 长安汽车(000625.SZ) 月度销量点评报告 事件: 长安汽车发布 2024年 10 月产销快报: 公司 10 月批发销量 25.08 万 ...

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Investment Rating - The report assigns an "Overweight" rating to Chengdu Bank (601838 SH) for the first time [1] Core Views - Chengdu Bank maintains rapid credit expansion with total assets reaching 12,216 38 billion yuan, up 11 95% YoY, and loan balance growing 15 43% YoY to 7,223 12 billion yuan [1] - Asset quality remains excellent with NPL ratio at 0 66% and provision coverage ratio at 497 40% [1] - Net interest margin stands at 1 49%, showing stability, while capital adequacy ratios improve across all levels [1] - Investment returns benefit from favorable bond market conditions, with investment yield rising to 4 09% [1] Financial Performance - For 2024 Q1-Q3, Chengdu Bank achieves operating income of 172 billion yuan, up 3 2% YoY, and net profit attributable to parent company of 90 billion yuan, up 10 8% YoY [1] - The bank's deposit growth remains strong at 13 14% YoY, with deposits accounting for 76 42% of total liabilities [1] - Corporate loans and personal loans grow by 17 41% and 7 61% respectively compared to the previous year-end [1] Valuation and Projections - The report forecasts net profit attributable to parent company of 128 59, 134 23, and 152 39 billion yuan for 2024-2026 [1] - EPS is projected to grow from 3 37 yuan in 2024 to 4 00 yuan in 2026 [3] - The current price of 15 75 yuan implies 0 8x 2024E PB [1] Peer Comparison - Chengdu Bank's 2024E PB ratio of 0 80x is in line with peer average, slightly higher than Hangzhou Bank's 0 78x but lower than Ningbo Bank's 0 85x [4] - The bank's BVPS growth from 19 58 yuan in 2024E to 25 85 yuan in 2026E outpaces most peers [4] Asset Quality and Capital - NPL ratio remains stable at 0 66% from 2024 Q3 through 2026E [6] - Provision coverage ratio stays above 300% throughout the forecast period, though declining from 497 40% in 2024 Q3 to 304 77% in 2026E [6] - Capital adequacy ratios show consistent improvement, with core tier 1 capital ratio rising from 8 40% in 2024 Q3 to 11 80% in 2026E [6]

分析师 姓 名：朱金金 执业证书编号：S0230521030009 邮 箱：zhujj@hlzq.com 相关阅读 《20241028A 股投资策略周报告：基 本面预期改善成市场支撑因素》 《20241021A 股投资策略周报告：政 策落地支撑市场中长期表现》 《20241014A 股投资策略周报告：财 政政策传利好，提振市场预期》 策略研究报告 证券研究报告 策略报告 报告日期：2024 年 11 月 04 日 三季度上市公司业绩边际向好 ——A 股投资策略周报告 美国非农数据低于预期，巩固美联储降息预期。11 月 1 日，美国劳工部公 布非农数据，美国 10 月季调后非农就业人口新增 1.2 万，大幅低于市场预 期的 11.3 万，是自 2020 年 12 月以来的最低月度就业增幅。主要原因为美 国就业受到了飓风以及波音罢工事件的影响。为防止就业市场过快降温， 市场预期美联储 11 月议息会议上降息的概率提升。根据 CM"E 美联储观察"， 美国非农数据公布后，美联储 11 月降息 25BP 的概率上升至 99.7%。 2024 年三季度上市公司业绩边际向好。中国上市公司协会数据显示，截至 10 月 31 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under short-term pressure due to the downturn in the real estate industry and ongoing debt repayment pressures from local governments. In the first three quarters, the company reported a revenue of 818.48 billion yuan, a year-on-year decrease of 7.3%, and a net profit attributable to shareholders of 20.57 billion yuan, down 14.33% year-on-year. The return on equity (ROE) for the first three quarters was 7.11%, a decline of 1.31 percentage points year-on-year [1] - Despite the challenges in traditional business areas, the company is actively optimizing its business structure, with significant growth in new business orders. The new contracts signed in the first three quarters amounted to 1.53 trillion yuan, a year-on-year decrease of 15.2%. However, new business areas such as resource utilization saw contract amounts increase by 23.4% and 22% respectively [1] - The company has established five modern mines in the mineral resources sector, with leading reserves in copper, cobalt, and molybdenum among domestic peers. The upward trend in major metal prices is expected to contribute to new revenue streams [1] Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 818.48 billion yuan, a decrease of 7.3% year-on-year, and a net profit of 20.57 billion yuan, down 14.33% year-on-year [1] - The forecast for the company's net profit for 2024-2026 has been revised down to 29.75 billion yuan, 29.66 billion yuan, and 31.46 billion yuan respectively, with corresponding earnings per share (EPS) of 1.20 yuan, 1.20 yuan, and 1.27 yuan [1][2] - The company's current valuation level is comparable to the average valuation of peer companies, maintaining a reasonable valuation with a price-to-earnings (P/E) ratio of 5.4 for 2024 [1][3]

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