Investment Rating - The report maintains an investment rating of "Recommended" for the coal industry [1][30]. Core Insights - The coal market is currently experiencing short-term fluctuations, with supply remaining stable and demand yet to be fully released. The report anticipates a gradual increase in demand as temperatures drop [1][26]. - The report highlights that the majority of coal mines are operating normally, with sufficient long-term contracts in place, leading to a stable supply situation. However, the demand for coking coal is not expected to see significant improvement [1][26]. - The report emphasizes the importance of stable assets and sufficient cash flow for coal companies to maintain high dividends, suggesting a long-term value proposition in the sector [30]. Summary by Sections 1. Market Performance - From October 28 to November 1, 2024, the Shenwan Coal Index decreased by 0.59%, with various sub-sectors showing mixed performance [7]. 2. Key Industry Data 2.1 Thermal Coal - As of November 1, 2024, the price of Qinhuangdao thermal coal was 727.00 CNY/ton, a decrease of 0.14% week-on-week. Shanxi Datong thermal coal was priced at 630.00 CNY/ton, down 3.08% week-on-week [10][28]. - The inventory of thermal coal at major northern ports was 34.95 million tons, up 1.68% week-on-week [11][27]. 2.2 Coking Coal - As of November 1, 2024, the price of main coking coal at Jingtang Port was 1,740.00 CNY/ton, down 1.14% week-on-week. The price of Australian Peak Downs coking coal was 217.50 USD/ton, up 2.35% week-on-week [13][29]. 2.3 Downstream Demand - As of September 2024, the total electricity consumption in the country was 847.5 billion kWh, an increase of 8.50% year-on-year. The electricity generated from thermal power was 545.1 billion kWh, up 9.61% year-on-year [18]. 3. Industry News - Recent reports indicate a decrease in industrial producer prices in Shanxi province, with coal mining and washing industries seeing a decline of 13.2% [21][22]. 4. Key Company Announcements - Companies such as Pingmei Shenma Group and Huai Bei Mining have reported their third-quarter earnings, showing mixed results in revenue and profit [23][24][25]. 5. Weekly Outlook - The supply of thermal coal is expected to remain stable, while demand may increase as winter approaches. Coking coal demand is supported by good profit margins in the steel sector, but significant increases in demand are not anticipated [26][30].

Investment Rating - The report maintains a "Recommended" investment rating for the steel industry [1][2]. Core Insights - The report highlights the steady progress in the transformation and upgrading of the steel industry, with new regulations being solicited for public opinion [2]. - It notes that the supply side has seen a week-on-week decline in steel production, while demand has also decreased, indicating a challenging market environment [1][2]. - The report suggests that policy expectations are improving, coupled with a slight improvement in the actual supply-demand dynamics within the industry [2]. Supply Summary - As of November 1, 2024, the total production of the five major steel products was 8.6728 million tons, a week-on-week decrease of 1.51% and a year-on-year decrease of 4.76% [12]. - The average daily pig iron production from 247 steel enterprises was 2.3547 million tons, with a week-on-week decrease of 0.09% and a year-on-year decrease of 2.46% [12]. - The capacity utilization rate for blast furnaces was 88.4%, down 0.08 percentage points week-on-week and down 1.83 percentage points year-on-year [12]. Demand Summary - The total consumption of the five major steel products was 8.9170 million tons as of November 1, 2024, reflecting a week-on-week decrease of 0.23% and a year-on-year decrease of 7.71% [14]. - The daily transaction volume of construction steel from mainstream traders was 99,400 tons, down 29.36% week-on-week and down 43.20% year-on-year [14]. - Monthly steel exports totaled 10.1535 million tons, with a month-on-month increase of 6.93% and a year-on-year increase of 25.96% [14]. Inventory Summary - The total social inventory of the five major steel products was 8.2795 million tons as of November 1, 2024, down 2.38% week-on-week and down 16.17% year-on-year [20]. - The total factory inventory of the five major steel products was 4.0695 million tons, reflecting a week-on-week decrease of 1.03% and a year-on-year decrease of 6.20% [21]. Raw Material Inventory Summary - As of November 1, 2024, the imported iron ore inventory of 247 steel enterprises was 89.979 million tons, with a week-on-week increase of 0.21% and a year-on-year increase of 0.11% [23]. - The inventory of coking coal for 247 steel enterprises was 7.424 million tons, reflecting a week-on-week increase of 0.66% and a year-on-year increase of 0.60% [23]. Cost Summary - The price index for Australian iron ore (62% Fe) was 771.6 yuan/wet ton as of November 1, 2024, with a week-on-week increase of 2.04% and a year-on-year decrease of 20.44% [30]. - The comprehensive absolute price index for scrap steel was 2,602.22 yuan/ton, with a week-on-week increase of 1.12% and a year-on-year decrease of 10.11% [30].

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company has shown rapid expansion in overseas business and continuous improvement in profitability. The third quarter of 2024 saw a revenue of 3.86 billion yuan, a year-on-year increase of 20.25%, and a net profit of 0.76 billion yuan, up 51.88% year-on-year. The gross margin reached 42.63%, an increase of 5.5 percentage points year-on-year, while the net margin was 18.67%, up 3.3 percentage points year-on-year [1][2] - The company is positioned as a leading player in the domestic industrial control sector, with expectations for steady growth in future performance. Forecasted net profits for 2024-2026 are 273 million yuan, 343 million yuan, and 426 million yuan, respectively, with corresponding P/E ratios of 25.0, 19.9, and 16.1 [1][2] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 1.157 billion yuan, a year-on-year increase of 22.37%, and a net profit of 210 million yuan, up 34.09% year-on-year [1] - The company’s revenue and net profit for Q3 2024 were 386 million yuan and 76 million yuan, respectively, reflecting a year-on-year increase of 20.25% and 51.88% [1] - The company’s gross margin improved to 42.63%, and the net margin was 18.67%, indicating significant profitability enhancement driven by strong overseas demand [1] Revenue and Profit Forecast - The projected revenue for 2024 is 1.69 billion yuan, with a growth rate of 29.52%. The net profit is expected to be 273 million yuan, reflecting a growth rate of 43.31% [2][4] - The company’s earnings per share (EPS) for 2024 is forecasted at 1.29 yuan, with a P/E ratio of 25.0 [2][4] Comparable Company Valuation - The average P/E ratios for comparable companies from 2024 to 2026 are 29.0, 23.5, and 19.1, respectively, indicating that the current valuation of the company is reasonable [1][3]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company has shown continuous revenue growth driven by emerging businesses, with a 10.98% year-on-year increase in revenue to 964 million yuan and a 14.36% increase in net profit attributable to shareholders to 78 million yuan in the first three quarters of 2024 [1] - The sales structure optimization has accelerated revenue growth, while improved operational quality has led to significant profit increases. The third quarter saw a 41.23% year-on-year increase in net profit to 22 million yuan, attributed to enhanced gross margins and rapid growth in high-margin new businesses such as commercial aerospace [1] - The company has increased its R&D investment by 26.34% to 51 million yuan, focusing on emerging fields like commercial aerospace and medical imaging, which are expected to become new growth points [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 964 million yuan, a 10.98% increase year-on-year, and a net profit of 78 million yuan, up 14.36% year-on-year [1] - The third quarter net profit reached 22 million yuan, reflecting a 41.23% increase compared to the same period last year [1] - The company plans to raise up to 600 million yuan through a private placement to fund projects related to liquid rocket engine components and medical imaging equipment [1] Earnings Forecast - The company is projected to achieve net profits of 129 million yuan, 180 million yuan, and 232 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding growth rates of 31.55%, 39.33%, and 28.75% [2] - Revenue is expected to grow from 1,440 million yuan in 2024 to 2,234 million yuan in 2026, with growth rates of 22.07%, 25.73%, and 23.38% [2] Comparable Company Valuation - The company’s current P/E ratio is 48.7 for 2024, compared to an average of 27.7 for comparable companies [3] - The company is positioned in high-tech and high-growth sectors, justifying a premium valuation [1][2]

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证券研究报告 美容护理 报告日期：2024 年 11 月 04 日 肽源生物获全链长胶原蛋白专利授权，创重组胶原新突破 ——美容护理行业周报 | --- | --- | --- | --- | |------------------------|-------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 华龙证券研究所 | | | 摘要： | | 投资评级：推荐（维持） | | | 肽源生物全链长胶原蛋白独家专利获得国家知识产权局授权。 10 月 29 日，作为国内重组胶原蛋白原料开发巨头之一的肽源生物发 | | 最近一年走势 | | | 布公告称，又一独家专利——一种在毕赤酵母中高效分泌表达全链 长胶原蛋白的方法及其应用——获得国家知识产权局授权。本发明 用于全链长胶原蛋 ...

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Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue growth rate has slowed down quarter-on-quarter in Q3 2024, achieving a revenue of 460 million yuan, a year-on-year increase of 6.47%. The net profit attributable to the parent company was 42 million yuan, up 53.90% year-on-year [1] - The company has shown strong growth in its product categories, particularly in cold food and leisure oats, which have seen growth rates exceeding 30% due to contributions from the acquired company Desai Kanggu [1] - The company is focusing on product upgrades in composite oats and developing new products that cater to health-conscious consumers, including protein powder and peptide drinks [1][3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 1.433 billion yuan, a year-on-year increase of 26.49%. The net profit attributable to the parent company was 108 million yuan, up 17.13% year-on-year [1] - The gross margin and net margin for Q3 2024 were 42.82% and 9.17%, respectively, with year-on-year changes of -3.43 percentage points and +2.88 percentage points [1] - The company received government subsidies amounting to 19.8488 million yuan in Q3 2024, which contributed to the increase in net profit [1] Earnings Forecast - The company is expected to achieve revenues of 2.007 billion yuan, 2.411 billion yuan, and 2.853 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.20%, 20.13%, and 18.30% [3][4] - The net profit attributable to the parent company is projected to be 123 million yuan, 160 million yuan, and 197 million yuan for the same years, with growth rates of 6.59%, 30.22%, and 23.02% [3][4] Valuation Metrics - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are expected to be 23.4X, 17.9X, and 14.6X, respectively [3][4] - The company’s return on equity (ROE) is projected to increase from 8.14% in 2024 to 11.35% in 2026 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company has shown steady growth in performance, with a revenue of 6.217 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 5.12%. The net profit attributable to shareholders reached 652 million yuan, up 43.22% year-on-year [2][3] - In Q3 2024 alone, the company achieved a revenue of 2.142 billion yuan, marking a 4.55% year-on-year growth and a 9.74% quarter-on-quarter increase. The net profit for the same quarter was 318 million yuan, reflecting a significant year-on-year growth of 108.87% and a quarter-on-quarter increase of 118.69% [2][3] Financial Performance Summary - For 2024, the company has adjusted its revenue forecasts to 9.311 billion yuan, 8.633 billion yuan, and 10.122 billion yuan for 2024, 2025, and 2026 respectively. The net profit forecasts are set at 713 million yuan, 658 million yuan, and 782 million yuan for the same years [3][6] - The current price of the stock is 15.50 yuan, with a market capitalization of approximately 11.87 billion yuan [3][5] - The company is focusing on the vertical industry of the Internet of Things (IoT), launching multiple new products to meet diverse customer needs globally. The promotion and application of new products in the IoT sector are progressing well, with successful implementations in smart lawn mower solutions [3][5]