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]

Investment Rating - The report maintains a "Buy" rating for Desay SV (002920 SZ) [1] Core Views - Desay SV achieved a 31 13% YoY increase in revenue to 18 975 billion yuan and a 46 49% YoY increase in net profit attributable to the parent company to 1 407 billion yuan in the first three quarters of 2024 [1] - The company's Q3 2024 revenue grew 26 74% YoY to 7 282 billion yuan, driven by new customers and product launches [1] - Desay SV's Q3 2024 non-GAAP net profit attributable to the parent company surged 96 11% YoY to 659 million yuan, benefiting from cost control and efficiency improvements [1] - The company is expanding its domestic and international production capacity, including a 4 5 billion yuan fundraising plan for domestic projects and the construction of a smart factory in Spain [1] Financial Performance - Desay SV's 2024 Q3 gross margin was 20 91%, with a period expense ratio of 11 46% [1] - The company's sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio decreased YoY by 0 22pct, 0 15pct, 0 26pct, and 0 01pct respectively [1] - The report forecasts Desay SV's net profit attributable to the parent company to reach 2 074 billion yuan in 2024, 2 787 billion yuan in 2025, and 3 475 billion yuan in 2026 [1][2] Valuation and Comparison - Desay SV's current PE ratio is 31 7x for 2024E, lower than the industry average of 37 3x [1][3] - The company's PB ratio is projected to decrease from 6 9x in 2024E to 4 3x in 2026E [2] - Desay SV's ROE is expected to increase from 21 37% in 2024E to 22 65% in 2026E [5] Growth Prospects - Desay SV has secured new projects from major clients including Toyota, Great Wall Motors, GAC Aion, SAIC-GM, and Dongfeng Nissan for its high-computing power intelligent driving domain controller [1] - The company has obtained new project designations from Chery and FAW Hongqi for its lightweight intelligent driving domain control products [1] - Desay SV is developing a new generation of high-computing power central computing platform chips to meet L4 level autonomous driving requirements [1] Financial Projections - The company's revenue is expected to grow from 27 556 billion yuan in 2024E to 43 269 billion yuan in 2026E, with a CAGR of 25 47% [2] - Desay SV's EPS is projected to increase from 3 74 yuan in 2024E to 6 26 yuan in 2026E [2] - The company's EV/EBITDA ratio is forecasted to decline from 25 54x in 2024E to 16 14x in 2026E [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable revenue growth, with a year-on-year increase of 7.61% in revenue for the first three quarters of 2024, reaching 49.946 billion yuan. However, net profit for Q3 2024 decreased by 7.96% year-on-year to 2.640 billion yuan, indicating short-term pressure on profitability [1] - The company is a leading player in the energy storage system integration sector and has established a global development strategy, with production capacities in India and Thailand reaching 25GW. The energy storage systems are widely applied in mature markets across Europe, America, the Middle East, and Asia-Pacific [1] - The company is expected to benefit from global demand growth, with projected net profits for 2024-2026 being 11.984 billion yuan, 13.236 billion yuan, and 15.753 billion yuan respectively. The current stock price corresponds to a PE ratio of 15.3 for 2024, which is considered reasonable compared to peers [1][2] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 49.946 billion yuan, a year-on-year increase of 7.61%, and a net profit of 7.600 billion yuan, up 5.21% year-on-year. The Q3 2024 revenue was 18.926 billion yuan, with a year-on-year growth of 6.37% [1] - The gross margin for Q3 2024 was 29.52%, with a slight increase of 0.02 percentage points quarter-on-quarter, while the net margin was 14.16%, down 1.81 percentage points quarter-on-quarter [1] - Inventory increased significantly, reaching 32.151 billion yuan by the end of Q3 2024, a year-on-year increase of 19.7% and up 14.3% from the mid-year report [1] Earnings Forecast - The company’s projected revenue for 2024 is 88.614 billion yuan, with a growth rate of 22.6%. The net profit for 2024 is expected to be 11.984 billion yuan, reflecting a growth rate of 27.0% [2][4] - The company’s return on equity (ROE) is projected to be 30.6% in 2024, decreasing to 23.9% by 2026 [2][5] Comparable Company Valuation - The average PE ratio for comparable companies for 2024-2026 is 21.7, 16.0, and 12.5 respectively, indicating that the company's current valuation is reasonable [1][3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The recovery in the consumer electronics industry has driven the company's main business growth, with stable revenue from connector products. The company achieved a revenue of 644 million yuan in the first three quarters of 2024, representing a year-on-year increase of 27.57%. However, the net profit attributable to the parent company for the third quarter saw a decline of 33.34% year-on-year [1][2] - The company's main business profitability has improved significantly, with a notable increase in net profit excluding non-recurring gains and losses, which grew by 136.9% year-on-year in the first three quarters. The company continues to solidify its position as a key supplier for leading domestic wearable brands [1][4] Financial Performance Summary - For the first three quarters of 2024, the company reported: - Revenue: 644 million yuan, up 27.57% year-on-year - Net profit attributable to the parent company: 30 million yuan, up 21.01% year-on-year - Third-quarter revenue: 254 million yuan, up 23.41% year-on-year - Third-quarter net profit attributable to the parent company: 10 million yuan, down 33.34% year-on-year [1][2] - The company’s sales and management expenses increased by 32.30% and 85.54% respectively, while financial expenses rose by 50.12% due to increased bank loans [1][4] - The company’s inventory reached 1.05 billion yuan, a year-on-year increase of 43.15%, and prepayments increased by 729.03% year-on-year [1][4] Earnings Forecast - The company’s revenue is projected to grow from 721 million yuan in 2023 to 888 million yuan in 2024, with a growth rate of 23.21%. The net profit is expected to increase from 31 million yuan in 2023 to 50 million yuan in 2024, reflecting a growth rate of 61.78% [2][4] - The earnings per share (EPS) is forecasted to be 0.24 yuan in 2024, with corresponding price-to-earnings (P/E) ratios of 96.8 times, 38.2 times, and 27.5 times for 2024, 2025, and 2026 respectively [2][4] Comparable Company Valuation - The report compares the company with similar businesses such as Luxshare Precision, Changying Precision, and Ruikeda, highlighting that the company has a smaller business scale but potential for performance elasticity due to ongoing market expansion in semiconductor heat sinks and automotive connectors [1][2][4]

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [1] Core Views - The company reported a revenue of 5.982 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 76.30%. The net profit attributable to shareholders was 427 million yuan, up 171.48% year-on-year. In Q3 2024 alone, revenue reached 2.606 billion yuan, a 77.05% increase year-on-year, with a net profit of 203 million yuan, marking a 238.17% increase year-on-year [1] - The company's gross margin improved to 19.37%, an increase of 2.84 percentage points year-on-year, and the net profit margin reached 7.24%, up 2.65 percentage points year-on-year. The significant improvement in profitability is attributed to the increasing shipment ratio of high-margin tracking brackets [1] - The company’s contract liabilities reached a record high of 856 million yuan, a 35% increase year-on-year, with total orders on hand amounting to approximately 5.99 billion yuan, indicating strong demand and order growth that is expected to support continued performance growth [1] - The company has established a global business layout, with rapid development in emerging markets such as India, the Middle East, Central Asia, and Latin America, responding to the Belt and Road Initiative and gradually improving its global marketing service network [1] Financial Summary - For the first three quarters of 2024, the company achieved a gross profit margin of 19.37%, a net profit margin of 7.24%, and a significant increase in profitability due to the higher shipment ratio of high-margin products [1] - The company is projected to achieve net profits of 688 million yuan, 855 million yuan, and 1.066 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 23.6, 19.0, and 15.2 [2][3] - The financial forecast indicates a steady increase in revenue from 3.703 billion yuan in 2022 to an estimated 13.314 billion yuan in 2026, with a compound annual growth rate of approximately 15.08% [2][6]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company has shown steady revenue growth with an improvement in the profitability of its main business. In the first three quarters of 2024, the company achieved revenue of 1.91 billion yuan, a year-on-year increase of 5.72%. The net profit attributable to shareholders decreased by 6.90% to 227 million yuan [1] - The company's nuclear power business is experiencing a favorable trend, with significant growth in the "two-machine" business. The nuclear energy segment reported a revenue growth of 18.39% in the first half of the year, and the "two-machine" business also maintained high growth with a revenue increase of 19.65% [1] - The company is expected to continue enhancing its main business profitability, with a forecasted net profit attributable to shareholders of 310 million yuan, 393 million yuan, and 506 million yuan for 2024, 2025, and 2026 respectively [2][4] Financial Summary - For the first three quarters of 2024, the company reported a net profit of 220 million yuan after excluding non-recurring gains and losses, reflecting a year-on-year growth of 11.59% [1] - The company's operating cash flow significantly decreased by 99.24% due to slower collections, increased inventory, and reduced recovery of bill guarantees [1] - The company has been increasing its R&D investment, with R&D expenses rising by 6.91% in the first three quarters [1] Earnings Forecast - The forecast for the company's revenue is as follows: 2.685 billion yuan in 2024, 3.077 billion yuan in 2025, and 3.540 billion yuan in 2026, with growth rates of 11.32%, 14.60%, and 15.05% respectively [2][4] - The expected earnings per share (EPS) are projected to be 0.46 yuan in 2024, 0.58 yuan in 2025, and 0.74 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 30.7, 24.2, and 18.8 [2][4] Comparable Company Valuation - The company is compared with peers such as Nuoyue Co., Ltd., China Nuclear Technology, and Jiangsu Shentong, with the current valuation level being considered overvalued compared to these companies [1][2]

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [1]. Core Insights - The launch of AutoGLM by Zhipu AI marks the beginning of domestic edge AI agents, indicating a significant shift towards AI applications in daily tasks [1][14]. - OpenAI's recent upgrade to ChatGPT, enabling web search capabilities, intensifies competition with Google by providing personalized search results based on user history [1][8]. - The overall performance of the A-share media sector is improving, driven by ongoing iterations of large models and the digital transformation of media companies [1][25]. Summary by Sections 1. Weekly Market Performance - From October 28 to November 1, 2024, the Shenwan Media Index fell by 2.77%. The top five gainers included Dianguang Media, Simai Media, and Visual China, while the top five losers included Zitian Technology and Zhongqingbao [7]. 2. Industry News - OpenAI's ChatGPT now includes a search function, enhancing its competitiveness against traditional search engines [8]. - Zhihu's AI search product, Zhihu Direct Answer, launched a "professional search" feature, integrating over 50 million Chinese and English documents [8][9]. - In October 2024, the National Press and Publication Administration issued 113 game licenses, significantly exceeding the previous year's figures [11]. 3. Key Company Announcements - Key companies such as Kaiying Network and China Publishing reported their Q3 2024 earnings, with varying growth rates in revenue and net profit [12][13]. 4. Weekly Perspective - The introduction of AutoGLM is expected to enhance user efficiency by automating common tasks on mobile devices, thus transforming user interaction with applications [14][15]. 5. Investment Recommendations - The report suggests focusing on three main lines within the media sector: 1. The film sector, particularly companies like China Film, which are expected to recover performance due to valuation adjustments and supply releases. 2. The publishing sector, emphasizing high-dividend, low-valuation companies such as Zhongwen Media and Phoenix Media. 3. Game companies with quality IP and international expansion strategies, recommending attention to companies like 37 Interactive Entertainment and Giant Network [25].

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [1] Core Views - The company has shown a robust performance with a year-on-year revenue increase of 14.65% and a net profit increase of 30.20% for the first three quarters of 2024 [1] - The increase in electricity generation, which rose by 15% year-on-year, has significantly contributed to revenue growth [1] - The company is expected to achieve its annual electricity generation target of 308.8 billion kWh [1] Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 66.331 billion yuan and a net profit of 28.025 billion yuan [1] - In Q3 2024 alone, the company achieved revenues of 31.522 billion yuan, a 17.27% increase year-on-year, and a net profit of 16.663 billion yuan, up 31.81% year-on-year [1] - The total electricity generation for the first three quarters was approximately 235.814 billion kWh, reflecting a 15.97% increase year-on-year [1] Market Data - As of November 1, 2024, the company's stock price was 27.98 yuan, with a market capitalization of approximately 2,446.82 billion yuan [1] - The company has a gross profit margin of 70.93% and a net profit margin of 53.28% in Q3 2024, both showing improvements from the previous year [1] - Financial expenses were effectively managed, resulting in a decrease of 11% year-on-year, with a financial expense ratio of 8.91% [1] Earnings Forecast - The company is projected to achieve net profits of 33.852 billion yuan, 35.675 billion yuan, and 37.014 billion yuan for the years 2024, 2025, and 2026 respectively [2] - The corresponding price-to-earnings (P/E) ratios for these years are expected to be 20.2, 19.2, and 18.5 [2] Comparable Company Valuation - The company is compared with peers such as Huaneng Hydropower, Chuanwei Energy, and Guotou Power, with its current valuation slightly above the industry average [1][3]

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 199 期，总第 1758 期（电子版） 2024 年 11 月 4 日 星期一 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3272.01 | -0.24 | | 深证成指 | 10455.5 | -1.28 | | 中小 100 | 6520.89 | -0.76 | | 创业板指 | 2123.74 | -1.88 | | 沪深 300 | 3890.02 | -0.03 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 42052.19 | 0.69 | | 纳斯达克 | 18239.92 | 0.8 | | 标普 500 | 5728.8 | 0.41 | | 英国富时 100 | 8177.15 | 0.83 | | 日经 225 | 38053.67 | -2. ...