Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The demand for high-speed optical modules is rapidly increasing, leading to better-than-expected performance in the third quarter. The company reported a revenue of 5.13 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 145.82%. The net profit attributable to shareholders reached 1.646 billion yuan, up 283.20% year-on-year [1][2] - In the third quarter alone, the company achieved a revenue of 2.403 billion yuan, a year-on-year increase of 207.12% and a quarter-on-quarter increase of 48.79%. The net profit attributable to shareholders was 781 million yuan, reflecting a year-on-year growth of 453.07% and a quarter-on-quarter growth of 44.46% [1] Financial Performance Summary - For the first three quarters of 2024, the company benefited from the development of AI technology and increased computing power demand, which significantly boosted the demand for high-speed optical modules [1] - The company's gross margin for the third quarter was 41.53%, an increase of 15.37 percentage points year-on-year [1] - The company is one of the few in China capable of mass delivery of 100G, 400G, and 800G optical modules, with a continuous increase in the sales proportion of high-speed optical module products, enhancing profitability [1] Earnings Forecast - The company is expected to achieve revenues of 7.631 billion yuan, 11.872 billion yuan, and 15.654 billion yuan for the years 2024, 2025, and 2026, respectively. The previous estimates were 6.644 billion yuan, 9.939 billion yuan, and 13.102 billion yuan [1][2] - The net profit attributable to shareholders is forecasted to be 2.339 billion yuan, 4.008 billion yuan, and 5.549 billion yuan for the years 2024, 2025, and 2026, respectively, with previous estimates being 2.045 billion yuan, 3.349 billion yuan, and 4.601 billion yuan [1][2] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 41.2, 24.1, and 17.4, respectively [2][3] - The company’s average market capitalization is approximately 101.11 billion yuan [3]

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Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved counter-cyclical growth in performance, with a revenue of 20.364 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 19.44%. The net profit attributable to shareholders reached 3.145 billion yuan, up 14.12% year-on-year [1] - The company is firmly promoting a "dual-wing, global layout" strategy, with significant growth in its waterproof and coating businesses, and a strong international presence [1][2] - The waterproof business saw a revenue increase of 18.67% to 3.578 billion yuan, while the coatings business experienced a remarkable growth of 735.04%, reaching 2.548 billion yuan [1] - The company has established a leading market share in the domestic gypsum board industry, with effective production capacity of 3.562 billion square meters as of June 30, 2024 [1] Financial Performance Summary - For the first three quarters of 2024, the company reported: - Revenue: 20.364 billion yuan, up 19.44% year-on-year - Net profit: 3.145 billion yuan, up 14.12% year-on-year - Waterproof business revenue: 3.578 billion yuan, up 18.67% - Coating business revenue: 2.548 billion yuan, up 735.04% - International business revenue: 171 million yuan, up 121.16% [1][2] Earnings Forecast - The company is expected to achieve the following revenues and net profits for 2024-2026: - 2024E Revenue: 27.616 billion yuan, Net Profit: 4.399 billion yuan - 2025E Revenue: 30.768 billion yuan, Net Profit: 4.990 billion yuan - 2026E Revenue: 34.327 billion yuan, Net Profit: 5.658 billion yuan - The projected P/E ratios for 2024, 2025, and 2026 are 11.9, 10.5, and 9.3 respectively [2][3][4]

Core Views - LPR cuts support domestic demand growth: On October 21, the 1-year LPR was reduced to 3.1% and the 5-year LPR to 3.6%, both down by 25 basis points from the previous period. This marks the third adjustment in 2024, with cumulative reductions of 35 basis points for the 1-year LPR and 60 basis points for the 5-year LPR [6] - High-tech manufacturing shows resilience: From January to September, high-tech manufacturing profits grew by 6.3%, outperforming the average growth rate by 9.8%. Key sectors like aerospace and semiconductor equipment manufacturing saw profit increases of 17.1% and 13.2%, respectively [7] - US manufacturing PMI exceeds expectations: The US October Markit Manufacturing PMI rose to 47.8, a two-month high, though it remains in contraction territory. The probability of a 25-basis-point Fed rate cut in November is 89.2% [9] Market Performance - A-share market shows resilience: From October 21 to October 25, major indices such as the Shanghai Composite Index rose by 1.17%, while the Wind All-A Index increased by 2.72%. Market volatility was driven by sector rotation and external factors like US economic data and elections [11] - Global and domestic index performance: Detailed data on global and domestic index performance is provided, with specific figures for key indices during the period of October 21-25 [13] Industry and Theme Allocation - Policy-driven opportunities: Focus on sectors like AI and medical imaging in the medical device industry, as well as digital transformation in the power equipment sector [12] - Industry growth opportunities: Key sectors include TMT, automotive, machinery, building materials, non-bank finance, pharmaceuticals, home appliances, power equipment, and food and beverage. Themes to watch include the Belt and Road Initiative, state-owned enterprise reform, and carbon neutrality [12] Valuation Data - Market and industry valuation: The report provides detailed valuation metrics for major indices and industries, including PE and PB ratios, with specific percentile rankings for sectors like utilities, social services, and food and beverage [16][17] Event Calendar - Upcoming economic events: Key events include US ADP employment data, GDP and PCE price index releases, and China's official manufacturing PMI for October [19]

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| --- | --- | --- | |----------------------------------------------------------------------------------------|-----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 证券研究报告 | | 煤炭 | | 报告日期： 2024 年 10 ...

证券研究报告 银行/非银金融 报告日期：2024 年 10 月 28 日 银行具备避险高性价比 券商业绩与估值望双升 ——金融周报 华龙证券研究所 最近一年走势 上周（10 月 21 日至 10 月 25 日，下同）A 股日均成交额高位回 升，成交额日均 19097 亿元，市场交投热度较强，政策边际影响 减弱板块出现轮涨。两融余额继续增加至 16641 亿元，两融周度 增幅为 3.30%，投资者加杠杆意愿强烈。2024 年 9 月股票市场募 资规模变化不大，募资家数 23 家，募集金额为 209 亿元，IPO 数 量 10 家，IPO 募集资金 56 亿元，发行市场仍维持较低规模。上 周新发基金份额维持低位为 68 亿份；受被动指数基金规模增加影 响，截至 2024 年 9 月底公募基金规模 32.07 万亿元，规模环比 8 月增长 3.77%。 投资评级：推荐（维持） 执业证书编号：S0230521030002 上周十年期国债到期收益率有所上行，10 月 25 日提升至 2.16%， 十年期国债到期收益率仍然维持区间震荡。近期受权益资产波动 加大影响，股债跷跷板效应提升明显，"看股做债"影响下利率债 到期收 ...

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