[ T able_StockInfo] 2024 年 10 月 30 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：30.53 元 海尔智家（600690）家用电器 目标价：——元（6 个月） 控费提效成果显著，以旧换新有望改善收入 [Table_Summary 事件：公司发布三季报， ] 2024 年前三季度公司实现营收 2029.7 亿元，同比增 加 2.2%；归母净利润 151.5亿元，同比增加 15.3%；扣非净利润 146.9亿元， 同比增加 15.4%。单季度来看，Q3公司实现营收 673.5亿元，同比增加 0.5％； 归母净利润 47.3 亿元，同比增加 13.2%；扣非后归母净利润 45.2 亿，同比增 加 9.9%。 以旧换新驱动内需，海外新兴市场表现优秀。根据奥维云网数据，7，8月家电 行业整体承压，随着以旧换新政策全国推广，白电受益明显。公司积极抓住以 旧换新机会、充分发挥在高端品牌、全品类阵容、多渠道布局等方面优势，驱 动零售增长：三季度终端零售逐月改善，其中卡萨帝零售增幅高于整体水平。 报告期内，欧美发达国家行业需求疲软、新兴市场国家需求保持良好增长。公 司在欧美 ...

Investment Rating - The report maintains a "Buy" rating for Midea Group (000333) [1] Core Views - The company reported a revenue of 318.98 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 9.6%. The net profit attributable to shareholders reached 31.7 billion yuan, up 14.4% year-on-year. In Q3 alone, revenue was 101.7 billion yuan, with a year-on-year increase of 8.1%, and net profit was 10.89 billion yuan, growing 14.9% year-on-year [1][2] Summary by Sections Financial Performance - In Q3 2024, the gross margin was 26%, a slight decline of 1.1 percentage points year-on-year, attributed to rising raw material prices and intensified competition in July and August. The net profit margin improved to 10.8%, up 0.4 percentage points year-on-year [3][4] - The company’s financial expenses significantly decreased, with cash and cash equivalents at 160.88 billion yuan, an increase of 92.78 billion yuan compared to Q3 2023 [3] Revenue Growth Drivers - The "trade-in" policy has effectively stimulated domestic demand, leading to a recovery in air conditioning sales in September after a decline in July and August. The company is responding quickly to national subsidy activities in the home appliance sector [2] - The overseas OBM (Original Brand Manufacturer) strategy has shown significant results, with overseas OBM revenue growing over 25% year-on-year in the first three quarters. Q3 saw a 50% increase in overseas e-commerce sales, with Amazon's promotional events yielding over 35% growth [2] Earnings Forecast and Valuation - The report forecasts EPS for 2024, 2025, and 2026 to be 5.04 yuan, 5.55 yuan, and 6.11 yuan respectively, with corresponding valuations of 14X, 13X, and 12X [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The logistics segment has seen a slight decline, leading to short-term pressure on Q3 performance. The company reported a revenue of 5.15 billion yuan for the first three quarters, a year-on-year decrease of 3.6%. The net profit attributable to the parent company was 360 million yuan, a year-on-year increase of 1.0%. In Q3 alone, revenue was 1.68 billion yuan, down 15.7% year-on-year and 2.7% quarter-on-quarter, with a net profit of 120 million yuan, down 10.7% year-on-year and 2.0% quarter-on-quarter [1][2] - The company has seen a significant improvement in gross margin due to changes in revenue structure, with a gross margin of 23.2% for the first three quarters, up 2.0 percentage points year-on-year. The net margin was 7.0%, an increase of 0.3 percentage points year-on-year. In Q3, the gross margin reached 26.3%, up 6.9 percentage points year-on-year and 4.3 percentage points quarter-on-quarter [1][2] - The company is actively expanding its large vehicle capacity and improving its product development and marketing system in response to the increasing electrification rate of forklifts in China, which reached 70.8% in the first half of the year, up 2.9 percentage points from the end of 2023 [2] Financial Summary - For the first three quarters of 2024, the company reported a revenue of 5.15 billion yuan, a decrease of 3.6% year-on-year, and a net profit of 360 million yuan, an increase of 1.0% year-on-year. Q3 revenue was 1.68 billion yuan, down 15.7% year-on-year, and net profit was 120 million yuan, down 10.7% year-on-year [1][2] - The company expects net profits attributable to the parent company to be 490 million yuan, 580 million yuan, and 680 million yuan for 2024, 2025, and 2026 respectively, with a compound annual growth rate of 14.2% over the next three years [2]

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company reported a revenue of 1.72 billion yuan in Q3 2024, representing a 2.2% year-on-year increase, while the net profit attributable to shareholders was 410 million yuan, down 41.0% [1]. - For the first three quarters of 2024, the total revenue was 6.03 billion yuan, a decrease of 9.5%, with a net profit of 1.53 billion yuan, down 30.1% [1]. - The company is increasing its marketing efforts to enhance channel expansion and brand strength, with Q3 sales expenses rising significantly to support new product launches [1]. - The gross profit margin for Q3 2024 was 50.3%, a decrease of 0.9 percentage points, while the net profit margin fell to 23.9%, down 17.5 percentage points due to increased expenses and a high base from land asset disposals in the previous year [1]. Revenue and Profit Forecast - The company expects revenues of 8.37 billion yuan, 9.60 billion yuan, and 11.29 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 2.00 billion yuan, 2.17 billion yuan, and 2.63 billion yuan for the same years [2][3]. - The diabetes business is anticipated to grow significantly, with a compound annual growth rate (CAGR) of 50% from 2024 to 2026, driven by the development of continuous glucose monitoring (CGM) products [7]. Business Segment Performance - The respiratory oxygen segment is expected to see a revenue decline of 5% in 2024, followed by a recovery with growth rates of 13% in 2025 and 2026 [7]. - The blood glucose monitoring segment is projected to achieve a revenue of 1.1 billion yuan in 2024, with a gross margin of 63% [8]. - The infection control segment is expected to maintain stable revenues of 800 million yuan in 2024, with a gross margin of 50% [8]. Financial Metrics - The company’s earnings per share (EPS) for 2024 is estimated at 2.39 yuan, with a price-to-earnings (PE) ratio of 14 [3]. - The return on equity (ROE) is projected to be 14.59% in 2024, decreasing from 19.94% in 2023 [3].

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company has signed contracts for BC battery laser equipment, which is expected to significantly benefit from the downstream expansion of BC batteries in 2025. The contract value is 1.23 billion yuan, accounting for 76.4% of the company's 2023 revenue [2]. - The company's profitability remains strong, with a gross margin of 48.7% and a net margin of 27.6% in Q3 2024, reflecting an increase from the previous quarter [1][2]. - The report forecasts a compound annual growth rate (CAGR) of 24.7% for net profit over the next three years, reinforcing the company's position as a leader in the photovoltaic laser equipment sector [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 1.44 billion yuan, a year-on-year increase of 25.1%, and a net profit of 380 million yuan, up 13.0% year-on-year. In Q3 alone, revenue reached 530 million yuan, a quarter-on-quarter increase of 17.5% [1]. - The company recorded a credit impairment loss of approximately 36 million yuan in Q3, an increase of about 8.7 million yuan from Q2 [1]. Profitability Metrics - The gross margin for Q3 2024 was 48.7%, up 1.2 percentage points from the previous quarter, while the net margin increased by 5.4 percentage points to 27.6% [1][2]. - The report highlights the company's high barriers to entry in the photovoltaic battery laser equipment market, which supports its strong profitability [2]. Future Outlook - The company is expected to continue capturing BC battery laser equipment orders in 2025, benefiting from the anticipated expansion of BC battery production by major players in the industry [2]. - The report emphasizes the increasing technical requirements for laser equipment due to the transition to N-type battery technology, which further enhances the company's competitive edge [2].

Investment Rating - The report maintains a "Hold" rating for the company [1] Core Views - The company has demonstrated significant performance growth in Q3 2024, with a revenue increase of 10.0% year-on-year to 2.16 billion yuan and a net profit growth of 42.2% to 190 million yuan [1][3] - The company has effectively implemented refined management strategies, leading to a steady improvement in profitability, with a gross margin of 44.5% and a net margin of 8.5% for the first three quarters of 2024 [2][3] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 820 million yuan, up 11.5% year-on-year and 7.9% quarter-on-quarter, with a net profit of 110 million yuan, reflecting a year-on-year increase of 50.2% and a quarter-on-quarter increase of 39.0% [1] - The comprehensive gross margin for Q1-Q3 2024 was 44.5%, an increase of 2.2 percentage points year-on-year, while the net margin was 8.5%, up 2.1 percentage points year-on-year [2] Business Strategy - The company is focusing on market expansion in key sectors such as special industries, automotive, integrated circuits, and data science, which are driving revenue growth [3] - The company has established a strong presence in various industries, including aerospace, telecommunications, and environmental protection, and is actively pursuing new business areas like low-altitude economy and artificial intelligence [3] Profit Forecast and Investment Suggestions - The company is projected to achieve net profits of 310 million yuan, 380 million yuan, and 470 million yuan for 2024, 2025, and 2026, respectively, with a compound annual growth rate of 33% [3] - The report maintains the "Hold" rating based on the expected price-to-earnings ratios of 33, 27, and 21 for the next three years [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Views - The company reported a revenue of 290 million yuan for the first three quarters of 2024, a year-on-year increase of 13.5%, while the net profit attributable to shareholders decreased by 3.7% to 56.08 million yuan [1]. - In Q3 2024, the company achieved a revenue of 100 million yuan, representing a year-on-year growth of 26.9%, marking a new high for a single quarter [1]. - The company is focusing on magnesium alloy automotive die-casting business, which is expected to drive future growth [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a comprehensive gross margin of 33.7%, down 3.3 percentage points year-on-year, with Q3 gross margin at 33.3%, up 1.0 percentage point quarter-on-quarter [1]. - The net profit margin for Q3 2024 was 18.3%, down 5.2 percentage points year-on-year, primarily due to increased expense ratios [1]. - R&D expense ratio remained stable at 5.2% for both the first three quarters and Q3 alone [1]. Capacity Expansion and Market Development - The company plans to issue convertible bonds to raise 450 million yuan for the construction of a new factory in Ningbo, aiming to produce 3 million sets of high-strength magnesium alloy precision forming parts annually [1]. - The company received a supplier designation notice from an automotive parts manufacturer to develop and supply magnesium alloy reducer housing products, expected to start mass production in June 2025, with a total contract value of approximately 170 million yuan [1]. Earnings Forecast and Investment Suggestions - Revenue projections for 2024-2026 are 480 million yuan, 700 million yuan, and 990 million yuan, respectively, with net profits of 110 million yuan, 140 million yuan, and 190 million yuan [1]. - Corresponding EPS for these years are expected to be 1.32 yuan, 1.80 yuan, and 2.43 yuan, with PE ratios of 34x, 25x, and 19x [1]. - The report maintains a "Buy" rating based on the anticipated rapid growth in the company's performance [1].

Investment Rating - The report maintains a "Hold" rating for Gan & Lee Pharmaceuticals (603087) [1] Core Views - The company's Q3 2024 performance met expectations, with revenue of 2.25 billion yuan (+17.8% YoY) and net profit of 510 million yuan (+90.4% YoY) [2] - Domestic pharmaceutical and device revenue reached 680 million yuan (+22.3% YoY) in Q3, while overseas insulin revenue was 120 million yuan (+72.1% YoY) [2] - Gross margin improved to 75.4% (+0.6pp YoY) in the first three quarters, with Q3 margin reaching 78.1% (+1.5pp YoY) [2] - Key pipeline products GZR18 and GZR4 showed promising clinical trial results, with GZR18 demonstrating superior efficacy to semaglutide in diabetes treatment and achieving 16.5kg weight loss after 35 weeks [3] Financial Performance - Revenue growth is projected at 30.95% for 2024E, 39.97% for 2025E, and 20.23% for 2026E [4] - Net profit is expected to grow by 96.25% in 2024E, 65.43% in 2025E, and 28.35% in 2026E [4] - EPS forecasts are 1.11 yuan for 2024E, 1.84 yuan for 2025E, and 2.36 yuan for 2026E [4] - ROE is projected to increase from 5.89% in 2024E to 10.50% in 2026E [4] Operational Highlights - The company successfully implemented price adjustments following centralized procurement renewals, contributing to margin improvement [2] - R&D expenses accounted for 18% of revenue in the first three quarters, while sales expenses were 37% [2] - The company is strategically expanding sales channel coverage in anticipation of centralized procurement implementation across provinces [2] Pipeline Development - GZR18, a single-target GLP-1Ra drug, demonstrated superior efficacy to semaglutide in Phase 2a trials for diabetes treatment [3] - GZR4, a fourth-generation insulin weekly formulation, ranks among the top three in global development progress [3] Valuation Metrics - PE ratio is projected to decrease from 86.45 in 2023A to 20.75 in 2026E [7] - PB ratio is expected to decline from 2.74 in 2023A to 2.18 in 2026E [7] - EV/EBITDA ratio is forecast to improve from 51.51 in 2023A to 12.23 in 2026E [7]

[ T able_StockInfo] 2024 年 10 月 29 日 证券研究报告•2024 年三季报点评 当前价：5.45 元 重药控股（000950）医药生物 目标价：——元（6 个月） 业绩稳步恢复，加快产业结构优化 [Table_Summary 事件：公司发布] 2024 年三季报，2024 年前三季度公司实现收入 596.9 亿元 （+2.2%）；归母净利润 2.9亿元（-43.5%）；扣非归母净利润 2.8亿元（-40.9%）。 2024Q3公司实现收入 199.1亿元（+12.7%）；归母净利润 0.5亿元（+1269.4%）； 扣非归母净利润 0.6 亿元（+1342.8%）。 业务规模和客户业务持续扩大，三季度业绩稳健增长。前三季度公司积极推进 "十四五"战略规划的 300城计划，通过内生+外延两条路线发力，坚持稳中求 进，已完成纵深布局 142+地级行政区，随着地级市市场的覆盖逐步增加，进一 步加强在药品流通与医疗器械流通市场的拓展。公司继续推进部分对外投资并 购项目，加快数字化能力提升，推动组织架构调整，在网络覆盖、物流配送、 营销能力等方面得到持续提升。 利润端受带量采购影响小幅下 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported steady revenue in Q3 2024, but a decline in gross margin negatively impacted net profit [2] - For the first three quarters of 2024, the company achieved operating revenue of 10.736 billion yuan, a year-on-year increase of 4.78%, and a net profit attributable to shareholders of 1.101 billion yuan, a year-on-year increase of 1.45% [1][2] - In Q3 2024, the company recorded operating revenue of 2.930 billion yuan, a year-on-year decrease of 2.45% and a quarter-on-quarter decrease of 7.01%, with a net profit of 196 million yuan, down 40.93% year-on-year and 36.08% quarter-on-quarter [1][2] Summary by Sections Revenue and Profitability - The company’s comprehensive gross margin for the first three quarters of 2024 was 16.37%, a decrease of 0.20 percentage points year-on-year, while the net profit margin was 10.39%, down 0.27 percentage points year-on-year [2] - In Q3 2024, the comprehensive gross margin was 14.65%, a decline of 3.64 percentage points year-on-year and 1.91 percentage points quarter-on-quarter, with a net profit margin of 6.68%, down 4.24 percentage points year-on-year and 3.25 percentage points quarter-on-quarter [2] Cost Management - The company demonstrated excellent cost control in Q3 2024, with a period expense ratio of 7.96%, down 0.38 percentage points year-on-year [3] - The sales expense ratio was 1.70%, down 0.26 percentage points year-on-year, while the management expense ratio was 2.71%, down 0.41 percentage points year-on-year [3] Future Outlook - The company is expected to achieve net profits of 1.068 billion, 1.274 billion, and 1.489 billion yuan for 2024, 2025, and 2026 respectively, corresponding to EPS of 0.95, 1.13, and 1.33 yuan, indicating a compound annual growth rate of 14% in net profit over the next three years [3]