Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance exceeded expectations, and its integrated layout continues to advance [1] - The company reported a revenue of 13.925 billion yuan for the first three quarters of 2024, a year-on-year decrease of 45.78%, with a net profit attributable to shareholders of -640 million yuan, down 110.66% year-on-year [2][3] - The company is focusing on overseas project layouts and capacity construction, with significant progress in its Mali Lithium and Argentina projects [3] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 4.336 billion yuan, a year-on-year decrease of 42.46% and a quarter-on-quarter decrease of 4.29%, with a net profit of 120 million yuan, down 24.85% year-on-year but up 137.32% quarter-on-quarter [2][3] - The overall gross margin for the first three quarters was 10.34%, a decrease of 7.08 percentage points year-on-year, with Q3 gross margin at 9.33%, down 6.61 percentage points quarter-on-quarter [2][3] - The company has made significant investments in capacity expansion, with plans to produce 20,000 to 25,000 tons of lithium carbonate from its Argentina project in 2024 [3] Financial Forecasts - The company is expected to have a net profit of -320 million yuan in 2024, with corresponding P/E ratios of -208, 259, and 62 for 2024, 2025, and 2026 respectively [3][4] - Revenue projections for 2024, 2025, and 2026 are 21.198 billion yuan, 25.350 billion yuan, and 30.323 billion yuan, respectively, with year-on-year growth rates of -35.7%, 19.6%, and 19.6% [4][7] - The gross margin is projected to be 11.0% in 2024, 13.4% in 2025, and 15.1% in 2026 [4][7]

英杰电气（ 300820） 公司点评 2024Q3 业绩符合预期，半导体射频电源稳步推进，引领国产替代 | --- | --- | --- | |------------------------------------------------|----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrated resilience in its Q3 2024 performance, with revenue slightly increasing by 5.85% year-on-year to 10.353 billion yuan, while net profit decreased by 20.86% to 675 million yuan due to gas price impacts [2][4] - The company is awaiting a rebound in gas prices, with retail prices for oxygen, nitrogen, and argon showing signs of improvement, which is expected to enhance profitability [3][4] - The company is actively expanding its international operations, having established an overseas business unit to enhance its global market presence [3] Financial Performance Summary - For Q3 2024, the company reported revenue of 3.63 billion yuan, an increase of 8.66% year-on-year and 5.94% quarter-on-quarter, while net profit was 240 million yuan, down 26.99% year-on-year but up 2.13% quarter-on-quarter [2] - The gross margin for Q3 2024 was 19.85%, a decrease of 4.54 percentage points year-on-year, and the net profit margin was 6.57%, down 3.21 percentage points year-on-year [2] - As of Q3 2024, the company's inventory was 2.04 billion yuan, down 7.57% from the previous quarter, while contract liabilities increased by 9.11% to 3.209 billion yuan [3] Earnings Forecast - The company's revenue forecasts for 2024-2026 are adjusted to 14.866 billion yuan, 18.066 billion yuan, and 21.112 billion yuan, respectively [4] - The net profit forecasts for the same period are adjusted to 1.045 billion yuan, 1.340 billion yuan, and 1.511 billion yuan, respectively [4] - The diluted EPS for 2024-2026 is projected to be 1.1 yuan, 1.4 yuan, and 1.5 yuan, with corresponding P/E ratios of 25, 19, and 17 times [4][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 6.26% year-on-year increase in revenue for the first three quarters of 2024, totaling 377 million yuan, while net profit attributable to shareholders decreased by 31.74% to 52 million yuan [2] - New order quantity has increased, with the proportion of electrolyzer testing systems rising to approximately 60% of the hydrogen energy business, despite a slight increase in order amounts due to intensified market competition [2] - The company is focusing on high-quality sectors such as energy storage and new energy vehicles, aiming to enhance product competitiveness and cost efficiency, which is expected to gradually restore performance in the medium to long term [2] - The forecasted net profits for 2024-2026 are 73 million, 112 million, and 177 million yuan respectively, corresponding to P/E ratios of 35, 23, and 15 [2] Financial Summary - For 2023, the company achieved a revenue of 529 million yuan, with a projected revenue of 643 million yuan for 2024, reflecting a year-on-year growth of 21.6% [3] - The gross profit margin is expected to decline from 53.9% in 2023 to 49.5% in 2024 [3] - The company's operating cash flow is projected to increase significantly from 85 million yuan in 2023 to 262 million yuan in 2024 [4] - The total assets are expected to grow from 1,733 million yuan in 2023 to 2,722 million yuan in 2026 [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown a continuous recovery trend in Q3, with significant growth in the signal chain segment and successful acquisition of Chuangxinwei, enhancing its power management capabilities [2][3] - In the first three quarters of 2024, the company achieved revenue of 848 million yuan, a year-on-year increase of 4.31%, while the net profit attributable to the parent company was -99 million yuan, with a gross margin of 49.46%, down 4.11 percentage points year-on-year [2][3] - The company completed the acquisition of Chuangxinwei on October 22, 2024, which is expected to strengthen its competitive advantage in power management and enhance product performance and technical service capabilities [2][3] Financial Performance Summary - In Q3 2024, the company achieved revenue of 342 million yuan, a quarter-on-quarter increase of 11.37% and a year-on-year increase of 69.76%, with a gross margin of 51.60%, up 3.31 percentage points quarter-on-quarter and 1.58 percentage points year-on-year [2][3] - The projected net profits for 2024-2026 are -23 million yuan, 108 million yuan, and 296 million yuan, respectively, with corresponding EPS of -0.17, 0.82, and 2.23 yuan [2][3] - The company’s revenue is expected to grow from 1.094 billion yuan in 2023 to 2.365 billion yuan in 2026, with a year-on-year growth rate of 41.0% in 2026 [3][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights stable revenue growth in Q3 2024, with a year-on-year increase of 14.96% to reach 19.30 billion [1] - The net profit attributable to shareholders increased by 24.78% year-on-year to 0.52 billion, while the non-recurring net profit rose by 19.97% to 0.40 billion [1] - Strategic collaborations are enhancing the company's R&D capabilities, with agreements signed with HaiLaiKe and Shandong BaiNuo Pharmaceutical for innovative drug development [1][2] Financial Performance Summary - In Q3 2024, the company's revenue was 6.56 billion, reflecting a year-on-year growth of 22.41%, while the net profit attributable to shareholders was 0.15 billion, down 2.40% year-on-year [1] - The gross profit margin for the first three quarters of 2024 was 57.91%, a decrease of 1.79 percentage points year-on-year [1] - The operating cash flow for the period was 0.80 billion, a decline of 48.15% year-on-year [1] Future Projections - The company is projected to achieve revenues of 25.59 billion, 28.77 billion, and 32.50 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 12.4% for both 2024 and 2025, and 13.0% for 2026 [3] - The net profit attributable to shareholders is expected to be 0.77 billion, 1.01 billion, and 1.34 billion for the same years, with growth rates of 58.0%, 31.2%, and 32.2% respectively [3] - Corresponding valuations for 2024, 2025, and 2026 are projected at 50X, 38X, and 29X [3]

Investment Rating - Buy rating maintained for Keqian Biotech (688526) [1] Core Views - Q3 2024 revenue was RMB 265 million, down 10.35% YoY [1] - Q3 2024 net profit attributable to parent company was RMB 108 million, down 8.68% YoY [1] - Gross margin improved significantly in Q3 2024 to 65.17%, down 8.97pct YoY [1] - R&D expenses in first three quarters of 2024 were RMB 61.15 million, accounting for 9.19% of revenue [1] - Multiple new vaccine products approved, including PRRS live vaccine and swine fever live vaccine [1] Financial Performance - 2024 Q1-Q3 revenue was RMB 666 million, down 19.57% YoY [1] - 2024 Q1-Q3 net profit attributable to parent company was RMB 261 million, down 27.09% YoY [1] - 2024 Q1-Q3 gross margin was 64.01%, down 9.77pct YoY [1] - 2024 Q1-Q3 net profit margin was 39.07%, down 4.1pct YoY [1] Industry Outlook - Pig prices expected to remain high in Q4 2024 [1] - Downstream breeding industry profitability may drive demand for veterinary drugs [1] - 7-month sow inventory down 7.2% YoY, newborn piglets down 6.8% YoY [1] Future Projections - 2024-2026 revenue forecast: RMB 956 million, RMB 1.15 billion, RMB 1.34 billion [1] - 2024-2026 net profit forecast: RMB 360 million, RMB 458 million, RMB 546 million [1] - 2024-2026 EPS forecast: RMB 0.77, RMB 0.98, RMB 1.17 [1] Financial Ratios - 2024E P/E: 23.98x [3] - 2024E P/B: 2.48x [3] - 2024E EV/EBITDA: 18.50x [3] - 2024E ROE: 8.6% [6]

Investment Rating - The investment rating for Yutong Bus is "Buy" (maintained) [1] Core Views - The performance in Q3 met expectations, with a focus on policy implementation in Q4 [1] - Despite being a seasonal sales downturn, Q3 performance remained robust [1] - The company reported a total revenue of 24.08 billion yuan in Q3 2024, a year-on-year increase of 27.0%, and a net profit attributable to shareholders of 2.43 billion yuan, a year-on-year increase of 131.5% [1] - The gross profit margin in Q3 improved year-on-year, benefiting from effective cost control [1] - The sales structure continues to optimize, with an increasing proportion of new energy buses in exports [1] - The domestic vehicle replacement policy is expected to boost bus sales in Q4 [1] - The company is positioned to benefit from the growth in the bus export market, projecting net profits of 3.4 billion, 3.92 billion, and 4.57 billion yuan for 2024-2026, representing year-on-year growth of 87.0%, 15.5%, and 16.5% respectively [1] Financial Summary - For 2023, the company reported a revenue of 27.04 billion yuan, with a projected revenue of 34.13 billion yuan for 2024, reflecting a year-on-year growth of 24.1% and 26.2% respectively [2][3] - The net profit attributable to shareholders for 2023 was 1.817 billion yuan, with projections of 3.398 billion yuan for 2024, indicating a year-on-year increase of 139.4% and 87.0% respectively [2][3] - The gross margin is expected to improve from 25.6% in 2023 to 26.6% in 2024 [2][3] - The return on equity (ROE) is projected to rise from 13.1% in 2023 to 23.7% in 2024 [2][3] - Earnings per share (EPS) is expected to increase from 0.82 yuan in 2023 to 1.53 yuan in 2024 [2][3] Cash Flow and Balance Sheet - Operating cash flow for 2023 was 4.717 billion yuan, with a projected decrease to 4.619 billion yuan in 2024 [4] - Total assets are projected to grow from 30.857 billion yuan in 2023 to 35.461 billion yuan in 2024 [5] - Total liabilities are expected to increase from 16.800 billion yuan in 2023 to 20.966 billion yuan in 2024 [5] - The company maintains a strong liquidity position with a current ratio projected to remain stable [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is increasing its R&D investment, driving innovation across multiple fields for future growth [1] - In the first three quarters of 2024, the company achieved revenue of 18.99 billion yuan, a year-on-year increase of 57.49% [1] - The net profit attributable to the parent company for Q3 2024 was 0.67 billion yuan, a decrease of 36.30% quarter-on-quarter and a decrease of 16.27% year-on-year [1] - The company is actively expanding its product applications from mobile devices to new fields and customers, enhancing its risk resistance capabilities [1] Financial Performance Summary - For Q3 2024, the company reported revenue of 6.49 billion yuan, a quarter-on-quarter increase of 0.12% and a year-on-year increase of 19.00% [1] - The gross profit margin for Q3 2024 was 40.02%, a slight decrease of 0.08 percentage points quarter-on-quarter and a year-on-year decrease of 3.12 percentage points [1] - The company’s R&D expenses for Q3 were 1.17 billion yuan, a quarter-on-quarter increase of 25.54% [1] - The projected net profits for the company from 2024 to 2026 are expected to be 3.18 billion yuan, 4.87 billion yuan, and 6.18 billion yuan respectively [1][2] Revenue and Profit Forecast - The company’s revenue is forecasted to grow from 1,780 million yuan in 2023 to 4,047 million yuan in 2026, with year-on-year growth rates of 36.9%, 36.6%, 31.9%, and 26.2% respectively [3][4] - The net profit attributable to the parent company is projected to increase from 261 million yuan in 2023 to 618 million yuan in 2026, with corresponding year-on-year growth rates of 6.2%, 21.8%, 52.9%, and 26.9% [3][4] - The gross profit margin is expected to remain stable around 42.3% in 2023, decreasing slightly to 41.0% by 2026 [4] Key Financial Ratios - The company’s return on equity (ROE) is projected to improve from 7.1% in 2023 to 11.9% in 2026 [4] - The price-to-earnings (P/E) ratio is expected to decrease from 62.27 in 2023 to 23.94 in 2026, indicating a more attractive valuation over time [4]

Investment Rating - Buy rating maintained for the company [1][2] Core Views - The company achieved revenue of 2.445 billion yuan in the first three quarters of 2024, a year-on-year increase of 29.96%, with net profit attributable to the parent company reaching 285 million yuan, a year-on-year increase of 100.57% [2] - Gross margin improved to 52.17%, up 1.63 percentage points year-on-year [2] - Q3 revenue was 868 million yuan, up 2.48% quarter-on-quarter and 18.52% year-on-year, with net profit attributable to the parent company at 106 million yuan, up 102.74% year-on-year [2] - The company's new product launches, including high-side current detection operational amplifiers and automotive-grade high-speed low-side driver chips, are strengthening its competitive advantage [2] - Texas Instruments' reduction in CAPEX guidance from $5 billion to $2-5 billion by 2026 has alleviated market concerns about competitive pressures [2] Financial Performance and Projections - Revenue for 2024E, 2025E, and 2026E is projected to be 3.215 billion yuan, 4.048 billion yuan, and 5.146 billion yuan, respectively, with year-on-year growth rates of 22.9%, 25.9%, and 27.1% [3][5] - Net profit attributable to the parent company is expected to be 415 million yuan, 777 million yuan, and 1.095 billion yuan for 2024E, 2025E, and 2026E, respectively, with year-on-year growth rates of 47.9%, 87.2%, and 40.8% [3][5] - Gross margin is forecasted to increase from 50.0% in 2024E to 53.6% in 2026E [3][5] - ROE is projected to rise from 9.3% in 2024E to 17.3% in 2026E [3][5] Valuation Metrics - The company's P/E ratios for 2024E, 2025E, and 2026E are 105x, 56x, and 40x, respectively [2][3] - P/B ratios are expected to be 9.79x, 8.34x, and 6.90x for 2024E, 2025E, and 2026E, respectively [3][5] - EV/EBITDA ratios are projected at 82.05x, 45.44x, and 32.18x for 2024E, 2025E, and 2026E, respectively [3][5] Cash Flow and Balance Sheet - Operating cash flow is expected to grow significantly, from 686 million yuan in 2024E to 1.695 billion yuan in 2026E [4] - Net cash increase is projected to rise from 159 million yuan in 2024E to 1.213 billion yuan in 2026E [4] - Total assets are forecasted to increase from 5.469 billion yuan in 2024E to 7.694 billion yuan in 2026E [5] - Equity attributable to the parent company is expected to grow from 4.466 billion yuan in 2024E to 6.338 billion yuan in 2026E [5] Industry and Competitive Position - The company is steadily progressing along the growth path of analog companies, with accelerated new product launches enhancing its market position [2] - Industrial downstream demand is stabilizing, with inventory digestion nearing completion [2]