Investment Rating - The report assigns a "Trading Buy" rating, indicating a potential upside of 5% to 15% in the stock price [4][6]. Core Insights - The company has raised its full-year revenue guidance to RMB 56-58.8 billion, with the lower end increased by approximately RMB 3 billion, clarifying its performance outlook [4][5]. - The company is transitioning from cleaning equipment to a broader range of semiconductor equipment, including coating, developing, and wet etching, supported by recent order receipts that validate its R&D and manufacturing capabilities [4][6]. - The stock is currently trading at P/E ratios of 44x, 34x, and 27x for 2024, 2025, and 2026, respectively, suggesting a favorable valuation for long-term investment after the release of lock-up risks [4][6]. Revenue and Profitability - For Q3 2024, the company reported a revenue of RMB 16 billion, a year-on-year increase of 38%, and a net profit of RMB 3 billion, up 35% year-on-year [5]. - The company’s R&D expenses increased by 36% year-on-year to RMB 540 million, reflecting a strong commitment to innovation [5]. - The net profit forecast for 2024-2026 is projected to be RMB 1.13 billion, RMB 1.46 billion, and RMB 1.81 billion, with year-on-year growth rates of 24%, 30%, and 24% respectively [6]. Shareholder Information - The major shareholder is ACM Research, Inc., holding 82.01% of the shares [4]. - A total of 360 million shares (82% of the total) will be unlocked on November 18, which may temporarily affect market sentiment [4][5]. Market Performance - The stock price as of November 7, 2024, is RMB 112.60, with a 12-month high of RMB 139.99 and a low of RMB 68.34 [4]. - Over the past month, the stock has decreased by 7.6%, but it has increased by 17.9% over the past three months [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [2][6]. Core Views - The company has shown signs of recovery in its performance, particularly in the sweetener segment, with expectations for continued profit rebound due to price increases [2][4]. - The company plans to invest 2 billion RMB in a new gasification project to enhance production efficiency and reduce costs, which is expected to contribute significantly to future revenue [5][6]. Summary by Sections Company Overview - The company operates in the food and beverage sector, with a current stock price of 22.95 RMB as of November 1, 2024, and a market capitalization of 13.005 billion RMB [1]. - Major shareholders include Anhui Jinrui Investment Group Co., Ltd., holding 43.95% of shares [1]. Recent Performance - For the first three quarters of 2024, the company reported a revenue of 4.043 billion RMB, a year-over-year decrease of 1%, and a net profit of 409 million RMB, down 27% year-over-year [2]. - In Q3 alone, the company achieved a revenue of 1.504 billion RMB, reflecting a 6% increase year-over-year and a 14% increase quarter-over-quarter [2]. Product Pricing and Market Dynamics - The sweetener market has seen a price recovery after a two-year low, with significant price increases for key products like sucralose and acesulfame potassium [4]. - The average price for sucralose in Q3 was 123,000 RMB per ton, showing a 17% increase from the previous quarter [4]. Future Projections - The company forecasts net profits of 641 million RMB, 796 million RMB, and 964 million RMB for 2024, 2025, and 2026 respectively, with expected growth rates of -9%, +24%, and +21% [6]. - The new gasification project is anticipated to generate an annual revenue of 940 million RMB once operational [5].

Investment Rating - The report assigns a "Trading Buy" rating for the company, indicating a potential upside of 5% to 15% [4][9]. Core Views - The company achieved a revenue of RMB 67.92 billion in the first three quarters of 2024, representing an 8.6% year-on-year increase, with a net profit of RMB 24.93 billion, up 9.2% year-on-year [4]. - The third quarter's revenue was RMB 17.27 billion, showing a 1.4% year-on-year increase, but the performance was below expectations [4]. - The gross margin improved by 2.8 percentage points to 76.2% during the reporting period, driven by price increases [4]. - The company plans to maintain a cash dividend payout ratio of no less than 70% of net profit, with a minimum of RMB 20 billion annually, which is expected to enhance shareholder returns [5]. - The company’s contract liabilities at the end of the third quarter stood at RMB 7.07 billion, a decrease of 13.3% from the previous quarter, suggesting a potential recovery in performance for Q4 [6]. Financial Summary - The company’s net profit projections for 2024, 2025, and 2026 are RMB 32.89 billion, RMB 37.14 billion, and RMB 41.57 billion, respectively, with year-on-year growth rates of 8.9%, 12.9%, and 11.91% [6]. - Earnings per share (EPS) are forecasted to be RMB 8.47, RMB 9.57, and RMB 10.71 for the years 2024, 2025, and 2026, respectively [6]. - The price-to-earnings (P/E) ratios for the same years are projected to be 17, 15, and 14 [6].

Investment Rating - The investment rating for the company is "Trading Buy" with a target price of 221 RMB [2]. Core Insights - The company has shown steady performance in Q3, with strong support from mid-range products. Revenue for the first three quarters of 2024 reached 31.36 billion RMB, a year-on-year increase of 17.3%, while net profit attributable to the parent company was 11.35 billion RMB, up 20.3% [2][4]. - The report indicates that the revenue growth rate for mid-range and high-end products has rebounded compared to Q2, with Q3 revenue reaching 6.19 billion RMB, a year-on-year increase of 6.7% [2][4]. - The company is expected to achieve net profits of 12.67 billion RMB, 14.55 billion RMB, and 16.67 billion RMB for the years 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 21.4%, 14.9%, and 14.6% [2][4]. Summary by Sections Company Overview - The company operates in the food and beverage industry, specifically focusing on liquor production [2]. Financial Performance - For Q3, the company achieved a revenue of 8.61 billion RMB, a year-on-year increase of 11.4%. The gross profit margin decreased by 0.7 percentage points to 74.3% due to changes in product structure [2][4]. - The operating cash flow for the first three quarters was 11.43 billion RMB, a year-on-year increase of 67% [2][4]. Future Projections - The company is projected to maintain strong support from mid-range products and glass wine, with expectations for revenue growth in Q4 due to a low comparative base [2][4]. - The earnings per share (EPS) for the upcoming years are forecasted to be 10.38 RMB, 11.93 RMB, and 13.67 RMB for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 19, 17, and 15 [2][4].

Investment Rating - The report assigns a "Buy" rating for the company [2][5]. Core Views - The company achieved a revenue of 33.49 billion RMB for the first three quarters of 2024, representing a year-over-year increase of 14.2%. The net profit attributable to shareholders was 650 million RMB, up 195.2% year-over-year, which met expectations [3]. - In Q3 2024, the company reported a revenue of 11.92 billion RMB, a 16.3% increase year-over-year, with a net profit of 210 million RMB, reflecting a significant increase due to a low base from the previous year [3][4]. - The company continues to implement a price-for-volume strategy, resulting in a 28.0% increase in express delivery volume, totaling 5.88 billion packages [3][4]. Summary by Sections Financial Performance - The company's gross margin in Q3 was 5.4%, an increase of 2.3 percentage points year-over-year, attributed to improved capacity utilization and cost management [4]. - The net profit margin after deducting non-recurring items increased by approximately 1.2 percentage points to 1.69% in Q3, with a net profit of 200 million RMB, an increase of 210 million RMB year-over-year [4]. Future Outlook - The company has significant profit growth potential, with expectations to increase daily throughput capacity to over 75 million packages by 2024, up from the current average of 64 million [4]. - The report forecasts net profits of 910 million RMB, 1.26 billion RMB, and 1.51 billion RMB for 2024, 2025, and 2026 respectively, with year-over-year growth rates of 168%, 38%, and 20% [5][6]. Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 19, 13, and 11 times respectively [5][6].

◼ 风险提示：原料价格上涨、终端销售不及预期、高端消费疲软 2024 年 10 月 31 日 王睿哲 C0062@capital.com.tw 目标价(元) 71 | --- | --- | --- | --- | |-----------------------|-----------------|----------------|-------------------------| | 公司基本信息 | | | | | 产业别 | | | 医药生物 | | A 股价 (2024/10/30) | | | 59.23 | | 深证成指 (2024/10/30) | | | 10530.85 | | 股价 12 个月高/低 | | | 69.46/42.59 | | 总发行股数 (百万) | | | 643.98 | | A 股数(百万 ) | | | 643.98 | | A 市值(亿元) | | | 381.43 | | 主要股东 | | | 华润东阿阿胶 | | 每股净值(元 ) | | | 有限公司 (23.50%) 15.39 | | 股价/账面净值 | | | 3.85 | | | 一个月 | 三 ...

Investment Rating - The report assigns a "BUY" rating for Yili Group (伊利股份) with a target price of 31 CNY [1]. Core Insights - The company reported a total revenue of 89.04 billion CNY for the first three quarters of 2024, a year-on-year decrease of 8.6%, while the net profit attributable to shareholders reached 10.87 billion CNY, an increase of 15.9% [1]. - The third quarter performance exceeded expectations, with revenue of 29.12 billion CNY, down 6.7% year-on-year, and a net profit of 3.34 billion CNY, up 8.5% year-on-year [1]. - The report highlights that the channel adjustments have concluded, and the low prices of raw milk have positively impacted profitability [5][6]. Summary by Sections Company Overview - Yili Group operates in the food and beverage industry, with a current stock price of 26.44 CNY as of October 30, 2024 [1]. - The company has a market capitalization of approximately 167.48 billion CNY and a price-to-book ratio of 2.99 [1]. Financial Performance - The revenue breakdown for Q3 shows liquid milk contributing 20.64 billion CNY (down 10.3% year-on-year), milk powder and dairy products at 6.82 billion CNY (up 6.6% year-on-year), and cold drinks at 1.02 billion CNY (down 16.7% year-on-year) [5]. - The gross margin for Q3 improved by 2.4 percentage points to 35%, attributed to low raw milk prices and improved product freshness following channel adjustments [5]. Profitability Forecast - The report slightly raises profit forecasts, expecting net profits of 12.22 billion CNY, 13.74 billion CNY, and 15.02 billion CNY for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 17.2%, 12.4%, and 9.4% [6][7]. - Earnings per share (EPS) are projected to be 1.92 CNY, 2.16 CNY, and 2.36 CNY for the same years, with corresponding price-to-earnings (P/E) ratios of 14, 12, and 11 [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [2][3][4]. Core Insights - The company reported a significant year-on-year revenue growth of 46.10% for the first three quarters of 2024, reaching 1.312 billion RMB, with a net profit of 393 million RMB, reflecting a 24.46% increase [2][4]. - The third quarter alone saw a revenue increase of 59.29% year-on-year, amounting to 515 million RMB, and a net profit surge of 97.20% year-on-year, totaling 159 million RMB [2][4]. - The company is expanding its production capacity, with ongoing projects expected to enhance its output in the next 2-3 years, particularly in polishing liquids and functional wet electronic chemicals [6][4]. Summary by Sections Company Overview - The company operates in the electronics sector, with a current stock price of 140.97 RMB and a market capitalization of 18.215 billion RMB [1]. - Major shareholder is Anji Microelectronics Co., Ltd., holding 30.81% of shares [1]. Financial Performance - The company achieved a gross margin of 58.56% in the first three quarters, an increase of 0.68 percentage points year-on-year [4][5]. - The report forecasts net profits of 560 million RMB, 748 million RMB, and 976 million RMB for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 39%, 34%, and 30% [6][8]. Product and Market Position - The product mix includes 84.4% from chemical mechanical polishing liquids and 6.4% from wet electronic chemicals, with a steady increase in market share for polishing liquids from 3% in 2020 to 8% by the end of 2023 [1][4]. - The company is successfully introducing new products, with some entering a growth phase, and is expected to further enhance its product structure and profitability [3][4]. Capacity Expansion - Current polishing liquid capacity stands at 29,100 tons, with additional capacities under construction expected to come online in the next few years [6]. - The company is also developing new production facilities for etching and plating liquids, which will contribute to its platform strategy in electronic materials [6].

Investment Rating - The report assigns a "Buy" rating for both A and H shares of the company, indicating a potential upside of 15% to 35% [6][8]. Core Insights - The company reported a revenue of 30.91 billion RMB for the first three quarters of 2024, with a year-over-year growth of 0.7%. The net profit attributable to the parent company was 2.01 billion RMB, down 11.9% year-over-year, but the non-recurring net profit was 1.84 billion RMB, showing a growth of 24.6% year-over-year [6]. - Excluding COVID-related products, the company's revenue for the first three quarters of 2024 grew approximately 5.7%, driven by steady growth in innovative drugs [6][7]. - The company experienced a significant increase in net profit for Q3 2024, with a year-over-year growth of 55.4%, attributed to various factors including a lower base from the previous year and improved product mix [7]. Company Overview - The company operates primarily in the pharmaceutical and biotechnology industry, with a product mix that includes 61.4% from drug manufacturing and R&D, 15.1% from medical devices and services, and 13.4% from pharmaceutical distribution and retail [3]. - The major shareholder is Shanghai Fosun High Technology Group Co., Ltd., holding 33.30% of the shares [2]. Financial Performance - The company’s A-share price as of October 29, 2024, was 26.04 RMB, with a market capitalization of 55.165 billion RMB [2]. - The projected net profits for 2024, 2025, and 2026 are 2.9 billion RMB, 3.5 billion RMB, and 4.1 billion RMB, respectively, with year-over-year growth rates of 20.2%, 22.5%, and 17.3% [8][9]. - The earnings per share (EPS) for the same years are projected to be 1.1 RMB, 1.3 RMB, and 1.5 RMB, with corresponding price-to-earnings (P/E) ratios for A shares of 24X, 20X, and 17X [8][9]. Market Position - The company’s stock has shown a price increase of 13.8% over the past month, 11.7% over the past three months, but a decline of 3.3% over the past year [2]. - The company is actively optimizing its R&D pipeline and financial structure, which is expected to enhance future growth prospects [8].

Investment Rating - The report assigns a "Trading Buy" rating to the company, with a target price of 64 CNY [2] Core Views - The company's new energy vehicle business continues to grow rapidly, while the industrial control business remains under pressure [2] - In 3Q24, the company achieved revenue of 92.1 billion CNY, a YoY increase of 20.1%, driven by strong growth in the new energy vehicle sector [2] - The new energy vehicle business contributed approximately 44 billion CNY in revenue, a YoY increase of 91%, benefiting from rapid sales growth of customer models [2] - The industrial automation business saw a 7% YoY decline in revenue, with specific segments like general inverters, general servos, and PLC&HMI experiencing drops of 2%, 15%, and 25% respectively [2] - The company's gross margin declined to 29.7% in 3Q24, down 5.3 percentage points YoY, primarily due to the increased proportion of low-margin new energy vehicle business [2] Financial Performance - For the first three quarters of 2024, the company reported revenue of 254.0 billion CNY, a YoY increase of 26.2%, and net profit attributable to shareholders of 33.5 billion CNY, a YoY increase of 1.0% [2] - In 3Q24, the company's net profit attributable to shareholders was 12.4 billion CNY, a slight YoY decrease of 0.5%, while non-GAAP net profit was 10.7 billion CNY, down 9.5% YoY [2] - The company's 3Q24 operating margin was 17.1%, down 1.9 percentage points YoY, mainly due to a decrease in R&D expense ratio [2] Business Segments - The new energy vehicle & rail transit segment accounted for 38.5% of the company's product mix, while the elevator electrical segment contributed 14.4% [2] - The general automation segment, which makes up 46.5% of the product mix, saw a decline in revenue, particularly in the PLC&HMI segment, which dropped by 25% YoY [2] Strategic Initiatives - The company is accelerating its internationalization strategy, establishing new subsidiaries and offices in Vietnam and building a new factory in Thailand [2] - In the digitalization space, the company showcased its industrial digital platform InoCube and the iFA Evolution software platform at the Industrial Expo, enhancing its competitiveness in software and hardware integration [2] - The recent acquisition of a French industrial software company is expected to complement the company's digital twin technology [2] Future Outlook - The report forecasts that the company will achieve net profits of 47, 58, and 69 billion CNY for 2024, 2025, and 2026 respectively, with EPS of 1.8, 2.2, and 2.6 CNY [2] - The company's PE ratios for 2024-2026 are projected at 32x, 27x, and 22x, based on the current A-share price [2]