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]

阿 .................................................... 接续下页 ............................................................... 2024 年 10 月 29 日 顾向君 H70420@capitalcom.tw 目标价(元) 48 | --- | --- | --- | --- | |-----------------------|----------|----------------|------------------------------------| | 公司基本资讯 | | | | | 产业别 | | | 食品饮料 | | A 股价(2024/10/28) | | | 45.37 | | 上证指数 (2024/10/28) | | | 3322.20 | | 股价 12 个月高/低 | | | 52.99/32.41 | | 总发行股数(百万 | ) | | 5560.60 | | A 股数(百万 ) | | | 5560.60 | | A 市值(亿元) | | | 2522.8 ...

Investment Rating - The report assigns a "Trading Buy" rating to the company, indicating a potential upside of 5% to 15% based on current valuations [3][6]. Core Insights - The company reported a revenue of CNY 253.9 billion for the first three quarters of 2024, reflecting a year-over-year increase of 0.6%. The net profit attributable to shareholders was CNY 46.074 billion, down 4.5% year-over-year, but the performance exceeded expectations [3][4]. - In Q3 2024, the company achieved a revenue of CNY 85.8 billion, up 3% year-over-year and 7% quarter-over-quarter, with a net profit of CNY 16.57 billion, marking an 11% increase year-over-year and a 22% increase quarter-over-quarter [3][4]. - The coal segment's profit for Q3 was CNY 15.065 billion, up 19.3% year-over-year and quarter-over-quarter, with a gross margin of 31.2%, an increase of 3.7 percentage points year-over-year [4]. - The power generation segment reached a record high in electricity sales, generating a profit of CNY 3.18 billion in Q3, with a gross margin of 15.8% [4]. - The report anticipates net profits of CNY 60.3 billion, CNY 61.3 billion, and CNY 63.7 billion for 2024, 2025, and 2026 respectively, with year-over-year growth of 1%, 2%, and 4% [4][5]. Summary by Sections Company Overview - The company operates primarily in the mining sector, with coal revenue accounting for 68.8% of total income, followed by power generation at 25.5%, transportation at 4.3%, and coal chemical at 1.4% [3]. Financial Performance - The company’s A-share price as of October 25, 2024, was CNY 40.93, with a market capitalization of CNY 674.978 billion. The price-to-book ratio stands at 1.96, and the earnings per share (EPS) for 2024 is projected at CNY 3.03 [3][5]. - The company’s dividend per share (DPS) is expected to be CNY 2.27 for 2024, with an A-share dividend yield of 5.56% and an H-share yield of 7.49% [5]. Market Position - The company is a leading player in the domestic coal industry, benefiting from cost control and integrated coal-power operations. The current valuation is considered reasonable, supporting the "Trading Buy" rating [4].

.......................... 接续下页................................... 2024 年 10 月 28 日 王睿哲 C0062@capital.com.tw 目标价(元) 34 | --- | --- | --- | --- | --- | |-----------------------|------------|-------|---------------|----------------| | | | | | | | | | | | | | 公司基本资讯 | | | | | | 产业别 | | | | 医药生物 | | A 股价(2024/10/25) | | | | 26.45 | | 深证成指 (2024/10/25) | | | | 10619.85 | | 股价 12 个月高/低 | | | | 29.98/20.37 | | 总发行股数(百万 | ) | | | 1016.18 | | A 股数(百万 ) | | | | 881.79 | | A 市值(亿元) | | | | 233.23 | | 主要股东 | | | | 徐州恩华 ...

Investment Rating - The report assigns a "Trading Buy" rating for the company, indicating a potential upside of 5% to 15% [3][9]. Core Views - The company achieved a total revenue of RMB 120.78 billion for the first three quarters of 2024, representing a year-on-year increase of 17%, with a net profit of RMB 60.83 billion, up 15% year-on-year [3]. - The revenue from Moutai liquor reached RMB 101.13 billion, a 15.9% increase year-on-year, while series liquor revenue was RMB 19.4 billion, growing by 24.4% [3]. - The report highlights a stable performance in revenue and profit, with expectations for the company to meet its annual targets [3]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of RMB 38.85 billion, a 15.3% increase year-on-year, and a net profit of RMB 19.13 billion, up 13% [3]. - The gross margin for the first three quarters was 91.7%, slightly down by 0.2 percentage points year-on-year [4]. Sales Channels - Direct sales generated approximately RMB 52 billion in revenue for the first three quarters, a 12.5% increase year-on-year, while traditional channels saw revenue of RMB 68.53 billion, up 21% [4]. - In Q3, direct sales revenue was RMB 18.26 billion, a 23.5% increase year-on-year, while traditional channels generated RMB 20.54 billion, a 9.7% increase [4]. Profit Forecast - The report slightly lowers profit forecasts for 2024-2026, expecting net profits of RMB 86.2 billion, RMB 97.86 billion, and RMB 108.45 billion, respectively, with year-on-year growth rates of 15.3%, 13.5%, and 10.8% [5]. - The expected earnings per share (EPS) for 2024-2026 are RMB 68.62, RMB 77.90, and RMB 86.33, with corresponding price-to-earnings (P/E) ratios of 23, 20, and 18 [5][8].

阿 2024 年 10 月 25 日 顾向君 H70420@capitalcom.tw 目标价(元) 110 | --- | --- | --- | --- | |-----------------------|----------|--------|--------------| | | | | | | 產業別 | | | 化工 | | A 股价 (2024/10/25) | | | 95.27 | | 上证指数 (2024/10/25) | | | 3299.70 | | 股價 12 個月高/低 | | | 121.1/74.41 | | 總發行股數(百萬 ) | | | 396.25 | | A 股數(百萬 ) | | | 394.80 | | A 市值(億元 ) | | | 376.13 | | 主要股東 | | 侯军呈 | (34.46%) | | 每股淨值(元 ) | | | 12.09 | | 股價/賬面淨值 | | | 7.88 | | | 一个月 | 三个月 | 一年 | | 股价涨跌 (%) | | | 12.1 6.1 3.3 | | 近期评等 | | | | | 出刊日期 | 前日收盘 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% from the current price [4][9]. Core Insights - The company reported a revenue of 32.275 billion yuan for Q3 2024, a year-on-year increase of 0.71%, and a net profit of 3.693 billion yuan, up 7.64% year-on-year. The Q3 revenue was 12.875 billion yuan, reflecting a year-on-year growth of 9.89% and a quarter-on-quarter increase of 21.51% [4]. - The company benefits from declining raw material prices and the release of new production capacity, positioning it well for future growth as downstream demand recovers [4][5]. - The company is a leader in the light hydrocarbon cracking sector, with significant potential for growth as it expands its product offerings in the C2 and C3 industrial chains [6][7]. Company Overview - The company operates in the chemical industry, focusing on functional chemicals (47.7%), high polymer new materials (28.3%), and other businesses including new energy materials (22.2%) [2]. - As of October 23, 2024, the company's A-share price was 18.74 yuan, with a target price set at 23 yuan [1]. Financial Performance - The company achieved a gross margin of 23.62% in Q3 2024, an increase of 3.36 percentage points year-on-year, driven by lower ethane prices and the resumption of production after maintenance [5]. - The projected net profits for 2024, 2025, and 2026 are 5.2 billion yuan, 6.5 billion yuan, and 8 billion yuan respectively, with year-on-year growth rates of 9%, 24%, and 23% [7][8]. Production Capacity and Projects - The company has a robust production capacity in the C2 and C3 industrial chains, with ongoing projects expected to enhance its product offerings and operational efficiency [6][7]. - The company is currently in a phase of rapid capacity release, with multiple projects under construction, including a high polymer emulsion project and a propylene acid project [6][7]. Market Position - The company has established a strong supply chain with its own dock and fleet for raw material transportation, enhancing its competitive edge in the market [7]. - The company is well-positioned to benefit from the recovery in downstream demand for products such as polyethylene, epoxy ethane, and styrene [4][6].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [4][7]. Core Insights - The company reported strong growth in Q3, with revenue reaching approximately 3.2 billion RMB, a year-on-year increase of 17.6%, and a net profit of 280 million RMB, up 59.5% year-on-year [4]. - The company is focusing on building its own brands and expanding its domestic market presence, with Q3 revenue growth estimated to exceed 20% [4]. - Export performance is expected to exceed expectations, driven by increased orders from the European market, with Q3 export growth potentially around 20% [4]. - The company has maintained stable expense management, with a slight increase in the comprehensive expense ratio, while gross margin was affected by raw material costs and exchange rates [4]. - Investment income contributed positively to profitability, with net investment income of approximately 45 million RMB in Q3 [4]. Financial Summary - For the first three quarters of 2024, the company achieved revenue of approximately 3.2 billion RMB, with a net profit of 280 million RMB [4]. - The company expects to achieve net profits of 360 million RMB, 410 million RMB, and 490 million RMB for the years 2024, 2025, and 2026, respectively, reflecting year-on-year growth of 52.3%, 15.8%, and 18% [5]. - The earnings per share (EPS) are projected to be 1.21 RMB, 1.40 RMB, and 1.65 RMB for the same years, with corresponding price-to-earnings (P/E) ratios of 22, 19, and 16 [5][6].