Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 15.789 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 20.31%. However, the net profit attributable to shareholders decreased by 0.74% to 1.495 billion yuan [1] - The company plans to gradually divest its solar photovoltaic business and focus on wind power and natural gas-related industries, which is expected to stabilize performance and return on equity [5] - The company has seen an improvement in wind power generation and grid-connected electricity since Q3, with a year-on-year decline in grid-connected electricity narrowing to 3.45% for the first three quarters [2] Summary by Sections Financial Performance - In Q3, the company achieved a revenue of 3.652 billion yuan, up 18.72% year-on-year, while the net profit attributable to shareholders was 65 million yuan, down 3.14% [1] - The company’s LNG sales volume grew by 21.41% year-on-year in Q3, although the growth rate slowed compared to Q2 [4] Business Strategy - The company is focusing on wind power development and divesting solar assets, which aligns with shareholder interests and aims to mitigate consumption risks in the electricity market [5] - The company has secured 1 million kilowatts of offshore wind project indicators in Hebei, with plans for further development [5] Earnings Forecast - The forecasted net profit attributable to shareholders for 2024-2026 is 2.29 billion, 2.74 billion, and 3.12 billion yuan, respectively, with year-on-year growth rates of 3.8%, 19.5%, and 13.8% [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's performance in the third quarter was below expectations, with a net profit of 5.12 billion yuan, a year-on-year decline of 28.88% [3][4] - The company reported a revenue of 22.541 billion yuan for the first three quarters, a year-on-year increase of 11.52% [3] - The company is expected to face a tight electricity supply situation in Anhui province, with a projected power gap exceeding 20 million kilowatts by 2025 [4] - The company is strategically positioned to benefit from the tight supply and stable electricity prices in the region [4] Financial Performance Summary - For the first three quarters, the company achieved a net profit of 15.83 billion yuan, up 21.29% year-on-year, and a net profit after deducting non-recurring items of 15.66 billion yuan, up 25.07% [3] - The company’s total revenue for the third quarter was 8.54 billion yuan, reflecting a year-on-year growth of 7.07% [3] - The company’s total market capitalization is approximately 17.52 billion yuan, with a closing price of 7.73 yuan per share [2] Earnings Forecast and Valuation - The forecasted net profits for the company from 2024 to 2026 are 18.6 billion yuan, 23.8 billion yuan, and 25.2 billion yuan, respectively, with year-on-year growth rates of 30%, 29%, and 6% [5] - The current price-to-earnings (P/E) ratios for the years 2024 to 2026 are projected to be 9, 7, and 7 times, respectively [5] - The company is expected to maintain a stable growth trajectory with significant contributions from new coal-fired power plants and renewable energy projects [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's performance in the third quarter was below expectations, with a net profit of 5.12 billion yuan, a year-on-year decline of 28.88% [3][4] - The company reported a revenue of 22.541 billion yuan for the first three quarters, a year-on-year increase of 11.52% [3] - The company is expected to face a tight electricity supply in Anhui province, with a projected power gap exceeding 20 million kilowatts by 2025 [4] - The company is strategically positioned with new power plants expected to contribute to revenue growth in the coming years [5] Financial Performance Summary - For the first three quarters, the company achieved a revenue of 225.41 billion yuan, with a net profit of 15.83 billion yuan, reflecting a year-on-year growth of 21.29% [3] - The third quarter alone saw a revenue of 85.4 billion yuan, with a net profit of 5.12 billion yuan, which was lower than the expected 5.5 billion yuan [3][4] - The company’s net profit forecast for 2024-2026 is 18.6 billion, 23.8 billion, and 25.2 billion yuan respectively, with year-on-year growth rates of 30%, 29%, and 6% [5][6] Market Performance - The company is expected to benefit from a tight electricity supply and stable electricity prices in Anhui, which should support its profitability [4] - The company has a total installed capacity of 12.28 million kilowatts, primarily from thermal power, with ongoing projects expected to enhance capacity further [5] - The company’s stock is currently trading at a PE ratio of 9 for 2024, indicating potential value for investors [5][6]

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company's Q3 performance exceeded expectations with a net profit of 16.663 billion yuan, a year-on-year increase of 31.81%, surpassing the forecast of 15-15.5 billion yuan [1] - The company achieved a net profit of 28.025 billion yuan for the first three quarters, reflecting a year-on-year growth of 30.20% [1] - Revenue growth was driven by improved water inflow and a favorable power generation structure leading to higher average electricity prices [1] - Financial expenses and investment income contributed positively to the growth momentum, with interest expenses decreasing significantly [1] - The company's stock price performance is closely linked to credit spreads, indicating a need to monitor changes in credit conditions [1] Summary by Sections Financial Performance - In H1, the company generated 120.618 billion kWh of electricity, a 16.86% increase year-on-year, while Q3 saw a generation of 115.196 billion kWh, up 15.05% year-on-year [1] - Revenue for H1 grew by 12.38%, while Q3 revenue increased by 17.27% year-on-year, primarily due to higher electricity prices [1] - The company’s financial expenses for H1 were 5.704 billion yuan, down 0.676 billion yuan from the previous year, exceeding market expectations [1] Profit Forecast and Valuation - The company’s projected net profits for 2024-2026 are 33.59 billion, 35.235 billion, and 36.982 billion yuan respectively, with corresponding P/E ratios of 20, 19, and 18 [3] - The company is expected to maintain a strong return on equity (ROE) of 16.13% in 2024, increasing slightly in subsequent years [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - Fruquintinib has significant overseas market potential, with sales peak expectations raised to over $1.5 billion [4][19] - Fruquintinib has been approved in major pharmaceutical markets including China, the US, Europe, and Japan for the treatment of colorectal cancer [2][6] - The competitive landscape is favorable, with Fruquintinib showing superior efficacy and safety compared to competitors [4][17] Summary by Sections Market Approval and Partnerships - Fruquintinib has received approvals in major markets for colorectal cancer treatment, with Takeda Pharmaceuticals holding overseas rights since January 2023, including an upfront payment of $400 million and high double-digit sales royalties [2][6] Patient Population and Clinical Data - There is a large patient population for colorectal cancer, with over 1.9 million new cases globally in 2022. Fruquintinib was included in the NCCN guidelines just one week after its US launch [3][13][14] Sales Performance and Projections - Fruquintinib's sales in the first three quarters of 2024 reached $203 million, with expectations for significant growth as it gains market share in the US and Europe [19][22] - The drug's pricing strategy in the US reflects confidence in its market potential, with a price of $25,200 per box, significantly higher than in China [19] Clinical Efficacy and Safety - Fruquintinib demonstrates superior clinical outcomes compared to Regorafenib and TAS-102, with better overall survival (mOS) and progression-free survival (mPFS) rates [17][18] - Common adverse effects are manageable, making Fruquintinib a safer option compared to its competitors [17] Future Development and Strategy - Ongoing clinical trials are exploring Fruquintinib's use in frontline settings, which could further solidify its position in the market [29][30]

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [1] Core Viewpoints - The pharmaceutical sector is expected to stabilize and rebound in Q4 2024, with a focus on structural high-growth segments and stocks [3][29] - The report highlights the performance of various sub-sectors, indicating a significant divergence in growth rates, with innovative drugs showing strong trends while traditional chemical drugs face challenges [2][9] - The overall PE valuation for the pharmaceutical sector is at a historically low level, suggesting potential for valuation recovery [29][30] Summary by Sections Market Performance Analysis - From October 28 to November 1, the Shanghai and Shenzhen 300 Index fell by 1.68%, while the pharmaceutical index dropped by 2.90% [1] - The number of rising stocks in the pharmaceutical sector was 127, while 364 stocks declined during the same period [1] - Year-to-date, the pharmaceutical index has decreased by 11.74%, ranking second to last among all sectors [3][15] Sub-sector Performance - The report notes that the pharmaceutical commercial sector increased by 1.4%, while other sectors like medical devices and biological products saw declines of 4.0% and 4.4%, respectively [1][18] - Year-to-date performance shows that chemical raw materials and traditional Chinese medicine have experienced relatively smaller declines compared to biological products and medical services [18] Investment Recommendations - The report suggests focusing on sectors expected to rebound in 2025, such as medical devices and traditional Chinese medicine [3][29] - Specific stocks to watch include: 1. For overseas expansion: Mindray Medical, United Imaging, and others [3][30] 2. For innovative drugs and devices: Hengrui Medicine, Hutchison China MediTech, and others [3][30] 3. For domestic substitution: KAILI Medical, Aohua Endoscopy, and others [3][30] 4. For aging and outpatient consumption: Yuyue Medical, Kunming Pharmaceutical, and others [3][30] 5. For high-barrier industries: Humanwell Healthcare, Enhua Pharmaceutical, and others [3][30] 6. For small but high-quality stocks: Baiyang Pharmaceutical, Pumen Technology, and others [3][30] Fund Holdings - As of Q3 2024, public funds' holdings in the pharmaceutical sector decreased, with pharmaceutical theme funds holding a total market value of 304.9 billion yuan, accounting for 9.7% of total public fund holdings [2][12]

证券研究报告 海外 行业定期报告 hyzqdatemark 2024 年 11 月 04 日 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 理性。重点关注三方面：1）AI 对于传统业务的赋能，带来传统业务的营收和利润的提升；2）云业务板 块受益 AI 需求拉动；3）资本开支的节奏。本季度云业务方面，微软/谷歌/亚马逊同比分别增长 20%/35%/19%，环比分别增长 1.3%/10%/4%，均受益于 AI 对其的拉动，但是受益于 OpenAI 而存在先 发优势的微软 Azure 增速指引开始下滑，同时 AI 对 Azure 的拉动本季度与上季度持平。资本开支除了亚 马逊以外，其余三家增速均出现回落，而对于四季度以及明年的指引都没有特别超出市场预期，云厂商继 续在资本开支与 ROI 之间进行权衡。 联系人 郑冰倩 zhengbingqian@huayuanstock.com 板块行情回顾：本周（2024/10/28 至 2024/11/01）美股科技股回调 ...

Investment Rating - The investment rating for Yunlu Co., Ltd. (688190.SH) is "Buy" (maintained) [1] Core Views - The company's performance in Q3 2024 met expectations, with a revenue of 1.388 billion yuan (up 6.5% year-on-year) and a net profit attributable to shareholders of 263 million yuan (up 10.3% year-on-year) [1] - The new production line for amorphous materials, which reached full capacity in August, is expected to contribute to growth [2] - The demand for amorphous materials is driven by favorable policies and high growth in industries such as power distribution, photovoltaics, data centers, rail transportation, new energy vehicles, and home appliances [2] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.388 billion yuan, with a net profit of 263 million yuan and a non-recurring net profit of 252 million yuan [1] - In Q3 alone, the revenue was 478 million yuan (up 5% year-on-year and up 2.1% quarter-on-quarter), with a net profit of 96 million yuan (up 29.7% year-on-year and up 5% quarter-on-quarter) [1] - The company forecasts net profits of 365 million yuan, 422 million yuan, and 503 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 10.07%, 15.34%, and 19.42% [3][4] Market Outlook - The amorphous alloy sector is expected to benefit from the favorable market conditions for distribution transformers, while the nano-crystalline alloy and soft magnetic powder core segments are anticipated to open new growth avenues [3] - The company is positioned as a leader in the domestic amorphous alloy market, benefiting from the increasing demand in various sectors [3] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 27, 24, and 20 respectively [3] - The company’s revenue is expected to grow from 1.855 billion yuan in 2024 to 2.377 billion yuan in 2026, with corresponding year-on-year growth rates of 4.70%, 14.14%, and 12.24% [4][8]

证券研究报告 固收点评报告 hyzqdatemark 2024 年 11 月 04 日 经济企稳的可能性上升 ——10 月 PMI 数据点评 投资要点： 制造业 PMI 改善。10 月制造业 PMI 时隔 6 个月重回荣枯线以上至 50.1%，较上月 上升 0.3 个百分点，主要分类指数均有所改善。其中，生产指数、新订单指数创近 6 个月新高，分别提升至 52.0%和 50.0%。原材料库存指数提升至 48.2%，为近一年 来高点；从业人员指数略微增长至 48.40%，为自 2023 年 5 月以来最高值。受近期 部分大宗商品涨价等影响，主要原材料购进价格指数和出厂价格指数明显上升。大 型企业 PMI 指数改善，但小型企业 PMI 指数有所恶化。 联系人 非制造业 PMI 表现分化。10 月份非制造业商务活动指数为 50.2%，比上月上升 0.2pct，非制造业景气水平小幅回升。非制造业价格端和需求端上升更为明显，投入 品价格和销售价格指数均上升 2.4pct 分别至 50.6%和 48.50%；分行业看，建筑业 商务活动指数略降，服务业商务活动指数微升。 10 月份综合 PMI 产出指数为 50.8%，较上 ...

证券研究报告 为 189.5 点；油轮/气体船船价指数环比持平；散货船船价指数下降 1.1%。当 月集装箱船价指数环比持平，为 117.4 点。 快递物流： 1）顺丰 Q3 利润率再度提升，通达系 Q3 业绩稳健增长。顺丰控股 2024 年 Q3 归母净利润为 28.1 亿元，同比+34.6%，归母净利率为 3.9%，同比+0.6 个百分 点；2024 年 Q3 公司速运物流收入同比+7.6%，与 H1 基本持平，供应链及国 际收入同比+27.22%，高于 H1 的 8.1%；成本管控或延续 Q2 以来的超预期表 现，坚持精益化资源规划与成本管控，有效带动利润率改善。通达系圆通、韵 达、申通 2024 年 Q3 归母净利润分别为 9.4 亿、3.7 亿、2.1 亿，分别同比增长 18%、24%、7761%；单票净利润分别为 0.14 元、0.06 元、0.04 元，分别环 比-0.02 元、-0.04 元、-0.01 元，2024 年 Q3 各家量增速均超行业，但淡季及 价格竞争导致单票利润下滑，总体实现利润稳健增长。 2）化工物流 Q3 业绩综述：化工需求疲软，静待行业景气修复。1）密尔克卫 Q3 实现营业 ...