Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a significant year-on-year growth in net profit for Q3 2024, with a 1028.38% increase to 324 million yuan, despite a 5.57% decrease in revenue to 10.908 billion yuan [2][3] - The improvement in net profit is attributed to the optimization of product and debt structures, expansion into domestic and international markets, increased exchange gains, and reduced financial costs [2][3] - The company has formed strategic partnerships with major technology firms such as Huawei and CATL in the field of smart new energy vehicle development [3] Financial Performance Summary - Q3 2024 revenue was 10.908 billion yuan, down 5.57% year-on-year - Q3 2024 net profit was 324 million yuan, up 1028.38% year-on-year - Gross margin for Q3 2024 was 11.36%, an increase of 0.41 percentage points year-on-year - Selling expenses ratio was 3.88%, up 0.2 percentage points year-on-year - Management expenses ratio was 4.05%, up 0.52 percentage points year-on-year - R&D expenses ratio was 4.11%, up 1.06 percentage points year-on-year [2][3] Earnings Forecast - The company is expected to achieve net profits of 765 million yuan, 839 million yuan, and 1.237 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 126.52, 115.38, and 78.24 [3][5]

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-11-13 | | 收盘价 ( 元 ) | 300.57 | | 流通股本 ( 亿股 ) | 22.60 | | 每股净资产 ( 元 ) | 53.44 | | 总股本 ( 亿股 ) | 29.09 | | 最近 12 月市场表现 | | -30% -16% -2% 12% 26% 39% 比亚迪 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 比亚迪(002594) / 乘用车 / 公司点评 / 2024.11.14 10 月销量大幅增长，开启技术新篇章 证券研究报告 ❖ 事件：2024 年 11 月 1 日公司发布 2024 年 10 月产销快报，10 月公司总销量 50.3 万辆，同比增长 66.5%；其中纯电动乘用车 10 月销量 19.0 万辆，同比增 长 14.6% ...

核心 CPI 走势平稳 宏观月报 / 2024.11.14 国通胀数据 | --- | --- | --- | |------------------------------------------------------|-------|-----------------------------------------------------------------------------------------------------------------------------------------| | 陈兴 分析师 | | ■ 证券研究报告 | | SAC 证书编号： S0160523030002 chenxing(@ctsec.com | i | 夜心观点 核心 CPI 持平。10 月美国 CPI 同比增速升至 2.6%，较上月回升 0.2 个百分 | | 马乐怡 联系人 maly@ctsec.com | | 点。不过,核心 CPI 同比增速较上月持平为 3.3%。CPI 同比回升,主因能源 项拖累有所减轻。从具体分项来看，本月食品和核心商品项同比增速有所回 | | | | 落,而食品和核心服 ...

德业股份(605117) / 光伏设备 / 公司点评 / 2024.11.12 因 投资评级:增持(维持) | --- | --- | |-------------------|------------| | 基本數据 | 2024-11-12 | | 收盘价(元) | 88.65 | | 流通股本(亿股) | 6.09 | | 每股净资产(元) | 14.55 | | 总股本(亿股) | 6.45 | | 最近 12月市场表现 | | 张一弛 分析师 SAC 证书编号： S0160522110002 zhangyc02@ctsec.com � 相关报告 1.《组串式逆变器业务在新兴市场表现 突出》 2024-08-28 2. 《光伏储能双轮驱动促发展,成本产 品双端优势迎增长》 2024-08-17 3. 《光伏储能双轮驱动促发展,成本产 品双端优势迎增长》 2024-03-17 � 核心观点 ■ 证券研究报告 事件:公司 3Q2024 营收 32.68 亿元,同比增长 128.16%,环比增长 14.08%。 公司 3Q2024 归母净利润 10.04 亿元,同比增长 229.52%,环比增长 25.06 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is a leading domestic manufacturer of TOPCon photovoltaic conductive silver paste, with expected revenue growth from 2024 to 2026 projected at 142.81 billion, 173.00 billion, and 185.00 billion yuan respectively, and net profit expected to reach 4.85 billion, 6.24 billion, and 7.13 billion yuan [4][5] - The company has set ambitious revenue and net profit targets in its stock incentive plan, reflecting confidence in future profit growth [4] Financial Performance Summary - For Q3 2024, the company reported operating revenue of 3.922 billion yuan, a year-on-year increase of 49.62%, but a quarter-on-quarter decrease of 0.50% [3] - The net profit attributable to shareholders for Q3 2024 was 60 million yuan, down 33.35% year-on-year, but up 4.81% quarter-on-quarter [3] - The gross profit margin for Q3 2024 was 7.60%, a decrease of 3.39 percentage points from the previous quarter [3] - The company increased its sales expenses ratio to 1.31%, reflecting a greater effort in business promotion [3] Revenue and Profit Forecast - The company forecasts revenue growth rates of 48.71%, 21.14%, and 6.94% for the years 2024, 2025, and 2026 respectively [5] - The projected net profit growth rates are 25.70%, 28.70%, and 14.27% for the same years [5] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 3.45 yuan, 4.43 yuan, and 5.07 yuan respectively [5] Key Financial Metrics - The company’s price-to-earnings (PE) ratios are projected to be 13.36, 10.38, and 9.09 for 2024, 2025, and 2026 respectively [4][5] - The return on equity (ROE) is expected to be 24.84%, 25.84%, and 24.53% for the years 2024, 2025, and 2026 respectively [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - In October, the overall production and sales of the automotive industry reached 2.996 million and 3.053 million units, respectively, with month-on-month growth of 7.2% and 8.7%, and year-on-year growth of 3.6% and 7% [1] - Domestic sales showed recovery while exports maintained strong growth, with domestic sales of 2.511 million units in October, a month-on-month increase of 10.6%, and exports of 542,000 units, a month-on-month increase of 0.5% and a year-on-year increase of 11.1% [1] - The sales of new energy vehicles (NEVs) continued to grow rapidly, with production and sales of 1.463 million and 1.43 million units in October, representing year-on-year growth of 48% and 49.6% [2] Summary by Sections Automotive Market Performance - In the first ten months of 2024, the automotive industry produced and sold 24.466 million and 24.624 million units, with year-on-year growth of 1.9% and 2.7% [1] - The commercial vehicle market saw a decline in year-on-year sales, with production and sales of 290,000 and 298,000 units in October, down 23.3% and 18.3% year-on-year [2] - The passenger car market remained positive due to various favorable factors, including government subsidies for vehicle replacement and the launch of new models [2] New Energy Vehicle Growth - In the first ten months of 2024, NEV sales reached 9.779 million and 9.75 million units, with year-on-year growth of 33% and 33.9% [2] - The report highlights the significant impact of the vehicle replacement subsidy policy on automotive consumption, contributing to the sustained growth in the market [2]

银行 / 行业点评报告 / 2024.11.12 2024年10月金融数据 因投资评级:看好(维持) 最近 12月市场表现 分析师 刘斐然 SAC 证书编号: S0160522120003 liufr(@ctsec.com 相关报告 1.《上市银行 2024年三季报业绩综述》 2024-11-09 2.《降息落地,存款调降先行支撑息差》 2024-10-24 3.《2024年9月金融数据点评》 2024- 10-16 � � er M1 增速回升,居民端信贷需求改善 ■ 证券研究报告 核心观点 事件:11月11日,央行发布 2024年10月金融统计数据。10月新增社 融 13,958 亿元,同比少增 4,483 亿元;社融存量同比增长 7.8%,环比-0.2pct。 信贷表现偏弱,高基数下直接融资同比少增。人民币贷款信贷同比少增 1,849 亿元,系列政策对基本面的改善存在时滞,叠加 10 月为信贷小月, 银 行更多向明年"开门红"发力，信贷投放景气度仍偏低；直接融资同比少增 5,343 亿元,主要系 2023年10月地方政府特殊再融资债券发行加速下,单月 政府债券新增 15,638 亿元的高基数影响;表外融 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The Zhejiang province has released a draft for the 2025 electricity market trading scheme, which includes significant changes compared to the 2024 plan, such as reducing the long-term electricity trading proportion from 95% to 90% and removing the requirement for electricity users to maintain an annual trading volume of at least 80% of the previous year's consumption [2] - The cancellation of the monthly coal-fired power price linkage calculation formula is expected to benefit thermal power companies by allowing them greater flexibility in negotiating prices based on coal prices, thus helping to manage upstream fuel costs more effectively [2] - The expansion of the price difference contract scope for green electricity aims to stabilize expectations for new energy pricing and ensure reasonable returns for green electricity operators, with the government-authorized contracts expected to mitigate market entry price risks for new energy [3] Summary by Sections Electricity Market Tracking - The new trading scheme specifies that 10% of electricity from regulated hydropower and nuclear power will be traded through the spot market, while 90% will be allocated through government-authorized contracts [2] - For onshore wind and solar (excluding residential rooftop solar), 10% will also be traded through the spot market, with 90% allocated through government contracts after accounting for green electricity trading volumes [2] Investment Recommendations - The report suggests focusing on green electricity operators such as Longyuan Power (A+H), China Resources Power (H), and China Power (H), as well as thermal power operators like Jianeng Power, Waneng Power, and Sheneng Co [3]

公用事业 / 行业投资策略周报 / 2024.11.12 能源法正式出台,江苏省推进绿 因 投资评级:看好(维持) 最近 12月市场表现 分析师 张一弛 SAC 证书编号： S0160522110002 zhangyc02@ctsec.com 联系人 任子悦 renzy01@ctsec.com 相关报告 1. 《9月绿证数据发布,碳排放核算体 系建设加速》 2024-10-28 2. 《省间现货转正式运行,电力现货市 场建设加速》 2024-10-17 3. 《辅助服务市场规则征求意见，长江 流域来水回落》 2024-10-15 i 公用事业周报(2024. 11. 4-2024. 11. 9) 核心观点 ■ 证券研究报告 能源法表决通过,2025年1月1日起施行:1）向碳排双控全面转型: 建 立能耗双控向碳排放双控全面转型新机制,加快构建碳排放双控制度体系; 2) 消纳责任权重向重点用能单位分解:供电企业、售电企业、相关电力用户 和使用自备电厂供电的企业等应当按照国家有关规定,承担消纳可再生能源 发电量的责任；3）明确绿证地位：国家通过实施可再生能源绿色电力证书等 制度建立绿色能源消费促进机制。 � 全国可 ...

Industry Overview - The engineering machinery sector showed steady growth in the first three quarters of 2024, with total revenue reaching 268 billion yuan, a year-on-year increase of 1.64% [2] - Net profit attributable to the parent company was 23.9 billion yuan, up 12.77% year-on-year, with a gross profit margin of 25.80%, an increase of 0.49 percentage points [2] - Operating cash flow surged by 90.91% to 23.4 billion yuan, indicating strong cash flow quality [2] - Overseas revenue accounted for 41.21% of total revenue, up 2.97 percentage points year-on-year, reflecting the sector's growing global competitiveness [13] Key Companies Performance Sany Heavy Industry - Sany Heavy Industry reported a 3.92% year-on-year increase in revenue to 58.36 billion yuan in the first three quarters, with net profit up 19.66% to 4.87 billion yuan [2] - In Q3, revenue grew by 18.87% to 19.3 billion yuan, and net profit surged by 96.49% to 1.3 billion yuan, driven by strong domestic and overseas performance [26] - Overseas revenue accounted for 40.34% of total revenue, with ongoing expansion in Indonesia, India, and South Africa [27] XCMG - XCMG's revenue declined by 4.11% year-on-year to 68.73 billion yuan in the first three quarters, but net profit increased by 9.71% to 5.31 billion yuan [29] - In Q3, revenue fell by 6.37% to 19.09 billion yuan, but net profit rose by 28.28% to 1.6 billion yuan, with a gross profit margin of 25.54%, up 2.53 percentage points [30] - Overseas revenue accounted for 46.66% of total revenue, with significant progress in markets like Brazil, Germany, and Mexico [30] Zoomlion - Zoomlion's revenue decreased by 3.18% year-on-year to 34.39 billion yuan in the first three quarters, but net profit grew by 9.95% to 3.14 billion yuan [35] - In Q3, revenue dropped by 13.89% to 9.85 billion yuan, but net profit increased by 4.42% to 851 million yuan, with a gross profit margin of 28.52%, up 1.06 percentage points [36] - Overseas revenue accounted for 49.10% of total revenue, with strong growth in Latin America, Africa, and India [36] Liugong - Liugong's revenue increased by 8.25% year-on-year to 22.86 billion yuan in the first three quarters, with net profit surging by 59.82% to 1.32 billion yuan [38] - In Q3, revenue grew by 11.81% to 6.8 billion yuan, and net profit rose by 58.74% to 337 million yuan, with a gross profit margin of 23.67%, up 1.75 percentage points [39] - Overseas revenue accounted for 48.02% of total revenue, with strong performance in Latin America and rapid growth in excavator sales [42] Industry Trends and Demand - The construction machinery industry is approaching an inflection point, with demand showing marginal improvement [3] - Infrastructure investment grew by 9.3% year-on-year in the first three quarters, driven by rural and water conservancy projects, which are expected to boost demand for construction machinery [3] - The industry is expected to enter a new replacement cycle in 2025, with overseas exports maintaining steady growth and the "machine replacing human" trend becoming more evident [3] - Excavator sales grew by 8.6% year-on-year in the domestic market in the first three quarters, with exports showing signs of recovery in August and September [75] Investment Recommendations - The report recommends focusing on leading manufacturers such as Sany Heavy Industry, XCMG, Zoomlion, and Liugong, as well as core component suppliers like Hengli Hydraulics and high-altitude platform leader Zhejiang Dingli [3] - Other recommended companies include Shantui for bulldozers and Anhui Heli and Hangcha Group for forklifts [3]