因投资评级:看好(维持) 最近 12月市场表现 -17% 肖 現書 分析师 SAC 证书编号： S0160524070005 xiaopj@ctsec.com 相关报告 1. 《农业 Q3 持仓下降，减持养殖,增 持种植及宽物》 2024-10-31 2. 《10 月 USDA 下调全球小麦、玉米 和大豆产量预测》 2024-10-29 3. 《双十一宠物赛道开门红,供需博弈 猪价震荡 》 2024-10-26 ip � ip � � � 农林牧渔 / 行业投资策略周报 / 2024.11.04 需求预期转好,畜禽价格支持 农业重点数据跟踪周报 ■ 证券研究报告 核心观点 生猪养殖:猪价先映后滞,价格周期反特。供应上月底出栏减少,需求端预期提 升, 惜售情绪增加,猪价先跌后涨。中长期,产业情绪谨慎,产能回补较慢,企 业盈利弹性可期,持续推荐生猪养殖。1) 数量端:9月能繁母猪存栏回补较 慢。根据农业农村部,9月能繁母猪存栏量 4062万头,月环比+0.60%。2) 价格端：窄幅震荡。根据涌益咨询，10月31日，商品猪出栏价为 17.35 元 /kg。相关标的:牧原股份,温氏股份,巨星农牧,唐人神。 禽奏养殖： ...

轻工制造 / 行业投资策略周报 / 2024.11.03 10月地产数据向好,期待政策效果持续 因 投资评级:看好(维持) 最近 12月市场表现 吕明珍 分析师 SAC 证书编号： S0160523030001 lvmz@ctsec.com 联系人 何核 hedong@ctsec.com 相关报告 1. 《家具出口降幅扩大,9月美通胀再 回落》 2024-10-27 2. 《住宅销售、竣工降幅收窄，期待政 策效果释放》 2024-10-27 3. 《美国通胀延续回落,关注相关家居 转债》 2024-10-27 核心观点 � 轻工行业周报 ■ 证券研究报告 本周行情回顾:本周(2024.10.28-2024.11.01)中万轻工指数收报 1966.47点, 周涨跌幅为-0.64%,跑赢沪深 300 指数 1.04pct,在 31 个中万一级行业中排名 第 19。本周轻工制造细分板块涨跌分化,包装印刷/家居用品/造纸/文娱用品 分别+0.81%/-0.73%/-1.02%/-3.30%。 10 月她产教据向好,止跌回暖势头有望显现。据住房域乡建设部"全国 房地产市场监测系统"网签数据显示，在存量增量政策登加的"组 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1]. Core Viewpoints - The company has undergone a strategic transformation, acquiring a 51% stake in its parent company, which has led to a shift in its main business focus to alkaline batteries. This transition has resulted in a steady increase in revenue, with a reported revenue of 3.594 billion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 7.15%. The company has also turned profitable, achieving a gross margin of 47% in 2022, up by 24 percentage points, and a net profit margin of 15%. The net profit attributable to shareholders reached 150 million yuan in the first three quarters of 2024, a year-on-year increase of 46% [2][4]. Summary by Sections Strategic Layout - The company has successfully transformed into the consumer battery sector, focusing on alkaline batteries as its core product. The acquisition of a 51% stake in the parent company has solidified its position in the market [10][12]. - The management team is experienced and stable, with key leaders having long tenures and relevant expertise, which supports the company's capital operations [12]. - The company has successfully increased its control over core assets, with plans to raise its stake in the parent company from 26% to 43% [13][15]. Market Demand and Product Advantages - The demand for alkaline batteries remains robust, with a significant market share in the retail sector, capturing over 80% in China. The alkaline battery market is characterized by low self-discharge rates and competitive pricing, making it difficult to replace [3][41]. - The company benefits from a diverse product matrix, including various battery types, which enhances its competitive edge [3][10]. Financial Performance and Forecast - The company forecasts revenues of 4.736 billion yuan, 5.312 billion yuan, and 5.719 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 184 million yuan, 254 million yuan, and 283 million yuan for the same years. The corresponding price-to-earnings ratios are expected to be 32.92, 23.67, and 21.31 times [4][5]. - The gross margin has consistently remained above 45%, reaching 48.51% in the first three quarters of 2024, significantly higher than the industry average of 22% [3][4].

数据来源：wind 数据,财通证券研究所（以 2024年11月 01 日收盘价计算) 因 投资评级:增持(维持) | --- | --- | |-------------------|------------| | 基本數据 | 2024-11-01 | | 收盘价(元) | 9.80 | | 流通股本(亿股) | 180.00 | | 每股净资产(元) | 3.22 | | 总股本(亿股) | 180.00 | | 最近 12月市场表现 | | 31% 张一弛 分析师 SAC 证书编号: S0160522110002 zhangyc02@ctsec.com 任子悦 联系人 renzy01@ctsec.com | --- | --- | |----------|------------------------------------| | | | | 相关报告 | | | | 1. 《新增装机投产在即,澜上基地大有 | | 可为》 | 2024-10-24 | 前三季度利润同比+8%,需求向好支 核心观点 ■ 证券研究报告 前三季度利润同比+8%:2024年前三季皮,公司实现营业收入 194.18 亿 元,同 ...

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 � 相关报告 1. 《组件 10 月排产环比提升,国网发 布高质量发展倡议书》 2024-10-18 2. 《电力设备与新能源 3Q2024 业绩前 량》 2024-10-06 3. 《逆变器８月出口数据稳增,关注特 高压来直招标》 2024-09-25 � 电力设备 / 行业投资策略周报 / 2024.11.03 二季度光伏业绩见底出清加速。 周观点 ■ 证券研究报告 核心观点 % 光伏:本周上游硅料环节市况依然冷清,整体市场氛围维持原状,新签单 需求和数量并不积极。硅片市场持续悲观,持续面临销售压力,针对企业 的新报价能否顺利成交仍是未知,买卖双方仍在博弈之间,但在年未需求 低迷下,预计企业将持续面临艰难的出货状况。电池环节在十月份的价格 未出现太大变动,总体来看,电池环节的后续价格走势仍须观察厂家的排 产策略,或是其他环节的各种保价政策能否落地,使上下游间的价格博弈 得到有效改善。本周组件价格开始出现僵持,厂家酝酿报价上扬2-3分人 民币。然而实际成交 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a 30% year-on-year increase in profit for the first three quarters of 2024, with a revenue of 66.33 billion yuan and a net profit attributable to shareholders of 28.03 billion yuan [4][9] - The company is expected to maintain strong performance despite anticipated lower water levels in the fourth quarter, supported by good reservoir conditions [15][17] Financial Performance Summary - For 2024, the company is projected to achieve revenues of 87.10 billion yuan, 87.73 billion yuan, and 91.11 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 33.28 billion yuan, 34.64 billion yuan, and 37.31 billion yuan [2][17] - The company's earnings per share (EPS) is expected to be 1.36 yuan, 1.42 yuan, and 1.52 yuan for the years 2024, 2025, and 2026 respectively [2][17] - The price-to-earnings (PE) ratios are projected to be 20.57, 19.76, and 18.35 for the years 2024, 2025, and 2026 respectively [2][17] Operational Highlights - The company reported a 15.97% increase in total power generation for the first three quarters of 2024, driven by favorable water conditions [9][12] - The gross profit margin reached a record high of 70.93% in the third quarter of 2024, reflecting improved operational efficiency [12][14] - The company is actively managing its debt, reducing financial costs by 9.77 billion yuan year-on-year in the first three quarters of 2024 [12][14] Project Development - The company is progressing with its renewable energy projects, managing 21 operational sites with a total installed capacity of 2.648 million kW [15] - The company is advancing seven pumped storage projects, with the Guanghanping project recently entering the construction phase [15]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 2024 met expectations, with revenue growth driven by the tire industry expansion and a strong engine market [4] - The company's machine tool business is expected to grow rapidly due to its long-standing casting and machining technology, as well as strong customer loyalty [4][5] - The projected revenue for 2024-2026 is 84.95 billion, 95.21 billion, and 106.92 billion yuan respectively, with corresponding net profits of 19.47 billion, 22.05 billion, and 24.85 billion yuan [5] Financial Summary - Revenue (in million yuan): - 2022A: 6642 - 2023A: 7166 - 2024E: 8495 - 2025E: 9521 - 2026E: 10692 - Revenue growth rate (%): - 2022A: 10.55 - 2023A: 7.88 - 2024E: 18.54 - 2025E: 12.08 - 2026E: 12.30 - Net profit (in million yuan): - 2022A: 1200 - 2023A: 1612 - 2024E: 1947 - 2025E: 2205 - 2026E: 2485 - Net profit growth rate (%): - 2022A: 13.95 - 2023A: 34.33 - 2024E: 20.81 - 2025E: 13.23 - 2026E: 12.68 - EPS (yuan): - 2022A: 1.51 - 2023A: 2.03 - 2024E: 2.43 - 2025E: 2.76 - 2026E: 3.11 - PE: - 2022A: 15.38 - 2023A: 14.66 - 2024E: 19.36 - 2025E: 17.10 - 2026E: 15.17 - ROE (%): - 2022A: 16.36 - 2023A: 18.72 - 2024E: 19.03 - 2025E: 18.73 - 2026E: 18.39 - PB: - 2022A: 2.52 - 2023A: 2.77 - 2024E: 3.68 - 2025E: 3.20 - 2026E: 2.79 [2][4][5]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] Core Insights - The company achieved a revenue of 8.592 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 11%. The net profit attributable to shareholders was 1.016 billion yuan, up 28% year-on-year [2][3] - The company successfully mitigated the impact of price reductions, maintaining stable profitability with a gross margin of 23.19% and a net margin of 11.80% for the first three quarters of 2024 [2][3] - The company is expanding its global footprint, with production bases in Sweden and Hungary already operational, and plans for a factory in Malaysia to cater to Southeast Asian clients [3][4] - The company is focusing on precision components and robotics, with partnerships aimed at opening a second growth curve [3][4] Financial Performance Summary - Revenue (in million yuan): 2022A: 8654, 2023A: 10511, 2024E: 12695, 2025E: 15301, 2026E: 18147 [4] - Net Profit (in million yuan): 2022A: 900, 2023A: 1201, 2024E: 1410, 2025E: 1654, 2026E: 1902 [4] - EPS (in yuan): 2022A: 3.86, 2023A: 4.82, 2024E: 5.21, 2025E: 6.11, 2026E: 7.02 [4] - PE Ratios: 2024E: 19.27, 2025E: 16.42, 2026E: 14.28 [4] - ROE: 2024E: 12.25%, 2025E: 13.11%, 2026E: 13.70% [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 851 million yuan for Q3 2024, a year-on-year decrease of 3.15%, and a net profit attributable to shareholders of -14 million yuan, down 133.29% year-on-year [2] - The company's short-term profitability is under pressure due to delays in acceptance from downstream photovoltaic and electronics industries, along with increased period expenses [2] - The machine vision market in China is expected to grow significantly, with a projected market size of 185 billion yuan in 2023, anticipated to exceed 395 billion yuan by 2028, reflecting a CAGR of approximately 18% from 2024 to 2028 [3] - The company is a leading provider of machine vision equipment in China and is expanding its applications into various sectors including semiconductors, PCB, photovoltaic, and intelligent driving [3] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 310 million yuan, a year-on-year decline of 15.13%, and a net profit of 13 million yuan, down 65.82% year-on-year [2] - The gross margin and net margin for Q3 2024 were 40.33% and 4.06%, respectively, representing a decrease of 2.72 percentage points and 6.01 percentage points year-on-year [2] - Revenue projections for 2024-2026 are 1.745 billion yuan, 2.189 billion yuan, and 2.606 billion yuan, with net profits of 240 million yuan, 315 million yuan, and 403 million yuan, respectively [3] - Corresponding PE ratios for 2024, 2025, and 2026 are 29.60, 22.57, and 17.64 [3]

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company achieved revenue of RMB 5,026 million in Q3 2024, a YoY increase of 20.96%, but net profit attributable to shareholders decreased by 26.62% YoY to RMB 249 million [2] - Gross margin declined to 26.20% in the first three quarters of 2024, down 1.72 percentage points YoY, while R&D expenses increased to 8.31% of revenue, up 0.47 percentage points YoY [2] - The company has 11 R&D centers and 19 factories globally, with over 700 authorized patents and 1,321 R&D personnel as of Q3 2024 [3] - R&D expenses reached RMB 415 million in the first three quarters of 2024, accounting for 8.25% of revenue, a 33.45% YoY increase [3] - The company has been recognized by Li Auto for its contributions to the production of 1 million vehicles, providing customized products such as air springs, air tanks, TPMS, and wheel speed sensors [3] Financial Forecasts - Revenue is expected to grow from RMB 7,513 million in 2024E to RMB 11,229 million in 2026E, with a CAGR of 23.01% [4] - Net profit attributable to shareholders is projected to increase from RMB 412 million in 2024E to RMB 772 million in 2026E [4] - EPS is forecasted to rise from RMB 1.94 in 2024E to RMB 3.64 in 2026E, with a corresponding PE ratio decline from 19.70x to 10.52x [4] - ROE is expected to improve from 12.28% in 2024E to 16.81% in 2026E [4] Operational Highlights - The company's gross margin is projected to stabilize at around 27.5% from 2025E onwards [6] - Operating margin is expected to increase from 7.0% in 2024E to 8.7% in 2026E [6] - Asset turnover efficiency is improving, with total asset turnover days decreasing from 425 days in 2024E to 371 days in 2026E [6] - ROIC is forecasted to rise from 7.3% in 2024E to 9.7% in 2026E [6]