力星股份(300421) / 通用设备 / 公司点评 / 2024.10.26 经营业绩短期承压，新兴业务稳步推进 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 10.40 | | 流通股本 ( 亿股 ) | 2.30 | | 每股净资产 ( 元 ) | 4.25 | | 总股本 ( 亿股 ) | 2.94 | | 最近 12 月市场表现 | | -29% -13% 2% 17% 32% 47% 力星股份 沪深300 上证指数 通用设备 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 联系人 孙瀚栋 sunhd@ctsec.com | --- | --- | |----------|----------------------------------| | | | | 相关报告 | | | 1. | 《经营业绩稳中有升，新兴业务积极 | | 推进》 | 2024-08-21 | 2. 《800V ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's Q3 performance showed improvement with revenue of 3.893 billion yuan, a year-on-year increase of 8.27%, while net profit attributable to shareholders was 572 million yuan, a year-on-year decrease of 6.38%. However, the net profit after deducting non-recurring items increased by 49.18% year-on-year [2][3] - The price increase of products has led to improved profitability, with the average price of alkali-free glass fiber yarn rising by 2.90% year-on-year to 4315 yuan/ton, and fine yarn prices increasing by 16.66% year-on-year to 9199 yuan/ton. Export demand for glass fiber and its products grew by 21.88% year-on-year in July-August 2024 [2][3] - The company is expected to achieve net profits of 2.554 billion, 3.077 billion, and 3.773 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -16.1%, 20.5%, and 22.6% [3] Summary by Sections Financial Performance - Q3 2024 revenue was 3.893 billion yuan, up 8.27% year-on-year, while net profit was 572 million yuan, down 6.38% year-on-year. The net profit after deducting non-recurring items was 528 million yuan, up 49.18% year-on-year [2] - The gross margin for Q3 was 28.18%, an increase of 1.04 percentage points year-on-year, while the net margin was 15.38%, a decrease of 2.33 percentage points year-on-year [2] - The company’s revenue for 2024 is projected to be 14.378 billion yuan, with a revenue growth rate of -3.3% [4] Market Outlook - The economic recovery and the introduction of favorable policies are expected to boost the demand for glass fiber, leading to improved profitability for the company [3] - The company’s stock is projected to have a price-to-earnings ratio (PE) of 17x, 14x, and 11x for 2024, 2025, and 2026 respectively [3] Key Financial Metrics - The company’s return on equity (ROE) is projected to be 8.4%, 9.4%, and 10.7% for 2024, 2025, and 2026 respectively [4] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.64 yuan, 0.77 yuan, and 0.94 yuan respectively [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue recognition continues to slow down, and operating cash flow is under pressure year-on-year [2] - In the first three quarters of 2024, the company achieved revenue of 53.963 billion yuan, a year-on-year decrease of 9.96%, and a net profit attributable to shareholders of 0.962 billion yuan, down 9.55% year-on-year [2] - The company has seen a rapid growth in new contracts for traditional infrastructure, while emerging businesses are gradually showing growth potential [2][3] - The company expects to achieve operating revenues of 81.95 billion yuan, 78.58 billion yuan, and 81.49 billion yuan for 2024-2026, with net profits of 1.27 billion yuan, 1.16 billion yuan, and 1.35 billion yuan respectively [3] Financial Performance Summary - For Q1-Q3 2024, the company's gross profit margin was 12.22%, an increase of 0.62 percentage points year-on-year, while the net profit margin was 1.78%, an increase of 0.01 percentage points year-on-year [3] - The company reported a net cash outflow from operating activities of 5.255 billion yuan, which is an increase in outflow of 5.367 billion yuan compared to the same period last year [3] - The company signed new contracts worth 103.76 billion yuan in the first three quarters of 2024, a year-on-year increase of 2.21% [2][3] - The company’s new business segments, including design testing, intelligent manufacturing, and building materials trade, have shown significant growth, with new orders increasing by 37.9%, 255.8%, and 157.5% respectively [2] Future Projections - The company forecasts a revenue growth rate of -10.19% for 2024, -4.11% for 2025, and a recovery to 3.69% in 2026 [4] - The projected earnings per share (EPS) for 2024 is 0.74 yuan, decreasing from 0.91 yuan in 2023, with a PE ratio of 6.65 for 2024 [4][5]

Investment Rating - Maintained "Overweight" rating [1] Core Views - The company is the only civil explosives producer in Jiangxi Province, benefiting from the Gan-Yue Canal project [4] - Military new materials business achieved multiple breakthroughs, with new contracts worth nearly 100 million yuan in H1 2024 [4] - Energetic materials production line construction progressed significantly, with two lines expected to be operational by 2025 and 2026 [4] - Revenue and net profit are expected to grow steadily, with projected revenues of 2.75/3.47/4.42 billion yuan and net profits of 325/400/540 million yuan for 2024-2026 [4] Financial Performance and Projections - Revenue for 2022A, 2023A, 2024E, 2025E, and 2026E: 2.15/2.54/2.75/3.47/4.42 billion yuan [3][6] - Net profit for 2022A, 2023A, 2024E, 2025E, and 2026E: 144/305/325/400/540 million yuan [3][6] - EPS for 2022A, 2023A, 2024E, 2025E, and 2026E: 0.24/0.49/0.52/0.64/0.87 yuan [3][6] - PE ratios for 2022A, 2023A, 2024E, 2025E, and 2026E: 33.50/21.22/23.90/19.41/14.37 [3][6] - ROE for 2022A, 2023A, 2024E, 2025E, and 2026E: 5.03%/9.77%/9.70%/11.07%/13.56% [3][6] Business Highlights - Civil explosives business remains stable, with industrial explosives capacity of 174,000 tons [4] - Military new materials business saw significant growth, with a 35% YoY increase in revenue for Tuohong New Materials in H1 2024 [4] - Energetic materials production lines are under construction, with Line 001 expected to produce 2,500 tons annually by June 2025 and Line 003 expected to produce 500-1,800 tons annually by mid-2026 [4] Market Performance - Recent 12-month market performance: -10%, 3%, 15%, 28%, 41%, 54% [1] - Closing price: 12.50 yuan [1] - Circulating shares: 621 million [1] - Net asset per share: 5.25 yuan [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported better-than-expected performance, benefiting significantly from the recovery in A-share trading activity [1] - For the first three quarters of 2024, the company achieved total operating revenue and net profit attributable to shareholders of 7.304 billion and 6.042 billion yuan, respectively, representing year-on-year changes of -14.0% and -2.7% [2][3] - The decline in fund distribution revenue is attributed to a prolonged downturn in the fund sales market, which has dropped to 30% of total revenue [2] - The company's brokerage business market share continues to improve, contributing positively to performance despite a 11.1% year-on-year decline in market stock trading volume [3] Summary by Sections Financial Performance - For Q3 2024, the company’s operating revenue was 7.304 billion yuan, with a net profit of 6.042 billion yuan, showing a decline of 14.0% and 2.7% year-on-year respectively [2] - The revenue breakdown includes fund distribution revenue of 2.243 billion yuan, net interest income of 1.506 billion yuan, and net commission income of 3.555 billion yuan, with year-on-year changes of -26.8%, -9.7%, and -5.3% respectively [2] - The company’s operating costs and various expenses showed mixed results, with significant reductions in sales expenses by 38.5% [2] Market Position and Outlook - The company’s market share in brokerage services has increased, with a notable rise in trading volume in the Tibet region, reaching 3.93% by the end of September [3] - Investment income and fair value changes increased by 49.3% to 2.406 billion yuan, driven by a 19.7% increase in financial asset positions [3] - The company is expected to benefit from the overall recovery of the A-share market, with projected net profits for 2024-2026 of 8.996 billion, 12.649 billion, and 15.256 billion yuan, reflecting year-on-year growth rates of 9.8%, 40.6%, and 20.6% respectively [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's B-end business is developing rapidly, with a significant year-on-year profit increase in Q3 2024 [3] - The company reported a revenue of 1.284 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 7.38%, and a net profit attributable to shareholders of 116 million yuan, up 12.06% year-on-year [3] - The company is expected to benefit from upcoming fiscal reforms and the development of its AI-driven tax management product, "Xiyou," aimed at small and micro enterprises [3] Financial Performance - In Q3 2024, the company achieved a revenue of 469 million yuan, a year-on-year increase of 7.26%, and a net profit of 28 million yuan, up 73.4% year-on-year [3] - The net profit margin for Q3 2024 was significantly improved due to effective cost control, with sales, management, R&D, and financial expense ratios at 19.91%, 10.76%, 25.27%, and -1.33% respectively [3] - The gross profit margin remained stable at 59.49%, slightly down from 59.92% in the same period last year [3] Future Projections - The company is projected to achieve revenues of 1.976 billion yuan, 2.170 billion yuan, and 2.409 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 148 million yuan, 243 million yuan, and 345 million yuan [3] - The expected price-to-earnings (PE) ratios for these years are 77.78, 47.43, and 33.34 respectively [3]

| --- | --- | |------------------------|------------| | | | | | | | 投资评级 : 买入 | ( 维持 ) | | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 95.27 | | 流通股本 ( 亿股 ) | 3.95 | | 每股净资产 ( 元 ) | 12.08 | | 总股本 ( 亿股 ) | 3.96 | | 最近 12 月市场表现 | | -19% -10% -1% 8% 17% 26% 珀莱雅 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 相关报告 1. 《大单品势头强劲，多品牌高增，龙 头优势显著》 2024-08-28 2. 《业绩高增超预期，大单品矩阵持续 迭代》 2024-04-19 3. 《源力面霜 2.0 进军胶原赛道，长期 发展持续向好》 2024-02-19 珀莱雅(603605) / 化妆品 / 公司点评 / 2024.10.26 Q3 淡季保持稳健增长，美妆国货龙头韧性彰显 证券研究报告 ❖ 事件：公司发布 2024 年三季 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has faced significant pressure on performance due to changes in brand structure and increased marketing investments, leading to a decline in profitability [3] - The company reported a revenue of 4.018 billion yuan for Q1-Q3 2024, a year-on-year increase of 17.09%, but a net profit attributable to shareholders of 415 million yuan, a year-on-year decrease of 28.39% [2][3] - The gross margin for Q1-Q3 2024 was 73.73%, down 2.7 percentage points year-on-year, while the net margin was 10.07%, down 6.4 percentage points year-on-year [3] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 1.213 billion yuan, a year-on-year increase of 14.04%, but reported a net loss of 69 million yuan, a year-on-year decrease of 153.41% [2] - The company’s sales, management, and R&D expense ratios for Q1-Q3 2024 were 50.03%, 8.45%, and 4.97%, respectively, with sales expenses increasing due to heightened marketing efforts [3] - The company expects revenues of 6.474 billion yuan, 7.656 billion yuan, and 8.955 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 771 million yuan, 1.060 billion yuan, and 1.275 billion yuan for the same years [4][5] Strategic Initiatives - The company is implementing a multi-brand strategy, focusing on its main brand, Winona, which targets sensitive skin, while also launching new products and expanding into high-potential markets [3] - The company is increasing its marketing investments to enhance brand visibility and prepare for major promotional activities in Q4 2024 [3] Valuation Metrics - The projected PE ratios for 2024, 2025, and 2026 are 23, 17, and 14 times, respectively [3][4] - The expected EPS for 2024, 2025, and 2026 are 1.82 yuan, 2.50 yuan, and 3.01 yuan, respectively [4][5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market benchmark [3]. Core Views - The company has shown resilience in its core business with a slight revenue decline of 1.18% year-on-year for the first three quarters of 2024, while net profit decreased by 48.25% [2]. - The company is focusing on cost reduction and efficiency improvements across its operations, which is expected to enhance profitability in the long run [3]. - The company is a leader in the white feather broiler industry, with ongoing improvements in cost structure and genetic advantages, supporting its growth trajectory [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 13.762 billion yuan, down 1.18% year-on-year, and a net profit of 383 million yuan, down 48.25% year-on-year [2]. - The gross margin for the first three quarters was 10.31%, a decrease of 1.29 percentage points year-on-year, while the net margin was 2.67%, down 2.55 percentage points year-on-year [2]. - In Q3 2024, the company reported revenue of 4.925 billion yuan, an increase of 1.62% year-on-year, and a net profit of 281 million yuan, a decrease of 10.38% year-on-year [2]. Business Segment Performance - The poultry breeding and processing segment saw a revenue increase of 5.5% in Q3 2024, with sales volume rising by 21.5% year-on-year [2]. - The deep processing meat products segment reported a revenue of 2.110 billion yuan in Q3 2024, a decrease of 4.1% year-on-year, but with a sales volume increase of 10.4% year-on-year [2]. Capacity and Strategic Developments - The company has ongoing construction projects valued at 751 million yuan, a 56.5% increase from the beginning of the year, primarily due to the expansion of its food processing capacity [3]. - The introduction of a new genetic combination, "Shengze 901plus," has shown significant improvements in feed-to-meat ratios and is gaining market acceptance [3]. Future Projections - The company is projected to achieve revenues of 19.348 billion yuan, 21.266 billion yuan, and 23.081 billion yuan for the years 2024, 2025, and 2026, respectively [3]. - Expected net profits for the same years are 700 million yuan, 1.094 billion yuan, and 1.479 billion yuan, respectively [3]. - The price-to-earnings (PE) ratios based on the closing price on October 25 are projected to be 24.2, 15.4, and 11.4 for 2024, 2025, and 2026, respectively [3].

洽洽食品(002557) / 休闲食品 / 公司点评 / 2024.10.25 收入环比改善，利润弹性加速释放 投资评级:买入(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-24 | | 收盘价 ( 元 ) | 31.11 | | 流通股本 ( 亿股 ) | 5.06 | | 每股净资产 ( 元 ) | 10.76 | | 总股本 ( 亿股 ) | 5.07 | | 最近 12 月市场表现 | | -24% -15% -6% 3% 12% 21% 洽洽食品 沪深300 分析师 吴文德 SAC 证书编号：S0160523090004 wuwd01@ctsec.com 分析师 赵婕 SAC 证书编号：S0160523100002 zhaojie@ctsec.com 相关报告 1. 《Q2 淡季略承压，规模效应减弱》 2024-08-31 2. 《Q1 收入超预期，盈利水平改善 》 2024-05-02 3. 《基本符合预期，坚果渗透率持续提 升》 2024-03-07 证券研究报告 ❖ 事件：公司发布 ...