Investment Rating - The report assigns an "Accumulate" rating for the company [1][3]. Core Views - The company is the second-largest hydropower operator in China, holding the entire hydropower development rights of the Lancang River basin, with a total installed capacity of 29.2032 million kilowatts as of 1H2024, of which hydropower accounts for 25.9498 million kilowatts [2][19]. - The company is expected to release additional hydropower capacity in 2024-2025, with significant projects like the TB hydropower station and the Hardshell hydropower station contributing to a 10% increase in installed capacity [2][21]. - The tightening supply-demand balance is expected to push up local electricity prices, with the company benefiting from a competitive pricing strategy for electricity sent to Guangdong [2][3]. - The depreciation of existing assets is set to decrease, which will help release profits, alongside a reduction in financing costs from 4.33% in 2019 to 2.96% in 1H2024 [2][26]. Summary by Sections Company Overview - The company is the only platform for the integration of Huaneng Group's hydropower business, with a focus on the Lancang River basin [19][23]. Capacity Expansion - The company has a robust plan for capacity expansion, with the TB hydropower station expected to be fully operational by 2025 and the Hardshell hydropower station expected to start operations in late 2024 [21][30]. Financial Performance - Revenue projections for 2024, 2025, and 2026 are estimated at 25.547 billion, 28.696 billion, and 29.644 billion yuan respectively, with corresponding net profits of 8.291 billion, 9.337 billion, and 9.922 billion yuan [3][4]. - The company has a clear shareholder return plan, committing to distribute at least 50% of its distributable profits as cash dividends [27][28]. Market Dynamics - The company is positioned to benefit from rising electricity prices due to a tight supply-demand situation in Yunnan province, where hydropower generation accounts for over 70% of total output [2][10]. - The company is actively involved in the construction of clean energy bases in Tibet, which are expected to start delivering electricity to the Guangdong-Hong Kong-Macao Greater Bay Area by 2030 [31][32].

Q3 符合预期，稳健成长 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-23 | | 收盘价 ( 元 ) | 36.64 | | 流通股本 ( 亿股 ) | 4.53 | | 每股净资产 ( 元 ) | 6.13 | | 总股本 ( 亿股 ) | 5.48 | | 最近 12 月市场表现 | | -17% -3% 10% 23% 37% 50% 华测导航 沪深300 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 分析师 王妍丹 SAC 证书编号：S0160524040002 wangyd01@ctsec.com 相关报告 1. 《高精定位龙头企业，低空打开新空 间》 2024-09-11 ❖ 事件：华测导航 10 月 23 日晚间发布三季度业绩公告称，2024 年前三季度营 收约 22.68 亿元，同比增加 24.22%；归属于上市公司股东的净利润约 3.90 亿 元，同比增加 37.84%；基本每股收益 0.7159 元，同比 ...

Investment Rating - The report maintains a "Positive" investment rating for the chemical industry [2] Core Views - The overall market index has shown an upward trend, with the Shanghai Composite Index closing at 3261.56, up 1.36% for the week, while the chemical sector increased by 1.92% [4][10] - The report highlights significant stock movements, with the top five gainers being Tianma New Materials (+180.45%), Jiaxian Co. (+97.08%), Ketech Energy (+43.80%), Guofeng New Materials (+36.79%), and Shuangle Co. (+30.44%) [13][14] - Conversely, the top five decliners included ST Hongda (-11.74%), Yabang Co. (-9.14%), Kaisa Bio (-7.40%), Baofeng Energy (-6.37%), and Jinshi Resources (-5.75%) [13][15] Summary by Sections Recent Market Performance - The chemical sector has experienced a 1.92% increase, with electronic chemicals leading the sub-sectors at +9.49%, followed by coatings and inks at +8.32% and membrane materials at +6.94% [12] - The report notes a decline in the polyurethane sector by -4.02% and coal chemicals by -3.98% [12] Chemical Prices and Variations - The report indicates a 4.56% drop in crude oil prices, influenced by fluctuating demand and geopolitical factors [16] - Key chemical products that saw price increases include: - Phosphorus acid in Shanghai: up 12.38% to 11,800 CNY/ton - Caustic soda 99%: up 7.55% to 3,504 CNY/ton - Solid caustic soda: up 12.68% to 3,504 CNY/ton [18][19] - Conversely, products that experienced price declines include: - Developer liquid in East China: down 12.50% to 7,000 CNY/ton - Cyclohexane: down 7.30% to 6,350 CNY/ton - PX: down 6.04% to 6,879 CNY/ton [19][20] Investment Recommendations - The report suggests focusing on high-end optical materials for domestic substitution, particularly OCA optical adhesives and optical films, with recommended companies including Stik and Dongcai Technology [4] - It also highlights the animal nutrition sector, emphasizing the potential for amino acids to replace soybean meal due to ongoing reduction initiatives [4] - Recommendations include leading chemical companies benefiting from lower natural gas prices and recovering downstream demand, such as Satellite Chemical and Wanhua Chemical [4]

Investment Rating - The report assigns an "Overweight" rating to the company for the first time [1] Core Views - The company is a global leader in automotive exterior parts, with a diversified product portfolio including plastic, metal, and aluminum components, as well as battery boxes [2] - The company has a strong market position in traditional businesses such as metal trim, aluminum parts, and plastic parts, ranking first domestically and globally in certain segments [2] - The battery box business has become a major growth driver, with global market share increasing from 2.1% in 2021 to 13.3% in 2023 [2] - The company is actively developing intelligent exterior products, including smart front faces, tailgates, and side doors, with significant breakthroughs in the intelligent B-pillar and electric side door systems [2] Financial Performance and Forecast - The company's revenue is expected to grow from RMB 25.115 billion in 2024 to RMB 34.032 billion in 2026, with a CAGR of 13.13% [3] - Net profit attributable to shareholders is projected to increase from RMB 2.342 billion in 2024 to RMB 3.143 billion in 2026 [3] - The PE ratio is expected to decline from 6.78x in 2024 to 5.05x in 2026, indicating an attractive valuation [3] Business Segments - **Metal and Trim**: Revenue is expected to grow steadily, with a CAGR of 4-6% from 2024 to 2026, driven by recovery in domestic and overseas markets [48] - **Aluminum Parts**: Revenue is forecasted to grow at a CAGR of 15% from 2024 to 2026, supported by strong demand in both domestic and international markets [48] - **Plastic Parts**: Revenue is projected to grow at a CAGR of 18-20% from 2024 to 2026, benefiting from the recovery in demand in China and overseas markets [48] - **Battery Box**: Revenue is expected to grow significantly, with a CAGR of 40% from 2024 to 2026, driven by the rapid expansion of the new energy vehicle market [48] Industry and Market Position - The company is a leading global supplier of automotive exterior parts, with a strong presence in the battery box market, ranking second domestically in 2020 [2] - The battery box market is expected to grow significantly, with global market size projected to reach RMB 44.4 billion by 2026, driven by the rapid growth of the new energy vehicle market [34] - The company has a competitive advantage in the battery box market due to its global production layout and "local supply" strategy, which reduces transportation costs for large components [2] Innovation and Future Growth - The company is actively developing intelligent exterior products, including smart front faces, tailgates, and side doors, with significant breakthroughs in the intelligent B-pillar and electric side door systems [2] - The company is also focusing on lightweight and integrated chassis solutions for battery boxes, which are expected to be key growth areas in the future [41] Valuation and Peer Comparison - The company's PE ratio is lower than its peers, with a 2024 PE of 6.78x compared to the median PE of 12.83x for comparable companies, indicating an attractive valuation [52] - The company's revenue growth and profitability are among the top in its peer group, with a strong focus on R&D and innovation, which supports its future growth potential [51]

Investment Rating - The investment rating for the company is maintained at "Accumulate" [1][3] Core Views - The company reported a revenue of 345 million yuan in Q3 2024, a year-on-year decrease of 7.58%, while the net profit attributable to shareholders increased by 0.97% to 81 million yuan [2] - The gross margin for Q3 2024 was 35.15%, showing a quarter-on-quarter increase of 0.97 percentage points, despite a year-on-year decline of 1.34 percentage points [2] - The company is advancing its three-tier development strategy, with production capacity in Anhui continuing to ramp up and new product development and customer acquisition ongoing [2] Financial Performance Summary - For 2024-2026, the company is expected to achieve net profits of 348 million yuan, 458 million yuan, and 560 million yuan, respectively, with corresponding PE ratios of 25.29, 19.25, and 15.74 [3] - The projected revenue growth rates are 27.24% for 2024, 33.83% for 2025, and 24.70% for 2026 [4] - The company’s gross margin is expected to stabilize around 34.9% in 2024, with net profit margins projected at 20.5% [5] Strategic Developments - The company is focusing on enhancing its R&D capabilities, with R&D expenses in Q3 2024 amounting to 14.06 million yuan, a year-on-year increase of 10.67% [2] - The overseas expansion project in Thailand has officially commenced construction, aiming to enhance the company's international growth [2]

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-22 | | 收盘价 ( 元 ) | 19.16 | | 流通股本 ( 亿股 ) | 54.39 | | 每股净资产 ( 元 ) | 5.78 | | 总股本 ( 亿股 ) | 66.54 | | 最近 12 月市场表现 | | -12% -4% 4% 12% 20% 28% 温氏股份 沪深300 分析师 肖珮菁 SAC 证书编号：S0160524070005 xiaopj@ctsec.com 相关报告 1. 《Q2 扭亏为盈，持续受益畜禽周期 景气》 2024-08-27 2. 《规模较快增长，生产经营稳健，Q1 减亏显著》 2024-04-29 3. 《经营稳健降本增量，猪鸡回暖 Q3 扭亏》 2023-10-26 温氏股份(300498) / 养殖业 / 公司点评 / 2024.10.23 猪鸡盈利高增，回购分红彰显发展信心 证券研究报告 ❖ 事件：公司 2024 前三季度营收+16.56%，归母净利润+241.47%。公司 20 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Insights - The company reported a revenue of 1.038 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 25.98%. The net profit attributable to shareholders reached 261 million yuan, up 44.35% year-on-year [2] - The net profit margin has shown continuous improvement, indicating strong profitability resilience. The gross margin for Q1-Q3 2024 was 58.33%, an increase of 2.0 percentage points year-on-year, while the net profit margin was 25.15%, up 3.3 percentage points year-on-year [2] - The company is focusing on high-priced products, which has led to an increase in average selling prices across its product lines, particularly in mosquito repellent and infant care products [2][3] Financial Performance Summary - Revenue (in million yuan) is projected to grow from 1,338 in 2024E to 2,129 in 2026E, with corresponding growth rates of 29.54% in 2024E, 28.53% in 2025E, and 23.78% in 2026E [4] - Net profit (in million yuan) is expected to increase from 322 in 2024E to 483 in 2026E, with growth rates of 42.30% in 2024E, 25.08% in 2025E, and 20.12% in 2026E [4] - The company’s earnings per share (EPS) is projected to rise from 0.79 in 2024E to 1.19 in 2026E [4] Business Strategy - The company is implementing a strategy focused on large brands with small product categories, leveraging dual drivers from mosquito repellent and infant care segments. New product launches in the infant care category are anticipated to perform well in the upcoming peak season [3] - The company is enhancing its market penetration in lower-tier cities and expanding its online and offline sales channels, which has contributed to its leading position in e-commerce sales [2][3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's profitability in amino acids is growing, while the price of monosodium glutamate continues to face pressure [1][3] - The company reported a revenue of 18.681 billion yuan for Q3 2024, a year-on-year decrease of 8.99%, and a net profit of 1.995 billion yuan, down 7.65% year-on-year [2] - The amino acid business showed a price improvement in Q3, with the revenue from the animal nutrition amino acid segment reaching approximately 2.877 billion yuan, up 5.89% quarter-on-quarter [2] - The price of monosodium glutamate is under pressure due to increased supply and intensified competition in the industry [2] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 60.38 billion yuan, down 12.97% year-on-year and 1.92% quarter-on-quarter, with a net profit of 5.22 billion yuan, down 33.96% year-on-year and 27.78% quarter-on-quarter [2] - The company expects revenues of 26.073 billion yuan, 29.034 billion yuan, and 32.206 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.801 billion yuan, 3.240 billion yuan, and 3.395 billion yuan [3][4] Business Segments - The amino acid segment's revenue in Q3 was approximately 28.77 billion yuan, with significant price improvements for certain products [2] - The company plans to build a 600,000-ton/year lysine project to strengthen its leading position in the lysine market [2] - The monosodium glutamate segment reported a revenue of about 16.85 billion yuan in Q3, reflecting a decline due to increased competition and supply [2] Future Outlook - The company is expected to benefit from policies promoting reduced soybean meal usage, which may lead to simultaneous increases in both volume and price for amino acids [3] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.98 yuan, 1.14 yuan, and 1.19 yuan respectively, with corresponding price-to-earnings (PE) ratios of 10.07, 8.71, and 8.31 [3][4]

Investment Rating - The investment rating for the industry is "Positive" (maintained) [2] Core Insights - Horizon Robotics is set to be listed on the Hong Kong Stock Exchange on October 24, 2024, focusing on the commercialization of autonomous driving [3][8] - The company has achieved significant growth in revenue, with a total of over 270 designated vehicle models as of the first half of 2024 [3][10] - Horizon Robotics has established partnerships with major automotive manufacturers, contributing to its position as a leading provider of advanced driver assistance systems (ADAS) in China [9][20] Summary by Sections Horizon Robotics Listing - Horizon Robotics will be listed on the Hong Kong Stock Exchange, focusing on deep neural network computing for autonomous driving [3][8] - The company has seen a cumulative shipment of over 5 million units of its Journey series computing solutions by March 2024 [3][8] Revenue Growth and Model Designation - Horizon Robotics reported revenues of 4.67 billion, 9.06 billion, 15.52 billion, and 9.35 billion CNY for the years 2021, 2022, 2023, and the first half of 2024, respectively, with year-on-year growth rates of 94.0%, 71.3%, and 151.6% [10][11] - The revenue composition for the first half of 2024 includes 2.22 billion CNY from automotive product solutions, 6.91 billion CNY from automotive licensing and services, and 0.22 billion CNY from non-automotive solutions [11][12] Technological Capabilities - Horizon Robotics offers a comprehensive range of advanced driver assistance and high-level autonomous driving solutions, including Horizon Mono, Horizon Pilot, and Horizon SuperDrive [15][16] - The company has a high research and development expense ratio, exceeding 150% over the past three years, which has contributed to its adjusted net profit losses [11][12] Major Events in Intelligent Driving - Tesla held a launch event for its Cybercab, with plans for a fully autonomous taxi service expected to be operational by 2027 [19][20] - Several new models were released in September 2024, competing directly with Tesla's Model Y, with most starting prices lower than that of Model Y [19][20] Investment Recommendations - It is recommended to pay attention to companies such as Ruiming Technology, Huace Navigation, Desay SV, Joyson Electronics, Zhongke Chuangda, and Jingwei Hengrun, which have advantageous positions in automotive intelligence and leading software capabilities [23]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The automotive sector has shown a market performance decline of -21% over the last 12 months, while the Shanghai Composite Index has decreased by -12% [2] - Recent consumer confidence has been bolstered by incremental policies, leading to an expected increase in sales [3] - The retail sales of passenger vehicles from October 1 to 13 reached 823,000 units, a year-on-year increase of 20% [5] - The wholesale of passenger vehicles during the same period was 713,000 units, also reflecting a 20% year-on-year growth [5] Industry Dynamics - Several new car models were launched between October 13 and 18, including the Ford Lingrui, which was priced between 126,800 to 165,500 yuan [11] - The new models include the Qichen VX6, Honda Haoying series, and Blue Electric E5 PLUS, with various pricing and specifications [12][14][15] Sub-industry Insights - **Passenger Vehicles**: The retail market for new energy vehicles saw a significant year-on-year increase of 64% in sales, totaling 408,000 units from October 1 to 13 [5] - **Commercial Vehicles**: Sales of new energy heavy trucks in September reached 7,883 units, marking a year-on-year growth of 148% [5] Performance of Sub-sectors - From October 14 to 18, the automotive sector's relative return was 0.29%, with commercial vehicles showing a strong relative return of 4.30% [4] - The top-performing companies in the passenger vehicle sector during this period included Haima Automobile, BAIC Blue Valley, and BYD [16] Financial Performance - The financial performance of leading companies in the passenger vehicle sector showed varied results, with Haima Automobile reporting a total revenue of 2.584 billion yuan and a year-on-year growth of 7.25% [17] - In the commercial vehicle sector, Jianghuai Automobile led with a stock increase of 22.22% during the same period [18]