Investment Rating - The report assigns a "Buy" rating for China Communications Construction Company (CCCC) [5] Core Insights - The company reported a revenue of 536.636 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.26%, with a net profit attributable to shareholders of 16.274 billion yuan, down 0.61% year-on-year [2] - New signed orders showed robust growth, with a total of 12,804.56 billion yuan in new orders for the first three quarters, an increase of 9.28% year-on-year [2] - The company is focusing on emerging business sectors, achieving a 27% year-on-year increase in new contracts in these areas [2] - The gross profit margin for the first three quarters was 11.54%, with a slight decline in Q3 to 11.30% [2] - The report highlights the potential for improved cash flow and performance in Q4 due to increased local project construction demand [3] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 179.19 billion yuan, a decrease of 1.73% year-on-year, and a net profit of 4.876 billion yuan, down 0.65% year-on-year [2] - The gross profit margin for Q3 decreased by 0.96 percentage points compared to the previous year [2] - The company recorded an investment income of 0.976 billion yuan, an increase of 1.162 billion yuan year-on-year [2] Order and Business Development - New signed orders in Q3 amounted to 319.589 billion yuan, reflecting a year-on-year increase of 12.1% [2] - The city construction and overseas engineering segments saw significant growth, with new orders increasing by 20.10% and 27.70% respectively [2] - Emerging business sectors contributed to a new contract amount of 390 billion yuan, up 27% year-on-year [2] Future Outlook - The company expects net profits for 2024-2026 to be 24.819 billion yuan, 26.362 billion yuan, and 29.269 billion yuan respectively, with growth rates of 4.23%, 6.22%, and 11.03% [5] - The report anticipates improved cash flow and performance in Q4, driven by local government fiscal improvements and increased project turnover [3]

Investment Rating - The report maintains an "Accumulate" rating for China Power Construction (601669) [4][6]. Core Views - The company reported a revenue of 425.67 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.20%, while the net profit attributable to shareholders was 8.806 billion yuan, a decrease of 7.21% [1]. - New orders showed steady growth, particularly in the energy and power sector, with new orders totaling 861.123 billion yuan for the first three quarters, up 5.42% year-on-year [1]. - The gross margin remained stable at 12.42% for the first three quarters, with a slight increase of 0.12 percentage points year-on-year [2]. - Cash flow from operations saw a significant outflow, with a net cash flow of 46.926 billion yuan, reflecting an increase in cash payments for goods and services [2]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 140.75 billion yuan, a year-on-year increase of 1.01%, and a net profit of 2.47 billion yuan, down 9.00% year-on-year [1]. - The gross margin for Q3 was reported at 12.73%, a decrease of 0.15 percentage points year-on-year [2]. - Financial expenses increased to 7.975 billion yuan, up 686 million yuan year-on-year, and asset impairment losses rose to 695 million yuan, an increase of 573 million yuan [2]. Order Growth - The company secured new orders of 2,122.36 billion yuan in Q3, which remained flat year-on-year. The energy and power sector saw the highest growth in new orders, totaling 518.39 billion yuan, up 19.68% [1]. Future Outlook - The report anticipates continued high demand for hydropower construction, benefiting from the national energy strategy and improved local government finances, which should enhance the company's cash flow and profitability [3]. - The profit forecast for 2024-2026 is adjusted slightly, with expected net profits of 13.898 billion yuan, 15.155 billion yuan, and 16.620 billion yuan, representing year-on-year growth rates of 7.00%, 9.05%, and 9.66% respectively [6][7].

研究 / 交运设备 / 证券研究 铁建重工（688425）深度研究 2024 年 11 月 01 日 系列之- 隧道工程设备龙头,大国重器出海先锋 � � � 【投资要点】 铁建重工:铁建旗下工程装备平台,专精特新小巨人,科创板首家工 程机械企业、首例夹企 A 股分拆上市。成立于 2006年 12 月, 2021 年 实现科创板上市,2021、2023年获得国家级专精特新"小巨人"企业 称号。主要产品包括隧道据进机(TBM、盾构等)、特种专业设备(钻 爆设备、矿山装备、高原空间站、高端农机等)、轨交设备（道岔等), 三者收入占比约50%:29%:21%。截止24H1实控人中国铁建持股71.93%。 盈利能力优于同业,24Q3 业绩增长显著。17-22 年经营持续增长, 23-24H1 承压,24Q3 降本增效,单季利润增长显著。高毛利掘进机产 品收入占比较高,毛利率、净利率处于板块领先,优于业务相近央企。 隧道搬进设备市场：需求端从交通向矿山水利拓展,供给端双赛头。 需求端:目前我国全断面据进机年产量 700 台左右,对应市场约 243 亿,主要用于轨交、铁路、公路等,未来场景将从交通向水利水电矿 山等拓展。 ...

安孚科技(603031) 深度研究 控股南孚电池，品牌渠道护城河深厚 2024 年 10 月 30 日 【投资要点】 安孚科技:剥离百货业务,控股南孚电池。2022年１月，公司完成 原有百货业务出售,控股亚锦科技和南孚电池。目前公司对南孚权 益持股比例为 26%。公司拟以 11.5 亿元购买子公司安孚能源其余股 东持有的 31%股权,增发价格为 23.7元;此外,公司拟进行不超过 3.8 亿元的配套融资。本次交易完成后公司持有南孚电池权益比例将 提高至 39.09%。同时,公司拟以安孚能源为实施主体要实施 3.75 亿 元收购亚锦科技 5%股份。 � 南孚电池:碱性电池龙头,国内市占率超八成,品牌影响力非凡。 公司在国内碱性电池市占率超八成。长期以来,公司通过保持领先 的产品性能,以及对于国内电池零售市场的深耕细作,"南乎牌"威 锰电池产品连续 31 年(1993 年-2023 年)在中国市场销量第一,在 我国碱性 5 号和 7 号电池品类零售市场的销售额份额为 85.9%。 ◆ 竞争优势:性价比、品牌和渠道优势明显,护城河深厚。1）性价比 高:南孚 AA 电池在京东和美国亚马逊商城售价均低于金霸王。单位 国 ...

Investment Rating - The investment rating for the company is "Buy" [4][5]. Core Views - The company's performance in the first three quarters of 2024 met expectations, with a revenue of 13.581 billion yuan, a year-on-year decrease of 13.81%, and a net profit attributable to shareholders of 926 million yuan, down 43.86% year-on-year [1]. - The photovoltaic segment showed significant growth, with revenues nearing 8 billion yuan and a shipment of approximately 11.5 GW of battery components, representing a year-on-year increase of over 60% [1]. - The company is focusing on the successful ramp-up of its Indonesian factory and the subsequent order fulfillment, particularly in light of upcoming political events and trade rulings [1]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 4.014 billion yuan, a quarter-on-quarter decrease of 24.73%, but a net profit of 287 million yuan, which is a quarter-on-quarter increase of 0.66% [1]. - The gross margin and net margin for Q3 were 16.82% and 7.00%, respectively, showing improvements of 2.22 percentage points and 1.68 percentage points quarter-on-quarter [1]. Photovoltaic Sector - The photovoltaic segment's revenue for the first three quarters was nearly 8 billion yuan, with a shipment of about 11.5 GW, and an expected total shipment of over 15 GW for the year [1]. - The company maintained reasonable profitability in its photovoltaic components, with estimated earnings of approximately 0.04-0.05 yuan per watt in Q3, stable compared to Q2 [1]. Magnetic Materials and Devices - The magnetic materials segment generated nearly 1.9 billion yuan in revenue, a year-on-year increase of over 20%, driven by the replacement of consumer goods and increased procurement from major clients [2]. - The company is actively expanding into new markets, including energy storage, and has seen significant growth in shipments of small cylindrical lithium batteries [2]. Future Outlook - The company has successfully ramped up production at its Indonesian 3 GW TOPCon battery factory, which is now operating at near full capacity, with multiple orders in negotiation [1]. - The outlook for profitability is optimistic as supply-side reforms are expected to lead to a price turning point, potentially enhancing the company's earnings capacity [1].

韦尔股份（603501）2024年三季报点评 24Q3季度收入创新高,高端战略引领重 返成长轨道 2024 年 10 月 30 日 【投资要点】 消费市场进一步回暖,高端产品战略起效。2024年10月26日,韦尔 股份公告 2024年三季报,2024年前三季度公司实现营业收入 189.08 亿元,同比增长 25.38%;实现归母净利润 23.75 亿元,同比增长 544. 74%。就 2024年第三季度来看,公司实现营业总收入 68. 17 亿元, 创单季收入历史新高,同比增长 9.55%,环比增长 5.73%;实现归母 净利润 10.08 亿元，同比增长 368.33%，环比增长 24.60%。受到产品 结构优化以及成本控制等因素影响,公司产品毛利率逐步恢复,盈利 能力改善,2024 前三季度公司综合毛利率为 29.61%,同比提升 8.33pcts,其中 2024Q3 毛利率为 30.44%,同比提升 8.66pcts, 环比 提升 0. 20pct。 智能手机市场持续回暖,高端产品导入。根据 IDC 国际数据公司, 2024 � 年第三季度,全球智能手出货量达到 3.161 亿部,同比增长 4.0%,已 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [4]. Core Viewpoints - The company has demonstrated significant revenue growth, achieving a revenue of 1.306 billion yuan in Q1-Q3 2024, representing a year-over-year increase of 56.14%. The net profit attributable to shareholders reached 185 million yuan, up 47.96% year-over-year [1]. - The company's gross margin improved to 34.76% in Q3 2024, attributed to product mix optimization and increased sales of high-margin products [2]. - The company has a strong overseas business presence, with over 99% of its revenue coming from international markets, particularly in North America, which positions it well for growth in Europe, South America, and Asia [2]. - The nursing robot segment is expected to accelerate growth, with the global healthcare robotics market projected to reach billions, and the company’s fifth-generation nursing robots showing significant sales increases [2]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported revenues of 1.306 billion yuan, a 56.14% increase year-over-year, and a net profit of 185 million yuan, up 47.96% [1]. - In Q3 2024 alone, revenues were 567 million yuan, reflecting a 57.44% year-over-year growth, with net profits of 87 million yuan, a 49.19% increase [1]. Profitability Metrics - The gross margin for Q3 2024 was 34.76%, with a slight decrease in net margin to 14.13% [2]. - The company’s sales expense ratio increased to 11.39%, while the management expense ratio decreased to 7.55% [2]. Market Position and Growth Potential - The company’s overseas business accounts for over 99% of its revenue, with strong distribution channels in North America and plans to expand into Europe, South America, and Asia [2]. - The nursing robot business is expected to grow significantly, with the company’s products being technologically advanced and showing increased sales since the second half of 2023 [2]. Future Earnings Projections - The report forecasts revenues of 1.561 billion yuan for 2024, with net profits expected to reach 227 million yuan. Projections for 2025 and 2026 are 1.914 billion yuan and 2.258 billion yuan in revenue, respectively, with net profits of 290 million yuan and 348 million yuan [3].

Investment Rating - The report assigns a rating of "Accumulate" for Zhongtai Co., Ltd. (300435) [2] Core Views - The company's performance in the first three quarters of 2024 showed a revenue of 2.012 billion yuan, a year-on-year decrease of 10.67%, and a net profit attributable to shareholders of 189 million yuan, down 26.99% year-on-year. In Q3 alone, revenue was 644 million yuan, an increase of 10.95% year-on-year, while net profit was 66 million yuan, down 12.30% year-on-year [1] - The equipment business is under short-term pressure due to long delivery cycles of 14-16 months, resulting in fewer confirmed orders in the first three quarters of 2024. The gross margin for the first three quarters was 19.03%, a decrease of 0.8 percentage points year-on-year, primarily due to intense domestic competition and the delayed recognition of high-margin overseas orders [1] - There is strong demand for overseas deep-freezing equipment, with the company gradually entering a harvest period. The company has become a qualified supplier for important clients in various countries, benefiting from high overseas demand. As of H1 2024, the order backlog was 2.132 billion yuan, up 33.5% year-on-year, with over 30% from overseas [1] - The company's expense ratio for the first three quarters was 7.34%, an increase of 1.42 percentage points year-on-year, driven by rising management, R&D, and sales expenses [1] Financial Summary - The projected net profits for 2024-2026 are 297 million yuan, 388 million yuan, and 457 million yuan, corresponding to P/E ratios of 15, 12, and 10 times, respectively. The report anticipates that the company's competitiveness in overseas markets will continue to improve, with high-margin export orders being confirmed next year [4] - Revenue projections for 2023A, 2024E, 2025E, and 2026E are 3.047 billion yuan, 2.834 billion yuan, 3.400 billion yuan, and 4.081 billion yuan, with growth rates of -6.42%, -7.00%, 19.97%, and 20.03% respectively [4] - The EBITDA for the same years is projected at 506 million yuan, 502 million yuan, 638 million yuan, and 749 million yuan [4] - The gross margin is expected to improve from 18.49% in 2024E to 20.61% in 2026E, while the net profit margin is projected to stabilize around 11.18% in 2026E [6]

]yrtsudnI_elbaT[ 公 司 研 究 / 交 运 设 备/ 证 券 研 究 报 告 2024 年 10 月 30 日 [Table_Title] 中国通号（688009）2024年三季报点评 充分受益轨交更新改造，低空业务未来 可期 [【投资要点】 Table_Summary] 事件：公司发布 2024 年三季度业绩公告，前三季度实现营业收入 208.14 亿元，同比-15.48%；实现归母净利润 23.59 亿元，同比-8.09%。 单看 Q3，实现营业收入 65.64 亿元，同比-17.89%；归母净利润 7.6 亿元，同比+2.33%，业绩基本符合预期。 铁路更新、替换及新建扩充市场规模，公司聚焦主业获得高质量发展。 十年前开通运营的高铁开始陆续进入更新改造期，同时根据《加快建 设交通强国五年行动计划（2023-2027 年）》，到 2027 年我国铁路营业 里程将达到 17 万公里，其中高铁 5.3 万公里，普速铁路 11.7 万公里， 未来几年更新、改造及新建里程充沛，推动轨交控制系统市场规模高 增。中国通号竞争优势明显，国内高铁市占率超过 60%，充分受益于 行业周期，2024 年前三 ...

]yrtsudnI_elbaT[ [Table_Title] 福斯达（603173）2024年三季报点评 出口业务持续高景气，国内需求有望逐 步复苏 2024 年 10 月 30 日 [【投资要点】 Table_Summary] 事件：公司发布2024年三季度业绩公告，前三季度实现营业收入16.54 亿元，同比+10.17%；实现归母净利润 2.08 亿元，同比+44.85%。单 看 Q3，实现营业收入 7.44 亿元，同比+34.39%；归母净利润 1.03 亿 元，同比+113.74%。 厚积薄发，竞争力持续提升，海外市场进入收获期。福斯达积极响应 国家"一带一路"和"走出去"政策，针对不同地区不同客户实施个 性化方案，在巩固中东和东南亚等传统优势地区的基础上，向俄罗斯 等国家拓展（林德和法液空等巨头逐步退出），签订和落地了多个海 外项目，包括首个大型液化天然气装置的绕管换热器项目、日产 50 万方/天 LNG 项目和首个"类 BOT 模式"新经营项目等。受益于海外 业务高景气，公司订单饱满，24H1 共计新签 21.8 亿元。同时，伴随 海外高毛利项目按期确认，公司收入和盈利能力明显提升，单看 24 年 ...