天风证券：晨会集萃-20241106

Core Insights - The report highlights the strong revenue growth and profitability of HaiGuang Information, with a 55.64% year-on-year increase in revenue to 6.137 billion yuan and a 69.22% increase in net profit to 1.526 billion yuan for the first three quarters of 2024 [18] - The report also emphasizes the ongoing expansion of AI and domestic innovation (XinChuang) as key drivers for future growth, projecting revenue to reach 8.930 billion yuan in 2024, 12.779 billion yuan in 2025, and 16.606 billion yuan in 2026 [18] - The report notes the challenges faced by Henglin Co., with a 41% increase in revenue to 3.01 billion yuan in Q3 2024, but a significant decline in net profit by 55.6% [2] Company Summaries HaiGuang Information - The company achieved a record high gross margin of 65.63% in the first three quarters of 2024, with Q3 gross margin reaching 69.13%, reflecting a 12.9 percentage point increase year-on-year [18] - The company’s inventory has increased for four consecutive quarters, indicating strong demand from downstream customers and a robust supply chain [18] - The report maintains a "Buy" rating for HaiGuang Information, reflecting confidence in its growth trajectory driven by AI and XinChuang [18] Henglin Co. - The company reported a revenue of 3.01 billion yuan in Q3 2024, marking a 41% increase year-on-year, but faced a 55.6% decline in net profit [2] - The company is focusing on expanding its cross-border e-commerce strategy and enhancing its global supply chain management [2] - The report adjusts profit forecasts for Henglin, projecting net profits of 0.36 billion yuan, 0.53 billion yuan, and 0.69 billion yuan for 2024-2026 [2] Industry Insights - The report indicates a slowdown in the liquor industry, with Q3 2024 revenue and net profit for the liquor sector showing only modest growth of 1.03% and 2.17% respectively [3] - The beer sector is experiencing pressure on volume and pricing, with expectations for recovery contingent on improvements in dining and nightlife demand [3] - The report suggests a focus on high-quality liquor brands with strong fundamentals and cash flow for long-term investment opportunities [3]