Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company, Goldwind Technology, reported a 22% year-on-year revenue growth to 35.8 billion RMB in the first three quarters of 2024, with a net profit increase of 42% to 1.792 billion RMB [2][3] - The company achieved a record high of 44.3 GW in hand orders, with large turbine models accounting for 73% of these orders [2][3] - The wind turbine sales volume increased by 9% to 9.7 GW, with large turbine models (6 MW and above) making up 57.6% of total sales [3] - The industry is showing signs of recovery, with a 93% increase in bidding volume for wind turbines this year [3] Summary by Sections Company Performance - In Q3 2024, the company's revenue grew by 52% year-on-year to 15.6 billion RMB, with a stable gross margin of 14.1% [3] - The gross margin for the first three quarters increased by 2.2 percentage points to 16.4% [3] - The significant growth in net profit is attributed to increased gross margins and optimized asset and tax structures [3] Order and Sales Dynamics - The company’s hand orders reached a historical high of 44.3 GW, with 41.4 GW from external orders [3] - The sales structure has improved, with a higher proportion of high-margin large turbine models [3] Market Trends - The domestic wind turbine bidding volume increased significantly, with a 17% year-on-year growth in new wind power installations [3] - The bidding price for wind turbines stabilized at an average of 1475 RMB per kW in September 2024 [3] International Expansion - Goldwind Technology has expanded its international presence, with installations in 42 countries across six continents [3] - As of Q3 2024, the company has 8.1 GW of cumulative international installations, with significant contributions from North America, Oceania, and South America [3] Investment Recommendation - The report suggests that Goldwind Technology, as a traditional leader in the wind turbine sector, has significant growth potential due to its record high orders and expected strong performance in Q4 2024 [3]

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 滔搏（6110）公司半年报点评 2024 年 11 月 06 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |----------------------------------------------------------|--------------| | 股票数据 | | | 11 [ Table_StockInfo 月 05 日收盘价（港元） ] | 2.71 | | 52 周股价波动（港元） | 2.11-6.36 | | 总股本（百万股） | 6201 | | 总市值（百万港元） | 16805 | | 相关研究 | | | [Tabl 《 FY24H1 e_ReportInfo] 经营利润同比增 23% | ，实现全域高 | | 质量增长》 2023.10.23 | | 市场表现 [Table_QuoteInfo] | --- | --- | --- | --- | --- | |--------------------- ...

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 特步国际（1368）公司公告点评 2024 年 11 月 06 日 | --- | --- | |--------------------------------------------------------------------|--------------------| | 股票数据 | | | [Table_StockInfo] 11 月 05 日收盘价（港元） | 5.72 | | 52 周股价波动（港元） | 3.13-7.13 | | 总股本（百万股） | 2684 | | 总市值（百万港元） | 15350 | | 相关研究 | | | [ Ta b le _R e po r tIn fo ] | | | 《 主 品 牌 电 商 表 现 亮 眼 | ，专业运动收入高增 | | 72%》2024.08.25 | | | 《 24Q2 主品牌折扣库存改善》 《 流水增长稳健，库存周转同比改善》 | 2024.07.24 | | 24Q1 | | | 2024.04.25 市场表现 | | [Table_Quote ...

Investment Rating - The investment rating for Rongchang Biologics is "Accumulate" (maintained) [1] Core Views - The company's revenue for the third quarter reached 4.7 billion yuan, representing a year-on-year growth of 34.6% [1] - The total revenue for the first nine months of 2024 was 12.1 billion yuan, with a year-on-year increase of 57.1% [1] - The net loss for the third quarter was 2.9 billion yuan, which is a decrease in loss by 32.6% compared to the previous quarter [1] - The company continues to see robust growth in revenue, aligning with expectations, and maintains strong profitability [1] Financial Summary - **Revenue Forecasts**: - 2022A: 772 million yuan - 2023A: 1,083 million yuan - 2024E: 1,608 million yuan - 2025E: 2,167 million yuan - 2026E: 2,880 million yuan - Year-on-year growth rates: 2023A: 40%, 2024E: 48%, 2025E: 35%, 2026E: 33% [1][2] - **Net Profit Forecasts**: - 2022A: -999 million yuan - 2023A: -1,511 million yuan - 2024E: -1,025 million yuan - 2025E: -776 million yuan - 2026E: -587 million yuan - Year-on-year growth rates: 2023A: -51%, 2024E: 32%, 2025E: 24%, 2026E: 24% [1][2] - **Earnings Per Share (EPS)**: - 2022A: -1.83 yuan - 2023A: -2.78 yuan - 2024E: -1.88 yuan - 2025E: -1.43 yuan - 2026E: -1.08 yuan [1][2] - **Cash Flow**: - Operating cash flow for 2023A: -1,502 million yuan - Net profit for 2023A: -1,511 million yuan [3] Research and Development - The company is advancing its international research and development efforts, with significant clinical trials ongoing for key products such as Taitasip and Vidisizumab [1] - The early pipeline aligns with industry development trends and demonstrates differentiation [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's net profit for the first three quarters of 2024 reached 26.75 billion, a year-on-year increase of 38%, showing significant improvement compared to a decline of 8.7% in the first half of the year [4]. - The total investment income was 27.498 billion, an increase of 11.358 billion year-on-year, with an annualized total investment return rate of 4.4%, up by 1.7 percentage points [4]. - The insurance service revenue for the first three quarters was 364.306 billion, growing by 5.3% year-on-year, with a slight improvement from 5.1% in the first half [4]. - The comprehensive cost ratio for the first three quarters was 98.2%, up by 0.3 percentage points year-on-year, with the non-auto insurance cost ratio at 100.5%, indicating underwriting losses [5]. - The core solvency ratio stood at 201.6%, exceeding industry peers and regulatory requirements, providing a strong foundation for future dividend capabilities [5]. - The company is expected to benefit from improved asset-liability dynamics and valuation upside despite short-term pressures from natural disasters and market fluctuations [5]. Summary by Sections Financial Performance - Net profit for Q1-Q3 2024: 26.75 billion, +38% YoY [4] - Total investment income: 27.498 billion, +11.358 billion YoY [4] - Insurance service revenue: 364.306 billion, +5.3% YoY [4] Cost and Solvency - Comprehensive cost ratio: 98.2%, +0.3 percentage points YoY [5] - Core solvency ratio: 201.6%, above industry standards [5] Market Outlook - Positive outlook on asset-liability improvements and valuation growth potential [5]

%% %% 丨证券研究报告丨 港股研究丨公司点评丨特步国际（1368.HK） [Table_Title] 流水稳健增长，库存&折扣健康 | --- | --- | --- | |----------|-------|-------| | | | | | 报告要点 | | | 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SFC：BUU942 请阅读最后评级说明和重要声明 特步国际（1368.HK） cjzqdt11111 [Table_BaseData] 当前股价（HKD） 5.76 注：股价为 2024 年 10 月 31 日收盘价 [Table_Title2] 流水稳健增长，库存&折扣健康 港股研究丨公司点评 [Table_Summary2] 事件描述 公司发布 2024Q3 零售数据，特步主品牌流水同比中单位数增长，索康尼流水同比超 50%增 长，流水表现符合预期。 事件评论 ⚫ 主品牌稳健增长，索康尼增长亮眼。特步 Q3 全渠道流水中单增长，线下客流&连带等多 指标均有所拖累。月度趋势来看预计 7-9 月均有所承压，但 10 月换季等影响催化流水恢 ...

股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 Q3 环比略承压，行业景气持续助力成长 中海油田服务(2883) [Table_Industry] 石油 [Table_Invest] 评级： 增持 ——中海油田服务 2024 年三季报业绩点评 | --- | --- | --- | --- | |----------|-------------------------------------|----------------------------|----------------------------| | | | | | | | [table_Authors] 孙羲昱 ( 分析师 ) | 杨思远 ( 分析师 ) | 陈浩越 ( 研究助理 ) | | | 021-38677369 | 021-38032022 | 021-38031035 | | | sunxiyu@gtjas.com | yangsiyuan026856@gtjas.com | ...

Investment Rating - The report maintains a "Buy" rating for Yum China (YUMC.US/9987.HK) with a target price of HKD 479.7 for the Hong Kong-listed shares and USD 61.5 for the US-listed shares [2][3] Core Views - Yum China's 3Q24 operating profit growth exceeded expectations due to cost reduction and efficiency improvements [2] - The company's flexible operational strategies and strong management capabilities are driving improved same-store sales and continued cost optimization [2] - Yum China plans to increase shareholder returns from USD 3 billion to USD 4.5 billion for 2024-2026, which is expected to boost market sentiment [2] Same-Store Sales Outlook - Same-store sales are expected to trend positively in 2025, with KFC likely to return to positive same-store sales growth and Pizza Hut narrowing its decline [2] - KFC's average check is expected to remain stable, while Pizza Hut's average check may face downward pressure due to the increasing proportion of WOW stores [2] Cost Optimization and Efficiency - Despite declining average checks, restaurant-level margins remained flat YoY in 3Q24, and operating margins expanded by 1.0ppt [2] - The company expects cost optimization efforts to continue, though the marginal benefits may weaken in 2025 [2] - Management aims to maintain the administrative expense ratio below 5% in the medium to long term [2] Franchise Expansion - Yum China plans to accelerate franchise development, with franchise stores expected to account for 40%-50% of KFC's net new openings and 20%-30% of Pizza Hut's net new openings [2] - The franchise model is seen as complementary to company-owned stores, helping to expand into new markets and regions [2] - Franchise stores are expected to achieve operating margins comparable to company-owned stores, with strict controls in place to ensure operational quality and food safety [2] Financial Performance and Forecasts - Revenue is projected to grow from USD 11,352 million in 2024E to USD 13,041 million in 2026E, with net income attributable to shareholders increasing from USD 919 million to USD 1,059 million over the same period [6] - The company's EV/EBITDA multiple is expected to decline from 9.9x in 2024E to 8.4x in 2026E, reflecting improved profitability and efficiency [6] Market Sentiment and Valuation - The report highlights a potential upside of 27.3% for Yum China's US-listed shares and 24.3% for its Hong Kong-listed shares based on the target prices [3][4] - The company's market capitalization stands at USD 8,386 million, with a 3-month average daily trading volume of USD 144.9 million [3]

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power (1816.HK) with a target price of HKD 3.80, corresponding to a 2024 earnings valuation of 15.8 times [1][4]. Core Views - The report highlights a steady performance in the third quarter, with a year-on-year increase in electricity generation of 4.97%, reaching 166.89 billion kWh, and a revenue increase of 4.06% to CNY 62.37 billion [1][2]. - The company is expected to maintain stable growth in electricity generation and performance, driven by new approved nuclear units [1][2]. - The report notes that the average market transaction price for electricity remained stable, with a slight decrease of approximately 1 cent to CNY 0.39 per kWh [2]. - The approval of new nuclear projects and the steady progress of ongoing projects are seen as positive growth drivers, with the company currently having 16 nuclear units under construction [2][4]. Financial Summary - For FY 2024, the projected revenue is CNY 88.28 billion, reflecting a growth rate of 6.95%, with net profit expected to reach CNY 12.06 billion, a growth rate of 12.46% [3][7]. - The gross profit margin is projected to improve to 36.62% in FY 2024, with a net profit margin of 13.66% [3][9]. - The report indicates a stable increase in cash flow from operating activities, with net cash flow expected to reach CNY 33.12 billion in FY 2023 [8].

Investment Rating - The investment rating for BYD Electronics is "Buy" (maintained) [1] Core Views - The company has shown significant quarter-on-quarter improvement in performance and is expected to achieve growth through multiple avenues, including consumer electronics, automotive electronics, and AI [3][2] - The acquisition of Jabil has introduced financial costs and impairments, but the overall market demand in consumer electronics and automotive sectors is expected to drive revenue growth [3] Financial Forecasts and Valuation - Total revenue is projected to increase from 107.92 billion CNY in 2022 to 191.65 billion CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 20.49% to 11.00% [1] - Net profit attributable to shareholders is expected to rise from 1.86 billion CNY in 2022 to 7.63 billion CNY by 2026, with a notable increase of 117.56% in 2023 [1][3] - The latest diluted EPS is forecasted to grow from 0.82 CNY in 2022 to 3.39 CNY in 2026, indicating strong earnings growth potential [1] - The P/E ratio is projected to decrease from 37.86 in 2022 to 9.22 by 2026, suggesting an attractive valuation as earnings grow [1] Business Segments and Growth Drivers - The consumer electronics segment is expected to benefit from new product launches and the integration of AI technologies, with significant contributions from tablet and smartphone sales [3] - The automotive electronics segment is poised for growth due to the parent company's increasing vehicle sales and the introduction of advanced features such as smart cockpit systems and sensors [3] - The AI segment is anticipated to expand as global demand for AI computing power rises, with collaborations with NVIDIA to develop comprehensive AI solutions [3]