Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The tourism market is showing good recovery, with the company achieving a revenue of RMB 1.344 billion in Q3 2024, representing a year-on-year growth of 8.25%. The net profit attributable to shareholders reached RMB 95 million, a significant increase of 240.43% year-on-year, largely due to confirmed investment income of RMB 75 million in Q3 [3][4]. - The company has adjusted its EPS forecasts for 2024-2026 to RMB 0.26, 0.32, and 0.38 respectively, with corresponding P/E ratios of 38.6, 31.4, and 26.3 [4]. Summary by Sections Company Performance - In Q3 2024, the company reported a total revenue of RMB 1.344 billion, up 8.25% year-on-year. The net profit attributable to shareholders was RMB 95 million, up 240.43% year-on-year, primarily due to cash dividends from associated companies [3][4]. - For the first three quarters of 2024, total revenue was RMB 3.270 billion, a 30.41% increase year-on-year, with a net profit of RMB 135 million, up 133.96% year-on-year [4]. Market Conditions - The recovery of inbound and outbound tourism is expected to continue, with international flight recovery rates reaching 79.63% as of the 43rd week of 2024. The demand for hotel accommodations in Guangzhou has surged due to the scale of the Canton Fair, with booking volumes increasing by over 50% year-on-year [4]. Valuation - The report adjusts the EPS forecasts for 2024-2026 to RMB 0.26, 0.32, and 0.38, with P/E ratios of 38.6, 31.4, and 26.3 respectively, reflecting a positive outlook on the company's recovery trajectory [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 21.08 and an industry rating of "Outperform" [1][3]. Core Insights - The company has shown a significant performance turnaround, with Q3 2024 revenue reaching RMB 121 million, a year-on-year increase of 57.30%, and a net profit of RMB 7 million, up 104.53% year-on-year. This indicates a positive inflection point in operational performance [3]. - The company is increasing its R&D investments to enhance its technological capabilities and market competitiveness while actively pursuing international expansion [3]. - The acquisition of the French orthopedic company Implanet has broadened the company's international market reach, with successful FDA certification for its spinal system [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a total revenue of RMB 333 million, a decrease of 7.30% year-on-year, and a net profit of RMB 9 million, down 87.07% year-on-year. However, Q3 alone showed strong growth [3][4]. - The company has adjusted its profit forecasts due to temporary impacts from asset and credit impairment losses, with expected net profits for 2024-2026 at RMB 5.8 million, RMB 20.1 million, and RMB 27.3 million respectively [3][4]. Revenue and Profitability Metrics - The company's main revenue for 2024 is projected to be RMB 597 million, with a growth rate of 29.6%. The EBITDA is expected to be RMB 98 million, and the net profit is forecasted at RMB 58 million [4][5]. - The report highlights a significant increase in the company's non-recurring net profit, which is expected to grow by 675.10% in Q3 2024 compared to the previous year [3]. Valuation Metrics - The report provides a valuation outlook with projected EPS for 2024-2026 at RMB 0.23, RMB 0.81, and RMB 1.10, respectively, with corresponding PE ratios of 90.4x, 26.1x, and 19.2x [4][5]. - The company’s market capitalization is reported at RMB 5,237.40 million, with a three-month average trading volume of RMB 39.50 million [2].

交通运输 | 证券研究报告 — 行业周报 2024 年 11 月 5 日 强于大市 交通运输行业周报 前三季度社会物流总额同比增长 5.6%，民航三 季度运输规模创历史新高 航运方面，原油供需关系保持平衡，成品油市场仍旧疲软。航空方面，民航 三季度运输规模创历史新高，前三季度三大航营收均超千亿。快递物流方 面，前三季度社会物流总额同比增长 5.6%，通达系快递公司三季报表现亮 眼。 核心观点： ①原油供需关系保持平衡，成品油市场仍旧疲软。Gersemi Asset Managemen 指出，在 2024 年全球去库存一年后，2025 年的石油供需将 更加平衡。全球石油供应将在第四季度保持稳定，然后在 2025 年增长 2%。预计未来基本需求将强劲增长，不太常见的需求驱动因素可能会 增加需求。原油运输船跨界运输减少，成品油运价较低市场仍旧疲软。 Lars Dencker Nielsen 指出，来自亚洲船厂的新造 VLCC 和苏伊士型油轮 过去、现在和将来都会在处女航中运输成品油。真正扰乱市场的是已经 在原油市场运营的大量 VLCC 和苏伊士型油轮，通过"以高昂的代价"清 洗油箱运输成品油的商业决定。随着成品油轮 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 137.30 and a sector rating of "Outperform" [1][3]. Core Insights - The company reported a revenue of RMB 24.3 billion for the first three quarters of 2024, reflecting a year-on-year growth of 10.8%. The net profit attributable to the parent company was RMB 11.6 billion, up 9.7% year-on-year. In Q3 2024, revenue and net profit were RMB 7.4 billion and RMB 3.6 billion, respectively, showing a slight increase of 0.7% and 2.6% year-on-year [3][5]. - The company is actively managing its operations with a long-term focus, adjusting its strategies in response to the current consumption environment. This includes maintaining healthy channel operations despite a slowdown in revenue growth in Q3 2024 [3][4]. - The gross profit margin for Q3 2024 was 88.1%, a decrease of 0.5 percentage points year-on-year, while the net profit margin improved by 0.9 percentage points to 48.2% [3][5]. Financial Summary - For the fiscal year ending December 31, 2024, the company is projected to achieve a revenue of RMB 32.9 billion, with a growth rate of 8.7%. The net profit is expected to reach RMB 14.4 billion, reflecting an 8.5% growth [4][6]. - The earnings per share (EPS) for 2024 is estimated at RMB 9.76, with corresponding price-to-earnings (P/E) ratios of 14.0x for 2024, 13.5x for 2025, and 12.5x for 2026 [4][6]. - The company has a total market capitalization of RMB 202.1 billion and an average trading volume of RMB 2.0 billion over the past three months [2][4]. Operational Highlights - The company has been focusing on digital marketing transformation and optimizing its cost structure, which has led to a decrease in sales and management expense ratios [3][5]. - The company’s contract liabilities stood at RMB 2.65 billion at the end of Q3 2024, indicating a proactive approach to managing cash flow and channel health [3][4].

| --- | --- | --- | --- | --- | |-----------------------------------------|------------------------------------------------------|------------------------------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 \n11 月金股组合 股票代码 | —— | 晨会聚焦 \n股票名称 | | 2024 年 11 月 5 日 \n中银晨会聚焦 -20241105 | | 600383.SH | | 金地集团 | | | | 1519.HK | | 极兔速递 | -W | | | | | | | ■ 重点关注 | | 600309.SH | | 万 ...

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Investment Rating - The report maintains a **Buy** rating for Jinjiang Hotels, with a target price of RMB 27.10 [4] Core Views - Jinjiang Hotels' Q3 2024 performance was under pressure, with revenue declining by 7.10% YoY to RMB 3.898 billion and net profit attributable to shareholders dropping by 43.08% YoY to RMB 258 million [1] - Domestic revenue in Q3 2024 fell by 10.88% YoY, while overseas revenue grew by 1.93% YoY [1] - The company's expansion plan is progressing well, with 469 new hotels opened in Q3 2024 (net increase of 248), bringing the total number of new hotels opened in the first three quarters to 1,149, nearly meeting the annual target of 1,200 [1] - The report adjusts the EPS forecast for 2024-2026 to RMB 1.15, RMB 1.19, and RMB 1.43, respectively, with corresponding P/E ratios of 23.6x, 22.7x, and 18.9x [1] Financial Performance - In Q3 2024, Jinjiang Hotels' domestic limited-service hotel RevPAR decreased by 8.38% YoY to RMB 174.41, with ADR and OCC at RMB 237.74 and 73.36%, respectively [1] - Overseas limited-service hotel RevPAR in Q3 2024 was EUR 43.36, down 6.05% YoY, with ADR and OCC at EUR 67.81 and 63.94%, respectively [1] - For the first three quarters of 2024, the company achieved revenue of RMB 10.79 billion, a decrease of 2.55% YoY, and net profit attributable to shareholders of RMB 1.106 billion, an increase of 12.13% YoY (including a one-time gain of RMB 420 million from the disposal of Fashion Travel) [1] Valuation and Forecasts - The report forecasts Jinjiang Hotels' revenue for 2024-2026 to be RMB 14.428 billion, RMB 15.055 billion, and RMB 16.178 billion, respectively, with growth rates of -1.5%, 4.3%, and 7.5% [3] - EBITDA for 2024-2026 is projected to be RMB 4.460 billion, RMB 5.031 billion, and RMB 5.549 billion, respectively [3] - Net profit attributable to shareholders is expected to grow by 22.5%, 4.1%, and 20.1% in 2024-2026, reaching RMB 1.227 billion, RMB 1.277 billion, and RMB 1.533 billion, respectively [3] Industry and Market Performance - The hotel and catering industry is rated as **Outperform** [4] - Jinjiang Hotels' stock performance has been weak, with a year-to-date decline of 34% and a 3-month decline of 15% [4]

000680.SZ 买入 原评级：买入 市场价格:人民币 9.66 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (19%) 2% 23% 44% 65% 86% Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 山推股份 深圳成指 绝对 93.6 15.1 40.2 89.4 相对深圳成指 82.4 15.8 19.7 83.0 | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 1,500.33 | | 流通股 ( 百万 ) | | 1,308.00 | | 总市值 ( 人民币 百万 ) | | 14,493.16 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 197.00 | | 主要股东 | | | | 山东重工集团有限公司 | | 24.29 | | 资料来源：公司公告， Wind | ，中银证券 | ...

社会服务 | 证券研究报告 — 调整盈利预测 2024 年 11 月 4 日 603099.SH 增持 原评级：增持 市场价格:人民币 33.54 板块评级:强于大市 股价表现 (11%) 28% 67% 106% 145% 184% Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 | --- | --- | --- | --- | --- | |------------------------------------------|----------------------------|-----------------------------------|------------------------|-------------------------| | 长白山 \n(%) \n绝对 \n相对上证综指 | 今年 至今 \n103.5 \n93.1 | 上证综指 \n1 个月 \n10.1 \n12.0 | 3 个月 \n53.2 \n41.6 | 12 个月 \n137.0 \n128.8 | | 发行 ...

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