Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 20.30 and a sector rating of "Outperform" [1][3]. Core Insights - The company's revenue for Q3 2024 reached RMB 2.975 billion, representing a year-on-year growth of 23.12%. However, the net profit attributable to shareholders decreased by 9.60% to RMB 49 million. The adjusted net profit, excluding stock incentive effects, showed a positive growth of 14.78% [3]. - The flexible employment business continues to drive revenue growth, with over 360,000 personnel dispatched and a revenue growth rate of 20.59%. The headhunting business also showed signs of recovery with a 2.33% year-on-year revenue increase in Q3 [3]. - Domestic business has maintained healthy growth with a revenue increase of 27.08% in mainland China, while overseas markets face challenges due to inflation and economic uncertainties [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of RMB 8.516 billion, a year-on-year increase of 18.77%. The net profit attributable to shareholders was RMB 135 million, down 10.96% year-on-year [3][5]. - The Q3 revenue was RMB 2.975 billion, with a gross margin of 6.87%, slightly down from 7.05% in Q2 2024 and 8.04% in Q3 2023 [3][5]. Business Segments - The flexible employment segment remains the main driver of revenue growth, while the headhunting business is showing signs of recovery, which could positively impact the company's profitability if the trend continues [3][5]. - The company has reached over 38,000 clients through various platforms, with a 13.31% year-on-year increase in client reach [3]. Valuation - The company’s earnings per share (EPS) estimates for 2024-2026 are adjusted to RMB 0.96, RMB 1.22, and RMB 1.53, respectively, with corresponding price-to-earnings ratios of 21.2, 16.7, and 13.3 times [3][5].

社会服务 | 证券研究报告 — 调整盈利预测 2024 年 11 月 1 日 600258.SH 增持 原评级：增持 市场价格:人民币 13.89 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (32%) (22%) (13%) (3%) 6% 15% Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 首旅酒店 上证综指 至今 个月 个月 个月 绝对 (10.0) (6.1) 11.9 (16.9) 相对上证综指 (20.7) (4.5) 0.3 (25.5) | --- | --- | |----------------------------------------|-----------| | | | | 发行股数 ( 百万 ) | 1,116.60 | | 流通股 ( 百万 ) | 1,116.60 | | 总市值 ( 人民币 百万 ) | 15,509.62 | | 3 个月日均交易额 ( 人民币 百万 ) | 182.39 | | 主要股东 | | | 北京首都旅游集团有限责任公司 | 34 ...

Investment Rating - The investment rating for the company is "Buy" [1] - The market price is RMB 34.70, with a sector rating of "Outperform" [1] Core Insights - The company reported a significant increase in revenue and profit for the first three quarters of 2024, achieving revenue of RMB 3.179 billion, a year-on-year increase of 32.97%, and a net profit of RMB 187 million, marking a turnaround from losses [3] - The company's gross margin improved to 21.68%, up 5.46 percentage points year-on-year, and the net profit margin reached 5.87%, up 6.60 percentage points year-on-year [3] - The growth is driven by advancements in the telecommunications, server, and automotive sectors, with AI applications contributing to profitability [3] - The company is expected to continue its growth trajectory, with revenue projections for 2024, 2025, and 2026 set at RMB 4.414 billion, RMB 5.866 billion, and RMB 7.031 billion, respectively [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of RMB 3.179 billion, a 32.97% increase year-on-year, and a net profit of RMB 187 million, reversing previous losses [3] - The gross margin for Q3 2024 was reported at 24.93%, reflecting a year-on-year increase of 10.77 percentage points [3] - The company’s revenue for Q3 2024 was RMB 1.206 billion, a 49.27% increase year-on-year [3] Market Position and Growth Drivers - The PCB market is steadily growing, with AI and HPC being significant drivers, projected to have a compound annual growth rate of 32.5% from 2023 to 2028 [3] - The company has made early investments in R&D for 800G high-speed switch products, which have started to receive bulk orders [3] - The server product revenue has seen substantial growth, with a 42.45% share of total revenue, up 20.87 percentage points year-on-year [3] Future Projections - The company’s earnings forecasts have been adjusted upwards, with expected net profits of RMB 271 million, RMB 575 million, and RMB 758 million for 2024, 2025, and 2026, respectively [3] - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 106.4, 50.2, and 38.1 times, respectively [3]

社会服务 | 证券研究报告 — 调整盈利预测 2024 年 11 月 1 日 600258.SH 增持 原评级：增持 市场价格:人民币 13.89 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (32%) (22%) (13%) (3%) 6% 15% Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 首旅酒店 上证综指 至今 个月 个月 个月 绝对 (10.0) (6.1) 11.9 (16.9) 相对上证综指 (20.7) (4.5) 0.3 (25.5) | --- | --- | |----------------------------------------|-----------| | | | | 发行股数 ( 百万 ) | 1,116.60 | | 流通股 ( 百万 ) | 1,116.60 | | 总市值 ( 人民币 百万 ) | 15,509.62 | | 3 个月日均交易额 ( 人民币 百万 ) | 182.39 | | 主要股东 | | | 北京首都旅游集团有限责任公司 | 34 ...

10 月国内需求有所回暖 10 月新订单、出厂价格指数回升，产成品库存指数有所下滑，制造业出现"被 动去库存"迹象。10 月非制造业 PMI 指数小幅回升。 10 月国内需求有所回暖。10 月制造业 PMI 指数为 50.1%，较 9 月继续上 升 0.3 个百分点，制造业景气度重返扩张区间，为 2024 年 5 月以来首次。 着眼重要细分项，10 月新订单指数 50.0%，较 9 月上升 0.1 个百分点，新 出口订单指数较上月继续下滑 0.2 个百分点，实现 47.3%；在海外需求收 缩的背景下，新订单指数整体微幅回升，10 月国内需求有所回暖。生产 指数实现 52.0%，较 9 月延续增长 0.8 个百分点；原材料库存指数为 48.2%， 较 9 月回升 0.5 个百分点；产成品库存指数为 46.9%，较 9 月下滑 1.5 个 百分点；从业人员指数为 48.4%，小幅回升 0.2 个百分点；供货商配送时 间指数为 49.6%，较 9 月微幅回升 0.1 个百分点。企业预期方面，制造业 生产经营活动预期指数实现 54.0%，较 9 月回升 2.0 个百分点。 10 月生产指数延续回升，从细分指标看，月内 ...

| --- | --- | --- | --- | --- | |-----------------------------------------|------------------------------------------------------|-----------------------|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 \n10 月金股组合 股票代码 | —— | 晨会聚焦 \n股票名称 | | 2024 年 11 月 1 日 \n中银晨会聚焦 -20241101 | | 600383.SH | | 金地集团 | | | | 3900.HK | | 绿城中国 | | | | | | | | ■ 重点关注 | | 1519.HK | | 极兔速递 | -W | | | 0026 ...

医药生物 | 证券研究报告 — 业绩评论 2024 年 10 月 31 日 300760.SZ 买入 原评级：买入 市场价格:人民币 271.24 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 绝对 (7.6) 2.3 5.5 2.0 (20%) (12%) (4%) 3% 11% 19% Oct-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 迈瑞医疗 深圳成指 相对深圳成指 (19.7) (8.5) (18.4) (5.9) | --- | --- | --- | |-------------------------------|------------|------------| | | | | | 发行股数 ( 百万 ) | | 1,212.44 | | 流通股 ( 百万 ) | | 1,212.44 | | 总市值 ( 人民币 百万 ) | | 328,862.60 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 1,926.93 | | 主要股东 | | | | ...

电子 | 证券研究报告 — 业绩评论 2024 年 10 月 31 日 688049.SH 增持 原评级：增持 市场价格:人民币 30.71 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 (43%) (31%) (19%) (8%) 4% 15% Oct-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 炬芯科技 上证综指 绝对 (17.1) 13.7 40.5 (13.9) 相对上证综指 (27.3) 15.8 27.0 (22.0) | --- | --- | --- | |------------------------------------------|------------|----------| | | | | | 发行股数 ( 百万 ) | | 146.14 | | 流通股 ( 百万 ) | | 108.80 | | 总市值 ( 人民币 百万 ) | | 4,487.85 | | 3 个月日均交易额 ( 人民币 主要股东 | 百万 ) | 114.73 | | 珠海瑞昇 ...

食品饮料 | 证券研究报告 — 业绩评论 2024 年 10 月 31 日 600872.SH 增持 原评级：增持 市场价格:人民币 22.61 板块评级:强于大市 本报告要点 ◼ 中炬高新 3 季报业绩点评 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (18.2) (3.1) 23.1 (32.5) (51%) (38%) (24%) (11%) 2% 16% Oct-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 中炬高新 上证综指 相对上证综指 (28.5) (1.0) 9.6 (40.6) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 783.22 | | 流通股 ( 百万 ) | | 770.99 | | 总市值 ( 人民币 百万 ) | | 17,708.66 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 319 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company's Q3 profit surged significantly due to increased fair value gains from financial assets, despite a year-on-year revenue decline [3]. - The company is focusing on both internal growth and external investments, with plans to establish a subsidiary in Hong Kong to enhance its global presence [3]. - The company has increased its dividend frequency, distributing cash dividends to shareholders, which reflects a commitment to shareholder returns [3]. Financial Summary - For Q3 2024, the company reported revenue of RMB 342 million, a year-on-year decrease of 14.17%, while net profit attributable to shareholders was RMB 120 million, an increase of 142.97% [3][4]. - The company's total revenue for the first three quarters of 2024 was RMB 932 million, down 3.29% year-on-year, with a net profit of RMB 202 million, down 16.53% year-on-year [3]. - The company plans to adjust its net profit forecasts for 2024-2026 to RMB 259 million, RMB 292 million, and RMB 321 million, respectively, with corresponding P/E ratios of 20.5, 18.1, and 16.5 [3][4]. Business Operations - The company hosted 17 exhibitions and 9 events in the first three quarters of 2024, with a total area exceeding 1.01 million square meters and participation of over 33,000 people [3]. - The Shanghai World Expo Exhibition and Convention Center, operated by the company, hosted 65 events with a total rental area exceeding 8 million square meters [3]. - The company is actively investing in the artificial intelligence sector, with a commitment of RMB 50 million to establish a new company focused on AI-related services [3]. Valuation Metrics - The company's revenue growth is expected to stabilize, with projections for 2024-2026 showing slight increases in revenue and net profit [4][5]. - The report indicates a projected EBITDA of RMB 260 million for 2024, with a growth rate of -15.5% [4][5]. - The company’s dividend yield is projected to be 2.6% for 2024, reflecting a commitment to returning value to shareholders [4].