证券研究报告 非金融公司|公司点评|新洁能（605111） 业绩同比高增长，毛利率持续回温 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月01日 证券研究报告 |报告要点 从公司 2024 年 Q3 单季度业绩来看，收入为 4.82 亿元，环比增速-3.91%，同比增速 39.45%； 归母净利润为 1.15 亿元，环比增速-2.57%，同比增速 70.27%；毛利率和净利率分别为 38.04%、 23.59%，同比变化分别为 7.91、4.37 个百分点，环比变化分别为 1.51、0.26 个百分点。业 绩同比大幅度改善的原因在于 2024 年春节以来，下游市场逐步恢复，新兴应用领域需求显著 增加，公司库存加速消化，销售情况持续向好。 |分析师及联系人 王晔 SAC：S0590521070004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年11月01日 新洁能(605111) 业绩同比高增长，毛利率持续回温 | --- | --- | --- | |----------------------------|-------| ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported Q3 results that met expectations, with strong performance in its consumer business. For the first three quarters of 2024, revenue reached 38.279 billion yuan, a year-on-year increase of 11.54%, and net profit attributable to shareholders was 1.212 billion yuan, up 50.84% year-on-year [2][6] - The third quarter revenue was 14.360 billion yuan, reflecting an 18.85% year-on-year increase and a 10.95% quarter-on-quarter increase. The net profit attributable to shareholders for Q3 was 388 million yuan, a year-on-year increase of 6.35% but a quarter-on-quarter decrease of 23.13% [2][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 38.279 billion yuan, with a year-on-year growth of 11.54%. The net profit attributable to shareholders was 1.212 billion yuan, up 50.84% year-on-year, and the non-recurring net profit was 1.163 billion yuan, increasing by 90.78% year-on-year [2][6] - In Q3 2024, the company reported a revenue of 14.360 billion yuan, a year-on-year increase of 18.85% and a quarter-on-quarter increase of 10.95%. The net profit attributable to shareholders was 388 million yuan, a year-on-year increase of 6.35% but a quarter-on-quarter decrease of 23.13% [2][6] Business Segment Performance - The consumer business showed significant improvement, with the self-supply rate of consumer battery cells exceeding 35% in the first three quarters of 2024. The company is actively promoting integrated "pack + cell" business, which is expected to enhance gross margins [8] - The company has strengthened collaborations with major domestic automotive manufacturers and is expanding partnerships with well-known international car manufacturers. The LFP battery technology has achieved industry-leading specifications, including a charging rate of 6C and an energy density of 450Wh/L [8] Earnings Forecast and Investment Recommendations - The company is expected to achieve revenues of 55.453 billion yuan, 62.339 billion yuan, and 71.840 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15.86%, 12.42%, and 15.24%. The net profit attributable to shareholders is projected to be 1.671 billion yuan, 2.011 billion yuan, and 2.547 billion yuan for the same years, with corresponding growth rates of 55.25%, 20.35%, and 26.65% [9][10]

证券研究报告 金融公司|公司点评|江苏银行（600919） 利润双位数增长，信贷维持高景气 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月01日 证券研究报告 |报告要点 2024Q1-Q3 公司营收同比增速较 2024H1 小幅-0.98pct，主要系公司利息净收入以及中收有所 拖累。2024Q1-Q3 公司利息净收入、中收分别同比+1.49%、-11.88%，增速较 2024H1 分别0.27pct、-23.18pct。 |分析师及联系人 SAC：S0590522100001 刘雨辰 陈昌涛 请务必阅读报告末页的重要声明 1 / 5 金融公司|公司点评 glzqdatemark2 2024年11月01日 江苏银行(600919) 利润双位数增长，信贷维持高景气 | --- | --- | --- | |----------------------------|-------|---------------| | | | | | 行 业： | | 银行/城商行Ⅱ | | 投资评级： | | 买入（维持） | | 当前价格： | | 8.81 元 | | 基本数据 | | | | ...

证券研究报告 非金融公司|公司点评|禾丰股份（603609） 主营业务逐步改善，三季度业绩超预期 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月01日 证券研究报告 |报告要点 公司披露 2024 年第三季度报告，第三季度实现营收 90.40 亿元（同比-11.24%）；归母净利润 3.23 亿元（同比+397.99%）。禽业务方面，公司持续推进降本增效，料肉比逐步改善带动成本 下降，进而支撑禽业务利润显著改善。生猪养殖方面，公司提升生产成绩，叠加猪价回暖，板 块持续贡献利润。饲料业务方面，随下游养殖存栏逐步恢复，猪及反刍饲料需求改善带动产品 销量增长以及板块结构优化，高毛利产品占比提升带动利润增长。展望后市，公司猪禽业务有 望伴随成本持续改善而有较好利润，饲料业务逐步回暖。 |分析师及联系人 王明琦 马鹏 SAC：S0590524040003 SAC：S0590524050001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年11月01日 禾丰股份(603609) 主营业务逐步改善，三季度业绩超预期 | --- | --- ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook compared to the market index performance [10]. Core Insights - The company reported a revenue of 17.081 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 7.38%. The net profit attributable to shareholders reached 553 million yuan, with a remarkable year-on-year increase of 967.83% [2][6]. - In Q3 2024 alone, the company achieved a revenue of 6.001 billion yuan, with a quarter-on-quarter growth of 3.50% and a year-on-year growth of 0.04%. The net profit for the same quarter was 230 million yuan, showing a quarter-on-quarter increase of 2.53% and a year-on-year increase of 85.32% [2][6]. - The company is positioned as a leading player in advanced packaging, driven by the growing demand for AI chips, which is expected to see a 33% increase in the global market size in 2024 [6]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 23.951 billion yuan, with a growth rate of 7.55%. The net profit is expected to be 790 million yuan, reflecting a staggering growth rate of 366.42% [7]. - The earnings per share (EPS) for 2024 is estimated at 0.52 yuan, with corresponding price-to-earnings (P/E) ratios of 52 for 2024, 36 for 2025, and 27 for 2026 [6][7]. - The company maintains a stable gross margin of 14.64% and a net margin of 4.33% for Q3 2024, with improvements in both margins compared to previous periods [6]. Market Position and Future Outlook - The company has established strong partnerships with industry leaders like AMD, which is expected to boost its high-performance packaging business due to the increasing demand for AI chips [6]. - The report anticipates a compound annual growth rate (CAGR) of 107.95% for net profit from 2024 to 2026, indicating robust growth potential in the coming years [6].

证券研究报告 金融公司|公司点评|邮储银行（601658） 代理费率下调成效显著，信贷投放结构 优异 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月01日 证券研究报告 |报告要点 2024Q1-Q3 公司营收同比增速较 2024H1 小幅+0.19pct，主要系公司中收增速边际改善。 2024Q1-Q3 公司实现中收 207.15 亿元，同比-12.65%，增速较 2024H1 +4.06pct。2024Q1-Q3 公司归母净利润增速较 2024H1 +1.73pct，主要系费用管控成效显著。 |分析师及联系人 SAC：S0590522100001 刘雨辰 陈昌涛 请务必阅读报告末页的重要声明 1 / 5 金融公司|公司点评 glzqdatemark2 2024年11月01日 邮储银行(601658) 代理费率下调成效显著，信贷投放结构优异 | --- | --- | |--------------------------|--------------------| | | | | 行 业： | 银行/国有大型银行Ⅱ | | 投资评级： | 买入（维持） | | 当前价格： | ...

证券研究报告 非金融公司|公司点评|锦江酒店（600754） 三季度业绩承压，期待改革成效释放 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月01日 证券研究报告 |报告要点 公司发布 2024 年第三季度报告。2024 年前三季度公司实现收入 107.9 亿元，同比-2.5%，归 母净利润为 11.1 亿元，同比+12.1%，扣非归母净利润为 6.4 亿元，同比-20.4%。单三季度， 公司实现收入 39.0 亿元，同比-7.1%，归母净利润为 2.6 亿元，同比-43.1%，扣非归母净利 润为 2.5 亿元，同比-41.7%。 |分析师及联系人 邓文慧 曹晶 SAC：S0590522060001 SAC：S0590523080001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年11月01日 锦江酒店(600754) 三季度业绩承压，期待改革成效释放 | --- | --- | |----------------------------|-------------------| | | | | 行 业： | 社会服务/酒店 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's self-operated business has significantly improved, driving positive performance growth [3][5] - For the first nine months of 2024, the company achieved a total operating revenue of 14.08 billion, a year-on-year increase of 2.81%, and a net profit attributable to shareholders of 3.30 billion, up 15.57% year-on-year [2][5] - The weighted average ROE is 4.16%, an increase of 0.49 percentage points compared to the same period last year [2][5] Financial Performance Summary - In Q3 2024, the company reported an operating revenue of 5.51 billion, a year-on-year increase of 10.16% and a quarter-on-quarter increase of 11.03% [2][5] - The net profit for Q3 2024 was 1.19 billion, reflecting a year-on-year increase of 24.58% but a quarter-on-quarter decrease of 2.81% [2][5] - The company’s total assets as of Q3 2024 were 322.20 billion, with a debt-to-asset ratio of 79.07% [3][10] Revenue Breakdown - Brokerage business net income for the first nine months of 2024 was 1.60 billion, down 26.0% year-on-year [6] - Asset management revenue for the same period was 1.02 billion, down 37.1% year-on-year, primarily due to a decrease in fund management fees [6] - Investment income saw a significant increase, with net investment income reaching 4.14 billion, up 77.1% year-on-year, accounting for 45.4% of the main revenue [7] Future Earnings Forecast - The company expects revenue for 2024-2026 to be 18.00 billion, 19.40 billion, and 21.24 billion respectively, with year-on-year growth rates of 5.3%, 7.9%, and 9.4% [7][8] - Net profit attributable to shareholders is projected to be 4.40 billion, 5.10 billion, and 5.55 billion for the same years, with growth rates of 60.1%, 15.2%, and 7.7% respectively [7][8] - The estimated EPS for 2024-2026 is 0.52, 0.60, and 0.64 yuan per share [7][8]

证券研究报告 非金融公司|公司点评|中国中免（601888） 海南市场销售承压，口岸免税大幅增长 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月01日 证券研究报告 |报告要点 公司发布 2024 年第三季度报告。2024 年前三季度公司实现营收 430.2 亿元，同比下滑 15.4%， 归母净利润 39.2 亿元，同比下滑 24.7%，扣非归母净利润 38.7 亿元，同比下滑 25.4%。其中， 2024Q3 实现营收 117.6 亿元，同比下滑 21.5%，归母净利润 6.4 亿元，同比下滑 52.5%，扣非 归母净利润为 6.4 亿元，同比下滑 52.5%。 |分析师及联系人 邓文慧 曹晶 SAC：S0590522060001 SAC：S0590523080001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年11月01日 中国中免(601888) 海南市场销售承压，口岸免税大幅增长 | --- | --- | |----------------------------|--------------------| | | ...

证券研究报告 金融公司|公司点评|中金公司（601995） 业绩表现承压，自营尚待修复 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月01日 证券研究报告 |报告要点 中金公司发布 2024 三季报，2024 前三季度公司累计实现营业收入 134.49 亿，yoy-23.00%； 归母净利润 28.58 亿，yoy-37.97%；加权平均 ROE 2.64%，较去年同期减少 2.20pct。其中 2024Q3实现营收45.39亿元，yoy-10.03%/qoq-9.91%;归母净利润6.30亿元，yoy-39.82%/qoq36.30% |分析师及联系人 刘雨辰 耿张逸 SAC：S0590522100001 SAC：S0590524100001 请务必阅读报告末页的重要声明 1 / 6 金融公司|公司点评 2024年11月01日 glzqdatemark2 中金公司(601995) 业绩表现承压，自营尚待修复 | --- | --- | |----------------------------|----------------| | | | | 行 业： | 非银金融/证券Ⅱ | ...