Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company achieved a revenue of 3.59 billion yuan in Q1-Q3 2024, a year-on-year decrease of 4%, while the net profit attributable to shareholders was 250 million yuan, an increase of 17%, mainly due to a reduction in environmental losses [2][6] - The company maintains a gross margin of 35.3%, down 2.7 percentage points year-on-year, and a net margin of 7.5%, up 1.2 percentage points year-on-year [6] - The company plans to absorb and merge its subsidiary, Southern Pump Industry, to focus on its core pump manufacturing business, which is expected to enhance management efficiency and asset quality [6] Financial Performance Summary - For Q1-Q3 2024, the company reported a gross margin of 35.3% and a net margin of 7.5% [6] - The projected revenues for 2024-2026 are 6.06 billion, 6.86 billion, and 7.71 billion yuan, with year-on-year growth rates of 11%, 13%, and 12% respectively [2][6] - The projected net profits for the same period are 390 million, 600 million, and 690 million yuan, with year-on-year growth rates of 93%, 54%, and 16% respectively [2][6] Business Strategy - The company aims to accelerate the collection of local debts, which is expected to improve cash flow and reduce bad debt provisions [6] - The company is positioned as a leader in the domestic stainless steel centrifugal pump industry, with an anticipated increase in market share due to the exit of smaller competitors [6] - The company is expanding its international presence along the "Belt and Road" initiative, establishing subsidiaries in Singapore, the United States, and Spain [6]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4]. Core Insights - The company reported a significant revenue increase driven by its overseas warehouse business, with Q3 2024 revenue reaching 1.548 billion yuan, up 53.67% year-on-year. However, the gross margin faced temporary pressure due to increased operating costs [2][6]. - The company sold part of its overseas warehouse in Florida, contributing a non-operating asset disposal gain of approximately 89.86 million yuan, which positively impacted net profit for Q3 2024 [2][6]. - The company is expected to see a recovery in profitability in Q4 2024, supported by the upcoming promotional season and the continued ramp-up of its overseas warehouse operations [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 3.975 billion yuan, a year-on-year increase of 48.03%. The net profit attributable to shareholders was 265 million yuan, down 48.64% year-on-year [6][10]. - In Q3 2024 alone, the company reported revenue of 1.548 billion yuan, up 53.67% year-on-year, and a net profit of 105 million yuan, up 43.01% year-on-year. However, the net profit after deducting non-recurring items was 33 million yuan, down 53.71% year-on-year [6][10]. Business Operations - The revenue growth was primarily driven by the overseas warehouse business, which saw continuous high growth. The company opened new warehouses in Chicago and Germany and expanded existing facilities to meet Q4 demand [6][10]. - The company has established a total of 19 overseas warehouses globally, with a total storage area of 6.675 million square feet, serving over 800 cross-border e-commerce companies [6][10]. Future Outlook - The company expects revenue for 2024 to reach 5.059 billion yuan, with a year-on-year growth rate of 29.66%. The net profit attributable to shareholders is projected to be 450 million yuan, reflecting a decline of 29.02% year-on-year, but a recovery is anticipated in subsequent years [7][10]. - The company aims to enhance its profitability through self-built warehouses and increased operational efficiency, with expectations of continued rapid growth in its overseas warehouse business [6][10].

证券研究报告 非金融公司|公司点评|格力电器（000651） 2024 三季报点评： 营收短期承压，盈利能力大幅提升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月31日 证券研究报告 |报告要点 格力电器 2024Q3 实现营业收入 469.39 亿元，同比下滑 15.84%，归母净利润 78.25 亿元，同 比增长 5.47%。24Q3 公司营收承压，盈利能力改善；而结合报表和动销趋势，公司渠道库存或 进一步向下，以旧换新政策带动下，近期空调零售数据好转，四季度公司改善可期；而股息率 铸就公司安全边际，看好公司估值业绩修复空间。 |分析师及联系人 管泉森 孙珊 贺本东 蔡奕娴 SAC：S0590523100007 SAC：S0590523110003 SAC：S0590523110005 请务必阅读报告末页的重要声明 1 / 6 非金融公司|公司点评 glzqdatemark2 2024年10月31日 格力电器(000651) 2024 三季报点评： 营收短期承压，盈利能力大幅提升 | --- | --- | |----------------------------|---- ...

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [4][8]. Core Insights - The public fund heavy holding ratio in the home appliance sector reached 5.20% in Q3 2024, an increase of 0.61 percentage points from the previous quarter, ranking 7th among all sectors [5][12]. - The white goods segment, benefiting from the old-for-new policy and stable operational advantages, saw the largest increase in holdings, indicating strong future performance potential for leading companies in the sector [6][8]. - The overall performance of the home appliance index increased by 19.90% in Q3 2024, outperforming the CSI 300 index by 3.83 percentage points [5][12]. Summary by Sections 1. Heavy Holding Ratio in Home Appliance Industry - The heavy holding ratio for public funds in the home appliance industry is 5.20%, up 0.61 percentage points, placing it in the 78th percentile since 2010 [5][12]. - The home appliance sector ranked 7th in fund allocation among all sectors, with the largest increases seen in electric power equipment and new energy, non-bank financials, automotive, and real estate [5][12]. 2. Continuous Increase in White Goods Holdings - The heavy holding ratios for various segments in the home appliance sector are as follows: white goods (3.81%), upstream (0.67%), small appliances (0.57%), black goods (0.22%), lighting (0.12%), and kitchen appliances (0.02%) [6][15]. - The largest increase in holdings was in white goods (+0.52 percentage points), followed by upstream (+0.20 percentage points) [6][15]. 3. Northbound Holdings Decline with Some Companies Gaining Favor - The overall northbound holdings in the home appliance sector saw a decline, with significant decreases in companies like Roborock (-4.21 percentage points) and Midea Group (-2.26 percentage points) [7][29]. - Companies such as Boss Electric (+0.79 percentage points) and XGIMI (+0.66 percentage points) experienced increases in northbound holdings [7][29]. 4. Future Outlook - The home appliance sector is expected to benefit from the old-for-new policy, with domestic sales entering a renewal cycle, and the potential for significant subsidies [8][31]. - The report recommends leading white goods companies such as Midea Group, Gree Electric, Haier Smart Home, and Hisense Home Appliances due to their strong market positions and high dividend yields [8][31].

Investment Rating - The investment rating for Tongkun Co., Ltd. is "Buy" (maintained) [3] Core Views - The company reported a revenue of 76.049 billion yuan for the first three quarters of 2024, an increase of 23.17% year-on-year, and a net profit attributable to shareholders of 1.007 billion yuan, up 11.41% year-on-year. However, in Q3 2024, the company faced a net loss of 59 million yuan, a decrease of 107.34% year-on-year [2][6] - The polyester segment's performance was under pressure, leading to a significant decline in profits. Excluding the contribution from Zhejiang Petrochemical, the net loss in Q3 2024 was 183 million yuan, down 148.87% year-on-year [7] - The demand for polyester filament is showing signs of recovery, with a year-on-year increase in consumption volume of 5.53% in Q3 2024 [7] - Recent government policies aimed at boosting real estate and consumption are expected to further improve demand for polyester filament [7] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 27.834 billion yuan, a year-on-year increase of 12.03% and a quarter-on-quarter increase of 2.70%. The net profit for the same period was a loss of 590 million yuan, down 112.07% quarter-on-quarter [2][6] - The company holds a 20% stake in Zhejiang Petrochemical, which reported a net profit of 620 million yuan in Q3 2024, a decrease of 70.74% year-on-year [7] Market Outlook - The average PTA-crude oil price spread in Q3 2024 was 315 yuan/ton, remaining stable, but the PTA price spread is still at a low level, impacting the company's performance [7] - If the demand for end-use chemical products recovers and projects at Zhejiang Petrochemical are fully operational, it is expected to enhance investment returns [7] Earnings Forecast - The company is projected to achieve net profits of 1.6 billion yuan, 3.6 billion yuan, and 5.2 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.65 yuan, 1.49 yuan, and 2.14 yuan [8]

证券研究报告 非金融公司|公司点评|安徽合力（600761） 公司经营稳定，持续看好公司发展 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 2024 年国内宏观环境景气度不及预期，叉车下游需求减弱。海外叉车锂电化率较低，随着锂 电渗透率增加，海外需求仍有望保持较高景气度。我们预计公司 2024-2026 年营收分别为 183.6/198.5/214.8 亿元，归母净利润分别为 14.7/16.8/19.0 亿元，CAGR 为 14.11%。EPS 分 别为 1.65/1.88/2.13 元/股,考虑到国内制造业景气度有望逐步回暖；电动化产品带来公司海 外业务新需求，维持"买入"评级。 |分析师及联系人 田伊依 SAC：S0590524070001 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 安徽合力(600761) 公司经营稳定，持续看好公司发展 | --- | --- | |----------------------------|-------------------| | ...

证券研究报告 非金融公司|公司点评|宏和科技（603256） 均价及盈利能力均改善，关注新应用 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月31日 证券研究报告 |报告要点 公司公告 2024 年三季报，24Q1-3 收入 6.2 亿元，yoy+24.6%，归母净利润 0.08 亿元，同比扭 亏，扣非归母净利润-0.02 亿元，亏损同比收窄。24Q3 收入 2.1 亿元，yoy+1.2%，qoq-3.1%； 归母净利润 0.07 亿元，同比扭亏，qoq-22.3%；扣非归母净利润 0.03 亿元，同比扭亏，qoq53.6%。Q3 环比阶段有压力，盈利能力延续提升。公司具备全球领先的高端电子布制造能力， 黄石宏和项目投产增强超细纱自供能力，强化公司竞争力，看好公司成长前景。给予"买入" 评级。 |分析师及联系人 SAC：S0590523080005 武慧东 吴红艳 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10月31日 宏和科技(603256) 均价及盈利能力均改善，关注新应用 | --- | --- | |------- ...

证券研究报告 非金融公司|公司点评|我爱我家（000560） 三季度营收同比转正，期待盈利改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月31日 证券研究报告 |报告要点 2024 年三季度单季度实现营收 29.47 亿元，同比+4.95%，实现归母净亏损 0.21 亿元，主要是 因为公司对新房业务的应收账款进行了减值计提，带来信用减值损失约 3244 万元。公司 2024 年第三季度单季度实现 GTV 约 641 亿元，同比+2.3%。公司深耕北京、上海、杭州等重点城市， 市占率保持稳定，其中上海地区市占率同比提升 0.8pct。截止到三季度末，公司相寓业务在 管房源达 30.4 万套，较年初增加 3.2 万套。政策加持下，二手房市场成交量有所回暖，我们 预计随着 9 月份"一揽子"涉房政策逐步落地，公司业绩有望进一步改善。 |分析师及联系人 杜昊旻 姜好幸 方鹏 刘汪 SAC：S0590524070006 SAC：S0590524070008 SAC：S0590524100003 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 2 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company's performance in the first three quarters of 2024 met expectations, with revenue of 8.02 billion yuan, down 14% year-on-year, and a net profit attributable to shareholders of 1.03 billion yuan, down 25% year-on-year. The decline in performance is primarily attributed to the sluggish pesticide industry, characterized by increased volume but falling prices [6][2] - The company is expected to see a recovery in the pesticide market in the medium to long term, driven by resilient end-user demand [6] - The company is advancing its "YouChuang" project, which is expected to contribute to its growth as it enters trial production [6] - The company is a leader in the pyrethroid sector and is projected to continue its growth trajectory [6] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 8.02 billion yuan, a decrease of 14% year-on-year, and a net profit of 1.03 billion yuan, down 25% year-on-year. The adjusted net profit was 990 million yuan, down 24% year-on-year [6] - In Q3 2024, the company reported a revenue of 2.32 billion yuan, an increase of 5% year-on-year but a decrease of 8% quarter-on-quarter, with a net profit of 260 million yuan, up 11% year-on-year but down 21% quarter-on-quarter [6] - The company's raw material sales volume for the first three quarters was approximately 76,000 tons, up 1.4% year-on-year, with an average price of 63,400 yuan per ton, down 20% year-on-year [6] - The company is expected to generate revenues of 10.91 billion yuan, 13.22 billion yuan, and 14.78 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.30 billion yuan, 1.75 billion yuan, and 2.07 billion yuan [7]

证券研究报告 金融公司|公司点评|新华保险（601336） NBV 及净利润增速均处于同业领先水平 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月31日 证券研究报告 |报告要点 新华保险发布 2024 年三季报，前三季度公司实现归母净利润 206.8 亿元,同比增长 116.7%； NBV 同比增长 79.2%。公司的归母净利润及 NBV 增速均环比提升且处于同业领先水平。鉴于公 司资产端弹性更大，我们维持"买入"评级。 |分析师及联系人 SAC：S0590522100001 SAC：S0590524080001 刘雨辰 朱丽芳 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10月31日 新华保险(601336) NBV 及净利润增速均处于同业领先水平 | --- | --- | |----------------------------|------------------| | | | | 行 业： | 非银金融 / 保险Ⅱ | | 投资评级： | 买入（维持） | | 当前价格： | 48.01 元 | | 基本数据 | ...