证券研究报告 金融公司|公司点评|招商银行（600036） 业绩稳中向好，信用卡资产质量改善 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+0.18pct，主要系公司利息收入与中收表现均边 际改善。2024Q1-Q3 公司利息净收入、中收分别同比-3.07%、-16.90%，增速较 2024H1 +1.10pct、 +1.71pct。2024Q1-Q3 公司归母净利润增速较 2024H1 +0.71pct，主要系息差业务、中收以及 费用管控贡献。 |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 招商银行(600036) 业绩稳中向好，信用卡资产质量改善 | --- | --- | |----------------------------|------------------| | | | | 行 业： | 银行/股份制银行Ⅱ | | 投资评级： | 买 ...

证券研究报告 非金融公司|公司点评|海尔智家（600690） 2024 三季报点评： 营收表现稳健，业绩延续双位数增长 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 海尔智家 2024Q3 实现营业收入 673.49 亿元，同比增长 0.47%，归母净利润 47.34 亿元，同比 增长 13.15%，扣非净利润 45.25 亿元，同比增长 9.91%。Q3 公司内销收入略改善，但政策刺 激下零售拐点或已显现，弹性突出；海外稳健，盈利向好。展望后续，内销在政策和厂商主动 调整下大概率逐季改善，海外成熟市场进入降息周期，收入盈利展望都偏积极，新兴市场延续 较好增长，品牌出海大幅领先。 |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 海尔智家(600690) 2024 三季报点评： 营收表现稳健，业绩延续双位数增长 | --- ...

Investment Rating - The report maintains a "Buy" rating for Midea Group (000333) [4] Core Views - Midea Group's Q3 2024 performance exceeded expectations, with strong financial statements [1] - Revenue for Q3 2024 reached RMB 101.701 billion, up 8.05% YoY, while net profit attributable to shareholders was RMB 10.895 billion, up 14.86% YoY [2] - The company's domestic sales are expected to benefit from the replacement of old appliances, while overseas sales and OBM business continue to perform well [2] - The H-share listing has been finalized, which is expected to accelerate the company's overseas expansion [2] - The dividend payout ratio is over 60%, offering a competitive dividend yield [2] Financial Performance - For Q1-Q3 2024, Midea Group achieved revenue of RMB 318.975 billion, up 9.57% YoY, and net profit attributable to shareholders of RMB 31.699 billion, up 14.37% YoY [6] - In Q3 2024, the company's gross margin decreased by 1.1 percentage points YoY, mainly due to cost pressures, price competition, and exchange rate factors [6] - The net profit margin for Q3 2024 increased by 0.6 percentage points YoY to 10.7%, supported by reduced financial expenses [6] Business Segments - In Q3 2024, C-end smart home revenue grew by 8% YoY, while B-end businesses (new energy & industrial technology, smart building technology, and robotics automation) grew by 1% YoY [6] - Air conditioner exports increased by 27% YoY in Q3 2024, driven by strong orders [6] Financial Health - Operating cash flow for Q3 2024 reached RMB 26.8 billion, up 78.5% YoY, hitting a new high [7] - Contract liabilities at the end of Q3 2024 stood at RMB 37.5 billion, up RMB 2.8 billion from Q2 2024 and RMB 8.5 billion YoY [7] Valuation and Forecast - The report forecasts 2024 and 2025 net profits of RMB 38.5 billion and RMB 42.5 billion, respectively, with P/E ratios of 14.5x and 13.1x [8] - The company's EPS for 2024 and 2025 is projected to be RMB 5.03 and RMB 5.56, respectively [8]

证券研究报告 非金融公司|公司点评|赛轮轮胎（601058） 业绩持续稳健，看好长期成长 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 2024 年前三季度公司实现营业收入 236.3 亿元，同比+24%；归母净利润 32.4 亿元，同比+60%。 其中 2024Q3 实现营业收入 84.7 亿元，同比+15%，环比+8%；归母净利润 10.92 亿元，同比 +12%，环比-2%。在海外高通胀、高利率背景下，中国轮胎需求向好，2024 年前三季度公司全 钢、半钢、非公路轮胎三类产品的产销量均创历史同期最好水平。2024Q3 利润有所承压，主 要是费用支出较多、国内全钢胎需求疲软、原材料成本上涨、海运费补贴所致。公司在建项目 如期推进，有望进一步增强国际竞争力，保障长期成长。 |分析师及联系人 张玮航 许隽逸 SAC：S0590524090003 SAC：S0590524060003 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 赛轮轮胎(601058) 业绩持续稳健，看好长期成长 ...

证券研究报告 非金融公司 | 公司点评 | 华丰科技 (688629) Q3 业绩短期承压，通信业务放量加速 请务必阅读报告末页的重要声明 2024年10月31日 证券研究报告 |报告要点 公司 Q3 实现营收 2.7 亿元，同比+30%，环比+3%，实现归录净利润-0.3 亿元，同比转亏，环 比基本持平。报告期内公司通信产能加速投产，线模组等相关产品开始放量，带动公司营收增 长。短期公司因防务主业下滑盈利能力承压，随着行业需求逐步复苏，叠加线模组加速放量, 公司营收盈利有望环比持续提升。 | 分析师及联系人 高登 SAC: S0590523110004 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 2024年10月31日 华丰科技(688629) Q3 业绩短期承压,通信业务放量加速 | --- | --- | |-------------------------|------------------------| | | | | 行 नार : | 国防军工/军工电子 \|\| | | 授资评级: | 买入 (维持) | | 当前价格: | 39.28 元 | | 基本数据 | | ...

Summary of Conference Call Company and Industry Overview - The company has maintained stable business development and effective strategy implementation in the first half of the year, with a successful hosting of the ninth Chain Business Festival in early September, which contributed to performance growth and increased industry influence [1][2] - The company operates in multiple vertical industries and is currently facing significant operational pressures, similar to other enterprises in the industry [1][3] Financial Performance - In Q3, the company achieved revenue of 17.26 billion, a year-on-year increase of 26.62%, and a profit of 4.07 billion, up 12.38% year-on-year. The adjusted profit was approximately 4 billion, reflecting an 8.35% increase [1] - The overall performance in the first three quarters is considered satisfactory despite external pressures [3][4] Growth Strategies - The company is focused on three growth curves: 1. **Transaction Platform Services**: Continued stable growth without significant changes [4] 2. **Digitalization**: Collaborated with 170 cloud factories, including about 70 digital factories, showing steady progress [5] 3. **Cross-Border Business**: Achieved 7.464 billion in transaction revenue in the first three quarters, with a shift from 90% import to 70% export in cross-border e-commerce revenue structure [5][6] Challenges and Responses - The company is actively addressing operational challenges and has implemented various strategies to support upstream and downstream enterprises, including flexible payment terms [12][13] - Cash flow has been under pressure due to external uncertainties and operational challenges, but the company is optimistic about future improvements as the macroeconomic environment stabilizes [10][19] Research and Development - R&D expenses have decreased, but the company maintains that this does not indicate a reduction in digitalization efforts. Instead, it reflects a shift towards a more mature phase of product development [9][11] - The company is committed to ongoing development in digitalization and data asset management, with plans to enhance data services and products [7][26] Market Outlook - The company remains confident in the long-term growth potential of the Chinese economy and the digital transformation of traditional industries [17][18] - Future improvements in cash flow and profitability are expected as the economic environment improves and operational strategies are refined [19][22] Customer Dynamics - The company reported stable repurchase rates from existing customers and a significant increase in new customer acquisition, indicating a positive trend in customer engagement [30] Conclusion - The company emphasizes its commitment to proactive management and strategic growth despite external pressures, urging investors to remain patient as it navigates current challenges [36]

证券研究报告 非金融公司|公司点评|顺丰控股（002352） Q3 业绩同增 35%，盈利能力稳步提升 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 公司发布 2024 年三季报。2024 年前三季度，公司实现营收 2068.61 亿元，同比增长 9.44%， 其中第三季度实现营收 724.51 亿元，同比增长 12.07%；前三季度公司实现归母净利润 76.17 亿元，同比增长 21.59%，其中第三季度实现归母净利润 28.10 亿元，同比增长 34.59%。 |分析师及联系人 曾智星 李蔚 SAC：S0590524100004 SAC：S0590522120002 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 顺丰控股(002352) Q3 业绩同增 35%，盈利能力稳步提升 | --- | --- | --- | |----------------------------|-------|---------------| | | | | | 行 业： | | 交通运输/物 ...

证券研究报告 金融公司|公司点评|中国人寿（601628） 净利润增速显著提升，代理人数已企稳 回升 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 中国人寿发布 2024 年三季报，前三季度公司实现归母净利润 1045.23 亿元,相同口径下同比 增长 194.1%；NBV 同比增长 25.1%，增速继续提升。鉴于公司负债端具备较强的稳健性以及资 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 中国人寿(601628) 净利润增速显著提升，代理人数已企稳回升 | --- | --- | --- | |--------|----------------------|------------------| | | | | | 行 | 业： | 非银金融 / 保险Ⅱ | | | 投资评级： | 买入（维持） | | | 当前价格： | 42.3 ...

证券研究报告 金融公司|公司点评|中国太保（601601） NBV 及净利润表现均延续向好 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 中国太保发布 2024 年三季报，前三季度公司实现归母净利润 383.1 亿元,同比+65.5%；寿险 NBV 为 142.38 亿元，同比+37.9%；财险 COR 为 98.7%，同比持平。鉴于公司持续推动寿险转 型，NBV 表现处于同业较优水平，我们维持"买入"评级。 |分析师及联系人 刘雨辰 朱丽芳 SAC：S0590522100001 SAC：S0590524080001 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 中国太保(601601) NBV 及净利润表现均延续向好 | --- | --- | |----------------------------|------------------| | | | | 行 业： | 非银金融 / 保险Ⅱ | | 投资评级： | 买入（维持） | | 当前价格： | 37.19 元 | | ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company achieved revenue of 1.17 billion yuan in Q1-Q3 2024, representing a year-on-year increase of 24%, and a net profit attributable to shareholders of 330 million yuan, up 18% year-on-year. The gross margin for the same period was 36.5%, down 1.6 percentage points year-on-year, while the net margin was 28.3%, down 1.4 percentage points year-on-year. The company is expected to benefit from the recovery of the U.S. real estate market and the active replenishment cycle, which will drive overseas demand for its plastic bathroom pumps [2][6]. Financial Performance Summary - For Q1-Q3 2024, the company reported revenue of 1.17 billion yuan, a 24% increase year-on-year, and a net profit of 330 million yuan, an 18% increase year-on-year. The gross margin was 36.5%, down 1.6 percentage points, and the net margin was 28.3%, down 1.4 percentage points. The company’s operating expenses ratio was 3.5%, down 0.2 percentage points [2][6]. - The company’s revenue projections for 2024-2026 are 1.58 billion yuan, 1.81 billion yuan, and 1.99 billion yuan, with year-on-year growth rates of 20%, 15%, and 10%, respectively. The net profit projections for the same period are 460 million yuan, 530 million yuan, and 580 million yuan, with growth rates of 20%, 15%, and 10% [2][6]. Market Conditions and Outlook - The company is expected to continue benefiting from the recovery of the U.S. real estate market and the active replenishment cycle, which is anticipated to drive demand for its products. The company has sufficient orders on hand, primarily due to the end of destocking in the U.S. and the strong growth in exports of plastic bathroom pumps [6][2]. - As of Q3 2024, the company’s contract liabilities amounted to 40 million yuan, a 57% increase year-on-year, and inventory was 280 million yuan, a 17% increase year-on-year [6].