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 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance is steadily improving, with an enhancement in credit card asset quality [6] - For the first three quarters of 2024, the company achieved a revenue of 252.709 billion yuan, a year-on-year increase of 2.91%, and a net profit attributable to shareholders of 113.184 billion yuan, a year-on-year decrease of 0.62% [6] - The company is expected to maintain a significant retail business advantage, with a projected revenue growth of 2.60% CAGR over the next three years [6] Summary by Relevant Sections Financial Performance - In Q1-Q3 2024, the company's net interest income and commission income decreased by 3.07% and 16.90% year-on-year, respectively, but showed marginal improvement compared to H1 2024 [6] - The net profit growth rate for Q1-Q3 2024 increased by 0.71% compared to H1 2024, driven by interest margin business, commission income, and cost control [6] Retail Business - As of Q3 2024, the company's loan balance reached 6.76 trillion yuan, a year-on-year increase of 4.70%, with retail loans showing significant growth [6] - The average yield on loans and average cost of deposits for Q1-Q3 2024 were 3.98% and 1.58%, respectively, reflecting a slight decline compared to H1 2024 [6] Wealth Management - Wealth management fee and commission income for Q1-Q3 2024 was 17.405 billion yuan, a year-on-year decrease of 27.63%, but the decline rate narrowed compared to H1 2024 [6] - The company’s retail AUM reached 14.34 trillion yuan, an increase of 7.69% from the beginning of the year [6] Asset Quality - As of Q3 2024, the company's non-performing loan ratio was 0.94%, with a provision coverage ratio of 432.15%, indicating strong risk compensation ability [6] - The overall non-performing loan generation rate for Q1-Q3 2024 was 1.02%, stable compared to H1 2024 [6] Investment Outlook - The company is projected to achieve revenues of 333.4 billion yuan, 346.4 billion yuan, and 366.2 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profit estimates of 146.8 billion yuan, 151.1 billion yuan, and 159.5 billion yuan [6][7]

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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown steady performance with a revenue of 23.63 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 24%, and a net profit of 3.24 billion yuan, up 60% year-on-year [2][6] - In Q3 2024, the company achieved a revenue of 8.47 billion yuan, a 15% increase year-on-year and an 8% increase quarter-on-quarter, with a net profit of 1.092 billion yuan, up 12% year-on-year but down 2% quarter-on-quarter [2][6] - The company’s production and sales of all-steel, semi-steel, and non-road tires reached historical highs in the first three quarters of 2024, despite facing pressures from increased costs and domestic demand fluctuations [6] - The company is advancing its construction projects, which are expected to enhance its international competitiveness and ensure long-term growth [2][6] Financial Performance Summary - For the first three quarters of 2024, the company produced and sold 54.63 million and 53.88 million tires respectively, marking a year-on-year increase of 30% and 32% [6] - The gross profit margin for the first three quarters improved by 2.92 percentage points to 28.38% [6] - The company’s projected revenues for 2024-2026 are 32.2 billion, 36.3 billion, and 42.9 billion yuan respectively, with year-on-year growth rates of 24%, 13%, and 18% [6][7] - The projected net profits for the same period are 4.3 billion, 5.1 billion, and 6.2 billion yuan, with growth rates of 38%, 20%, and 21% respectively [6][7] Global Expansion and Investment Plans - The company is actively pursuing global expansion, with plans to invest 110 million USD in the construction of the Kampot Economic Zone in Cambodia, aimed at attracting leading companies in the rubber industry [6] - Current projects include a factory in Cambodia with an annual capacity of 12 million semi-steel tires, a construction project in Mexico, and a new facility in Indonesia [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported Q3 revenue of 270 million yuan, a year-on-year increase of 30% and a quarter-on-quarter increase of 3%. However, it recorded a net profit loss of 30 million yuan, marking a year-on-year decline [2][5] - The acceleration in communication capacity production and the ramp-up of related products, such as line modules, are driving revenue growth. Short-term profitability is under pressure due to a decline in the defense sector, but revenue and profit are expected to improve as industry demand recovers and line module production increases [2][5] - The company has a strong technical advantage in high-speed line modules and is expanding into automotive high-voltage and high-frequency connector markets, indicating high growth potential [6] Summary by Sections Financial Performance - For the first three quarters, the company achieved revenue of 750 million yuan, a year-on-year increase of 21%, with a net profit loss of 50 million yuan [5] - Q3 revenue was 270 million yuan, with a year-on-year growth of 30% and a quarter-on-quarter growth of 3%. The net profit loss was 30 million yuan, indicating a year-on-year decline [5] Business Development - The communication capacity is gradually being put into production, with products like line modules and backplane connectors starting to ramp up, contributing to revenue growth [5] - The company has established four automated production lines for high-speed modules, which are expected to enhance revenue as customer orders are fulfilled [5] Profitability and Costs - The gross profit margin for Q3 was 12.2%, down 17.6 percentage points year-on-year and 10.6 percentage points quarter-on-quarter, primarily due to high initial investments in line module production and a decline in high-margin defense business [5] - The company is maintaining high R&D investment, which is expected to convert into revenue growth over time [5] Future Projections - Revenue projections for 2024-2026 are 1.331 billion yuan, 1.910 billion yuan, and 2.579 billion yuan, respectively, with year-on-year growth rates of 47.32%, 43.49%, and 35.04% [6] - Net profit projections for the same period are 101 million yuan, 149 million yuan, and 210 million yuan, with year-on-year growth rates of 39.48%, 47.87%, and 40.46% [6]

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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 206.861 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 9.44%. In Q3 alone, revenue reached 72.451 billion yuan, up 12.07% year-on-year [2][6] - The net profit attributable to shareholders for the first three quarters was 7.617 billion yuan, a year-on-year increase of 21.59%, with Q3 net profit at 2.810 billion yuan, growing 34.59% year-on-year [2][6] - The company is experiencing steady growth in express logistics revenue, with supply chain and international business showing high growth rates [6] - The company has implemented lean management practices, resulting in an increase in net profit margin by 0.65 percentage points year-on-year in Q3 [6] - The company emphasizes shareholder returns, having announced a mid-term dividend of 4 yuan per 10 shares and a special dividend of 10 yuan per 10 shares, totaling approximately 6.714 billion yuan in cash dividends [6] - Revenue forecasts for 2024-2026 are projected at 283.385 billion yuan, 313.693 billion yuan, and 347.661 billion yuan, with corresponding growth rates of 9.67%, 10.69%, and 10.83% [6] Summary by Sections Financial Performance - For 2024, the company expects revenue of 283.385 billion yuan, with a growth rate of 9.67% [7] - The net profit for 2024 is projected to be 10.096 billion yuan, reflecting a growth rate of 22.61% [7] - The earnings per share (EPS) for 2024 is estimated at 2.10 yuan [7] Business Segments - In Q3 2024, the total volume of express logistics and international express reached 3.229 billion pieces, a year-on-year increase of 14.37% [6] - The revenue from the express logistics segment grew by 7.57% year-on-year, while the supply chain and international segments saw a growth of 27.22% [6] Shareholder Returns - The mid-term dividend distribution plan includes a cash dividend of 4 yuan per 10 shares, with a total distribution rate of approximately 39.91% [6] - The special dividend plan proposes an additional 10 yuan per 10 shares, leading to a total cash dividend of 14 yuan per 10 shares [6]

Investment Rating - The report maintains a "Buy" rating for China Life Insurance [2][4][6] Core Insights - In the first three quarters of 2024, China Life achieved a net profit of 104.52 billion yuan, representing a year-on-year increase of 194.1% [2][6] - The New Business Value (NBV) grew by 25.1% year-on-year, indicating continued improvement in growth rates [2][6] - The company’s liability side shows strong stability, while the asset side exhibits greater elasticity, supporting the positive outlook [2][6] Financial Performance Summary - For the first nine months of 2024, the NBV increased by 25.1%, with new single premiums reaching 197.51 billion yuan, a slight increase of 0.4% year-on-year [6] - The number of agents stabilized at 641,000, with an increase of 0.7 thousand and 1.2 thousand compared to the beginning of 2024 and the first half of 2024, respectively [6] - The net profit growth was significantly driven by improvements in the equity market, with net investment income and total investment income reaching 144.7 billion yuan and 261.4 billion yuan, respectively, marking increases of 3.9% and 152.4% year-on-year [6] Financial Data and Valuation - The total revenue for 2024 is projected to be 454.12 billion yuan, with a year-on-year growth of 31.9% [7] - The forecasted net profit for 2024 is 126.64 billion yuan, reflecting a year-on-year increase of 174.2% [7] - The embedded value is expected to grow to 1,437.14 billion yuan by 2024, with a year-on-year increase of 14% [7]