[ T able_StockInfo] 2024 年 10 月 30 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：25.41 元 德瑞锂电（833523）电力设备 目标价：——元（6 个月） Q3 归母净利润环增 26.5%，毛利率维持高位 投资要点 [Table_Summary] 事件：公司发布 2024年三季报，前三季度实现收入 3.8亿元，同比+56.5%，实 现归母净利润 1.1 亿元，同比+236.9%，实现扣非归母净利润 1.1 亿元，同比 +222.5%；其中单 Q3 实现收入 1.6 亿元，同比+37.5%，环比+33.7%，实现归 母净利润 4321.5万元，同比+115.2%，环比+26.5%，实现扣非归母净利润 4313.0 万元，同比+119.1%，环比+21.5%。公司Q3 业绩超市场预期。 新老客户订单稳步增长，营收保持稳健增长态势。公司前三季度营收同比增长 56.5%，因为 1）公司不断提升客户服务水平和产品品质，加大优质客户的开拓 力度，深挖原有客户的产品需求，新老客户订单稳步增长；2）得益于锂一次电 池的下游应用场景不断丰富和市场规模的增长，对锂一次电池 ...

Investment Rating - The report maintains a "Hold" rating for the company [1][3]. Core Views - The company has shown steady growth in Q3 2024, with revenue reaching 1.42 billion yuan, a year-on-year increase of 6.21%, and a net profit of 0.23 billion yuan, up 12.86% year-on-year [1][2]. - The company's metal cutting tools business remains robust, while new businesses in intelligent CNC equipment and rolling functional components are experiencing rapid growth [2]. - The company is actively expanding its overseas market, with foreign sales revenue showing significant growth in Q1-Q3 2024 [2]. Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 4.41 billion yuan, representing an 8.50% year-on-year increase, and a net profit of 0.79 billion yuan, up 9.53% year-on-year [1][2]. - The overall gross margin for Q1-Q3 2024 was 31.35%, an increase of 2.11 percentage points year-on-year, while the net profit margin was 17.94%, up 0.22 percentage points year-on-year [2]. - The company’s gross margin for Q3 2024 was 30.48%, reflecting a year-on-year increase of 1.55 percentage points, and the net profit margin was 16.37%, up 0.92 percentage points year-on-year [2]. Profit Forecast - The company is projected to achieve net profits of 1.1 billion yuan, 1.3 billion yuan, and 1.6 billion yuan for the years 2024, 2025, and 2026 respectively, indicating a compound annual growth rate of 22% for net profit over the next three years [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Views - The company has shown resilience with a slight decline in revenue but a significant increase in net profit, indicating improved profitability [1][2]. - The low-temperature product category has experienced double-digit growth, while the overall revenue has been temporarily impacted by adjustments in the consolidation scope [2]. - The company is committed to its new five-year strategic plan aimed at strengthening core business and enhancing corporate value, with a target to double net profit margin within five years [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 8.15 billion yuan, a year-on-year decrease of 0.5%, while net profit attributable to shareholders reached 470 million yuan, a year-on-year increase of 24.4% [1]. - The gross margin for the first three quarters was 29.1%, up 1.7 percentage points year-on-year, driven by lower raw milk prices and product mix optimization [2]. - The net profit margin for the first three quarters was 6%, reflecting a year-on-year increase of 1.2 percentage points, indicating a continuous improvement in profitability [2]. Strategic Initiatives - The company is focused on its "Fresh Cube Strategy" and aims to enhance its position in the low-temperature dairy market through innovation and regional development [3]. - The company has secured 60% of its raw milk supply through self-owned and equity-held sources, aligning with its strategic goals [3]. Earnings Forecast - The company forecasts net profits of 540 million yuan, 640 million yuan, and 760 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.63 yuan, 0.75 yuan, and 0.88 yuan [3][4]. - The dynamic PE ratios are projected to be 20 times, 17 times, and 14 times for the respective years [3].

Investment Rating - The report maintains a "Buy" rating for Gree Electric Appliances with a current price of 43.50 CNY and an estimated EPS of 5.7 CNY, 6.16 CNY, and 6.75 CNY for 2024, 2025, and 2026 respectively, corresponding to valuations of 8X, 7X, and 6X [1][2]. Core Insights - Gree Electric Appliances reported a revenue of 147.42 billion CNY for the first three quarters of 2024, a decrease of 5.4% year-on-year, while net profit attributable to shareholders increased by 9.3% to 21.96 billion CNY [2][3]. - The company's main business revenue grew by 2.9% year-on-year, while other business revenue fell by 45.3% due to structural adjustments [3]. - The "old-for-new" policy is expected to boost future demand, with a positive outlook for Q4 as production for both domestic and international sales is projected to increase significantly [3]. Financial Performance - In Q3 2024, Gree's revenue was 47.13 billion CNY, down 15.9% year-on-year, but net profit increased by 5.5% to 7.82 billion CNY [2][4]. - The gross margin for Q3 2024 was 29.7%, a decrease of 0.5 percentage points year-on-year, while the net profit margin improved by 2.7 percentage points to 15.6% [4]. - The company has shown significant improvement in expense ratios, with sales expenses decreasing by 4.4 percentage points [4]. Market Outlook - The air conditioning industry is currently under pressure, but the "old-for-new" policy is anticipated to stimulate domestic sales, with production forecasts indicating a recovery in Q4 [3]. - The report highlights that the overall trend for Gree aligns with the industry, indicating a potential rebound in sales as the market adjusts [3].

Investment Rating - The report does not explicitly provide an investment rating for the company [1] Core Views - The company is experiencing short-term operational pressure but is focusing on long-term development through channel adjustments and product upgrades [1][3] - The company reported a revenue of 27.52 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9.1%, and a net profit of 8.58 billion yuan, down 15.9% year-on-year [1] - The company is actively restructuring its product offerings and enhancing brand value, particularly in high-end segments [3][6] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 4.64 billion yuan, a significant decline of 44.8% year-on-year, with a net profit of 630 million yuan, down 73.0% year-on-year [1][2] - The gross margin for Q3 2024 was 66.2%, down 8.6 percentage points year-on-year, primarily due to external environmental impacts [2] - The net profit margin for Q3 2024 was 13.6%, a decrease of 14.2 percentage points year-on-year, influenced by rising expense ratios [2] Product and Channel Strategy - The company is focusing on product structure upgrades, particularly in its "Dream" series, and is adjusting its sales strategies to stabilize dealer confidence [1][3] - The company is enhancing its brand positioning by emphasizing the quality and rarity of its aged products, particularly in the high-end market [3][6] Market Outlook - The company anticipates continued pressure on sales and inventory clearance into 2024, with expectations of a gradual recovery post-inventory digestion [3][6] - Revenue projections for 2024-2026 indicate a decline in sales, with expected revenues of 29.82 billion yuan in 2024, down 10.0% year-on-year, and a slight recovery in 2026 [4][6] Earnings Forecast - The report forecasts earnings per share (EPS) of 5.71 yuan for 2024, 5.58 yuan for 2025, and 6.10 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 14, 14, and 13 respectively [3][4][6]

Investment Rating - The report maintains a "Buy" rating for Linglong Tire (601966) with a current price of 19.31 CNY [1]. Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 15.949 billion CNY, up 9.77% year-on-year, and net profit attributable to shareholders at 1.712 billion CNY, up 78.39% year-on-year [2]. - The production and sales of tires showed steady growth, although rising raw material prices increased procurement costs [3]. - The company's gross margin improved due to tax refunds and cost reduction efforts, with a gross margin of 24.35% for the first three quarters, up 4.65 percentage points year-on-year [4]. - The "7+5" strategy is being effectively implemented, with the Serbian factory rapidly increasing production capacity, which is expected to enhance profitability as it meets the demands of major automotive manufacturers [5]. - Earnings per share (EPS) forecasts for 2024-2026 are projected at 1.51, 1.73, and 1.95 CNY, with a compound annual growth rate (CAGR) of 27.0% for net profit attributable to shareholders over three years [5]. Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 5.569 billion CNY, with a year-on-year increase of 5.22% and a net profit of 786 million CNY, up 97.30% year-on-year [2]. - The tire production volume was 22.33 million units, up 8.36% year-on-year, and sales volume was 21.43 million units, up 10.68% year-on-year [3]. Cost and Margin Analysis - The average tire price in Q3 was 257.28 CNY, reflecting a decrease of 4.32% year-on-year due to market structure changes [3]. - The comprehensive procurement cost of key raw materials increased by 1.87% quarter-on-quarter and 15.40% year-on-year, but the raw material price index showed a decrease of 7.53% from the average in Q3 [3]. Strategic Initiatives - The Serbian factory is positioned as the company's second overseas production base, with plans for significant annual production capacity [5]. - The factory has passed audits from major automotive manufacturers and is ramping up production, which is expected to leverage tariff and transportation advantages in Europe [5]. Earnings Forecast - The report projects a steady increase in revenue, with expected figures of 20.165 billion CNY in 2024, 22.908 billion CNY in 2025, and 26.958 billion CNY in 2026, reflecting growth rates of 13.60%, 17.68%, and 6.88% respectively [6].

Investment Rating - The report maintains a "Hold" rating for Changhong Huayi (000404) [1] Core Views - The company's core business continues to grow, with multiple factors contributing to profit enhancement despite a revenue decline [1][2] - The company is a leading player in the refrigerator compressor market, demonstrating strong profitability through product structure adjustments and innovation [3] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 9.69 billion yuan, a year-on-year decrease of 9.7%, primarily due to reduced sales of raw materials and components, as well as the non-consolidation of the Grambo equity after its divestment [1] - The net profit attributable to shareholders was 380 million yuan, a year-on-year increase of 36.7%, while the non-recurring net profit was 350 million yuan, up 23.6% [1] - For Q3 2024, the company reported revenue of 2.96 billion yuan, a slight decrease of 1.1% year-on-year, with a net profit of 150 million yuan, reflecting a growth of 35.2% [1] Business Stability - The company's compressor business is expected to maintain stable revenue in Q3 2024, supported by strong export growth and domestic demand stimulated by the appliance replacement policy [2] - The gross margin for Q3 2024 was 16%, an increase of 0.7 percentage points year-on-year, attributed to product structure optimization and cost control measures [2] Profitability and Forecast - The company has strong liquidity, with cash and cash equivalents totaling 5.1 billion yuan, bolstered by investments in structured deposits and other financial products [3] - Earnings per share (EPS) forecasts for 2024-2026 are 0.69 yuan, 0.80 yuan, and 0.93 yuan, respectively, indicating a solid growth trajectory [3][4]

[ T able_StockInfo] 2024 年 11 月 03 日 证券研究报告•2024 年三季报点评 当前价：9.12 元 麒盛科技（603610）轻工制造 目标价：——元（6 个月） 终端需求仍有压力，海外扩产稳步推进 [Table_Summary 业绩摘要：公司] 2024前三季度实现营收 22.2亿元，同比-6.9%；实现归母净利 润 1.5 亿元，同比-19%；实现扣非后归母净利润 1.7 亿元，同比-22.2%。单季 度来看， Q3公司实现营收 7.6亿元，同比-11.5％；实现归母净利润 6604.4万 元，同比+1.8%；实现扣非后归母净利润 4809.4 万元，同比-58.5%。 毛利率承压，经营活动现金流情况较好。24 年前三季度，公司整体毛利率为 33.6%，同比-1.5pp，单 Q3毛利率为 34.8%，同比-3.2pp。费用率方面，前三 季度公司总费用率为 23%，同比-0.9pp，其中销售费用率/管理费用率/财务费用 率 / 研发费用率分别为 9.8%/9.5%/-1.3%/5.1% ，同比 -2.1pp/+0.2pp/+0.7pp/+0.3pp。单季度 Q3费用率为 26 ...

Investment Rating - The report does not provide a specific investment rating for Qisheng Technology (603610) [1] Core Views - Qisheng Technology's revenue for the first three quarters of 2024 was RMB 2.22 billion, a year-on-year decrease of 6.9% [1] - Net profit attributable to the parent company was RMB 150 million, down 19% year-on-year [1] - In Q3 2024, revenue was RMB 760 million, a year-on-year decrease of 11.5%, while net profit attributable to the parent company increased by 1.8% to RMB 66.04 million [1] - The company's gross margin for the first three quarters of 2024 was 33.6%, down 1.5 percentage points year-on-year [2] - Operating cash flow improved significantly, reaching RMB 220 million, a year-on-year increase of 63.41% [2] - The company is expanding its overseas production capacity, with a new factory in Vietnam expected to start production in 2025 [3] - Qisheng Technology has a high customer concentration, with its largest customer, Tempur Sealy International (TSI), accounting for 46.3% of sales in H1 2024 [4] Financial Performance - Revenue for 2024E is projected to be RMB 2.98 billion, a year-on-year decrease of 4.07% [5] - Net profit attributable to the parent company for 2024E is expected to be RMB 194.99 million, down 5.19% year-on-year [5] - EPS for 2024E is forecasted at RMB 0.54, with a PE ratio of 17x [5] - The company's ROE for 2024E is projected to be 5.62%, slightly lower than the 6.22% in 2023A [5] Business Segments - Smart electric beds are the core product, with revenue expected to reach RMB 2.37 billion in 2024E, accounting for 79.7% of total revenue [8] - The gross margin for smart electric beds is projected to be 33.5% in 2024E, slightly lower than the 35.7% in 2023A [8] - Mattress revenue is expected to be RMB 222.8 million in 2024E, with a gross margin of 40% [8] - Accessories and other products are expected to generate RMB 380 million in revenue in 2024E, with a gross margin of 35% [8] Overseas Expansion - The company is building a new factory in Vietnam with a total investment of USD 20 million, covering an area of 91,000 square meters [3] - The Vietnam factory is expected to produce 80,000 sets of smart beds per month after its completion in 2025 [3] - Overseas revenue accounted for 93.9% of total revenue in H1 2024, with the US, Mexico, Vietnam, Portugal, and Lithuania being key markets [3] Customer Concentration - Tempur Sealy International (TSI) is the largest customer, accounting for 46.3% of sales in H1 2024 [4] - The company has extended its manufacturing and supply agreement with TSI until March 31, 2027 [4] - Another major customer, Serta Simmons Bedding (SSB), has also renewed a five-year manufacturing and supply agreement [4]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Insights - The company reported a revenue of 27.52 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9.1%, and a net profit attributable to shareholders of 8.58 billion yuan, down 15.9% year-on-year. In Q3 2024, revenue was 4.64 billion yuan, a significant decline of 44.8% year-on-year, with a net profit of 630 million yuan, down 73.0% year-on-year [1][2]. Summary by Sections Business Performance - The company is undergoing a deep adjustment of its distribution channels to strengthen long-term development. In Q1 2024, the "Hai Zhi Lan" and "Meng 6+" products showed rapid growth. In Q2, the factory price of "Meng 6+" was raised, maintaining brand momentum. In Q3, sales weakened, prompting the company to adjust its collection requirements and focus on product structure upgrades [2]. - The company is enhancing its brand through high-quality expressions and emphasizing the scarcity value of aged liquor, aiming to establish a high-end brand benchmark [4]. Financial Metrics - In Q3 2024, the gross margin was 66.2%, down 8.6 percentage points year-on-year, primarily due to external environmental impacts and a decline in product structure. The sales expense ratio increased by 12.3 percentage points to 27.8%, and the management expense ratio rose by 4.3 percentage points to 10.3% [3]. - The net profit margin for Q3 2024 was 13.6%, down 14.2 percentage points year-on-year, reflecting the impact of rising expense ratios and a lack of revenue scale support [3]. Future Outlook - The company expects to continue reducing inventory at a slower pace, with sales volume projected to decline by 15.0% in 2024, followed by a 10.0% decline in 2025, before a slight recovery in 2026 [7]. - The earnings per share (EPS) forecast for 2024-2026 is 5.71 yuan, 5.58 yuan, and 6.10 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 14x, 14x, and 13x [4][7].