[ 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].

Industry Investment Rating - The report maintains a "Follow the Market" rating for the media and entertainment industry [1] Core Views - The media sector underperformed the broader market, declining 2.77% this week, outperforming the ChiNext Index by 2.38 percentage points but underperforming the CSI 300 by 1.09 percentage points [10] - The gaming sector underperformed the market, with the CITIC Gaming Index falling 2.75%, while the advertising sector outperformed, with the CITIC Advertising Index rising 0.06% [1] - The education sector showed strong performance, with the CITIC Education Index rising 11.66%, significantly outperforming the CSI 300 [1] Sector Performance Summary Gaming Sector - The CITIC Gaming Index fell 2.75%, underperforming the CSI 300 by 1.07 percentage points [1] - Top gainers in A-share gaming companies included Century Huatong, Wintime Entertainment, and Kingnet Network, while top losers were ZQGame, Shanda Games, and Kunlun Tech [11] Advertising Sector - The CITIC Advertising Index rose 0.06%, outperforming the CSI 300 by 1.74 percentage points [1] - Top gainers in A-share advertising companies included Electric Power Media, Enmei Media, and Julong Culture, while top losers were Zitian Technology, Tianlong Group, and XuanYuan International [11] Sports Sector - The CSI Sports Index fell 2.96%, underperforming the CSI 300 by 1.28 percentage points [12] Education Sector - The CITIC Education Index rose 11.66%, outperforming the CSI 300 by 13.34 percentage points [13] - In Hong Kong, the Education Index rose 1.80%, outperforming the Hang Seng Index by 2.21 percentage points [13] Film Industry Highlights - Box office revenue for the week was 525 million yuan, with "Venom: The Last Dance" leading at 215 million yuan [17] - "The Great Journey," a 4K panoramic sound film, officially premiered, showcasing the 100-year history of the Communist Party of China [28] - "Fengshen Part II: Battle of West Qi" is set to release on the first day of the Lunar New Year in 2025 [28] Gaming Industry Highlights - The 2024 China-Japan-Korea Esports Industry Exchange event kicked off in Chengdu, featuring top esports teams from China, Japan, Korea, and Hong Kong [32] - The 20th China Game Industry Annual Conference will be held in Shangrao, Jiangxi, on November 6, 2024 [32] - "Cyberpunk 2077: Ultimate Edition" is set to launch on Mac, featuring advanced technologies like ray tracing and spatial audio [32] AIGC/ChatGPT Industry Highlights - Quark released the "Lingzhi" learning model, which rivals OpenAI's latest o1 model in accuracy and scoring rates for postgraduate math problems [38] - Baichuan Intelligence launched a one-stop large model commercialization solution, achieving a 96% usability rate in specialized tasks across finance, education, and healthcare [38] - OpenAI introduced a search function in ChatGPT, allowing users to access the latest information with relevant web links [38] Sports Industry Highlights - The 2024 Sichuan "Three Big Balls" City League kicked off, featuring 82 teams and over 2,000 athletes [41] - T1 defeated BLG to win their fifth World Championship in the 2024 League of Legends World Finals [41] - China won 6 gold, 4 silver, and 2 bronze medals at the Swimming World Cup Singapore stop [41] Education Industry Highlights - The Ministry of Education and 16 other departments issued the "Home-School-Society Collaborative Education 'Education Alliance' Work Plan," aiming to establish education alliances in 50% of counties by 2025 [43] - The 25th China International Education Annual Meeting opened, attracting over 5,000 participants from 60 countries [43] - The draft of the Preschool Education Law was reviewed, focusing on reducing family childcare costs and protecting children's privacy [43] Investment Recommendations - In the film sector, Mango Excellent Media (300413) is recommended due to its strong self-produced variety shows and state-owned media value [48] - In the gaming sector, Shenzhou Taiyue (300002) is recommended for its rapid growth, overseas game operations, and potential in AI-driven upgrades [48]

Investment Rating - The report maintains a "Hold" rating for the company [3] Core Views - The company reported steady growth in Q3 2024, with revenue reaching 441 million yuan for the first three quarters, a year-on-year increase of 8.50%, and a net profit of 79 million yuan, up 9.53% year-on-year. In Q3 alone, revenue was 142 million yuan, growing 6.21% year-on-year, while net profit increased by 12.86% to 23 million yuan [1][2] - The metal cutting tools business remains robust, with significant growth in smart CNC equipment and rolling functional components. The company is expanding its overseas market, with foreign sales revenue showing rapid growth [2] - The company's profitability has improved, with a gross margin of 31.35% for the first three quarters, up 2.11 percentage points year-on-year, and a net profit margin of 17.94%, an increase of 0.22 percentage points year-on-year [2] Financial Summary - For 2024-2026, the company is projected to achieve net profits of 110 million, 130 million, and 160 million yuan respectively, with a compound annual growth rate of 22% for net profit over the next three years [3] - The company's revenue is expected to grow from 542.49 million yuan in 2023 to 899.20 million yuan in 2026, reflecting growth rates of 12.34%, 17.73%, 19.16%, and 18.15% for the respective years [3][7] - The earnings per share (EPS) is forecasted to increase from 0.73 yuan in 2023 to 1.31 yuan in 2026, while the return on equity (ROE) is expected to rise from 7.78% to 10.84% over the same period [3][7]

2024 年 11月 03 日 证券研究报告,2024年三季报,点评 长虹华意 (000404)家用电器 持有 (维持) 当前价: 7.38 元 目标价：——元（6个月） 核心业务维持增长，多重因素增厚利润 投资买点 ● 事件：公司发布 2024年三季报，2024年前三季度公司实现营收 96.9 亿元，同 比下降-9.7%,营收下滑主要系原材料及配件销售减少及出让格兰博股权后不再 合并其报表所致;归母净利润 3.8亿元,同比增长 36.7%;扣非净利润 3.5亿元, 同比增长 23.6%。单季度来看，Q3公司实现营收 29.6亿元，同比减少 1.1%； 归母净利润 1.5 亿元，同比增长 35.2%;扣非后归母净利润 1.3 亿,同比增长 28.9%。 ● 核心业务持续增长，维持营收稳定。根据产业在线数据，2024年 7-8 月我国冰 箱产量分别同比-0.5%/+7.5%，8月冰箱产销恢复增长态势,一方面出口保持高 增拉动整体销售增长,另一方面内销家电以旧换新政策落地刺激终端需求,实 现内销逐月改善。因此,我们推测,2024Q3公司压缩机业务延续 2024H1 趋势, 助力公司在业务调整情况下维持营收稳定。 ...

2024 年 10 月 30 日 证券研究报告•2024 年三季报点评 当前价：5.67 元 均瑶健康（605388）食品饮料 目标价：——元（6 个月） 咩 咩 咩 Q3 收入短期承压，毛利率明显改善 [Table_Summary 事件：公司发布] 2024 年三季报，前三季度实现营业收入 11.8 亿元，同比下降 13.2%；实现归母净利润 4942万元，同比下降 40.1%。其中 24Q3实现营业收 入 4.2亿元，同比下降 11.7%；实现归母净利润 1466万元，同比下降 57.9%。 Q3收入短期承压，电商渠道收入快速增长。1、分产品看，2024年前三季度益 生菌饮品、益生菌食品、其他饮品和食品、商品供应链业务分别实现收入 4.9 亿元（-8%）、1.4亿元（+18.1%）、0.5亿元（+24.8%）、4.9亿元（-25.8%）。 1）益生菌饮品：味动力产品保持行业领先地位，扩充细分品类+优化激活老品。 2）益生菌食品：均瑶润盈收入同比增长 35%，已入选国际知名发酵剂供应商名 录；C端益生菌新品不断发力。3）泛缘供应链：新增拼多多渠道，并与 OLE、 开市客、华住等重要客户完成战略签约。2、分渠 ...

Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of November 3, 2024 [1]. Core Insights - The expansion of vehicle replacement subsidies is driving strong growth in the new energy vehicle market, with significant increases in subsidy applications and retail sales [1][21]. - The report highlights the importance of safety improvements in smart vehicles, which are expected to further promote the development of intelligent automotive technologies [1][22]. - The report suggests focusing on investment opportunities arising from increased replacement subsidies and the launch of new vehicle cycles, as well as the enhancement of safety measures in smart vehicles [1]. Summary by Sections 1. Market Overview - The automotive sector index closed at 6147.45 points, down 0.4% for the week, while the Shanghai Composite Index fell 1.7% [7]. - The passenger vehicle market saw retail sales of 1.812 million units from October 1-27, a year-on-year increase of 9% [1]. 2. Policy Developments - Shanghai has expanded its vehicle replacement subsidy policy, effective from November 1, 2024, to support the purchase of new energy and fuel-efficient vehicles [21]. - The Ministry of Industry and Information Technology is promoting the application of new energy heavy-duty trucks, indicating a push towards sustainable transportation [22]. 3. Sales Performance - In October, the new energy passenger vehicle retail sales reached 946,000 units, a year-on-year increase of 49% [1]. - The heavy-duty truck market sold approximately 62,000 units in October, with expectations for increased demand due to upcoming policy incentives [2]. 4. Key Companies and Recommendations - Major companies to watch include GAC Group, BYD, and Top Group, which are expected to benefit from the growth in new energy vehicle sales [1]. - The report recommends focusing on companies involved in the intelligent vehicle sector, such as Seres and Changan Automobile, as they are poised for growth with the advancement of smart driving technologies [1][22]. 5. New Vehicle Launches - Several new models were launched in late October, including the BYD Tang DM-i and Mazda EZ-6, indicating ongoing innovation in the automotive market [28]. 6. Industry Trends - The report notes a significant increase in the demand for smart vehicle components, such as laser radar and intelligent lighting systems, driven by the growing adoption of intelligent driving technologies [1][22].

Investment Rating - The report maintains a "Buy" rating for Gujing Gongjiu (000596) [1] Core Views - The company achieved revenue of 19.07 billion yuan in the first three quarters of 2024, a year-on-year increase of 19.5%, and a net profit attributable to shareholders of 4.75 billion yuan, up 24.5% year-on-year. The Q3 revenue was 5.26 billion yuan, with a year-on-year growth of 13.4%, and a net profit of 1.17 billion yuan, up 13.6% year-on-year, aligning with market expectations [1][2] - Despite a relatively weak external consumption environment, the company managed to maintain double-digit growth in Q3 2024, showcasing strong resilience in growth amid increased market competition [3] - The company is focusing on its mid-to-high-end strategy and national expansion, aiming to deepen its market presence in its home province while ensuring stable pricing for its products [2][3] Summary by Sections Financial Performance - For Q3 2024, the gross margin decreased by 1.6 percentage points to 77.9%, primarily due to an increase in the proportion of lower-priced products. The sales expense ratio significantly decreased by 5.3 percentage points to 23.0%, while the overall expense ratio fell by 5.0 percentage points to 29.0%. The net profit margin slightly increased by 0.2 percentage points to 23.1% [2] - The company reported cash flow from sales of 5.46 billion yuan in Q3, a year-on-year increase of 24.6%, with contract liabilities at 1.94 billion yuan, down 41.6% year-on-year [2] Growth Strategy - The company is leveraging the upcoming festive seasons to boost sales through innovative marketing strategies and consumer engagement activities. It aims to stabilize channel profits through various promotional activities [2] - The company is committed to its strategy of national expansion and focusing on mid-to-high-end products, which is expected to enhance its competitive advantage and sustain growth [3] Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 10.73 yuan, 12.49 yuan, and 14.41 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18x, 15x, and 13x. The company is expected to continue benefiting from its strategic initiatives, maintaining a "Buy" rating [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 3.79 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 5.6%, and a net profit attributable to shareholders of 1.13 billion yuan, up 10.0% year-on-year [1] - The third quarter revenue was 2.07 billion yuan, a slight increase of 0.4% year-on-year, while net profit for the same period was 880 million yuan, up 7.7% year-on-year [1] - Despite a weak external consumption environment, the company managed to achieve slight revenue growth due to strong brand power and healthy channel inventory [2] Summary by Relevant Sections Financial Performance - The company reported a gross margin of 84.6% in Q3, an increase of 0.9 percentage points year-on-year [1] - The selling expense ratio decreased significantly by 4.0 percentage points to 8.4% in Q3, while the overall expense ratio fell by 3.2 percentage points to 12.3% [1] - The net profit margin improved by 2.9 percentage points to 42.6% in Q3 [1] Revenue Breakdown - For the first three quarters, high-end and mid-range product revenues were 3.46 billion yuan and 200 million yuan, respectively, with year-on-year growth of 1.4% and 41.0% [1] - In Q3 alone, high-end and mid-range revenues were 1.94 billion yuan and 100 million yuan, with year-on-year changes of -2.0% and +87.2% [1] Market Strategy - The company is focusing on product upgrades, brand premiumization, and marketing breakthroughs, which are expected to enhance brand reputation and influence [2] - The company is actively expanding its marketing team and deepening its core market presence while exploring new markets for growth [2] Earnings Forecast - The expected EPS for 2024, 2025, and 2026 are 2.81 yuan, 3.03 yuan, and 3.24 yuan, respectively, with corresponding PE ratios of 16, 15, and 14 [2]