关注公众号: 永木纪要 25 October 2024 | 12:41AM HKT Proya Cosmetics (603605.ss) Earnings review: 3Q24 Sales/NI inline but lower OP on ROI pressure; Lower 4Q outlook reflecting disciplined Double 11 Mof 603605.SS 12m Price Target: Rmb107.50 Price: Rmb99.00 Upside: 8.6% Proya reported 3Q24 revenue/NI growth of 21%/21% yoy, in line, a with market consensus, but same as previous two quarters; OP came in 13% below with a 4.7ppt contraction in GPM-Selling expenses ratio due to elevated ROI pressure including increasing KOL ...

Investment Rating - The report maintains a "Buy" rating for Pien Tze Huang (600436.SS) with a 12-month price target of Rmb280, indicating an upside potential of 21.5% from the current price of Rmb230.54 [2][8][7]. Core Insights - Pien Tze Huang reported 3Q24 earnings of Rmb965 million, reflecting a year-on-year increase of 12.0% and a 6.3% beat against Goldman Sachs estimates, attributed to better gross profit margins and lower-than-expected expenses [1][2]. - The revenue for 3Q24 was Rmb2,800 million, marking a 9.6% increase year-on-year and a 2.9% increase compared to Goldman Sachs estimates, driven by strong sales growth in hepatic disease medication, which saw a 25.3% year-on-year increase [2][6]. - The report anticipates a healthy compound annual growth rate (CAGR) in sales and earnings per share (EPS) between FY23 and FY26, supported by ongoing production growth and pricing hikes amid increasing demand [6][7]. Financial Estimates - Earnings estimates for Pien Tze Huang have been revised upwards by 2.8% for 2024E, with net profit expected to reach Rmb3,068 million, a 2.8% increase from previous estimates [4][5]. - Revenue projections for 2024E have been adjusted to Rmb11,135 million, reflecting a 2.3% increase from prior estimates, with EBIT expected to be Rmb3,613 million, a 2.9% increase [4][5]. - The report highlights a stable gross profit margin (GPM) of 46.9% for 3Q24, slightly improved from 46.6% in previous estimates, despite pressures from rising cow bezoar costs [1][2].

ab 18 October 2024 Global Research Life Sciences & Diagnostic Tools China Pharma Mfg Returned to Double-digit Growth in Sept. | --- | --- | |------------|-------| | Equities | | | Americas | | | Healthcare | | Bottom Line We track China's monthly industrial output data as a key indicator for the China end market health in our Life Sciences Tools coverage. The September high-technology manufacturing output growth was +10.1% vs. +8.6% in August. Pharma manufacturing output returned to double-digit growth in S ...

M Update Zijin Mining Group | Asia Pacific October 20, 2024 05:43 PM GMT 3Q24 results: Another record quarter | --- | --- | --- | |---------------------------------------------------------------------|----------------------------------------------|----------------------------------------------------------| | Reaction to earnings | | | | Strengthens our investment thesis Impact to our investment thesis | In-line Financial results versus consensus | Largely unchanged Impact to next 12-month consensus EPS | Up ...

Investment Rating - The stock rating for Zhejiang Huayou Cobalt Co Ltd is Equal-weight [4] - The industry view is Attractive [4] Core Insights - The company reported a net profit of Rmb1.3 billion for 3Q24, which is an increase from Rmb1.1 billion in 2Q24 and Rmb928 million in 3Q23, exceeding expectations [1] - The 9M24 profit reached Rmb3 billion, reflecting a year-on-year increase of 0.2% [1] - The good performance is attributed to better-than-expected gross profit margin (GPM), lower tax expenses, and reduced minority interest [2] - The GPM for 3Q24 was 18.8%, only slightly down by 1.4 percentage points quarter-on-quarter [2] - The effective tax rate decreased to 3.7% in 3Q24 from 4.4% in 2Q24 and 12.1% in 3Q23 [2] - Minority interest accounted for 4.5% of profit after tax, significantly lower than 35.5% in 2Q24 [2] Capacity Expansion - Ongoing construction of the Huaneng 50kt ternary precursor project in Indonesia was completed on October 18, 2024 [2] - The Huaxiang 50kt sulfuric nickel project and the Hungary 25kt cathode material projects are currently under construction [2] Financial Metrics - The price target for the stock is set at Rmb27.00, indicating a downside of 7% from the current price of Rmb28.95 [4] - The market capitalization is Rmb49.507 billion, with an enterprise value of Rmb70.270 billion [4] - Projected EPS for fiscal years ending in 2023, 2024, 2025, and 2026 are Rmb2.05, Rmb1.34, Rmb1.42, and Rmb2.00 respectively [4] - Revenue projections for the same fiscal years are Rmb65.936 billion, Rmb63.642 billion, Rmb66.235 billion, and Rmb70.900 billion respectively [4] - The P/E ratio is projected to be 16.1 for 2023 and 21.5 for 2024 [4]

October 20, 2024 03:15 PM GMT M Update Shenzhen Inovance Technology | Asia Pacific 3Q24 Prelims – Revenue In-line; Core Earnings Miss Reaction to earnings Weakens our investment thesis Modest shortfall Modest revision lower Impact to our investment thesis Financial results versus consensus Impact to next 12-month consensus EPS Key Takeaways 3Q revenue was up 15%-25% y-y, midpoint of Rmb9.2bn (+20% y-y) was in-line with MSe and consensus, as NEV powertrain business was the key growth driver... Automation and ...

M Idea Shanghai Fudan Microelectronics | Asia Pacific October 20, 2024 11:20 PM GMT Research Tactical Idea We believe the share price will fall relative to the country index over the next 30 days. This is because of an earnings release. The company announced preliminary 3Q24 earnings will be around Rmb77mn, down 59% QoQ and 62% YoY. This would represent only 18% of our 2H24 estimate of Rmb423mn, well below normal seasonality. The company has lowered some product pricing in the face of intense competition, a ...

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： a shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： 15 Oct 2024 18:49:20 ET │ 22 pages China Aluminum shuinu9870 Alumina Price to Remain Strong; Positive Catalyst Watch on Chalco and Hongqiao 更多一手调研纪要和研报数据加V： CITI'S TAKE China alumina price is strong because of tight bauxite and alumina supply. Considering the rainy season in Guinea affected some bauxite shipments in Jul-Sep and the impact on China imported volume is e ...

Investment Rating - The report assigns a Neutral rating to Shenzhen Inovance Technology, indicating a cautious outlook on the company's performance due to potential risks associated with revenue guidance cuts [3][7]. Core Insights - The report expresses concerns about the company's ability to meet its 2024 revenue growth guidance of 20% year-over-year, particularly in the general automation sector, due to a high base effect from previous quarters and weaker demand from new energy sectors [7]. - The target price for Shenzhen Inovance Technology is set at Rmb55.0, reflecting a valuation based on approximately 30 times the estimated earnings per share (EPS) for FY24E [3][7]. Financial Summary - The earnings summary indicates a net profit of Rmb4,320 million for 2022, projected to increase to Rmb4,911 million in 2024, with a diluted EPS growth from Rmb1.640 in 2022 to Rmb1.847 in 2024 [4]. - The expected total return for the stock is projected at -5.8%, with an expected share price return of -6.6% and a dividend yield of 0.8% [3][4]. Market Capitalization - The market capitalization of Shenzhen Inovance Technology is reported at Rmb157,769 million, equivalent to approximately US$22,260 million [3].

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： A c t i o n | shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 15 Oct 2024 11:03:19 ET │ 14 pages Yealink Network Technology (300628.SZ) shuinu9870 3Q24 Preliminary Results Slightly Beat; Raise TP to Rmb50 更多一手调研纪要和研报数据加V： CITI'S TAKE Yealink posted 3Q24 preliminary results which were slightly better than our forecast. We upgrade our EPS forecasts by 7/6/3% for 2024/25/26E and raise our DC ...