Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has completed the iteration of L-PAMiD, and while short-term depreciation impacts performance, the long-term outlook remains positive [2][10] - The company reported a revenue of 3.367 billion yuan for the first three quarters of 2024, a year-on-year increase of 9.55%, but a net profit decline of 48.05% [8][10] - The gross margin for Q3 2024 was 37.14%, down 4.26 percentage points quarter-on-quarter and 9.43 percentage points year-on-year, primarily due to depreciation and product mix changes [9][10] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 1.083 billion yuan, a year-on-year decrease of 23.13% and a quarter-on-quarter decrease of 1.13% [8] - The net profit for Q3 2024 was 71 million yuan, down 84.29% year-on-year and 54.63% quarter-on-quarter [8] - The company’s gross margin for the first three quarters of 2024 was 40.52%, reflecting a year-on-year decrease of 7.40 percentage points [8] Production and R&D - The company has significantly increased R&D investment, with expenses reaching 753 million yuan in the first three quarters of 2024, a year-on-year increase of 83.50% [11] - The L-PAMiD product has been successfully validated by several brand clients, marking a significant milestone in the domestic supply chain [11] - The company’s 6-inch and 12-inch filter production lines have achieved a high level of self-sufficiency, with products being successfully integrated into various brand clients [12] Future Outlook - The company expects to see improved margins as production scales up and cost efficiencies are realized [9][10] - Revenue forecasts for 2024, 2025, and 2026 are adjusted to 4.667 billion yuan, 5.242 billion yuan, and 5.992 billion yuan respectively, with net profits expected to be 570 million yuan, 790 million yuan, and 1.204 billion yuan [10][13]

Group 1: Election Impact - Trump has won 277 electoral votes, surpassing the 270 needed for victory in the 2024 presidential election[2] - The Republican Party is likely to secure a majority in both the Senate and House, easing policy implementation during Trump's term[3] Group 2: Economic Implications - Trump's policies may maintain U.S. economic resilience but could lead to increased inflation and fiscal pressures[4] - The U.S. fiscal deficit is expected to widen due to reduced tax revenues from tax cuts, despite potential increases in tariff revenues[4] Group 3: China’s Response - China's export share to the U.S. has decreased from 19% in 2018 to 15% in 2023, indicating a need for increased domestic demand policies[4] - The importance of expanding domestic demand in China is expected to rise in response to external demand pressures[4] Group 4: Asset Market Reactions - U.S. stock markets may initially rise due to tax cut expectations but could face volatility as economic resilience wanes[5] - U.S. Treasury yields may remain elevated due to fiscal deficit concerns and inflation expectations[5]

Industry Overview - The catering supply chain is essentially food industrialization, driven by the increasing demand for cost reduction and efficiency improvement in the catering industry, as well as the rising chainization rate The market size of the catering supply chain in 2023 is estimated to be approximately 2 43 trillion yuan, with significant growth potential [1] - The B-end frozen rice and noodle products and hotpot ingredient sectors are more promising The frozen food market in China is mainly divided into rice and noodle products, hotpot ingredients, and prepared dishes Among them, C-end rice and noodle products are in a mature stage, while B-end rice and noodle products and hotpot ingredients are in a growth phase with room for increased concentration [1] - The small and medium-sized B-end and group meal markets have vast potential and are the most promising for development The downstream channels of the catering supply chain can be divided into large B-end, small and medium-sized B-end, group meals, and takeout Among them, the small and medium-sized B-end market is the foundation of the catering industry, with numerous enterprises and significant growth potential [1] Market Dynamics - The catering supply chain market is closely related to the development of the catering industry With the increase in per capita disposable income, urbanization, and the trend of smaller households, the dining-out rate continues to rise, driving the rapid development of the catering industry In 2023, the catering market size reached 5 29 trillion yuan, with a CAGR of 8 82% from 2010 to 2023 [6] - The demand for cost reduction and efficiency improvement in the B-end catering sector, along with the convenience demand in the C-end, has opened up space for ingredient standardization The high costs of labor, rent, and raw materials have forced catering companies to optimize their supply chains and promote ingredient standardization [10] - The chainization rate in the catering industry is rising, leading to an increasing demand for standardized ingredients In 2023, the chainization rate in China reached 21%, with significant room for growth compared to mature markets like the US and Japan, where the chainization rate exceeds 55% [12] Supply Chain and Logistics - The improvement of the cold chain logistics industry has expanded the sales radius of semi-finished ingredients With the development of freezing technology and cold chain logistics, the storage time of semi-finished ingredients has been significantly extended, and logistics costs have been reduced From 2019 to 2023, the CAGR of the cold chain logistics market size, refrigerated vehicle ownership, and cold storage capacity reached 11 12%, 19 10%, and 10 85%, respectively [16] Frozen Food Market - The frozen food market benefits from the trend of ingredient standardization, with significant growth potential In 2023, the frozen food market size reached 183 54 billion yuan, with a CAGR of 9 75% from 2019 to 2023 Rice and noodle products account for the largest share at 53%, followed by hotpot ingredients at 33% [19] - The hotpot ingredient sector has significant room for concentration improvement and maintains a high-end trend In 2023, the hotpot ingredient market size reached 65 7 billion yuan, with a year-on-year growth of 12 20% The concentration of the hotpot ingredient market is relatively low, with a CR3 of 16% in 2021 [26] - The prepared dish sector is growing rapidly but faces challenges in achieving nationwide popularity due to regional dietary habits and taste differences In 2022, the prepared dish market size reached 419 6 billion yuan, with a year-on-year growth of 21 31% [27] Company Analysis - Anjoy Food is a leading company in the frozen food industry, with a strong presence in hotpot ingredients and rice and noodle products From 2019 to 2023, the company's revenue and net profit CAGR reached 27 79% and 41 09%, respectively In 2023, the company achieved a revenue of 14 048 billion yuan, with hotpot ingredients and prepared dishes accounting for 18 12% and 27 96% of the revenue, respectively [41] - Qianwei Central Kitchen focuses on the B-end frozen rice and noodle market, with a strong product development capability From 2019 to 2023, the company's revenue and net profit CAGR reached 20 92% and 16 00%, respectively In 2023, the company achieved a revenue of 1 901 billion yuan, with fried, baked, and steamed products accounting for 45 78%, 18 69%, and 19 60% of the revenue, respectively [47] Investment Recommendations - The rapid increase in the chainization rate of the catering industry brings significant growth potential to the catering supply chain The midstream food manufacturing companies benefit from the trend of catering industrialization, with increasing concentration as the main theme in the future Companies with strong competitiveness in specific segments are recommended for investment [55]

Key Recommendations - China Shipbuilding Special Gas (688146): Price adjustments may gradually stabilize, and the leading position may remain solid in the long term. For Q3 2024, the company reported revenue of 469 million yuan (YoY +17.56%, QoQ -1.95%) and a net profit of 56 million yuan (YoY -26.93%, QoQ -35.75%). The cumulative revenue for Q1-Q3 2024 was 1.382 billion yuan (YoY +15.29%) with a net profit of 234 million yuan (YoY -6.0%) [5][6][8] - Meichang Co., Ltd. (300861): New technologies enhance product strength, expecting profits to bottom out and recover. For the first three quarters of 2024, the company achieved revenue of 1.892 billion yuan (YoY -43.21%) and a net profit of 282 million yuan (YoY -79.72%) [9][10] - Postal Savings Bank of China (601658): Maintains cost advantages in liabilities, and the effect of reducing savings agency fees is evident. For Q3 2024, the bank reported revenue of 260.349 billion yuan (YoY +0.09%) and a net profit of 75.818 billion yuan (YoY +0.22%) [12][13][15] - Baipusais (301080): Good revenue growth with increased R&D investment. For the first three quarters of 2024, the company achieved revenue of 463 million yuan (YoY +12.34%) and a net profit of 83 million yuan (YoY -34.85%) [19][20] - Hongwei Technology (688711): Q3 2024 performance stabilized, expecting new products to drive valuation recovery. The company reported revenue of 980 million yuan (YoY -13.72%) and a net profit of 4 million yuan (YoY -95.28%) for Q1-Q3 2024 [23][24][28] Industry Insights - The semiconductor industry is experiencing a downturn, affecting the expansion speed of wafer fabs in China due to changes in international trade rules. The demand for semiconductor materials is relatively reduced, but the company maintains high sales growth through optimized pricing strategies [8] - The banking sector is expected to see improved operating conditions due to a series of policies, with pressure on interest margins and credit risks likely to ease. Postal Savings Bank's customer base remains strong, and individual loan risks are controllable [12][18] - The IGBT sector is witnessing stable growth in various downstream applications, with the company actively expanding its customer base and introducing new products, which is expected to drive revenue growth in the future [26][27]

Investment Outlook - The report highlights a positive shift in domestic expectations due to the rapid implementation of a series of policies, including a 25bps reduction in LPR and increased credit support for the real estate sector, which has led to a noticeable narrowing of the decline in property sales [3][29][30] - The focus is on the verification of domestic fundamentals and the scale of local government debt, which are crucial for market sentiment and pricing factors in the A-share market [4][30] Market Dynamics - The report notes that the upcoming U.S. presidential election and the FOMC meeting in November may create short-term disturbances in global capital markets, with potential impacts on exports and domestic monetary policy [4][30] - The bond market is expected to remain volatile, influenced by local government debt dynamics, but with sufficient market expectations already priced in [4][30] Sector Analysis Consumer Sector - In the food and beverage industry, Kweichow Moutai reported a steady performance with a revenue increase of 16.95% year-on-year for the first three quarters of 2024, indicating strong growth potential in the high-end liquor segment [39] - The beer sector is expected to benefit from cost reductions and a potential recovery in on-premise consumption, with Qingdao Beer identified as a key player [40] Renewable Energy - The photovoltaic sector is anticipated to see a recovery in fundamentals, driven by policy support and supply-side reforms, with leading companies like Trina Solar and LONGi Green Energy expected to benefit from improved pricing and market conditions [51][52] Agriculture and Livestock - The livestock sector is projected to stabilize with pig prices expected to recover in Q4, supported by improving demand and declining inventory levels [43][45] - The pet food market has shown significant growth during the Double Eleven shopping festival, indicating strong consumer interest and market potential [44] Healthcare - The healthcare sector is experiencing a mixed performance, with leading companies in the cosmetics and medical aesthetics segments facing varying degrees of pressure, while emerging segments like collagen products are showing growth [47][48] Investment Recommendations - The report suggests focusing on high-end liquor and regional leaders in the beverage sector, as well as companies with strong growth potential in the consumer goods and renewable energy sectors [42][51]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company has achieved rapid revenue growth, with a total revenue of 1.209 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 57.10%. The net profit attributable to the parent company was -1.071 billion yuan, a decrease of 3.96% year-on-year [6] - The company’s gross profit margin has significantly improved, reaching 79.75% for the first three quarters of 2024, up by 2.86 percentage points year-on-year. In Q3 alone, the gross profit margin was 82.11%, an increase of 5.86 percentage points year-on-year [6] - The company has a strong cash reserve of approximately 1.12 billion yuan and a loan credit limit of about 2.8 billion yuan, indicating solid financial health [6] Summary by Sections Revenue and Profitability - For Q3 2024, the company reported a revenue of 467 million yuan, a year-on-year increase of 34.60% and a quarter-on-quarter increase of 13.56%. The net profit attributable to the parent company for Q3 was -291 million yuan, showing an 11.08% increase year-on-year and a 32.57% increase quarter-on-quarter [6] - The company’s R&D expense ratio was 95.41% for the first three quarters of 2024, down by 16.09 percentage points year-on-year, while the selling expense ratio was 51.51%, down by 18.64 percentage points [6] Product Development - The NDA for the third indication of Taitasip has been accepted, with the drug now fully approved for SLE in China and undergoing Phase III clinical trials in the US. The drug has also received approval for rheumatoid arthritis in July 2024 and has a listing application for myasthenia gravis accepted in October 2024 [7] - The company is expanding the indications for Vidisizumab in ulcerative colitis (UC), gastric cancer (GC), and breast cancer (BC), with ongoing clinical trials showing positive signals [8] Future Projections - The company is expected to achieve revenues of 1.586 billion yuan, 2.175 billion yuan, and 2.952 billion yuan for 2024, 2025, and 2026 respectively. The net profit attributable to the parent company is projected to be -1.138 billion yuan, -987 million yuan, and -356 million yuan for the same years [8]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a slight decline in revenue and a modest increase in net profit for the first three quarters of 2024, with total revenue of 28.959 billion yuan, down 6.52% year-on-year, and net profit of 4.990 billion yuan, up 1.67% [2] - The report highlights that terminal demand is weak, impacting both volume and price, with total sales volume for Q1-Q3 at 6.785 million kiloliters, down 6.98% [3] - The report anticipates a cost advantage in the coming year due to a decrease in raw material prices, particularly barley, which is expected to continue to benefit the company's margins [4] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 8.891 billion yuan, a decrease of 5.28%, and a net profit of 1.348 billion yuan, down 9.03% [2] - The average price per ton for Q1-Q3 was 4,268.09 yuan, reflecting a slight increase of 0.50%, while Q3 saw a marginal decline to 4,125.75 yuan per ton [3] Cost and Profitability - The gross margin for Q3 2024 was 42.12%, an increase of 1.19 percentage points, attributed to lower costs of raw materials [4] - The report notes an increase in sales and management expense ratios, indicating higher promotional spending in a weak market [4] Future Outlook - The report projects a gradual recovery in sales as consumption stimulus policies take effect, with expected net profits for 2024, 2025, and 2026 at 4.263 billion, 4.634 billion, and 4.996 billion yuan respectively [5] - The anticipated earnings per share (EPS) for the same years are 3.12, 3.40, and 3.66 yuan, with corresponding price-to-earnings (P/E) ratios of 22.23, 20.46, and 18.97 [5]

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年11月05日 [晨会纪要 Table_NewTitle] 20241105 [证券分析师： Table_Authors] 张季恺S0630521110001 zjk@email.com.cn 联系人： 陈伟业 cwy@longone.com.cn [table_main] 重点推荐 ➢ 1.科德数控（688305）：新签订单量价齐升，股权激励计划彰显发展信心 ➢ 2.巨星农牧（603477）：成本保持低位，产能稳健增加——公司简评报告 ➢ 3.行业加速整合，集中度持续提升—连锁药店行业研究框架专题报告 ➢ 4.长安汽车（000625）：10月新能源同环比高增，强产品周期有望持续——公司简评报告 ➢ 5.贵州茅台（600519）：Q3业绩符合预期，经营延续稳健——公司简评报告 ➢ 6.新乳业（002946）：低温产品加速增长，华东区表现较佳——公司简评报告 财经要闻 ➢ 1.十四届全国人大常委会第十二次会议审议增加地方政府债务限额置换存量隐性债务的 议案。 ➢ 2.欧元区10月制造业PMI终值46，预期45.9。 证券 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [6] Core Views - The company maintains a solid leading position in the diamond wire industry, with successful advancements in tungsten wire research and development, and a stable financial condition. The projected net profits for 2024-2026 are estimated at 476 million, 578 million, and 766 million yuan, corresponding to P/E ratios of 25.76, 21.21, and 16.00 times respectively [7] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 1.892 billion yuan, a year-on-year decrease of 43.21%. The net profit attributable to the parent company was 282 million yuan, down 79.72% year-on-year. The third quarter alone saw operating revenue of 408 million yuan, a quarter-on-quarter decline of 35.05%, with a net profit of 6 million yuan, down 92.58% quarter-on-quarter [6][10] Market Position and Product Development - The company faced dual pressure on both volume and price in the diamond wire market, with third-quarter sales volume at 26.088 million kilometers, a quarter-on-quarter decrease of 22.51%. The sales gross margin was 4.69%, and the net margin was 1.93%, with unit profit declining to 0.23 yuan per kilometer [8] - The company has made significant progress in tungsten wire production, achieving a monthly output exceeding 1 million kilometers through innovative processes including hot drawing, warm drawing, and cold drawing. This positions the company to rapidly expand tungsten wire production capacity [8][9] Technological Advancements - The introduction of diamond non-metallic coating technology and high cutting force technology has significantly enhanced the competitiveness of the company's diamond wire products. These innovations reduce costs and improve efficiency, allowing the company to capture more market share even during industry downturns [9]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to maintain its long-term core value despite the global semiconductor economic downturn, with a projected recovery in gross margins [8] - The company has accumulated a significant number of patents and continues to enhance its R&D capabilities, positioning itself as a leader in the electronic gas sector [6][9] - The company is expanding its production capacity and optimizing its product structure, which is expected to support future growth [6][9] Summary by Sections Company Overview - As of November 4, 2024, the company's closing price is 31.52, with a total share capital of 52,941 million shares and a debt-to-asset ratio of 10.82% [5] Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 1.382 billion, a year-on-year increase of 15.29%, while the net profit attributable to shareholders decreased by 6% to 234 million [11] - The gross margin for Q1-Q3 2024 was 30.48%, down 6.33 percentage points year-on-year [11] - The company’s revenue for 2024 is projected to be 1.908 billion, with a net profit of 307 million, reflecting a year-on-year decrease of 8.3% [10] Future Projections - The company is expected to see net profits of 3.07 billion, 4.15 billion, and 5.25 billion for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 54, 40, and 31 [8] - The company’s revenue growth is projected to recover with increases of 18.1%, 20.2%, and 21.8% in the coming years [10]