Investment Rating - The automotive industry is rated as "Neutral" based on recent performance and market conditions [2]. Core Insights - The automotive sector has shown mixed performance, with the overall automotive index down 0.44% this week, ranking 17th among 31 industries. The decline in the automotive sector is attributed to various sub-segments, including a 2.29% drop in passenger vehicles and a 3.46% drop in automotive parts [2][15]. - New energy vehicle sales have surged, with BYD achieving a monthly sales record of 502,700 units, reflecting a year-on-year increase of 67% and a month-on-month increase of 20% [3][12]. - The third quarter results indicate that the automotive sector generated revenue of 971.65 billion yuan, with a slight year-on-year decline in net profit by 10% [5][14]. Summary by Sections Investment Highlights - BYD's new energy vehicle sales reached 502,700 units in October, with significant contributions from models like the Song L DM-i and Qin L DM-i [3][12]. - Huawei's vehicle deliveries increased by 228% year-on-year, showcasing strong growth in the new energy vehicle segment [3][12]. - The overall automotive market is expected to see a seasonal uptick in the fourth quarter due to traditional demand spikes and vehicle replacement programs [5][14]. Market Performance - The automotive sector's performance this week was characterized by a 1.68% decline in the CSI 300 index, with the automotive sector down 0.44% [2][15]. - Sub-segments such as commercial vehicles and automotive services showed varied performance, with commercial passenger vehicles up 4.93% while automotive parts experienced a decline in several categories [15][19]. Industry Data Tracking - In October, the retail sales of passenger vehicles reached 1.812 million units, a 9% increase year-on-year, while new energy vehicles saw a 49% increase in retail sales [24][36]. - The heavy truck market reported a total of 63,000 units sold in October, reflecting a 9% month-on-month increase but a 22% year-on-year decline [36][37]. - The dealer inventory warning index for October was reported at 50.5%, indicating a slight decrease in inventory levels compared to previous months [38][41].

Group 1: Semiconductor Industry Insights - The semiconductor industry is characterized by cyclical and growth dynamics, with significant pressure at the current cycle's bottom and strong domestic growth potential [6][9] - In 2023, China's semiconductor imports reached $351 billion, while exports were only $137.1 billion, indicating a dependency on foreign technology [6][9] - The global semiconductor sales growth in 2024 is primarily driven by a significant increase in storage module prices, with a year-on-year increase of 20-70% since Q3 2023 [7][8] Group 2: Yangjie Technology (300373) Performance - Yangjie Technology reported a record high revenue of 4.424 billion yuan for the first three quarters of 2024, a year-on-year increase of 9.48% [11] - The automotive electronics segment saw a remarkable growth of 60% year-on-year, driven by strong domestic demand and high entry barriers for automotive-grade products [12] - The company maintains a high capacity utilization rate and is expanding production, particularly in automotive electronics, with expectations for continued growth [13][14] Group 3: Boya Bio (300294) Overview - Boya Bio achieved a revenue of 1.245 billion yuan in the first three quarters of 2024, a decrease of 43.16% year-on-year, primarily due to the divestment of certain subsidiaries [17][18] - The company reported a 12.39% increase in plasma collection volume, reaching 387.44 tons, indicating a positive trend in its blood products business [18] - Boya Bio's R&D pipeline is progressing, with several products in clinical trials and expected market entry in the coming years [18] Group 4: Huayang Group (002906) Financial Performance - Huayang Group's Q3 2024 revenue reached 2.648 billion yuan, a year-on-year increase of 37%, with net profit rising by 54% [20][21] - The company is experiencing rapid growth in automotive electronics and precision die-casting products, benefiting from increased demand in these sectors [20][21] - Huayang Group's global expansion strategy is yielding results, with new contracts from various domestic and international automotive brands [21][22] Group 5: Hengli Petrochemical (600346) Market Position - Hengli Petrochemical reported a total revenue of 177.857 billion yuan for the first three quarters of 2024, a slight increase of 2.71% year-on-year, but net profit declined by 10.45% [23][24] - The fluctuation in crude oil prices has impacted product margins and inventory levels, with Brent crude averaging $78.82 per barrel in Q3 2024 [24] - The company is focusing on expanding its high-performance resin and new materials projects, which are expected to be fully operational by the second half of 2024 [25][26]

Industry Overview - The tire industry has shifted from capacity expansion to technological innovation, brand building, energy conservation, and new energy vehicle development, driven by policy support and industrial upgrading [11][12][14] - Key policies affecting the tire industry include environmental regulations, trade policies, and technological advancements, which influence export earnings and overseas factory construction [3] - The industry is moving towards green transformation and internationalization, with a focus on circular economy and sustainable practices [11][14] Key Indicators and Trends - Raw material prices, particularly natural and synthetic rubber, have a strong negative correlation with tire company profitability [4][26] - Sea freight costs directly impact export competitiveness, with companies optimizing supply chain management through overseas factory expansion [4][31] - Domestic tire companies are increasing their global market share through capacity expansion and improved product quality [4][37] Supply and Demand Dynamics - Semi-steel tire production and operating rates reached record highs in 2024, with a 7.87% year-on-year increase in production [33][34] - Full-steel tire production faced pressure due to real estate and logistics impacts, with a 2.61% year-on-year decline in production [36] - Overseas demand accounts for over 70% of total demand, with logistics and vehicle production being key indicators of tire demand growth [5][39][41] Cost Structure and Raw Materials - Domestic tire companies have lower labor and management costs compared to overseas competitors, but face higher raw material costs [24][25] - Natural rubber prices are influenced by supply constraints, with ANRPC member countries experiencing a 2.48% year-on-year decline in production in September 2024 [27] - Synthetic rubber prices are driven by upstream raw material costs, with butadiene prices significantly impacting synthetic rubber prices in 2024 [28] Overseas Expansion and Trade Policies - Chinese tire companies are expanding overseas production to avoid trade barriers, with significant investments in Southeast Asia, Europe, and North America [17][20] - The US imposed anti-dumping and countervailing duties on tires from various countries, with Chinese companies facing rates ranging from 12.33% to 48.39% [18][19] - Overseas factories benefit from favorable tax policies and lower labor costs, particularly in Southeast Asia [17][20] Market Trends and Competitive Landscape - Domestic tire companies are gaining market share as international giants exit the Chinese market, particularly in the full-steel tire segment [37] - The rise of new energy vehicles is creating new demand for tires, with domestic companies successfully supplying nearly half of the top-selling new energy models in 2023 [54][56] - Brand value and product innovation are becoming increasingly important, with companies like Sailun and Linglong making significant strides in brand recognition and technological advancements [53][54] Historical Performance of Leading Companies - Leading tire companies such as Michelin, Goodyear, and Bridgestone have shown consistent growth in revenue and EPS, driven by technological innovations and strategic acquisitions [58][60][64] - Domestic companies like Sailun, Linglong, and Sentury have demonstrated strong growth trajectories, with significant expansions in overseas production and market share [66][69][71][75]

行 业 研 究 非 银 金 融 [Table_Reportdate] 2024年11月04日 行 业 周 报 [证券分析师 Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -30% -17% -4% 8% 21% 34% 46% 23-11 24-02 24-05 24-08 申万行业指数:非银金融(0749) 沪深300 [相关研究 table_product] 1.金融街论坛强化资本市场定位，把 握三季报超预期带来的配置机遇— —非银金融行业周报（20241014- 20241020） 2.9月产寿险增速环比回落，关注新 定价产品全面上线后的价值提升— —上市险企2024年9月保费点评 3.SFISF与财政部表态提振市场信 心，把握政策催化下的板块配置机遇 ——非银金融行业周报（20241007- 20241013） [table_invest] 超配 [Table_NewTitle 券商"跨境理财通 ] "试点启动，非银三 季报表现稳健夯实配置基础 ——非银金融行业周报（20241028-20241103） ...

公 司 研 究 [Table_Reportdate] 2024年11月04日 食 品 饮 料 贵州茅台 沪深300 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn | --- | --- | |---------------------------|-------------------| | | | | 数据日期 Table_cominfo] | 2024/11/04 | | 收盘价 | 1,548.20 | | 总股本 ( 万股 ) | 125,620 | | 流通 A 股 /B 股 ( 万股 ) | 125,620/0 | | 资产负债率 (%) | 13.63% | | 市净率 ( 倍 ) | 7.85 | | 净资产收益率 ( 加权 ) | 26.09 | | 12 个月内最高 / 最低价 | 1,910.00/1,245.83 | [Table_QuotePic] -37% -28% -19% ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 8.15 billion yuan for the first three quarters of 2024, a year-on-year decrease of 0.54%, while the net profit attributable to shareholders increased by 24.37% to 474 million yuan [6] - The low-temperature product segment is experiencing accelerated growth, particularly in the East China region, with double-digit revenue growth in low-temperature fresh milk and yogurt [7] - Profitability is improving due to product structure optimization and cost reductions, with a net profit margin of 6.54% and a gross margin of 28.83% in Q3 2024 [8] - The company is focused on its "Fresh Cube Strategy," emphasizing low-temperature products and modern media marketing to achieve nationwide expansion [9] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 2.785 billion yuan, down 3.82% year-on-year, but net profit rose by 22.92% to 177 million yuan [6][7] - The company expects net profits for 2024-2026 to be 563 million, 645 million, and 811 million yuan respectively, with corresponding EPS of 0.65, 0.75, and 0.94 yuan [9][10] Product and Market Analysis - The low-temperature product category is a strategic focus, with significant growth driven by new product development and direct-to-consumer (DTC) channel expansion [7] - The East China region showed strong performance with double-digit revenue growth in Q3 2024, while the western region faced challenges due to the overall consumption environment [7] Profitability and Cost Management - The company’s net profit margin improved by 1.52 percentage points year-on-year, attributed to lower raw milk prices and product mix adjustments [8] - The report highlights a slight increase in sales expense ratio to 15.27% due to heightened market competition, while management and financial expense ratios showed improvements [8]

Investment Rating - The report rates the food and beverage industry as "Overweight" [3] Core Views - The food and beverage sector experienced a slight decline of 0.39% last week, outperforming the CSI 300 index by 1.29 percentage points, ranking 16th among 31 first-level sectors [4][15] - The report highlights a mixed performance in the liquor industry, with Q3 revenue growth slowing down to 0.73% year-on-year and net profit growth at 2.05%, indicating a significant deceleration compared to the first half of the year [5] - The beer sector is seeing continuous cost improvements, with a potential recovery in consumption scenarios, although Q3 revenue was under pressure due to weak dining consumption [6] - The snack segment maintained rapid revenue and profit growth in Q3, benefiting from channel expansion and declining raw material costs [7] - The report emphasizes the importance of high-end liquor and regional leaders, suggesting a focus on companies like Kweichow Moutai and Wuliangye [8] Summary by Sections Market Performance - The food and beverage sector's performance last week was characterized by a 0.39% decline, with most sub-sectors also experiencing downturns [4][15] - Top gainers included Zhu Laoliu, Youyou Food, and Jia Jia Food, with increases of 48.28%, 29.19%, and 27.84% respectively, while the largest declines were seen in Mogao Co., Richen Co., and Xiangpiaopiao, with drops of 21.34%, 13.17%, and 10.74% respectively [4][15] Liquor Industry - The liquor sector's Q3 performance showed a significant slowdown, with high-end liquor maintaining stable performance while mid-tier brands faced pressure [5] - The report notes that major liquor companies are focusing on controlling inventory and optimizing supply-demand structures, with a strong dividend plan from Wuliangye for 2024-2026 [5] - Current prices for major liquor brands show slight adjustments, with Moutai's price at 2350 yuan, down 10 yuan week-on-week [5][19] Beer Industry - The beer sector is facing challenges with a 1.5% decline in production year-on-year, but cost reductions in raw materials like barley are improving profitability [6] - The report anticipates a recovery in beer consumption driven by policy incentives, with a long-term trend towards premiumization [6] Snack and Other Consumer Goods - The snack segment is expected to perform well in Q4 due to strong product offerings and channel expansion [7] - The restaurant supply chain is highlighted as a growth area, benefiting from policy stimuli and the need for cost control among restaurant operators [7] - The dairy segment is seeing a shift towards health-oriented products, with a recommendation to focus on companies enhancing product structures and direct-to-consumer channels [7] Key Company Updates - Notable company performances include: - Salted Fish's revenue growth of 28.49% in Q3 [38] - Three squirrels achieving a 56.46% increase in revenue [38] - Kweichow Moutai and Wuliangye showing solid growth in their financial results [37][39]

Investment Rating - The report maintains a "Market Perform" rating for the battery and energy storage sectors [2]. Core Insights - The report highlights the strong performance of new energy vehicle sales, with a year-on-year increase of 49% in October, leading to an expected total sales volume of 11.5 million units for 2024, a 20% increase compared to the previous year [3][14]. - The supply side of the industry is adjusting in an orderly manner, with prices stabilizing across various materials, including lithium salts and electrode materials [15][24]. - The energy storage sector is experiencing a significant rebound in bidding activity, with a total scale of 4.19 GW/15.27 GWh for new projects, indicating a robust market outlook [17][32]. Summary by Sections Battery Sector - New energy vehicle sales are performing exceptionally well, with retail sales reaching 946,000 units in October, a 49% year-on-year increase, supported by trade-in policies [3][14]. - The supply side is adjusting, with lithium carbonate prices fluctuating and electrode material prices stabilizing, particularly for lithium iron phosphate [15][24]. - Key companies to watch include CATL, which is expected to ship 480 GWh in 2024 with a profit of approximately 50.5 billion yuan, and Terui, which is benefiting from upgrades in grid investment structures [16]. Energy Storage Sector - The energy storage bidding market has seen a significant increase, with 18 new projects and 12 awarded, totaling 4.19 GW/15.27 GWh [17][32]. - The average winning bid for energy storage EPC projects is approximately 0.92 yuan/Wh, reflecting a 4.6% decrease from the previous period [17][32]. - Companies like Shangen Electric are noted for their comprehensive energy storage business model, which includes upstream inverter production and downstream project execution [20].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a significant increase in October sales, with wholesale vehicle sales reaching 250,800 units, representing a month-on-month increase of 4.07% and a year-on-year increase of 17.66% [7] - The company’s cumulative wholesale sales for the first ten months of 2024 reached 2,155,800 units, with a year-on-year growth of 2.14% [7] - The report highlights the acceleration of the company's globalization efforts, with overseas sales of its self-owned brands reaching 30,800 units in October, a year-on-year increase of 61.81% [8] - The company’s new energy vehicle sales reached 85,300 units in October, marking a year-on-year increase of 46.37% [9] - The report anticipates continued sales growth in Q4 due to the launch of new intelligent electric vehicles and the steady progress of overseas production capacity [9] Summary by Sections Sales Performance - In October, the company’s wholesale sales were 250,800 units, with self-owned passenger vehicle sales at 168,000 units, showing a month-on-month increase of 3.45% [7] - The cumulative sales for self-owned passenger vehicles from January to October were 1,328,800 units, reflecting a slight decline of 0.91% year-on-year [7] Globalization and Export Growth - The company’s overseas sales for self-owned brands in October were 30,800 units, with a month-on-month increase of 33.86% [8] - The deep blue brand has officially launched in Australia, further accelerating its globalization process [8] New Energy Vehicle Development - The company’s self-owned brand new energy vehicle sales reached 85,300 units in October, with a penetration rate of 40.06% [9] - The report notes significant sales increases for the company's three new energy brands, with the Avita brand experiencing a month-on-month increase of 158.64% in October [9] Financial Projections - The report projects the company’s net profit for 2024-2026 to be 5,245 million, 6,885 million, and 9,662 million respectively, with corresponding EPS of 0.53, 0.69, and 0.97 [10] - The expected PE ratios for the same period are 26, 19, and 14 times [10]

Investment Rating - The report suggests a cautious outlook on the electronic sector, indicating a moderate recovery in demand and recommending focus on specific investment themes such as AIOT, AI-driven technologies, equipment materials, and consumer electronics [4][7]. Core Insights - The electronic sector is experiencing a mild recovery, driven by strong demand in the automotive electronics market and the release of new consumer electronics products [4][5]. - The U.S. has implemented final rules restricting investments in semiconductor and AI sectors related to China, which may reshape the global semiconductor supply chain and enhance domestic capabilities [6][15]. - The report highlights the performance of major companies, including Intel and AMD, with Intel exceeding revenue expectations in Q3 2024 [15][16]. Summary by Sections Industry Overview - The electronic sector is witnessing a recovery phase, with significant product launches from companies like Apple, Xiaomi, and Honor, which are expected to stimulate consumer demand [5][14]. - The report notes that the semiconductor market is under pressure due to geopolitical tensions and supply chain disruptions, particularly affecting U.S. companies operating in China [6][15]. Market Performance - The report indicates that the electronic sector underperformed the broader market, with the Shenzhen 300 index down 1.68% and the Shenwan electronic index down 2.18% [7][21]. - Specific sub-sectors showed varied performance, with semiconductors declining by 4.27% and optical electronics gaining 4.06% [21][22]. Investment Recommendations - The report recommends focusing on four main investment themes: AIOT, AI-driven innovations, upstream supply chain domestic replacements, and consumer electronics recovery [7][8]. - Suggested companies for investment include those in the AIOT sector like Lexin Technology and Hengxuan Technology, as well as semiconductor firms like Cambrian and Haiguang Information [7][8].