Group 1: Haida Group (002311.SZ) - The company reported a revenue of 84.861 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.38%, while the net profit attributable to shareholders was 3.624 billion yuan, a year-on-year increase of 60.95% [1] - The total feed production for the first three quarters was 22.787 million tons, a year-on-year decrease of 4.3%, with the average price of compound feed at 3.46 yuan/kg, down 8.6% year-on-year [1] - The company achieved over 1 million tons in overseas feed sales in the first half of the year, a year-on-year increase of 30%, indicating strong growth in overseas markets [1] - The average selling price of live pigs increased to 19.68 yuan/kg in Q3, leading to improved profitability in pig farming [1] Group 2: New Yangfeng (000902.SZ) - The company reported a revenue of 12.367 billion yuan for the first three quarters of 2024, a year-on-year increase of 4.05%, with a net profit of 1.113 billion yuan, a year-on-year increase of 12.37% [7] - The sales volume of compound fertilizers grew by 8.8% in the first three quarters, contributing to revenue growth despite a high base from the previous year [7] - The company is enhancing its integrated supply chain by increasing capital expenditures on upstream phosphate projects, which will strengthen its competitive advantage [7] Group 3: Petrochemical Industry - Brent crude oil prices increased by 1.97% to $74.45 per barrel, while WTI prices decreased by 0.73% to $70.67 per barrel [11] - OPEC's crude oil production decreased by 2.27% month-on-month to 26,044 thousand barrels per day [11] - U.S. crude oil exports increased by 3.82% month-on-month, reaching an average of 3,917.25 thousand barrels per day [11] Group 4: Natural Gas Industry - Domestic LNG ex-factory prices decreased by 3.35% to 5,020 yuan/ton, while U.S. natural gas futures prices fell by 1.79% [12] - China's natural gas production in September decreased by 1.46% month-on-month [12] - European natural gas imports decreased by 11.41% month-on-month, while imports from Russia increased by 8.14% [13] Group 5: Coal Industry - The comprehensive price index for coking coal in China rose by 6.83% to 1,730.70 yuan/ton [14] - The inventory of coking coal at three major ports increased by 1.61% month-on-month [14] - The monthly production of coke, pig iron, and crude steel continued to decline in September [14] Group 6: Platinum Technology (300811.SZ) - The company achieved a revenue of 1.227 billion yuan in Q3 2024, a year-on-year increase of 43.63%, with a net profit of 281 million yuan, a year-on-year increase of 55.41% [18] - The chip inductor business experienced a compound annual growth rate (CAGR) of 280.2% from 2020 to 2023, indicating significant growth potential [18] - The company plans to expand its production capacity for chip inductors significantly, aiming to increase monthly production from 500 million to 1,500 million pieces [18]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report indicates that the express delivery industry experienced a slight decrease in business volume growth in September, with a year-on-year increase of 18.8% and a month-on-month decrease from 19.4% in August [2][4][5] - The report highlights that the price competition in the industry is gradually stabilizing, with the average single ticket revenue showing signs of recovery after hitting a bottom [4][11][14] - The report suggests that the price war is expected to ease, particularly as the industry enters the peak season in the fourth quarter, influenced by capacity constraints and policy restrictions [4][16] Summary by Sections Industry Overview - The express delivery industry completed a total of 14.97 billion packages in September, reflecting a year-on-year growth of 18.8% [5][7] - The growth rate for same-city deliveries was 15.3%, while intercity deliveries grew by 18.8% [5][7] Business Volume Analysis - The report notes that the business volume growth rate is on a downward trend in the second half of the year, primarily due to a high base from the previous year's price war [4][8] - YTO Express led the growth among listed companies, with a market share increase of 1.1 percentage points compared to the same period last year [4][8] Pricing and Revenue Trends - The average single ticket price in September remained stable compared to August, but the year-on-year decline expanded to 12.5% [11][12] - Listed companies such as Shentong, Yunda, and YTO reported year-on-year declines in single ticket revenue of 4.3%, 12.2%, and 6.8%, respectively, but showed slight month-on-month increases [11][12][14] Market Dynamics - The report indicates that the industry CR8 (concentration ratio of the top 8 companies) has increased by 1.1 percentage points year-on-year, reflecting faster growth among leading companies [16][17] - The report emphasizes that the competitive landscape is shifting, with a growing focus on service quality as companies adapt to market demands [16][17] Investment Recommendations - The report recommends focusing on leading companies in the industry, particularly Zhongtong and YTO, as the price war is expected to ease and the market dynamics shift towards quality service [16][18]

Market Overview - The report suggests that the market has entered the initial stage of a bull market, urging investors to shift their mindset from bearish to bullish as economic recovery expectations and capital market optimism converge [1][2] - Recent policy implementations, including loan agreements for stock buybacks exceeding 10 billion yuan, have bolstered market confidence, indicating a significant support for the capital market [1][2] Company Performance - The specific company reported a revenue of 1.227 billion yuan for Q3 2024, marking a year-on-year increase of 43.63%, and a net profit of 281 million yuan, up 55.41% [5][6] - The company's chip inductor business has shown explosive growth, with a CAGR of 280.2% from 2020 to 2023, contributing significantly to overall revenue [5][6] - The company plans to raise 300 million yuan for a new high-end integrated inductor project, enhancing production capacity and product performance [5][6] Financial Metrics - The company achieved a gross margin of 40.63% and a net margin of 23.23% in Q3 2024, reflecting strong product advantages and cost control [7] - The return on equity (ROE) increased to 16.09%, indicating robust financial health and growth potential [7] Industry Trends - The metal soft magnetic powder business, a key pillar for the company, reported a revenue increase of 7.03% in H1 2024, with ongoing product upgrades receiving positive market feedback [6][7] - The report highlights the ongoing demand for metal soft magnetic materials driven by new infrastructure and AI developments, suggesting a favorable market outlook [6][7] Investment Recommendations - The report recommends focusing on low-valuation, high-dividend blue-chip companies and growth sectors such as financial IT and technology stocks in the coming weeks [1][2] - The company is expected to achieve revenues of 1.733 billion yuan, 2.296 billion yuan, and 2.794 billion yuan for 2024-2026, with corresponding net profits of 384 million yuan, 524 million yuan, and 649.7 million yuan [7]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company reported a revenue of 84.861 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.38%, while the net profit attributable to shareholders was 3.624 billion yuan, reflecting a year-on-year increase of 60.95% [3]. - The feed business shows significant competitive advantages with rapid growth in overseas sales, achieving over 1 million tons in sales in overseas markets, a 30% year-on-year increase [3]. - The pig farming sector is expected to improve profitability due to rising pig prices and decreasing feed costs, with the average price of pigs in Q3 reaching 19.68 yuan per kilogram [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 32.565 billion yuan, down 4.75% year-on-year, and a net profit of 1.499 billion yuan, up 30.17% year-on-year [3]. - The total feed production for the first three quarters was 22.787 million tons, a decrease of 4.3% year-on-year, with the average price of compound feed at 3.46 yuan per kilogram, down 8.6% year-on-year [3]. Business Segments - The feed segment's market share continues to grow, with expectations for steady improvement in gross margins due to the ongoing decline in raw material prices [3]. - The company is expanding its overseas feed production capacity and aims to replicate its domestic success in international markets, which is anticipated to contribute to new growth [3]. Profitability Outlook - The company forecasts net profits of 4.236 billion yuan, 5.179 billion yuan, and 6.066 billion yuan for 2024, 2025, and 2026 respectively, with EPS projected at 2.55 yuan, 3.11 yuan, and 3.65 yuan [4]. - The report indicates a PE ratio of 18, 15, and 13 for the years 2024, 2025, and 2026 respectively, suggesting a favorable long-term growth outlook [4].

Investment Rating - The report maintains a "Recommended" rating for the company [3][6][13]. Core Views - The company has entered a strong growth phase, driven by three growth curves: chip inductors, soft magnetic powder cores, and metal powder businesses [2][3][6]. - For Q3 2024, the company achieved a revenue of 1.227 billion yuan, a year-on-year increase of 43.63%, and a net profit of 281 million yuan, up 55.41% year-on-year [3][6]. - The chip inductor business has shown explosive growth, with a CAGR of 280.2% from 2020 to 2023, and its revenue in H1 2024 reached 195 million yuan, a quarter-on-quarter increase of 138.92% [3][4][6]. - The alloy soft magnetic powder core business continues to grow steadily, with a revenue increase of 7.03% to 586 million yuan in H1 2024 [3][4][6]. - The metal soft magnetic powder business is being developed as a third growth driver, with a revenue increase of 25.26% to 13.859 million yuan in H1 2024 [4][6]. Summary by Sections Financial Performance - For Q3 2024, the company reported a gross margin of 40.63% and a net profit margin of 23.23% [6]. - The return on equity (ROE) increased to 16.09%, reflecting strong product advantages and cost control [6]. - The company’s asset-liability ratio decreased to 22.11%, indicating strong expansion capability [6]. Growth Drivers - The chip inductor business is expected to contribute significantly to the company's growth, with plans to expand production capacity from 5 million to 10-15 million pieces per month by 2024 [3][4][6]. - The company is also investing 300 million yuan in a new high-end integrated inductor project, enhancing its production capabilities [3][4][6]. - The alloy soft magnetic powder core business is recognized by major clients like BYD and Huawei, further solidifying its market position [3][4][6]. Future Projections - Revenue projections for 2024-2026 are 1.733 billion yuan, 2.296 billion yuan, and 2.794 billion yuan, respectively, with corresponding net profits of 384 million yuan, 524 million yuan, and 650 million yuan [6][7][8]. - The company is expected to maintain a strong growth trajectory, with a projected EPS of 1.93 yuan, 2.63 yuan, and 3.27 yuan for the same period [6][7][8].

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [1][2]. Core Insights - Coking coal prices have significantly increased, with the comprehensive China coking coal price index reaching 1730.70 CNY/ton as of October 14, 2024, marking a month-on-month increase of 110.68 CNY/ton, or 6.83% [3][4]. - The inventory levels of coking coal at three major ports have continued to rise, totaling 4.0656 million tons as of October 18, 2024, which is an increase of 64,600 tons, or 1.61% month-on-month [7][8]. - The production of coke, pig iron, and crude steel has shown a downward trend, with coke production at 39.32 million tons in September, down 3.83% month-on-month; pig iron production at 66.76 million tons, down 2.02% month-on-month; and crude steel production at 77.07 million tons, down 1.09% month-on-month [2][15]. Summary by Sections Coking Coal Prices - The coking coal price index in China has risen significantly, with specific prices such as the main coking coal at Jing Tang Port reaching 1770 CNY/ton, up 110 CNY/ton or 6.63% month-on-month as of October 18, 2024 [3][4]. - Prices for coking coal in Taiyuan and Guizhou have also increased, with Taiyuan's 2nd grade coking coal at 900 CNY/ton (up 5.88%) and Guizhou's main coking coal at 1900 CNY/ton (up 8.57%) [3][4]. Inventory Levels - The total coking coal inventory at three ports has increased, with 4.0656 million tons reported, reflecting a month-on-month rise of 1.61% [7][8]. - The inventory levels at 247 steel mills reached 7.3566 million tons, up 1.77% month-on-month, while independent coking plants reported a total inventory of 7.9739 million tons, up 12.59% month-on-month [7][8]. Production Trends - Monthly production figures for coke, pig iron, and crude steel have all decreased, indicating a decline in downstream demand [2][15]. - Specifically, coke production fell to 39.32 million tons, pig iron to 66.76 million tons, and crude steel to 77.07 million tons in September, with respective month-on-month declines of 3.83%, 2.02%, and 1.09% [2][15].

Investment Rating - The industry investment rating is "Positive" [1][33]. Core Insights - OPEC production continues to decrease, while Brent and ESPO crude oil spot prices have increased. As of October 18, Brent crude oil spot price was $74.45 per barrel, up by $1.44 (1.97%) from the previous month. ESPO crude oil spot price was $69.70 per barrel, up by $2.63 (3.92%). In contrast, WTI crude oil spot price was $70.67 per barrel, down by $0.52 (0.73%) [2][11]. - In September, OPEC crude oil production reached 26,044 thousand barrels per day, a decrease of 604 thousand barrels per day (2.27%) from the previous month, and a year-on-year decrease of 1,711 barrels per day (6.16%) [11][12]. - The U.S. crude oil export volume increased, averaging 3,917.25 thousand barrels per day in September, up by 144.05 thousand barrels per day (3.82%) from the previous month. However, China's crude oil export volume saw a significant decrease of 54.98% month-on-month, while it increased by 81.14% year-on-year [2][26]. Summary by Sections Oil Prices - Brent crude oil futures settlement price was $73.06 per barrel, down by $0.59 (0.80%) from the previous month. WTI crude oil futures settlement price was $69.22 per barrel, down by $1.69 (2.38%) [4][5]. Supply and Demand - OPEC crude oil production decreased in September, with a total of 26,044 thousand barrels per day, reflecting a month-on-month decline of 604 thousand barrels per day (2.27%) [11][12]. - U.S. refinery utilization rate was 87.7% as of October 11, down by 4.40 percentage points from the previous month. The supply of petroleum products increased to 20,697 thousand barrels per day, up by 905 thousand barrels per day (4.57%) [2][16]. Inventory - As of October 11, total U.S. crude oil and petroleum product inventory was 1,635,840 thousand barrels, a decrease of 27,334 thousand barrels (1.64%) from the previous month. U.S. crude oil inventory increased to 804,432 thousand barrels, up by 6,313 thousand barrels (0.79%) [19][22]. Imports and Exports - In September, China's crude oil imports were 45.49 million tons, down by 3.61 million tons (7.35%) from the previous month. U.S. crude oil imports averaged 6,445 thousand barrels per day, down by 21.25 thousand barrels per day (0.33%) [26][27].

Investment Rating - The report maintains a "Positive" investment rating for the oil and petrochemical industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [1]. Core Insights - Domestic LNG ex-factory prices have decreased by 3.35% month-on-month, while year-on-year, they have increased by 7.52%. As of October 18, the domestic LNG ex-factory price was 5020 CNY per ton [2][5]. - In the U.S., natural gas futures prices have decreased by 1.79% month-on-month, closing at 2.25 USD per million British thermal units, which is a significant year-on-year decline of 26.76% [5][6]. - China's natural gas production in September was 626,780 tons, reflecting a month-on-month decrease of 1.46% [9]. - European natural gas imports in September totaled 132,803.55 million cubic meters, a month-on-month decrease of 11.41% [11]. Summary by Sections Natural Gas Prices - Domestic LNG ex-factory prices have shown a month-on-month decline of 3.35% and a year-on-year increase of 7.52% as of October 18, with prices at 5020 CNY per ton [2][5]. - U.S. NYMEX natural gas futures prices have decreased by 1.79% month-on-month, closing at 2.25 USD per million British thermal units, with a year-on-year decline of 26.76% [5][6]. - Canadian natural gas futures prices have increased by 33.13% month-on-month, reaching 1.12 CAD per gigajoule [6][8]. - UK natural gas futures prices have risen by 16.27% month-on-month, reaching 97.99 pence per therm [6][8]. Supply and Demand - China's natural gas production in September was 626,780 tons, down 1.46% from the previous month [9]. - China's apparent natural gas consumption in September was 34.976 billion cubic meters, reflecting a month-on-month decrease of 1.00% [9]. Inventory - U.S. LNG/LPG inventory (excluding propane/propylene) as of October 11 was 174,155 thousand barrels, down 3.28% month-on-month [9]. - European natural gas inventory as of October 18 was 1,091.39 billion kilowatt-hours, up 1.90% month-on-month [11]. Imports and Exports - European natural gas imports in September totaled 132,803.55 million cubic meters, down 11.41% month-on-month [11]. - European imports of natural gas from Russia in September increased by 8.14% month-on-month, totaling 19,101.60 million cubic meters [11][15]. - China's natural gas imports in September were 1,199.10 million tons, reflecting a month-on-month increase of 1.95% and a year-on-year increase of 18.19% [15][17].

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - Domestic thermal coal prices have slightly decreased, while the proportion of thermal power generation continues to rise [2][9] - International thermal coal prices have generally increased, with notable rises in Australia, South Africa, and Europe [2][8] - The monthly production of coal from key state-owned mines in Shaanxi, Shanxi, and Inner Mongolia has increased [2][12] - The average daily coal consumption of the six major power generation groups has decreased, while their coal inventories have risen [2][20] Summary by Sections 1. Thermal Coal 1.1 Prices - As of October 18, the price of Shanxi premium mixed thermal coal at Qinhuangdao is 852 CNY/ton, a decrease of 0.35% from the previous month [2][6] - Prices in Inner Mongolia have slightly decreased, while Shanxi has seen a minor increase [6][8] 1.2 Production - In September, the total monthly coal production reached 41,446 million tons, an increase of 4.52% month-on-month [10][12] - Key state-owned mines in Shaanxi, Shanxi, and Inner Mongolia reported varying production changes, with Shanxi showing a significant year-on-year increase [12][15] 1.3 Imports - In September, thermal coal imports reached 14,862,200 tons, a year-on-year increase of 9.04% [15][21] 1.4 Inventory - As of October 18, coal inventories at three major ports totaled 12,139,000 tons, an increase of 3.89% from the previous month [16][19] 2. Downstream Demand - The average daily coal consumption of the six major power generation groups decreased to 812,200 tons, a drop of 10.28% month-on-month [21][24] - The total power generation in September was 802.4 billion kWh, with thermal power generation accounting for 67.93% of the total, reflecting a year-on-year increase [21][24] 3. Freight Rates - Domestic shipping rates have increased, with the Qinhuangdao to Shanghai route reporting a rise of 11.07% [3][25] - International shipping rates have shown mixed trends, with some routes experiencing declines [25][29]

东 兴 晨 报 东兴晨报 P1 东 兴 证 券 股 份 有 限 公 司 分析师推荐 【东兴固收】平安银行（000001.SZ）：零售业务调优结构，存款成本持续改 善——2024 年三季报点评（20241021） 事件：10 月 18 日，平安银行公布 2024 年三季报，3Q24 实现营收、拨备前 利润、净利润 1,115.8 亿、798.8 亿、397.3 亿，分别同比-12.6%、-13.6%、 +0.2%。年化加权平均 ROE 为 12.20%，同比下降 0.95pct。 收入端：3Q24 平安银行营收同比-12.6%，降幅环比 1H24 收窄 0.4pct。净 利息收入、中收承压，其他非息收入是主要支撑。具体来看，①受扩表放缓 和净息差收窄拖累，净利息收入同比-20.6%，降幅环比收窄 1pct。②手续费 及佣金净收入同比-18.5%，降幅环比收窄 1.1pct。其中，受银保渠道降费、 权益基金销量下滑持续影响，财富管理手续费收入同比-39.2%。③其他非息 净收入同比+52.6%；占营收比重为 18.2%，较 23 年提升 7.7pct。其中，公 允价值变动损益 14.31 亿，同比增长 153.3 ...