Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next 6-12 months [2][6][17]. Core Insights - The company achieved a record high revenue of 517 million yuan in Q3 2024, representing a year-on-year increase of 86.59% and a quarter-on-quarter increase of 6.32% [2][6]. - The growth in revenue is attributed to robust demand in the automotive electronics sector, improved conditions in the consumer electronics market, and a recovery in demand from clients in the industrial automation and digital power sectors [2][6]. - The company reported a net loss attributable to shareholders of 142 million yuan in Q3 2024, with a gross margin of 32.06%, down 4.39 percentage points year-on-year [2][6]. - The company has over 2,100 product models available for sale, with the expected unit value of mass-produced products exceeding 800 yuan by the end of 2024 [2][6]. Financial Performance and Forecast - Revenue projections for 2024-2026 are 1.881 billion yuan, 2.589 billion yuan, and 3.137 billion yuan, with growth rates of 43.5%, 37.6%, and 21.2% respectively [6][10]. - The net profit attributable to shareholders is forecasted to be -290 million yuan in 2024, 27 million yuan in 2025, and 127 million yuan in 2026, with growth rates of 4.9%, 109.3%, and 374.4% respectively [6][10]. - The gross margin is expected to improve from 33.2% in 2024 to 39.6% in 2026 [7][10]. Business Segments - **Sensors**: Revenue from sensor products is projected to be 182 million yuan in 2024, with a growth rate of 10% [10][11]. - **Signal Chain**: Revenue from signal chain products is expected to reach 970 million yuan in 2024, with a growth rate of 37.5% [11][12]. - **Power Management**: Revenue from power management products is forecasted to be 717 million yuan in 2024, with a growth rate of 67.5% [12][13]. Competitive Positioning - The company is recognized as one of the early mass producers of digital isolation chips in China, with a comprehensive range of isolation devices and core technologies across five major fields [17][19]. - The report compares the company with peers such as Shengbang Co., Sirepu, and Aiwei Electronics, highlighting its competitive advantages in product diversity and technological capabilities [17][19].

Industry Investment Rating - The investment rating for the consumer electronics industry is "Synchronized with the Market" (Maintained) [2] Core Views - Pico 4 Ultra's BOM cost for the 12+256G version is approximately $430.64, with domestic supply chain accounting for about 60% of the value [2] - The core hardware costs (SOC, screen, optics, camera, RAM/ROM) account for 73.22% of the total BOM cost, totaling $330 [2] - Qualcomm, as the supplier for SOC, WiFi chips, audio chips, and power management chips, accounts for 29.23% of the total value, with a significant increase in value compared to Pico 4 due to the high cost of the XR2 Gen 2 chip [2] - Domestic suppliers account for 60.08% of the total value, while overseas suppliers account for 39.92%, with US suppliers contributing 36.59% [2] - VR sales are expected to return to growth in 2024, with Pico 4 Ultra contributing to a slight quarter-on-quarter increase in the Chinese VR market [2] - Global VR sales in Q3 2024 were 1.18 million units, a 5% year-on-year decline, primarily due to declines in Sony PS VR2 and Quest 2 sales [2] - Meta's sales remained stable at 850,000 units in Q3 2024, while Apple's Vision Pro sales were 60,000 units, showing a gradual decline [2] - China's VR sales in Q3 2024 were 100,000 units, stable year-on-year, with a slight quarter-on-quarter increase due to the launch of Pico 4 Ultra [2] - Global VR sales are expected to reach 7.74 million units in 2024, a 3% increase from 2023, with Meta expected to sell 6 million units, Apple Vision Pro adjusted to 400,000 units, and Sony expected to sell 500,000 units through promotional activities [2] Key Components and Costs - The motherboard, including XR2, RAM, ROM, power management chips, Bluetooth chips, WiFi chips, Codec, RF chips, and PCB, costs $173.7 [7] - The sensor module, including cameras, IMU, electronic compass, distance sensor, and PCB, costs $53.4 [7] - The optical module, including pancake optics, Fast-LCD screens, and pupil distance adjustment modules, costs $138 [7] - The headset shell/structure, including plastic shell, foam, and internal precision structures, costs $9 [7] - The cooling module, including cooling fans and heat sinks, costs $3.5 [7] - The controllers, including two controllers and four AA batteries, cost $30.04 [7] - The acoustic module, including two speakers and a microphone, costs $10 [7] - The battery, including the rechargeable battery and power cable, costs $7 [7] - Accessories, including charging cables, cost $3 [7] - Packaging, including the box and manual, costs $3 [7] - The total BOM cost is $430.64, with ODM/OEM costs adding $20, bringing the total hardware cost to $450.64 [7] Supply Chain and Market Dynamics - Key players in the XR supply chain include Qualcomm, JDI, Goertek, Micron, and domestic suppliers, with domestic suppliers contributing 60.08% of the total value [2][7] - The VR market is expected to stabilize and grow slightly in 2024, driven by new product launches such as Pico 4 Ultra and Quest 3S [2] - Meta's Quest 3 is expected to be the main driver of sales in 2024, with Apple's Vision Pro and Sony's PS VR2 also contributing to the market dynamics [2]

Revenue and Expenditure Trends - In October, general public budget revenue reached 2.19 trillion, with a year-on-year increase of 5.5%, marking a 3.0 percentage point rise[2] - Tax revenue, particularly from value-added tax and consumption tax, significantly improved, contributing 3.8 and 2.4 percentage points to the revenue growth respectively[2] - General public budget expenditure rose by 10.4% year-on-year, an increase of 5.2 percentage points, continuing to outpace revenue growth for the second consecutive month[2] Government Fund Budget Insights - Government fund budget revenue saw a year-on-year decline of 10.0%, with land transfer revenue dropping by 10.5%, although the decline rate improved by 8.3 percentage points[2] - Government fund budget expenditure surged by 47.9%, a 13.7 percentage point increase, reaching the highest level since April 2022[2] - The acceleration in expenditure is outpacing infrastructure investment, indicating a shift towards debt replacement strategies[2] Debt Management and Infrastructure Investment - By the end of October, 98% of new local government special bonds had been issued, highlighting a focus on resolving local government debt risks[2] - The newly approved 6 trillion in debt replacement is expected to be issued rapidly, with 2 trillion planned for November and December[2] - The net increase in infrastructure investment will depend on the quality of debt replacement and the ability to meet project profitability requirements[2] Economic Policy Outlook - The focus for 2025 will be on improving domestic demand through both consumption and investment, emphasizing sustainable debt and exchange rate management[2] - Risks include potential lower-than-expected fiscal spending, which could hinder the recovery of consumer spending[2]

Investment Rating - The industry investment rating is "in line with the market" [2][17]. Core Viewpoints - The demand for smart wearable devices is increasing, and the rise of generative AI models is pushing AI audio glasses into a broader market. In the short term, the user profile for AR glasses is unclear, while smart audio glasses are positioned to replace headphones, enhancing user experience through AI [3]. - Looktech has introduced innovative designs for AI smart glasses, featuring lightweight materials and advanced functionalities such as a 13-megapixel camera and AI assistant Memo, which offers various services including real-time translation and health management [2][7]. - Baidu's AI glasses, weighing 45 grams, boast a 56-hour battery life and advanced voice interaction capabilities, integrating with Baidu's map services for enhanced user experience [2][12]. - Rokid Glasses, in collaboration with Alibaba, are designed to provide a stylish and functional experience, featuring a dual-camera system and high brightness display [2][13]. Summary by Relevant Sections Market Overview - The report highlights the growing recognition of brands in the eyewear market, with Bolon, Helen Keller, and Ray-Ban being the top three brands. Bolon has the highest brand recognition, exceeding 60% [3]. Product Innovations - Looktech's AI smart glasses weigh only 37 grams and include features such as a 2K video recording capability and a personal AI assistant [2][7]. - Baidu's AI glasses are equipped with a 16-megapixel camera and offer a range of AI functionalities, including real-time Q&A and scene-based music recommendations [2][12]. Investment Opportunities - The report suggests focusing on companies involved in the supply chain for these products, including optical manufacturers and assembly firms, such as GoerTek and O-film [3].

Investment Rating - The report indicates a cautious approach towards the new stock market, suggesting a potential observation window for investment opportunities [1][13]. Core Insights - The new stock market has shown signs of volatility with a significant shift between bullish and bearish trends, indicating a complex market environment [1][13]. - The average weekly increase for newly listed stocks since 2023 has dropped to approximately -3.6%, with only 16.6% of stocks showing positive returns last week, a stark contrast to previous weeks [1][13]. - The report emphasizes the importance of monitoring market sentiment and capital flows closely, recommending a flexible and cautious investment strategy [1][13]. Summary by Sections New Stock Insights - The new stock market has experienced rapid shifts between bullish and bearish trends, suggesting that this week may serve as a critical observation period for potential changes in market dynamics [1][13]. - The report notes that the structural bullish momentum remains temporarily unchanged despite the recent market corrections [1][13]. Recent New Stock Performance - Last week, only one new stock was available for online subscription, with an issuance price-earnings ratio of 10.6X for the stock Hong Sifang [19][20]. - The newly listed stock on the North Exchange saw a first-day increase of 280.3%, indicating strong market interest [23][27]. Upcoming New Stock Subscriptions - This week, four new stocks are set to be listed, with an average issuance price-earnings ratio of approximately 17.6X for the newly subscribed stocks [33][39]. - The report encourages continued attention to new stock subscriptions, highlighting the ongoing profitability potential in this area [33][34]. Company Performance Metrics - The report provides performance metrics for several companies, including: - Jin Tian Tai Ye, with projected revenue growth of 16.03% to 31.86% for the first three quarters of 2024 [39]. - Yi Lian Technology, expecting revenue growth of 19.14% to 31.17% in 2024 [40]. - Wan Yuan Tong, with anticipated revenue growth of 1.62% to 6.70% in 2024 [41][43].

Investment Rating - The investment rating for Shengye Electric (920128.BJ) is "Buy," indicating an expected relative increase of over 15% in the next 6-12 months compared to the relevant market index [51]. Core Viewpoints - Shengye Electric specializes in film capacitors, providing products such as motor capacitors, power electronic capacitors, and power capacitors, with applications in home appliances, renewable energy, and power quality management [17][30]. - The company has established a diversified product matrix, achieving a competitive advantage and accumulating a rich customer base, including major clients in various sectors [39][41]. - Shengye Electric's revenue and profit have shown consistent growth, with a reported revenue of 572.7 million yuan in 2023, a year-on-year increase of 12.32%, and a net profit of 45.4 million yuan, up 56.46% year-on-year [6][18]. Summary by Sections Basic Financial Status - Shengye Electric achieved revenues of 446 million yuan, 510 million yuan, and 573 million yuan from 2021 to 2023, with year-on-year growth rates of 36.05%, 13.29%, and 12.32% respectively. The net profit for the same years was 22.1 million yuan, 29 million yuan, and 45.4 million yuan, with growth rates of 1.26%, 24.89%, and 56.46% respectively. For the first nine months of 2024, the company reported revenues of 452 million yuan, a 6.45% increase year-on-year, and a net profit of 37 million yuan, a 3.93% increase year-on-year [18][6]. Industry Situation - The film capacitor industry is characterized by its use of plastic film as a dielectric, offering advantages such as high reliability and long lifespan. The global film capacitor market was approximately 24.4 billion yuan in 2022, with a projected growth to 39 billion yuan by 2027, reflecting a compound annual growth rate of 9.83% from 2022 to 2027 [31][32]. Company Highlights - Shengye Electric has developed a diverse product matrix, covering various application fields such as home appliances and renewable energy, and has established long-term partnerships with notable companies. The company ranks third in domestic sales of film capacitors and is a significant supplier in the photovoltaic and energy storage inverter sectors [39][41]. - The company is actively pursuing international expansion, with a production base in Thailand that has facilitated stable supply to North American clients and partnerships with major appliance manufacturers in emerging markets [41]. - Shengye Electric is extending its operations along the value chain, focusing on both downstream and upstream developments in the film capacitor sector [41][42]. Fundraising Project Investment - The company plans to invest in two projects through its IPO, including the expansion of its production line for new energy film capacitors and the establishment of a research and development center, with total planned investment of approximately 177 million yuan [42][43].

下 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------| | 2024 年 11 月 16 日 \n继续调整幅度有限 | 策略类●证券研究报告 \n定期报告 | | 投资要点 | 分析师 邓利军 | | 从情绪指标、领涨板块成交额占比、成长行业轮动等来看 A 股短期继续调整幅度 | SAC 执业证书编号： S0910523080001 | | 有限。（ 1 ）情绪指标和领涨板块成交额占比处于高位，但政策和流动性未有大变 | denglijun@huajinsc.cn 张欣诺 | | 化下难进一步大幅调整。一是 200 日均线以上个股占比从 11 月 11 日的 87% 回落 | 报告联系人 zhangxinnuo@huajinsc.cn ...

Investment Rating - The investment rating for the company is "Buy," indicating that it is expected to outperform the market index by more than 15% over the next 6-12 months [45]. Core Viewpoints - The company, Jiachitech (688708.SH), specializes in electromagnetic functional materials and structures (EMMS), with key products including stealth coating materials, stealth structural components, and electromagnetic compatibility materials. The market demand for these products is anticipated to grow steadily due to the acceleration of weaponry upgrades and the development of information technology in China [16][30]. - The company achieved revenues of 530 million CNY, 769 million CNY, and 981 million CNY in 2021, 2022, and 2023 respectively, with year-over-year growth rates of 89.90%, 45.04%, and 27.55%. The net profit attributable to the parent company was 167 million CNY, 484 million CNY, and 564 million CNY for the same years, with growth rates of 24.16%, 189.57%, and 16.45% respectively [5][17]. - The company is positioned as a key supplier in the domestic EMMS field, with strong collaborations with military units such as the Aviation Industry Corporation of China. The founder, a professor and academician, leads a team with substantial expertise in the field [31][34]. Summary by Sections Basic Financial Status - The company reported revenues of 5.89 billion CNY for the first nine months of 2024, a year-over-year decline of 16.86%. The net profit for the same period was 3.20 billion CNY, down 17.31% year-over-year. The management forecasts a revenue growth of 3.99% and a net profit growth of 1.47% for the full year 2024 [17][37]. Industry Situation - The stealth materials industry is crucial for enhancing the survivability and combat capabilities of high-tech weaponry. The demand for stealth technology is expected to rise significantly, particularly for stealth missiles, drones, and naval vessels [25][26][27]. Company Highlights - EMMS is identified as a key foundational material for the stealth capabilities of high-tech military equipment. The company has established a strong market position due to its technological advancements and collaborations with military entities [30][31]. - The company is expanding into the civilian electromagnetic compatibility materials market, leveraging its military technology expertise to address growing demands in consumer electronics [32][34]. Investment Projects - The company plans to invest in two main projects through its IPO proceeds: the construction of a manufacturing base for electromagnetic functional materials and a research center for EMMS. These projects are expected to significantly boost annual revenues and profits upon completion [35][36]. Peer Comparison - In comparison to similar companies in the industry, Jiachitech's revenue for 2023 was 9.81 billion CNY, with a net profit of 5.64 billion CNY. The average revenue of comparable companies was 25.48 billion CNY, indicating that while Jiachitech's revenue is below average, its profit margin is relatively high [38][41].

Retail Performance - In October, the total retail sales of consumer goods improved significantly by 1.6 percentage points to 4.8% year-on-year, marking the second consecutive month of substantial growth[7] - The retail sales of automobiles and home appliances rose by 3.3 and 18.7 percentage points to 3.7% and 39.2% respectively, contributing to a 4.0 percentage point increase in retail sales above designated limits to 6.8%[7] - Furniture retail, which does not benefit from the current subsidies, also saw a year-on-year increase of 7 percentage points to 7.4%[7] Investment Trends - Fixed asset investment growth remained flat at a low level of 3.4% year-on-year in October, showing no significant improvement despite new policy measures[11] - Real estate development investment saw a deeper decline of 3.0 percentage points to -12.3%, indicating cautious expectations from developers regarding demand[11] - Broad infrastructure investment growth slightly decreased by 0.1 percentage points to 9.2%, with significant declines in sectors closely related to government debt, such as energy and transportation[11] Real Estate Market - In October, the year-on-year decline in residential construction area and sales area improved significantly by 10.5 and 9.3 percentage points to -19.7% and -1.3% respectively[17] - However, new construction area saw a deeper decline of 8.1 percentage points to -25.8%, indicating a cautious approach to new projects due to high potential inventory[17] - Recent tax reductions on real estate transactions may help stabilize housing prices, with first-tier cities experiencing a 0.4% increase in second-hand housing prices for the first time in 18 months[17] Manufacturing and Economic Outlook - Industrial value-added growth slightly decreased by 0.1 percentage points to 5.3% year-on-year in October, with mining and manufacturing sectors showing improvements[22] - The forecast for 2025 includes an expansion of the general budget deficit to around 4.2%, with expected consumption subsidies of 400-500 billion yuan to stimulate domestic demand[25] - The overall economic growth target for 2025 is set at approximately 4.5%[25]

| --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------|----------------|----------------|----------------------------------|----------------| | 2024 年 11 月 14 日 \n其他化学制品Ⅲ | | | 行业研究●证券研究报告 \n行业快报 | | | 供应偏紧，正丙醇价格持续拉升 | 投资评级 | 领先大市 | | (维持) | | 投资要点 | 首选股票 | | | 评级 | | 事件：据百川盈孚，2024年11月14日正丙醇市场价为10800元/吨，较昨日(10250 | | | | | | 元/吨)涨幅 5.4%，较上周(9500 元/吨)涨幅 13.7%，较上月(9000 元/吨)涨幅 | 一年行业表现 | | | | | 20.0%，较去年同期(7200 元/吨)涨幅 50.0%，较年初(7400 元/吨)涨 ...