Investment Rating - The report assigns a "Buy" rating for the company [1] Core Insights - The company reported Q3 results that exceeded expectations, with a total revenue of 32.275 billion yuan for the first three quarters, a year-on-year increase of 0.71%, and a net profit attributable to shareholders of 3.693 billion yuan, up 7.64% year-on-year [2] - Q3 single-quarter profit saw a significant increase due to the resumption of production after maintenance and improved product price differentials, with Q3 revenue reaching 12.875 billion yuan, a year-on-year increase of 9.89% and a quarter-on-quarter increase of 21.51% [2] - Capital expenditures continue to grow, with 2.121 billion yuan spent in the first three quarters of 2024, a year-on-year increase of 10.66%, and ongoing projects ensuring the company's growth potential [2] - The company is expected to achieve net profits of 5.677 billion yuan, 6.839 billion yuan, and 8.548 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.69 yuan, 2.03 yuan, and 2.54 yuan, indicating strong growth potential [2] Summary by Sections Financial Performance - For Q3, the company achieved a net profit of 1.637 billion yuan, reflecting a year-on-year increase of 2.08% and a quarter-on-quarter increase of 58.36% [2] - The average price of raw materials such as U.S. MB ethane decreased by 46.46% year-on-year in Q3 2024, while the price differential for ethylene production increased by 33.26% year-on-year [2] Capital Expenditure and Projects - As of the end of Q3 2024, the company's ongoing projects amounted to 3.498 billion yuan, a 9.79% increase from the end of 2023 [2] - The successful launch of the first phase of the 800,000-ton multi-carbon alcohol project is expected to enhance the utilization of propylene resources and lower production costs [2] Future Projections - The company anticipates a revenue growth rate of 12.0% for 2024, with net profit growth rates of 18.5%, 20.5%, and 25.0% for the following years [4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 36.725 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 13.93%. The net profit attributable to shareholders reached 2.732 billion yuan, up 24.33% year-on-year [3] - The Yulong Copper Mine showed significant production growth in the third quarter, contributing to the company's steady performance. The mine produced 47,000 tons of copper in the third quarter, with the company's attributable output at 27,000 tons, marking a record high for quarterly production [3] - Key projects are progressing steadily, with the successful trial production of the multi-metal selection project at Xibu Copper Company, which will increase annual processing capacity from 900,000 tons to 1.5 million tons [3] - The company is expected to benefit from the tight global copper supply and domestic economic stimulus policies, leading to an upward adjustment in revenue and profit expectations. Projected revenues for 2024-2026 are 46.452 billion, 48.682 billion, and 51.255 billion yuan, with net profits of 3.727 billion, 3.990 billion, and 4.280 billion yuan respectively [3] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 11.748 billion yuan, a year-on-year increase of 23.02%, and a net profit of 1.112 billion yuan, up 60.91% year-on-year [3] - The company’s current P/E ratio is 13.06, and the market capitalization is 43.418 billion yuan [2] Future Projections - Revenue growth rates are projected at 8.67% for 2024, 4.80% for 2025, and 5.28% for 2026. Net profit growth rates are expected to be 33.60% in 2024, 7.07% in 2025, and 7.26% in 2026 [4] - The earnings per share (EPS) are forecasted to be 1.56, 1.67, and 1.80 yuan for 2024, 2025, and 2026 respectively [4]

Investment Rating - The report rates the non-ferrous metal industry as "Positive" [5] Core Views - Industrial metal prices have slightly declined, awaiting gradual recovery in domestic demand [1] - Lithium carbonate prices continue to drop as the market enters a demand lull [2] - Magnesium prices remain weak, with expectations for downstream demand recovery [3] - Gold prices are fluctuating at high levels, with future trends likely to rise rather than fall due to increased geopolitical tensions [4] Summary by Sections Industrial Metal Overview - Copper prices on SHFE decreased by 0.31% to 76,980 CNY/ton, while LME copper fell by 1.81% to 9,625.5 USD/ton. Total inventory across major exchanges increased by 473 tons to 531,100 tons [1] - Aluminum prices on SHFE dropped by 0.89% to 20,640 CNY/ton, and LME aluminum decreased by 0.93% to 2,613.5 USD/ton. Total inventory across exchanges decreased by 9,258 tons to 1,084,600 tons [1] - The domestic electrolytic aluminum sector continues to ramp up production, particularly in Guizhou and Sichuan, with new capacity coming online in Xinjiang [1] Lithium Market - Battery-grade lithium carbonate prices fell by 3.66% to 73,700 CNY/ton, while battery-grade lithium hydroxide prices remained stable at 75,300 CNY/ton. Inventory for lithium carbonate decreased by 255 tons to 24,955 tons [2] Magnesium Market - The average price for 99.90% magnesium ingots was 17,642 CNY/ton, down 250 CNY/ton or 1.40% from the previous week. Demand from downstream sectors remains limited [3] Gold Market - Gold prices increased by 2.4% to 2,712.5 USD/oz in London, driven by heightened geopolitical tensions. The COMEX gold price rose by 2.33% to 2,736.4 USD/oz [4]

Investment Rating - The industry investment rating is "Positive" indicating that the industry is expected to outperform the overall market performance [6]. Core Insights - In September 2024, domestic sales of excavators exceeded a 20% year-on-year growth, with total excavator sales reaching 15,831 units, a 10.8% increase year-on-year. Domestic sales accounted for 7,610 units, marking a 21.5% increase, while exports totaled 8,221 units, up 2.5% year-on-year [1][2]. - The cumulative excavator sales from January to September 2024 were 147,400 units, a 0.96% decline year-on-year, with domestic sales at 73,900 units (up 8.62%) and exports at 73,400 units (down 9.04%) [1]. - The working hours for Komatsu in China in September 2024 were reported at 95.3 hours, reflecting a 6.9% year-on-year increase [2]. - In September 2024, loader sales showed a negative growth in domestic sales, with total loader sales at 8,072 units, a 5.0% increase year-on-year. Domestic sales were 4,022 units (down 5.1%), while exports were 4,050 units (up 17.3%) [1]. - The cumulative loader sales from January to September 2024 were 81,800 units, a 4.7% increase year-on-year, with domestic sales at 41,400 units (down 0.01%) and exports at 40,400 units (up 10.1%) [1]. - The real estate sector is expected to stabilize, which may drive demand for construction machinery. Recent policy changes by the People's Bank of China, including a reduction in existing mortgage rates and adjustments to down payment ratios, are anticipated to support the recovery of the real estate market [1]. - Investment recommendations include focusing on companies such as Sany Heavy Industry, XCMG, Hengli Hydraulic, and Changlong Hydraulic, as domestic manufacturers are expected to enhance their competitiveness in overseas markets [1].

[Table_Title] 1 [Table_Rank] 评级： 看好 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 0.4 23-Oct 3-Jan15-Mar 26-May 6-Aug17-Oct 农林牧渔 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 标肥差加大刺激二育商积极入场，近 期猪价逆势上涨 猪价北高南低，肉鸡短期窄幅震荡 生猪价格短期承压，白羽鸡价格短期 震荡 猪价支撑不足，毛鸡价格小幅上涨 [Table_ReportDate] 农林牧渔 | 行业简评报告 | 2024.10.24 核心观点 [Table_Summary] ⚫ 生猪养殖：据搜猪网，2024 年 10 月 21 日全国生猪出栏均价 17.25 元/公斤，分区域来看，东北、华北、西北及西南地区猪价大多保持 在 17.2-17.9 元/公斤；华中、华东及华南相对高价区域猪价基本在 18-18.5 元/公斤。近期猪价持续下跌 ...

[Table_Rank] 评级： 看好 [Table_Authors] 翟绪丽 首席分析师 SAC 执证编号：S0110522010001 zhaixuli@sczq.com.cn 电话：010- 81152683 甄理 行业分析师 SAC 执证编号：S0110524070001 zhenli@sczq.com.cn 电话：021-58820301 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 0.4 24-Oct 5-Jan18-Mar 30-May 11-Aug 23-Oct 基础化工 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 国际油价回调，兴福电子获中国证监 会注册 化肥行业点评：化肥价格有所回暖， 关注冬储备肥情况 硫酸涨幅居前，兴发集团前三季度业 绩同比增长 【首创化工】2023 年策略报告——周 期起伏中寻求确定性，关注龙头股、 磷化工、氟化工三条主线 [Table_Title] 农药行业点评：部分农药价格反弹，关注具有成本 优势的龙头企业 [Table_ReportDate] 基础化工 | 行业简评报告 | 20 ...

Investment Rating - The report rates the automotive industry as "Positive" [2] Core Insights - The World Intelligent Connected Vehicle Conference opened on October 17, 2024, highlighting breakthroughs in advanced intelligent driving technology and the integration of vehicles with smart infrastructure [3][8] - Passenger car sales from October 1 to 13 showed a year-on-year increase of 20%, with retail sales reaching 823,000 units, and cumulative retail sales for the year at 16.397 million units, up 3% year-on-year [4][9] - The report suggests investment focus on companies such as BYD, Great Wall Motors, and Tesla's supply chain [4] Summary by Sections 1. World Intelligent Connected Vehicle Conference - The conference released ten major technological trends in intelligent connected vehicles and emphasized the integration of vehicles with smart grids and cities [3][8] - The Ministry of Industry and Information Technology aims to promote the development of advanced driving technologies through innovation in electronic architecture and data integration [3][8] 2. Passenger Car Sales Growth - Retail sales of passenger cars from October 1 to 13 reached 823,000 units, a 20% increase year-on-year and a 17% increase month-on-month [4][9] - Cumulative retail sales for the year reached 16.397 million units, reflecting a 3% year-on-year growth [4][9] - New energy vehicle retail sales during the same period reached 408,000 units, a 64% year-on-year increase [4][9] 3. Market Performance Review - The automotive sector's performance last week showed a 1.2% increase, outperforming the CSI 300 index [10] - The overall price-to-book (PB) ratio for the automotive sector is 2.27, with passenger vehicles at 2.63 [10] 4. Industry Data Overview - In September 2024, total automotive sales were 2.809 million units, a 1.7% decrease year-on-year, while cumulative sales for the first nine months were 21.571 million units, up 2.4% [17] - New energy vehicle sales in September reached 1.287 million units, a 42.3% increase year-on-year [17] 5. Company Valuation Overview - The report includes valuation data for key companies, indicating their market performance and price-to-earnings ratios [30][31]

Investment Rating - The report rates the industry as "Positive" [1] Core Insights - The Shanghai Composite Index closed at 3261.56 with a weekly increase of 1.36%, while the Shenzhen Component Index rose by 2.95%. The basic chemical sector reported a weekly increase of 0.98%, underperforming the Shanghai Composite by 0.38 percentage points [4][5] - In the chemical products market, notable price increases were observed for liquid chlorine (+39.71%), BDO (+4.17%), and urea (+3.85%). Conversely, significant declines were noted for domestic and imported Vitamin A (-27.91%) and natural rubber (-8.03%) [11][11] - The report emphasizes the investment focus on leading chemical companies, highlighting their comprehensive advantages in cost and technology, and suggests monitoring companies like Wanhua Chemical, Hualu Hengsheng, and Baofeng Energy [4][11] Summary by Sections 1. Stock Performance - The basic chemical sector saw 315 out of 426 listed companies report positive weekly performance, with top gainers including Tianma New Materials and Jiexin Shares [5][8] 2. Chemical Price Review - The report details significant price movements in chemical products, with liquid chlorine experiencing the highest increase. It also notes the widening price spreads for various chemicals, indicating market dynamics [11][11] 3. Investment Focus - The report outlines several key investment themes: 1. Continuous growth in global tire demand and the competitive advantage of domestic tire manufacturers, recommending companies like Sailun Tire and Senqilin [4] 2. Strong demand for agricultural chemicals due to high grain prices, suggesting investment in companies with rich phosphate resources [4] 3. Anticipated growth in the refrigerant industry post quota implementation, recommending companies like Juhua Co. and Yonghe Co. [4]

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a record high quarterly profit in Q3 2024, achieving a total revenue of 6.34 billion yuan for the first three quarters, a year-on-year increase of 10.42%, and a net profit attributable to shareholders of 1.726 billion yuan, up 73.72% year-on-year. In Q3 alone, the revenue was 2.23 billion yuan, a year-on-year increase of 1.13% and a quarter-on-quarter increase of 11.82%, with a net profit of 648 million yuan, up 67.48% year-on-year and 13.04% quarter-on-quarter [2][3] - The company's tire production and sales have steadily increased, supported by the reduction of anti-dumping tax rates in Thailand, which significantly boosted profitability. The tire production reached 24.24 million units in the first three quarters, a year-on-year increase of 14.05%, while sales reached 23.36 million units, up 7.88% year-on-year [3] - The weighted cost of raw materials and shipping costs have declined, which is expected to further enhance profitability. The weighted cost of raw materials was approximately 13,027 yuan per ton, a year-on-year increase of 13.10%, but prices have started to decline post the National Day holiday, easing cost pressures [3] - The Morocco project is set to ramp up production, marking a significant step in the company's global strategy. The first batch of tires from the Morocco factory was officially produced on September 30, 2024, with expectations to release 6-8 million units in 2025 and reach full production of 12 million units in 2026, which is anticipated to be a key growth driver for the company [3] - Based on the performance in the first three quarters, the company has adjusted its net profit forecasts for 2024-2026 to 2.28 billion, 2.59 billion, and 3.35 billion yuan respectively, with corresponding EPS of 2.22, 2.52, and 3.25 yuan, and PE ratios of 11, 10, and 8 times [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 6.34 billion yuan, a net profit of 1.726 billion yuan, and a gross margin of 35.45%, up 11.08 percentage points year-on-year. The net margin was 27.22%, an increase of 9.92 percentage points year-on-year [2][3] - The projected revenues for 2024, 2025, and 2026 are 8.71 billion, 11.58 billion, and 14.07 billion yuan respectively, with growth rates of 11.1%, 33.0%, and 21.5% [4] Production and Sales - The company produced 24.24 million tires in the first three quarters of 2024, with a production increase of 14.05% year-on-year. The sales volume was 23.36 million tires, reflecting a year-on-year increase of 7.88% [3] Cost Structure - The weighted cost of raw materials was approximately 13,027 yuan per ton, with a year-on-year increase of 13.10%. However, a decline in rubber prices post-holiday is expected to alleviate cost pressures [3] Strategic Initiatives - The Morocco factory is expected to significantly contribute to future growth, with production ramping up in 2025 and reaching full capacity in 2026 [3]

Investment Rating - The report assigns an investment rating of "Positive" for the fertilizer industry [1]. Core Insights - The fertilizer prices are showing signs of recovery, particularly in the context of winter storage fertilizer demand [4][5][6]. - The report highlights the importance of monitoring the supply and demand dynamics in the nitrogen, phosphorus, and potassium fertilizer segments [4][5][6]. Summary by Sections Nitrogen Fertilizer - In Q3, urea prices experienced a decline due to delayed autumn fertilizer demand and a relatively loose supply, but recent trends indicate a rebound [4][7]. - As of October 16, the domestic urea production for January to September reached 49.93 million tons, a year-on-year increase of 8.64% [7]. - The report suggests focusing on companies like Hualu Hengsheng and Hubei Yihua for potential investment opportunities [4][7]. Phosphorus Fertilizer - Phosphate rock prices remain high, supporting the cost structure for phosphate fertilizers, with limited new production capacity expected [5][15]. - The report notes that the inventory levels for monoammonium phosphate (MAP) and diammonium phosphate (DAP) are at moderate levels, with prices expected to maintain their current levels as winter storage approaches [5][15]. - Recommended companies for investment include Yuntianhua, Xinyangfeng, Chuanheng Co., and Xingfa Group [5][15]. Potassium Fertilizer - The potassium fertilizer market is characterized by a relatively loose supply, with domestic production of potassium chloride decreasing but imports increasing [6][27][29]. - As of October 17, the domestic price of potassium chloride was reported at 2,442 RMB/ton, reflecting a slight increase from the end of September [6][35]. - The report emphasizes the geopolitical risks associated with potassium fertilizer trade, particularly due to tensions in the Middle East, and suggests focusing on companies like Yara International for investment [6][35].