Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a revenue growth rate of 44.01% in Q3 2024, with total revenue reaching 942 million yuan, and a year-to-date revenue of 2.473 billion yuan, reflecting a 58.12% increase year-on-year [3] - The net profit attributable to shareholders for Q3 2024 was 141 million yuan, up 106.45% year-on-year, with a year-to-date net profit of 289 million yuan, representing a 145.47% increase [3] - The company's gross margin improved to 33.76% for the first three quarters of 2024, with a Q3 gross margin of 34.68%, an increase of 1.29 percentage points quarter-on-quarter [4] - The company has a broad customer base, including major global brands in the Android smartphone, professional audio, and home appliance sectors [4] - The new ultra-low power wireless wearable chip, BES2700iMP, has been mass-produced for smartwatches and wristbands [4] - The latest generation chip, BES2800, has also been mass-produced, featuring a 6nm FinFET process and supporting Wi-Fi 6 technology [4] - Profit forecasts remain unchanged, with expected net profits of 400 million, 614 million, and 841 million yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 73, 48, and 35 times based on the stock price as of November 12 [4] Financial Summary - For 2024, the company is projected to achieve revenues of 2.176 billion yuan, with a growth rate of 52.63% [5] - The net profit for 2024 is expected to be 124 million yuan, with a significant growth rate of 223.64% [5] - The earnings per share (EPS) is forecasted to be 3.33 yuan for 2024 [5] - The company’s gross margin is projected to be around 33.8% in 2024, with a net profit margin of 12% [7]

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company is focusing on long-term value by actively reducing speed and improving quality, with a revenue target of 7 billion yuan and expected stable growth in the future [2][3] - The third quarter performance showed a slight slowdown, highlighting strategic allocation opportunities for the medium to long term [3] - The company is undergoing a volume control adjustment, which continues to pressure short-term performance, particularly in the mid-to-high-end liquor segment due to weak demand [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 4.46 billion yuan, a year-on-year decrease of 15.03%, and a net profit attributable to shareholders of 669 million yuan, down 48.35% year-on-year [3] - In Q3 2024, revenue was 1.19 billion yuan, a decline of 30.92% year-on-year, with a net profit of 78 million yuan, down 79.23% year-on-year [3] - The gross margin for Q3 2024 was 63.66%, a decrease of 10.97 percentage points year-on-year, primarily due to inventory control measures [3] Market Strategy - The company is enhancing marketing efforts for terminal consumer groups and actively controlling volume to stabilize prices, which is expected to gradually release channel inventory pressure [3] - The company aims to balance product offerings across various price segments, focusing on key products like "Pinnacle" and "T68" for continued growth [3] - The board approved a share repurchase plan with an expected amount of 100 to 200 million yuan, indicating confidence in future development [3] Profit Forecast - The profit forecast for 2024, 2025, and 2026 is adjusted to 870 million yuan, 960 million yuan, and 1.08 billion yuan respectively, with year-on-year changes of -51.0%, +10.7%, and +12.5% [3][4] - The current stock price corresponds to a PE ratio of 31, 28, and 25 for the years 2024, 2025, and 2026 respectively [3]

Investment Rating - The report rates the industry as "Positive" [1] Core Views - The Shanghai Composite Index closed at 3452.30 with a weekly increase of 5.51%, while the Shenzhen Component Index rose by 6.75%. The basic chemical sector outperformed the Shanghai Composite by 0.05 percentage points [2][3] - All 31 primary industries in the Shenwan index showed positive growth, with all sub-sectors in the chemical industry also reporting gains. Notable stocks include Bluefeng Biochemical, Runpu Food, and Oriental Carbon [2][5] - Chemical product prices saw significant increases, particularly PET chips (+18.10%) and liquid chlorine (+10.22%). Conversely, butadiene experienced a decline of -8.06% [8][10] Summary by Sections 1. Stock Performance - In the week of November 4 to November 8, 400 out of 427 listed chemical companies reported positive stock performance. The top gainers included Bluefeng Biochemical and Runpu Food, with significant weekly increases [5][6] 2. Chemical Price Review - The report highlights notable price increases in chemical products, with PET chips leading at +18.10%. Other significant increases include liquid chlorine and various vitamins. The report also notes declines in products like hydrochloric acid and acetic acid [8][10] 3. Investment Focus - The report identifies key investment themes in the chemical sector: 1. Leading chemical companies are expected to maintain strong profitability and investment value, with recommendations to focus on companies like Wanhua Chemical and Hualu Hengsheng [2] 2. The global tire demand is expected to rise, with domestic companies gaining market share, suggesting investment in companies like Sailun Tire [2] 3. The agricultural chemical sector is highlighted due to stable demand for fertilizers and pesticides, recommending companies with rich phosphate resources [2] 4. The refrigerant industry is anticipated to enter a long-term growth cycle, with recommendations for companies like Juhua Co. and Yonghe Co. [2]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - In October, the shipment volume of mobile camera lenses from Sunny Optical decreased by 1.9% year-on-year, totaling 116 million units, with a month-on-month decline of 2.6% [3][9] - The shipment volume of mobile camera modules from Sunny Optical saw a significant decline of 37.5% year-on-year, amounting to 33.78 million units, with an 8.1% decrease month-on-month [4][11] - The electronic sector outperformed the broader market, with the Shanghai Composite Index rising by 5.51% from November 4 to November 8, while the CITIC Electronics sector increased by 9.01% [5][14] - The semiconductor equipment, semiconductor, display components, semiconductor materials, and integrated circuits sectors showed notable gains, with increases of 16.97%, 11.94%, 11.78%, 11.59%, and 11.08% respectively [6][18] - The report recommends focusing on semiconductor trends driven by computational power, despite short-term pressures on mobile shipment volumes [8][23] Summary by Sections Shipment Data - Sunny Optical's mobile lens shipments in October were 116 million units, down 1.9% year-on-year and 2.6% month-on-month [3][9] - The glass spherical lens shipments increased by 7.1% year-on-year but decreased by 9.6% month-on-month, totaling 2.47 million units [3] - Vehicle-mounted lens shipments rose by 11.5% year-on-year, totaling 8.71 million units, with a month-on-month decline of 6.5% [3] Market Performance - From November 4 to November 8, the CITIC Electronics sector outperformed the Shanghai Composite Index, with year-to-date increases of 22.18% for the electronics sector compared to 16.05% for the index [5][14] - The top ten performing stocks in the electronics sector during this period included Liwang Co., Galaxy Magnet, and Weimao Electronics, with increases ranging from 34.5% to 65.0% [7][20] Investment Recommendations - The report suggests that while short-term mobile market shipment growth may be under pressure, the maturation of AI smartphones could present new opportunities [8][23]

Investment Rating - The report gives an investment rating of "Positive" for the building materials industry [1]. Core Viewpoints - The building materials industry index performed well, with the Shanghai Composite Index closing at 3452.30, a weekly increase of 5.51%, and the Shenzhen Component Index at 11161.70, up 6.75% [1][2]. - The cement industry outlook is stable in the short term, with the national average cement price at 366 RMB per ton, showing no change week-on-week [1][8]. - The glass market is expected to remain stable and positive, with the average price of flat glass at 1393 RMB per ton, an increase of 57 RMB per ton, or approximately 4.27% [1][17]. - The report suggests that the real estate, infrastructure, and new energy markets are still in a state of adjustment, with policies gradually strengthening to guide the development of the building materials industry [1]. Summary by Sections 1. Weekly Stock Review - The building materials sector saw 67 out of 76 listed companies with positive price changes, with notable gains from companies like Keshine New Materials and Nanchuan Co [4][5]. - The report highlights the performance of various indices, with the building materials index ranking 25th among 31 primary industry indices [2][3]. 2. Cement Industry Data Tracking - The national average cement price remained stable at 366 RMB per ton, with a balanced demand and a slight decrease in supply [8][9]. - The report indicates that the overall demand is stable, with some regions experiencing increased demand due to construction needs [8]. 3. Glass Industry Data Tracking - The flat glass market showed a positive trend, with prices increasing and good transaction volumes reported [17][21]. - The report emphasizes the importance of policy impacts on the real estate sector, which will influence future demand for glass products [17]. 4. Key Companies and Stock Performance - The report lists key companies in the building materials sector, including Conch Cement and China National Building Material, highlighting their stock performance and market activities [1][34].

[Table_Title] 商社周报：物价表现仍承压 [Table_ReportDate] 商贸零售 | 行业简评报告 | 2024.11.12 [Table_Rank] 评级： 看好 [Table_Authors] 李田 分析师 SAC 执证编号：S0110522090002 litian11@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 0.4 10-Nov 21-Jan 2-Apr13-Jun 24-Aug 4-Nov 商贸零售 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 潜在关税影响深远，关注内需的结构 性机会 商社周报：京东双十一营销活动引争 议 商社周报：CPI 较弱静待政策出台， 2024 双十一开启 核心观点 [Table_Summary] ⚫ 周度行情：本周（2024.11.4-2024.11.8）多数宽基指数上涨。上证综 指数上涨 5.51%，深证成指上涨 6.75%，创业板指上涨 9.32%。本周 （2024.11.4-2024.11.8）商贸零售（申万）上涨、社会服务（申万） 指数 ...

Investment Rating - The report rates the non-ferrous metals industry as "Positive" [5] Core Insights - Electrolytic aluminum prices surged, while copper concentrate TC prices remained stable [1] - Lithium carbonate prices rebounded, with continuous inventory reduction [2] - Magnesium prices slightly declined, with weak demand recovery [3] - Gold prices fell and may face short-term pressure [4] Summary by Sections 1. Non-Ferrous Sector Overview - The overall market index increased by 5.51%, with the non-ferrous metals sector rising by 3.36%, underperforming the market by 2.15% [10] - Nickel, cobalt, tin, and other rare metals saw significant increases, with nickel-cobalt-tin rising by 8.36% [10] 2. Industry News and Announcements 2.1 Key Industry News - Significant copper mineralization was found at the Rogozna project in Serbia [15] - Ecuador is set to restart and upgrade its mining rights system for the first time in six years [15] - Codelco seeks environmental permits for a $650 million sustainable water project at the Andina mine [16] 2.2 Key Industry Announcements - Ganfeng Lithium provided guarantees for its subsidiaries, totaling up to 1.5 billion yuan [17] - Zijin Mining announced plans to acquire 100% of the La Arena gold mine in Peru for $245 million [19] 3. Non-Ferrous Metals Database - LME copper decreased by 1.11% to $9,433 per ton, while SHFE copper increased by 0.76% to 77,100 yuan per ton [22] - LME aluminum rose by 0.92% to $2,627 per ton, with SHFE aluminum increasing by 4.3% to 21,690 yuan per ton [22] - Battery-grade lithium carbonate prices increased by 2.03% to 75,400 yuan per ton [2]

Investment Rating - The industry investment rating is "Positive" [3][27] Core Insights - In the pig farming sector, the average price of live pigs in China as of November 8, 2024, is 16.81 yuan/kg, which has decreased by 4.5 yuan/kg from the peak in mid-August. Prices in South China remain relatively stable, while most other regions have fallen below 17 yuan/kg. Supply from large-scale farms is active, but demand is weak, leading to a bearish market outlook for pig prices in the short term. Recommended stocks include Muyuan Foods, Shennong Group, and Juxing Agriculture, which have strong fundamentals and low valuations [3][4]. - For broiler chickens, the average price of broiler chicks is 4.08 yuan/chick, down 0.24% week-on-week, while the average price of broiler meat is 7.76 yuan/kg, up 0.52% week-on-week. The market is experiencing slow sales, and there is pressure on inventory for slaughterhouses. Recommended stocks in this sector include Yisheng, Minhe, Xiantan, Shengnong, and Lihua [4]. Summary by Sections 1. Important Information Updates - The agricultural and fishery sector increased by 6.04% last week, outperforming the Shanghai Composite Index by 0.53 percentage points. The top five performing sectors were aquaculture (18.85%), agricultural processing (7.63%), feed (7.44%), animal health (7.11%), and planting (5.38%) [7][8]. 2. Industry Data Tracking 2.1 Agricultural & Vegetable Price Index - As of November 8, 2024, the agricultural wholesale price index decreased by 0.19% to 124.16, with a monthly decline of 7.11% and a year-on-year increase of 7.71%. Vegetable prices increased by 9.75% year-on-year [9]. 2.2 Pig and Pork Prices & Breeding Sow Inventory - In September 2024, the pig inventory increased by 2.80% month-on-month but decreased by 3.50% year-on-year. The breeding sow inventory increased by 0.60% month-on-month but decreased by 4.20% year-on-year [10]. 2.3 Broiler & Chick Prices - As of November 8, 2024, the price of broiler meat rose to 7.64 yuan/kg, and the price of chicks rose to 4.17 yuan/chick [12]. 2.4 Aquaculture Market - As of November 8, 2024, sea cucumber prices remained at 130 yuan/kg, scallop prices decreased to 8 yuan/kg, and abalone prices remained at 70 yuan/kg [14]. 2.5 Corn and Soybean Market - The global corn consumption is projected to rise to 1,229.48 million tons, with ending stocks decreasing to 304.14 million tons, maintaining a stock-to-use ratio of 25%. For soybeans, consumption is projected to decrease to 402.28 million tons, with ending stocks at 131.74 million tons, maintaining a stock-to-use ratio of 33% [15][16]. 2.6 Feed Market - As of November 8, 2024, the price of pig feed decreased to 3.38 yuan/kg, and the price of broiler feed decreased to 3.45 yuan/kg [17]. 3. Industry Information and Important Company Announcements 3.1 Important Company Announcements - Yisheng reported that in October 2024, it sold 53.14 million broiler chicks, generating revenue of 258.44 million yuan, with year-on-year changes of 2.06% and 48.82%, respectively. The company also sold 6,358 breeding pigs, generating revenue of 15.28 million yuan, with year-on-year changes of 567.86% and 422.54% [19]. - Tangrenshen reported a pig sales volume of 497,400 heads in October 2024, a year-on-year increase of 29.50%, with total sales revenue of 1,008.65 million yuan, up 58.46% year-on-year [20].

Investment Rating - The report assigns an investment rating of "Positive" for the industry [1]. Core Viewpoints - The National Development and Reform Commission emphasizes the importance of tackling key core technologies and overcoming critical "bottleneck" technologies to enhance self-reliance and competitiveness in the new development pattern [1]. - The report highlights the need to improve the resilience and security of the industrial and supply chains, advocating for a self-controlled and reliable supply chain [1]. - The report notes that external restrictions on China's technology sector may stimulate domestic innovation capabilities, pushing the semiconductor industry towards self-innovation [1]. - Investment recommendations focus on the semiconductor industry's bottleneck segments and leading companies in niche areas [1]. Summary by Sections - **Government Initiatives**: The report discusses the government's call to strengthen core technology development and enhance the resilience of supply chains, positioning these as critical for national security and competitiveness [1]. - **Market Dynamics**: It mentions the U.S. semiconductor industry's efforts to remove Chinese suppliers from their supply chains due to increasing restrictions, which may impact global supply dynamics [1]. - **Regulatory Changes**: The report references new regulations from the U.S. Department of Commerce aimed at tightening export controls on advanced semiconductor technologies [1]. - **Innovation Drive**: It argues that external pressures will likely catalyze China's internal drive for technological innovation, particularly in the semiconductor sector [1]. - **Investment Focus**: The report suggests investors pay attention to critical segments within the semiconductor industry and leading firms in specialized fields [1].

Investment Rating - The industry investment rating is "Positive" [2][10]. Core Insights - In October 2024, domestic excavator sales grew by 21.6% year-on-year, with total sales reaching 16,791 units, a 15.1% increase compared to the previous year. Cumulative sales from January to October 2024 amounted to 164,200 units, reflecting a 0.47% year-on-year growth [2][4]. - Loader sales in October 2024 showed a significant increase in exports, with a total of 8,355 units sold, marking an 11.1% year-on-year growth. However, domestic sales faced short-term pressure, declining by 7.1% [3][4]. - The implementation of debt reduction policies is expected to improve demand for construction machinery. The government plans to allocate 800 billion yuan annually from new local government bonds for five years, which could replace hidden debts totaling 4 trillion yuan [4]. Summary by Sections Excavator Market - October 2024 excavator sales reached 16,791 units, with domestic sales at 8,266 units, up 21.6% year-on-year. Exports totaled 8,525 units, a 9.46% increase [2][4]. - Cumulative excavator sales from January to October 2024 were 164,200 units, with domestic sales at 82,200 units (up 9.8%) and exports at 82,000 units (down 7.41%) [2][4]. Loader Market - In October 2024, loader sales totaled 8,355 units, with domestic sales at 4,032 units (down 7.1%) and exports at 4,323 units (up 36%) [3][4]. - Cumulative loader sales from January to October 2024 were 90,200 units, with domestic sales at 45,400 units (down 0.68%) and exports at 44,700 units (up 12.1%) [3][4]. Policy Impact - The government's debt reduction policies are expected to alleviate local fiscal pressures, potentially boosting construction machinery demand as funds become available for infrastructure projects [4]. - Investment recommendations include focusing on companies like Sany Heavy Industry, XCMG, Hengli Hydraulic, and Changling Hydraulic, as domestic manufacturers enhance their competitiveness in overseas markets [4].