Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company is expected to benefit significantly from the ongoing price increase of refrigerants, marking the beginning of a favorable pricing cycle [4] - The company reported a revenue of 17.906 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 11.83%, and a net profit attributable to shareholders of 1.258 billion yuan, up 68.40% year-on-year [4] - The company maintains a leading position in the refrigerant market, holding significant production quotas for both second-generation and third-generation refrigerants [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a net profit of 1.258 billion yuan, with quarterly profits of 310 million yuan, 524 million yuan, and 423 million yuan for Q1, Q2, and Q3 respectively, showing year-on-year growth rates of 103.35%, 55.35%, and 64.76% [4] - The company’s revenue is projected to grow from 20.655 billion yuan in 2023 to 24.330 billion yuan in 2024, reflecting a growth rate of 17.8% [5] Product Performance - The company’s main products saw varying sales performance, with refrigerants and fluorinated fine chemicals showing significant growth, while other products faced price declines due to oversupply [4] - The average prices for the main refrigerants have increased significantly, with the second-generation refrigerant R22 averaging 30,231 yuan per ton in Q3 2024, and the third-generation refrigerant R32 averaging 36,159 yuan per ton [4] Market Position - The company holds a 26.1% market share in the production quota of second-generation refrigerants and a 39.16% share in third-generation refrigerants, solidifying its leading position in the industry [4] - The report anticipates that the refrigerant market will continue to recover positively as the new cooling season begins [4] Profit Forecast - The forecasted net profits for the company are 2.062 billion yuan in 2024, 3.109 billion yuan in 2025, and 4.563 billion yuan in 2026, with corresponding EPS of 0.76, 1.15, and 1.69 yuan [5]

Investment Rating - The report gives an investment rating of "Positive" for the construction materials industry [2]. Core Viewpoints - The construction materials industry index performed well, with the Shanghai Composite Index closing at 3299.70, a weekly increase of 1.17%, while the ShenZhen Component Index rose by 2.53%. The Shenwan Construction Materials Index reported a weekly increase of 4.39%, outperforming the Shanghai Composite by 3.22 percentage points [2][3]. - Most stocks in the construction materials sector saw gains, with 66 out of 76 listed companies experiencing positive price changes. Notable gainers included Huali Co., Xiong Plastic Technology, and Wanli Stone [2][5]. - The short-term outlook for the cement industry is stable, with the national average cement price at 360 RMB/ton, showing no change week-on-week. Demand is recovering in some regions, particularly in the south [10]. - The glass market is expected to remain stable, with the average price of flat glass at 1271 RMB/ton, reflecting a slight increase of 5 RMB/ton. Demand is improving, supported by stable production costs [20]. - Investment suggestions highlight that the real estate, infrastructure, and new energy markets are in a state of adjustment, with policies guiding the development of the construction materials industry. Key stocks to watch include Conch Cement, Huaxin Cement, and China Jushi [2]. Summary by Sections 1. Weekly Stock Review - The construction materials sector showed strong performance, with the Shenwan Construction Materials Index ranking 9th among 31 primary industries [3]. - The majority of stocks in the sector increased, with significant gains from companies like Huali Co. and Xiong Plastic Technology [5]. 2. Cement Industry Data Tracking - The national average cement price remained stable at 360 RMB/ton, with demand recovering in certain areas [10]. - Supply conditions varied, with some production lines increasing output while others decreased, leading to an overall decline in total cement production [10]. 3. Glass Industry Data Tracking - The flat glass market maintained stability, with an average price of 1271 RMB/ton, supported by stable production costs and improving demand [20]. 4. Investment Recommendations - The report suggests that the construction materials market is likely to see marginal improvements, with a focus on the impacts of short-term policies on real estate and infrastructure [2].

Investment Rating - The report rates the non-ferrous metal industry as "Positive" [1] Core Insights - Electrolytic aluminum prices remain strong, while copper prices have slightly declined. Copper on the SHFE fell by 0.77% to 76,390 CNY/ton, and on the LME, it decreased by 0.64% to 9,563.5 USD/ton. Total inventories across major exchanges decreased by 5,545 tons to 525,500 tons, with LME copper inventory down by 7,425 tons to 276,800 tons [1] - Aluminum prices have increased, with SHFE aluminum rising by 0.58% to 20,760 CNY/ton and LME aluminum up by 2.16% to 2,670 USD/ton. Total inventories across exchanges decreased by 18,073 tons to 1,066,500 tons, with LME aluminum inventory down by 11,650 tons to 748,700 tons [1] - Lithium carbonate prices have slightly decreased, with battery-grade lithium carbonate down by 0.54% to 73,300 CNY/ton, and battery-grade lithium hydroxide down by 0.66% to 74,800 CNY/ton. Inventory for lithium carbonate decreased by 335 tons to 24,620 tons [2] - Magnesium prices continue to decline, with the average price for 99.90% magnesium ingots at 17,542 CNY/ton, down 100 CNY/ton or 0.57% from the previous week [3] - Gold prices are on an upward trend, with London spot gold rising by 0.7% to 2,731.45 USD/oz, influenced by uncertainties surrounding the U.S. elections and escalating geopolitical conflicts [4] Summary by Sections Section 1: Non-Ferrous Metal Market Overview - The overall market for non-ferrous metals saw a 2.6% increase, outperforming the broader market by 1.43% [9] - Nickel, cobalt, tin, and lithium saw significant weekly increases, with nickel up by 8.58% and lithium by 8.52% [9] Section 2: Industry News and Announcements - Andar Technology's fourth-generation lithium iron phosphate product is expected to begin mass shipments in Q1 2025, which could become a new growth point for the company [13] - The release of national standards for carbon emissions accounting in phosphate and phosphate salt enterprises supports the green development of the industry [13] - China's zinc production saw a slight increase in September due to the resumption of operations at several smelting plants [13] Section 3: Non-Ferrous Metal Database - LME copper prices fell by 0.64% to 9,563.5 USD/ton, while LME aluminum prices rose by 2.16% to 2,670 USD/ton [25] - SHFE aluminum prices increased by 0.58% to 20,760 CNY/ton, with copper prices down by 0.77% to 76,390 CNY/ton [26]

Investment Rating - The report rates the construction materials industry as "Positive" [1] Core Insights - The construction materials industry index performed well, with the Shanghai Composite Index closing at 3261.56, a weekly increase of 1.36%, and the ShenZhen Component Index closing at 10357.68, a weekly increase of 2.95% [1][2] - The cement industry has a positive short-term outlook, with national cement prices rising to an average of 360 RMB/ton, a week-on-week increase of 7 RMB/ton (+1.98%) due to increased demand [1][8] - The glass market is expected to remain stable, with the average price of flat glass at 1266 RMB/ton, a slight decrease of 3 RMB/ton (-0.24%) [1][19] - Investment suggestions include focusing on leading companies such as Conch Cement, Huaxin Cement, and Qibin Group, among others, as the construction materials market is expected to show signs of recovery [1] Summary by Sections 1. Industry Performance - The construction materials sector saw 62 out of 76 listed companies report positive price changes during the week, with notable gains from companies like Huali Co., Sichuan Jinding, and Donghe New Materials [4][5] - The construction materials index ranked 11th among 31 first-level industries, with 2 out of 3 second-level industries showing positive growth [2][3] 2. Cement Industry Data - National cement prices increased due to a rise in demand, with some regions experiencing urgent construction needs [8] - The overall cement production volume remained stable, with slight fluctuations in kiln operations [8] 3. Glass Industry Data - The flat glass market showed stable transaction volumes, with production costs increasing, which may support future price stability [19] - The report emphasizes the need to monitor policy impacts on downstream demand in the glass sector [19] 4. Key Company Announcements - Major shareholders of companies like Luopusjin and Keshun plan to reduce their holdings, indicating potential shifts in company dynamics [37]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has shown an improvement in profitability, with a revenue of 1.01 billion yuan in the first three quarters of 2024, reflecting a year-on-year increase of 0.82%. The net profit attributable to shareholders reached 108 million yuan, up 19.74% year-on-year [2][4] - Revenue showed a quarter-on-quarter improvement, with Q3 revenue at 414 million yuan, a decrease of 4.51% year-on-year but an increase of 7.85% quarter-on-quarter. This improvement is attributed to the execution of procurement policies in over 90% of provinces for a key product and the contribution from a newly approved drug [2][4] - The company is advancing its innovative drug development, with a new indication for a key product recently accepted for review by the National Medical Products Administration, indicating significant market potential [2][4] Financial Summary - For 2024 to 2026, the company is projected to achieve revenues of 1.566 billion yuan, 1.858 billion yuan, and 2.245 billion yuan, with year-on-year growth rates of 10.9%, 18.7%, and 20.8% respectively. The net profit attributable to shareholders is expected to be 143 million yuan, 185 million yuan, and 244 million yuan, with growth rates of 22.7%, 29.4%, and 31.6% respectively [2][4] - The company's earnings per share (EPS) is projected to increase from 0.84 yuan in 2024 to 1.42 yuan in 2026, reflecting a positive growth trajectory [4][5]

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 ...