Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 45.86 RMB as of November 22, 2024 [2][22] Core Views - The company is a global leader in specialized integrated circuits, sensing chips, and AI intelligent products, with applications in night vision, AI, satellite communication, autonomous driving, and more [4][7] - Revenue and net profit showed steady growth in the first three quarters of 2024, with revenue reaching 3.15 billion RMB (up 18.31% YoY) and net profit reaching 483 million RMB (up 24.94% YoY) [4][8] - R&D investment has grown steadily, with R&D expenses increasing from 111 million RMB in 2019 to 683 million RMB in 2023, at a CAGR of 57.49% [4][16] - Profitability continues to improve, with gross margin reaching 51.13% in the first three quarters of 2024, up 0.76 pct YoY [4][11] Financial Performance - Revenue for 2024E is projected at 4.32 billion RMB, with a YoY growth of 21.4%, and net profit is expected to reach 689 million RMB, up 38.9% YoY [3][22] - Gross margin is expected to remain stable at around 49% from 2024E to 2026E [3][22] - ROE is forecasted to increase from 12.9% in 2024E to 16.3% in 2026E [3][22] Quarterly Performance - Q3 2024 revenue reached 1.128 billion RMB, up 28.46% YoY and 11.16% QoQ, while net profit surged 100.35% YoY to 259 million RMB [8][11] - Gross margin in Q3 2024 was 54.11%, up 2.58 pct YoY and 1.86 pct QoQ [11] - Net profit margin in Q3 2024 was 22.96%, up 8.24 pct YoY and 13.53 pct QoQ [11] R&D and Innovation - R&D expenses in the first three quarters of 2024 were 575 million RMB, accounting for 18.26% of revenue, up 0.91 pct YoY [14] - The company continues to focus on technological innovation, particularly in infrared, microwave, and laser sensing fields [4][16] Corporate Governance - The company's chairman, Ma Hong, resumed his duties on September 19, 2024, after the lifting of detention measures by the National Supervisory Commission [4][20] Valuation - The company's PE ratio is projected to decrease from 29.9x in 2024E to 17.4x in 2026E, reflecting strong earnings growth [3][22] - EPS is expected to grow from 1.54 RMB in 2024E to 2.63 RMB in 2026E [3][22]

Investment Rating - The report maintains a "Hold" investment rating for the utility sector [1]. Core Insights - The total electricity consumption in China increased by 4.3% in October 2024, with a cumulative growth of 7.6% from January to October 2024 [1][55]. - The report highlights the introduction of the 2025 electricity market trading document by Guangdong province, which is expected to impact market dynamics [1]. - The A-share electricity index decreased by 0.68% as of November 22, 2024, with a TTM PE ratio of 17.2x [1]. Summary by Sections 1. Electricity Sector Data Tracking - **Thermal Power**: The domestic thermal coal spot price decreased by 1.76% week-on-week, with the Qinhuangdao port coal price at 835 RMB/ton as of November 22, 2024 [13]. The coal inventory at Qinhuangdao port was 6.98 million tons, up 0.4% from the previous week [13]. - **Hydropower**: As of October 2024, the cumulative hydropower installed capacity in China reached 430.88 GW, with an increase of 8.87 GW from January to October 2024 [30][32]. The hydropower generation from January to October 2024 was 1,110.1 billion kWh, reflecting a year-on-year increase of 12.2% [36]. - **Green Energy**: The report noted that from January to October 2024, new wind and solar power installations were 45.80 GW and 181.30 GW, respectively [42]. The total installed capacity for wind and solar energy reached 486.17 GW and 793.11 GW by the end of October 2024 [42]. 2. Natural Gas Key Data Tracking - The average ex-factory price of domestic gas increased by 3.34% as of November 22, 2024, while the import gas price rose by 0.65% [61]. The LNG ex-factory price nationwide was 4,536 RMB/ton, reflecting a 0.62% increase from the previous week [61]. 3. Industry News - The report emphasizes the cumulative electricity consumption in China from January to October 2024, which reached 81,836 billion kWh, marking a year-on-year growth of 7.6% [55]. The introduction of the 2025 electricity market trading document by Guangdong province is also highlighted as a significant development [1]. 4. Investment Recommendations - For the electricity sector, the report recommends focusing on stable-performing local thermal power companies such as Zhejiang Energy, Anhui Energy, and Shenneng Shares, as well as major state-owned enterprises like Guodian Power and Huaneng International [1]. In the hydropower sector, recommended companies include Guotou Power and Chuan Investment Energy [1]. For the gas sector, the report suggests investing in companies like Xin'ao Shares and Jiufeng Energy [1].

Investment Rating - The report maintains a "Buy" rating for the transportation industry, specifically highlighting companies such as Spring Airlines, Juneyao Airlines, Air China, Southern Airlines, and China Eastern Airlines as part of the recommended portfolio [3][8]. Core Insights - SF Express plans to conduct a secondary listing in Hong Kong on November 27, 2024, with a global offering of 170 million H shares, aiming to raise approximately HKD 58.31 billion [8][9]. - The report indicates a positive trend in the express delivery sector, with a year-on-year increase in business volume and revenue, reflecting a robust recovery in logistics and transportation services [21][24]. Summary by Sections Weekly Focus (11.17-11.23) - SF Express is set to launch a secondary listing in Hong Kong, with a price range of HKD 32.3-36.3 per share, and the offering is expected to enhance its international logistics capabilities [8][9]. Industry Data Tracking (11.17-11.23) - Domestic flight volume reached 86,137 flights, averaging 12,305 flights per day, which is a 0.88% increase from the previous week and 105.43% of the same period in 2019 [10][11]. - The average ticket price for domestic flights increased by 2.96% compared to the previous week, while the passenger load factor was reported at 80.85% [10][11]. Express Delivery Data - The average daily collection volume for express delivery was approximately 580 million pieces, with a week-on-week increase of 2.19% [21]. - Year-to-date, the average daily collection volume is about 458 million pieces, reflecting a year-on-year increase of 26.71% [21][24]. Key Company Performance - SF Express reported a total revenue of CNY 240.96 billion, with a year-on-year growth of 16.2%, and a business volume of 1.207 billion pieces, marking a 26.9% increase [36][37]. - The report highlights the performance of major express companies, with YTO Express, Yunda Express, and Shentong Express also showing significant revenue growth [36][37].

行 ＃title＃ 北 行 बार 周报 | --- | --- | |----------|-------| | 相关公司 | | | 相关公司 | 评级 | | 宝钢股份 | 增持 | | 华菱钢铁 | 增持 | | 南钢股份 | 增持 | | 河钢资源 | 增持 | | 久立特材 | 增持 | | | | | 甬金股份 | 增持 | 证券研究报告 ＃industryId＃ 钢铁 laifuyang@xyzq.com.cn （1）铁矿石：铁矿石方面，全球铁矿石发货量 3010.9 万吨，周环比下降 9.8 万吨。日均铁 水产量 235.8 万吨，环比下降 0.14 万吨。基本面上，本期铁矿石供强需弱，受前期发运量 节奏的影响，铁矿石到港量增多，港口疏港量平稳，但港口库延续累库。目前终端市场需 求相对平淡，近期整体铁水产量小幅反弹。冬季逐步临近，随着需求季节性走弱，预计铁 水产量反弹高度有限，但临近冬储阶段，铁矿在宏观政策带动下或维持较强态势。（2）焦 炭：本期焦炭价格偏弱运行，第三轮提降落地，当前价格仍有向下压力，产业上下游将持 续博弈，焦炭价格预计维持偏弱运行。 板块重点数据跟踪 需求偏弱：本期（11. ...

＃ 除 ＃assAuthor＃ 行 业 研 究 行 业 周 报 证券研究报告 ＃非银industryId 金融 ＃ | --- | --- | |---------------------|-------| | 重点公司 \n重点公司 | 评级 | | 中国太保 | 买入 | | 中国平安 | 增持 | | 新华保险 | 增持 | | 中国人寿 | 增持 | | 江苏金租 | 增持 | | 东方财富 | 增持 | | 中信证券 | 增持 | | 瑞达期货 | 增持 | | 浙商证券 | 增持 | | 国联证券 | 增持 | | | | 来源：兴业证券经济与金融研究院 ＃相关报告 relatedReport＃ ＃分析师： emailAuthor＃ 《 兴 证 非 银 周 报 （ 241111- 241115）：市值管理指引落地，助 力资本市场高质量发展》2024-11- 17 《 兴 证 非 银 周 报 （ 241104- 241108）：权益市场热度延续，政 策及市场表现利好非银》2024-11- 10 S0190521060001 研究助理： lisiqian@xyzq.com.cn 徐一洲 李思倩 推荐 ...

Industry Investment Rating - The report maintains a positive outlook on the home appliance industry, with key companies such as **Midea Group** (增持), **Haier Smart Home** (买入), **Roborock** (增持), **Hisense Visual** (增持), and **Xinbao Electric** (增持) receiving favorable ratings [2] Core Views - **Strong Export Growth**: In October 2024, China's home appliance exports reached 390 million units, a year-on-year increase of 24.9%, with export value in USD terms rising by 23.2% to $8.58 billion [11] - **Regional Performance**: Emerging markets outperformed developed markets, with Latin America showing better growth than Southeast Asia and Africa, and Europe outperforming North America [18] - **Category Performance**: Air conditioner exports saw the highest monthly growth in three years, with significant improvements in exports of refrigerators, washing machines, TVs, and vacuum cleaners [14] - **Price Trends**: Copper and aluminum prices declined in week 47 of 2024, while ABS prices remained flat, and panel prices stayed unchanged [41][48] Key Price Tracking - **Copper and Aluminum**: Copper prices averaged 74,368 yuan/ton, down 0.95% week-on-week, while aluminum prices averaged 20,618 yuan/ton, down 1.76% week-on-week [41] - **Panel Prices**: Global panel prices for 65", 55", 43", and 32" sizes remained flat at $171, $124, $63, and $34 per piece, respectively [48] - **Shipping Indices**: The CCFI composite index and Europe index rose by 2.01% and 3.42% respectively, while the US West index fell by 5.16% in week 47 of 2024 [50] Investment Recommendations - **White Goods Leaders**: Continued recommendation of leading white goods companies such as **Gree Electric**, **Midea Group**, **Haier Smart Home**, and **Hisense Household Appliances** [54] - **Subsidy-Driven Growth**: Positive outlook on **Hisense Visual**, **TCL Electronics**, and **Ecovacs** due to potential subsidy-driven performance elasticity [54] - **Kitchen Appliances**: Focus on kitchen appliance leaders like **Fotile** and **Vatti** [54]

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry, particularly focusing on AI applications and the domestic innovation industry chain [1]. Core Insights - The report emphasizes the acceleration of AI application realization both domestically and internationally, highlighting significant growth in leading AI companies' performance [3][4]. - It suggests focusing on core sectors and significant changes, recommending a contraction of investment lines to areas with strong fundamental improvements [3]. - The report continues to recommend the domestic innovation industry chain, which is expected to benefit from local government debt relief and ongoing market opportunities [3][4]. Summary by Sections Industry Weekly Perspective - The report highlights the overall increase in sector valuations, with a narrowing upward slope and increased volatility, indicating a need to focus on sectors with strong fundamentals [3][16]. - It suggests that the domestic innovation sector is a key area for medium to long-term investment, with increasing business opportunities and demand from government projects [3][16]. AI: Acceleration of Domestic and International Large Model Applications - The report notes that AI applications are experiencing rapid growth, with significant revenue increases reported by companies like NVIDIA, which achieved $35.082 billion in revenue for Q3 2024, a 93.61% year-on-year increase [20]. - It highlights the impressive performance of domestic AI applications, with a 87.2% year-on-year increase in global AI application traffic [21]. - The report indicates that the number of large model projects in China reached a record high in October 2024, with application projects accounting for over 50% of the total [25]. Investment Recommendations and Target Companies - The report recommends focusing on AI applications in various sectors, including office, education, finance, healthcare, and marketing [27]. - Suggested companies for investment include domestic software firms like China Software, Kingsoft Office, and AI application leaders like iFlytek and Newland [18][27]. Market Review - The report notes that from November 17 to November 23, the computer index fell by 3.10%, underperforming compared to other indices [29]. - It provides a detailed performance review of various companies within the sector, highlighting significant fluctuations in stock performance [30]. Major News - The report covers significant developments in AI, including the launch of new AI models and government initiatives to support the growth of the AI sector [33][34]. - It also discusses advancements in industrial internet applications and cloud computing technologies, emphasizing their importance in the current market landscape [46][47].

重点公司 评级 陕西煤业 买入 中国神华 增持 兖矿能源 增持 淮北矿业 增持 潞安环能 增持 晋控煤业 增持 山西焦煤 增持 电投能源 增持 华阳股份 增持 平煤股份 增持 中煤能源 增持 山煤国际 增持 ＃emailAuthor＃ 分析师： 王锟 wangkun89@xyzq.com.cn S0190521010002 研究助理： 李冉冉 liranran@xyzq.com.cn 行 业 研 究 证券研究报告 ＃industryId＃ 煤炭开采 ＃investSuggestion 推荐 ＃ ＃ investSuggestionC hange＃ （维持） ＃title＃ 煤炭行业周报（11.17-11.23）—— 动煤日耗如期提升，焦煤中期需求不宜悲观 ＃createTime1＃ 2024 年 11 月 24 日 投资要点 ＃⚫ summary 动力煤:＃动煤价格震荡走低，电厂日耗大幅上行 动力煤港口价格：11 月 22 日，秦皇岛动力煤平仓价为 837 元/吨，周环比减少 13 元/吨；2024 年 11 月，动力煤长协价（Q5500）为 699 元/吨，环比持平，同 比减 2.0%。 产地坑口价：11 ...

Investment Rating - The report maintains a positive investment rating for the photovoltaic industry, highlighting structural opportunities driven by new technology and profit improvement in the main industry chain [2][12]. Core Insights - The photovoltaic industry is undergoing optimization due to the release of the "Photovoltaic Manufacturing Industry Norms (2024 Edition)" by the Ministry of Industry and Information Technology, which imposes stricter energy and water consumption standards for new and expanded production capacities [12][20]. - The report emphasizes the potential for price recovery across the photovoltaic supply chain, driven by self-discipline in production limits and a decrease in export tax rates [20][23]. - The report also highlights the growing importance of solid-state lithium batteries and the advancements in battery materials, which are expected to enhance energy density and overall battery performance [24][25]. - The wind power sector is experiencing a significant uptick in project approvals and construction, particularly in offshore wind projects, which are expected to see substantial growth in installed capacity [27][29]. - The report notes a steady increase in investment in the power grid sector, with a 17.1% year-on-year growth in completed investments in October 2024, indicating robust demand for grid infrastructure [32][33]. Summary by Sections Industry Weekly Viewpoints - The report discusses the impact of new regulations on the photovoltaic industry, which are expected to lead to a healthier industry structure and improved profitability for leading companies [12][20]. - It also highlights the anticipated growth in solid-state battery technology and its implications for the battery materials market [24][25]. Market Review - The report notes a decline in the Shanghai Composite Index by 1.91% during the review period, with the power equipment sector experiencing a slight decrease of 1.66% [39]. Industry Tracking - The report provides updates on lithium battery material prices, indicating slight fluctuations in various components, including a small increase in three-element cathode prices and a decrease in precursor prices [45][46].

Investment Rating - The report does not provide a specific investment rating for the company [4] Core Insights - In Q1-Q3 2024, the company achieved revenue of 187.85 million yuan, a year-on-year increase of 8.11%, and a net profit attributable to shareholders of 30.60 million yuan, up 7.20% year-on-year. The non-recurring net profit was 27.10 million yuan, reflecting a year-on-year increase of 1.69%. The gross margin was 30.50%, up 0.55 percentage points year-on-year, while the net profit margin was 16.35%, down 0.15 percentage points year-on-year [1] - In Q3 2024, the company reported revenue of 60.57 million yuan, a year-on-year decrease of 8.74%, and a net profit attributable to shareholders of 8.41 million yuan, down 14.58% year-on-year. The non-recurring net profit was 7.38 million yuan, down 16.25% year-on-year. The gross margin was 29.99%, up 1.40 percentage points year-on-year, while the net profit margin was 13.96%, down 0.96 percentage points year-on-year [1] - The company focuses on "smart manufacturing of electronic products," emphasizing "small batch, multiple varieties" in the market, and is committed to the research and production of new products and technologies [6] Financial Performance - For the first three quarters of 2024, the company reported a gross margin of 30.50%, a year-on-year increase of 0.55 percentage points, and a net profit margin of 16.35%, a decrease of 0.15 percentage points year-on-year. The selling expense ratio was 1.37%, down 0.86 percentage points year-on-year, while the management expense ratio was 7.65%, down 0.03 percentage points year-on-year. The R&D expense ratio was 5.43%, up 0.30 percentage points year-on-year, and the financial expense ratio was -0.82%, an increase of 2.48 percentage points year-on-year [5] - The company's operating cash flow net amount was 39.35 million yuan, a year-on-year decrease of 14.47% [5] - As of November 19, 2024, the company's market capitalization was 2.493 billion yuan, corresponding to a PE (TTM) of 60.71 times [6]