Investment Rating - The industry investment rating is maintained as "Increase" [5] Core Viewpoints - In Q3 2024, the tourism and scenic area revenue growth has slowed down due to a high base from the previous year, with total revenue for the first three quarters reaching 26.627 billion, a year-on-year increase of 18.14%, while Q3 revenue was 10.825 billion, up 6.59% year-on-year [2] - The hotel and catering sector has also experienced a decline in performance, with total revenue for the first three quarters at 22.598 billion, a year-on-year decrease of 0.58%, and Q3 revenue down 6.22% to 8.058 billion [3] - Despite the challenges, domestic tourism consumption is expected to achieve steady growth in Q4, with data showing that during the National Day holiday, there were 765 million domestic trips, a year-on-year increase of 5.9% [4] Summary by Sections Tourism and Scenic Areas - The tourism and scenic area sector's total revenue for Q3 2024 was 10.825 billion, with a year-on-year growth of 6.59% [2] - The net profit attributable to the parent company for Q3 2024 was 1.749 billion, reflecting a year-on-year increase of 10.78% [2] - Major companies in this sector showed varying performance, with some experiencing declines in net profit [2] Hotel and Catering - The hotel and catering sector's total revenue for Q3 2024 was 8.058 billion, down 6.22% year-on-year [3] - The net profit attributable to the parent company for Q3 2024 was 618 million, a significant decline of 33.53% [3] - The sector's performance is influenced by increased supply and a high base from the previous year [3] Investment Recommendations - The report suggests focusing on companies such as Songcheng Performance, ShouLai Hotel, Jinjiang Hotel, and others for potential investment opportunities [4]

Investment Rating - The report maintains an "Overweight" rating for the electronic industry [2][8]. Core Insights - The Samsung Galaxy Z Fold special edition is in high demand, indicating potential benefits for the related supply chain. The device sold out within 10 minutes of its release in South Korea, suggesting strong consumer interest [5][15]. - Apple's iPhone 16 series has shown robust performance in Q3 2024, with a record shipment of 54.5 million units, benefiting the related supply chain [6][16]. - Passive components from leading manufacturers like Murata and TDK are expected to see price increases of 10% to 20%, which could benefit the passive components supply chain [7][14]. - Advanced packaging technology is gaining importance, with Japanese manufacturer Rapidus starting a new R&D line, which is expected to benefit the related supply chain [7][14]. Summary by Sections 1. Core Insights and Investment Recommendations - The report highlights the strong demand for the Samsung Galaxy Z Fold special edition and anticipates continued benefits for the supply chain [5]. - The iPhone 16 series has achieved significant sales, particularly in emerging markets, which is expected to drive further growth in the Apple supply chain [6]. - Recommendations include focusing on companies benefiting from the Android new releases, Apple product launches, and rising prices in the passive components sector [8]. 2. Market Review - The A-share Shenwan electronic index fell by 2.18% during the week of October 28 to November 1, underperforming the CSI 300 index by 0.5 percentage points [9]. - Among the sub-sectors, optical optoelectronics performed best with a 4.06% increase, while semiconductors saw a decline of 4.27% [9][10]. 3. Industry News - Reports indicate that leading passive component manufacturers are likely to raise prices due to increased demand from smartphone launches and a recovering PC market [14]. - Rapidus has initiated the construction of an advanced packaging R&D line, which is expected to enhance the semiconductor supply chain [14]. 4. Company Dynamics - Companies like Jiemai Technology and Liying Intelligent Manufacturing are expanding their production capacities and enhancing their technological capabilities to meet market demands [17][18]. 5. Company Announcements - Key announcements from companies such as Kai Sheng Technology and San Huan Group indicate varying revenue growth rates, with some companies reporting significant increases in net profits [20].

Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook based on expected growth in its core business and new energy storage initiatives [5]. Core Viewpoints - The company is a well-known ODM manufacturer of cleaning appliances, primarily focusing on vacuum cleaners and related components, with a significant presence in both international and domestic markets [2][12]. - The company has experienced rapid growth in recent years, with a CAGR of 18.49% in revenue and 14.69% in net profit from 2018 to 2023, although there was a decline in 2023 [15][28]. - The outlook for the cleaning appliance sector remains optimistic, driven by the potential for increased sales in the Asia-Pacific region and the expansion of its major client, SharkNinja, into new markets [3][22][28]. - The company is strategically entering the energy storage market, which is expected to provide new growth opportunities, particularly in the commercial sector [4][34]. Summary by Sections 1. Company Overview - The company was established in August 2002 and specializes in the R&D, design, production, and sales of smart cleaning appliances and brushless motors [2][12]. - It has become a leading ODM supplier in the cleaning appliance sector and ranks among the top ten vacuum cleaner exporters in China [2][12]. 2. Cleaning Appliance Market Outlook - The global vacuum cleaner market has shown steady growth, with a compound annual growth rate (CAGR) of 3.1% from 2009 to 2023 [22]. - The company’s sales to SharkNinja have increased significantly, with sales rising from 980 million yuan in 2019 to 2.256 billion yuan in 2022, although there was a slight decline in 2023 [3][28]. - The company is also expanding its product line to include new cleaning devices such as floor cleaning machines and fabric cleaning machines, which are expected to contribute to future revenue [3][32]. 3. Energy Storage Business Development - The company has made strategic investments in the energy storage sector, acquiring a 51% stake in Ningbo Yongneng New Energy Technology Co., Ltd. and establishing a partnership for investment in energy-related projects [4][34]. - The energy storage market in China is rapidly growing, with a projected compound annual growth rate of 73% from 2024 to 2025 [4][34]. - In 2023, the company’s energy storage business accounted for 10.8% of its total revenue, indicating a significant contribution to overall performance [33]. 4. Financial Projections and Investment Recommendations - Revenue projections for 2024-2026 are estimated at 2.921 billion yuan, 3.156 billion yuan, and 3.387 billion yuan, respectively, with corresponding net profits of 264 million yuan, 294 million yuan, and 319 million yuan [5][6]. - The expected earnings per share (EPS) for 2024-2026 are projected to be 0.47 yuan, 0.52 yuan, and 0.57 yuan, with price-to-earnings (PE) ratios of 28, 25, and 23 times, respectively [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Views - The company reported a revenue of approximately 16.906 billion yuan for the first three quarters of 2024, a year-on-year increase of about 6.07%, while the net profit attributable to the parent company was approximately -532 million yuan, a year-on-year decrease of about 445.02% [1] - The company plans to sell 100% equity of TMD LLC for an initial transaction price of 40 million USD, which aligns with its strategic plan to enhance the quality and efficiency of overseas assets [1] - The company is expanding its new business categories, including hidden electric air outlets and vehicle refrigerators, which are expected to become new growth points [1] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of approximately 5.9 billion yuan, a year-on-year increase of about 7.20% and a quarter-on-quarter increase of about 3.15% [1] - The gross profit margin for Q3 2024 was approximately 14.08%, a decrease of 1.02 percentage points year-on-year and 0.29 percentage points quarter-on-quarter [1] - The net profit margin for Q3 2024 was approximately -11.69%, a decrease of 13.05 percentage points year-on-year and 12.23 percentage points quarter-on-quarter [1] Client Performance - Major clients showed strong production performance, with NIO EC6, NIO ES6, and Li Auto L6 producing approximately 8,600, 26,900, and 76,800 units respectively in Q3 2024, with year-on-year changes of +313.77%, -11.79%, and +78.97% [1] Business Outlook - The company expects revenue for 2024, 2025, and 2026 to be approximately 23.87 billion, 28.13 billion, and 32.51 billion yuan, representing year-on-year growth rates of 10.7%, 17.8%, and 15.6% respectively [2] - The net profit attributable to the parent company is projected to be approximately -438 million, 853 million, and 1.231 billion yuan for 2024, 2025, and 2026, with year-on-year growth rates of -314.7%, +295.0%, and +44.2% respectively [2]

Investment Rating - The investment rating for the company is "Buy" [5][14]. Core Views - The company has shown steady revenue growth, with a 5.04% year-on-year increase in Q3 2024, despite a slight slowdown compared to previous quarters. The growth is attributed to the company's diversified business strategy, particularly in smart electrical appliances and new energy sectors [1][3]. - The company's gross margin decreased to 43.47% in Q3 2024, down by 1.18 percentage points year-on-year, primarily due to fluctuations in raw material prices. The net profit margin also slightly declined to 24.30% [2][3]. - The company is focusing on innovation and development in three main business areas: electrical connections, smart electrical lighting, and new energy, which are expected to drive future growth despite challenges in the real estate sector [3][4]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 12.603 billion yuan, a year-on-year increase of 8.58%, and a net profit of 3.263 billion yuan, up 16.00% year-on-year. In Q3 alone, revenue was 4.217 billion yuan, with a net profit of 1.025 billion yuan, reflecting a year-on-year growth of 3.36% [1][2]. - The company’s sales, management, R&D, and financial expense ratios for Q3 2024 were 9.19%, 4.31%, 3.60%, and -0.63%, respectively, indicating an increase in sales expenses due to higher marketing investments [2]. Profitability Forecast - The company has adjusted its net profit forecasts for 2024-2026 to 4.333 billion, 4.901 billion, and 5.516 billion yuan, respectively, with corresponding EPS of 3.35, 3.79, and 4.27 yuan, and PE ratios of 21.77, 19.25, and 17.10 times [3][4]. Market Position - The company maintains a strong brand image in the electrical connection sector, focusing on product innovation to meet diverse consumer needs. The new energy business has also expanded its product lines and channels, contributing to sustained growth [1][3].

机械设备 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 头部电池企业扩产活动重启，锂电产业链全球化 布局提速 ——行业周报（20241021-20241025） ◼ 板块行情回顾 本期（10 月 21 日-10 月 25 日），沪深 300 上涨 0.79%，A 股申万机 械设备指数上涨 3.46%，在申万 31 个一级子行业中排名第 15。申万 机械设备二级子行业中通用设备表现较好，上涨 5.93%，工程机械表 现较差，下跌 0.28%。申万机械设备三级子行业中其他通用设备表现 较好，上涨 9.85%，工程机械整机较差，下跌 0.51%。 ◼ 核心观点 头部电池企业扩产活动重启，带动产业链高景气。根据高工锂电，三 季度至今，以宁德时代、亿纬锂能为代表的电池企业投扩产活动重启， 甚至以 10GWh 级别以上的大项目为主。投扩产之外，头部电池企业 相继锁单锂盐，设备与材料供应链行情同步升温，强势拉动锂电产业 链景气度走高。仅宁德时代一家新增产能就超百 GWh。 锂电产业链全球化布局提速，科达利拟 6 亿元投建海外项目。根据证 券日报，2024 年 10 月 22 日，科达利披露公告 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [2][7][9] Core Insights - In the retail market from October 1 to 27, 2024, retail sales of passenger vehicles reached 1.812 million units, representing a year-on-year increase of 9% and a month-on-month increase of 2%. The report anticipates steady growth in domestic automotive consumption demand under supportive policies [7][23] - The inventory level of automotive dealers has increased compared to August 2024, with a comprehensive inventory coefficient of approximately 1.29 in September 2024 [7] - The market share of new energy vehicles in September 2024 was approximately 45.8%, with significant price reductions observed in various models, particularly in the new energy segment [8][26] Summary by Sections Market Review - The automotive sector declined by 0.44% from October 28 to November 1, 2024, outperforming the overall A-share market, ranking 17th among all primary industries [9][11] Industry Data Tracking - In September 2024, total automotive sales were approximately 2.809 million units, a month-on-month increase of 14.5% and a year-on-year decrease of 1.7% [17][19] - Retail sales of passenger vehicles in September 2024 were about 2.525 million units, with a month-on-month increase of 15.8% and a year-on-year increase of 1.5% [17][19] - The export of automobiles in September 2024 was approximately 539,000 units, a month-on-month increase of 5.4% and a year-on-year increase of 21.4% [19][21] Industry Dynamics - Recent developments include Huawei's establishment of 413 supercharging stations and a collaboration between Toyota and NTT to develop autonomous driving software [30] - Waymo announced the development of a new AI model, EMMA, for its autonomous taxi service, which shows promise in complex environments [30] Company Announcements - Key companies reported significant revenue growth in Q3 2024, with notable increases in revenue and net profit for companies like Kobot and Top Group [30]

Investment Rating - The industry investment rating is maintained as "Overweight" [5][37]. Core Viewpoints - International oil prices have slightly declined, with Brent crude settling at approximately $73.1 per barrel, down about 3.88% week-on-week, and WTI crude at approximately $69.49 per barrel, down about 3.2% week-on-week [12][14]. - Despite the decline in oil prices, the focus remains on high price levels benefiting upstream oil and gas companies, with U.S. crude production expected to grow in the next two years [16][2]. - The oil service sector shows a stable number of active drilling rigs in North America, while globally, the number of drilling platforms has increased, indicating positive business expansion opportunities for oil service companies [17][2]. - The refining sector is experiencing improved margins, particularly in Singapore, with diesel and gasoline price spreads increasing, suggesting a recovery in refining company performance [19][2]. - Polyester terminal prices indicate a potential recovery for long filament enterprises, with inventory levels decreasing and price spreads showing signs of improvement [22][2]. Summary by Sections Market Performance - The CITIC oil and petrochemical sector declined by approximately 1.66% during the week, underperforming the Shanghai Composite Index by about 0.82 percentage points [9][1]. - Key stocks that led the gains included International Industry, Baoli International, and Hongtian Co., while stocks like Bohui Co. and Yuxin Co. faced declines [11][1]. Upstream Oil & Gas Sector - The EIA forecasts U.S. crude production to reach 13.2 million barrels per day in 2024 and nearly 13.5 million barrels per day in 2025, maintaining a growth trend [16][2]. - The report suggests focusing on major state-owned enterprises like China National Petroleum and China National Offshore Oil for investment opportunities [3][2]. Oil Service Sector - The number of active drilling rigs in North America remained stable week-on-week but showed a significant year-on-year decline [17][2]. - Global drilling platform activity has increased, which is favorable for oil service companies [17][2]. Midstream Refining Sector - The Singapore diesel price spread increased by approximately $5.6 per barrel, indicating a strong performance in refining margins [19][2]. - The report highlights potential investment opportunities in refining companies like Hengli Petrochemical and Rongsheng Petrochemical [3][2]. Terminal Polyester Sector - The POY price spread is approximately 1425 RMB per ton, with overall inventory levels decreasing, suggesting a recovery potential for long filament companies [22][2]. - The report recommends focusing on companies like Xin Fengming and Tongkun Co. for investment [3][2]. C3 Sector - The acrylic acid market price is approximately 6625 RMB per ton, with a price spread against propane of about 2131 RMB per ton [28][2]. Investment Recommendations - The report identifies four main investment themes: state-owned enterprises focusing on oil and gas reserves, growth in global upstream capital expenditure benefiting oil service companies, improvement in supply-demand dynamics in the long filament industry, and refining companies planning new capacities [3][32].

Investment Rating - The industry investment rating is "Increase" [6][21]. Core Viewpoints - The excavator market is expected to continue its recovery in October, with CME estimating sales of around 16,000 units, a year-on-year increase of approximately 10% [3][8]. - For the first ten months of 2024, overall excavator sales in China are expected to remain stable year-on-year, with a narrowing decline. The domestic market is projected to grow over 9%, while export sales are expected to decline by 8% [3][8]. - The domestic market shows a clear recovery trend, with October sales estimated at 8,000 units, reflecting a nearly 18% year-on-year increase. Factors contributing to this include a new round of concentrated replacement cycles and the gradual effects of real estate policy easing [3][8]. - The export market is also recovering, with an estimated 8,000 units sold in October, representing a year-on-year increase of nearly 3% [3][8]. - Major manufacturers like SANY Heavy Industry, XCMG, and Zoomlion have maintained growth in profitability, with overseas revenue proportions increasing [3][8]. Summary by Sections 1. Market Review - From October 28 to November 1, the Shanghai Composite Index fell by 1.68%, while the A-share machinery equipment index decreased by 0.05%, ranking 15th among 31 first-level sub-industries [2][10]. - The engineering machinery sector performed well, increasing by 4.9%, while automation equipment declined by 2.35% [10]. 2. Key Company Announcements - SANY Heavy Industry reported a revenue of 191.52 billion yuan for Q3 2024, a year-on-year increase of 19.4%, with a net profit of 12.95 billion yuan, up 96.49% [12]. - China National Heavy Duty Truck Group achieved a revenue of 91.86 billion yuan in Q3 2024, with a net profit of 3.15 billion yuan, marking a 97.88% increase [13]. 3. Investment Recommendations - The report suggests focusing on companies such as SANY Heavy Industry, XCMG, Zoomlion, Liugong, and Hengli Hydraulic, as the excavator market shows signs of recovery [4][9].

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [4][11][13]. Core Views - Short-term bullish factors for gold have been over-traded, leading to significant downward pressure on gold prices. The market anticipates a Federal Reserve rate cut in November and December, which may support gold prices in the medium to long term [4][11][13]. - Industrial metals require attention to policy-driven demand and economic performance. The report highlights fluctuations in copper and aluminum production rates, indicating mixed performance in the industrial metals sector [12][24][25]. - The ongoing unrest in Myanmar raises supply concerns for rare earth elements, with prices for certain rare earth oxides showing slight increases. The report suggests that prolonged disruptions could benefit rare earth prices [12][34][35]. Summary by Sections 1. Core Views and Investment Recommendations - Gold prices are under pressure due to over-trading of bullish factors, with a current price of 2745.9 USD/oz, down 0.54% from the previous week. The market expects the Federal Reserve to cut rates by 25 basis points in both November and December [11][21][24]. - Industrial metals like copper and aluminum are influenced by domestic policies and economic performance, with copper production rates at 74.12% and aluminum at 50.4% [12][25]. - Rare earth prices have seen slight increases due to supply concerns from Myanmar, with prices for praseodymium-neodymium oxide up by 0.24% [12][34][35]. 2. Weekly Sector Performance Review - The non-ferrous metals index increased by 1.64% this week, ranking 7th among 31 sectors, with a year-to-date increase of 13.04% [15][17]. - The sub-sectors showed varied performance, with magnetic materials up 18.48% and aluminum down 1.76% [15][17]. 3. Price and Inventory Performance 3.1 Precious Metals - COMEX gold and silver prices reported at 2745.9 USD/oz and 32.575 USD/oz, respectively, with significant changes in non-commercial net long positions [21][24]. 3.2 Industrial Metals - LME copper and aluminum prices decreased by 0.26% and 2.51%, respectively, while SHFE copper and aluminum prices increased slightly [24][25][26]. 3.3 Energy Metals - Lithium carbonate prices increased by 0.82%, while nickel prices remained stable [30][31]. 3.4 Minor Metals and New Materials - Rare earth prices have increased slightly, with praseodymium-neodymium oxide prices up by 0.24% [34][35].