Company Overview - The company is a leading domestic supplier of optoelectronic core chips, focusing on the optical communication industry, with main businesses covering optical chips and devices, indoor optical cables, and cable materials [65] - The company's products are mainly used in backbone and metropolitan area networks, fiber-to-the-home, data centers, and 4G/5G construction, and it has successfully achieved mass production of PLC splitter chips and AWG chips [65] - The company has established a comprehensive IDM business system covering chip design, wafer manufacturing, chip processing, and packaging testing, and has broken through a series of key technologies [71] - The company's main products include PLC splitter chip series, AWG chip series, DFB laser chip series, fiber connectors, indoor optical cables, and cable materials [65] Industry Trends - The global optical chip market is expected to grow at a CAGR of 14.86% from 2023 to 2027, with high-speed optical chips growing faster than medium and low-speed chips [108] - The demand for high-speed optical chips is driven by AI, cloud computing, and big data technologies, which are pushing the development of the data communication market [36] - The global optical cable market is expected to recover in 2025, with a growth rate of 6.2%, driven by the rebound in the US market, recovery in Europe, and stabilization in China [122] - The global optical chip market is expected to exceed 50% growth in 2024, reaching a record high, with high-speed optical chips growing faster than medium and low-speed chips [108] Market Position and Competitive Advantage - The company's PLC splitter chips have the second-largest global market share, with the top five manufacturers accounting for about 79% of the market [142] - The company has developed over 20 types of equal-split PLC splitters and has recently developed FTTR non-equal-split splitters, gaining wide recognition from global customers [140] - The company's DWDM AWG chips have entered the supply chain of major domestic and international equipment manufacturers and are being supplied in bulk, with the ability to supply DWDM AWG modules gradually improving [140] - The company has achieved breakthroughs in the performance indicators of high-power CW DFB lasers for silicon photonics, with products undergoing reliability verification at clients and achieving small-scale sales [152] Financial Performance - In the first three quarters of 2024, the company achieved revenue of 729 million yuan, a year-on-year increase of 34.77%, and a net profit of 36.209 million yuan, a year-on-year increase of 231.0% [68] - In Q3 2024, the company achieved revenue of 280 million yuan, a year-on-year increase of 32.74%, and a net profit of 24.2527 million yuan, a year-on-year increase of 344.53% [68] - The company's gross margin has gradually recovered in 2024, with the gross margin of the optical chip and device business being higher than the overall gross margin [131] Future Outlook - The company is focusing on the development of 400G/800G optical modules, high-power CW DFB lasers, and DWDM AWG chips, with some products already achieving customer verification and bulk shipments [92] - The company is actively expanding into new application scenarios for optical chips, such as data center silicon photonics, laser radar, and gas sensing, with some products entering the sampling stage and achieving sales [119] - The company is expected to benefit from the increasing demand for high-speed optical modules, with its AWG components, fiber connectors, and CW light sources expected to benefit from the growth of high-speed optical modules [22]

Market Performance - The A-share market experienced fluctuations with growth sectors leading the gains, showing a slight upward trend [1] - The financial sector led the A-share market with minor adjustments, while the automotive and home appliance sectors also showed slight gains [1] - The Shanghai Composite Index and the ChiNext Index had average P/E ratios of 14.40x and 36.97x respectively, indicating a suitable environment for long-term investment [3] - The market is expected to maintain a volatile upward trend, with a focus on domestic macro policies and capital market reforms [3][4] Industry Insights - The power and utilities sector outperformed the market, with the CITIC Power and Utilities Index rising by 2.72% in December, outperforming the CSI 300 by 0.96 percentage points [5] - Wind and solar power accounted for 40.51% of total installed capacity by the end of November, while thermal power decreased to 44.34% [6] - Natural gas production grew steadily but at a slower pace, with imports declining by 0.8% in November [7] - The automotive sector saw strong performance, with passenger vehicle sales reaching 108.3 million units in December, a 34% year-on-year increase [9] - New energy vehicles continued to gain market share, with a penetration rate of 45.6% in November [9] Policy and Economic Environment - The recent Politburo meeting signaled more proactive macro policies, including stabilizing the property and stock markets, boosting consumption, and implementing more active fiscal and monetary policies [3][4] - The Fed's latest statements suggest a potential slowdown in the pace of interest rate cuts, which could impact external market conditions [3][4] - The domestic macro policy environment is expected to support market confidence and stabilize expectations, with a focus on technological innovation and industrial upgrading [3][4] Investment Opportunities - Short-term investment opportunities are recommended in sectors such as automotive, grid equipment, banking, and insurance [3][4] - The power and utilities sector is rated as "Outperform," with a focus on high-dividend, low-valuation assets such as large hydropower and nuclear power companies [11][20] - The automotive sector is expected to benefit from policy-driven demand, with a focus on intelligent and new energy vehicles [9] - The pet food export market showed strong growth, with a 13.9% year-on-year increase in November, driven by rising pet ownership and consumption levels [20] Sector-Specific Data - In November, industrial natural gas production reached 20.7 billion cubic meters, a 3.1% year-on-year increase, while imports fell by 0.8% [7] - The national natural gas apparent consumption in November was 34.86 billion cubic meters, a 0.5% year-on-year decrease [7] - The automotive sector saw a 34% year-on-year increase in retail sales in December, with cumulative sales reaching 21.34 million units, a 6% increase year-on-year [9] - New energy heavy trucks saw a record high in November, with sales reaching 10,100 units, a 117% year-on-year increase [9]

图 23：全国天然气表观消费量月度走势 本月国际天然气价延续上涨势头，国内下跌。12 月 24 日，纽约商业交易所天然气期货收 盘价（连续）为 3.95 美元/百万英热，本月上涨 7.19%。12 月 25 日，中国液化天然气出厂价 格指数为 4553 元/吨，本月上涨 1.43%。 第11页/共18页 资料来源：NYMEX，中原证券研究所 资料来源：上海石油天然气交易中心，中原证券研究所 三峡出入库流量延续回落走势。根据长江三峡通航管理局数据，12 月 25 日，三峡入库流 量为 7700 立方米/秒，出库流量为 7000 立方米/秒，12 月以来三峡入、出库日均流量较 2023 年同期日均流量分别下降 7.41%、27.31%。 2）水电来水不及预期风险； 3）新能源市场竞争加剧风险； | --- | --- | --- | --- | --- | --- | |----------------------------------------------|---------------------------------------------------------------------------- ...

Investment Rating - The report suggests a positive outlook for the A-share market, indicating that the average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are at 14.40 times and 36.97 times respectively, which are at the median levels over the past three years, making it suitable for medium to long-term investment [21]. Core Views - The A-share market experienced a slight upward trend after initial declines, with key sectors such as communication equipment, semiconductors, electronic components, and automobiles performing well, while sectors like electricity, insurance, coal, and pharmaceutical commerce lagged [21][22]. - The total trading volume in the two markets was 12,865 billion, which is above the median of the daily average trading volume over the past three years [21]. - Recent policy signals from the Political Bureau meeting indicate a commitment to more proactive macroeconomic policies aimed at stabilizing the real estate and stock markets, boosting consumption, and implementing moderately loose monetary policies [21][22]. - The report anticipates that the market's focus will shift towards domestic macro policies and their impact on maintaining investor confidence and stabilizing expectations, with a strong emphasis on supporting technological innovation and industrial upgrades [21][22]. Summary by Sections A-share Market Overview - The A-share market showed a mixed performance with the Shanghai Composite Index closing at 3,393.35 points, down 0.01%, and the Shenzhen Component Index at 10,603.10 points, down 0.64% [2][21]. - The ChiNext 50 Index increased by 0.33%, while the ChiNext Index decreased by 0.55% [2][21]. Sector Performance - The report highlights that over 70% of stocks in the two markets rose, with significant gains in sectors such as power equipment, communication devices, commercial retail, electronic components, and consumer electronics [14][21]. - Conversely, sectors like electricity, coal, pharmaceutical commerce, cement, and banking experienced declines [14][21]. Future Market Outlook and Investment Recommendations - The report recommends short-term investment opportunities in the automotive, communication equipment, semiconductor, and consumer electronics sectors [21][22]. - It emphasizes the need to closely monitor policy changes, capital flows, and external factors that may influence market dynamics [21][22].

3.3.2. 河南上市公司重要事件 4. 河南拟上市公司 本报告版权属于中原证券研究所股份有限公司 www.ccnew.com 第 15页/共 19页 请阅读最后一页各项声明 4.2. 提交 IPO 审核申报企业 资料来源：Wind，中原证券研究所 6. 风险提示 | --- | --- | --- | --- | |---------------------|---------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------| | 附表 1：2024 \n日期 | 年 11 月份河南 \n证券代码 | A 股上市公司重点公告一览表 \n 公告标题 | 主题 | | 2024-11-21 | 002431.SZ | 棕榈股份:关于项目中标的进展公告 | 重大合同 | | 20 ...

第 5页/共 19页 从投资端看，2024 年 1-11 月，全省固定资产投资同比增长 6.9%，比 1-10 月加快 0.2 个 百分点。其中工业投资增长 21.5%，为重要支撑力量，其中对轻纺产业、食品产业投资分别增 长 44.1%、40.0%。基础设施投资下降 0.5%，其中水利、环境和公共设施管理业以及信息传输 业相关投资增势较好。1-11 月，全省房地产开发投资、新建商品房销售面积、房地产开发企业 到位资金分别录得-7.9%、-12.7%、-7.1%，开工、销售、资金等多个指标均呈现逐月向好趋势， 房地产市场改善迹象不断夯实。 总体来看，2024 年 11 月份，河南省工业生产稳定增长、消费潜力加速释放、固定资产投 资加快增长，经济运行呈现持续稳定向好的发展态势。12 月 2 日省委经济工作务虚会强调"要 切实用好国家存量政策和增量政策红利，用好用足存量政策，及时跟进增量政策，找准政策落 地执行、结合转化的突破口"，未来伴随政策效果落地显现，全省经济动能与优势有望得到进 一步增强。 工业方面，中部省份工业生产维持高位增长。其中，安徽省和江西省表现强势，1-11 月规 上工业增加值增速分别达到 8.8 ...

资料来源：聚源，中原证券研究所 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -14% -9% -3% 2% 8% 13% 19% 24% 2023.12 2024.04 2024.08 2024.12 上证指数 深证成指 | --- | --- | --- | |--------------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 3,393.35 | -0.01 | | 深证成指 | 10,603.10 | -0.64 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,985.63 | 0.05 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,769.05 | 0.09 ...

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本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 农林牧渔 资料来源:卓创资讯,中原证券研究所 本报告版权属于中原证券股份有限公司 www.ccnew.com 公司简称 23EPS 24EPS 24PE 评级 乖宝宠物 1.15 1.38 46.82 增持 秋乐种业 0.48 0.30 43.76 增持 盈利预测和投资评级 海大集团 1.66 2.72 15.49 增持 佩蒂股份 -0.04 0.67 17.63 增持 农林牧渔 资料来源:农业农村部,中原证券研究所 第 4 页 / 共 15 页 2024 年 11 月份生猪自繁自养盈利和仔猪育肥理论盈利月均值环比下滑。根据卓创资讯 数据统计，11 月生猪自繁自养理论盈利均值 405.50 元/头，环比降 124.49 元/头，跌幅 23.49%；同比上涨 479.55 元/头，涨幅 647.60%；11 月仔猪育肥理论盈利均值 234.76 元/ 头，环比跌 124.53 元/头，跌幅 34.66%；同比上涨 404.58 元/头，涨幅 238.24%。 2024 年 12 月生猪理论出栏量或继续增加，且前期部分压栏大猪 ...

表 3: 中信一级行业全天深跌幅分布情况（单位：点） 15 17 19 21 23 25 27 29 31 33 35 10 11 12 13 14 15 16 17 18 19 上证所:平均市盈率 深交所:股票平均市盈率（右） 表 1: A股主要指数表现（单位:点） | --- | --- | --- | --- | --- | |------------|-------|-----------------------------------------------|----------------|------------| | | | 表 2：港股主要指数表现（单位：点） \n指数名称 | 最新价 | 当天涨跌幅 | | | | 恒生指数 | 20,098.29 1.1% | | | | | 恒生国企指数 | 7,303.92 1.3% | | | | | 恒生红筹指数 | 3,751.97 0.8% | | | 资料来源： | Wind | ，中原证券研究所 | | | | --- | --- | --- | |------------|-------------------------------- ...