Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1] Core Views - The company has shown enhanced profitability with a continuous high growth in revenue, although the growth rate has narrowed due to a high base effect [1] - In the third quarter of 2024, the company's revenue reached 642 million yuan, representing a year-on-year growth of 12.94% [1] - The gross profit margin improved to 30.28%, an increase of 3.81 percentage points year-on-year, driven by a decrease in costs [1] - The net profit margin also increased, reflecting effective cost control despite a rise in sales expenses [1] Financial Performance Summary - The company recorded a revenue of 1,772 million yuan for the first three quarters of 2024, with a year-on-year growth of 18.65% [1] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.62 yuan, 0.84 yuan, and 1.01 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 23.56, 17.29, and 14.44 [4][1] - The company’s net profit for 2024 is expected to be 278 million yuan, with a growth rate of 32.53% [4] - The operating cash flow for 2024 is projected to be 282 million yuan, indicating strong cash generation capabilities [7] Market Position and Strategy - The company has successfully differentiated its product matrix, particularly in the deep-sea fish snack segment, achieving a market-leading position with a single product exceeding 1 billion yuan in sales [1] - The introduction of new products, such as small packaged quail eggs, is expected to contribute to future revenue growth [1]

资料来源：Wind,中原证券 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -18% -12% -7% -2% 3% 9% 14% 19% 2023.12 2024.04 2024.08 2024.12 上证指数 深证成指 资料来源：Wind,中原证券 | --- | --- | --- | |-------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 3,364.65 | -0.42 | | 深证成指 | 10,604.01 | -1.02 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,930.56 | -0.54 | | 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 | 3,694.29 | -0.45 | | 中 ...

Investment Rating - The report maintains an "Outperform" rating for the photovoltaic industry [1][6]. Core Insights - The photovoltaic sector experienced a 7.02% decline in November, underperforming the CSI 300 index, with a notable differentiation in individual stock performances [3][28]. - The Ministry of Industry and Information Technology (MIIT) has introduced new regulations to enhance industry standards, significantly raising the entry barriers for new photovoltaic manufacturing projects [4][35]. - Domestic photovoltaic installations saw a slight decrease, while overseas exports showed improvement, with October's new installations at 20.42 GW, a year-on-year increase of 49.93% [5][40]. - The supply side of photovoltaic manufacturing continues to contract, with stable component prices despite ongoing cost pressures [5][56]. Summary by Sections Industry Performance Review - The photovoltaic index showed a 7.02% decline in November, with average daily trading volume decreasing to 38.647 billion RMB [28]. - Most sub-sectors within the photovoltaic industry experienced declines, with notable performances from photovoltaic solder strips and conductive silver paste [29][30]. Industry Dynamics - The MIIT's new regulations aim to reduce the focus on merely expanding production capacity, emphasizing performance and resource efficiency [4][35]. - In October, China's photovoltaic exports reached 17.34 GW, a 4.90% increase from the previous month, although the export value decreased by 20.50% year-on-year [5][44]. - The report highlights a significant reduction in polysilicon supply, with production dropping to 133,600 tons in October, a 3.15% decrease [48][50]. Investment Recommendations - The photovoltaic sector is characterized by both cyclical and growth attributes, with stocks exhibiting high beta values. The report suggests focusing on companies with clear capacity reduction expectations in the main and auxiliary material sectors [6][22].

Investment Rating - The report maintains an investment rating of "Outperform" for the lithium battery industry [2][7]. Core Insights - The lithium battery sector is experiencing a short-term performance decline, with revenue and net profit showing negative growth in 2024, but a recovery is expected in 2025 [6][26]. - The report highlights the significant growth in global and domestic new energy vehicle sales, with expectations for continued growth driven by policy support and changing consumer preferences [5][26]. - The industry is characterized by a notable differentiation in performance across various segments, with specific focus areas identified for investment opportunities [7][26]. Summary by Sections 1. Performance and Market Review - The lithium battery sector's revenue reached 2.25 trillion yuan in 2023, marking a 6.65% increase from 2022, but saw a decline of 5.21% in the first three quarters of 2024 [100][101]. - Net profit for the sector in 2023 was 141.41 billion yuan, down 33.61% year-on-year, with a further decline of 26.56% in the first three quarters of 2024 [101][102]. - The performance of the sector has been impacted by a combination of increased production capacity and a slowdown in demand, leading to price pressures across the industry [100][106]. 2. New Energy Vehicle Sales Growth - Global sales of new energy passenger vehicles reached 11.72 million units in the first nine months of 2024, a year-on-year increase of 24.05% [5][127]. - In China, new energy vehicle sales totaled 9.75 million units in the first ten months of 2024, reflecting a 34.85% increase compared to the previous year [5][131]. - The report notes that the market share of new energy vehicles in China is expected to reach approximately 50% by 2025 [5][26]. 3. Sector Performance Outlook - The report anticipates that the lithium battery sector will face continued pressure in 2024, with a recovery expected in 2025 as demand for power and energy storage batteries grows [6][26]. - The global installed capacity of power batteries reached 599.0 GWh in the first nine months of 2024, representing a year-on-year increase of 23.40% [6][30]. - The report emphasizes the importance of monitoring the performance of key segments, particularly those with technological and scale advantages [7][26]. 4. Investment Rating and Key Themes - The report suggests focusing on four main investment themes: upstream raw material pricing pressures benefiting downstream battery manufacturers, the increasing share of lithium iron phosphate batteries, key materials with growing market share, and opportunities in solid-state battery advancements [7][26].

资料来源：Wind,中原证券 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -18% -12% -7% -2% 3% 9% 14% 19% 2023.12 2024.04 2024.08 2024.12 上证指数 深证成指 资料来源：Wind,中原证券 | --- | --- | --- | |-------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 3,378.81 | 0.44 | | 深证成指 | 10,713.58 | -0.40 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,951.89 | 0.11 | | 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 | 3,710.89 | -0.03 | | 中证 ...

分析师：邓淑斌 登记编码：S0730518030001 dengsb@ccnew.cm 分析师：李济生 lijs@ccnew.com 登记编码：S0730522100002 分析师：郑婷 zhengting@ccnew.com 登记编码：S0730524110001 相关报告 《从 A 股过往 看当下行情演绎》 2024-10-07 《金融加力 干字当头 未来可期》 2024-10-04 《锚定中国式现代化 以更深入改革达成更高 水平目标——党的二十届三中全会精神学习 体会》2024-7-25 经济层面：展望 2025 年，全球经济仍将努力应对低增长、人口变 化、绿色转型、技术转型以及地缘政治紧张局势、贸易碎片化带来 的挑战。就国内经济而言，一揽子组合政策的效应，在 2024 年第 四季度显现；2025 年在我国中长期发展战略推进中的承前启后作 用，预计 2025 年中国经济的增速目标在 5.0%左右，全年经济运行 稳中有波动，消费持续改善、投资稳定增长、外贸下行压力加大。 联系人：李智 电话： 0371-65585753 地址： 郑州郑东新区商务外环路10号18楼 政策层面：展望 2025 年，无论是应对海 ...

基础化工 分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 制冷剂价格涨幅居前，关注资源品、涤 纶长丝和化工新材料板块 ——基础化工行业月报 发布日期：2024 年 12 月 03 日 证券研究报告-行业月报 同步大市(维持) 基础化工相对沪深 300 指数表现 -25% -18% -11% -5% 2% 9% 16% 23% 2023.12 2024.04 2024.08 2024.12 基础化工 沪深300 资料来源：中原证券、聚源数据 相关报告 《基础化工行业年度策略：行业进入发展新 阶段，三条主线布局投资机会》 2024-11-30 《基础化工行业深度分析：油价下行叠加需 求不足，三季度行业景气低位运行》 2024- 11-11 《基础化工行业月报：化工品价格有所回 暖，关注三条投资主线 》 2024-11-07 联系人：李智 电话： 0371-65585753 地址： 郑州郑东新区商务外环路 10号 18 楼 地址： 上海浦东新区世纪大道 1788号 T1 座 22 楼 投资要点： 2024 年 11 月份中信基础化工行业指数上涨 3 ...

Investment Rating - The report maintains an investment rating of "In line with the market" for the electrical equipment sector [3][47]. Core Insights - The electrical equipment sector has shown a relative underperformance compared to the CSI 300 index, with a monthly increase of 0.37% as of November 29, 2024, lagging behind the CSI 300's 0.66% increase by 0.29 percentage points [11][3]. - A series of incremental policies have boosted market confidence, leading to a manufacturing Purchasing Managers' Index (PMI) of 50.1%, marking a return to expansion after five months [22][24]. - The total electricity consumption in China from January to October 2024 reached 81,836 billion kWh, reflecting a year-on-year growth of 7.6% [28][21]. - Investment in power and grid engineering has maintained high growth, with power engineering investments reaching 718.1 billion yuan, up 8.3% year-on-year, and grid engineering investments at 450.2 billion yuan, up 20.7% year-on-year [47][21]. Summary by Sections 1. Market Review - The electrical equipment index underperformed the CSI 300 index in November, ranking 18th among major sectors [11][3]. - Among the four sub-sectors, electric motors led with a 10.52% increase, while the power electronics and automation sector rose by 2.22%, and distribution equipment by 2.09%. The transmission and transformation equipment sector saw a decline of 2.99% [11][3]. 2. Macroeconomic Overview - The industrial added value for large-scale enterprises grew by 5.8% year-on-year from January to October 2024, with a 5.3% increase in October alone [21][22]. - Fixed asset investment remained stable, totaling 423.22 billion yuan, with a year-on-year growth of 3.4% [21][22]. 3. Electrical Equipment 3.1. Power Operation - Total electricity consumption for the first ten months of 2024 was 81,836 billion kWh, with the first industry consuming 106 billion kWh (up 5.1%), the second industry 5,337 billion kWh (up 2.7%), and the third industry 1,367 billion kWh (up 8.4%) [28][21]. 3.2. Industry Chain Situation - The cost of key raw materials for transformer manufacturing has slightly decreased, with copper prices down by 3.7% and aluminum prices down by 1.5% as of November 29, 2024 [54][53]. 3.3. Investment Trends - The report highlights a robust investment trend in power and grid engineering, with significant year-on-year growth in both sectors [47][21]. 4. Industry Dynamics - The report emphasizes the strong demand for electrical equipment driven by domestic grid construction and international expansion needs, particularly in Europe and the United States [3][47].

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 -18% -12% -7% -2% 3% 9% 14% 19% 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 | 3,363.98 | 1.13 | | 深证成指 | 10,756.55 | 1.36 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,947.63 | 0.79 | | 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 | 3,711.95 | 0.81 ...

Investment Rating - The report maintains an investment rating of "Outperform" for the solar industry [6]. Core Insights - The solar industry is currently experiencing a downturn due to overcapacity, leading to significant price declines and widespread losses among companies. However, the industry is expected to reach a bottom as supply and demand dynamics improve, particularly with the elimination of outdated production capacity [5][6][28]. - In 2024, the domestic solar market is projected to see a slowdown in demand growth, with an expected increase in installed capacity of 240.88GW to 255.88GW, representing a year-on-year growth of 11.07% to 17.98% [42][43]. - The report highlights the importance of focusing on leading companies in various segments, such as polysilicon, solar glass, integrated components, and solar encapsulants, as they are likely to benefit from the industry's recovery [6][10]. Summary by Sections 1. Market Performance and Outlook - The solar sector has underperformed the broader market, with a decline of 7.59% in the solar industry index as of November 18, 2024. The industry is facing challenges due to overcapacity and intense competition, leading to price drops and losses [21][25]. - The report anticipates that the industry will enter a phase of capacity clearance and stabilization in 2025, driven by improved market conditions and technological advancements [28][36]. 2. Industry Review and 2025 Outlook - The report notes that the solar industry has been in a prolonged down cycle, with significant losses reported across major segments. For instance, the total revenue for 72 major A-share solar companies fell by 19.70% year-on-year in 2024 [36]. - Looking ahead to 2025, the report expects a steady increase in global solar installation demand, particularly in emerging markets, while traditional markets like Europe and North America are projected to maintain stable growth [43][44]. 3. Investment Recommendations - The report suggests focusing on companies with strong financial reserves and technological advantages, particularly in the integrated solar component sector, such as LONGi Green Energy and JinkoSolar [10][6]. - Specific companies recommended for investment include Daqo New Energy, Flat Glass Group, JinkoSolar, Canadian Solar, and Foster Electric, as they are well-positioned to navigate the current market challenges [6][10].