Investment Rating - The report does not provide specific ratings for the chemical pharmaceuticals and traditional Chinese medicine sectors, while the biopharmaceutical sector is rated as Neutral [1][7]. Core Insights - The pharmaceutical sector has shown a performance increase of +1.37% as of November 4, 2024, underperforming the CSI 300 index by 0.04 percentage points, ranking 11th among 31 sub-industries in the Shenwan classification [3]. - Notable sub-industry performances include offline pharmacies (+3.12%), medical research outsourcing (+2.45%), and hospitals (+2.39%), while in vitro diagnostics (+0.99%), pharmaceutical distribution (+1.02%), and medical consumables (+1.03%) lagged behind [3]. - Supernus has reported positive clinical data for its investigational small molecule therapy SPN-820, which showed an 80% reduction in suicidal ideation among patients with major depressive disorder (MDD) [4]. Summary by Sections Market Performance - As of November 4, 2024, the pharmaceutical sector's performance was +1.37%, slightly below the CSI 300 index [3]. - The top-performing stocks included Haooubo (+20.00%), Tianyi Medical (+20.00%), and Fuxiang Pharmaceutical (+12.39%), while the biggest losers were Shuangcheng Pharmaceutical (-9.99%), Fudan Fuhua (-9.94%), and Saito Biological (-5.17%) [3]. Industry News - Supernus announced promising data from its Phase 2a clinical trial for SPN-820, a potential first-in-class oral therapy for MDD, which significantly reduced suicidal thoughts in patients [4]. - New approvals were reported for several companies, including Xinhua Pharmaceutical's cefuroxime axetil dispersible tablets and Shanghai Pharmaceutical's theobromine injection, both receiving regulatory approval for consistency in quality and efficacy [4].

Investment Rating - The report maintains a "Buy" rating for Renfu Pharmaceutical (600079) [2][7] Core Insights - The major shareholder's restructuring has made positive progress, with the restructuring plan expected to be finalized in the first half of 2025 [4] - The core business of Renfu Pharmaceutical continues to grow steadily, with a 5.70% year-on-year increase in revenue for the first three quarters of 2024 [3] - The company's anesthetic and analgesic products are essential for surgeries, and their market position remains strong, contributing to robust growth [5] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 19.143 billion yuan, a 5.70% increase year-on-year, and a net profit of 1.590 billion yuan, a decrease of 10.12% [3] - The third quarter of 2024 saw revenue of 6.282 billion yuan, up 9.66% year-on-year, and a net profit of 479 million yuan, an increase of 7.57% [3] - The company's gross margin for the first three quarters of 2024 was 46.76%, an increase of 0.90 percentage points year-on-year [6] Cost Management and Efficiency - The company has maintained stable costs, with sales expenses increasing by 3.46% year-on-year, while the sales expense ratio decreased by 0.40 percentage points [6] - Management expenses rose by 15.00% year-on-year, influenced by growth-related rewards and increased depreciation [6] Earnings Forecast - Revenue projections for 2024, 2025, and 2026 are 26.010 billion yuan, 28.003 billion yuan, and 30.243 billion yuan, respectively, with year-on-year growth rates of 6.06%, 7.66%, and 8.00% [7][9] - Expected net profits for the same years are 2.210 billion yuan, 2.581 billion yuan, and 3.039 billion yuan, with growth rates of 3.55%, 16.78%, and 17.73% [7][9] - Corresponding EPS for 2024, 2025, and 2026 are projected to be 1.35 yuan, 1.58 yuan, and 1.86 yuan, with PE ratios of 16, 13, and 11 times, respectively [7][9]

Investment Rating - The report maintains a "Buy" rating for Longi Green Energy (601012) [1][8] Core Views - Longi Green Energy's Q3 2024 report shows a narrowing of losses, with a significant focus on maintaining leadership in BC technology [1][2] - The company achieved a revenue of 58.593 billion yuan for the first three quarters of 2024, a year-on-year decrease of 37.73%, and a net profit attributable to shareholders of -6.505 billion yuan, a year-on-year decrease of 155.62% [2][4] - In Q3 2024, the company reported a revenue of 20.064 billion yuan, down 31.87% year-on-year and down 3.79% quarter-on-quarter, with a net profit of -1.261 billion yuan, a year-on-year decrease of 150.14% and a quarter-on-quarter decrease of 56.40% [2][4] - The company’s Q3 gross margin reached 8.6%, an increase of 1.99 percentage points from Q2, indicating improved operational efficiency [2][4] Summary by Sections Financial Performance - For the first nine months of 2024, Longi Green Energy's silicon wafer shipments totaled 82.80 GW, a year-on-year decrease of 4.22%, with external sales of 35.03 GW [2][4] - The company sold 4.16 GW of monocrystalline batteries and 51.23 GW of modules, with BC module sales reaching 13.77 GW, a year-on-year increase of 17.70% [2][4] - Q3 shipments included 38.37 GW of silicon wafers and 21.39 GW of battery modules, showing quarter-on-quarter growth [2][4] Technology and Market Position - Longi Green Energy continues to lead in BC technology, with expectations for accelerated penetration rates [2][4] - The company has made significant breakthroughs in HPBC 2.0 technology, achieving a battery production efficiency of 26.6% [2][4] - New products based on high-quality Tai Rui silicon wafers and HPBC 2.0 technology are set to launch in 2025, with expected shipments of BC second-generation products reaching 30 GW [2][4] Market Outlook - The company’s market share in the U.S. has declined, with approximately 1.6 GW shipped in the first three quarters of 2024, but is expected to stabilize as production capacity increases at the U.S. joint venture factory [2][4] - Longi Green Energy is positioned as a leader in the photovoltaic industry, with anticipated recovery in profitability due to technological advancements and a bottoming out of supply chain prices [2][4] - Revenue projections for 2024-2026 are 80.186 billion yuan, 103.846 billion yuan, and 132.578 billion yuan, respectively, with net profits expected to be -7.6 billion yuan, 5.041 billion yuan, and 8.369 billion yuan [2][4]

行 业 研 究 行业周报 看好/维持 电力设备及新能源 电力设备及新能源 新能源周报（第 109 期 20241028-20241103）：重视中周期底部 机会，重视后续量价弹性 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------- ...

行业周报 看好 / 维持 电力设备及新能源 电力设备及新能源 新能源周报（第 109 期 20241028-20241103）: 重视中周期底部 机会,重视后续量价弹性 | --- | --- | --- | --- | |--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Positive" outlook on the basic chemical industry [1] Core Insights - The profit margins for third-generation refrigerants have generally improved, while the price of Vitamin E has increased due to supply constraints [1][4] - The report highlights the tightening supply of refrigerants influenced by temperature changes and limited production of fluorite, leading to a stable pricing environment for dichloromethane and trichloroethylene [4] - The report suggests focusing on companies such as Juhua Co., Ltd., Sanmei Co., and Yonghe Co. in the refrigerant sector, and Zhejiang Medicine and Xinhong Cheng in the Vitamin E sector [4] Summary by Sections Refrigerants - The profit margins for second-generation refrigerants as of November 3 are as follows: R22 at 19,761.5 CNY/ton (up 2,580 CNY/ton), R142b at -516.45 CNY/ton (down 1,000 CNY/ton). For third-generation refrigerants: R125 at 16,755.5 CNY/ton (up 794 CNY/ton), R32 at 23,349 CNY/ton (up 516 CNY/ton), and R134a at 18,141 CNY/ton (up 205 CNY/ton) [2][31] - The overall supply of refrigerants remains tight, with limited quotas and strong foreign trade demand [4] Vitamin E - The price of Vitamin E has risen to 132 CNY/kg as of November 3, an increase of 4 CNY/kg, driven by reduced supply from major producers and strong export demand [3][4] - Domestic manufacturers have adopted a firm pricing stance, even halting orders due to pre-holiday stocking expectations [4] Chemical Products - In the polyurethane sector, MDI prices have slightly decreased due to increased supply from a new production facility and a lack of demand [14] - Glyphosate prices and margins have declined, with glyphosate priced at 24,782 CNY/ton as of November 3, down 0.72 CNY/ton, and margins at 994.45 CNY/ton, down 239.64 CNY/ton [16] - The report notes that the prices of phosphoric acid and diammonium phosphate have remained stable, with diammonium phosphate priced at 3,651 CNY/ton [20] Fluorinated Chemicals - The report indicates that the profit margins for third-generation refrigerants have improved, with the industry still experiencing an oversupply situation [25][30] - The prices of raw materials such as fluorite and hydrofluoric acid have increased, with fluorite at 3,575 CNY/ton (up 0.76%) and hydrofluoric acid at 11,200 CNY/ton (up 8.56%) [27][30]

Investment Rating - The report maintains a "Positive" outlook on the basic chemical industry [1]. Core Insights - The profit margins for third-generation refrigerants have generally increased, while the price of Vitamin E has risen significantly due to supply constraints [1][2]. - The report suggests focusing on companies such as Juhua Co., Sanmei Co., and Yonghe Co. in the refrigerant sector, and Zhejiang Medicine and Xinhong Cheng in the Vitamin E market [3]. Summary by Sections 1. Key Industry and Product Tracking - Refrigerants R32 and R134a have seen price increases. As of November 3, the profit margins for second-generation refrigerants are as follows: R22 at 19,761.5 CNY/ton (up 2,580 CNY/ton), R142b at -516.45 CNY/ton (down 1,000 CNY/ton). For third-generation refrigerants, R125 is at 16,755.5 CNY/ton (up 794 CNY/ton), R32 at 23,349 CNY/ton (up 516 CNY/ton), and R134a at 18,141 CNY/ton (up 205 CNY/ton) [1][27]. - Vitamin E prices have surged to 132 CNY/kg (up 4 CNY/kg) due to reduced supply and strong export demand [2]. 2. Refrigerants - The report notes that the overall supply of refrigerants is tightening due to limited production of fluorite and stable prices for hydrogen fluoride. The demand for exports is improving, and the market supply remains tight [3]. 3. Vitamin E - The report highlights that major overseas producers are facing capacity constraints, leading to strong export demand and a firm pricing stance from domestic manufacturers, who have even stopped taking orders [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [10]. Core Insights - The company has achieved significant revenue growth in its self-owned brand segment, securing major contracts with leading clients, particularly in the telecommunications and banking sectors [4]. - For the first three quarters of 2024, the company reported a revenue of 91.57 billion yuan, representing an 8.81% year-on-year increase, and a net profit attributable to shareholders of 0.894 billion yuan, up 5.04% year-on-year [2][3]. - The company is positioned as a core partner in the "Kunpeng + Ascend" ecosystem, benefiting from the ongoing push for domestic computing power and innovation [4]. Summary by Sections Financial Performance - The company’s three main business segments have shown robust growth: 1. Cloud services and software revenue reached 2.07 billion yuan, up 47% year-on-year, with a gross margin increase of 6.3 percentage points [3]. 2. Self-owned brand product revenue totaled 3.87 billion yuan, a 32% increase year-on-year, with a gross margin rise of 1.7 percentage points. Notably, the Xinchuang business generated 3.2 billion yuan, up 56%, and AI server revenue surged by 226% to 700 million yuan [3]. 3. IT distribution and value-added services revenue grew steadily, with a gross profit of 3.2 billion yuan, an 11% increase year-on-year [3]. Market Developments - The company has recently won significant contracts, including a major server procurement project with China Telecom, capturing 11% and 10% of the respective bidding packages [4]. - The self-owned brand, Shenzhou Kuntai, has gained high recognition from industry leaders, with expectations for continued revenue growth driven by the increasing demand for AI computing power and the ongoing promotion of domestic innovation [4]. Future Projections - Revenue forecasts for the company are optimistic, with expected revenues of 125.94 billion yuan, 132.82 billion yuan, and 140.37 billion yuan for 2024, 2025, and 2026 respectively. Net profits are projected to be 1.405 billion yuan, 1.692 billion yuan, and 1.942 billion yuan for the same years [4][6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 12.15, indicating an expected increase of over 15% relative to the market index in the next six months [1][5]. Core Views - The company's revenue for the first three quarters of 2024 was 578 million yuan, a year-on-year decrease of 11.55%, with a net profit attributable to shareholders of 58.58 million yuan, down 38.57% year-on-year. The third quarter alone saw revenue of 170 million yuan, a slight increase of 0.01% year-on-year, but net profit dropped by 71.86% [1]. - The company is leveraging its brand advantage in the competitive seed market, particularly in corn seed products, to stabilize its core business despite a challenging market environment [1]. - The gross margin for the first three quarters was 27.31%, down 3.59 percentage points year-on-year, but it showed signs of recovery in Q3, rising to 31.93% from 24.45% in Q2 [1]. - The report anticipates a stabilization and potential recovery in gross margins for the seed business in 2025, driven by a rebound in corn demand and prices as pig farming recovers [1]. - The company has established early partnerships in biotechnology breeding, positioning itself to benefit from the accelerated commercialization of genetically modified crops, with expectations of increased market share in the coming years [1]. Financial Summary - The projected revenue for 2024 is 1.236 billion yuan, reflecting a decrease of 20.33% from 2023, with a net profit forecast of 236 million yuan, down 17.82% [2]. - The earnings per share (EPS) for 2024 is estimated at 0.27 yuan, with a price-to-earnings (PE) ratio of 38.24 [2]. - The company’s total assets are projected to grow from 4.802 billion yuan in 2023 to 5.293 billion yuan by 2025, indicating a positive long-term outlook [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [11]. Core Views - The company has demonstrated accelerated revenue growth, with a reported revenue of 3.169 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 13.01%. The net profit attributable to shareholders reached 110 million yuan, up 30.15% year-on-year [2][3]. - The company is effectively controlling costs, achieving a third-quarter revenue of 1.083 billion yuan, a 10.20% increase year-on-year, and a net profit of 36 million yuan, which is a 54.41% year-on-year growth, indicating a faster growth rate compared to the first half of the year [2][3]. - The gross margin for the first three quarters of 2024 was 19.53%, down 2.84 percentage points from the same period last year, while the net margin improved by 0.46 percentage points to 3.47% [2]. Financial Summary - The company is projected to achieve revenues of 5.284 billion yuan in 2024, with a growth rate of 36.00%, and further increase to 7.026 billion yuan in 2025 and 9.134 billion yuan in 2026, with growth rates of 33.00% and 30.00% respectively [4]. - The net profit is expected to rise to 188.50 million yuan in 2024, 353.21 million yuan in 2025, and 534.27 million yuan in 2026, with growth rates of 66.80%, 87.38%, and 51.26% respectively [4]. - The diluted earnings per share (EPS) are forecasted to be 0.44 yuan in 2024, 0.82 yuan in 2025, and 1.25 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 59, 31, and 21 [6][9]. Industry Developments - The company is advancing in the automotive sector, having established preliminary cooperation intentions with major domestic car manufacturers, indicating a significant step forward in its automotive business [3]. - The company hosted the Harmony Next conference, launching the "Star Plan" aimed at expanding its business in the Huawei Harmony ecosystem, which is expected to enhance its technical capabilities and market competitiveness [3].