请阅读最后评级说明和重要声明 1/16 | --- | --- | --- | --- | --- | |-------|-----------|-------------------------|-------|-------| | 1 | | (2024.12.23-2024.12.29) | | | | | 52,607.55 | 2.4 | -2.9 | -13.4 | | | 20,090.46 | 1.9 | 3.4 | 17.9 | | | 7,305.36 | 2.3 | 5.2 | 26.6 | | | 42,992.21 | 0.4 | -4.3 | 14.1 | | | 19,722.03 | 0.8 | 2.6 | 31.4 | | | 5,970.84 | 0.7 | -1.0 | 25.2 | | | 3,175.21 | -2.5 | -9.9 | -12.8 | | | 3,400.14 | 1.0 | 2.2 | 14.3 | | | 10,659.98 | 0.1 | 0.5 | 11.9 | | | 2,204.90 | -0.2 | -0.9 | 16.6 | | -- ...

Company Rating - No rating is assigned to the company [2] Core Views - The company reported a significant revenue growth of 60.69% YoY to RMB 1.191 billion in the first three quarters of 2024, but still recorded a net loss of RMB -6.87 million, which improved by 82.08% YoY [4] - The company's net loss after deducting non-recurring gains and losses was RMB -7.54 million, an improvement of 81.42% YoY [4] - The company's revenue growth is attributed to the release of demand from home appliance replacement policies, with Q3 revenue reaching RMB 379 million, up 33.59% YoY [15] - The company's gross margin in Q3 was 5.90%, up 4.07 percentage points YoY but down 0.98 percentage points QoQ [15] - The company's net loss in Q3 was RMB -6.36 million, a significant improvement from the loss of RMB -16.25 million in the same period last year [15] Financial Performance - The company's sales expenses in the first three quarters were RMB 13.45 million, up 13.9% YoY [12] - Management expenses were RMB 18.99 million, down 3.9% YoY [12] - R&D expenses increased by 52.9% YoY to RMB 42.13 million, driven by increased investment in innovation [12] - The company recorded other income of RMB 7.58 million, mainly due to VAT deductions for advanced manufacturing enterprises [12] - Asset impairment losses were RMB -13.71 million, an increase of RMB 10.15 million YoY, due to additional provisions for inventory depreciation [12] Industry and Competitive Landscape - The home appliance shell market is highly competitive, leading to challenges in cost pass-through and low gross margins [5] - The company is focusing on improving product qualification rates and gross margins through enhanced internal management and cost reduction [5] - The company's subsidiary, Wuhu Shibibai, was recently recognized as a high-tech enterprise [5] Historical Financial Data - The company's total revenue in 2020 was RMB 1.135 billion, growing to RMB 1.416 billion in 2021, then declining to RMB 1.012 billion in 2022, and recovering to RMB 1.136 billion in 2023 [20] - Net profit attributable to shareholders was RMB 55 million in 2020, RMB 65 million in 2021, RMB 13 million in 2022, and RMB -40 million in 2023 [20] - Gross margin declined from 13.5% in 2020 to 3.1% in 2023 [20] - ROE dropped from 15.7% in 2020 to -5.8% in 2023 [20] - Earnings per share were RMB 0.78 in 2020, RMB 0.59 in 2021, RMB 0.12 in 2022, and RMB -0.36 in 2023 [20] Market Data - The company's closing price on December 27 was RMB 7.60 [22] - The total market capitalization is RMB 843 million [22] - The total number of shares outstanding is 111 million [22]

Industry Investment Rating - The industry maintains a "Recommended" rating, indicating a positive outlook for the sector [27] Core Views - The real estate sector's beta factors are becoming more positive, suggesting a favorable environment for building materials, particularly retail-focused companies [36] - The cement industry shows signs of bottoming out, with price increases during the off-season signaling potential profit stabilization [48] - High-dividend stocks in the building materials sector are attractive, with a cash dividend ratio of 43.86% in 2023 and a 12-month dividend yield of 2.20% [52] Sector Performance and Trends Cement Industry - National cement prices fell by 1.0% during the period, with a cement storage ratio of 60.69%, down 1.88 percentage points year-on-year [22] - Cement production from January to November 2024 was 16.71 billion tons, a year-on-year decrease of 10.1% [22] - The average cement price in December 2024 was 423.48 yuan/ton, up 37.54 yuan/ton year-on-year [22] Glass Industry - The average operating rate of the float glass industry was 77.99%, down 0.24 percentage points from the previous period [1] - Total inventory of float glass sample enterprises was 45.224 million heavy cases, down 2.90% from the previous period [1] - The average profit of float glass was 49.74 yuan/ton, an increase of 5.01 yuan/ton from the previous period [1] Fiberglass Industry - The domestic fiberglass market saw a slight price increase, with the average price of 2400tex direct roving reaching 3730.00 yuan/ton, up 18.49% year-on-year [77] - Fiberglass production capacity in October 2024 was 7.818 million tons, up 3.30% month-on-month and 10.94% year-on-year [79] Key Companies and Recommendations - Recommended companies include **Sanxing Tree**, **Dongpeng Holdings**, and **Tubao**, with attention also on **Beixin Building Materials**, **Oriental Yuhong**, and **Weixing New Materials** [36] - High-dividend cement companies like **Conch Cement** and **Huaxin Cement** are highlighted for their cost advantages and attractive dividend yields [44] Market Performance - The building materials index fell by 0.59% during the period, with sub-sectors like pipes (-2.38%), cement manufacturing (-1.80%), and glass manufacturing (-2.57%) underperforming [66]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [2] Core Viewpoints - The banking sector continues to benefit from favorable policies aimed at stabilizing growth and boosting confidence, with clear signals from recent policy measures [2][14] - The People's Bank of China has released the "China Financial Stability Report (2024)", highlighting the overall stability and controllable risks within the banking sector [18][38] Summary by Sections Investment Highlights - In 2023, significant progress was made in financial risk prevention, supporting the recovery of the real economy, with two reductions in the reserve requirement ratio totaling 0.5 percentage points, releasing over 1 trillion yuan in medium to long-term funds [14] - Policies supporting the real estate market and local government debt management have positively impacted banks' asset quality expectations [16] - The report emphasizes the need for banks to enhance their capital adequacy and dividend stability through core tier one capital replenishment [16] Industry and Company Dynamics - The central bank and various departments are increasing long-term credit investments in agricultural infrastructure, reflecting a commitment to rural revitalization [17] - The banking sector's overall performance is robust, with 3,936 banks rated, of which 3,579 are in the safe zone (1-7 rating), accounting for 98.22% of total assets [6][38] Recent Market Review - The China CITIC Bank Index rose by 3.87% during the week of December 23-27, outperforming the CSI 300 Index by 2.51 percentage points [5] - Notable stock performances include Shanghai Pudong Development Bank (+8.14%), Industrial and Commercial Bank of China (+5.97%), and Qilu Bank (+5.50%) [5][47] Financial Products Tracking - The report tracks the performance of wealth management products, indicating trends in annualized returns and market dynamics [73][81] Interbank Certificate of Deposit Market Review - The report provides insights into the issuance and interest rates of interbank certificates of deposit, reflecting the liquidity conditions in the banking sector [62][81]

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Investment Rating - The industry rating is "Recommended (Maintain)" for the CXO sector, indicating an upward trend in the supply-demand balance and a potential recovery phase [52]. Core Insights - The CXO industry is experiencing a recovery phase, with supply clearing and improving demand conditions expected to catalyze a new upward cycle [52][56]. - The demand for large molecule CDMO services is robust, driven by the increasing commercialization of ADCs, bispecific antibodies, and other new molecular entities [2][115]. - The global small molecule CDMO market is projected to grow significantly, with a CAGR of 15.5%, reaching $106.7 billion by 2028 [77]. - The competitive landscape for large molecule CDMO is becoming increasingly concentrated, with major players like Lonza, WuXi Biologics, and Samsung Biologics capturing significant market shares [139][140]. Summary by Sections CXO Industry Overview - The CXO sector's revenue for the first three quarters of 2024 was 67.06 billion yuan, a year-on-year decrease of 8%, primarily due to lower demand in the domestic innovative drug sector and increased competition [56]. - The gross and net profit margins for the CXO sector were 38.3% and 16.4%, respectively, reflecting a decline compared to the previous year [95]. Large Molecule CDMO - Major players in the large molecule CDMO sector are expanding their capacities significantly, with Lonza's acquisition of the Vacaville site adding 332,000 liters of capacity [1][140]. - The global market for large molecule CDMO is expected to see a concentration of capacity among top players, with the top four companies projected to hold 64% of the market share by 2025 [120]. Small Molecule CDMO - The small molecule CDMO market is expected to maintain steady growth, with China's CDMO sector continuing to expand its lead over India in terms of capacity and quality [77][132]. - The global small molecule CDMO market size reached $51.9 billion in 2023, with expectations of significant growth driven by stable R&D investments from large pharmaceutical companies [77]. Clinical and Preclinical CRO - The clinical CRO sector is facing challenges due to high project cancellation rates, but there are signs of recovery as demand from large pharmaceutical companies remains stable [15][30]. - The clinical and preclinical CRO markets are expected to see improvements as the demand environment stabilizes and funding for biotech companies begins to recover [30][47]. Supply Chain and Capacity Expansion - The industry is focusing on building a global production network to enhance supply chain security, with companies like WuXi Biologics and Fujifilm expanding their facilities in Europe and North America [42]. - The CXO industry is transitioning from a phase of rapid capacity expansion to a more stable development phase, with capital expenditures declining significantly [72][154].

图 9、国内挖掘机开工小时数及同比(频率:月) 建筑业:总产值:累计值(亿元,左) 13/16 请阅读最后评级说明和重要声明 15/16 特别声明 在法律许可的情况下，兴业证券股份有限公司可能会持有本报告中提及公司所发行的证券头寸并进行交易，也可能为这些公司提供或争取提供 投资银行业务服务。因此，投资者应当考虑到兴业证券股份有限公司及/或其相关人员可能存在影响本报告观点客观性的潜在利益冲突。投资者请勿 将本报告视为投资或其他决定的唯一信赖依据。 行业周报 | 建筑装饰 | --- | --- | --- | --- | --- | |-------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------- ...

行业周报 | 房地产 3. 苏州 图 13、苏州新房周度成交量（ 万方 ) 苏州环比-1%,同比+48%,累计同比-5% 35 30 25 20 15 10 5 0 of 2023 2024 数据来源：WIND，兴业证券经济与金融研究院整理 (二) 珠三角地区 1. 深圳 图 15、深圳新房周度成交量（ 万方 ) 深圳环比-19%,同比+445%,累计同比+23% 25 20 15 10 5 0 2024 2019 2023 数据来源：WIND，兴业证券经济与金融研究院整理 请阅读最后评级说明和重要声明 10/14 2024 请阅读最后评级说明和重要声明 7/14 行业周报 | 房地产 全国二手 15 城环比-2%,同比+56%,累计同比+9% 图 7、本周二手房 15 城周总成交量（万平米） 数据来源：WIND，兴业证券经济与金融研究院整理 注：一线 3 城：北京、广州、深圳；二线 4 城：南京、苏州、福州、厦门；三四线 2 城：温州、莆田 图 9、全国 9 城去化周期（月） 全国 9 城去化周期 16.3 个月,环比变动+0.2 个月 数据来源：WIND，兴业证券经济与金融研究院整理 注：一线 3 城：北 ...

风险提示：终端需求恢复不及预期、原料价格大幅波动。 行业周报 | 钢铁 | --- | --- | --- | --- | --- | |----------------------------------|--------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...