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 | --- | --- | --- | --- | --- | |----------------------------------|--------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report does not provide a specific investment rating for the company [3][19]. Core Insights - The company experienced a decline in revenue but a significant increase in net profit due to improved gross margins. The main business involves the research, production, and sales of additives that enhance animal blood production, primarily serving feed mills, farms, and distributors [3][6]. - In the first three quarters of 2024, the company achieved operating revenue of 50.88 million yuan, a year-on-year decrease of 30.14%. However, the net profit attributable to shareholders was 9.3 million yuan, reflecting a year-on-year increase of 68.94% [1][3]. - The company has adjusted its product structure to increase the proportion of high-margin products, leading to a significant rise in gross margin, which was 42.35% in the third quarter, up 14.83 percentage points year-on-year [3][6]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 50.88 million yuan, down 30.14% year-on-year, while the net profit attributable to shareholders was 9.3 million yuan, up 68.94% year-on-year [1]. - In the third quarter alone, the company achieved a revenue of 18.13 million yuan, a decrease of 15.66% year-on-year, but the net profit attributable to shareholders rose to 3.69 million yuan, an increase of 52.69% year-on-year [3][6]. Market Potential - The market for animal blood-enhancing additives is substantial, driven by modern large-scale farming practices that lead to significant anemia issues in livestock, affecting growth, reproductive functions, and overall meat quality. The company currently holds a relatively small market share, indicating room for growth as the market continues to develop [6]. Cost Management - The company maintained stable expense levels, with sales expenses at 8.45 million yuan (down 3.4% year-on-year), management expenses at 4.8 million yuan (up 2.1% year-on-year), and R&D expenses at 2.89 million yuan (down 0.76% year-on-year). Additionally, credit impairment losses improved significantly, indicating better receivables collection [16].

Investment Rating - The report does not provide a specific investment rating for the company [15] Core Insights - The company reported a revenue of 421 million yuan for the first three quarters of 2024, a year-on-year decrease of 0.62%, and a net profit attributable to shareholders of 26.2 million yuan, down 22.75% year-on-year [1] - The third quarter revenue was 149 million yuan, reflecting a decline of 4.16% year-on-year, with a gross margin of 30.82%, which is an increase of 0.78 percentage points year-on-year [1] - The company is a leading player in the diamond tool industry, focusing on research, production, and sales, and holds a significant market share in the global ceramic processing diamond tool segment [1] Financial Performance Summary - For the first three quarters of 2024, the company experienced a rise in financial expenses due to exchange losses from the appreciation of the yuan, which increased to -36.3 million yuan compared to -112.6 million yuan in the same period last year [2] - The company’s sales expenses were 31.46 million yuan, a decrease of 3.2% year-on-year, while management expenses rose by 7.5% to 35.76 million yuan [2] - The company is exploring new revenue streams by expanding into rare earth permanent magnet components and high-precision superhard processing technologies, aiming to create a "second growth curve" [2]

Investment Rating - The report does not provide a specific investment rating for the company [3]. Core Insights - The company, Vision Smart (视声智能), has shown a good growth momentum in its smart home business, which has significantly contributed to its performance [6]. - For the first three quarters of 2024, the company achieved a revenue of 177 million yuan, representing a year-on-year increase of 4.19%, and a net profit attributable to shareholders of 36.06 million yuan, up 43.12% year-on-year [6]. - The company's main products include smart home products, visual intercom products, and LCD screens and modules, with a notable increase in the proportion of smart home products driving revenue growth and margin improvement [6]. - The gross margin for the third quarter was 54.57%, an increase of 2.41 percentage points year-on-year, attributed to an optimized business structure [6]. Financial Summary - Total revenue for the years 2020 to 2023 was as follows: 175 million yuan (2020), 228 million yuan (2021), 232 million yuan (2022), and 236 million yuan (2023), with year-on-year growth rates of 12%, 30%, 2%, and 2% respectively [5]. - Net profit attributable to shareholders for the same years was: 20 million yuan (2020), 26 million yuan (2021), 34 million yuan (2022), and 39 million yuan (2023), with significant growth rates of 4032%, 31%, 32%, and 15% respectively [5]. - The company's gross margin improved from 40.8% in 2020 to 49.5% in 2023, indicating a positive trend in profitability [5]. - The earnings per share (EPS) were 0.58 yuan (2020), 0.76 yuan (2021), 0.90 yuan (2022), and 0.77 yuan (2023) [5]. Sales and Expenses - Sales expenses increased by 23.3% year-on-year to 25.35 million yuan, while management expenses rose by 6.8% to 16.67 million yuan, and R&D expenses increased by 1.3% to 21.82 million yuan [7]. - Other income saw a significant increase of 109.5% year-on-year, primarily due to government subsidies and software tax rebates [7]. Company Positioning - The company is a pioneer in the domestic KNX system and has focused on the development of open smart home and building control standards for 16 years [14]. - As of 2023, the company has conducted over 60 training sessions on KNX technology and has developed 7 proprietary KNX protocol stacks and 37 KNX security products [14].

Company Overview - Closing price on December 26: 9.45 yuan [1] - Total market capitalization: 3.988 billion yuan [1] - Total shares outstanding: 422 million shares [1] Financial Performance - Revenue for the first three quarters of 2024: 561 million yuan, a year-on-year decrease of 33.30% [4] - Net profit attributable to shareholders: 88.39 million yuan, a year-on-year decrease of 59.77% [4] - Net profit attributable to shareholders after deducting non-recurring gains and losses: 82.34 million yuan, a year-on-year decrease of 62.03% [4] - Third-quarter revenue: 151 million yuan, a year-on-year decrease of 48.01%, and a quarter-on-quarter decrease of 24.90% [12] - Third-quarter gross margin: 13.47%, a year-on-year decrease of 29.77 percentage points, and a quarter-on-quarter decrease of 18.85 percentage points [12] - Third-quarter net profit after deducting non-recurring gains and losses: 1.48 million yuan, a year-on-year decrease of 98.17% [12] Cost Structure - Sales expenses: 2.52 million yuan, a year-on-year increase of 9.2% [5] - Management expenses: 24.22 million yuan, a year-on-year increase of 31.7%, mainly due to increased employee compensation, depreciation, intangible asset amortization, and consulting fees [5] - R&D expenses: 18.45 million yuan, a year-on-year decrease of 19.17% [5] - Financial expenses: 6.72 million yuan, a year-on-year decrease of 39.8%, mainly due to reduced loan amounts and financing interest rates [5] - Other income: 7.99 million yuan, a year-on-year increase of 111.21%, mainly due to increased government subsidies [5] Business Impact - Approximately 65% of the company's silane gas is used in the photovoltaic industry, which has significantly impacted performance due to industry adjustments [13] - The company is actively developing new products and markets, including the certification of zone-melted polysilicon products and collaboration with Shanghai Jiao Tong University on silicon-based anode materials for lithium-ion batteries [13] Historical Financial Data - Total operating revenue (2020-2023): 511 million yuan, 721 million yuan, 953 million yuan, 1.121 billion yuan [14] - Year-on-year revenue growth (2020-2023): 38%, 41%, 32%, 18% [14] - Net profit attributable to shareholders (2020-2023): 47 million yuan, 76 million yuan, 189 million yuan, 308 million yuan [14] - Year-on-year net profit growth (2020-2023): 198%, 62%, 150%, 63% [14] - Gross margin (2020-2023): 22.7%, 24.2%, 31.9%, 39.1% [14] - ROE (2020-2023): 11.8%, 11.8%, 18.7%, 20.7% [14] - Earnings per share (2020-2023): 0.20 yuan, 0.32 yuan, 0.58 yuan, 0.95 yuan [14] - P/E ratio (2020-2023): 80, 170, 23, 17 [14] Investment Rating - No rating provided for the company [11]

Company Rating - No rating provided for the company [1] Core Investment Points - Industry demand is weak with intense price competition, leading to revenue growth without profit growth [2] - The company specializes in the R&D, production, and sales of PVC new environmental heat stabilizers and additives, with main products including DBM, SBM, and stearates [2] - Q3 revenue reached 165 million yuan, a year-on-year increase of 22.22%, but Q3 gross margin was 9.01%, down 7.13 percentage points year-on-year and 5.58 percentage points quarter-on-quarter [2] - Q3 non-GAAP net profit attributable to the parent company was 1.26 million yuan, a year-on-year decrease of 85.27% [2] Key Projects and Technological Upgrades - The Anglo-American project has officially launched, with the technical upgrade project expected to start in Q1 next year [3] - The company's joint venture, Anhui Yingte Mei Technology, successfully produced 500 tons of photoresist monomer and 200 tons of UV absorber, signing sales contracts worth over 50 million yuan and 12 million yuan respectively [3] - The company conducted technical upgrades during the summer shutdown, adding an acetylacetone salt co-line project, expected to start trial production in Q1 next year [3] - Optimization of the binary acid ester project and biodegradable material functional additive project has further reduced production costs, positively impacting future performance [3] Financial Performance - Q3 revenue: 165 million yuan (+22.22% YoY) [2] - Q3 gross margin: 9.01% (-7.13pct YoY, -5.58pct QoQ) [2] - Q3 non-GAAP net profit: 1.26 million yuan (-85.27% YoY) [2] - 2024 Q1-Q3 revenue: 459 million yuan (+17.80% YoY) [11] - 2024 Q1-Q3 net profit: 19.68 million yuan (-34.68% YoY) [11] - 2024 Q1-Q3 non-GAAP net profit: 17.19 million yuan (-29.44% YoY) [11] Historical Financial Data - 2020-2023 revenue growth: -8%, 232%, 18%, -6% [14] - 2020-2023 net profit growth: -23%, 126%, -3%, -66% [14] - 2020-2023 gross margin: 28.0%, 23.0%, 15.8%, 14.3% [14] - 2020-2023 ROE: 8.2%, 13.7%, 12.1%, 3.9% [14] - 2020-2023 EPS: 0.32, 0.73, 0.44, 0.15 [14] - 2020-2023 P/E ratio: 26, 21, 14, 52 [14] Market Data - Closing price on December 26: 17.76 yuan [8] - Total market capitalization: 2.424 billion yuan [8] - Total shares outstanding: 136 million [8] R&D and Expenses - R&D expenses: 15.71 million yuan (+17.3% YoY) [12] - Sales expenses: 4.93 million yuan (+3.0% YoY) [12] - Management expenses: 13.81 million yuan (+10.3% YoY) [12] - Financial expenses: 4.21 million yuan (+30.9% YoY) [12] - Other income: 6.99 million yuan (+58.5% YoY), mainly due to VAT deductions for advanced manufacturing enterprises [12]