Investment Rating - No rating provided for the company [5] Core Views - The company's revenue declined by 4.77% YoY to RMB 222 million in Q3 2024, with net profit attributable to shareholders dropping by 36.07% YoY to RMB 18.37 million [5] - The company's gross margin slightly decreased to 33.56%, with Q3 gross margin at 31.88%, down 2.78 percentage points YoY and 3.04 percentage points QoQ [8] - The company is actively responding to macroeconomic changes by focusing on growth opportunities in the new energy sector and cost-saving measures, including divesting loss-making subsidiaries and delaying capital expenditure projects [11] Financial Performance - The company's revenue in 2022 was RMB 314 million, a 1% YoY increase, while net profit attributable to shareholders was RMB 39 million, a 9% YoY decline [16] - Gross margin in 2023 was 34.8%, slightly up from 33.3% in 2022, but still below the 38.0% level in 2020 [16] - ROE declined to 8.5% in 2023 from 21.4% in 2020, reflecting weaker profitability [16] Operational Highlights - The company's products are widely used in various industries, with revenue from education and other sectors declining due to macroeconomic factors, while revenue from new energy vehicles, photovoltaics, and energy storage sectors grew rapidly [2] - Sales expenses increased by 9.0% YoY to RMB 16.53 million due to expansion of the sales team, while R&D expenses rose by 4.7% YoY to RMB 20.53 million [8] - The company recognized higher inventory impairment losses of RMB 8.5 million, up 58.9% YoY [8]

Investment Rating - The report does not provide a specific investment rating for the company [2] Core Insights - The company, Dongfang Carbon (832175), reported a significant decline in performance due to weak downstream demand, with a revenue of 238 million yuan, down 11.71% year-on-year, and a net profit loss of 35.65 million yuan, a decrease of 161.70% year-on-year [2][3] - The gross margin has been under pressure, with a comprehensive gross margin of 16.0% and a quarterly gross margin of -2.9% in Q3, reflecting a decline of 15.6 percentage points quarter-on-quarter and 33.2 percentage points year-on-year [3] - The company has faced substantial asset impairment losses due to inventory write-downs amounting to 45.01 million yuan, contributing to the net profit loss [3] Financial Summary - The company’s financial performance over the years shows fluctuating revenue and profit margins, with a notable decline in net profit in 2023, which was down 31% year-on-year [4] - The gross margin for 2023 was reported at 33.4%, down from 40.1% in 2022, indicating a trend of decreasing profitability [4] - The return on equity (ROE) for 2023 was 10.8%, a significant drop from 26.7% in 2022, highlighting challenges in generating shareholder returns [4] Market and Product Insights - The company specializes in the research, production, and sales of graphite materials, with applications in photovoltaic, new energy, environmental protection, and metallurgy sectors [3] - There is a focus on upgrading the performance of specialty graphite, with ongoing research and development aimed at reducing production costs and enhancing competitiveness in high-end applications such as semiconductors and aerospace [9]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company has successfully expanded its customer base in the home appliance sector, reducing reliance on a single major client, with potential for further market share growth [3] - The company has also ventured into non-home appliance industries, acquiring clients such as Guoxuan High-Tech and Huaxiang Automotive [3] - The company announced a one-year extension for its fundraising project to mitigate risks associated with fund usage [3] - The company reported a steady revenue growth of 6.87% year-on-year, reaching 814 million yuan in the first three quarters of 2024 [8] - The net profit attributable to shareholders increased by 5.09% year-on-year, amounting to 48.49 million yuan [8] - The company’s net profit after deducting non-recurring items grew by 17.96% year-on-year [8] - The company benefits from a VAT reduction policy, which significantly enhanced its profits [9] - The company maintains a strong partnership with Haier Group, with approximately 75% of its revenue derived from this collaboration [13] Financial Summary - The company achieved a gross margin of 11.95% during the reporting period, with a quarterly gross margin of 10.8%, reflecting a decrease of 3.3 percentage points year-on-year [9] - Sales expenses increased by 11.9% year-on-year, while management expenses rose by 17.1% [9] - Research and development expenses grew by 12.81% year-on-year [9] - Other income surged by 93.77% year-on-year, primarily due to benefits from advanced manufacturing VAT deductions [9] - The company’s financial indicators show a consistent growth trend in revenue and net profit over the past few years [12]

Investment Rating - The investment rating for the company is "No Rating" [15] Core Insights - The company has experienced a significant decline in revenue and gross margin due to a temporary reduction in military product demand, project suspensions, and price reductions. The gross margin for the first three quarters was 32.9%, with a third-quarter margin of 30.5%, reflecting a quarter-on-quarter decrease of 3.0 percentage points and a year-on-year decrease of 13.4 percentage points [2] - The company reported a revenue of 559 million yuan for the first three quarters, a year-on-year decrease of 15.74%. The net profit attributable to shareholders was 35.99 million yuan, down 69.57% year-on-year, and the net profit after deducting non-recurring gains and losses was 31.13 million yuan, down 72.92% year-on-year [11] - The company is actively investing in research and development, with R&D expenses increasing by 21.0% year-on-year to 63.44 million yuan, driven by new project initiatives in response to emerging demands in the commercial satellite sector [7][16] Financial Summary - The company’s total assets amount to 1,389.68 million yuan, with net assets of 886.53 million yuan. The total share capital is 187.73 million shares, and the closing price is 30.47 yuan [10] - The gross margin for the company has shown fluctuations, with a historical gross margin of 41.5% in 2023, compared to 39.4% in 2022 and 37.5% in 2021 [12] - The company has initiated a private placement to raise 350 million yuan, focusing on the aerospace sector, particularly for RF connectors and related products needed for commercial satellites [16]

证券研究报告 请阅读最后评级说明和重要声明 1/12 目录 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 图目录 图 1、板块累计涨跌幅. | | | 图 2、SW 行业本期涨跌幅 | | | 图 3、SW 汽车子行业本期涨跌幅 | | | 图 4、SW 汽车子板块周度成交额变化(单位: 亿元)……………………………………… 4 | | | 图 5、乘用车和汽车零部件板块 PE-TTM（不调整）. | | | 图 6、子板块本期 PE-TTM（不调整）1 年历史分位 . | | | 图 7、2020-2024年汽车月度销量(单位:万辆) | | | 图 8、2020-2024 年汽车月度销量同比 | | | 图 9、2020-2024 年乘用车月度销量（单位： ...

| --- | --- | |-----------------------------|-------| | | | | 目录 一、 行情回顾 | | | 二、 子行业新闻 … | | | （一） 半导体 | | | ( 二 ) AI、物联网、汽车电子 | | | ( 三 ) 创新电子&智能穿戴 | | | （四） 手机&5G | | | （五） LCD、LED | | | 三、 行业投资策略、周观点 | | | 四、 风险提示 | | 图 1、 本期（12.16-12.20）电子在所有板块中涨幅排名 2/31（申万分类）.3 请阅读最后评级说明和重要声明 一、行情回顾 数 据 来 源 ： ifind， 兴 业 证 券 经 济 与 金 融 研 究 院 整 理 注 ： 年 初 至 今 表 示 到 本 期 最 后 一 个 交 易 日 ， 即 12 月 20 日 请阅读最后评级说明和重要声明 3/10 （四）手机&5G 表 1、 电子行业本期（12.16-12.20 ）主要指数表现回顾 ………………………………………3 表 2、 本期（ 12.16-12.20 ）电子行业上市公司涨幅前 5 &跌幅前 5 (股价和 ...

行业周报 | 电力设备 | --- | --- | --- | --- | |----------------------------------------|------------------------------------|--------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------|-------|-------|-------|-------|-------|-------|-------| | 亚士创能 | 0% | 31% | 31% | 31% | 0.0% | 0.7% | 0.5% | 2.2% | | 天山股份 | 23% | 51% | 50% | 50% | 2.2% | 3.2% | 1.7% | 2.0% | | 中国巨石 | 32% | 32% | 36% | 36% | 2.6% | 3.8% | 2.8% | 1.7% | | 长海股份 | 11% | 10% | 21% | 21% | 0.9% | 1.4% | 1.4% | 1.6% | | 三棵树 | 0% | 0% | 49% | 49% | 0.0% | 0.0% | 0.3% | 1.4% | | 凯盛科技 | 49% | 34% | 44% | 44% | 0.9% | 0.5% | 0.4% | 1.1% | | 坚朗五金 | 13% | 49 ...

Industry Rating - The industry rating for the home appliance sector is **Recommended (Maintained)** [13] Core Views - The home appliance industry is expected to benefit from both domestic and export demand, with a solid fundamental outlook and high-quality dividend assets [2] - The **white goods sector** is highlighted for its strong configuration value, with recommendations for leading companies such as **Midea Group**, **Gree Electric**, **Haier Smart Home**, and **Hisense Home Appliances** [15] - The **kitchen appliance sector** is expected to see valuation and earnings recovery driven by policy support for home appliance replacement and real estate policies, with recommendations for **Robam Appliances** and **Vatti Corporation** [15] - The **small home appliance sector** is poised to benefit from the rise of social e-commerce, particularly through WeChat Mini Stores, with companies like **Flyco**, **Buydeem**, and **Breo** expected to gain market share [9][20] - The **export market** is expected to contribute incremental growth, with companies like **Hisense Visual**, **TCL Electronics**, **Ecovacs**, and **Roborock** recommended for their overseas competitiveness [51] Key Price Trends - **Copper prices** averaged 74,328 RMB/ton in week 24W51, down 1.35% week-on-week but up 7.59% year-on-year [11] - **Aluminum prices** averaged 19,842 RMB/ton in week 24W51, down 2.64% week-on-week but up 4.52% year-on-year [43] - **ABS prices** averaged 11,840 RMB/ton in week 24W51, down 0.08% week-on-week but up 12.02% year-on-year [23] - **Hot-rolled coil prices** averaged 3,745 RMB/ton in week 24W51, down 1.75% week-on-week and down 13.52% year-on-year [11] - **Panel prices** remained stable in late December 2024, with 65-inch panels priced at 172 USD/sheet, 55-inch at 124 USD/sheet, 43-inch at 63 USD/sheet, and 32-inch at 34 USD/sheet [46] - The **USD to RMB exchange rate** averaged 7.3014 in week 24W51, up 0.40% week-on-week and 2.22% year-on-year [25] - The **CCFI composite index** rose 0.35% week-on-week, the **European index** rose 1.59%, while the **US West index** fell 0.84% in week 24W51 [48] Investment Recommendations - **Investment Theme 1**: Focus on white goods leaders with strong fundamentals and high-quality dividend assets, such as **Midea Group**, **Gree Electric**, **Haier Smart Home**, and **Hisense Home Appliances** [15] - **Investment Theme 2**: Companies benefiting from domestic demand driven by replacement policies and export growth, such as **Hisense Visual**, **TCL Electronics**, **Ecovacs**, and **Roborock** [51] - **Investment Theme 3**: Kitchen appliance leaders expected to benefit from policy-driven demand, such as **Robam Appliances** and **Vatti Corporation** [15] - **Investment Theme 4**: Companies with potential for a fundamental turnaround, such as **Flyco**, **XGIMI**, and **Bear** [51] Social E-commerce Opportunity - WeChat Mini Stores have launched a "Gift" feature, creating new opportunities for social e-commerce, particularly for small home appliances with strong gifting attributes [20] - Companies like **Flyco**, **Buydeem**, and **Breo** are expected to benefit from this new channel due to their brand recognition and private traffic advantages [9][20]

行业评级 推荐（维持） 铝 ： 氧 化 铝 现 货 价 格 松 动 ， 铝 价 承 压 下 行 锂 ： 碳 酸 锂 价 格 小 幅 下 滑 行业周报 | 有色金属 本期有色板块下跌 3.09%，跑输上证综指 2.39pct . 2/31 请阅读最后评级说明和重要声明 3/31 请阅读最后评级说明和重要声明 4/31 请阅读最后评级说明和重要声明 一、行情周表现回顾 数 据 来 源 ： iFinD， 兴 业 证 券 经 济 与 金 融 研 究 院 整 理 （ 分 类 采 用 中 信 三 级 行 业 指 数 ） 行业周报 | 有色金属 数 据 来 源 ： iFinD， 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 7/31 图 3、本期氧化铝价格指数周环比下降 6500 5500 4500 3500 2500 1500 21/01 21/07 22/01 22/07 23/01 23/07 24/01 24/07 —SMM氧化铝指数(元/吨) 数据来源：SMM，兴业证券经济与金融研究院整理 图 6、2024 年 11 月氧化铝产量月环比上升 数据来源：SMM, 兴业证券经济 ...