行 业 研 究 电 子 [Table_Reportdate] 2024年11月18日 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.8月国内手机出货量同比上升 1. 晶圆代工厂稼动率回升，地缘政 治摩擦或加速国内自主可控进程— —电子行业周报（20241104- 20241110） 2. 端侧AI持续落地，美国出台对华 半导体限制"最终规则"——电子 行业周报（20241028-20241103） 3. 原生鸿蒙正式开启公测，国内汽 车电子相关需求旺盛——电子行业 周报（20241021-20241027） 26.7%，联想发布多款AIPC新 品 — — 电 子 行 业 周 报 （20240923-20240929） [table_invest] 标配 [Table_NewTitle] 百度AI布局持续深化，"双十一"中国 智能手机销量同比反弹26% ——电子行业周报2024/ ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年11月18日 [晨会纪要 Table_NewTitle] 20241118 [证券分析师： Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 联系人： 董经纬 djwei@longone.com.cn [table_main] 重点推荐 ➢ 1.积极信号有所显现——国内观察：2024年10月经济数据 ➢ 2.预期之内的通胀，强化年内小步伐降息——海外观察：2024年10月美国CPI 财经要闻 ➢ 1.外交部发言人全面介绍中美元首利马会晤情况 ➢ 2.两部门调整铝材等产品出口退税政策 ➢ 3.城中村改造政策支持范围已扩大到近300个地级及以上城市 ➢ 4.美国10月零售销售环比增长0.4%，高于预期 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 | --- | |----------------------------------------------------------------------- ...

总 量 研 究 [Table_Report] [Table_Reportdate] 2024年11月15日 宏 观 简 评 [证券分析师 Table_Authors] 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 胡少华 S0630516090002 hush@longone.com.cn [积极信号 Table_NewTitle]有所显现 ——国内观察：2024年10月经济数据 [table_main] 投资要点 ➢ 事件：11月15日，国家统计局公布10月经济数据。10月社零总额当月同比4.8%，前值3.2%； 固投累计同比3.4%，前值3.4%；规上工业增加值当月同比5.3%，前值5.4%。 ➢ 核心观点：10月经济数据不乏亮点，消费增速的回升，地产销售的降幅大幅收窄，制造业 投资持续的高增长，狭义基建增速的回暖，以及服务业生产指数的年内新高。政策组合拳 从对预期的提振已进入到效果兑现期，预计四季度GDP增速或将明显提升。不过目前价格 水平仍处低位，经济回升的斜率仍有待提升，后续或更应关注名义GDP的回升。我们认为 政策具备持续性，12月政治局会议以及经济工 ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年11月15日 [晨会纪要 Table_NewTitle] 20241115 [证券分析师： Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 联系人： 马小萱 mxxuan@email.com.cn [table_main] 重点推荐 ➢ 1."双11"宠物食品表现亮眼，龙头强者恒强——宠物食品行业简评 ➢ 2.帝科股份（300842）：净利率维稳，新技术研发行业领先——公司简评报告 ➢ 3.聚和材料（688503）：行业导致业绩短期波动，新技术逐步落地——公司简评报告 财经要闻 ➢ 1.商务部：加大金融支持力度、壮大外贸新动能以及强化外贸企业服务保障 ➢ 2.美国10月PPI同比上升2.4% 高于预期 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 | --- | --- | |----------|--------------------------------------------------- ...

总 量 研 究 [Table_Reportdate] 2024年11月14日 宏 观 简 评 [证券分析师 Table_Authors] 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 胡少华 S0630516090002 hush@longone.com.cn [预期之内的通胀，强化年内小步伐降息 Table_NewTitle] ——海外观察：2024年10月美国CPI [table_main] 投资要点 ➢ 事件：10月美国CPI同比上涨2.6%，预期2.6%，前值2.4%；环比上升0.2%，预期0.2%， 前值0.2%。10月美国核心CPI同比上涨3.3%，预期3.3%，前值3.3%；环比上涨0.3%，预 期0.3%，前值0.3%。 ➢ 核心观点：美国10月CPI及核心CPI均符合预期。短期因素，基数下降等共同推动CPI回升， 但核心CPI中的关键因素住房分项依然具备较强的黏性。特朗普的政策对通胀的影响具有 较大的不确定性，未来政策的落实以及推进的节奏或影响美联储的降息步伐以及终点，这 一点或在明年二季度开始有所体现。而在此之前，美联储或延续当前的小步伐降息路 ...

行 业 研 究 农 林 牧 渔 [Table_Reportdate] 2024年11月14日 行 业 简 评 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 陈涛 cht@longone.com.cn [table_stockTrend] -36% -25% -14% -3% 8% 19% 30% 23-11 24-02 24-05 24-08 申万行业指数:农林牧渔(0711) 沪深300 [相关研究 table_product] 1.巨星农牧（603477）：成本保持低 位，产能稳健增加——公司简评报告 2.乖宝宠物（301498）：自有品牌快 速增长，产品高端化趋势显著——公 司简评报告 3.立华股份（300761）: 三季度养殖 成本继续下降，盈利保持高增——公 司简评报告 [Table_NewTitle "双 ] 恒强 [table_invest] 超配 11"宠物食品表现亮眼，龙头强者 ——宠物食品行业简评 [table_main] 投资要点： ➢ 宠物食品类目"双11"再创佳绩。截至2024年11月13日，各电商平台 ...

Key Recommendations - **Deke Co Ltd (300842):** The company maintained a stable net profit margin and leads in new technology R&D, with Q1-Q3 2024 revenue reaching 11.509 billion yuan, up 88.77% YoY, and net profit of 293 million yuan, up 0.07% YoY [7] - **Deke Co Ltd (300842):** The company's photovoltaic conductive silver paste sales reached 1,581.16 tons in Q1-Q3 2024, with N-type TOPCon battery products accounting for 87.66% of total sales, maintaining a leading position in the industry [7] - **Deke Co Ltd (300842):** The company is a leader in BC battery paste technology, with n-Poly, p-Poly, and main grid products leading the market, and is a major supplier for BC battery manufacturers [8] - **Deke Co Ltd (300842):** The company is advancing in HJT technology, with 50% silver-coated copper paste in mass production and 30% silver content paste entering mass production, while also developing low-silver/copper-based conductive paste technologies [8] - **Juhe Materials (688503):** The company experienced short-term performance fluctuations due to industry factors, with Q1-Q3 2024 revenue of 9.826 billion yuan, up 32.80% YoY, and net profit of 421 million yuan, down 4.47% YoY [10] - **Juhe Materials (688503):** The company's photovoltaic conductive silver paste shipments exceeded 1,610 tons in Q1-Q3 2024, with N-type products accounting for 73% of total shipments, and Q3 shipments exceeding 450 tons [11] - **Juhe Materials (688503):** The company is expanding its silver powder business, with a monthly production capacity exceeding 40 tons and sales exceeding 20 tons, and a 3,000-ton silver powder project expected to be operational next year [11] - **Juhe Materials (688503):** The company is advancing in new technologies, with adhesive products for 0BB technology achieving mass production and new insulation and battery protection adhesives for BC components being developed [12] Financial News - **China's Ministry of Finance:** Announced tax policies to promote stable and healthy development of the real estate market, including reduced deed tax rates for first and second homes and adjustments to land value-added tax pre-collection rates [14] - **US CPI Data:** The US October unadjusted CPI annual rate was 2.6%, in line with expectations, while the core CPI annual rate was 3.3%, also meeting expectations [16] A-share Market Review - **Shanghai Composite Index:** Rose 0.51% to 3,439 points, with the Shenzhen Component Index and ChiNext Index also gaining 0.4% and 1.11% respectively [18] - **Market Performance:** The cultural media sector led gains, rising 3.34%, while tourism, hotels, and gas sectors saw declines [19] - **Optoelectronics Sector:** Fell 0.41%, with significant net outflows of large single funds, but potential for upward momentum remains [20] Market Data - **Financing Balance:** Reached 1.8352 trillion yuan, with reverse repo operations at 2.33 trillion yuan [23] - **Interest Rates:** The 1-year MLF rate was 2%, while the 10-year US Treasury yield was 4.44% [23] - **Stock Indices:** The Dow Jones Industrial Average rose 0.11%, while the Nasdaq fell 0.26% [23] - **Commodities:** COMEX gold fell 1.01% to $2,578.40 per ounce, while WTI crude oil rose 0.21% to $68.26 per barrel [23]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 680 million yuan in the first three quarters of 2024, representing a year-on-year increase of 15.1%, and a net profit attributable to shareholders of 160 million yuan, up 4.3% year-on-year. In Q3 2024, revenue was 230 million yuan, a 22.0% increase year-on-year, while net profit was 40 million yuan, down 7.3% year-on-year. The performance was slightly volatile due to longer acceptance cycles for some customized equipment and increased R&D and financial expenses [7] - The traditional consumer electronics sector remains robust, while the semiconductor business is expected to ramp up. The global smartphone sales have increased, with leading brands launching multiple AI products. This has driven demand for precision welding and other equipment, with strong orders from major clients and global EMS manufacturers. The company is actively advancing its AOI projects and has successfully developed multi-dimensional inspection equipment [7][9] - The company reported a Q3 gross margin of 46.2%, with slight declines both quarter-on-quarter and year-on-year. Sales expenses decreased by 0.7% year-on-year, while management and R&D expenses increased by 2.6% and 4.6%, respectively. Financial expenses rose significantly due to reduced interest income from financial investments [8] - The company's asset-liability ratio is healthy at 27.7%, with cash and cash equivalents accounting for 7.9% of total assets. The cash flow from sales of goods and services accounted for 101.4% of revenue in the first three quarters of 2024 [8] - The company is actively building new growth curves in the smart manufacturing equipment sector, having become a qualified supplier for Bosch automation equipment and collaborating with companies like Faurecia and Innocean. The semiconductor packaging equipment segment is expected to see growth with the introduction of IGBT and SiC module packaging solutions [9] - The company has adjusted its net profit forecast for 2024-2026, expecting net profits of 223 million, 291 million, and 367 million yuan, respectively, with corresponding EPS of 0.90, 1.17, and 1.47 yuan, leading to PE ratios of 27X, 21X, and 17X [9][10]

| --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------|---------------------|-----------------------------------------------------------------|--------------------------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 证券分析师：吴骏燕 执业证书编号： S0630517120001 证券分析师：张晶磊 执业证书编号： S0630524090001 | 2024 年 11 月 13 日 | 证券分析师：谢建斌 执业证书编号： 联系人：马小萱 联系方式： | S0630522020001 mxxuan@longone.com.cn | | | | ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年11月13日 [晨会纪要 Table_NewTitle] 20241113 [证券分析师： Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 联系人： 马小萱 mxxuan@longone.com.cn [table_main] 重点推荐 ➢ 1.固态电池路线基本确定，国内大储利用率有待提升——电池及储能行业周报（20241104- 20241110） ➢ 2.大力度化债除风险 强活力 促发展——2024年11月人大常委会办公厅新闻发布会解读 财经要闻 ➢ 1.上海市政府常务会议部署，支持上市公司并购重组，提升公司质量培育龙头企业 ➢ 2.欧佩克下调今明两年全球原油需求增速预期 ➢ 3.全球碳市场启动：COP29批准巴黎协定关键条款 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 正文目录 1. 重点推荐 1.1. 固态电池路线基本确定，国内大储利用率有待提升――电池及储能行业周报 ( 20241104 ...