Industry Overview - The tire industry has shifted from capacity expansion to technological innovation, brand building, energy conservation, and new energy vehicle development, driven by policy support and industrial upgrading [11][12][14] - Key policies affecting the tire industry include environmental regulations, trade policies, and technological advancements, which influence export earnings and overseas factory construction [3] - The industry is moving towards green transformation and internationalization, with a focus on circular economy and sustainable practices [11][14] Key Indicators and Trends - Raw material prices, particularly natural and synthetic rubber, have a strong negative correlation with tire company profitability [4][26] - Sea freight costs directly impact export competitiveness, with companies optimizing supply chain management through overseas factory expansion [4][31] - Domestic tire companies are increasing their global market share through capacity expansion and improved product quality [4][37] Supply and Demand Dynamics - Semi-steel tire production and operating rates reached record highs in 2024, with a 7.87% year-on-year increase in production [33][34] - Full-steel tire production faced pressure due to real estate and logistics impacts, with a 2.61% year-on-year decline in production [36] - Overseas demand accounts for over 70% of total demand, with logistics and vehicle production being key indicators of tire demand growth [5][39][41] Cost Structure and Raw Materials - Domestic tire companies have lower labor and management costs compared to overseas competitors, but face higher raw material costs [24][25] - Natural rubber prices are influenced by supply constraints, with ANRPC member countries experiencing a 2.48% year-on-year decline in production in September 2024 [27] - Synthetic rubber prices are driven by upstream raw material costs, with butadiene prices significantly impacting synthetic rubber prices in 2024 [28] Overseas Expansion and Trade Policies - Chinese tire companies are expanding overseas production to avoid trade barriers, with significant investments in Southeast Asia, Europe, and North America [17][20] - The US imposed anti-dumping and countervailing duties on tires from various countries, with Chinese companies facing rates ranging from 12.33% to 48.39% [18][19] - Overseas factories benefit from favorable tax policies and lower labor costs, particularly in Southeast Asia [17][20] Market Trends and Competitive Landscape - Domestic tire companies are gaining market share as international giants exit the Chinese market, particularly in the full-steel tire segment [37] - The rise of new energy vehicles is creating new demand for tires, with domestic companies successfully supplying nearly half of the top-selling new energy models in 2023 [54][56] - Brand value and product innovation are becoming increasingly important, with companies like Sailun and Linglong making significant strides in brand recognition and technological advancements [53][54] Historical Performance of Leading Companies - Leading tire companies such as Michelin, Goodyear, and Bridgestone have shown consistent growth in revenue and EPS, driven by technological innovations and strategic acquisitions [58][60][64] - Domestic companies like Sailun, Linglong, and Sentury have demonstrated strong growth trajectories, with significant expansions in overseas production and market share [66][69][71][75]

行 业 研 究 非 银 金 融 [Table_Reportdate] 2024年11月04日 行 业 周 报 [证券分析师 Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -30% -17% -4% 8% 21% 34% 46% 23-11 24-02 24-05 24-08 申万行业指数:非银金融(0749) 沪深300 [相关研究 table_product] 1.金融街论坛强化资本市场定位，把 握三季报超预期带来的配置机遇— —非银金融行业周报（20241014- 20241020） 2.9月产寿险增速环比回落，关注新 定价产品全面上线后的价值提升— —上市险企2024年9月保费点评 3.SFISF与财政部表态提振市场信 心，把握政策催化下的板块配置机遇 ——非银金融行业周报（20241007- 20241013） [table_invest] 超配 [Table_NewTitle 券商"跨境理财通 ] "试点启动，非银三 季报表现稳健夯实配置基础 ——非银金融行业周报（20241028-20241103） ...

公 司 研 究 [Table_Reportdate] 2024年11月04日 食 品 饮 料 贵州茅台 沪深300 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn | --- | --- | |---------------------------|-------------------| | | | | 数据日期 Table_cominfo] | 2024/11/04 | | 收盘价 | 1,548.20 | | 总股本 ( 万股 ) | 125,620 | | 流通 A 股 /B 股 ( 万股 ) | 125,620/0 | | 资产负债率 (%) | 13.63% | | 市净率 ( 倍 ) | 7.85 | | 净资产收益率 ( 加权 ) | 26.09 | | 12 个月内最高 / 最低价 | 1,910.00/1,245.83 | [Table_QuotePic] -37% -28% -19% ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 8.15 billion yuan for the first three quarters of 2024, a year-on-year decrease of 0.54%, while the net profit attributable to shareholders increased by 24.37% to 474 million yuan [6] - The low-temperature product segment is experiencing accelerated growth, particularly in the East China region, with double-digit revenue growth in low-temperature fresh milk and yogurt [7] - Profitability is improving due to product structure optimization and cost reductions, with a net profit margin of 6.54% and a gross margin of 28.83% in Q3 2024 [8] - The company is focused on its "Fresh Cube Strategy," emphasizing low-temperature products and modern media marketing to achieve nationwide expansion [9] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 2.785 billion yuan, down 3.82% year-on-year, but net profit rose by 22.92% to 177 million yuan [6][7] - The company expects net profits for 2024-2026 to be 563 million, 645 million, and 811 million yuan respectively, with corresponding EPS of 0.65, 0.75, and 0.94 yuan [9][10] Product and Market Analysis - The low-temperature product category is a strategic focus, with significant growth driven by new product development and direct-to-consumer (DTC) channel expansion [7] - The East China region showed strong performance with double-digit revenue growth in Q3 2024, while the western region faced challenges due to the overall consumption environment [7] Profitability and Cost Management - The company’s net profit margin improved by 1.52 percentage points year-on-year, attributed to lower raw milk prices and product mix adjustments [8] - The report highlights a slight increase in sales expense ratio to 15.27% due to heightened market competition, while management and financial expense ratios showed improvements [8]

行 业 研 究 食 品 饮 料 [Table_Reportdate] 2024年11月04日 行 业 周 报 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 陈涛 cht@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn [相关研究 table_product] 1.甘源食品（002991）：Q3业绩表现 亮眼，多渠道齐发力——公司简评报 告 2.茅台三季报稳健，大众品利润弹性 显 现 — — 食 品 饮 料 行 业 周 报 （2024/10/21-2024/10/27） 3.消费复苏预期持续，重视三季报业 绩表现 — — 食 品 饮 料 行 业 周 报 （2024/10/14-2024/10/20） [table_invest] 超配 [Table_NewTitle 白酒三季报增速放缓，大众品成本改善 ] ——食品饮料行业周报（2024/10/28-2024/11/03） [table_main] 投资要点： ➢ 二级市场表现：上周食品饮料板块下跌0.39%，跑赢沪深300指数1.29个百分点， ...

行 业 研 究 [Table_Reportdate] 2024年11月04日 行 业 周 报 [证券分析师 Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师 张帆远 S0630524070002 zfy@longone.com.cn 联系人 赵敏敏 zmmin@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:电力设备(0763) 沪深300 [相关研究 table_product] 1.特锐德（300001）：2024Q3业绩符 合预期，充电运营龙头稳固——公司 简评报告 2.光伏新技术产业化加快，电动车需 求恢复——电力设备新能源行业周 报（2023/6/26-2023/7/02） 网侧装机占比较高 [table_invest] 标配 [Table_NewTitle] 10月新能车销量表现优异，独立储能电 ——电池及储能行业周报（2024/10/28-2024/11/03） [table_ ...

公 司 研 究 [Table_Reportdate] 2024年11月04日 汽 车 [Table_invest] 买入（维持） 报告原因：重大事项 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn 联系人 陈芯楠 cxn@longone.com.cn | --- | --- | |--------------------------|------------------| | | | | 数据日期 收盘价 | 2024/11/01 13.49 | | 总股本 ( 万股 ) | 991,729 | | 流通 A 股 /B 股 ( 万股 ) | 821,258/164,161 | | 资产负债率 (%) | 59.36% | | 市净率 ( 倍 ) | 1.79 | | 净资产收益率 ( 加权 ) | 4.95 | | 12 个月内最高 / 最低价 | 21.48/11.43 | [Table_QuotePic] -36% -23% -11% 2% 14% 27% 40% 52% 23-11 24-02 24-05 24-08 长安汽车 沪深 ...

行 业 研 究 电 子 [Table_Reportdate] 2024年11月4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. 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） 2. 2024Q3全球智能手机出货量同比 上涨4%，消费电子终端新品迎来发 布热潮——电子行业周报 （20241014-20241020） 3. AMD推出新一代GPU MI325X， 预计第四季度存储合约价涨幅收敛 ——电子行业周报（20241007- 20241013） 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] 端侧AI持续落地，美国出台对华半导体 限制"最终规则" —— ...

行业加速整合，集中度持续提升 连锁药店行业研究框架专题报告 证券分析师：杜永宏 执业证书编号：S0630522040001 证券分析师：伍可心 执业证书编号：S0630522120001 联系方式：wkx@longone.com.cn 2024年11月04日 www.longone.com.cn 2 核心观点 ● 行业需求端：药品需求持续增长，处方外流持续推进。2023年，药店市场总体规模约为6500亿元，2015-2023年CAGR为 9.07%，零售药店终端销售规模占全国药品销售终端29.3%。随着人口老龄化，慢病患者人群增加，人们健康意识的提高，药 品需求和非药需求都在增长；政策方面，医药分业持续推进，处方外流增量可期；集采未中标药品流向院外，双通道、门诊统筹 等带动长处方持续外流。 ● 行业供给端：集中度持续提升，行业有望加速整合。2023年，药店百强企业收入合计为3070亿元，市占率为59.5%；百强连锁 企业平均拥有门店数量约1548家。2023年店均服务人口为2155人，较2012年下降33%，竞争愈发激烈。政策方面：医保监管 趋严，各地比价系统相继上线，纳入门诊统筹资质要求较高。总体来看，行业 ...

行 业 研 究 [Table_Reportdate] 2024年11月04日 行 业 周 报 稳定 [table_invest] 标配 [Table_NewTitle 组件龙头带头涨价 ]，陆风中标价格持续 ——新能源电力行业周报（2024/10/28-2024/11/02） [table_main] 投资要点： ➢ 市场表现： 本周（10/28-11/01）申万光伏设备板块下降2.85%，跑输沪深300指数1.17个百分点， 申万风电设备板块下降1.41%，跑赢沪深300指数0.27个百分点。本周光伏板块涨幅前 三个股为拉普拉斯、钧达股份、弘元绿能，跌幅前三个股为连城数控、同享科技、大全 能源。本周风电板块涨幅前三个股为电气风电、禾望电气、湘电股份，跌幅前三个股为 泰胜风能、起帆电缆、三一重能。 ➢ 光伏板块 电池片交付迎来小高峰，组件龙头带头涨价 1）硅料：价格维稳。本周多晶硅成交情况依旧冷淡。库存方面，现货库存规模仍在叠加， 累库压力逐渐达到年内高峰。需求方面，根据下游硅片企业预排产情况，多晶硅需求在11 月将至少出现1GW的下降。供应方面，截至目前处于检修或降负荷状态中的企业数量增加 至14家，1家企 ...