Investment Rating - The report maintains a "Buy-B" rating for Shanghai Hanxun (300762 SZ) [3][6] Core Views - The company's military business is at a low point but recovery is expected, with potential for high order growth in new areas such as military 5G and broadband data links [4] - Satellite constellation construction is expected to accelerate, and the company is likely to benefit from the rapid expansion of satellite-related business [5][6] - The company's Q3 revenue showed significant improvement compared to the previous quarter, and satellite internet business is expected to grow with the launch schedule [3] Financial Performance - For Q1-Q3 2024, the company reported revenue of 176 million yuan, a year-on-year decrease of 18 4%, and a net loss attributable to shareholders of 91 million yuan, a year-on-year decrease of 45 37% [3] - The company's net profit is expected to be -87 million yuan in 2024, 181 million yuan in 2025, and 276 million yuan in 2026, with year-on-year growth rates of 54 3%, 309 3%, and 52 3% respectively [6] - The company's gross margin is expected to be 61 1% in 2024, 54 0% in 2025, and 54 0% in 2026 [8] Business Development - The company has completed the delivery of ground base stations and test terminal products, and broadband payload products have entered mass production [2] - The company has won bids for multiple projects, including satellite terminals and test terminal basebands, with a cumulative bid amount exceeding 37 million yuan [2] - The company has achieved excellent results in the technical evaluation of new-generation tactical communication trunk communication equipment and has completed the identification of 3 types of equipment [4] Market Data - As of November 12, 2024, the company's closing price was 28 22 yuan, with a total market capitalization of 1 77 billion yuan [4] - The company's P/E ratio is expected to be -204 5x in 2024, 97 7x in 2025, and 64 2x in 2026 [8]

研究早观点 2024 年 11 月 13 日 星期三 市场走势 资料来源：最闻 【公司评论】川宁生物(301301.SZ)：川宁生物三季报点评-前三季度业绩 超预期，高值、大宗合成生物学品种打开成长空间 指数 上证指数 深证成指 沪深 中小板指 创业板指 科创 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com | --- | --- | --- | |------------------|-----------|----------| | 国内市场主要指数 | 收盘 | 涨跌幅 % | | | 3,421.97 | -1.39 | | | 11,314.46 | -0.65 | | 300 | 4,085.74 | -1.10 | | | 6,953.76 | -0.91 | | | 2,390.80 | -0.07 | | 50 | 1,050.54 | -2.17 | 【今日要点】 【行业评论】非银行金融：行业周报（20241104-20241110）-关注新 开户超预期，券商并购持续推进 【山证农业】农 ...

Group 1: Market Trends - The new materials sector index increased by 8.55%, underperforming the ChiNext index by 0.77% [12] - The synthetic biology index rose by 4.54%, semiconductor materials by 7.58%, electronic chemicals by 6.87%, biodegradable plastics by 5.96%, industrial gases by 7.30%, and battery chemicals by 10.96% [12] Group 2: New Energy Law Impact - The "Energy Law of the People's Republic of China" was passed on November 8, emphasizing green and low-carbon transformation, promoting wind energy development, and accelerating offshore wind power construction [13][15] - The domestic wind power installed capacity reached 12.84 GW in Q3 2024, a year-on-year increase of 16.73% and a quarter-on-quarter increase of 27.51% [13] Group 3: Automotive Industry Insights - In September 2024, automobile sales reached 2.809 million units, a month-on-month increase of 14.5% and a year-on-year decrease of 1.7% [28] - The penetration rate of new energy vehicles significantly increased, surpassing 50% in July and reaching 53% in September [28][29] - BYD's sales in October 2024 were 503,000 units, a month-on-month increase of 19.8% and a year-on-year increase of 66.5% [30] Group 4: Textile and Apparel Sector - China's textile and apparel exports increased by 11.9% year-on-year in October [32] - Puma's FY24 Q3 revenue was €2.308 billion, a slight year-on-year decline of 0.1%, but a 5.0% increase on a currency-neutral basis [33]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry, indicating an expected performance that surpasses the benchmark index by over 10% [3][21]. Core Insights - The report emphasizes the importance of enhancing openness in the capital market, aiming to create a favorable investment environment for international investors. This aligns with the strategic goal of building a strong financial sector and developing leading brokerage firms [8][17]. - There is a notable increase in new individual investor accounts, with 6.8397 million new accounts opened in October 2024, the highest since June 2015. This surge is expected to benefit brokerage firms as market activity increases, potentially leading to improved performance in brokerage, asset management, and proprietary trading businesses [8][11]. Summary by Sections 1. Investment Recommendations - The report highlights the ongoing trend of mergers and acquisitions within the brokerage sector, exemplified by Western Securities' acquisition of Guorong Securities. It suggests monitoring the progress of these mergers and the potential for exceeding expectations [8][19]. 2. Market Review - Major indices experienced significant gains, with the Shanghai Composite Index rising by 5.51%, the CSI 300 by 5.50%, and the ChiNext Index by 9.32%. The total trading volume in A-shares reached 11.99 trillion yuan, with an average daily turnover of 2.40 trillion yuan, reflecting a 14.86% increase [9][11]. 3. Key Industry Data Tracking - As of November 8, 2024, the market had 3,332.08 billion shares pledged, accounting for 4.15% of total equity. The margin trading balance stood at 1.80 trillion yuan, up 6.10% [12][11]. - In October 2024, new fund issuance totaled 33.331 billion units, with a decrease in the number of funds issued by 61.73% compared to the previous month [11][12]. - The equity underwriting scale for October 2024 was 14.525 billion yuan, with IPOs accounting for 4.968 billion yuan and refinancing for 9.557 billion yuan [12]. 4. Regulatory Policies and Industry Dynamics - The China Securities Regulatory Commission (CSRC) is committed to promoting high-level institutional openness in the capital market, aiming to create a transparent and stable regulatory environment for foreign investors [17][8]. - The CSRC held discussions on enhancing the role of securities and fund institutions in capital market development, emphasizing the need for improved governance and risk control [17]. 5. Key Announcements from Listed Companies - Citic Securities appointed Jin Jianhua as the new general manager, while Western Securities announced its plan to acquire a 64.5961% stake in Guorong Securities at a price of 3.3217 yuan per share [18][19].

Investment Rating - The report maintains an "Add-B" rating for the company, indicating a projected price increase of 5%-15% relative to the benchmark index [2][4]. Core Insights - The company has exceeded expectations in its performance for the first three quarters of 2024, with revenue reaching 4.46 billion yuan, a year-on-year increase of 24.4%, and a net profit of 1.08 billion yuan, up 68.1% [2][3]. - The company's gross margin and net margin improved in Q3 2024, reaching 37.1% (+4.0 percentage points) and 24.6% (+3.2 percentage points) respectively, due to reduced raw material and energy costs [3][4]. - The competitive landscape for antibiotic intermediates remains stable, with a strong demand outlook for Q4 2024 as prices for penicillin intermediates remain high [3][4]. Financial Performance Summary - For the first three quarters of 2024, the company's revenue was 4.46 billion yuan, with quarterly revenues of 1.52 billion yuan, 1.67 billion yuan, and 1.26 billion yuan, reflecting year-on-year growth rates of 20.0%, 45.7%, and 8.3% respectively [2][3]. - The net profit for the same period was 1.08 billion yuan, with quarterly net profits of 350 million yuan, 410 million yuan, and 310 million yuan, showing year-on-year growth rates of 101.0%, 92.0%, and 24.2% respectively [2][3]. - The company forecasts total revenues of 5.92 billion yuan, 6.56 billion yuan, and 7.27 billion yuan for 2024, 2025, and 2026, with corresponding net profits of 1.40 billion yuan, 1.64 billion yuan, and 1.85 billion yuan [4][5]. Valuation Metrics - The report provides projected P/E ratios of 24.8, 21.1, and 18.8 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation trend [5][6]. - The company's return on equity (ROE) is expected to improve to 17.7%, 18.2%, and 17.8% over the same period [5][6].

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected price increase of 5% to 15% relative to the benchmark index [2][8]. Core Views - The company has experienced a significant increase in revenue in the semiconductor sector, with a 63% year-on-year growth in the first three quarters, driven by strong demand for HBM in overseas storage chip annealing [1][2]. - Despite short-term performance pressures, the company is expected to benefit from its integration of global first-tier micro-nano optical platform processes and the development of international customer structures [1][2]. - The company is positioned to accelerate breakthroughs in multiple downstream markets, enhancing gross and net profit margins through process and organizational integration [1][2]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 458 million yuan, a year-on-year increase of 19.17%, but a net loss of 52 million yuan, a decline of 220.53% [2][5]. - The projected net profits for 2024-2026 are 17 million, 120 million, and 206 million yuan, respectively, with corresponding EPS of 0.19, 1.32, and 2.28 yuan [1][5]. - The company’s gross margin is expected to decline to 30.5% in 2024, with a gradual recovery to 42.1% by 2026 [5][7]. Market Expansion and Strategic Initiatives - The company is actively integrating its acquisitions to expand into the communication and automotive markets, with a focus on laser radar and automotive lighting applications [2][6]. - Collaborations with leading companies in various industries are underway, with confidence in achieving significant sales in the optical communication sector [2][6]. - The establishment of a new division in Singapore for optical process development has already generated revenue of 7.74 million yuan [2][6].

Investment Rating - The report maintains a rating of "B" for the wind power industry, indicating a positive outlook based on recent policy developments and market performance [2]. Core Insights - The introduction of the "Energy Law" in China is expected to drive rapid development in the wind power sector, promoting green and low-carbon transitions [2]. - In Q3 2024, China's wind power installed capacity reached 12.84 GW, marking a year-on-year increase of 16.73% and a quarter-on-quarter increase of 27.51% [2]. - The report highlights a consensus within the wind power industry to resist price competition, which may improve supply dynamics and stabilize prices for wind power equipment [2]. Market Performance - The new materials sector saw an increase, with the new materials index rising by 8.55%, although it underperformed compared to the ChiNext index by 0.77% [3]. - Over the past five trading days, various sub-sectors performed as follows: synthetic biology index up 4.54%, semiconductor materials up 7.58%, electronic chemicals up 6.87%, biodegradable plastics up 5.96%, industrial gases up 7.30%, and battery chemicals up 10.96% [3][16]. Price Tracking - The report provides a weekly price tracking of various chemical products, including amino acids and industrial gases, indicating stable prices for many products [4][10]. - Specific prices noted include: - Valine at 12,700 CNY/ton (up 0.79%) - Arginine at 30,000 CNY/ton (unchanged) - Hydrogen fluoride (UPSSS grade) at 11,000 CNY/ton (unchanged) [4]. Industry News - The report mentions the signing of a self-discipline agreement among wind power companies, which aims to curb unhealthy price competition [2]. - The production of HDI monomer by Meirui New Materials has commenced, contributing to the supply chain in the new materials sector [2].

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook based on its competitive position and technological advancements [2]. Core Views - The company has experienced significant revenue declines due to industry supply-demand mismatches and price drops across the photovoltaic sector, leading to a projected EPS of -0.99, 0.76, and 1.17 for 2024-2026 [2]. - Despite the challenges, the company is recognized as a leading player in the industry, focusing on differentiated competition and advancing its global production capacity [2]. - The third quarter showed a reduction in losses, with a notable increase in sales volume for its HPBC second-generation products [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 585.9 billion yuan, a year-on-year decrease of 37.7%, and a net profit attributable to shareholders of -65.0 billion yuan, down 155.6% [2][3]. - The third quarter alone saw revenue of 200.6 billion yuan, a decline of 31.9% year-on-year and 3.8% quarter-on-quarter, with a net profit of -12.6 billion yuan, reflecting a 150.1% year-on-year decrease but a 56.4% improvement from the previous quarter [2][3]. - The gross margin for Q3 improved to 8.6%, up 2.0 percentage points from the previous quarter, with significant increases in shipment volumes for silicon wafers and components [3]. Production and Technology Advancements - The company achieved a silicon wafer shipment volume of 82.8 GW for the first three quarters, with a year-on-year increase in component shipments of 17.7% [3]. - The HPBC 2.0 technology has reached a mass production efficiency of 26.6%, with new high-efficiency products launched, including the Hi-MO 9 and Hi-MO X10 components, achieving maximum power outputs of 670W [3]. - The company aims to ship 30 GW of BC second-generation products in 2025, demonstrating its commitment to expanding its technological capabilities and market presence [3].

Investment Rating - The report initiates coverage with an "Accumulate-A" rating for the company [1] Core Views - The company is expected to achieve revenues of 28.21 billion, 29.60 billion, and 31.09 billion CNY for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 1.6%, 4.9%, and 5.0% [1] - The net profit attributable to the parent company is projected to be 2.89 billion, 3.20 billion, and 3.48 billion CNY for the same years, reflecting a decline of 9.2% in 2024, followed by growth of 10.6% and 8.9% in 2025 and 2026 [1] - The company maintains a strong market position in key products such as monosodium glutamate, lysine, and threonine, and continues to reward shareholders through dividends and buybacks [1] Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 18.68 billion CNY, a decrease of 8.99% year-on-year, and a net profit of 1.995 billion CNY, down 7.65% year-on-year [1][2] - The gross margin for the third quarter of 2024 was 17.65%, down 0.83 percentage points year-on-year, while the net margin was 8.64%, down 2.74 percentage points year-on-year [1][2] - The average prices for key products such as threonine and lysine have shown an upward trend, with threonine averaging 10.86 CNY/kg and 98.5% lysine at 10.63 CNY/kg in the third quarter [2] Dividend and Share Buyback Policy - The company has a history of high dividends, with cumulative dividends of 10.847 billion CNY since its listing and an average dividend payout ratio of 52.77% [3] - A share buyback plan has been announced, with a total amount not less than 300 million CNY and not exceeding 500 million CNY [3] Financial Data and Valuation - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.01 CNY, 1.12 CNY, and 1.22 CNY respectively, with corresponding price-to-earnings (P/E) ratios of 9.5, 8.6, and 7.9 [1][4] - The company's return on equity (ROE) is expected to decline from 19.3% in 2024 to 17.9% in 2026 [5]

Investment Rating - The report assigns a "Buy-A" rating to Adisseo (600299 SH) for the first time [1] Core Views - Strong growth in methionine sales and significant improvement in operational efficiency are key drivers [1] - The company's Q3 2024 revenue reached 4 125 billion yuan up 25 23% YoY and 9 28% QoQ with net profit of 396 million yuan up 683 55% YoY and 19 65% QoQ [1] - Gross margin improved to 29 21% up 12 61 percentage points YoY while net margin reached 9 63% up 11 69 percentage points YoY [1] Business Performance Methionine Business - Methionine revenue grew 31% YoY in Q3 2024 with liquid methionine sales hitting a quarterly record and solid methionine achieving double-digit growth [1] - Domestic methionine average price in Q3 2024 was 20 69 yuan/kg up 15 8% YoY but down 4 37% QoQ [1] - The company is progressing with the construction of a 150 000-ton solid methionine plant in Quanzhou Fujian [1] Specialty Products - Specialty products revenue grew 10% YoY in Q3 2024 with gross profit up 20% [1] - The European 30 000-ton specialty product capacity expansion project is in the ramp-up phase [1] - A 37 000-ton specialty feed additive plant in Nanjing is expected to complete mechanical construction by end of 2024 [1] Operational Efficiency - The company expects to reduce recurring costs by 178 million yuan in 2024 [1] - It has permanently closed the solid methionine production line at its Comantre France plant and optimized vitamin A production efficiency [1] Financial Projections - Revenue is forecasted to grow to 14 903/16 273/17 549 billion yuan in 2024/2025/2026 representing YoY growth of 13 0%/9 2%/7 8% [1] - Net profit is projected to reach 1 372/1 554/1 672 billion yuan in 2024/2025/2026 with YoY growth of 2529 4%/13 3%/7 6% [1] - EPS is estimated at 0 51/0 58/0 62 yuan for 2024/2025/2026 with P/E ratios of 22 6/20 0/18 6x [1] Valuation Metrics - The company's P/E ratio is projected at 22 6/20 0/18 6x for 2024/2025/2026 [1] - P/B ratio is forecasted at 1 9/1 8/1 7x for the same period [1] - ROE is expected to improve to 8 7%/9 1%/9 0% in 2024/2025/2026 [1]