Investment Rating - The report maintains a "Buy" investment rating for the company, indicating an expected relative increase of over 15% against the CSI 300 index within the next six months [1][5]. Core Views - The company reported a Q3 gross margin improvement, with strong performance in new energy vehicle orders. Despite a decline in self-owned brand sales and losses from joint ventures, the company achieved a net profit of 748 million yuan in Q3 2024, reflecting a significant year-on-year decrease of 66.44% [1]. - The company is accelerating its transformation by focusing on both self-developed and cooperative efforts, with new energy vehicle orders showing promising growth. The launch of several new models is expected to enhance profitability in the upcoming quarters [1]. - Revenue for the first three quarters of 2024 reached 110.96 billion yuan, a year-on-year increase of 2.54%, while the net profit attributable to shareholders was 3.58 billion yuan, down 63.78% year-on-year [1]. Financial Performance Summary - For Q3 2024, the company achieved revenue of 34.24 billion yuan, a quarter-on-quarter decrease of 19.85% and a year-on-year decrease of 13.76%. The gross margin for Q3 was reported at 15.7%, showing a quarter-on-quarter improvement [1]. - The company’s self-owned passenger vehicle sales in Q3 2024 were 339,000 units, down 17.4% year-on-year, while new energy vehicle sales were 149,000 units, up 13.7% year-on-year [1]. - The report projects the company’s revenue for 2024 to be 158.11 billion yuan, with expected earnings per share (EPS) of 0.62 yuan, and a price-to-earnings (P/E) ratio of 24.40 based on the closing price of 14.52 yuan per share on November 14, 2024 [2][3].

Market Performance - Domestic market indices showed mixed performance with the Shanghai Composite Index closing at 3,379.84, down 1.73%, and the Shenzhen Component Index closing at 11,037.78, down 2.83% [2] - International markets also experienced declines with the Dow Jones Industrial Average closing at 30,772.79, down 0.67%, and the NASDAQ Composite closing at 11,247.58, down 0.15% [3] Industry and Company Analysis - The software industry in China saw a 10.8% growth in revenue for the first nine months of 2024, reaching 9.83 trillion yuan, with a profit increase of 11.2% to 1.16 trillion yuan [11] - The semiconductor industry continued its recovery trend in Q3 2024, with revenue growing by 20.57% year-over-year to 1.24 trillion yuan, and net profit increasing by 49.51% to 85.53 billion yuan [20] - The pet food export sector in China grew by 25.9% in volume and 21.08% in value for the first nine months of 2024, driven by increased pet ownership and consumption [15] - The light manufacturing industry reported a 2.14% increase in revenue to 4.55 trillion yuan for the first nine months of 2024, with a 5.12% decline in net profit to 228.02 billion yuan [26] Key Data Updates - Recent data on restricted share releases shows significant upcoming releases, such as Shengmei Shanghai with 35.77 million shares (82.01% of total shares) set to be released on November 18, 2024 [27] - The top active stocks in the Shanghai-Shenzhen-Hong Kong Stock Connect include Sailun Group with a trading volume of 11.22 billion yuan and Inspur Information with 9.34 billion yuan [29] Recent Reports - Market analysis highlighted the financial sector leading gains in the A-share market, with the Shanghai Composite Index experiencing wide fluctuations [6] - The communication and media sectors led gains in the A-share market, with the Shanghai Composite Index showing slight upward movement [7] - The pharmaceutical and consumer sectors showed strength in the A-share market, with the Shanghai Composite Index experiencing wide fluctuations [8] - Growth sectors led gains in the A-share market, with the Shanghai Composite Index showing slight upward movement [10]

资料来源：聚源，中原证券研究所 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -20% -15% -10% -5% 0% 5% 10% 15% 2023.11 2024.03 2024.07 2024.11 上证指数 深证成指 | --- | --- | --- | |--------------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 3,439.28 | 0.51 | | 深证成指 | 11,359.29 | 0.40 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 4,110.89 | 0.62 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,901.93 | 0.71 ...

Group 1 - The A-share market experienced slight fluctuations with a small upward trend, with the Shanghai Composite Index closing at 3,439.28 points, up 0.51% [7][8] - Key sectors performing well included communication services, cultural media, shipbuilding, and banking, while the pharmaceutical, medical services, gas, and food and beverage sectors showed weaker performance [3][7] - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are 14.48 times and 39.55 times respectively, indicating a suitable environment for medium to long-term investments [3][11] Group 2 - The total trading volume for the two markets on that day was 20,422 billion, which is above the median of the past three years [3][11] - Recent high-frequency data indicates growth in logistics, exports, and service trade, with signs of stabilization in real estate sales compared to the previous month [3][11] - Investment opportunities are recommended in sectors such as communication services, cultural media, military industry, and gaming for short-term focus [3][11]

Group 1 - The overall revenue and net profit of listed companies in Henan Province reached new highs in the first three quarters of 2024, with total revenue of CNY 769.59 billion, a year-on-year increase of 4.86%, and net profit attributable to shareholders of CNY 55.84 billion, a year-on-year increase of 29.51% [2][9][26] - The performance growth of Henan listed companies outperformed major market indices, with all A-shares showing a revenue decline of 1.61% and a net profit increase of only 0.06% in the same period [3][14][16] - The profitability of Henan listed companies improved significantly, with an overall gross profit of CNY 141.77 billion, a year-on-year increase of 22.01%, and a gross profit margin of 18.67%, up 2.58 percentage points year-on-year [4][35] Group 2 - Certain advantageous industries, such as automotive, agriculture, forestry, animal husbandry, and non-ferrous metals, achieved both revenue and profit growth, with automotive revenue increasing by 24.43% year-on-year [4][26] - The revenue concentration among Henan listed companies is notable, with the top three companies accounting for 38.42% of total revenue, indicating a head-heavy revenue structure [19][21] - In terms of net profit, the top five companies accounted for 52.21% of the total net profit of Henan listed companies, with Muyuan Foods and Luoyang Molybdenum being the largest contributors [26][31]

Investment Rating - The report maintains a "Market Perform" rating for the computer industry, indicating a neutral outlook compared to the broader market [4]. Core Insights - The domestic software industry is experiencing a continuous decline in growth rate, with software business revenue for January to September 2024 reaching 9.83 trillion yuan, a year-on-year increase of 10.8%, down from 13.4% in 2023 [10][11]. - The report highlights significant growth in the AI computing sector, with a 15.1% year-on-year increase in computing power demand, driven by the rising application of AI in cloud and big data services [3][15]. - The domestic chip design industry is adapting to supply chain challenges due to restrictions from TSMC and Samsung on advanced chip manufacturing for China, which benefits upstream domestic suppliers [2][16]. Summary by Sections Industry Data - The software industry's profit growth rebounded in September 2024, with total profits reaching 1,162.1 billion yuan, a year-on-year increase of 11.2% [11]. - The export of software services showed positive signs, with a total export value of 41.03 billion yuan, up 4.2% year-on-year [12]. High-Growth Sectors - The IC design sector grew by 13.1% year-on-year, while cloud and big data services led the software industry with a growth of 15.1% [13][15]. Domestic Production - The release of HarmonyOS Next 5.0 marks a significant advancement in domestic mobile operating systems, with over 10 billion devices now using HarmonyOS and 15,000 native applications available [19]. - The proportion of domestically produced servers in China Telecom's procurement projects increased from 47% in 2023 to 68% in 2024 [27]. Computing Power - The liquid cooling market in China reached a scale of 1.26 billion USD in H1 2024, growing by 98.3% year-on-year, with a projected compound annual growth rate of 47.6% from 2023 to 2028 [3][34]. - Major technology companies, including Amazon, Google, and Microsoft, have significantly increased their capital expenditures, reaching 60.428 billion USD in Q3 2024, a 59% year-on-year increase [37]. Chip Manufacturers - AMD's data center business reported revenues of 3.549 billion USD in Q3, a 122.1% increase year-on-year, surpassing Intel's performance in the same segment [38].

Investment Rating - The report maintains an "Add" rating for the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [14]. Core Insights - The company achieved a revenue of 474 million yuan for the first three quarters of 2024, representing a year-on-year growth of 5.83%, while the net profit attributable to shareholders was 134 million yuan, up 21.24% year-on-year [2]. - The gross margin for the first three quarters of 2024 was 54.09%, an increase of 10.98 percentage points year-on-year, and the net profit margin was 28.34%, up 3.51 percentage points year-on-year [4]. - The company has a strong competitive position in the monitoring system products within the Henan region, with a diverse product line applicable to various railway systems [3]. Financial Performance - The company’s revenue for 2024 is projected to be 786 million yuan, with a growth rate of 6.20%, and net profit is expected to reach 200 million yuan, reflecting a growth rate of 21.58% [11]. - The company’s operating profit for 2024 is forecasted at 225 million yuan, with a corresponding PE ratio of 18.07 [11]. - The company’s cash flow from operating activities is expected to be 180 million yuan in 2024, with a net profit of 200 million yuan [12]. Market and Industry Outlook - The railway fixed asset investment in China has been growing rapidly, with a reported investment of 561.2 billion yuan in the first three quarters of 2024, a year-on-year increase of 10.3% [6]. - The overall investment in the railway and urban rail transit sectors is expected to remain high, driven by ongoing infrastructure development and equipment upgrades [6]. - The company has secured multiple project contracts recently, indicating a stable increase in its order backlog [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [1][14]. Core Insights - The company reported strong performance in Q3, with total revenue reaching 372 million yuan, a year-on-year increase of 41.57%. Net profit attributable to shareholders was 55 million yuan, up 90.92% year-on-year [1]. - For the first three quarters, total revenue was 966 million yuan, reflecting a year-on-year growth of 27.46%, while net profit attributable to shareholders was 120 million yuan, a 40.40% increase year-on-year [1]. - The company's core product, power fuses, has seen significant demand in the new energy vehicle sector, with sales in this area accounting for over 60% of total sales [1]. - The report highlights the company's effective cost control, with sales, management, and R&D expenses growing at a slower rate than revenue, demonstrating scale effects [1]. - The domestic new energy vehicle market continues to grow rapidly, with sales reaching 8.692 million units from January to October 2024, a year-on-year increase of 38.3% [1][2]. Financial Summary - The company’s projected net profits for 2024, 2025, and 2026 are estimated at 170 million yuan, 243 million yuan, and 291 million yuan, respectively, with corresponding fully diluted EPS of 2.56 yuan, 3.67 yuan, and 4.39 yuan [1][3]. - The report provides a financial forecast showing revenue growth rates of 37.14% for 2024, 32.43% for 2025, and 23.36% for 2026 [3][11]. - The company’s valuation is considered reasonable, with a projected PE ratio of 45.68 for 2024, decreasing to 26.68 by 2026 [3][11].

Investment Rating - The report maintains an investment rating of "Outperform" for the agriculture, forestry, animal husbandry, and fishery industry [1]. Core Insights - The report highlights that the pig prices are experiencing a downward trend, while pet food data continues to show growth, particularly during the "Double Eleven" shopping festival [1][19]. - The overall performance of the agriculture, forestry, animal husbandry, and fishery index outperformed the CSI 300 index, with a decline of 1.10% compared to a 3.16% drop in the CSI 300 [3][4]. - The report suggests that the industry is currently undervalued, with the potential for valuation recovery in the future [1]. Summary by Sections Market Review - In October 2024, the agriculture, forestry, animal husbandry, and fishery index ranked 22nd among 30 sectors, outperforming the CSI 300 index by 2.06 percentage points [3][4]. - The pig farming sector is facing a supply-demand imbalance, leading to a decrease in pig prices, with the average price at 17.66 yuan/kg, down 6.95% month-on-month but up 16.80% year-on-year [5][10]. Pig Farming - The average price of piglets showed a fluctuating trend, with a significant drop of 19.76% month-on-month, but a year-on-year increase of 107.68% [5]. - The report anticipates that the market will enter a phase of simultaneous supply and demand growth in Q4 2024, potentially stabilizing pig prices [1][5]. Poultry Industry - The average price of white feather broilers in October 2024 was 3.65 yuan/kg, reflecting a slight increase from the previous month, while the price of broiler chicks rose to 4.36 yuan/chick [13]. - The report indicates that the supply of broilers is tightening, which may support price increases in the coming months [13][15]. Pet Food Sector - Pet food exports in September 2024 reached 25,600 tons, a year-on-year increase of 5.47%, with total exports for the first nine months amounting to 242,600 tons, up 25.9% [18]. - The "Double Eleven" sales event saw significant growth in pet food sales, with total sales reaching 5.9 billion yuan, a year-on-year increase of 22.92% [19][20]. Key Agricultural Product Prices - The report tracks the prices of major agricultural products, noting fluctuations in corn, wheat, and soybean meal prices during October 2024 [22][23][24].

资料来源：Wind,中原证券 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -20% -15% -10% -5% 0% 5% 10% 15% 2023.11 2024.03 2024.07 2024.11 上证指数 深证成指 资料来源：Wind,中原证券 | --- | --- | --- | |-------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 3,421.97 | -1.39 | | 深证成指 | 11,314.46 | -0.65 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 4,085.74 | -1.10 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,874.43 | -1.07 | | ...