Investment Rating - The report assigns a "Buy" investment rating to the company for the first time, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [3][15]. Core Insights - The company is experiencing a successful collaboration with Huawei, accelerating its progress in smart vehicle technology. The partnership spans product development, manufacturing, sales, and service, aiming to create luxury smart connected electric vehicles [3][6]. - The company reported a revenue of 32.21 billion yuan for the first three quarters of 2024, a year-on-year decrease of 5.1%, but a significant increase in net profit attributable to shareholders, which reached 625 million yuan, up 239.86% year-on-year [3][6]. - The company plans to invest over 20 billion yuan in research and development over the next five years, launching more than 30 smart electric vehicle products [3][6]. Financial Performance Summary - For the third quarter of 2024, the company achieved a revenue of 10.91 billion yuan, with a year-on-year growth of 8.72% and a quarter-on-quarter decline of 5.57% [3][6]. - The gross profit margin for Q3 2024 was reported at 11.36%, showing improvements in profitability compared to previous quarters [3][6]. - The company forecasts revenues of 45.93 billion yuan, 60.65 billion yuan, and 74.12 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.31 yuan, 0.40 yuan, and 0.57 yuan [6][7]. Sales and Production Insights - The total sales volume for Q3 2024 was 109,200 units, with a year-on-year increase of 9.86%. Passenger vehicle sales specifically grew by 32.56% year-on-year [3][6]. - The company is focusing on enhancing its asset structure and improving resource allocation efficiency, which has led to a significant increase in asset disposal gains [3][6]. Future Outlook - The company is expected to continue its growth trajectory with a projected increase in revenue and net profit over the next few years, driven by the launch of new smart electric vehicle models and ongoing collaboration with Huawei [3][6].

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the new materials industry [6]. Core Insights - The new materials sector outperformed the CSI 300 index in November, with the new materials index rising by 4.12%, while the CSI 300 index fell by 1.10%, resulting in a 5.22 percentage point outperformance [2][32]. - The new materials index's price-to-earnings ratio (TTM, excluding negative values) is 26.61 times, which is a 4.45% increase from the previous month and is at the 72.90 percentile of historical valuations since 2021 [6][42]. - The growth in the new materials sector is expected to continue due to the increasing demand from China's manufacturing industry [6]. Summary by Sections Industry Performance Review - The new materials index showed a strong performance in November, ranking third among 30 major industry sectors [32]. - The trading volume for the new materials sector in November was 15,133.75 billion yuan, a decrease of 3.46% compared to the previous month [32]. - In November, half of the stocks in the new materials sector rose, with lithium battery chemicals leading the gains at 17.42% [35][38]. Key Industry Data Tracking - In October, the sales of semiconductors in China continued to grow for 11 consecutive months, with a year-on-year increase of 22.9% [16]. - The export volume of superhard materials in October was 14,000 tons, a year-on-year increase of 17.27%, while the export value reached 154 million USD, up 10.88% year-on-year [17]. - Prices of rare gases showed a slight decline in October, with helium priced at 659 yuan per bottle, down 2.23% [18]. Investment Recommendations - The report suggests that the new materials industry will continue to develop due to the growth prospects in related sectors such as semiconductors and renewable energy [6].

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 -19% -13% -8% -3% 2% 7% 12% 17% 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 | 3,309.78 | 1.53 | | 深证成指 | 10,566.10 | 2.25 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,907.04 | 1.74 | | 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 | 3,678.43 | 1.55 ...

Core Insights - The A-share market experienced a fluctuation with a rebound after an initial decline, showing a general upward trend throughout the day [7][17] - The Shanghai Composite Index closed at 3,309.78 points, up 1.53%, while the Shenzhen Component Index rose by 2.25% to 10,566.10 points [8][17] - The average price-to-earnings ratios for the Shanghai Composite and ChiNext Index are 13.82 times and 35.96 times respectively, indicating a suitable environment for medium to long-term investments [17] A-share Market Overview - On November 27, the A-share market opened lower and fluctuated, finding support around 3,227 points before recovering in the afternoon [7][17] - Key sectors performing well included gaming, consumer electronics, aerospace and military, and software development, while automotive, battery, oil, and mining sectors lagged [7][17] - The total trading volume for the day was 14,877 billion, above the median of the last three years [17] Future Market Outlook and Investment Recommendations - The report suggests that the overall market is expected to maintain a fluctuating upward trend, with a focus on monitoring policy, funding, and external factors [17] - Short-term investment opportunities are recommended in sectors such as consumer electronics, gaming, military industry, and communication services [17]

Economic Overview - In October 2024, China's industrial added value for enterprises above designated size grew by 5.3% year-on-year, maintaining a recovery trend from the previous month[14] - The total retail sales of social consumer goods reached 45,396 billion yuan in October, with a year-on-year growth of 4.8%, a significant increase of 1.6 percentage points from the previous month[21] - Fixed asset investment (excluding rural households) for January to October 2024 totaled 423,222 billion yuan, reflecting a year-on-year increase of 3.4%[23] Regional Insights: Henan Province - In October 2024, Henan's industrial added value increased by 10.6% year-on-year, marking the first double-digit growth of the year[34] - The total retail sales of social consumer goods in Henan reached 2,573.58 billion yuan, growing by 7.1% year-on-year, an acceleration of 1.4 percentage points from the previous month[39] - Real estate development investment in Henan decreased by 10.3% year-on-year from January to October, indicating ongoing challenges in the sector[28] Investment and Manufacturing - Manufacturing investment in China rose by 9.3% year-on-year, driven by increased investment in consumer goods manufacturing[25] - The manufacturing sector in Henan saw significant growth, particularly in the automotive and electrical equipment industries, with growth rates of 42.4% and 24.6% respectively[34] Trade Performance - In the first ten months of 2024, China's total goods trade value reached 36.02 trillion yuan, with exports growing by 6.7% and imports by 3.2%[30] - ASEAN remained China's largest trading partner, with trade value reaching 5.67 trillion yuan, an increase of 8.8%[30] Risks and Challenges - Potential risks include slower-than-expected policy implementation affecting economic recovery, insufficient domestic demand recovery, and escalating trade tensions[7]

Investment Rating - The industry investment rating is "In line with the market," indicating that the industry index is expected to fluctuate between -10% to 10% relative to the CSI 300 index over the next six months [77]. Core Insights - The food and beverage sector has experienced a significant slowdown in revenue growth since 2020, with 2024 showing further contraction. Only segments like liquor, condiments, soft drinks, and snacks recorded positive growth, while others faced declines [3][4][10]. - The profitability of the food and beverage sector has generally increased due to falling upstream prices rather than improvements in product structure, indicating reliance on external factors rather than internal enhancements [4][29]. - The return on equity (ROE) for food and beverage assets has been on a long-term decline, with segments like liquor and beer showing stable or increasing returns, while others like prepared dishes and health products have seen significant drops [4][31][34]. - The valuation of the food and beverage sector has reached a low point, reflecting adjustments to changes in performance growth. The sector's valuation is expected to continue to decline in the long term [5][50]. Summary by Sections Revenue Growth - Since 2020, the food and beverage sector has seen a general slowdown in revenue growth, with a 3.03 percentage point decline in average annual growth from 2016-2019 to 2020-2023. In 2024, the revenue growth further contracted to 3.92%, down 5.38 percentage points from the previous period [10][13][17]. - Only liquor, condiments, soft drinks, and snacks have shown positive revenue growth, while other segments like prepared foods and health products have recorded significant declines [13][17]. Cost and Profitability - The sector's gross margin increased by 1.86 percentage points in the first three quarters of 2024 compared to the previous year, reaching 50.92%. This increase is attributed to a decline in costs rather than product upgrades [29]. - The overall profitability increase is primarily due to external price reductions rather than internal product improvements, indicating a reliance on external market conditions [4][29]. Market Performance - The food and beverage sector has underperformed in the secondary market, with a cumulative decline of 51.98% since the peak in 2021. Only soft drinks and snacks have recorded positive returns during this period [5][43][45]. - The sector's valuation has dropped to a historical low, with a current valuation of 20.04 times earnings, reflecting a necessary adjustment to the slowing growth [50]. 2025 Outlook and Investment Strategy - Revenue growth for food and beverage companies is expected to remain in the single digits for 2025, with a forecasted growth rate between 5% and 8%. The long-term outlook suggests further narrowing of growth rates [61][62]. - The report recommends focusing on investment opportunities in emerging markets such as prepared foods, baking, pre-mixed drinks, health products, snacks, and yeast [67][68].

Investment Rating - The report maintains a "Market Perform" rating for the mechanical industry, in line with the broader market performance [2]. Core Views - The mechanical sector is experiencing a recovery, with a focus on cyclical machinery and leading companies in growth sub-sectors. The report suggests a defensive strategy while recommending investments in cyclical leaders and growth sectors such as robotics and semiconductor equipment [5][29]. Summary by Sections 1. Mechanical Sector Performance - In November, the CITIC mechanical sector declined by 1.72%, underperforming the CSI 300 index by 0.41 percentage points, ranking 19th among 30 CITIC primary industries [35][36]. - Key sub-sectors showing positive performance include industrial robots, aerial work vehicles, and lithium battery equipment, with increases of 20.1%, 14.2%, and 13.77% respectively [35]. 2. Engineering Machinery - Excavator sales in October reached 16,791 units, marking a year-on-year growth of 15.1%, with domestic sales up by 21.6% [49][60]. - The report indicates a recovery in the engineering machinery market, with a recommendation to focus on leading companies as the industry approaches a cyclical rebound [69]. 3. Robotics - Industrial robot production in October was 50,000 units, reflecting a year-on-year increase of 33.4%, with a cumulative production of 465,000 units for the year, up 13.3% [70][71]. - The report highlights a significant upward trend in the robotics sector, suggesting a focus on leading companies and core component manufacturers as the industry recovers [73]. 4. Shipbuilding - The shipbuilding industry is experiencing continued growth, with new ship prices reaching new highs and key performance indicators showing significant increases [18][20]. - The report recommends investment in shipbuilding companies as profitability improves in this sector [21]. 5. Fixed Asset Investment - The report notes that fixed asset investments in sectors like coal and non-ferrous metals are increasing, positively impacting demand for mining and construction machinery [22][23]. - Railway fixed asset investment is also on the rise, contributing to sustained demand for railway equipment [24]. 6. Industry Valuation - As of November 26, 2024, the mechanical industry’s price-to-earnings ratio stands at 29.9, positioned at the 44.6 percentile of its 10-year range, indicating a valuation below the industry average [41][46]. - Certain growth sub-sectors remain undervalued, with price-to-earnings ratios below the 20th percentile [46]. 7. Investment Strategies - The report emphasizes the cyclical nature of the engineering machinery industry, suggesting that the sector is nearing a recovery phase after a prolonged downturn [69]. - Recommendations include focusing on leading companies in engineering machinery and robotics, as well as those involved in the production of key components [73][74].

电力设备及新能源 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 政策强化去产能预期，加速行业筑底 证券研究报告-行业点评报告 强于大市(维持) ——光伏行业点评报告 发布日期：2024 年 11 月 27 日 事件： 电力设备及新能源相对沪深 300 指数表现 -21% -15% -9% -3% 3% 9% 15% 21% 2023.11 2024.03 2024.07 2024.11 电力设备及新能源 沪深300 资料来源：中原证券研究所，聚源 相关报告 《电力设备及新能源行业月报：宏观经济向好 叠加电网建设支撑，关注输变电龙头企业》 2024-11-01 《电力设备及新能源行业月报：协会呼吁依法 合规参与市场竞争，建议关注各细分领域头部 企业》 2024-10-31 《电力设备及新能源行业专题研究：业绩低 谷，尚待出清》 2024-10-28 联系人：李智 电话： 0371-65585753 地址： 郑州郑东新区商务外环路10号18 楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 2024 年 11 月 15 日，财政部、 ...

Investment Rating - The report maintains an investment rating of "In line with the market" for the mechanical industry [5][42]. Core Viewpoints - The mechanical industry is expected to experience a cyclical recovery, with a focus on demand recovery in specific sub-sectors and the growth of new productive forces [5][10]. - The report highlights that the mechanical sector has underperformed compared to the CSI 300 index, with a year-to-date increase of 4.57%, lagging behind the CSI 300's 12.13% by 7.56 percentage points [4][68]. Summary by Sections 1. Industry Overview - The mechanical industry index shows a trend of oscillating upward in 2024, but remains weaker than the CSI 300 index [66]. - The industry has a low valuation compared to historical levels, with the current price-to-earnings ratio at 30.4 times, placing it in the 48.2 percentile of the past decade [73]. 2. Engineering Machinery - The engineering machinery sector is entering a new recovery cycle, with significant growth in excavator and loader sales observed in 2024 [6][90]. - Excavator sales turned positive in April 2024, with a year-on-year increase of 15.1% in October 2024 [90]. - The report emphasizes the global competitiveness of China's engineering machinery industry, with leading companies like SANY and XCMG significantly increasing their overseas revenue [100][108]. 3. Shipbuilding - The shipbuilding sector is experiencing a sustained recovery, with new ship price indices and key metrics on the rise, indicating a supply-demand imbalance that is expected to persist [6][27]. - The report recommends focusing on leading companies in the shipbuilding sector, such as China Shipbuilding Industry Corporation and China Shipbuilding Defense [6]. 4. Mining and Energy Equipment - The mining machinery and coal machinery sectors are benefiting from increased fixed asset investment in upstream mining industries, leading to sustained demand and performance growth [7][9]. - The report highlights the potential for oil and gas equipment to benefit from a global recovery in traditional oil and gas investments [7]. 5. Robotics and AI Equipment - The industrial robotics sector is at a cyclical recovery point, with long-term benefits expected from China's manufacturing upgrades and the growth of humanoid robots [10]. - AI-related equipment is anticipated to see a resurgence in demand, particularly in liquid cooling, 3C equipment, and semiconductor equipment [10].

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 资料来源：Wind,中原证券 -19% -13% -8% -3% 2% 7% 12% 17% 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 | 3,259.76 | -0.12 | | 深证成指 | 10,333.23 | -0.84 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,840.18 | -0.21 | | 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 | 3,622.33 | -0.21 | | 中 ...