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 | | ...

Group 1 - The A-share market experienced wide fluctuations, with the Shanghai Composite Index facing resistance around 3489 points, leading to a decline in the afternoon session [3][7] - The healthcare sector, including pharmaceuticals, medical devices, and medical services, showed strong performance, while sectors like semiconductors, software development, and finance lagged [3][7] - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are 14.69 times and 39.82 times respectively, indicating a suitable environment for medium to long-term investments [3][11] Group 2 - The total trading volume on the two exchanges reached 25,876 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 September [3][11] - Investment opportunities are recommended in the automotive, semiconductor, medical services, and pharmaceutical sectors for short-term focus [3][11]

轻工制造 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 包装纸价小幅上涨，家居内销边际改善 ——轻工制造行业月报 发布日期：2024 年 11 月 12 日 投资要点： 证券研究报告-行业月报 同步大市(维持) 轻工制造相对沪深 300 指数表现 -30% -23% -16% -9% -2% 5% 12% 19% 2023.11 2024.03 2024.07 2024.11 轻工制造 沪深300 资料来源：中原证券，聚源 相关报告 《轻工制造行业专题研究：轻工制造行业 2024 年三季报总结：业绩整体承压，出口相 对较好，需求预期改善》 2024-11-06 《轻工制造行业点评报告：河南省内出台地产 及以旧换新相关政策，家居板块有望受益》 2024-10-14 《轻工制造行业月报：地产政策及以旧换新带 动下，家居板块估值修复可期》 2024-10-10 联系人：马嶔琦 电话： 021-50586973 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 ⚫ 市场回顾：10 月轻工制造板 ...

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating an expected price increase of over 15% relative to the CSI 300 index within the next six months [2][19]. Core Insights - The company's third-quarter performance exceeded expectations, with a revenue increase of 16.24% year-on-year and a net profit increase of 31.68% year-on-year, reflecting improved profitability and cost control measures [3][4]. - The company has shown a significant improvement in operating cash flow, with a net cash flow from operating activities of 4.86 billion yuan in the third quarter, a year-on-year increase of 59.87% [5]. - The company continues to win new projects in the environmental sector, enhancing its market presence and operational capacity [6][9]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 47.19 billion yuan, a decrease of 1.87% year-on-year, and a net profit of 8.64 billion yuan, a decrease of 1.54% year-on-year [3]. - The third quarter alone saw revenue of 18.28 billion yuan, with a net profit of 3.74 billion yuan, marking a significant recovery compared to earlier quarters [4]. - The company's gross profit margin stands at 42.87%, with a diluted return on equity of 10.52% [3]. Future Projections - The company is projected to achieve net profits of 10.37 billion yuan, 11.01 billion yuan, and 11.67 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding earnings per share of 1.61, 1.71, and 1.82 yuan [9][15]. - The price-to-earnings ratio is expected to decrease from 8.70X in 2024 to 7.73X in 2026, indicating a favorable valuation trend [9][15].

Investment Rating - The report maintains an investment rating of "Outperform" for the lithium battery industry [1]. Core Viewpoints - The lithium battery sector has shown stronger performance compared to the CSI 300 index, primarily due to macro policy announcements and market style changes. The overall industry outlook remains positive, with a focus on raw material price trends, monthly sales, and the implementation of industry regulations [1][4]. - In October 2024, China's new energy vehicle sales reached 1.43 million units, marking a year-on-year increase of 49.58% and a month-on-month increase of 11.11%, driven by improved vehicle cost-performance and policy support [4][14]. - The report highlights the importance of closely monitoring the performance of leading companies in the sector, as individual stock performance is expected to diverge in the medium to long term [1]. Summary by Sections 1. Market Review - In October 2024, the lithium battery index fell by 7.11%, while the new energy vehicle index decreased by 6.42%, both outperforming the CSI 300 index, which dropped by 8.58% [10]. - Among individual stocks in the lithium battery sector, 53 stocks rose while 52 fell, with the median increase being 0.17% [10]. 2. New Energy Vehicle Sales and Industry Prices - In October 2024, new energy vehicle sales in China reached 1.43 million units, with a year-on-year growth of 49.58% and a monthly share of 46.84% [14]. - The report notes that the sales of new energy vehicles have been significantly boosted by government policies and the introduction of new models by manufacturers [14]. - The production of power batteries in China reached 54.50 GWh in September 2024, reflecting a year-on-year increase of 49.70% [28]. 3. Industry and Company News - The report emphasizes the need to focus on the performance of leading companies in the lithium battery sector, as their performance is expected to vary significantly [1]. - The report also discusses the trends in raw material prices, noting fluctuations in lithium carbonate and lithium hydroxide prices, which are currently at 76,000 CNY/ton and 71,000 CNY/ton, respectively [5][38]. 4. Investment Ratings and Main Lines - The report suggests that investors should actively seek opportunities within the lithium battery sector, particularly focusing on leading companies in niche markets [1].

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 | 3,470.07 | 0.51 | | 深证成指 | 11,388.57 | 2.03 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 4,131.13 | 0.66 | | 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 | 3,916.38 | 0.67 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [1][12]. Core Insights - The company's non-net profit showed steady growth, with overseas orders for mining machinery reaching a record high [1]. - The company experienced a 15.87% year-on-year decline in revenue for the first three quarters of 2024, primarily due to a slowdown in its new energy segment [1]. - The adjusted net profit for the same period was 228 million yuan, reflecting a year-on-year increase of 35.32%, attributed to product optimization and efficiency improvements [1][2]. - The company is actively expanding its overseas market presence, aiming to become a global leader in mining machinery [1][2]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 5.877 billion yuan, down 15.87% year-on-year, while the net profit attributable to shareholders was 284 million yuan, up 6.72% [1][4]. - The company’s gross margin improved to 21.26%, driven by product upgrades and operational efficiency [1][6]. - The forecast for 2024-2026 indicates a decline in revenue, with projections of 9.094 billion yuan, 10.023 billion yuan, and 11.219 billion yuan respectively, alongside net profit estimates of 436 million yuan, 557 million yuan, and 661 million yuan [3][4][8]. Market Strategy and Outlook - The company is focusing on the large-scale mining mill wear plate business, establishing a unique database for wear plates and enhancing its service offerings [2]. - The company aims to leverage the "Belt and Road" initiative to expand its international market share and strengthen partnerships with Chinese enterprises [1][2]. - The report highlights the significant market potential for after-market services, particularly in wear parts, which are expected to grow alongside the main equipment market [2].

Investment Rating - The report maintains an investment rating of "In line with the market" for the basic chemical industry [4] Core Viewpoints - The basic chemical industry is experiencing low levels of prosperity, with a continued decline in the third quarter of 2024 due to falling oil prices and weak downstream demand [2][8] - The industry saw a slight decrease in revenue and profit in the first three quarters of 2024, with total revenue of CNY 1,885.9 billion, down 0.36% year-on-year, and net profit of CNY 108.8 billion, down 7.62% year-on-year [2][8] - Despite the overall downturn, 21 out of 33 sub-industries reported profit growth, particularly in dyeing chemicals, nylon, chlor-alkali, rubber additives, and rubber products [2][12] Summary by Sections 1. Industry Prosperity and Performance - The basic chemical industry is operating at low prosperity levels, with a further decline in the third quarter of 2024 [2][10] - Revenue and net profit for the first three quarters of 2024 decreased compared to the previous year, with revenue growth slowing from 1.11% in the first half to -0.36% in the third quarter [8][10] - Among 33 sub-industries, 20 reported revenue growth, while 13 experienced declines, with significant growth in other chemical raw materials and synthetic resins [10][12] 2. Profitability Trends - The overall gross margin for the basic chemical industry was 17.92% in the first three quarters of 2024, showing a slight decline from the previous year [15][18] - The net profit margin decreased to 6.06%, down 0.54 percentage points year-on-year [15][18] - Profitability varied significantly among sub-industries, with some benefiting from cost reductions and demand recovery, while others faced declines due to market pressures [18][19] 3. Financial Indicators - The industry maintained a stable debt-to-asset ratio, with a slight decline in operating cash flow [3][4] - Investment activity in the industry is gradually slowing, which may alleviate future capacity pressures [3][4] - Inventory turnover days decreased slightly, indicating improved operational efficiency [3][4] 4. Regional Performance - Chemical enterprises in Henan province performed better than the overall industry, with revenue of CNY 57.7 billion and a net profit of CNY 4.0 billion in the first three quarters of 2024 [3] 5. Investment Recommendations - The report suggests focusing on three main investment lines, including demand recovery in real estate-related products such as titanium dioxide and polyurethane [4] - Limited downward space for international oil prices and potential profitability from alternative routes like coal chemical and light hydrocarbon chemical are highlighted [4] - The tight supply of phosphate rock in China is expected to support price increases in the phosphate chemical industry [4]