Market Overview - The A-share market experienced a slight upward trend on November 11, 2024, with the Shanghai Composite Index closing at 3,470.07 points, up 0.51% [6][7] - The ChiNext Index outperformed the main board, closing up 3.05% [6][7] - Key sectors showing strong performance included automotive, semiconductors, cultural media, and internet services, while sectors like aviation, banking, food and beverage, and coal showed weaker performance [2][6] Future Market Outlook and Investment Recommendations - The average price-to-earnings (P/E) ratios for the Shanghai Composite Index and ChiNext Index are 14.63 times and 38.64 times, respectively, indicating a suitable environment for medium to long-term investments [2][11] - Total trading volume on November 11 was 25,471 billion, above the median of the past three years [2][11] - Recent high-frequency data indicates growth in logistics, exports, and service trade, with October real estate sales showing signs of stabilization compared to September [2][11] - The market is expected to maintain a volatile upward trend, with significant sector rotation anticipated due to strong policy expectations [2][11] - Short-term investment opportunities are recommended in the automotive, semiconductor, communication equipment, and internet services sectors [2][11]

Industry Overview - The lithium battery index increased by 11.43%, outperforming the CSI 300 index, indicating strong investment opportunities in the sector [1] - The chemical industry index rose by 6.96%, with recommendations to focus on titanium dioxide, polyurethane, and other related sectors [1][9] - The new materials index saw an increase of 8.55%, with a notable rise in lithium chemical products, suggesting continued growth in demand for new materials [1][10] - The light industry manufacturing index increased by 7.49%, with specific attention to the packaging and entertainment sectors due to rising demand [1][12] - The food and beverage sector rose by 7.24%, with significant growth in pre-processed foods and health products, indicating a robust market [1][14] - The pharmaceutical sector increased by 6.42%, with a focus on traditional Chinese medicine and innovative drug companies for long-term investment [2][16] - The securities sector saw a strong performance with a 14.48% increase, suggesting a favorable environment for brokerage firms [3][20] - The electric power and utilities sector rose by 1.99%, with a focus on renewable energy and stable dividend-paying companies [4][21] - The media sector increased by 7.53%, with expectations for recovery driven by government policies aimed at boosting consumer demand [5][24] - The computer industry led with a 14.89% increase, driven by financial technology stocks and government stimulus measures [6][27] Sector-Specific Insights Lithium Battery - The lithium battery sector is experiencing a significant increase in demand, with a 23.4% year-on-year growth in global electric vehicle battery installations [1][7] - Key price movements include battery-grade lithium carbonate at 76,000 CNY/ton, indicating a 2.7% increase [1][7] Chemical Industry - The chemical sector is benefiting from supportive government policies aimed at stabilizing the economy, with all 33 sub-industries showing growth [1][9] - Investment focus includes sectors related to real estate and light hydrocarbons [1][9] New Materials - The new materials sector is expected to grow as manufacturing demand increases, with specific attention to semiconductor materials and high-precision diamond materials [1][10] Light Industry Manufacturing - The light industry is seeing a recovery in demand, particularly in packaging and home goods, supported by government policies [1][12] Food and Beverage - The food and beverage sector is characterized by structural growth opportunities, particularly in health and convenience products [1][14][15] Pharmaceutical - The pharmaceutical sector is focusing on mergers and acquisitions, with a strong performance in traditional Chinese medicine and innovative drugs [2][16][17] Securities - The securities sector is experiencing a structural rally, with head brokerage firms showing significant gains and a favorable outlook for the fourth quarter [3][20] Electric Power and Utilities - The electric power sector is stable, with a focus on renewable energy sources and companies with strong dividend yields [4][21] Media - The media sector is expected to benefit from government initiatives aimed at stimulating consumer spending, with a focus on gaming and publishing [5][24] Computer - The computer industry is seeing rapid growth, particularly in liquid cooling servers, with a projected CAGR of 47.6% from 2023 to 2028 [6][27]

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 | 3,452.30 | -0.53 | | 深证成指 | 11,161.70 | -0.66 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 4,104.05 | -1.00 | | 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 | 3,890.19 | - ...

Group 1 - The logistics industry in China shows a positive trend with the logistics prosperity index at 52.6%, indicating continuous growth in logistics demand [1][6] - Service trade in China has experienced rapid growth, with total service trade imports and exports reaching 55,181.4 billion yuan, a year-on-year increase of 14.5% [2][7] - China's goods trade maintained stability, with a total import and export value of 36.02 trillion yuan in the first ten months of 2024, reflecting a year-on-year growth of 5.2% [2][8] - The real estate market is gradually recovering, with new housing transaction volumes in October showing a year-on-year increase of 0.9% and a month-on-month increase of 6.7% [2][9] Group 2 - The recent U.S. election results have increased market uncertainty, particularly affecting export-oriented industries due to potential trade policy changes under the new administration [3][10] - The effects of counter-cyclical adjustments are becoming evident, with growth in logistics, exports, and service trade, and signs of stabilization in real estate sales [3][16] - Short-term investment recommendations include sectors such as securities, non-bank financials, semiconductors, artificial intelligence, 5G, and software, while mid-term focus should be on infrastructure and power sectors [3][16] Group 3 - The logistics sector is experiencing a rebound in demand across various categories, including industrial products and consumer goods, with significant increases in railway and postal services [6][7] - The service trade's growth is driven by knowledge-intensive services and travel services, which have seen substantial increases in their respective trade volumes [7][8] - The real estate market's recovery is marked by a notable increase in both new and second-hand housing transactions, indicating a potential turnaround after a prolonged decline [9][10]

Investment Rating - The report maintains a "Market Perform" rating for the media industry, indicating a cautious outlook amidst current challenges [2]. Core Insights - The media sector achieved a record high revenue of 397.67 billion yuan in the first three quarters of 2024, a slight increase of 0.16% year-on-year, but experienced a significant decline in profit, with net profit attributable to shareholders dropping by 33.05% to 23.36 billion yuan [3][9][19]. - All sub-sectors within the media industry reported declining performance, with the film sector facing the largest drop due to weak market demand, while the gaming and internet media sectors saw smaller declines [3][24]. - Future recovery is anticipated as government policies aimed at boosting domestic consumption are expected to positively impact cultural consumption areas such as film, offline entertainment, and gaming [3][4]. Summary by Sections 1. Media Sector Performance Review - The media sector's revenue reached 397.67 billion yuan, marking the highest for the same period historically, but net profit fell to 23.36 billion yuan, a decrease of 33.05% [9][19]. - The overall gross profit for the sector was 118.39 billion yuan, down 2.18%, with a gross margin of 29.77%, reflecting a decline [19][20]. - All sub-sectors experienced profit declines, with the film sector being the most affected [23][24]. 2. Key Sub-Sector Performance Review 2.1 Gaming - The gaming sector achieved a revenue of 593.95 billion yuan, an increase of 8.19%, but net profit decreased by 18.79% to 73.91 billion yuan [26][28]. - The gaming market's actual sales revenue reached 2390.33 billion yuan, up 4.61% year-on-year, with mobile games contributing significantly [26][27]. - The issuance of game licenses has increased, indicating a more favorable regulatory environment for the gaming industry [27][28]. 2.2 Film - The film sector's revenue and profit were significantly impacted by weak market demand, with a notable decline in performance [3][24]. 2.3 Advertising - The advertising sector showed slight recovery in demand, which may positively influence profitability in the near future [4][24]. 2.4 Broadcasting and Television - The broadcasting and television sector continued to face pressure, with ongoing declines in performance [3][24]. 2.5 Internet Media - The internet media sector experienced a decline in profits, but the impact was relatively smaller compared to other sectors [3][24]. 2.6 Publishing - The publishing sector's profits were affected by changes in tax policies, but a return to normalcy is expected by 2025 [4][24].

Investment Rating - The semiconductor industry maintains a "Strong Outperform" rating relative to the Shanghai and Shenzhen 300 Index [1]. Core Insights - The semiconductor industry continues its recovery trend in Q3 2024, with significant growth in revenue and net profit driven by demand from smartphones, PCs, wearables, smart homes, and servers, as well as rapid advancements in AI [1][14]. - The industry's revenue for Q3 2024 reached 124.12 billion yuan, a year-on-year increase of 20.57%, while net profit attributable to shareholders was 8.55 billion yuan, up 49.51% year-on-year [1][14]. - The report emphasizes the importance of domestic substitution and self-sufficiency in the semiconductor supply chain, particularly in light of geopolitical tensions and export controls [1]. Summary by Sections 1. Market Performance in October 2024 - The semiconductor sector outperformed the Shanghai and Shenzhen 300 Index, with a 10-month increase of 22.66% [7]. - In October 2024, the semiconductor industry (CITIC) rose by 18.44%, significantly outperforming the broader market [7]. 2. Q3 2024 Domestic Semiconductor Industry Summary - The semiconductor industry reported a revenue of 429.64 billion yuan for the first three quarters of 2024, a year-on-year growth of 22.57% [14]. - The integrated circuit segment saw a revenue increase of 19.83%, while semiconductor equipment grew by 43.92% [14]. - Q3 2024 revenue for the semiconductor industry was 124.12 billion yuan, with a net profit of 8.55 billion yuan, marking a 49.51% increase year-on-year [14]. 3. Global Semiconductor Sales and Demand Recovery - Global semiconductor sales continued to grow year-on-year, with a 23.2% increase in September 2024 [1]. - The report highlights a recovery in consumer demand, particularly in smartphones and PCs, with global smartphone shipments increasing by 5% year-on-year in Q3 2024 [1][14]. 4. Inventory and Capacity Utilization Trends - Some global chip manufacturers maintained stable inventory levels, while domestic manufacturers saw a decrease in inventory levels in Q3 2024 [1]. - Wafer fab capacity utilization rates are expected to continue improving into Q4 2024 [1][14]. 5. Investment Recommendations - The report suggests focusing on advanced manufacturing, packaging, semiconductor equipment, materials, and AI computing chips as key investment areas [1].

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next 6 months [1][9] Core Views - The company's 3Q performance showed sequential improvement, with CMC new order growth accelerating [1] - The company's four major business segments are Laboratory Services, CMC Services, Clinical Research Services, and Large Molecule and Cell & Gene Therapy Services [1] - In the first three quarters of 2024, the company achieved revenue of 8.817 billion yuan, a year-on-year increase of 3.0%, and net profit attributable to the parent company of 1.422 billion yuan, a year-on-year increase of 24.8% [1] - The company's new order signings increased by over 18% year-on-year, with CMC new orders growing by over 30% [1][2] Business Segment Analysis Laboratory Services - Contributed 5.219 billion yuan in revenue in the first three quarters of 2024, a 2.95% year-on-year increase, with a gross margin of 44.76% [1] - New orders increased by over 12% year-on-year [1] - The company's drug safety evaluation laboratory passed national GLP certification in July 2024 [1] CMC Services - Generated 1.977 billion yuan in revenue in the first three quarters of 2024, a 3.29% year-on-year increase [1] - Third-quarter revenue reached 801 million yuan, a 34.9% sequential increase and 20.9% year-on-year growth [2] - New orders increased by over 30% year-on-year [2] Clinical Research Services - Achieved 1.306 billion yuan in revenue in the first three quarters of 2024, a 3.48% year-on-year increase [2] - Gross margin declined to 13.20%, down 5.04 percentage points year-on-year [2] Large Molecule and Cell & Gene Therapy Services - Recorded 311 million yuan in revenue in the first three quarters of 2024, a slight 0.11% year-on-year increase [2] - Gross margin was negative at -42.81%, primarily due to ongoing construction and investment phase [2] Financial Performance - The company's comprehensive gross margin for the first three quarters of 2024 was 33.87%, a decrease of 2.09 percentage points year-on-year [1] - Sales net margin increased to 15.53%, up 2.28 percentage points year-on-year [1] - The company's price-to-earnings ratio for 2024-2026 is projected at 31.58x, 28.17x, and 23.77x respectively [3][4] Future Outlook - The company is expected to achieve EPS of 0.98 yuan, 1.10 yuan, and 1.30 yuan for 2024-2026 [3] - Revenue is projected to grow from 12.190 billion yuan in 2024 to 16.302 billion yuan in 2026 [4] - Net profit is forecasted to increase from 1.751 billion yuan in 2024 to 2.326 billion yuan in 2026 [4]

Investment Rating - The report assigns a "Buy" rating to the company for the first time, indicating a positive outlook on its future performance [1][3] Core Views - The company's revenue for the first three quarters of 2024 reached 8.041 billion yuan, a year-on-year increase of 3.65%, with net profit attributable to shareholders of 770 million yuan, up 2.57% year-on-year [1] - The company's gross margin remained stable, with a Q3 gross margin of 28.20%, an increase of 2.71 percentage points year-on-year and 2.42 percentage points quarter-on-quarter [1] - The company's investment in Haishen Information (holding 27.96%) contributed significantly, with Haishen's revenue reaching 6.137 billion yuan in the first three quarters, a year-on-year increase of 55.64%, and net profit attributable to shareholders of 1.526 billion yuan, up 69.22% year-on-year [1] - The company's liquid cooling server business, through its subsidiary Shuguang Shuchuang (indirectly holding 62.07%), is expected to benefit from the growing demand for AI-driven high-performance computing, with the domestic liquid cooling server market projected to grow at a CAGR of 47.6% from 2023 to 2028 [1][7] Industry Analysis - The server industry in 2024 is influenced by structural demand changes, with overseas markets and Huawei partners showing strong growth, while domestic internet companies are increasing capital expenditures, driving demand for white-label servers [1] - The domestic AI chip supply has not fully met market demand, but with the improvement in performance and capacity release of domestic chips, AI server demand is expected to rebound rapidly by 2025 [1] - The report highlights that the company's gross margin performance in Q3 was significantly better than its peers, reflecting the differentiation in its product and layout strategy [1] Financial Projections - The report forecasts the company's EPS for 2024-2026 to be 1.34 yuan, 1.69 yuan, and 2.13 yuan, respectively, with corresponding P/E ratios of 56.26x, 44.76x, and 35.47x based on the closing price of 75.60 yuan on November 7, 2024 [3] - Revenue is expected to grow from 15.382 billion yuan in 2024 to 20.435 billion yuan in 2026, with net profit increasing from 1.966 billion yuan in 2024 to 3.119 billion yuan in 2026 [4] - The company's gross margin is projected to remain stable, with a slight increase from 26.88% in 2024 to 26.29% in 2026, while net margin is expected to improve from 12.78% in 2024 to 15.26% in 2026 [8]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：Wind，中原证券研究所 -21% -16% -11% -6% -1% 4% 9% 14% 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 | 3,470.66 | 2.57 | | 深证成指 | 11,235.92 | 2.44 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 4,145.70 | 3.02 | | 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 | 3,922.28 | 2.48 | | 中证 500 | 6 ...

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 [11]. Core Views - The company, Henan Lingrui Pharmaceutical Co., Ltd., has shown a solid performance in the first three quarters of 2024, with a revenue of 2.759 billion yuan, representing a year-on-year growth of 10.07%, and a net profit of 574 million yuan, up 23.10% year-on-year [3][4]. - The company's main revenue and gross profit source is its orthopedic external plaster products, with a gross margin of 75%, which has improved by 0.37 percentage points compared to the same period last year [3][4]. - The report projects earnings per share (EPS) for 2024, 2025, and 2026 to be 1.28 yuan, 1.51 yuan, and 1.75 yuan respectively, with corresponding dynamic price-to-earnings ratios of 16.88, 14.29, and 12.34 [4][6]. Summary by Sections Company Overview - Henan Lingrui Pharmaceutical Co., Ltd. was established in 1988 and has undergone several transformations, including a joint venture in 1992 and a public listing in 2000 [2]. - The largest shareholder is Henan Lingrui Group, holding a 21.48% stake as of the third quarter of 2024 [2]. Financial Performance - For the first three quarters of 2024, the company achieved a net profit of 574 million yuan, with a basic EPS of 1.02 yuan [3]. - The third quarter alone saw a revenue of 853 million yuan, a 5.83% increase year-on-year, and a net profit of 161 million yuan, up 7.8% year-on-year [3]. Profitability Metrics - The gross margin stands at 75%, and the net margin is 20.80%, both showing improvements from the previous year [3]. - The report highlights a decrease in sales and management expense ratios, indicating better cost management [3]. Future Projections - Revenue is expected to grow from 3.808 billion yuan in 2024 to 5.036 billion yuan in 2026, with annual growth rates of approximately 15% [6][9]. - Net profit is projected to increase from 724 million yuan in 2024 to 990 million yuan in 2026, reflecting a robust growth trajectory [6][9].