Investment Rating - The report indicates a cautious but slightly optimistic view on new stocks, suggesting a potential for better investment opportunities in the near term [1][17]. Core Insights - Recent trading activity in new stocks has shown signs of improvement, with an average weekly increase of approximately 2.8% and a positive return rate of about 77.7% for newly listed stocks [1][17]. - The report highlights a structural divergence in the new stock market, with a need for careful observation and flexibility in investment strategies as the market sentiment evolves [1][17]. - Upcoming new stocks to be listed include companies like Yingst, Jiachitech, and Kelon New Materials, which are expected to attract investor interest [1][17]. Summary by Sections New Stock Insights - The new stock market has experienced a slight recovery in trading willingness, although significant divergence remains evident [1][17]. - The average issuance price-to-earnings ratio for newly listed stocks in November was 17.1X, with a notable increase in the number of stocks showing positive performance [1][17]. Recent New Stock Performance - Last week, three new stocks were listed, with an average first-day increase of 1135.3% and a first-week increase of 545.8% [1][28]. - The report notes that the first-day trading enthusiasm for new stocks has surged, with some stocks experiencing extreme price increases [1][30]. Upcoming New Stock Subscriptions - Four new stocks are set to be listed this week, with an average issuance price-to-earnings ratio of approximately 19.4X [1][38]. - The report encourages investors to remain vigilant regarding potential volatility in the short-term trading of newly listed stocks [1][38].

| --- | --- | |-------------------------------------------------------------------------------------|------------------------------------------------| | 2024 年 11 月 30 日 \n行情延续，风格不变 | 策略类●证券研究报告 \n定期报告 | | 投资要点 | 邓利军 | | 影响 12 月 A 股市场走势的核心因素是政策和外部事件、流动性。（ 1）12 月 A 股 | 分析师 SAC 执业证书编号： S0910523080001 | | 表现偏震荡，无明显年末的季节性效应： 14 年中上证综指有 6 次 12 月上涨。（2） | denglijun@huajinsc.cn | | 影响 12 月走势的核心因素是政策和外部事件、流动性：如 2012 年政治局会议定 | 报告联系人 张欣诺 | | 调积极、 2019 年中美经贸协议达成， 2020 年国内疫情防控好转等导致上证综指 12 | zhangxinnuo@huajinsc.cn | | 月 ...

Group 1: PMI Overview - In November 2024, the manufacturing PMI rose slightly by 0.2 to 50.3, remaining in the expansion zone for two consecutive months[1] - The new orders index increased significantly by 0.8 to 50.8, driven by consumer stimulus and a surge in export orders[1] - High-tech manufacturing PMI and consumer goods PMI rose by 1.1 and 1.3 to 51.2 and 50.8 respectively, indicating effective demand stimulation from consumption subsidies[1] Group 2: Supply and Inventory Dynamics - The production index increased by 0.4 to 52.4, reflecting a demand-driven supply response[1] - The finished goods inventory index slightly rebounded by 0.5 to 47.4, indicating a gradual recovery in production confidence[1] - The finished goods inventory remains at a historically low level, suggesting ongoing challenges in overall demand and industrial prices[1] Group 3: Sector Performance - The construction PMI fell by 0.7 to 49.7, marking a new low since 2012, as firms focus on replacing inefficient loans rather than stimulating new investments[1] - The service sector PMI remained stable at 50.1, but the new orders index dropped significantly by 1.4 to 46.4, indicating a cooling in service consumption demand[1] Group 4: Future Outlook - The sustainability of the manufacturing PMI improvement will largely depend on the upcoming central economic work conference's signals regarding fiscal expansion[1] - A general budget deficit rate exceeding 4% is necessary to effectively stimulate durable consumer demand and enhance production confidence in advanced manufacturing[1] - The forecast for 2025 includes a fiscal deficit rate of 4.2% and a larger scale of consumer subsidies between 400-500 billion[1]

Group 1: Inflation and Economic Indicators - The core PCEPI in the U.S. rose from 2.7% to 2.8% year-on-year in October, marking a 0.1 percentage point increase after three months of stability[9] - The month-on-month increase in core PCEPI was 0.3%, driven primarily by a significant rise in core service prices excluding housing, which increased by 0.4%[9] - Actual consumer spending in the U.S. increased by 0.1% month-on-month in October, with a year-on-year growth rate of 3.0%, despite a slight decline from September[11] Group 2: Consumer Behavior and Government Policies - The current high inflation is supported by a combination of high fiscal deficits, loose monetary policy, and protectionist trade policies, which continue to bolster consumer spending[11] - Durable goods consumption showed strong performance, with a month-on-month increase of 0.3%, contributing 0.1 percentage points to the year-on-year consumer spending growth[11] - The labor market remains robust, with rising real wages and increased household wealth supporting consumer spending, despite temporary disruptions in the service sector due to extreme weather[15] Group 3: Federal Reserve Outlook - The Federal Reserve's decision-making is complicated by persistent inflation, with expectations of no rate cuts in December 2024 and two rate cuts of 25 basis points each in the first half of 2025[19] - The Fed has revised its inflation expectations for 2024 upwards, acknowledging that economic activity continues to expand at a steady pace[15] - The combination of fiscal expansion, tax cuts, and targeted tariffs is expected to maintain inflationary pressures, making it difficult for the Fed to lower interest rates in the latter half of 2025[19]

Investment Rating - The investment rating for the company is "Buy," indicating that the stock is expected to outperform the market index by more than 15% over the next 6-12 months [52]. Core Viewpoints - The company, Lanyu Co., Ltd. (301585.SZ), specializes in the research, production, and sales of digital printing inks, achieving significant revenue growth from 272 million yuan in 2021 to 384 million yuan in 2023, with a year-over-year growth of 22.46% [1][18]. - The company has a strong market position, with a global market share of 10.66% in the textile digital printing ink sector as of 2023, and a gross profit margin of 41.15% [2][40]. - The digital printing technology aligns with national energy-saving and environmental protection strategies, with significant potential for market penetration, as the current penetration rate in the textile sector is only 11.4% [2][39]. Financial Performance - The company reported revenues of 272.4 million yuan, 313.3 million yuan, and 383.6 million yuan for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 73.03%, 15.02%, and 22.46% [4][18]. - The net profit attributable to the parent company was 60.2 million yuan, 72.1 million yuan, and 92.7 million yuan for the same years, with year-over-year growth rates of 91.46%, 19.75%, and 28.55% [6][7]. - For the first nine months of 2024, the company achieved revenues of 358 million yuan, a year-over-year increase of 27.84%, and a net profit of 82 million yuan, up 17.12% year-over-year [1][18]. Industry Overview - The digital printing ink industry is experiencing rapid growth due to advancements in technology, which reduce costs and improve printing precision and speed, making it suitable for the textile market's demand for personalization and quick response [30]. - The global consumption of digital printing inks in the textile sector is projected to grow significantly, with a compound annual growth rate of 18.60% expected from 2014 to 2025 [32]. Competitive Positioning - Compared to similar companies, Lanyu Co., Ltd. has a lower revenue scale but maintains a higher gross profit margin, indicating strong profitability relative to its peers [3][46]. - The company has developed over 3,000 formulations for digital printing inks, achieving performance levels comparable to imported products, and has established deep collaborations with leading domestic digital printing equipment manufacturers [2][40].

Investment Rating - The industry investment rating is maintained as "Leading the Market" [2][5] Core Viewpoints - The report highlights a dual demand boom in the domestic and overseas markets for electric meters, despite a decrease in the total winning bid amount for the third batch of electric meters by the State Grid, which was 8.005 billion yuan, down 35.34% year-on-year but up 76.65% month-on-month [2] - The report indicates that the total winning bid amount for the three batches of electric meters in 2024 is expected to reach 24.917 billion yuan, reflecting a growth of approximately 7% compared to 2023, confirming the ongoing prosperity of China's smart meter industry [2] - The report emphasizes the acceleration of the new power system construction and the increasing intensity of electric meter usage due to the large-scale application of distributed photovoltaics, user-side energy storage, and charging piles [2] Summary by Sections Winning Bid Analysis - The total winning bid amount for the third batch of electric meters was 8.005 billion yuan, with 83 companies winning bids, including 72 for electric meters and 50 for electricity information collection, marking an increase from the second batch [2] - The average winning bid prices for various types of meters have decreased, with significant price drops observed in A-grade, B-grade, C-grade, and D-grade meters [2] Market Outlook - The report notes that global grid investment is entering a new cycle, with electric meter exports performing well, showing a cumulative export amount of 1.287 billion USD from January to October 2024, up 11.29% year-on-year [2] - The report suggests that domestic electric meter companies are actively expanding overseas, leveraging their service, delivery, and cost advantages to compete with global leaders [2] Investment Recommendations - The report recommends focusing on companies that are leading in electric meter bids and have strong overseas market expansion capabilities, including HaiXing Electric, Samsung Medical, JuHua Technology, XuJi Electric, and others [2]

Investment Rating - The industry investment rating is "Leading the Market" which indicates an expected outperformance of over 10% compared to the relevant market index in the next 6-12 months [5]. Core Viewpoints - The report highlights the potential of the overseas micro-short drama market, with platforms actively promoting content across various regions. The total in-app purchase revenue from over 100 short drama applications is projected to reach $252 million from August 2022 to June 2024, showing an overall growth trend [2]. - The overseas market, particularly in English-speaking regions, accounts for approximately 70% of global in-app purchase revenue, indicating significant market potential. Japanese and Indonesian markets follow, contributing 5% and 3% respectively [2]. - The domestic micro-short drama market is expected to reach 50.44 billion yuan in 2024, reflecting a year-on-year growth of 34.90%. By 2027, the market size is projected to exceed 100 billion yuan [2]. - Various platforms are adjusting revenue-sharing strategies to enhance content development, with significant increases in the number of micro-short dramas being produced and released [2]. Summary by Sections Market Potential - The overseas micro-short drama market is experiencing growth, with a peak in revenue growth observed in November 2022. Despite fluctuations, the overall trend remains positive [2]. - The report cites that as of August 2024, there will be over 22,615 micro-short dramas available on various platforms, with a monthly increase in the number of dramas being produced [2]. Domestic Market Dynamics - The domestic market is stable, with projections indicating a significant increase in the number of micro-short dramas released. The report notes that platforms are enhancing their revenue-sharing models to incentivize content creators [2]. - The report emphasizes the importance of advertising spending and hit series in driving downloads and content revenue [2]. Investment Recommendations - The report suggests focusing on companies such as Zhongwen Online, Jiecheng Co., Haikan Co., Zhangyue Technology, Huace Film & TV, Yili Media, BlueFocus Communication Group, InSai Group, and Kuaishou-W for potential investment opportunities [2].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [2] Core Views - The company is planning to acquire control of Yunyinggu Technology, which specializes in OLED display driver chips, enhancing its competitive position in the market [2][4] - The acquisition is expected to strengthen the company's industry status and improve market share for Yunyinggu's display driver products through technology complementarity and customer reuse [4] Financial Performance and Projections - The company forecasts revenues of CNY 5.191 billion, CNY 6.172 billion, and CNY 7.221 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of CNY 751 million, CNY 860 million, and CNY 1.020 billion [4][7] - The projected P/E ratios for the same years are 49.9, 43.6, and 36.8 respectively [4][7] - The company reported a revenue of CNY 4.408 billion in 2023, showing a year-on-year growth of 30.3% [4][7] Market Position - In the AMOLED display driver chip market, the company ranked sixth globally and first among domestic suppliers in China in 2022 [2][4] - The company is recognized as a technology pioneer in the Micro OLED silicon-based display driver backplane chip sector, achieving the highest sales globally in this category [2][4] Business Synergy - The company's core business areas include chip design and software development, focusing on smart terminals, IoT, and automotive electronics, which align well with Yunyinggu's product offerings [2][4]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next 6-12 months [5][17]. Core Insights - The company has experienced rapid growth in its semiconductor business, achieving record revenue of 406 million yuan in Q3 2024, a year-on-year increase of 27.4% and a quarter-on-quarter increase of 11.73% [2][5]. - The semiconductor segment generated revenue of 302 million yuan in Q3 2024, reflecting a year-on-year growth of 49.78% and a net profit increase of approximately 160% [2][5]. - The company aims to optimize its industrial layout and resource allocation, planning to divest its 51% stake in a subsidiary, Haise Technology, to improve asset structure [2][5]. Financial Performance - The company reported a net profit of 71 million yuan in Q3 2024, a significant year-on-year increase of 162.16% and a quarter-on-quarter increase of 77.04% [2][5]. - The gross margin for Q3 2024 was 37.66%, up 2.38 percentage points year-on-year but down 1.67 percentage points quarter-on-quarter [2][5]. - Revenue projections for 2024-2026 are estimated at 1.488 billion yuan, 1.761 billion yuan, and 2.045 billion yuan, with growth rates of 22.7%, 18.3%, and 16.1% respectively [5][14]. Business Segments - The company has developed two main business lines: integrated circuit manufacturing materials and environmentally friendly functional coatings [2][5]. - The electronic chemical materials segment is expected to generate revenue of 1.035 billion yuan in 2024, with a growth rate of 46% [11][14]. - The coating segment is projected to face challenges due to increased competition and declining prices, with expected revenues of 400 million yuan in 2024, down 10% [13][14]. Valuation Metrics - The report provides a forecast for the company's earnings per share (EPS) of 0.65 yuan in 2024, with a price-to-earnings (P/E) ratio of 60.5 [6][18]. - The company's return on equity (ROE) is projected to improve from 4.0% in 2023 to 6.7% by 2026 [6][21]. - The overall gross margin is expected to increase from 38.7% in 2024 to 40.3% in 2026 [6][14].

Investment Rating - The report assigns an investment rating of AA-/AA- to the company and its convertible bond issuance [9][11]. Core Viewpoints - The company is a leading integrated enterprise in the research and production of small molecule drugs, focusing on providing comprehensive services from drug discovery to commercial production [15][16]. - The issuance of the convertible bond is aimed at raising funds for various projects, including high-end pharmaceutical intermediates and raw materials, which are expected to yield significant economic benefits [59][60][61]. Summary by Sections Convertible Bond Analysis - The total issuance size of the convertible bond is 822 million yuan, with a term of 6 years and a conversion price set at 40.73 yuan per share [9][10]. - The bond features a high compensation interest rate of 11%, and the dilution rates for total and circulating shares are 8.74% and 8.92%, respectively, indicating minimal dilution pressure [10][11]. Stock Analysis - The company is primarily focused on providing CRO and CDMO services for the global pharmaceutical and biopharmaceutical industries, with a strong emphasis on small molecule and new molecular drug development [15][16]. - As of November 2024, the company has a net asset return (ROE) of 5.49%, which is higher than the average of comparable companies [53]. Financial Analysis - For the first nine months of 2024, the company achieved an operating income of 1.619 billion yuan, a year-on-year increase of 17.65%, and a net profit of 143 million yuan, up 21.31% year-on-year [39][43]. - The company maintains a reasonable level of liquidity, with current and quick ratios indicating strong short-term debt repayment capabilities [44]. Valuation Performance - As of November 26, 2024, the company's price-to-earnings ratio (PE) is 52.44, which is below the average of comparable companies, indicating high valuation elasticity [53]. - The company's stock price has increased by 2.69% year-to-date, outperforming the industry index, which has decreased by 11.46% [53]. Fundraising Project Analysis - The funds raised will be allocated to several projects, including the construction of production facilities for high-end pharmaceutical intermediates and raw materials, which are projected to have a significant internal rate of return [59][60][61].