Investment Rating - The investment rating for the company is "Buy," indicating an expected relative increase of more than 15% in the next 6-12 months compared to the relevant market index [53]. Core Viewpoints - The company, Kolon New Materials, has established itself as a significant supplier and service provider in the domestic coal machinery sector, focusing on hydraulic support systems and auxiliary transportation equipment for coal mining [15][41]. - The company has shown strong revenue growth, with a projected revenue increase of 7.55% to 12.98% for 2024, alongside a net profit growth of 1.24% to 7.60% [16][41]. Summary by Sections Basic Financial Status - The company achieved revenues of 313 million CNY, 329 million CNY, and 442 million CNY for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 41.88%, 5.19%, and 34.23% [16]. - The net profits for the same years were 66.1 million CNY, 52 million CNY, and 83.4 million CNY, with year-over-year growth rates of 127.47%, -21.40%, and 60.41% [16]. Industry Situation - The company operates within the rubber and plastic products industry and the coal machinery manufacturing sector, which are both experiencing stable growth [28]. - The hydraulic support equipment market is projected to reach a total market space of 1,798 billion CNY from 2023 to 2025, indicating strong demand and growth potential in the coal machinery sector [37]. Company Highlights - The company has developed a comprehensive service model around hydraulic supports, enhancing its relationships with major clients in the coal industry, including Shaanxi Coal Group and China Shenhua [41]. - The company is actively expanding its rubber and plastic products into new industries such as military, high-speed rail, and wind power, with established product lines for various applications [43]. Investment Projects - The company plans to invest in three main projects through its IPO proceeds, including a new production line for synthetic materials, a research and development center, and a digital factory to enhance operational efficiency [44]. Peer Comparison - Compared to its peers in the industry, Kolon New Materials has a lower revenue scale but maintains a higher sales gross margin, indicating competitive positioning despite smaller size [48].

Investment Rating - The investment rating for the company is "Buy," indicating that it is expected to outperform the market index by more than 15% over the next 6-12 months [62]. Core Viewpoints - The company, Xianfeng Jingke (688605.SH), is a key manufacturer of critical components in the domestic semiconductor etching and thin film deposition equipment sector, focusing on etching and deposition equipment [14][25]. - The company has established long-term strategic partnerships with leading domestic semiconductor equipment manufacturers, positioning itself favorably in the market [14][47]. - The company has shown significant revenue growth, with a projected revenue increase of 79.30% to 97.23% in 2024, alongside a substantial rise in net profit [55]. Summary by Sections Basic Financial Status - The company achieved revenues of 4.24 billion, 4.70 billion, and 5.58 billion yuan in 2021, 2022, and 2023, respectively, with year-over-year growth rates of 110.20%, 10.87%, and 18.73% [15]. - The net profit attributable to the parent company was 1.05 billion, 1.05 billion, and 0.80 billion yuan for the same years, with year-over-year changes of 373.57%, -0.38%, and -23.39% [15]. - For the first nine months of 2024, the company reported revenues of 8.69 billion yuan, a year-over-year increase of 133.12%, and a net profit of 1.75 billion yuan, up 249.03% [15]. Industry Situation - The domestic semiconductor equipment industry is experiencing rapid growth, driven by the fast development of downstream sectors. In 2022, the sales of semiconductor equipment in mainland China reached 28.3 billion USD, accounting for 26.30% of the global market [26]. - The market for etching equipment in 2023 is estimated at 7.6 billion USD, representing 20.77% of the total semiconductor equipment market, while thin film deposition equipment is projected at 8 billion USD, or 21.86% [28]. Company Highlights - The company is one of the few domestic manufacturers capable of mass-producing critical components for etching equipment at 7nm and below, with its products accounting for over 40% of total revenue [47]. - The company is expanding into the photovoltaic and medical equipment sectors, leveraging its existing technology and production capabilities [48]. Investment Projects - The company plans to invest in three projects through its IPO proceeds, including the expansion of a precision assembly base, a production and assembly base for equipment modules, and a precision manufacturing technology research center [53][54]. Comparison with Peers - In 2023, the company reported revenues of 5.58 billion yuan, with a year-over-year growth of 18.73%, and a net profit of 0.80 billion yuan, down 23.39% [55]. - Compared to peer companies, the average revenue for comparable companies was 12.73 billion yuan, with an average gross margin of 32.49%, indicating that the company is currently below industry averages in both revenue and profitability metrics [58].

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the industry [3]. Core Views - The lithium battery industry is expected to gradually improve production scheduling, with industry valuations at historical lows, indicating potential for valuation recovery. Key companies to watch include CATL, Yiwei Lithium Energy, Guoxuan High-Tech, and others in various segments such as cathodes, separators, anodes, electrolytes, and auxiliary materials [1][26]. - In the photovoltaic sector, the price of polysilicon has stabilized, with domestic block material prices ranging from 36 to 42 RMB per kilogram. The report suggests monitoring companies like Longi Green Energy, JA Solar, and Trina Solar [2][27]. - The wind power sector has seen significant growth, with 45.8 million kilowatts of new wind power installed from January to October, a year-on-year increase of 8.49 million kilowatts. The report highlights investment opportunities in offshore wind projects and suggests companies like Dongfang Cable and Sany Heavy Energy [2][28][32]. Summary by Sections New Energy Vehicles - Yiwei Lithium Energy's cylindrical battery project has successfully topped out, with an investment exceeding 10 billion RMB. CATL's second-generation sodium-ion battery is set to launch in 2025, and the first railway transport of lithium batteries has been successfully conducted [1][20]. - Yiwei plans to introduce a high-power, all-solid-state battery by 2026 and a 400Wh/kg high-energy version by 2028. The company has also signed a global strategic cooperation framework agreement with InnoVate for battery separator procurement [1][25]. New Energy Power Generation - The report notes stable pricing in the silicon material segment, with P-type silicon wafer prices at 1.1-1.15 RMB per piece and N-type prices at 1.4-1.43 RMB per piece. The photovoltaic industry is advised to focus on companies like Longi Green Energy and JA Solar [2][27]. - The wind power sector has seen a significant increase in installed capacity, with ongoing projects in offshore wind energy, particularly in Fujian, which is expected to contribute significantly to future installations [2][28][32]. Energy Storage and Power Equipment - National power generation equipment utilization averaged 2880 hours from January to October, a decrease of 128 hours year-on-year. Investment in power generation projects reached 718.1 billion RMB, up 8.3% year-on-year, while grid investment grew by 20.7% to 450.2 billion RMB [2][33]. - The report emphasizes the importance of flexible power sources and the ongoing reforms in the electricity market, suggesting a focus on companies involved in high-voltage transmission and smart grid technologies [2][34].

Investment Rating - The investment rating for the company is "Buy" with a maintained outlook, indicating expected relative performance exceeding 15% over the next 6-12 months [2][3]. Core Insights - The completion of the new base for Tongfu Microelectronics (通富微电) in Suzhou focuses on advanced packaging and testing for high-end processors, particularly FCBGA technology, which is expected to achieve mass production by January 2025 [2]. - The company is the fourth largest packaging and testing enterprise globally and has a significant partnership with AMD, enhancing its position in the xPU market [3]. - The cloud computing market in China is projected to grow significantly, with a total market size of 616.5 billion in 2023, reflecting a 35.5% increase from 2021, and is expected to exceed 2.1 trillion by 2027 [2][3]. - The integration of AI and cloud computing is anticipated to drive demand for high-performance computing chips, with the global AI chip market expected to grow by 33% in 2024 [2][3]. Financial Projections - Revenue forecasts for 2024 to 2026 are 23.806 billion, 28.231 billion, and 32.813 billion respectively, with growth rates of 6.9%, 18.6%, and 16.2% [3][4]. - The net profit attributable to shareholders is projected to be 804 million, 1.205 billion, and 1.567 billion for the same years, with growth rates of 374.4%, 50.0%, and 30.0% respectively [3][4]. - The company maintains a gross margin of approximately 13.7% in 2024, improving to 14.4% and 14.7% in the following years [4]. Market Position and Strategy - The company is enhancing its advanced packaging capabilities, with over 70% of its revenue coming from this segment, and is investing in R&D for new technologies [2][3]. - The introduction of new packaging technologies, such as Cornerfill and CPB, aims to improve chip reliability and performance, catering to the growing demand in sectors like AI and cloud computing [2][3]. - The company is also focusing on expanding its product offerings in high-performance computing and advanced packaging platforms to meet the evolving needs of its clients [2][3].

Investment Rating - The report suggests maintaining a cautious and patient approach towards new stocks as the current active cycle may be nearing its end [1][12][34] Core Insights - The new stock market has shown a weak performance for the second consecutive week, with an average weekly decline of approximately 1.5% and only 25.7% of new stocks achieving positive returns [1][12][28] - The report highlights the need to monitor subtle emotional indicators as the market may be entering a correction phase, suggesting a potential shift in the active cycle of new stocks [1][12][34] - The average issuance price-to-earnings ratio for new stocks has increased significantly, with the average for November being 58.9X, influenced by high-growth stocks like Lianyun Technology [1][12][34] Summary by Sections New Stock Insights - The new stock market has experienced a significant emotional shift, with the structural buying momentum still present despite recent cooling [1][12] - The report indicates that the current emotional and pricing indicators are at relatively high levels, which may face downward adjustments soon [1][12][34] Recent New Stock Performance - Last week, three new stocks were available for online subscription, with an average issuance P/E ratio of 68.3X and a subscription success rate of 0.0444% [1][19][20] - The average first-day gain for newly listed stocks was 252%, while the average return for the first week was 226.3% [1][23][26] Upcoming New Stock Subscriptions - Four new stocks are set to be listed this week, with one each from the Sci-Tech Innovation Board, the Growth Enterprise Market, the Main Board, and the North Exchange [1][34][35] - The report recommends continued attention to new stock subscriptions due to the unchanged profit-making effect [1][34]

短期继续震荡，科技仍有空间 定期报告 投资要点 突破震荡市的核心推动因素是政策和流动性，短期内仍需等待更宽松的政策和流动 性。（1）历史经验上，突破震荡市走牛的核心推动因素是政策和外部事件、流动 性。（2）当前来看，震荡时间和回撤幅度接近历史水平，但短期可能继续震荡。 一是 10 月 8 日以来已震荡 34 个交易日，上证综指最大回撤幅度为 9.2%，已接近 历史平均水平。二是短期内政策方向和流动性依然积极，但仍需进一步才能突破当 前的震荡：首先，后续政治局会议和中央经济工作会议可能是政策进一步积极的观 察窗口；其次，近期美元走强，但国内年末降准等流动性进一步宽松的政策可能出 台。 板块连续多空急剧转换，本周可能成为重要 科技行情结束的核心因素是外部事件和政策偏空、自身产业趋势转弱、流动性收紧、 继续调整幅度有限 2024.11.16 政策预期及资金共振之下做多动能增强，但 结构性震荡特征预计未改-华金证券新股周 报 2024.11.10 估值情绪过高。（1）外部事件和政策偏空是导致科技行情结束的核心因素，如 2010 年欧债危机、2016 年供给侧改革、2021 年医保控费和新能源补贴退坡等。（2） 自身产 ...

Investment Rating - The industry investment rating is "Leading the Market," indicating an expected performance that exceeds the relevant market index by over 10% in the next 6-12 months [5]. Core Insights - The recent approval of 112 domestic online games by the National Press and Publication Administration, including 58 mobile games and 46 mobile-casual puzzle games, signals a new product cycle for various companies in the industry [2]. - The overall game market is experiencing steady growth, with the market size reaching 29.083 billion yuan in October 2024, reflecting a year-on-year increase of 14.4% [2]. - The growth in the game market is primarily driven by new game releases, with significant revenue contributions from various game genres, including MOBA, shooting, strategy, and card games [2]. Summary by Sections Game Approval and Market Dynamics - In November, multiple companies received game approvals, contributing to a diverse product lineup that supports market growth [2]. - A total of 1184 domestic and 97 imported online games have been approved in 2024, compared to 1075 domestic games approved in the entire year of 2023 [2]. Market Performance and Trends - The mobile game segment is showing stable growth, with the revenue from top genres increasing, indicating a diversification trend away from traditional role-playing games [2]. - Monthly active users for WeChat mini-games exceeded 570 million in Q3 2024, with significant fluctuations observed during holiday periods [2]. Company Performance - Tencent's gaming revenue reached 51.8 billion yuan in Q3 2024, marking a year-on-year increase of 12.6%, driven by strong performances from established titles like "Honor of Kings" and "Peacekeeper Elite" [2]. - Net income from NetEase's gaming and related services was 20.9 billion yuan, with a quarter-on-quarter increase of 4.0% [2]. - Bilibili's gaming revenue surged by 84% year-on-year to 1.82 billion yuan, showcasing the potential for long-term operational games [2]. Investment Recommendations - The report suggests maintaining a focus on leading companies such as Tencent, NetEase, Bilibili, and others, as their strong performance is expected to enhance industry sentiment [2].

下 下 = | --- | --- | |----------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------| | 2024 年 11 月 22 日 \n重视特朗普关税主张的中长期影响 \n华金宏观·双循环周报（第 83 期） | 宏观类●证券研究报告 \n定期报告 \n分析师 秦泰 SAC 执业证书编号： S0910523080002 | | 投资要点 | 报告联系人 qintai@huajinsc.cn 周欣然 | | 11 月 22 日，商务部联合外交部、工信部、人民银行、海关总署相关司局负责人， | zhouxinran@huajinsc.cn | | 联合召开政策吹风会，凸显出对未来一段时间促外贸稳增长问题的重视，这与美国 | | | 候任总统特朗普较为激进的关税主张直接相关。商务部指出"最终关税是由 ...

Investment Rating - The investment rating for the company is "Buy" (initial coverage) with a stock price of 34.49 yuan as of November 21, 2024 [2]. Core Views - The company's automotive electronics business is stable, and its digital energy business is opening a second growth curve. The company has been deeply engaged in the automotive aftermarket since its establishment in 2004, focusing on technological innovation to create a comprehensive product matrix for automotive diagnostics and related software services. This positions the company well to benefit from the increasing electronic and intelligent features in vehicles [9][10]. Summary by Sections Automotive Electronics Business - The company has achieved revenue of 1.18 billion yuan, 1.56 billion yuan, 2.22 billion yuan, 2.13 billion yuan, and 2.65 billion yuan from 2019 to 2023, with year-on-year growth rates of 32.59%, 32.37%, 42.41%, -4.07%, and 24.15% respectively. The gross profit margins for these years were 62.58%, 64.22%, 58.30%, 58.87%, and 59.95%, indicating a stable upward trend [9]. Digital Energy Business - The company began strategic layout in overseas new energy charging business in 2021. It has developed a comprehensive product matrix covering intelligent charging network solutions and energy management solutions. The company has signed contracts with several large enterprises in North America and Europe, indicating strong market expansion [10][13]. Financial Forecast - The company is projected to achieve revenues of 3.96 billion yuan, 5.06 billion yuan, and 6.53 billion yuan from 2024 to 2026, with corresponding net profits of 583 million yuan, 766 million yuan, and 893 million yuan. The price-to-earnings ratios are expected to be 26.7, 20.4, and 17.5 respectively [14][19]. Market Positioning - The company has completed its global customer and production capacity layout in the digital energy sector, which is expected to contribute significantly to its growth in the coming years. The market for electric vehicle charging infrastructure is projected to grow substantially, with the U.S. needing 28 million charging ports by 2030 [13][14]. Comparison with Peers - The company's price-to-earnings ratio is lower than that of comparable companies in the charging pile sector, suggesting a favorable valuation relative to its peers. This, combined with the stable development of its traditional business and the opening of a second growth curve in digital energy, supports the "Buy" recommendation [20].

Investment Rating - The investment rating for the company is "Buy," indicating an expected relative increase of over 15% in the next 6-12 months compared to the relevant market index [60]. Core Viewpoints - The company, Boyuan Co., Ltd. (301617.SZ), specializes in the research, production, and sales of fine chemicals, including organic iodides, inorganic iodides, precious metal catalysts, luminescent materials, and hexamethyldisilazane. The company has shown significant revenue growth from 524 million CNY in 2021 to 1.025 billion CNY in 2023, with a year-on-year growth rate of 28.39% in 2023 [16][17]. - The company has a strong market position, with a 72.32% market share in organic iodide trimethyl iodide and 35.02% in inorganic iodides as of 2021. The company is also involved in resource recycling, which helps reduce dependence on imported raw materials [47][54]. - The company plans to extend its product line downstream through its IPO fundraising projects, which include the production of iodine-containing contrast agent intermediates and high-end organic iodine materials [48][49]. Summary by Sections Basic Financial Status - The company achieved revenues of 524 million CNY, 798 million CNY, and 1.025 billion CNY in 2021, 2022, and 2023, respectively, with year-on-year growth rates of 38.20%, 52.27%, and 28.39%. The net profit attributable to the parent company was 103 million CNY, 176 million CNY, and 182 million CNY for the same years, with growth rates of 61.30%, 70.70%, and 3.28% [17][7]. Industry Situation - The fine chemical industry is a significant development direction in the chemical sector, with China's fine chemical industry output expected to exceed 11 trillion CNY by 2027. The company operates in a sector where the market for inorganic iodides is projected to grow at a compound annual growth rate of 8.80% from 2021 to 2028 [28][37]. Company Highlights - The company's core technical team has over 30 years of experience in the fine chemical field, with significant ownership by the founders, holding 79.77% of the shares. The company is one of the few in China to achieve resource recycling for iodine and precious metals, establishing strong partnerships with major pharmaceutical companies [46][47]. Fundraising Project Investment - The company plans to invest in two main projects through its IPO, including the production of 1,000 tons of contrast agent intermediates and 5,000 tons of phenol derivatives, with expected annual revenues of approximately 32 million CNY from the contrast agent project [49][52]. Peer Comparison - In 2023, the company reported revenues of 1.025 billion CNY, with a net profit of 182 million CNY. Compared to peers, the company’s revenue is below the average of 1.799 billion CNY, but its gross margin of 27.89% is in the mid-high range among competitors [54][55].