Investment Rating - The investment rating for the company is "Buy" [2][8] Core Views - The company has accelerated its R&D investment, with both the proportion and growth rate increasing [5] - In Q3 2024, the company reported revenue of 649 million yuan, a year-on-year increase of 19%, while net profit attributable to shareholders decreased by 16.27% [4] - The company is expanding its investment in consumer, automotive, and industrial sectors to achieve sustainable development [6] - The effects of R&D investments are gradually becoming evident, with automotive electronic products entering several well-known automotive Tier 1 and OEM manufacturers [7] - The company maintains its profit forecast, expecting net profits of 386 million, 584 million, and 735 million yuan for 2024, 2025, and 2026 respectively [8] Summary by Sections Financial Performance - In Q3 2024, the company's R&D expenditure reached 117 million yuan, a year-on-year increase of 52.99%, accounting for 17.97% of revenue [5] - For the first three quarters of 2024, total R&D investment was 299 million yuan, up 48.94% year-on-year, representing 15.76% of revenue [5] Market Position and Strategy - The company is leveraging its chip integration design capabilities and system-level solution capabilities to strengthen its competitive advantage in smartphone charging management [6] - The company is focusing on new product lines in the automotive sector, including on-board charging, smart cockpits, body control, and ADAS, to enhance the value per vehicle [6] Profit Forecast - The company forecasts revenues of 1.78 billion, 2.44 billion, 3.20 billion, and 3.99 billion yuan for 2024, 2025, 2026, and 2027 respectively, with growth rates of 36.90%, 31.20%, and 24.73% [9] - The expected net profit growth rates for 2024, 2025, and 2026 are 47.60%, 51.45%, and 25.75% respectively [9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company demonstrates strong operational resilience and good growth momentum, with a high certainty of achieving quality results for the year [2] - Revenue and net profit for the first three quarters of 2024 show significant year-on-year growth, with revenue at 31.36 billion yuan, up 17.25%, and net profit at 11.35 billion yuan, up 20.34% [2] - The company continues to expand its national presence, with strong performance in mid-to-high-end products and a notable increase in the number of distributors [2] Summary by Sections Financial Performance - For Q3 2024, revenue reached 8.61 billion yuan, a year-on-year increase of 11.35%, while net profit was 2.94 billion yuan, up 10.36% [2] - The gross margin for Q3 2024 was 74.29%, slightly down by 0.75 percentage points year-on-year, indicating a slight shift in product mix [2] - Cash flow from operating activities showed strong performance, with a net cash flow of 3.50 billion yuan, up 67.22% year-on-year [2] Product and Market Strategy - The company focuses on a product strategy of enhancing the "Qinghua" series, strengthening mid-tier products, and stabilizing "Bofan" products, which has effectively improved its risk resistance [2] - The number of distributors increased to 4,368 by the end of Q3 2024, with significant growth in the number of distributors outside the province [2] - The company has successfully engaged consumers through marketing activities, particularly during the Mid-Autumn Festival, enhancing product sales [2] Future Outlook - The profit forecast for 2024, 2025, and 2026 is adjusted to 12.35 billion yuan, 14.29 billion yuan, and 16.45 billion yuan respectively, with year-on-year growth rates of 18%, 16%, and 15% [2] - The current stock price corresponds to a price-to-earnings ratio of 22, 19, and 17 for the years 2024, 2025, and 2026 respectively [2]

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company is actively adjusting its operational pace to strengthen long-term development, emphasizing rational growth and adapting to market conditions [3] - The third quarter performance showed a significant decline in revenue and net profit, with a year-on-year revenue drop of 44.82% and a net profit decrease of 73.03% [3] - The company maintains a robust product matrix and focuses on high-end products, with a planned annual cash dividend of no less than 7 billion yuan, indicating significant investment value [3] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 27.516 billion yuan, down 9.14% year-on-year, and a net profit of 8.579 billion yuan, down 15.92% year-on-year [3] - The third quarter revenue was 4.641 billion yuan, a decrease of 44.82% year-on-year, and the net profit was 631 million yuan, down 73.03% year-on-year [3] - The gross margin for Q3 was 66.24%, down 8.63 percentage points year-on-year, attributed to a shift in product structure and increased operating costs [3] Future Projections - The company’s projected net profits for 2024, 2025, and 2026 are 8.51 billion yuan, 8.56 billion yuan, and 9.03 billion yuan, respectively, with year-on-year changes of -15.0%, 0.6%, and 5.4% [4] - The current stock price corresponds to a PE ratio of 16 for 2024, 16 for 2025, and 15 for 2026 [4] Strategic Focus - The company is focusing on deepening its market presence domestically while expanding nationally, with an emphasis on enhancing its core market operations and optimizing sales strategies [3] - The product strategy includes a focus on flagship products like "Dream 6+", "Crystal Edition Dream Blue", and "Sky Blue", aiming to establish high-end value benchmarks [3]

Investment Rating - Buy rating for the company [1] Core Views - The company's Q3 2024 performance met expectations, with revenue of 208.85 billion yuan, up 2.97% YoY, and net profit of 25.64 billion yuan, up 19.68% YoY [2] - Titanium dioxide prices stabilized and volumes increased, driving the company's performance growth in the first three quarters of 2024 [2] - The company is steadily expanding upstream titanium ore resources, having signed strategic cooperation agreements and acquired new mining rights [2] - The company's leading position in titanium dioxide and sponge titanium is solid, with a complete industry chain layout [2] - The company is expected to achieve net profits of 32.76/40.52/46.67 billion yuan in 2024-2026, with EPS of 1.37/1.70/1.96 yuan and P/E ratios of 14/12/10 [2] Financial Performance - Revenue in 2023 was 267.94 billion yuan, expected to grow to 290.42/322.77/350.51 billion yuan in 2024-2026 [2] - Net profit in 2023 was 32.26 billion yuan, expected to grow to 32.76/40.52/46.67 billion yuan in 2024-2026 [2] - Gross margin in 2023 was 26.8%, expected to improve to 26.9%/27.8%/28.8% in 2024-2026 [4] - ROE in 2023 was 12.9%, expected to improve to 12.6%/14.6%/15.6% in 2024-2026 [4] Industry Analysis - Domestic titanium dioxide production in the first three quarters of 2024 was 3.4864 million tons, up 20.81% YoY [2] - Titanium dioxide exports in the first three quarters of 2024 were 1.4402 million tons, up 14.80% YoY [2] - Domestic apparent consumption of titanium dioxide in the first three quarters of 2024 was 2.1177 million tons, up 25.48% YoY [2] - The average price of rutile titanium dioxide in the first three quarters of 2024 was 15,839 yuan/ton, up 1.77% YoY [2] - The average price of titanium concentrate in the first three quarters of 2024 was 2,103 yuan/ton, up 4.16% YoY [2] Company Operations - The company has titanium dioxide production capacity of 1.51 million tons/year and sponge titanium capacity of 80,000 tons/year, ranking among the world's top [2] - The company is the only titanium dioxide producer in China with a complete titanium industry chain [2] - The company has multiple mining rights and is expanding its upstream titanium ore resources [2]

Investment Rating - The industry investment rating is "Positive" [2][11]. Core Insights - The 15th China International Aviation and Aerospace Exhibition opened in Zhuhai, showcasing various "national key equipment" and highlighting investment opportunities in the defense and military sector [3][4]. - The exhibition attracted 1,022 companies from 47 countries and regions, with foreign exhibitors increasing by 104% year-on-year, indicating strong international interest in the Chinese market [4]. - National defense spending for 2024 is projected to be 1.69 trillion yuan, a 7.2% increase from the previous year, with new generation fighter jets, including the J-20S and J-35, making their debut at the exhibition [5]. - The commercial aerospace and low-altitude economy sectors are rapidly developing, becoming market hotspots, with various low-altitude products showcased at the exhibition [6]. - Investment in military equipment, commercial aerospace, and low-altitude economy is expected to drive domestic economic growth in the coming years, with a focus on self-sufficiency [6]. Summary by Sections Industry Overview - The report emphasizes the significance of the Zhuhai Airshow in promoting self-sufficiency in the defense sector and attracting international attention [3][4]. Market Trends - The report notes a stable growth in national defense spending and the introduction of advanced military aircraft, reflecting the government's commitment to enhancing military capabilities [5]. Investment Recommendations - The report suggests that investments in military equipment, commercial aerospace, and low-altitude economy will be key drivers for future economic development, with specific companies highlighted for potential investment [6].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 22,562.79 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.13%, while the net profit attributable to shareholders was 1,325.18 billion yuan, an increase of 0.66% year-on-year [2] - Oil prices have remained at a high level, and the steady increase in oil and gas production has supported the company's performance growth. The average price of Brent crude oil and WTI crude oil for the first three quarters of 2024 was 82.79 USD/barrel and 77.71 USD/barrel, respectively, with year-on-year increases of 0.9% and 0.5% [2] - The company’s crude oil production reached 708.3 million barrels, a year-on-year increase of 0.3%, while natural gas production was 3,803.8 billion cubic feet, a year-on-year increase of 4.0% [2] - The refining and new materials segment achieved revenue of 9,238.88 billion yuan, a year-on-year increase of 2.3%, despite a slight decrease in crude oil processing volume [2] - The company expects net profits attributable to shareholders for 2024-2026 to be 1,778.11 billion yuan, 1,892.92 billion yuan, and 1,966.65 billion yuan, respectively, with corresponding EPS of 0.97, 1.03, and 1.07 yuan [2][3] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 7,024.10 billion yuan, a year-on-year decrease of 12.45%, and a net profit of 439.11 billion yuan, a year-on-year decrease of 5.31% [2] - The company’s total revenue for 2023 is projected to be 30,110.12 billion yuan, with a revenue growth rate of -7.0% [3] Production and Pricing - The average realized price for crude oil was 76.88 USD/barrel, a year-on-year increase of 2.1%, and the average sales price for domestic natural gas was 8.90 USD/thousand cubic feet, a year-on-year increase of 1.0% [2] - The total production of chemical products reached 28.643 million tons, a year-on-year increase of 9.7% [2] Future Outlook - The company maintains a high dividend rate, ensuring shareholder interests are protected, and anticipates continued growth in performance due to its rich oil and gas resources and the gradual production of refining projects [2]

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a revenue growth rate of 44.01% in Q3 2024, with total revenue reaching 942 million yuan, and a year-to-date revenue of 2.473 billion yuan, reflecting a 58.12% increase year-on-year [3] - The net profit attributable to shareholders for Q3 2024 was 141 million yuan, up 106.45% year-on-year, with a year-to-date net profit of 289 million yuan, representing a 145.47% increase [3] - The company's gross margin improved to 33.76% for the first three quarters of 2024, with a Q3 gross margin of 34.68%, an increase of 1.29 percentage points quarter-on-quarter [4] - The company has a broad customer base, including major global brands in the Android smartphone, professional audio, and home appliance sectors [4] - The new ultra-low power wireless wearable chip, BES2700iMP, has been mass-produced for smartwatches and wristbands [4] - The latest generation chip, BES2800, has also been mass-produced, featuring a 6nm FinFET process and supporting Wi-Fi 6 technology [4] - Profit forecasts remain unchanged, with expected net profits of 400 million, 614 million, and 841 million yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 73, 48, and 35 times based on the stock price as of November 12 [4] Financial Summary - For 2024, the company is projected to achieve revenues of 2.176 billion yuan, with a growth rate of 52.63% [5] - The net profit for 2024 is expected to be 124 million yuan, with a significant growth rate of 223.64% [5] - The earnings per share (EPS) is forecasted to be 3.33 yuan for 2024 [5] - The company’s gross margin is projected to be around 33.8% in 2024, with a net profit margin of 12% [7]

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company is focusing on long-term value by actively reducing speed and improving quality, with a revenue target of 7 billion yuan and expected stable growth in the future [2][3] - The third quarter performance showed a slight slowdown, highlighting strategic allocation opportunities for the medium to long term [3] - The company is undergoing a volume control adjustment, which continues to pressure short-term performance, particularly in the mid-to-high-end liquor segment due to weak demand [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 4.46 billion yuan, a year-on-year decrease of 15.03%, and a net profit attributable to shareholders of 669 million yuan, down 48.35% year-on-year [3] - In Q3 2024, revenue was 1.19 billion yuan, a decline of 30.92% year-on-year, with a net profit of 78 million yuan, down 79.23% year-on-year [3] - The gross margin for Q3 2024 was 63.66%, a decrease of 10.97 percentage points year-on-year, primarily due to inventory control measures [3] Market Strategy - The company is enhancing marketing efforts for terminal consumer groups and actively controlling volume to stabilize prices, which is expected to gradually release channel inventory pressure [3] - The company aims to balance product offerings across various price segments, focusing on key products like "Pinnacle" and "T68" for continued growth [3] - The board approved a share repurchase plan with an expected amount of 100 to 200 million yuan, indicating confidence in future development [3] Profit Forecast - The profit forecast for 2024, 2025, and 2026 is adjusted to 870 million yuan, 960 million yuan, and 1.08 billion yuan respectively, with year-on-year changes of -51.0%, +10.7%, and +12.5% [3][4] - The current stock price corresponds to a PE ratio of 31, 28, and 25 for the years 2024, 2025, and 2026 respectively [3]

[Table_Rank] 评级： 看好 [Table_Authors] 翟绪丽 首席分析师 SAC 执证编号：S0110522010001 zhaixuli@sczq.com.cn 电话：010- 81152683 甄理 行业分析师 SAC 执证编号：S0110524070001 zhenli@sczq.com.cn 电话：021-58820301 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 0.4 13-Nov 24-Jan 5-Apr16-Jun 27-Aug 7-Nov 基础化工 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 前三季度增收不增利，未来供需格局 有望好转 若美国对华出口加征关税，对化工行 业影响几何？ 硫酸涨幅居前，华鲁恒升前三季度利 润同比保持增长 硫酸涨幅居前，兴发集团前三季度业 绩同比增长 [Table_Title] PET 切片涨幅居前，凯赛生物定向增发通过审核 [Table_ReportDate] 基础化工 | 行业简评报告 | 2024.11.12 核心观点 [⚫Table_Summary 本周（ ...

[Table_Summary] [Table_Rank] 评级： 看好 [Table_Authors] 何立中 电子行业首席分析师 SAC 执证编号：S0110522110002 helizhong@sczq.com.cn 电话：010-81152682 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 0.4 13-Nov 24-Jan 5-Apr16-Jun 27-Aug 7-Nov 电子 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 电子：美国大选对电子行业影响 电子行业三季报优于全部 A 股 电子周报：9 月国内手机出货量下降 23.8% [Table_Title] 10 月舜宇光学手机类产品出货量均有下降 [Table_ReportDate] 电子 | 行业简评报告 | 2024.11.11 核心观点 ⚫ 舜宇光学手机镜头 10 月出货量同比下降 1.9% 11 月 8 日，舜宇光学公告 10 月份光学零件出货量数据，其中：手机 镜头出货量 1.16 亿件，同比下降 1.9%，环比下降 2.6%。玻璃球面镜 片出货量 247 ...