[Table_Rank] 评级： 看好 [Table_Authors] 吴轩 有色行业首席分析师 SAC 执证编号：S0110521120001 wuxuan123@sczq.com.cn 电话：021-58820297 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 0.4 30-Oct 10-Jan 22-Mar 2-Jun13-Aug 24-Oct 有色金属 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 有色行业周报：国内经济政策提振工 业金属需求预期 金价再创新高 有色行业周报：工业金属价格震荡 静 待逆周期调控政策发力 有色行业周报：美联储降息落地 金属 价格回升 [Table_Title] 有色行业周报：电解铝价格继续强势 金价震荡上行 [Table_ReportDate] 有色金属 | 行业简评报告 | 2024.10.29 核心观点 [Table_Summary] ⚫ 电解铝价格继续强势，铜价小幅下行 1）铜：SHFE 铜下跌 0.77%，收于 76390 元/吨；LME 铜下跌 0.64%，收于 9563.5 美元 ...

[Table_Title] 行业整体表现良好，预计后市将保持稳定 | --- | --- | --- | |--------------------------|------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has shown an improvement in profitability, with a revenue of 1.01 billion yuan in the first three quarters of 2024, reflecting a year-on-year increase of 0.82%. The net profit attributable to shareholders reached 108 million yuan, up 19.74% year-on-year [2][4] - Revenue showed a quarter-on-quarter improvement, with Q3 revenue at 414 million yuan, a decrease of 4.51% year-on-year but an increase of 7.85% quarter-on-quarter. This improvement is attributed to the execution of procurement policies in over 90% of provinces for a key product and the contribution from a newly approved drug [2][4] - The company is advancing its innovative drug development, with a new indication for a key product recently accepted for review by the National Medical Products Administration, indicating significant market potential [2][4] Financial Summary - For 2024 to 2026, the company is projected to achieve revenues of 1.566 billion yuan, 1.858 billion yuan, and 2.245 billion yuan, with year-on-year growth rates of 10.9%, 18.7%, and 20.8% respectively. The net profit attributable to shareholders is expected to be 143 million yuan, 185 million yuan, and 244 million yuan, with growth rates of 22.7%, 29.4%, and 31.6% respectively [2][4] - The company's earnings per share (EPS) is projected to increase from 0.84 yuan in 2024 to 1.42 yuan in 2026, reflecting a positive growth trajectory [4][5]

[Table_Title] Q3 业绩超预期，新项目陆续投产确保成长性 [Table_ReportDate] 卫星化学(002648)公司简评报告 | 2024.10.24 [Table_Rank] 评级： 买入 核心观点 [Table_Summary] ⚫ 事件：公司发布 2024 年三季报，前三季度实现营业收入 322.75 亿元， 同比+0.71%，实现归母净利润 36.93 亿元，同比+7.64%。其中 Q1/Q2/Q3 分 别 实 现 归 母 净 利 润 为 10.23/10.33/16.37 亿 元 ， 同 比 +46.55%/- 8.51%/+2.08%，环比-26.73%/+1.06/+58.36%。 ⚫ 检修装置复产，叠加产品价差改善，Q3 单季度盈利环比大幅增长。2024 年 4 月 1 日，公司发布公告，对全资子公司连云港石化年产 80 万吨聚 乙烯装置、73 万吨环氧乙烷与 91 万吨乙二醇联产装置，以及配套原料 装置进行检修，同时对全资子公司平湖石化年产 32 万吨丙烯酸和 30 万 吨丙烯酸酯装置进行检修。上述装置已分别于 5 月 21 日和 6 月 3 日公 告完成检修，恢复正常 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 36.725 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 13.93%. The net profit attributable to shareholders reached 2.732 billion yuan, up 24.33% year-on-year [3] - The Yulong Copper Mine showed significant production growth in the third quarter, contributing to the company's steady performance. The mine produced 47,000 tons of copper in the third quarter, with the company's attributable output at 27,000 tons, marking a record high for quarterly production [3] - Key projects are progressing steadily, with the successful trial production of the multi-metal selection project at Xibu Copper Company, which will increase annual processing capacity from 900,000 tons to 1.5 million tons [3] - The company is expected to benefit from the tight global copper supply and domestic economic stimulus policies, leading to an upward adjustment in revenue and profit expectations. Projected revenues for 2024-2026 are 46.452 billion, 48.682 billion, and 51.255 billion yuan, with net profits of 3.727 billion, 3.990 billion, and 4.280 billion yuan respectively [3] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 11.748 billion yuan, a year-on-year increase of 23.02%, and a net profit of 1.112 billion yuan, up 60.91% year-on-year [3] - The company’s current P/E ratio is 13.06, and the market capitalization is 43.418 billion yuan [2] Future Projections - Revenue growth rates are projected at 8.67% for 2024, 4.80% for 2025, and 5.28% for 2026. Net profit growth rates are expected to be 33.60% in 2024, 7.07% in 2025, and 7.26% in 2026 [4] - The earnings per share (EPS) are forecasted to be 1.56, 1.67, and 1.80 yuan for 2024, 2025, and 2026 respectively [4]

[Table_Title] 有色行业周报：国内经济政策提振工业金属需求预 期 金价再创新高 [Table_ReportDate] 有色金属 | 行业简评报告 | 2024.10.23 核心观点 [Table_Summary] ⚫ 工业金属价格小幅下跌，静待国内需求逐步互暖 1）铜：本周 SHFE 铜下跌 0.31%，收于 76980 元/吨；LME 铜下 跌 1.81%，收于 9625.5 美元/吨。三大交易所库存增加 473 吨至 53.11万吨，其中 LME 铜库存减少 13350 吨至 28.42万吨，SHFE 铜库存增加 11940 吨至 16.84 万吨，COMEX 铜库存增加 1883 吨 至 7.85 万吨。据百川盈孚，本周进口铜矿 TC 均价延续小幅上涨 至 8.5美元/吨。国内经济稳增长政策持续加码但因传统消费淡季 渐趋临近，或使 10月铜材企业产能开工率环比下降。2）铝：本 周 SHFE 铝下跌 0.89%，收于 20640 元/吨；LME 铝下跌 0.93%， 收于 2613.5 美元/吨。三大交易所库存减少 9258 吨至 108.46 万 吨，其中 LME 铝库存减少 9925 吨至 ...

[Table_Title] 9 月挖掘机内销增速超 20%，出口延续增长势头 | --- | --- | --- | |---------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Title] 1 [Table_Rank] 评级： 看好 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 0.4 23-Oct 3-Jan15-Mar 26-May 6-Aug17-Oct 农林牧渔 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 标肥差加大刺激二育商积极入场，近 期猪价逆势上涨 猪价北高南低，肉鸡短期窄幅震荡 生猪价格短期承压，白羽鸡价格短期 震荡 猪价支撑不足，毛鸡价格小幅上涨 [Table_ReportDate] 农林牧渔 | 行业简评报告 | 2024.10.24 核心观点 [Table_Summary] ⚫ 生猪养殖：据搜猪网，2024 年 10 月 21 日全国生猪出栏均价 17.25 元/公斤，分区域来看，东北、华北、西北及西南地区猪价大多保持 在 17.2-17.9 元/公斤；华中、华东及华南相对高价区域猪价基本在 18-18.5 元/公斤。近期猪价持续下跌 ...

[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 24-Oct 5-Jan18-Mar 30-May 11-Aug 23-Oct 基础化工 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 国际油价回调，兴福电子获中国证监 会注册 化肥行业点评：化肥价格有所回暖， 关注冬储备肥情况 硫酸涨幅居前，兴发集团前三季度业 绩同比增长 【首创化工】2023 年策略报告——周 期起伏中寻求确定性，关注龙头股、 磷化工、氟化工三条主线 [Table_Title] 农药行业点评：部分农药价格反弹，关注具有成本 优势的龙头企业 [Table_ReportDate] 基础化工 | 行业简评报告 | 20 ...

[Table_Summary] [Table_Title] 汽车行业周报：十月前两周乘用车销量同环比增 长，高阶智能驾驶有望创新突破 [Table_ReportDate] 汽车 | 行业简评报告 | 2024.10.22 评级： 看好 核心观点 [Table_Authors] 岳清慧 汽车首席分析师 SAC 执证编号：S0110521050003 yueqinghui@sczq.com.cn l 世界智能网联汽车大会开幕，高阶智能驾驶有望实现突破 10月 17日，2024世界智能网联汽车大会开幕，大会发布全球智能 网联汽车十大技术趋势、大会共识、智能网联汽车"车路云一体化" 一致行动宣言等一批创新成果。 工业和信息化部部长金壮龙表示，随着大算力、大数据、大模型 等快速发展，高级自动驾驶技术有望实现新的重大突破，智能网联汽 车也将进入全新的发展阶段。我国将从以下方面推动产业全新发展。 1）融合创新方面，将聚焦新一代电子电气架构，大算力芯片、域控制 器、超智系统等关键领域，以数据为纽带，促进汽车与智能电网、智 能交通、智能城市融合发展。 2）拓展应用场景，深入开展车路云一体化应用试点，持续拓展物流、 公交、出租、 ...