Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant revenue growth in Q3 2024, achieving an operating income of 366.12 billion yuan, a year-on-year increase of 45.36% and a quarter-on-quarter increase of 58.03% [1] - The company is actively expanding its product strategy with a "2+N+3" layout, focusing on AIoT and automotive electronics to create new growth curves [1][3] - The acquisition of EasyRoad is aimed at strengthening the audio business and expanding customer channels in North America, which is expected to enhance the company's smart terminal business revenue [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a total revenue of 760.10 billion yuan, a year-on-year increase of 17.15%, and a net profit attributable to shareholders of 20.50 billion yuan, up 3.31% year-on-year [1] - The Q3 2024 results showed a net profit of 7.59 billion yuan, a year-on-year increase of 8.04% and a quarter-on-quarter increase of 10.63% [1] - The gross profit margin for Q3 2024 was 7.63%, a decrease of 2.65 percentage points quarter-on-quarter, primarily due to a decline in smartphone product margins and a shift in revenue structure towards lower-margin data center business [1] Revenue Forecast - Revenue projections for 2024-2026 are 1020.48 billion yuan, 1192.84 billion yuan, and 1361.74 billion yuan, respectively, with corresponding EPS of 2.88 yuan, 3.36 yuan, and 3.94 yuan [3][5] - The company is expected to maintain steady growth in traditional businesses while achieving new performance increments through data center and AIoT businesses [3] Strategic Initiatives - The company is focusing on a "2+N+3" product strategy, leveraging its leadership in the smartphone ODM sector and expanding into automotive electronics and data center businesses [1][3] - The AIoT business segment has shown remarkable growth, with a revenue increase of 241% year-on-year in the first three quarters of 2024 [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][3]. Core Insights - The company achieved a revenue of 6.775 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 35.05%. The net profit attributable to shareholders reached 279 million yuan, a significant increase of 771.94% year-on-year [1]. - The gross profit margin improved notably, reaching 25.56% in the first three quarters, up by 6.6 percentage points year-on-year, with the third quarter gross margin at 26.79%, reflecting a quarter-on-quarter increase of 2.93 percentage points [1]. - The company has maintained high capacity utilization and plans to expand production by 30,000 to 50,000 wafers per month, focusing on mid-to-high-end CIS products [1][2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 6.775 billion yuan, a 35% increase year-on-year. The net profit attributable to shareholders was 279 million yuan, up 771.94% year-on-year, while the net profit excluding non-recurring items was 179 million yuan, reflecting a 243.91% increase [1]. - The gross profit margin for the first three quarters was 25.56%, an increase of 6.6 percentage points year-on-year, with the third quarter margin at 26.79%, up 2.93 percentage points from the previous quarter [1]. Production and Market Position - The company has achieved mass production across various process nodes from 150nm to 55nm, with significant contributions from 55nm, 90nm, 110nm, and 150nm processes to its main business revenue [1]. - The company successfully trialed the industry's first 1.8 billion pixel full-frame CIS in collaboration with a partner, enhancing its product offerings in the high-end camera sensor market [2]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 9.623 billion yuan, 12.522 billion yuan, and 14.888 billion yuan, respectively, with corresponding EPS estimates of 0.22 yuan, 0.35 yuan, and 0.50 yuan [3].

Investment Rating - The report maintains a "Buy" investment rating for gold, copper, aluminum, tin, and antimony industries, indicating a positive outlook for these sectors [7]. Core Views - The Federal Reserve's recent interest rate cut of 25 basis points is expected to support precious metal prices, particularly gold, which is anticipated to maintain an upward trend due to ongoing central bank purchases [7]. - Copper demand is showing signs of improvement, supported by a reduction in inventory levels, which may lead to a stronger price outlook [7]. - The aluminum market remains tight, with rising costs supporting aluminum prices, suggesting a bullish trend in the near term [7]. - Tin prices are expected to be supported by tight raw material supply, while antimony prices are projected to remain stable within a range due to weak demand [7]. Summary by Sections 1. Weekly Market Review - The non-ferrous metals sector saw a weekly increase of 5.56%, with nickel, silver, and magnetic materials leading the gains [20]. - The report highlights the performance of individual stocks, noting significant increases in companies like Yingluohua and Galaxy Magnetic Materials [22]. 2. Macroeconomic and Industry News - In October, China's imports decreased by 2.3% year-on-year, while exports increased by 12.7% [24]. - The U.S. reported a 0.7% decline in durable goods orders for September, with the ISM non-manufacturing index for October at 56, indicating economic resilience [24]. 3. Precious Metals Market Key Data - The London gold price was $2,691.15 per ounce, reflecting a decrease of $53.15 from the previous week [30]. - SPDR gold ETF holdings decreased by 380,000 ounces, indicating a potential shift in market sentiment [30]. 4. Industrial Metals Data - The report notes a slight recovery in copper demand, with domestic electrolytic copper social inventory at 192,500 tons, down from the previous week [2]. - Aluminum prices increased to 21,740 yuan per ton, with a notable rise in production rates among leading aluminum enterprises [3]. 5. Industry Ratings and Investment Strategies - The report recommends stocks such as Zhongjin Gold and Shandong Gold, highlighting their strong resource guarantees and market positions [8].

证 券 研 究 报 告 行业周报 产业链众多品种价格处于底部，易涨难跌 新能源汽车行业周报 报告日期： 推荐 维持 投资评级： （ ） 2024年11月10日 ◼ 分析师：黎江涛 ◼ SAC编号：S1050521120002 投 资 要 点 需求强劲，优质资产具备高性价比。根据中汽协数据，2024年9月，新能源汽车产销分别完成130.7万辆和128.7万辆，同比 分别增长48.8%和42.3%。2024年1-9月，新能源汽车产销分别完成831.6万辆和832万辆，同比分别增长31.7%和32.5%。 在政策大力支持背景下，叠加优质车型持续推出，需求端表现强劲。蔚来推出乐道L60，小鹏推出M03等，性价比凸显，市场 反馈积极，10月多家公司表现抢眼，验证需求端旺盛。宁德时代 "骁遥"超级增混电池正式发布，将搭载在阿维塔、理想、 智己、岚图等品牌30多款车型，技术持续迭代拉动需求。宁德时代、亿纬锂能等核心公司储能业务表现抢眼，整体韧性十足。 材料环节，尚太科技、中科电气等三季度业绩表现强劲。铜箔行业分会发布维护铜箔行业价格倡议书，倡导行业合理调整铜箔 价格。整体而言，产业链价格处于底部，价格易涨难跌，需求超预期， ...

Investment Rating - The report maintains a recommendation rating for the pig farming and pet food industries [5][22]. Core Insights - The pig farming industry has seen an acceleration in the outflow of pigs in October, leading to a decrease in sales revenue for most companies due to falling pig prices. However, companies like Tangrenshen, Zhengbang Technology, and Muyuan Foods have reported significant increases in their monthly outflow [3][19]. - The pet food market is expanding both domestically and internationally, with domestic brands increasingly replacing foreign products in the vaccine sector. The development prospects for pet hospitals are also promising [4][22]. Summary by Sections 1. Industry Review - The report highlights that from November 4 to November 8, 2024, the stock indices showed significant increases, with the pig farming sector experiencing varied performance among companies [13][19]. - The report notes a recent outbreak of foot-and-mouth disease in a pig slaughterhouse in Guangxi, which has been effectively controlled [17]. 2. Current Perspectives - The report emphasizes the need for strategic investments in quality pig farming companies during the industry's adjustment period, as it is expected to lead to consolidation and an increase in industry concentration [19][21]. 3. Recommended Stocks - Key recommendations include: - Juxing Agriculture (603477.SH) for its leading cost position and potential for cost reduction [5][23]. - Zhengbang Technology (002157.SZ) for its recovery potential following restructuring [5][23]. - Dekang Agriculture (2019.HK) for its competitive cost structure [5][23]. 4. Industry Data - As of November 8, 2024, the average price for pigs was reported at 17.13 yuan/kg, with a week-on-week decrease of 1.27% [26][31]. - The report provides detailed data on feed prices, indicating fluctuations in corn and soybean prices, which are critical for the pig farming industry [26][31].

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [6]. Core Viewpoints - The current recommendation order for sub-sectors is: Baijiu > Beer > Snack Foods = Soft Drinks > Frozen Foods > Condiments > Dairy Products [3]. - The Baijiu sector has seen an overall increase this week, driven by market optimism regarding domestic consumption recovery and favorable fiscal policy expectations [4]. - The report highlights that the Chinese beer market is projected to reach a scale of 634.9 billion yuan [2][13]. - Guizhou province has announced a 350 million yuan liquor project [2][13]. - Moutai has proposed a mid-term dividend plan totaling 30 billion yuan, enhancing shareholder returns [4][20]. Summary by Sections Industry News - The Chinese beer market is expected to reach 634.9 billion yuan [2][13]. - Guizhou has released a liquor project worth 350 million yuan [2][13]. Company News - Moutai has announced updates on its 30,000-ton series liquor technology transformation [14]. - Shanxi Fenjiu is set to develop four products each worth over 10 billion yuan [14]. Weekly Performance - The Baijiu sector's performance is positively influenced by expectations of domestic consumption recovery and supportive fiscal policies [4]. - The report notes a significant reduction in hidden debt pressure for local governments, which is expected to enhance consumer confidence and spending [4]. Key Company Recommendations - The report recommends focusing on undervalued Baijiu stocks with strong earnings certainty, specifically Moutai, Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu [4][6].

Investment Rating - The report maintains a "Buy" rating for the automotive industry, emphasizing investment opportunities in the Tesla supply chain and related sectors [1][6]. Core Insights - The report highlights the ongoing investment opportunities in the Tesla supply chain, suggesting that the market is currently experiencing significant divergence, which may lead to favorable investment conditions [1][2]. - The automotive sector is witnessing a strong performance, with a notable increase in retail sales and a rise in the penetration rate of new energy vehicles [3][5]. - The report identifies key companies to watch, particularly in the fields of robotics and automotive components, as the industry undergoes transformation and growth [6][34]. Summary by Sections Market Performance and Valuation Levels - The automotive index increased by 7.9%, outperforming the broader market by 2.4 percentage points, with significant gains in passenger vehicles and automotive components [14][19]. - The automotive industry's PE ratio stands at 30.9, indicating a high valuation relative to historical levels [19]. Industry Data Tracking and Commentary - The report notes a substantial increase in the number of applications for vehicle scrapping subsidies, exceeding 1.7 million, which is expected to drive further growth in vehicle sales [3][4]. - October saw a record high in retail sales of passenger vehicles, reaching 2.261 million units, a year-on-year increase of 11.3% [3][4]. Investment Strategy and Recommendations - The report suggests focusing on companies with strong growth potential in the automotive and robotics sectors, including those involved in lightweight materials and intelligent vehicles [34]. - Specific companies highlighted for investment include Molded Technology, Dual Lin Holdings, and others in the robotics and automotive components space [34][6]. Company Announcements and Industry News - The report includes updates on major automotive companies, such as SAIC Motor's production and sales figures for October, indicating a year-on-year increase in production despite a decline in sales [35][36].

Investment Rating - The report maintains a "Recommended" investment rating for the liquor industry [3]. Core Viewpoints - The liquor industry is experiencing overall deceleration, with increasing internal differentiation. The performance in Q1-Q3 2024 shows that high-end liquor outpaces sub-high-end and real estate liquor in revenue growth, with respective growth rates of 13.46%, 8.15%, and 1.67% [3][9]. - High-end liquor continues to show robust growth, primarily driven by the strong brand resilience of Kweichow Moutai, which maintains double-digit growth in revenue and profit [3][14]. - The sub-high-end liquor segment is seeing increased differentiation, with Shanxi Fenjiu maintaining double-digit growth due to a stable domestic market, while other brands face challenges [3][19]. - The real estate liquor segment is slowing down, with varying performance among companies; Jiangsu Yanghe and Gujing Gongjiu show better growth, while others face pressure [3][19]. Summary by Sections 1. Performance - The total production of liquor in 2024 reached 2.98 million kiloliters, a year-on-year increase of 2.30%. However, production in September 2024 decreased by 9.90% year-on-year [9]. - For Q1-Q3 2024, listed liquor companies achieved revenue and net profit of 337.72 billion and 131.70 billion yuan, respectively, with year-on-year growth of 9.25% and 10.69% [9]. 2. Profitability - The profitability of high-end liquor leads the growth, with net profit growth rates of +12.84%, +7.96%, and +4.41% for high-end, sub-high-end, and real estate liquor, respectively [3][9]. - In Q3 2024, the net profit growth rates were 9.19% for high-end liquor, -2.04% for sub-high-end, and -29.60% for real estate liquor, indicating significant pressure on the latter two segments [3][9]. 3. Cash Flow - Cash flow for high-end liquor companies showed a year-on-year increase of 14.63%, while sub-high-end and real estate liquor saw increases of 11.62% and 1.74%, respectively [3][9]. - In Q3 2024, cash flow for high-end liquor increased by 3.82%, while sub-high-end and real estate liquor saw declines of 11.91% [3][9]. 4. Valuation - The absolute valuation of the liquor sector remains low, with the current PE ratio at 22.35 compared to a historical average of 31.51 since 2016 [3][9]. - Relative to the food and beverage sector, the liquor sector's average PE ratio is also below historical averages, indicating a potential valuation bottom [3][9]. 5. Industry Rating and Investment Strategy - The report suggests focusing on undervalued liquor stocks with strong performance certainty, recommending Kweichow Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and others [3][19].

Investment Rating - The report maintains a "Buy" rating for the media industry [3][7][17]. Core Insights - The media sector is advised to focus on strategic layouts for 2025, emphasizing the importance of both domestic demand and international expansion. The upcoming decade is seen as a critical period for cultural development in China, with a shift from a bottom-up to a top-down approach in the media landscape [2][13][14]. - The integration of AI and new media is expected to create new valuation opportunities within the content sector, with specific attention on regions like Hainan, which is set to become a free trade port by the end of 2025 [2][14]. - The report highlights the importance of government support in driving cultural exports and the need for companies to adapt to new consumption patterns and international markets [14][15]. Summary by Sections 1. Industry Overview and Dynamics - The media industry has shown varied performance, with significant fluctuations in stock prices across different segments. The report notes a substantial drop in certain stocks while others have seen gains [12][23]. - The gaming sector is transitioning from relying on overseas products to developing domestic titles, with a focus on user engagement and monetization strategies [23]. 2. Key Company Updates - The report identifies several companies as key players in the media sector, including Mango Super Media, BlueFocus Communication Group, and Wanda Film, all of which are expected to benefit from upcoming market trends and government policies [3][4][14]. 3. Weekly Insights - The report emphasizes the importance of upcoming films and events in driving box office performance, with several notable releases scheduled for November [26]. - The gaming industry is also highlighted, with new titles set to launch soon, indicating a robust pipeline for future growth [17]. 4. Recommended Stocks and Rationale - The report lists several stocks to watch, including Mango Super Media (300413), BlueFocus Communication Group (300058), and Wanda Film (002739), all rated as "Buy" due to their strategic positioning and growth potential [3][7][14].

Investment Rating - The report maintains a "Buy" investment rating for Baofeng Energy [2] Core Views - Baofeng Energy's Q3 performance was under pressure due to equipment maintenance and narrowing profit margins, but new projects are expected to open growth opportunities [1] - The company reported a Q3 2024 total revenue of 24.275 billion yuan, a year-on-year increase of 18.99%, and a net profit attributable to shareholders of 4.537 billion yuan, up 16.60% year-on-year [1] - In Q3 2024, the single-quarter revenue was 7.377 billion yuan, a year-on-year increase of 0.91% but a quarter-on-quarter decline of 14.91%, with a net profit of 1.232 billion yuan, down 24.60% year-on-year and 34.59% quarter-on-quarter [1] Summary by Sections Performance Overview - Q3 2024 revenue was impacted by equipment maintenance and market downturn, leading to a decrease in product sales [1] - Polyolefin sales decreased by 81,600 tons, a quarter-on-quarter decline of 14%, while EVA sales fell by 32,000 tons [1] - The price spread between products and raw materials narrowed, affecting profitability [1] Research and Development - R&D expenses significantly increased to 684 million yuan in Q3, a year-on-year growth of 94.35%, aimed at new product development and environmental improvements [1] Project Progress - The Inner Mongolia project is progressing well, with a total fixed asset investment of 25.4 billion yuan, and the first polyolefin unit completed mid-October 2024 [1] - The company is planning to establish a new base in Xinjiang with a capacity of 4 million tons of coal-to-olefins, leveraging local low-cost coal resources [1] Profit Forecast - EPS is projected to be 1.14 yuan, 1.84 yuan, and 2.03 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 14.7, 9.0, and 8.2 [2][4]