Investment Rating - The report maintains a "Buy" rating for several companies in the semiconductor and electronics sectors, including Tongfu Microelectronics, Fuzhicheng Technology, Changdian Technology, and others [6][15]. Core Insights - The electronics industry saw a significant increase of 5.37% from October 14 to October 18, outperforming other sectors [22]. - ASML shipped its third High NA EUV lithography system, with expectations that the Chinese market's share will drop to 20% next year [4][12]. - TSMC reported a substantial increase in Q3 earnings, driven by strong demand in the AI and smartphone markets, with revenues reaching $23.5 billion, a 12.9% increase quarter-over-quarter and a 36% increase year-over-year [5][13]. Summary by Sections Industry Performance - The electronics sector's P/E ratio stands at 54.52, making it one of the top three sectors in terms of valuation alongside computer and defense industries [22]. - The report highlights that all sub-sectors within the electronics industry experienced upward trends during the specified week, particularly optical components, semiconductor equipment, and digital chip design [27]. Company Highlights - ASML's third High NA EUV system is priced at approximately $350 million, significantly higher than its standard EUV systems [4][12]. - TSMC's Q3 net profit reached NT$325.26 billion (approximately $10.12 billion), marking a 54.2% year-over-year increase [5][13]. Recommendations - The report suggests focusing on domestic lithography machine-related stocks such as Fuzhicheng Technology and Meilai Optics, as well as advanced packaging and computing-related stocks like Tongfu Microelectronics and Cambrian [4][5][12][13].

证 2024 年 10 月 20 日 告 表现 1M 3M 12M 汽车(申万) 16.7 11.3 6.7 沪深 300 22.6 10.9 11.8 研 究 买在黎明破晓时，坚定看好特斯拉机器人投资机 会 究 报 —汽车行业周报 推荐(维持) 投资要点 分析师：林子健 S1050523090001 linzj@cfsc.com.cn 行业相对表现 市场表现 -30 -20 -10 0 10 20 30 (%) 汽车 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《汽车行业动态研究报告：新势 力 9 月销量点评：多家车企交付量 创历史新高，新车型有望进一步提 振车企销量》2024-10-17 2、《汽车行业周报：Optimus 和 Cybercab 齐亮相，特斯拉 AI 业务冉 冉升起前夕》2024-10-14 3、《汽车行业深度报告：无线充电 新蓝海，Robotaxi 最佳自动慢充方 案》2024-10-11 行 业 核心结论：特斯拉机器人量产在即，量产前密集催化将孕育良好投资机 会。海内外机器人相关产业都在等待特斯拉 Optimus 量产，正式量产版本 技术敲定后国内机器人厂商以及科技企业 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [1]. Core Views - The company is expected to see significant growth in performance due to increasing overseas market demand, with a projected net profit of 600-630 million yuan for Q1-Q3 2024, representing a year-on-year increase of 45.49%-52.77% [1]. - The company has actively expanded its overseas market presence, achieving over 40% of its revenue from exports in recent years, with a reported export revenue of 1.454 billion yuan in H1 2024, a year-on-year increase of 0.89% [1][2]. - The company's product strategy, focusing on creating competitive "explosive products," has driven substantial revenue growth, with notable successes such as the "Fast Response King" sewing machine, which sold over 500,000 units globally within a year [2][3]. Summary by Sections Performance Outlook - The company forecasts revenues of 6.601 billion yuan, 8.197 billion yuan, and 9.492 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.61 yuan, 2.08 yuan, and 2.50 yuan [3][5]. - The expected growth rates for revenue are 24.7% in 2024, 24.2% in 2025, and 15.8% in 2026, while net profit is projected to grow by 44.0%, 29.3%, and 20.5% over the same period [5][6]. Market Dynamics - The global inflation is easing, creating favorable conditions for interest rate cuts, which is expected to boost market confidence and stimulate international trade, benefiting the company's export performance [1]. - The company has established over 8,000 distribution points in more than 160 countries, enhancing its global market competitiveness [1][2]. Product Strategy - The company has implemented a product strategy focusing on core categories to develop market-leading products, which has significantly improved its market share and brand influence [2][3]. - The successful launch of products like "Fast Response King" and "Overpass King" has demonstrated the effectiveness of this strategy, with the latter achieving sales of 480 million yuan within just five hours of its release [2].

Investment Rating - The report maintains a recommendation rating for the pig farming industry and highlights a positive outlook for the pet food sector [4][19]. Core Insights - Short-term demand recovery has led to a rebound in pig prices, but the long-term trend for piglet and market pig prices remains a gradual decline. The average price for market pigs this week is 17.99 yuan/kg, with a weekly increase of 0.35 yuan/kg. The price for 7 kg piglets has also increased to 312.86 yuan/head, up 10.6% week-on-week [18][28]. - The report emphasizes that the fluctuations in pig prices are primarily driven by changes in supply rather than demand. It is expected that supply will continue to increase slowly in Q4 2024, leading to a gradual decline in prices by the end of the year, although prices are expected to remain profitable due to slow recovery in overall production capacity [18][28]. - The pet food industry is experiencing significant growth, with exports of retail packaged pet food reaching 28,500 tons in August 2024, a year-on-year increase of 30.68%. Domestic demand is also strong, with notable sales during the pre-sale period for the Double Eleven shopping festival [18][19]. Summary by Sections 1. Industry Review - The report reviews the market performance from October 14 to October 18, 2024, noting that the pig farming sector has seen a significant price increase, while other sectors have shown varied performance [12][16]. 2. Industry Dynamics - The report mentions the release of 19,600 tons of frozen pork from central reserves and highlights an upcoming major pig farming conference in Chengdu, which will address current challenges and future trends in the industry [16][17]. 3. Stock Recommendations - Key stocks recommended include: - Juxing Agriculture (603477.SH) for its leading cost position and potential for cost reduction in 2024 [20]. - Zhengbang Technology (002157.SZ) for its recovery potential following restructuring [20]. - Dekang Agriculture (2019.HK) for its competitive cost structure [20]. 4. Industry Data - As of October 18, 2024, the average price for market pigs is 17.99 yuan/kg, with a year-on-year increase of 16.36%. The pig feed ratio is reported at 6.04, indicating profitability trends in pig farming [22][28].

Group 1 - As of October 16, global stock inflows reached $21.4 billion, bond inflows totaled $23.2 billion, cash outflows were $17.4 billion, gold inflows amounted to $1 billion, and cryptocurrency inflows were $1.6 billion [2][9]. - The overall net inflow for global bonds was $23.2 billion, with sovereign bonds seeing a net inflow of $4.8 billion, investment-grade bonds netting $16.9 billion, and high-yield bonds recording a net inflow of $3.2 billion [3][21]. - Developed markets experienced a net inflow of $25 billion, with the U.S. alone contributing $25.7 billion, while emerging markets faced a net outflow of $3.7 billion, including a $4.1 billion outflow from China [4][28]. Group 2 - In the Chinese equity market, as of October 16, active foreign capital saw a net outflow of $0.3 billion, while passive foreign capital recorded a net inflow of $2.5 billion, and domestic passive funds had a net outflow of $6.3 billion, leading to a total net outflow of $4.1 billion [5][43]. - Across various sectors in China, there was a general outflow of funds, with only the infrastructure sector seeing a net inflow of $0.04 billion. The technology sector experienced the largest outflow at $0.78 billion, followed by financials with $0.43 billion [5][50]. - In the Hong Kong market, foreign capital had a net inflow of $0.008 billion, while the combined outflow from mainland and Hong Kong was $0.35 billion [5][45]. Group 3 - In the U.S. equity market, the energy sector saw a net outflow of $0.94 billion, communication services had a net outflow of $0.71 billion, and healthcare experienced a net outflow of $0.51 billion. Conversely, financials had a net inflow of $0.86 billion, and real estate saw a net inflow of $0.27 billion [4][33]. - The large-cap style recorded an inflow of $23.6 billion, marking 26 consecutive weeks of net inflows, while small-cap style faced a net outflow of $0.7 billion. Growth style saw a net outflow of $2.3 billion for four consecutive weeks, and value style had a net outflow of $2 billion [4][38][41].

Investment Rating - The report gives a recommendation rating for the media industry [3][15]. Core Insights - The report highlights the anticipation for the third-quarter earnings reports and the impact of recent policy changes on the fourth-quarter business performance [2][11]. - The report notes a shift in the e-commerce landscape during the Double Eleven shopping festival, with companies moving from price competition to collaborative strategies [2][13]. - The report emphasizes the potential for cross-border e-commerce to set benchmarks for Chinese companies going global, with various business models being explored [2][14]. Summary by Sections Industry Overview and Dynamics - The media industry has shown varied performance, with the gaming sector experiencing significant growth, while O2O sectors lagged [11]. - The report indicates that the fourth quarter will be crucial for observing the effects of policy changes on business operations [11]. Key Recommendations - Specific stocks are recommended for investment, including Bilibili, Alibaba, Meitu, and several others, with a focus on their performance during the upcoming shopping festival [3][4]. - The report suggests that companies like BlueFocus and Zhejiang Wenlian are well-positioned in the digital marketing space [3][4]. Market Trends - The gaming market saw a record revenue of 917.66 billion yuan in Q3 2024, with significant contributions from self-developed games [15][18]. - E-commerce platforms like Douyin are showing strong performance ahead of the Double Eleven festival, with substantial sales figures reported [19]. Film and Television Market - The film market is preparing for several new releases, with notable titles scheduled for November [21][22]. - The television ratings indicate strong performances from specific shows, reflecting audience engagement [24].

Industry Investment Rating - The report maintains a "Recommend" rating for the agriculture, forestry, and fishing industry, specifically focusing on the pig farming sector [2] Core Views - Jiangxi Province has abundant pig supply and significant capacity for external transfers, supporting demand in surrounding regions [2] - Group farms are leading the recovery of pig production capacity and accelerating regional expansion [5] - The competitive landscape in Jiangxi has shifted, with group farms now dominating the market, while small散户 are increasingly adopting secondary fattening as a strategy to mitigate market volatility [3][4] Summary by Sections Natural Conditions and Disease Risk Control - Jiangxi's natural conditions are favorable for pig farming, with hilly areas in the central and southern regions providing suitable environments [9] - The terrain, which slopes towards Poyang Lake, reduces disease risks in pig farming [9] - Pig farming is concentrated in the central and southern regions of Jiangxi, with Ganzhou, Yichun, and Ji'an being the top producers, accounting for 54.73% of the province's total output [9] Pig Supply and External Transfers - Jiangxi's pig supply exceeds local demand, with per capita pork production at 55.19 kg, higher than the per capita consumption of 33.23 kg [10] - The average price of commercial pigs in Jiangxi is slightly lower than the national average, at 16.13 yuan/kg compared to 16.15 yuan/kg [10] - Jiangxi is a major source of pig transfers to economically developed regions like Jiangsu, Zhejiang, Shanghai, and the Pearl River Delta [10] Competitive Landscape and Secondary Fattening - The competitive structure in Jiangxi has shifted post-African Swine Fever (ASF), with group farms now dominating, while small散户 are increasingly becoming代养户 or adopting secondary fattening [13] - The proportion of small散户 has declined significantly, from 97.83% in 2018 to 94.65% in 2022 [13] - Secondary fattening has become an important model in Jiangxi, providing small散户 with a flexible way to respond to market fluctuations [14] Capacity Recovery and Expansion Led by Group Farms - Group farms are actively replenishing their breeding sow inventory, leading the recovery of pig production capacity in Jiangxi [16] - The breeding sow inventory in Jiangxi dropped to 163.2万头 in 2023 due to low pig prices and disease outbreaks, but group farms are expected to drive recovery in 2024Q4 to 2025Q1 [16] - Small散户 are expected to continue reducing self-breeding and转向二次育肥 or代养模式, while group farms will leverage their scale and technological advantages for further expansion [16]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company is expected to benefit from the steady progress of domestic substitution and the continuous improvement in the semiconductor sector. The revenue for the first three quarters of 2024 is projected to be between 272 to 274 million yuan, representing a year-on-year growth of approximately 10.08% to 10.88%. The net profit attributable to shareholders is expected to be between 56 to 58 million yuan, with a year-on-year increase of 34.45% to 39.26% [1][5]. Summary by Sections Performance Forecast - The company forecasts a net profit of 75 million yuan in 2024, 100 million yuan in 2025, and 131 million yuan in 2026, with corresponding EPS of 1.29, 1.71, and 2.25 yuan. The current stock price corresponds to PE ratios of 63, 47, and 36 times for the respective years [5][7]. Business Growth Drivers - The growth in performance is primarily attributed to the advantages of domestic substitution, actively expanding new customer bases, and the increasing sales proportion of high-margin electroplating specialty chemicals. Additionally, the increase in financial income and bank deposit interest has contributed to the growth [1][3]. Semiconductor Business Expansion - The company is expanding into the semiconductor field while consolidating its position in the PCB electronic chemical market. A new CTO with extensive experience has been appointed to lead a team focused on semiconductor product development. The company aims to cover all aspects of advanced packaging and process-related electroplating products, with a goal to become a major supplier to mainstream packaging and testing customers within two years [4][5]. Market Trends - The report highlights the urgent demand for domestic high-end PCB electronic chemicals due to the accelerated transfer of global integrated circuit capacity to China and increasing trade tensions. The domestic market for PCB specialty electronic chemicals is expected to grow at a rate of 5%-9% over the next three years, with a current domestic substitution rate of about 15%-20% [1][3]. Financial Metrics - The company’s revenue has grown from 168 million yuan in 2019 to 339 million yuan in 2023, with a CAGR of 19.22%. The net profit has increased from 22.985 million yuan to 58.572 million yuan during the same period, with a CAGR of 26.35% [1][5]. Market Position - The company has successfully replaced several production lines previously held by internationally renowned electronic chemical suppliers and is continuously advancing the domestic production rate of its products, particularly in high-end PCB electronic chemicals [3][4].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [6] Core Views - The company is expected to achieve a net profit attributable to shareholders of between 313.56 million and 356.32 million yuan for the first three quarters of 2024, representing a year-on-year growth of 120% to 150% [2][3] - The company has successfully completed the acquisition of a subsidiary, enhancing its profitability and operational capacity [4] - The company is focusing on the automotive electronics market, with a "vehicle-grade" packaging project expected to begin partial trial production by the end of the year [5] Summary by Sections Market Performance - The company has shown significant growth in net profit for the first three quarters of 2024, driven by a recovery in the semiconductor industry and increased demand in downstream markets [3] Profit Forecast - Revenue forecasts for 2024 to 2026 are 2.804 billion, 3.499 billion, and 4.349 billion yuan respectively, with corresponding EPS of 0.55, 0.72, and 0.94 yuan [6][8] - The company is expected to maintain a high growth rate in revenue and profit due to the acquisition of the subsidiary and improvements in production capacity [6] Financial Metrics - The company’s revenue growth rate is projected at 33.1% for 2024, with a net profit growth rate of 85.1% [8] - The company’s return on equity (ROE) is expected to increase from 5.0% in 2023 to 8.5% in 2024 [8]

Investment Rating - The report maintains a "Buy" rating for the automotive industry, highlighting a positive outlook for companies involved in electric vehicles and related technologies [3][7]. Core Insights - In September, the top ten new energy vehicle manufacturers delivered a total of 237,200 units, marking a year-on-year increase of 42.2% and a month-on-month increase of 12.6%, setting a historical high [13]. - Companies such as NIO, Xpeng, Li Auto, and Xiaomi have shown significant growth in delivery volumes, with Xpeng's MONA 03 model achieving over 10,000 units in its first month [16][19]. - The report emphasizes the strong performance of various manufacturers, including a notable increase in deliveries for Li Auto, which reached 53,709 units in September, a year-on-year increase of 48.9% [21]. Summary by Sections 1. Monthly Delivery Performance - NIO delivered 21,181 units in September, a year-on-year increase of 35.4% and a month-on-month increase of 5.0% [16]. - Xpeng delivered 21,352 units, with a year-on-year increase of 39.5% and a month-on-month increase of 52.1% [18]. - Li Auto's deliveries reached 53,709 units, marking a historical high and a significant market share in the new energy vehicle sector [21]. - Xiaomi surpassed 10,000 units in September and aims to reach 20,000 units in October [23]. 2. Performance of Other Manufacturers - Hongmeng Zhixing delivered 39,931 units in September, with a year-on-year increase of 460.4% [24]. - Zeekr achieved 21,333 units, a year-on-year increase of 77.0% [32]. - Leap Motor delivered 33,767 units, marking a historical high with a year-on-year increase of 113.7% [34]. - Nezha delivered 10,118 units, maintaining a steady performance despite a year-on-year decrease of 23.4% [36]. - GAC Aion delivered 35,780 units, showing stable performance despite a year-on-year decrease of 30.7% [39]. 3. Recommended Stocks - The report recommends focusing on companies with deep collaborations with Huawei, such as Seres and JAC Motors [42]. - It highlights growth opportunities in automotive components, particularly in lightweight materials and smart automotive technologies [42].