Investment Rating - The report maintains a "Recommended" investment rating for the agricultural, forestry, animal husbandry, and fishery industry [2]. Core Insights - Sichuan Province has favorable natural conditions and a cultural drive that supports pig farming, with a significant concentration of pig production in the Chengdu Plain and surrounding areas [8][11]. - The supply of pork in Sichuan is abundant, with the province's pig output consistently leading the nation, reaching 66.63 million heads in 2023 [11][12]. - The pig farming market in Sichuan is experiencing a shift towards larger-scale operations, with group farms increasing their market share while smallholders are declining [15][18]. Summary by Sections 1. Favorable Natural Conditions and Cultural Drivers - Sichuan's geographical features, including the fertile Sichuan Basin, provide excellent conditions for pig farming, with a low incidence of disease due to natural barriers [8]. - The province's pig output was 63.15 million heads in 2021, with major production areas including Nanchong, Yibin, Liangshan, Dazhou, and Chengdu, accounting for 38.37% of the total output [8][11]. - The local culinary culture, particularly Sichuan cuisine, drives high demand for pork, further supporting the industry [8]. 2. Abundant Pork Supply and Demand Changes - In 2023, Sichuan's pig output reached 66.63 million heads, maintaining its position as the top producer in China [11]. - The average pork price in Sichuan was 15.96 yuan/kg, slightly below the national average of 16.15 yuan/kg, indicating a price suppression due to oversupply [11][12]. - Changes in consumer habits, including a shift towards healthier diets, have led to a decrease in pork demand, impacting long-term consumption trends [14]. 3. Increased Market Share of Group Farms and Maturing Contract Farming Models - The market share of group farms has risen from 30% to 40%, while smallholder farms have decreased from 50% to 40% due to external pressures such as disease and low prices [15][18]. - The "company + family farm" model has matured, allowing for efficient collaboration between companies and farmers, enhancing production efficiency and reducing risks [16]. - Group farms are leading the recovery of pig production capacity, actively replenishing breeding stock to meet future supply needs [18]. 4. Recovery of Production Capacity and Expansion of Contract Farming - The number of breeding sows in Sichuan fluctuated significantly due to external shocks, with a recent count of 3.69 million sows in 2023 [18]. - Group farms are expected to restore production capacity and expand their market share through effective management and the utilization of idle capacities from smallholders [18].

Investment Rating - The report maintains a "Recommended" investment rating for the agricultural, forestry, animal husbandry, and fishery industry [2] Core Insights - Sichuan Province has favorable natural conditions and a cultural drive that supports pig farming, with a significant concentration of pig production in the Chengdu Plain area [8][11] - The supply of pork in Sichuan is abundant, with production consistently exceeding local consumption, leading to lower prices compared to the national average [11][14] - The group farming model is gaining traction, with an increasing share of production coming from larger farms, while smallholders are gradually declining [15][16] Summary by Sections 1. Favorable Natural Conditions and Cultural Drivers - Sichuan's diverse geography provides excellent conditions for pig farming, with the Sichuan Basin being particularly suitable due to its flat terrain and rich resources [8] - In 2021, Sichuan's pig output reached 63.15 million heads, with the province maintaining its status as the top producer in China in 2023 with 66.63 million heads [8][11] - The local culinary culture, especially Sichuan cuisine, drives high demand for pork, further supporting the industry [8] 2. Abundant Pork Supply and Demand Changes - Sichuan's pork supply is robust, with 2022 data showing a per capita pork production of 57.08 kg and consumption of 38.29 kg, indicating a surplus [11][14] - The average price of live pigs in Sichuan is 15.96 yuan/kg, slightly below the national average of 16.15 yuan/kg, reflecting a price suppression due to oversupply [11] - The province has a wide range of pork export markets, including coastal and northern regions, due to its high-quality pork and competitive pricing [11] 3. Increasing Share of Group Farms and Maturing Farmer Contracting Models - The market share of group farms has increased from 30% to 40%, while smallholder farms have decreased from 50% to 40% [15] - The farmer contracting model, where companies provide resources and support to family farms, is becoming more established, allowing for efficient production and risk management [16] - Group farms are leading the recovery of production capacity, actively replenishing breeding stock to meet future supply needs [18]

Investment Rating - The report maintains a "Buy" rating for the food and beverage sector, indicating a positive outlook for the industry [8][10]. Core Insights - The food and beverage sector, while cyclical, demonstrates strong risk resilience, ample cash flow, and moderate capital expenditure, with a relatively high dividend yield. The sector has experienced a significant price correction, leading to a favorable shift in market sentiment and liquidity, which is expected to support a recovery in stock prices ahead of fundamental improvements [8][10]. - The report highlights a favorable policy environment, with recent monetary easing measures aimed at stabilizing the economy and boosting market confidence, which is anticipated to benefit the food and beverage sector [4][5]. Summary by Sections Investment Highlights - Recent monetary policy adjustments include a 50 basis points reduction in the reserve requirement ratio, injecting approximately 1 trillion yuan into the financial market. Further reductions may follow depending on market liquidity conditions [4]. - The People's Bank of China has lowered the 7-day reverse repo rate by 20 basis points to 1.5%, and there are plans to reduce existing mortgage rates, which could enhance consumer spending and support the housing market [4][5]. Industry Performance - The food and beverage sector has shown a mixed performance over different time frames: a 9.7% increase over the past month, a slight decline of 0.5% over three months, and a significant drop of 20.3% over the past year, compared to the broader market represented by the CSI 300 index [6]. Recommended Stocks - The report suggests focusing on undervalued stocks within the liquor segment and leading companies in consumer staples, including: - Liquor: Kweichow Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and Yanghe Brewery - Seasoning: Haitian Flavoring and Zhongju High-tech - Frozen Foods: Anjijia, Sanquan Foods, and Qianwei Central Kitchen - Beer: Tsingtao Brewery, China Resources Beer, and Yanjing Beer - Snacks: Yanjinpuzi, Jinzhai Foods, and Gan Yuan Foods - Dairy: Yili and Mengniu - Soft Drinks: Dongpeng Beverage and Baijia [8][10][11].

Group 1: Meeting Signals and Economic Goals - The Central Political Bureau held a meeting on September 26, 2024, indicating a strong focus on the current economic situation and the need for policy adjustments [7][13]. - The economic goal has shifted from "resolutely completing" to "striving to complete" the annual economic targets, highlighting the necessity and urgency for policy implementation [7][13]. - The meeting emphasized the need to "increase counter-cyclical adjustments in fiscal and monetary policies," marking a significant shift in macroeconomic policy [7][13]. Group 2: Policy Directions - Monetary policies will include reserve requirement ratio cuts, interest rate reductions, and adjustments to existing mortgage rates [7][13]. - Fiscal measures will involve the issuance of ultra-long special government bonds and special bonds, with attention on the financial increments from the October Standing Committee meeting [7][13]. - The real estate sector will see new policies aimed at stabilizing the market, including increased support for "white list" projects, relaxation of purchase restrictions, and reductions in existing mortgage rates [7][13]. Group 3: Capital Market and Consumption - The focus on revitalizing the capital market has been reiterated, with attention on attracting medium to long-term funds, mergers and acquisitions, public fund reforms, and protection for retail investors [7][13]. - There is an increased emphasis on promoting domestic demand, with comprehensive efforts to enhance residents' income, consumption structure, and consumption formats [7][13]. - The A-share strategy includes a combination of monetary easing, special bonds, stabilization of the real estate market, consumption promotion, and active capital market policies, leading to a rebound in A-shares [7][13]. Group 4: Industry Focus - The report suggests focusing on three main directions driven by policy and liquidity: finance, consumption, and technology, along with themes of mergers and acquisitions and undervalued assets [7][14].

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Insights - The company achieved total revenue of 2.256 billion yuan in the first half of 2024, representing a year-on-year growth of 11.58%. The net profit attributable to shareholders was 317 million yuan, marking a return to profitability, with a non-recurring net profit of 274 million yuan [2][3] - The comprehensive gross margin level has recovered, with the gross margin for Q2 reaching 44.01%, an increase from the previous quarter. This improvement is attributed to increased demand from end customers, optimized costs, and a reduction in sales, management, and R&D expenses by 80.97 million yuan, a decrease of 10.6% year-on-year [2][3] - The company is diversifying its sensor products, with successful progress in new product launches, including ultrasonic fingerprint sensors and new generation under-display light sensors, which are expected to see large-scale commercial production in the fourth quarter [2][3] Summary by Relevant Sections Financial Performance - The company forecasts revenues of 4.833 billion yuan, 5.508 billion yuan, and 6.334 billion yuan for 2024, 2025, and 2026 respectively, with EPS projected at 1.47 yuan, 1.63 yuan, and 1.93 yuan, corresponding to P/E ratios of 39.1, 35.2, and 29.8 times [4][6] Revenue Sources - The company has established a strong presence in various mobile application fields, providing products such as fingerprint recognition, touch control, active pens, audio, and under-display light sensors, thereby enhancing the value of its offerings in the smartphone market [2][3] Market Expansion - The company is continuously expanding its customer base in the smart terminal sector, enhancing both the breadth and depth of its collaborations with multiple smartphone brands, which is a significant source of its main operating revenue [2][3]

证 券 2024 年 09 月 24 日 究 报 告 策 略 研 究 金融政策催生 A 股反弹，反转还需财政增量跟进 —策略点评报告 事件 分析师：杨芹芹 S1050523040001 yangqq@cfsc.com.cn 最近一年大盘表现 -20 -15 -10 -5 0 (%) 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《9 月 FOMC：50BP 鸽派降息+鹰 派发言》2024-09-19 2、《2024 年两会政策信号与行情指 引》2024-03-05 3、《五箭齐发，超跌反弹一触即 发》2023-08-28 9 月 24 日国务院新闻办公室举行新闻发布会，中国人民银 行、金融监管总局、中国证监会主要负责人介绍了金融支持 经济高质量发展有关情况。多项重磅政策同时推出，进一步 支持经济稳增长。 今天一行一会一局连环放大招，降准降息+存量房贷利率调降 +资本市场组合发力，和 2014 年应对通缩的政策逻辑十分相 似，大金融猛攻，三大指数均涨超 3%，富时中国 A50 涨超 4%。 投资要点 政策信号： 1、降准降息。降准 50BP（释放 1 万亿流动性，并第一次预 期管理，预告年内还有 ...

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证 券 研 究 报 告 行业深度报告 引望尘埃落定，新时代Tier1巨头扬帆起航 报告日期： 推荐 维持 投资评级： （ ） 2024年09月23日 ◼ 分析师：林子健 ◼ SAC编号：S1050523090001 投资要点 进军汽车零部件十余年，高额研发投入及华为技术共享奠定引望技术领先性： 华为自2013年通过车载通讯T-Box切入汽车零部件市场。2019年成立华为智能汽车解决方案（引望），自成立以来累计投 入超过300亿元用于研发，形成乾崑智驾、鸿蒙座舱、乾崑车载光、乾崑车控、乾崑车云服务为主的五大业务板块。华为近 十年共计投入1.11万亿元用于研发，旗下ICT、终端、云计算、海思等多部门技术处于领先地位并与引望共享技术协同作战， 共同赋能合作车企。 三种模式帮助车企造好车，华为通过鸿蒙智行模式参与整车设计与用户运营： 华为通过向车企提供零部件、HI模式及鸿蒙智行模式赋能车企，帮助车企造好车。有别于其他传统Tier1仅提供零部件，华 为可通过鸿蒙智行模式深度参与整车设计，并得益于终端To C经验，华为可通过后期用户运营洞悉用户需求快速指导开发， 打造卓越产品。有别于其他传统车企软件方面的欠缺，华为通过鸿 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][6]. Core Insights - The company achieved a revenue of 439 million yuan in the first half of 2024, representing a year-on-year growth of 13.07%. However, the net profit attributable to shareholders decreased by 0.63% to 110 million yuan, while the net profit excluding non-recurring items increased by 11.91% to 117 million yuan [2][3]. - The company is focusing on capturing domestic market share amid weak overseas demand, with domestic sales revenue increasing by 24.32% [3]. - The company is a leading global producer of nonlinear optical crystals and laser crystals, actively expanding its product matrix and successfully producing new optical components for 5G communications [4]. - R&D investment increased by 26.84% to 43.51 million yuan in the first half of 2024, with significant advancements in core technology and product innovation [5]. - Revenue forecasts for 2024-2026 are projected at 870 million, 1.132 billion, and 1.303 billion yuan, with corresponding EPS of 0.50, 0.61, and 0.74 yuan, indicating a positive growth outlook [6][8]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 439 million yuan, a 13.07% increase year-on-year, while net profit attributable to shareholders was 110 million yuan, down 0.63% [2][3]. - The company’s gross margin remained stable, with significant revenue growth in crystal components, including a 20.03% increase in crystal revenue and a 23.64% increase in laser crystal revenue [3]. Market Position and Strategy - The company is positioned as a global leader in the production of LBO, BBO, and Nd:YVO4 crystals, focusing on high-end optical components and expanding its market presence in emerging sectors [4]. - The introduction of a "one-stop" femtosecond laser solution aims to enhance competitiveness and capture a larger share of the domestic market [3]. Research and Development - R&D expenses rose to 43.51 million yuan, reflecting a commitment to innovation and collaboration with academic institutions [5]. - The company has developed advanced optical processing equipment and achieved certifications for its testing facilities, ensuring high product quality [5]. Earnings Forecast - The company forecasts revenues of 870 million yuan for 2024, with a growth rate of 11.3%, and expects to achieve a net profit of 234 million yuan, marking an 11.8% increase [8].

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