Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][7]. Core Insights - The company has shown a recovery in profit growth in Q3 2024, with a year-on-year increase in revenue of 11.19% to 8.45 billion yuan and a net profit increase of 11.73% to 2.687 billion yuan [3][4]. - The gross margin for the liver disease medication remained stable at 68.23%, while the overall gross margin decreased by 4.32% year-on-year to 46.87% [4]. - The establishment of an academic workstation led by a renowned expert signifies a commitment to innovation and collaboration in traditional Chinese medicine [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported: - Revenue: 8.45 billion yuan (yoy +11.19%) - Net profit: 2.687 billion yuan (yoy +11.73%) - Non-recurring net profit: 2.715 billion yuan (yoy +11.25%) [3][4]. - In Q3 2024 alone: - Revenue: 2.8 billion yuan (yoy +9.60%) - Net profit: 965 million yuan (yoy +11.73%) - Non-recurring net profit: 964 million yuan (yoy +11.66%) [3][4]. Market Performance - The company's stock performance over different time frames: - 1 Month: +20.4% - 3 Months: +4.7% - 12 Months: +2.2% - Compared to the CSI 300 index, which had returns of +22.9% (1M), +11.2% (3M), and +12.1% (12M) [4]. Earnings Forecast - Projected revenues for 2024, 2025, and 2026 are 11.206 billion yuan, 12.478 billion yuan, and 13.931 billion yuan, respectively, with corresponding net profits of 3.071 billion yuan, 3.557 billion yuan, and 4.125 billion yuan [7][8]. - The report anticipates a steady growth rate of approximately 11% for revenue and 10-16% for net profit over the next few years [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's Q3 performance was positively impacted by a decrease in income tax rates and lower electricity prices in Yunnan [3][4] - The company reported a revenue of 28.31 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.1%, and a net profit attributable to shareholders of 3.54 billion yuan, down 13.8% year-on-year [3] - In Q3 2024, the company achieved a revenue of 10.09 billion yuan, a quarter-on-quarter increase of 1.0% and a year-on-year increase of 6.0% [3] Summary by Sections Performance Analysis - The company's performance relative to the CSI 300 index shows a 23.4% increase over the past year, compared to the index's 22.9% [4] - The average price of aluminum in Q3 2024 was 19,562 yuan/ton, a year-on-year increase of 3.8% but a quarter-on-quarter decrease of 4.7% [4] - The average price of alumina in Henan for Q3 was 3,917 yuan/ton, a year-on-year increase of 34.3% and a quarter-on-quarter increase of 7.4% [4] Financial Forecast - The company is projected to achieve revenues of 39.35 billion yuan, 40.78 billion yuan, and 42.19 billion yuan for 2024, 2025, and 2026 respectively [4] - The net profit attributable to shareholders is expected to be 4.848 billion yuan, 5.768 billion yuan, and 6.316 billion yuan for the same years [4] Dividend and Taxation - The company announced a mid-term dividend of 3.00 yuan per 10 shares, totaling 675 million yuan, with a dividend payout ratio of 19.1% [4] - The income tax rate for Q3 2024 was 20.8%, down from 26% in Q2, contributing positively to the company's earnings [4]

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry, indicating a positive outlook based on favorable fundamentals and expected market performance [1][4]. Core Insights - The food and beverage sector experienced a decline of 3.18% during the week of October 14-18, 2024, underperforming the Shanghai Composite Index, which rose by 1.36% [3][10]. - The snack segment showed the highest increase, up by 3.37%, while other alcoholic beverages and meat products had mixed results [3][10]. - The report emphasizes the importance of upcoming economic stimulus policies and their potential impact on consumer demand and sales in the liquor industry, particularly during the autumn liquor fair [3][4]. Summary by Sections Market Performance - The food and beverage sector's performance lagged behind the broader market, with a notable decline compared to the Shanghai Composite Index [3][10]. - Key stocks that led gains included Zhu Laoliu (+10.10%) and Gai Shi Food (+9.31%), while stocks like Hai Tian Wei Ye (-6.37%) and Qian Wei Yang Chu (-5.67%) faced significant losses [3][10]. Alcoholic Beverages - The liquor sector is entering a critical reporting period, with the autumn liquor fair approaching. The report suggests that market focus should shift towards the impact of economic policies on liquor sales [3][4]. - Recommended stocks in the liquor segment include Guizhou Moutai, Wuliangye, and Luzhou Laojiao, among others [4][20]. Consumer Goods - The report highlights an improvement in retail sales growth, with September's total retail sales reaching 4.11 trillion yuan, a year-on-year increase of 3.2% [3][4]. - The snack sector is expected to perform well in the upcoming quarterly reports, with companies like Three Squirrels and Salted Fish expected to achieve over 20% revenue growth year-on-year [3][4]. Investment Strategy - The report suggests focusing on companies with strong quarterly performance, particularly in the snack and beverage sectors, while also monitoring the implementation of consumption-boosting policies [4][20]. - Recommended stocks include Angel Yeast, Bai Run Shares, and Yi Li Shares, among others [4][20].

Group 1: JD Group - E-commerce - JD Group is expected to achieve total revenue of 261.3 billion yuan in Q3 2024, a year-on-year increase of 5.5%, driven by the "old-for-new" policy boosting sales in electric categories [2][3] - JD Retail revenue is projected to grow by 5.2% year-on-year to 223.1 billion yuan in Q3 2024, with a slight decrease in operating profit margin to 5% [3] - The Non-GAAP net profit for JD Group is anticipated to reach 11.8 billion yuan in Q3 2024, reflecting an 11% year-on-year increase, with a net profit margin improvement to 4.5% [2][3] Group 2: Ruihu Mould - Automotive Parts - Ruihu Mould reported Q3 2024 revenue of 605 million yuan, a year-on-year increase of 37.97%, primarily benefiting from the sales growth of its core client, Chery Automobile, which saw a 30.82% increase in sales [5][6] - The company’s net profit for Q3 2024 is expected to be 91 million yuan, up 41.61% year-on-year, with a sales net profit margin of 17.21% [6] - Ruihu Mould's order backlog for automotive manufacturing equipment reached 3.93 billion yuan, indicating strong revenue predictability for the near future [5] Group 3: Coal Industry - The coal market is experiencing narrow price fluctuations, with domestic prices declining due to seasonal demand drops, while import prices remain stronger [7][8] - The coal industry is expected to maintain a tight balance in the coming years, characterized by high profitability, strong cash flow, and high dividend yields [7] - Key stocks to watch in the coal sector include Yanzhou Coal, Guohua Energy, and Shanxi Coking Coal, with recommendations to capitalize on the sector's value attributes [7] Group 4: Xin Yang Feng - Agricultural Products - Xin Yang Feng reported Q3 2024 revenue of 3.948 billion yuan, a year-on-year increase of 2.92%, with a net profit of 375 million yuan, reflecting a 24.88% increase [9][10] - The company benefits from rising prices of monoammonium phosphate, with a price increase of 17.92% year-on-year in Q3 2024 [9] - Xin Yang Feng's capital expenditures are aimed at expanding its production capacity and enhancing its product offerings in the phosphate industry [10] Group 5: Hesheng Technology - Automotive Laser Radar - Hesheng Technology has secured exclusive contracts for the next-generation vehicle platform laser radar with Leap Motor, with the first model expected to be mass-produced in 2025 [13][14] - This partnership signifies a deepening collaboration, potentially accelerating the internationalization of Hesheng's laser radar technology [13] Group 6: Laopu Gold - Precious Metals - Laopu Gold has seen rapid revenue growth, with 2021-2023 CAGR of 58.6% in revenue and 91% in net profit, driven by its unique craftsmanship and high-end positioning [18][19] - The company plans to expand its store network significantly, with a focus on high-end shopping centers, aiming to open approximately ten new stores in mainland China over the next three years [19][20] - The market for ancient gold jewelry is growing rapidly, with a CAGR of 64.6% from 2018 to 2023, indicating substantial growth potential for Laopu Gold [18][19]

Investment Rating - The report assigns an "Overweight" rating to Laopu Gold (06181 HK) for the first time [1] Core Views - Laopu Gold is positioned as a high-end jewelry brand specializing in ancient gold craftsmanship, with rapid revenue and profit growth [6] - The ancient gold jewelry market is growing significantly faster than the ordinary gold jewelry market, with penetration still having room for improvement [7] - Laopu Gold's brand premium, product differentiation, and channel expansion are key drivers of growth [7] Company Overview - Laopu Gold focuses on ancient gold craftsmanship, offering products such as jewelry, daily gold utensils, and ornaments [6] - The company operates 33 self-owned stores as of H1 2024, primarily located in high-end shopping malls in first-tier and new first-tier cities [6] - Revenue from offline stores accounted for 88 6% of total revenue in 2023 [6] - Laopu Gold plans to open approximately 10 new stores in mainland China and 5 stores in regions including Hong Kong, Macau, Tokyo, and Singapore over the next three years [6] Financial Performance - Revenue grew from RMB 1 265 billion in 2021 to RMB 3 18 billion in 2023, with a CAGR of 58 6% [6] - Net profit attributable to shareholders increased from RMB 114 million in 2021 to RMB 416 million in 2023, with a CAGR of 91% [6] - Gross margin remained stable at around 41 9% from 2021 to 2023 [6] - Net margin improved from 9% in 2021 to 13 1% in 2023 [6] Market and Industry Analysis - The ancient gold jewelry market grew from RMB 13 billion in 2018 to RMB 157 3 billion in 2023, with a CAGR of 64 6% [7] - The penetration rate of ancient gold jewelry increased from 4 6% in 2018 to 31 2% in 2023 [7] - The top five gold jewelry brands accounted for 46 1% of the ancient gold jewelry market in 2023, with Laopu Gold holding a 2% market share [7] - The price of 9999 gold in China rose from RMB 271 1 per gram in 2018 to RMB 449 9 per gram in 2023 [18] Competitive Advantages - Laopu Gold's products are priced higher than traditional gold jewelry, with 65% of products priced between RMB 10,000 and RMB 50,000 [7] - The company's stores are located in high-end shopping malls, with the top five stores achieving a sales growth of 157 9% in 2023 [7] - Laopu Gold's single-store revenue increased from RMB 52 58 million in 2018 to RMB 98 89 million in 2023, with a CAGR of 13 47% [7] - The company's coverage rate in the top 40 high-end shopping malls in China was 30% in 2023, with plans to expand to 15 new stores by 2026 [7] Valuation and Forecast - Revenue is expected to grow to RMB 6 432 billion in 2024, RMB 8 753 billion in 2025, and RMB 10 614 billion in 2026 [4] - Net profit attributable to shareholders is forecasted to reach RMB 1 032 billion in 2024, RMB 1 423 billion in 2025, and RMB 1 742 billion in 2026 [4] - The P/E ratio is projected to be 24 9x in 2024, 18x in 2025, and 14 7x in 2026 [4] Product and Customer Analysis - Laopu Gold's products are primarily priced between RMB 10,000 and RMB 50,000, with gold-inlaid products contributing 56% of revenue in 2023 [7] - Customers spending over RMB 1 million accounted for 15 9% of sales in 2023, up from 8 5% in 2021 [48] - The company's customer base is relatively young, with 45% of followers on Xiaohongshu aged 45 and above [52]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The relocation project of Chongqing Minfeng Chemical, a wholly-owned subsidiary, aims to enhance the company's leading position in the chromium salt industry through a green and intelligent manufacturing upgrade [3][4] - The relocation is expected to proceed smoothly, with potential government subsidies enhancing profits [4] - The company's chromium salt production capacity is projected to double to 350,000 tons per year after the completion of the new facility, further solidifying its industry leadership [5] Financial Projections - The company is expected to achieve revenues of 4.386 billion, 4.629 billion, and 5.143 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 528 million, 585 million, and 678 million yuan [6][9] - The projected P/E ratios for the years 2024, 2025, and 2026 are 11, 10, and 9 respectively, indicating a favorable valuation outlook [6][9] - The report highlights a significant expected growth rate in revenue of 19% for 2024, followed by 6% and 11% in the subsequent years [6][9]

2024 年 10 月 21 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 孙嘉赓 S0350523120002 sunjg@ghzq.com.cn [Table_Title] 看好板块当前投资机会 ——非银金融行业周报 最近一年走势 相关报告 资本市场：互换便利落地传递政策端增强资本市场稳定性的决心，公募 基金等投资机构或迎中长线布局机会。资本市场这周将落地的互换便利 工具，首批获批的共有 20 家公司，包括 17 家证券公司和 3 家基金公司， 内容包括十条细则，具体为（1）互换操作与质押品：金融机构中标后 10 日内提供质押品完成交易，质押品用于换取国债或央票。（2）融资与回 购：国债或互换央票仅限银行间市场回购融资，不占用债券借贷规模， 不计入正回购余额。（3）投资范围：融资资金专用于股票、股票 ETF 投资与做市，未来或扩大范围。（4）期限与费率：互换期限 1 年，可提 前到期或展期；费率通过荷兰式招标确定。（5）质押品范围与折算：包 括 AAA 债券、股票 ETF、股票、公募 REITs 等，折算率原则上不超 90%。 （6）质押率与补仓：质押率不超 90%，中债信用增进公司和证券、基 ...

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [2][14]. Core Views - The aluminum industry is experiencing a combination of policy support and improving demand, leading to a sustained decrease in aluminum ingot inventory. However, attention should be paid to potential fluctuations in future demand [14]. - The supply of bauxite remains tight, influenced by seasonal weather conditions in Guinea, which is driving up domestic and international alumina prices. Companies with integrated operations are expected to benefit significantly [14]. - Long-term, the aluminum industry is projected to maintain high profitability due to limited supply growth and ongoing demand increases [14]. Summary by Sections Key Companies and Earnings Forecast - China Hongqiao (1378.HK): Current price 12.27, 2024E EPS 2.12, 2025E EPS 2.25, PE 5.8, Investment Rating: Buy [7]. - Tianshan Aluminum (002532.SZ): Current price 8.15, 2024E EPS 0.91, 2025E EPS 0.97, PE 9.0, Investment Rating: Buy [7]. - China Aluminum (601600.SH): Current price 8.55, 2024E EPS 0.77, 2025E EPS 0.86, PE 10.0, Investment Rating: Buy [7]. - Shenhuo Co. (000933.SZ): Current price 18.42, 2024E EPS 2.16, 2025E EPS 2.56, PE 7.2, Investment Rating: Buy [7]. - Yunnan Aluminum (000807.SZ): Current price 14.42, 2024E EPS 1.41, 2025E EPS 1.59, PE 9.0, Investment Rating: Buy [7]. Market Performance - The non-ferrous metals sector has shown a performance of 21.1% over the last month, 3.3% over three months, and 9.2% over twelve months, compared to the CSI 300's performance of 23.8%, 11.5%, and 8.7% respectively [5]. Supply and Demand Dynamics - Domestic electrolytic aluminum production capacity remains stable, with average production costs rising to approximately 18,734 RMB/ton, reflecting a week-on-week increase of 658 RMB/ton. The average profit for the industry is around 2,026 RMB/ton, down by 408 RMB/ton from the previous week [10]. - The demand from downstream aluminum processing enterprises is stable, but there are signs of declining new orders as existing orders are consumed [10]. - The social inventory of aluminum rods has decreased by 0.84 million tons week-on-week, indicating a tightening supply situation [10]. Price Trends - As of October 18, the average price of alumina is 4,607 RMB/ton, up by 366 RMB/ton week-on-week, and up 54.3% year-on-year [31]. - The average price of electrolytic aluminum on the Shanghai Futures Exchange is 20,640 RMB/ton, down 185 RMB/ton week-on-week, but up 9.9% year-on-year [22]. Production Data - The weekly production of electrolytic aluminum is reported at 836,000 tons, reflecting a year-on-year increase of 1.4% [48]. - The weekly production of alumina is reported at 1,641,000 tons, with a year-on-year increase of 4.1% [48].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in revenue and net profit for Q3 2024, with a year-on-year revenue growth of 10.42% and a net profit increase of 73.72% [3] - The company's Moroccan factory has successfully launched its first batch of tires, enhancing its production capabilities and meeting strong market demand [8] - The company is expected to maintain robust growth in revenue and profit over the next few years, with projected revenues of 90.71 billion, 115.01 billion, and 130.13 billion for 2024, 2025, and 2026 respectively [21] Summary by Sections Market Data - Total market capitalization is 26,127.16 million [1] - Total share capital is 102,943.88 thousand shares [1] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 63.40 billion, a net profit of 17.26 billion, and a gross profit margin of 35.45% [3] - In Q3 2024 alone, the company reported a revenue of 22.30 billion, with a net profit of 6.48 billion, reflecting a year-on-year increase of 67.48% [3][5] - The operating cash flow for Q3 2024 was 8.27 billion, showing a slight increase compared to the previous quarter [3][20] Production and Sales - The company produced 2,424.31 million tires in the first three quarters of 2024, a 14.05% increase year-on-year, with sales reaching 2,335.81 million tires, up 7.88% [4] - In Q3 2024, tire production was 815.65 million, and sales were 826.10 million, indicating a strong performance in both production and sales [4][10] Industry Outlook - The tire industry remains robust, with the company experiencing a continuous increase in production and sales volume [4] - The company is actively expanding its market presence in both domestic and overseas markets, particularly in high-growth regions [4][8] Future Projections - The company forecasts a net profit of 24.05 billion, 27.05 billion, and 34.34 billion for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 11, 10, and 8 [21]

Investment Rating - The report recommends a "Buy" rating for key companies in the smart automotive industry, including Juguang Technology, Yongxin Optical, and Huace Navigation, while suggesting a "Hold" rating for Jingwei Hengrun [7]. Core Insights - Hesai Technology has secured exclusive positioning for the next-generation laser radar platform of Leap Motor, with the first model expected to be mass-produced in 2025. This partnership signifies a deepening collaboration aimed at accelerating the internationalization of laser radar technology [3][10]. - The smart cockpit supplier rankings for January to August 2024 show Desay SV leading the market with over 510,000 units and a market share of 15.2%, while domestic suppliers are gaining traction across various segments [17][21]. - The A-share market has shown strong performance in sectors such as computer, electronics, and defense, with notable stock increases in companies like Top Cloud Agriculture and Shangda Shares [23][33]. Summary by Sections 1. Key Developments - Hesai Technology's exclusive agreement with Leap Motor for the next-generation vehicle platform laser radar is a significant milestone, with the first model set for 2025 production [3][10]. - The Leap B10 model, positioned as a compact SUV, will focus on the 100,000 to 150,000 yuan market segment, with plans for international sales expansion [11]. 2. Market Performance Review - From October 14 to October 18, 2024, the A-share market saw significant gains in the computer and electronics sectors, with increases of 10.29% and 9.65% respectively [23]. - The North Exchange 50 index had a PE TTM of 42.95X as of October 18, 2024, with a trading volume of 15.63 billion shares [33]. 3. Supplier Rankings - In the smart cockpit sector, Desay SV leads with a market share of 15.2%, followed by competitors like Hon Hai/Quanta and Qualcomm, which dominate the cockpit domain controller chip market with a 66.7% share [17][19]. - The HUD supplier market is also seeing rapid growth, with Huayang Multimedia leading with over 400,000 units and a market share of 21.3% [19][21].