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].

7噢i'噢o'o噢'o噢'o'哦o'o哦'o哦'o'哦o 噢哦噢哦噢咯噢【噢；噢7//噢/ 噢 2024 年 10 月 21 日 策略周报 研究所： 证券分析师： 胡国鹏 S0350521080003 hugp@ghzq.com.cn 证券分析师： 袁稻雨 S0350521080002 yuandy@ghzq.com.cn [Table_Title] 当前牛市第二阶段像哪次 ——策略周报 最近一年走势 投资要点: 1、按市场整固的时间和空间，牛市第二阶段可以分为两种形态，一种类 似于 1999 和 2019 年，调整期长；另一种类似于 2008 和 2015 年，市 场很快开启主升浪。 2、调整期长的牛市第二阶段，体现为基本面修复偏慢、政策宽松节奏较 缓，并且存在较长期的压制风险偏好的事件，时间在半年左右，指数高 点调整幅度在 10%以上。 相关报告 《策略周报：牛市第二阶段如何布局*胡国鹏，袁 稻雨》——2024-10-13 《 四季度策略：事情正在起变化*胡国鹏，袁稻雨》 ——2024-10-07 《策略点评：四箭齐发，积极看多*胡国鹏，袁稻 雨》——2024-09-24 《策略周报：美联储降息如何影响海 ...

Investment Rating - The report maintains a "Buy" rating for JD Group-SW (9618.HK) [1] Core Views - JD Group is expected to see a revenue recovery driven by the "trade-in" policy, with a projected total revenue of 261.3 billion yuan for Q3 2024, representing a year-on-year increase of 5.5% [2] - The report highlights that JD's retail revenue is anticipated to grow by 5.2% year-on-year to 223.1 billion yuan in Q3 2024, benefiting from recent government stimulus policies and a recovery in consumer spending [4] - The Non-GAAP net profit for Q3 2024 is projected to be 11.8 billion yuan, reflecting an 11% year-on-year increase, with a Non-GAAP net profit margin improvement to 4.5% [2] Financial Forecasts - Total revenue for JD Group is forecasted to reach 1,139.57 billion yuan in 2024, with a growth rate of 5% [6] - The expected net profit attributable to shareholders for 2024 is 36.5 billion yuan, indicating a 51% growth compared to the previous year [6] - The report projects a diluted EPS of 11.69 yuan for 2024, with a return on equity (ROE) of 17% [6][7] Retail Performance - JD Retail's revenue is expected to recover, with a year-on-year growth of 5.2% to 223.1 billion yuan in Q3 2024, driven by the trade-in policy and a healthy growth in daily necessities [4] - The gross merchandise volume (GMV) for JD Retail is projected to increase by 6% year-on-year [4] - The report notes that the 1P (first-party) revenue from electronic products is expected to grow by 2.2% to 121.9 billion yuan, while daily necessities are projected to grow by 8.4% to 82.4 billion yuan [4] Market Performance - JD Group has outperformed the Hang Seng Index, with a 12-month performance of 58.8% compared to the index's 17.3% [3] - The current market capitalization of JD Group is approximately 464.97 billion HKD [3]

Investment Rating - The report maintains a "Buy" rating for the company [1][6][15] Core Views - The company achieved its best Q3 performance in history, with expectations for volume and profit growth in compound fertilizers [1][4] - The increase in the price differential of monoammonium phosphate contributed to profit growth in Q3 2024 [4][6] - The company is expected to see revenue growth from 2024 to 2026, with projected revenues of 160 billion, 170 billion, and 179 billion respectively [6][15] Financial Performance Summary - For Q3 2024, the company reported revenue of 3.948 billion yuan, a year-on-year increase of 2.92% but a quarter-on-quarter decrease of 22.34% [3][4] - The net profit attributable to shareholders for Q3 2024 was 375 million yuan, up 24.88% year-on-year but down 4.69% quarter-on-quarter [3][4] - The gross profit margin for Q3 2024 was 16.19%, an increase of 1.92 percentage points year-on-year [3][4] Price and Market Data - As of October 18, 2024, the company's stock price was 13.06 yuan, with a 52-week price range of 9.20 to 14.80 yuan [2] - The total market capitalization is approximately 16.39 billion yuan [2] Future Outlook - The company is expected to benefit from increased production capacity in phosphate mining, enhancing its integrated advantages [6][15] - The report anticipates a seasonal decline in compound fertilizer prices in Q4 2024, with an average price of 2387 yuan per ton, down 10.56% year-on-year [4][6]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is expected to remain in a tight balance for the coming years, characterized by high asset quality, abundant cash flow, and strong profitability among listed companies [1] - The report highlights the importance of winter stockpiling and macroeconomic expectations in influencing coal prices, particularly for thermal coal [1][7] - The report suggests focusing on undervalued coal sector stocks, with specific recommendations for both thermal and coking coal companies [1] Summary by Sections 1. Thermal Coal - Domestic thermal coal prices have shown a slight decline, with the Qinhuangdao port price at 840 CNY/ton, down 10 CNY/ton week-on-week [8] - The production capacity utilization in the Sanxi region has increased by 0.17 percentage points, reaching 89.59% [11] - Despite weak demand from non-electric sectors, power plants maintain rigid procurement, leading to a stable production environment [7] 2. Coking Coal - The coking coal market has cooled slightly, with prices decreasing; for instance, the main coking coal price at Jing Tang port fell to 1910 CNY/ton, down 100 CNY/ton week-on-week [27] - The average customs clearance volume at Ganqingmaodou port has increased, indicating a potential rise in supply [31] - Coking coal inventories at independent coking plants have risen slightly, reflecting a stable supply-demand balance [34] 3. Coke - The coke industry continues to see profitability improvements, with average profit per ton of coke rising to approximately 51 CNY/ton, an increase of 21 CNY/ton week-on-week [38] - Domestic coke prices have increased, with Tianjin port's first-grade metallurgical coke price at 1950 CNY/ton, up 50 CNY/ton week-on-week [38] - The report notes a slight increase in production rates among coking plants, driven by improved demand from steel production [38]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a year-on-year revenue growth of 37.97% in Q3 2024, reaching 605 million yuan, driven by increased sales from its core customer, Chery Automobile, which saw a 30.82% year-on-year increase in sales [3][4] - The company has a strong order backlog in its automotive manufacturing equipment business, with orders amounting to 3.93 billion yuan as of June 2024, indicating a robust revenue outlook [4] - The company is expanding its lightweight automotive parts business, with significant production and sales growth expected from new models launched in collaboration with Chery [4] Financial Performance Summary - In Q3 2024, the company achieved a net profit of 91 million yuan, a year-on-year increase of 41.61%, with a net profit margin of 17.21% [3][4] - The gross profit margin for Q3 2024 was 24.54%, showing a slight decline year-on-year due to increased depreciation and amortization costs from transitioning construction projects to fixed assets [4] - The company has demonstrated strong cost control, with a decrease in various expense ratios, particularly in financial expenses due to the redemption of convertible bonds earlier in the year [4] Earnings Forecast and Valuation - The company is projected to achieve revenues of 2.889 billion yuan, 3.625 billion yuan, and 4.296 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 54%, 25%, and 19% [6][7] - The expected net profits for the same years are 349 million yuan, 437 million yuan, and 556 million yuan, with growth rates of 73%, 25%, and 27% [6][7] - The estimated EPS for 2024, 2025, and 2026 are 1.67 yuan, 2.09 yuan, and 2.65 yuan, with corresponding P/E ratios of 19, 15, and 12 times [6][7]

| --- | --- | --- | |-----------------------|--------------------------------------------------------------------|------------------------------------------------------------------------------------| | 研究所： 证券分析师： | 2024 年 10 月 21 日 \n 余春生 S0350513090001 \nyucs@ghzq.com.cn | 晨会纪要 \n晨会纪要 [Table_Title] \n—— 2024 年第 178 期 | | | 观点精粹 : | | | | 最新报告摘要 | | | | 首批中证 A500ETF 上市，新一代大盘宽基"新"在哪里 -- | 金工深度研究报告 | | | 政策组合拳+成交额修复，金融 IT | 或迎景气提升——计算机行业专题报告 -- 行业 PPT 报告 | | | 英伟达将推出 B300，Q3 服务器行业景气持续向上 | ——AI 算力月度跟踪（ 202410 ...

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing an increase in raw coal production and imports, with September's output reaching 410 million tons, a year-on-year growth of 4.4% [4][12] - The average daily production of raw coal in September was 13.82 million tons, an increase of 1.02 million tons per day compared to the previous month [4][12] - The overall supply growth of coal is estimated at 1.6% for the first nine months of 2024, considering a 0.6% increase in domestic production and an 11.9% increase in imports [18] Summary by Sections Supply - In September, the production of raw coal increased, with a year-on-year growth of 4.4% and a month-on-month increase of 1.6% [4][12] - The total raw coal production from January to September was 3.48 billion tons, reflecting a 0.6% year-on-year increase [12][18] Demand - The industrial electricity production accelerated, with September's generation reaching 802.4 billion kWh, a 6.0% year-on-year increase [5][12] - The growth rate of thermal power generation in September was 8.9%, up 5.2 percentage points from August [5][21] - The steel sector saw a decline in coke production, with September's output at 39.32 million tons, down 5.3% year-on-year [25] Inventory - In September, the inventory of thermal coal at production enterprises decreased by 127,000 tons, while the inventory at northern ports increased by 177,000 tons [7][34] - The overall inventory situation indicates a trend of destocking in the thermal coal market [34] Investment Opportunities - The report highlights several companies with strong investment potential, including Yanzhou Coal Mining Company, Shaanxi Coal and Chemical Industry, and China Shenhua Energy [8][9] - The focus is on companies with high profitability, cash flow, and dividend yields, suggesting a favorable investment environment in the coal sector [8][9]

日均成交额（百万） 1,271.66 2024 年 10 月 20 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 2024Q3 业绩符合预期，单季收入创历史新高 ——福耀玻璃（600660）2023 年三季报点评 最近一年走势 事件: 福耀玻璃 2024 年 10 月 17 日发布 2024 年三季报：公司 2024Q3 实现营 收 99.74 亿元，同比+13.41%；实现归母净利润 19.80 亿元，同比 +53.54%；实现扣非后归母净利润 19.74 亿元，同比+55.56%。 投资要点: 收入端：24Q3 收入创新高，显著优于行业增速。2024 年 Q3，公司 实现营收 99.74 亿元，同比+13.41%，环比+4.94%，创历史新高， 我们认为主要系公司产品量价齐升，高附加值产品占比及整体 ASP 提升。2024Q3，国内汽车产量同比-3.2%，全球汽车产量同环比下 滑，公司收入表现显著优于行业增速。 相对沪深 300 表现 2024/10/18 表现 1M 3M 12M 福耀玻璃 13 ...

Investment Rating - The report indicates a challenging environment for the luxury goods sector, particularly for LVMH in the Chinese market, suggesting a cautious outlook for investments in this industry [4][5]. Core Insights - LVMH's Q3 2024 revenue decreased by 3% year-on-year to €19.076 billion, falling short of market expectations of €20.05 billion [5]. - The Asia-Pacific region, excluding Japan, saw a significant revenue decline of 16%, highlighting the impact of macroeconomic factors on consumer confidence [5]. - The report emphasizes that while Western consumer demand is gradually improving, it remains slow due to inflation and high interest rates [5]. - The luxury goods market in China is under pressure, but LVMH management remains optimistic about the long-term recovery potential driven by the rising middle class [5]. Summary by Sections Macroeconomic Data - China's GDP grew by 4.8% year-on-year in the first three quarters of 2024, with per capita disposable income increasing by 4.9% [2]. - Retail sales in China totaled ¥353.564 billion, reflecting a year-on-year growth of 3.3% [2]. Event Updates - LVMH's Q3 performance showed varied results across regions, with Europe up by 2% and the U.S. remaining flat, while Japan grew by 20% [5]. - The wine and spirits segment reported a 7% decline in revenue, attributed to lower champagne production [5]. - The fashion and leather goods segment also faced a 5% revenue drop, primarily due to decreased sales and currency effects [5]. Stock Performance - The S&P 500 Consumer Discretionary index increased by 1.22%, while the Hang Seng Consumer index decreased by 5.06% [6]. - Notable stock movements included significant gains for companies like 高鑫零售 (+25.14%) and 泡泡玛特 (+9.79%), while 九毛九 saw a decline of 16.99% [6]. Important Announcements - 泉峰控股 announced a substantial profit increase, projecting a net profit of approximately $100 million for the nine months ending September 30, 2024, compared to $23 million in the same period last year [8]. - LVMH's DFS division announced the departure of its CEO, with Ed Brennan stepping in as interim CEO [8].