Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Insights - The coal mining industry is experiencing a steady increase in supply, with both production and imports of raw coal accelerating year-on-year. In October 2024, the industrial raw coal output reached 410 million tons, a 4.6% increase compared to the previous year, while coal imports rose by 28.5% to 46.25 million tons [2][85] - The demand side shows a slowdown in thermal power generation growth, with a reported increase of only 1.8% year-on-year in October 2024, significantly down from previous months [3][87] - The overall coal supply growth is estimated at 2.3% when considering both domestic production and imports [86] Supply Summary - In October 2024, the average daily output of industrial raw coal was 13.28 million tons, with a month-on-month decrease of 530,000 tons but a year-on-year increase of 740,000 tons [1][77] - Major coal companies reported varied production results: China Shenhua produced 27.6 million tons (+0.4%), Shaanxi Coal and Energy produced 13.75 million tons (-5.2%), and China Coal Energy produced 11.34 million tons (+2.3%) [81] Demand Summary - The industrial electricity generation in October 2024 was 731 billion kWh, reflecting a year-on-year growth of 2.1%, but a significant slowdown compared to previous months [3][87] - The steel industry shows a positive trend with pig iron production turning positive at 70.26 million tons, a year-on-year increase of 1.4% [96] Inventory Summary - In October 2024, the overall inventory of thermal coal increased, indicating a supply surplus. The inventory at thermal coal production enterprises rose by 140,000 tons to 14.1 million tons [9][12] Investment Opportunities - The report suggests focusing on coal companies with high cash flow and profitability, maintaining a positive outlook for the coal mining sector. Key companies to watch include Yancoal Energy, Guanghui Energy, and Shanxi Coking Coal [12][13]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved its first quarterly profit since going public, with a revenue of 7.3 billion yuan in Q3 2024, representing a year-over-year increase of 26% and a quarter-over-quarter increase of 19% [1][3] - The mobile gaming segment saw significant growth, with revenue increasing by 84% year-over-year to 1.823 billion yuan, driven by the success of the exclusive game "Three Kingdoms: Strategy" [3] - The advertising business also performed well, with revenue growing by 28% year-over-year to 2.094 billion yuan, supported by improved advertising products and efficiency [3][5] Summary by Sections Operating Performance - Monthly Active Users (MAU) grew by 2% year-over-year to 348 million, while Daily Active Users (DAU) increased by 4% to 107 million [3] - User engagement metrics improved, with average daily usage time rising from 100 minutes to 106 minutes, and Average Revenue Per User (ARPU) increasing by 23% to 21 yuan [3] Financial Metrics - The company reported a gross margin of 34.9%, up 9.9 percentage points year-over-year and 4.9 percentage points quarter-over-quarter [3] - Adjusted net profit for Q3 2024 was 240 million yuan, a significant improvement from a loss of 860 million yuan in Q3 2023 [3] Mobile Gaming Business - The exclusive game "Three Kingdoms: Strategy" ranked in the top three of the iOS game sales chart for three consecutive seasons, contributing to the mobile gaming revenue surge [3] Value-Added Services - Revenue from value-added services increased by 9% year-over-year to 2.821 billion yuan, driven by growth in live streaming and other services [3] Advertising Business - The advertising revenue growth was primarily attributed to enhancements in advertising products and increased efficiency, with significant contributions from the gaming, e-commerce, and automotive sectors [5]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 26.21 billion yuan for Q3 2024, showing a year-over-year decline of 3.9% but a quarter-over-quarter increase of 2.8%. The net profit attributable to shareholders was 6.538 billion yuan, down 16.6% year-over-year and down 3.3% quarter-over-quarter [1][3] - The gaming segment showed strong growth, with revenue from PC games increasing by 29% year-over-year, while mobile games experienced a decline of 10% due to base effects. The company is set to release several new titles, which are expected to drive future growth [3][7] - The company’s subsidiary, Youdao, achieved a revenue of 1.57 billion yuan in Q3 2024, marking a year-over-year growth of 2.2% and a quarter-over-quarter growth of 19.0%, with significant improvements in profitability [3][8] - NetEase Cloud Music reported a revenue of 2 billion yuan in Q3 2024, reflecting a year-over-year increase of 1.3% and a quarter-over-quarter decrease of 2.0%, with a notable improvement in gross margin [7] Financial Performance Summary - For Q3 2024, the company achieved a gross margin of 62.9%, with a slight year-over-year increase of 0.6 percentage points. The sales expense ratio was 14.5%, the R&D expense ratio was 16.9%, and the management expense ratio was 4.2% [3] - The total market capitalization is approximately 431.81 billion yuan, with a circulating market capitalization of the same amount [3] - The company’s revenue projections for FY2024-2026 are estimated at 104.3 billion, 108.3 billion, and 115.3 billion yuan, respectively, with adjusted net profits of 31.6 billion, 33 billion, and 36.1 billion yuan [8]

Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1]. Core Viewpoints - The new materials sector is a crucial direction for the chemical industry, currently experiencing rapid downstream demand growth. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth [2]. - The report emphasizes the importance of new materials as a foundational industry that supports other sectors, including electronic information, new energy, biotechnology, and energy conservation and environmental protection [2]. Summary by Relevant Sections 1. New Materials Industry Dynamics 1.1 Electronic Information Sector - The report highlights a focus on semiconductor materials, display materials, and 5G materials [3]. - According to SEMI, global silicon wafer shipments increased by 5.9% quarter-on-quarter in Q3 2024, reaching 3,214 million square inches, a 6.8% increase year-on-year [3][32]. - Demand for advanced wafers for artificial intelligence remains strong, while demand for automotive and industrial silicon wafers is weak [3][32]. 1.2 Aerospace Sector - The report focuses on PI films, precision ceramics, and carbon fibers [3]. 1.3 New Energy Sector - Key areas of interest include photovoltaics, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [7]. - China's annual production of new energy vehicles has surpassed 10 million units for the first time, with expectations to exceed 12 million by the end of the year [8]. 1.4 Biotechnology Sector - The report emphasizes synthetic biology and scientific services [9]. - Invizyne Technologies, Inc. recently went public, raising $15 million, marking a significant development in the field of biomanufacturing [9]. 1.5 Energy Conservation and Environmental Protection Sector - Focus areas include adsorption resins, membrane materials, and biodegradable plastics [10]. 2. Sector Data Tracking - The report tracks key companies and their earnings forecasts, highlighting several companies with "Buy" ratings based on their performance and future earnings projections [14]. 3. Industry Rating and Investment Strategy - The new materials sector is expected to benefit from downstream application catalysts, entering a favorable economic cycle, thus maintaining a "Recommended" rating for the new materials industry [13].

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1]. Core Insights - The coal mining industry is expected to maintain a tight balance in the coming years, characterized by high asset quality, abundant cash flow, and continued high profitability, cash flow, barriers to entry, dividends, and safety margins [1]. - The report highlights the importance of monitoring the subsequent inventory depletion at ports, as electricity consumption at power plants is gradually increasing, which is expected to support coal prices [1]. Summary by Sections 1. Thermal Coal - The thermal coal market shows a slight decrease in port prices, with a focus on the subsequent increase in daily consumption at power plants [18]. - As of November 15, the Qinhuangdao port price for thermal coal (Q5500, Shanxi origin) was 837 CNY/ton, a decrease of 10 CNY/ton week-on-week [19]. - The production capacity utilization in the Sanxi region increased by 1.14 percentage points week-on-week, with weekly production rising by 160,000 tons [28]. 2. Coking Coal - The overall supply of coking coal remains sufficient, with an increase in the import of Mongolian coal and a rise in port inventories [64]. - As of November 15, the price of main coking coal at the Jingtang port remained stable at 1640 CNY/ton [65]. - The average crossing volume at the Ganqimaodu port increased by 98 trucks week-on-week, indicating a rise in supply [70]. 3. Coke - The production rate of coking plants has decreased, while iron water production has increased, but overall demand remains weak due to the seasonal downturn [64]. - The report emphasizes the need to monitor steel prices and the inventory depletion of coking coal and coke [64]. 4. Hydropower Situation - The outflow from the Three Gorges Reservoir has increased week-on-week, but the water level has decreased [58].

Group 1: Key Insights on Jingrui Electric Materials and Electronic Chemicals - The company has a significant advantage in high-purity chemicals, with multiple photoresists in mass production [2][4] - In Q3 2024, the company achieved operating revenue of 3.67 billion yuan, a year-on-year increase of 10.76%, but the net profit attributable to shareholders decreased by 51.91% year-on-year [3][4] - The company is the largest supplier of high-purity sulfuric acid and high-purity hydrogen peroxide in China, with a market share of approximately 40% for high-purity hydrogen peroxide [4][5] Group 2: Financial Performance of Jingrui Electric Materials - For the first three quarters of 2024, the company reported operating revenue of 1.06 billion yuan, a year-on-year increase of 10.56%, but the net profit attributable to shareholders dropped by 97.04% [2][3] - The gross profit margin for Q3 2024 was 22.41%, a decrease of 2.05 percentage points year-on-year, while the net profit margin was 0.70%, down 1.12 percentage points year-on-year [3][4] Group 3: Key Insights on Kaisa Bio and Chemical Products - Kaisa Bio's production capacity for sebacic acid has increased, leading to a significant year-on-year profit increase in Q3 2024 [6][7] - The company achieved operating revenue of 7.71 billion yuan in Q3 2024, a year-on-year increase of 44.06%, with a net profit attributable to shareholders of 0.98 billion yuan, up 35.69% year-on-year [7][8] - Kaisa Bio focuses on the entire polyamide industry chain, with a total production capacity of 115,000 tons for long-chain dicarboxylic acids and 100,000 tons for bio-based polyamides [7][9] Group 4: Financial Performance of Kaisa Bio - For the first three quarters of 2024, Kaisa Bio reported operating revenue of 22.15 billion yuan, a year-on-year increase of 41.49%, and a net profit attributable to shareholders of 3.45 billion yuan, up 9.97% year-on-year [6][7] - The gross profit margin for Q3 2024 was 34.03%, an increase of 7.97 percentage points year-on-year, while the net profit margin was 12.24%, down 4.37 percentage points year-on-year [7][8]

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company's production capacity for sebacic acid is ramping up, leading to a significant year-on-year increase in profits for Q3 2024 [3][4] - In the first three quarters of 2024, the company achieved operating revenue of 2.215 billion yuan, a year-on-year increase of 41.49%, and a net profit attributable to shareholders of 345 million yuan, up 9.97% year-on-year [3] - The company is focusing on expanding its production capacity and enhancing its position in the polyamide industry chain [5][6] Summary by Sections Financial Performance - In Q3 2024, the company reported operating revenue of 771 million yuan, a year-on-year increase of 44.06%, and a net profit attributable to shareholders of 98 million yuan, up 35.69% year-on-year [4] - The gross profit margin for Q3 2024 was 34.03%, an increase of 7.97 percentage points year-on-year [4] - The net cash flow from operating activities for the first three quarters was 676 million yuan, a year-on-year increase of 27.48% [3] Production Capacity and Strategy - The company currently has an annual production capacity of 115,000 tons for long-chain dicarboxylic acids and 100,000 tons for bio-based polyamides [5] - Ongoing projects include a 500,000-ton bio-based pentamethylenediamine project and a 900,000-ton bio-based polyamide project [5] - The company is recognized as a global leader in the large-scale production of new materials using biological manufacturing [5] Future Projections - The report adjusts the profit forecast for the company, estimating operating revenues of 3.107 billion yuan, 4.901 billion yuan, and 6.937 billion yuan for 2024, 2025, and 2026 respectively [8] - The net profit attributable to shareholders is projected to be 505 million yuan, 707 million yuan, and 915 million yuan for the same years [8]

Investment Rating - The report assigns a "Buy" rating to Jingrui Electric Materials (300655) for the first time [4] Core Views - The company's high-purity chemical products have significant advantages, with multiple photoresist products already in mass production [4][6] - The company is a leading domestic supplier of high-purity wet chemicals for semiconductors, with over 200,000 tons of high-purity sulfuric acid and hydrogen peroxide capacity, ranking first in the industry [6] - The company has a complete series of photolithography equipment and supporting testing facilities, with its UV broadband photoresist maintaining the top domestic market share for many years [6] - The company's NMP products use advanced international technology and have been supplied to the market for ten years, with stable high-quality customers [8] - The company is constructing new projects that will significantly increase its NMP production capacity for lithium batteries and semiconductors [8] Financial Performance - In 2024Q3, the company achieved revenue of 367 million yuan, a year-on-year increase of 10.76%, and a quarter-on-quarter increase of 0.71% [5] - The net profit attributable to the parent company in 2024Q3 was 6 million yuan, a year-on-year decrease of 51.91%, but a quarter-on-quarter increase of 39.43% [5] - The gross profit margin in 2024Q3 was 22.41%, a year-on-year decrease of 2.05 percentage points, but a quarter-on-quarter increase of 6.61 percentage points [5] - The net cash flow from operating activities in 2024Q3 was 32 million yuan, a year-on-year increase of 73.84% [5] - The company's total market value is 12,608.60 million yuan, with a circulating market value of 12,038.53 million yuan [3] Future Projections - The company's revenue is expected to be 1.33 billion yuan in 2024, 1.675 billion yuan in 2025, and 2.545 billion yuan in 2026 [8][9] - The net profit attributable to the parent company is expected to be 12 million yuan in 2024, 82 million yuan in 2025, and 196 million yuan in 2026 [8][9] - The projected P/E ratios for 2025 and 2026 are 154.49 and 64.35, respectively [9] Industry Position - The company is the largest domestic supplier of high-purity wet chemicals for semiconductors, with a market share of about 40% for high-purity hydrogen peroxide [6] - The company has completed the national major science and technology project "02 Special Project" and has started large-scale supply of i-line photoresist series products [6] - The company is accelerating the development of ArF high-end photoresist, with multiple products already sent to customers for verification [6]

研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn 2024 年 11 月 14 日 晨会纪要 [Table_Title] 晨会纪要 ——2024 年第 196 期 观点精粹: 最新报告摘要 2024Q3 盈利能力大幅改善，出海业务如期推进--零跑汽车/乘用车(09863/212805) 点评报告（港股美股） M1 降幅边际收窄，居民中长期贷款增量同比回暖--事件点评 计算机行业报告未来已来，空管系统引领低空新质生产力——"低空经济"专题研究--行业 PPT 报告 证券研究报告 1、最新报告摘要 1.1、2024Q3 盈利能力大幅改善，出海业务如期推进--零跑汽车/乘用车 (09863/212805) 点评报告（港股美股） 分析师：戴畅 S0350523120004 事件: 零跑汽车 2024 年 11 月 11 日发布 2024 年三季度业绩公告：2024 第三季度实现营收 98.6 亿元，同/环比 +74.3%/+83.9%；实现归母净利润-6.9 亿元，同/环比亏损收窄。 投资要点: 2024Q3 公司毛利率大幅改善，亏损明显收窄。 1）2024Q3 公司实现 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][5]. Core Insights - The company's Q3 2024 performance shows significant improvement in profitability, with revenue reaching 9.86 billion yuan, representing a year-on-year increase of 74.3% and a quarter-on-quarter increase of 83.9%. The net profit attributable to shareholders narrowed to a loss of 690 million yuan, improving by 300 million yuan year-on-year and 510 million yuan quarter-on-quarter [3]. - The gross margin for Q3 2024 improved to 8.1%, up 6.9 percentage points year-on-year and 5.3 percentage points quarter-on-quarter, driven by increased sales volume and a higher proportion of high-value C series products [3]. - The company achieved a significant increase in sales volume, with Q3 2024 sales reaching 86,200 units, a year-on-year increase of 94.4% and a quarter-on-quarter increase of 61.7%. The C series accounted for 78.3% of total sales in Q3 2024 [3]. Financial Performance Summary - Revenue projections for 2024-2026 are 29.87 billion, 49.24 billion, and 65.08 billion yuan, with year-on-year growth rates of 78%, 65%, and 32% respectively. The net profit attributable to shareholders is projected to be -3.80 billion, -2.74 billion, and 130 million yuan, indicating a trend of narrowing losses and a return to profitability by 2026 [5][6]. - The average selling price (ASP) for vehicles in Q3 2024 was 114,000 yuan, reflecting a quarter-on-quarter increase of 14% due to changes in sales structure [3]. - The company plans to expand its sales network, aiming to exceed 700 sales outlets by the end of 2024, up from 493 outlets as of September 2024 [3].