Investment Rating - Buy (First Coverage) [2] Core Views - The company is a global leader in DDIC (Display Driver IC) wafer foundry, ranking among the top nine globally and third in mainland China. It has a strong position in the LCD panel foundry market and has capabilities in CIS (CMOS Image Sensor), PMIC (Power Management IC), MCU (Microcontroller Unit), and Logic chip foundry [2][16] - The company's revenue in H1 2024 reached 4.398 billion yuan, a YoY increase of 48.09%, with a net profit of 187 million yuan, turning from a loss to a profit. CIS has become the company's second-largest product line, accounting for 16.04% of revenue in H1 2024 [2][16] - The company is expected to benefit from the shift of the LCD industry to mainland China, with the local DDIC industry chain accelerating its development. The company has a dual advantage of being a "scarce foundry target" and being close to the "Chip-Screen-Auto-AI" industrial cluster in Hefei [3][16] - The company is actively expanding its OLED foundry capabilities, with 40nm high-voltage OLED DDIC achieving small-scale production in H1 2024, and 28nm OLED DDIC R&D progressing steadily [4][16] - The company's capacity has been fully utilized since March 2024, with a production line load of around 110% in June 2024. The company plans to expand its capacity by 30,000 to 50,000 wafers per month, focusing on 55nm and 40nm products [5][16] Industry Analysis DDIC Industry - DDIC is a key component of display panels, with applications in LCD and OLED panels. In 2022, large-size DDIC accounted for 69% of the market, while small and medium-size DDIC accounted for 31%, with smartphones making up about 18% of the small and medium-size DDIC market [3][37] - The LCD industry is shifting to mainland China, with Statista predicting that by 2025, mainland China will account for 69% of global LCD panel production capacity. Local DDIC design companies have made breakthroughs in large-size DDIC, with a global market share of 18.9% in Q2 2023 [3][37] - OLED DDIC is expected to become a major growth driver, with global OLED smartphone penetration reaching 51% in 2023. In Q1 2024, Chinese panel manufacturers surpassed South Korea in OLED shipments, accounting for 49.7% of the global market [4][37] CIS Industry - CIS is a core component of camera modules, with applications in smartphones, automotive electronics, and more. The company has a deep collaboration with local CIS manufacturer SmartSens, and in August 2024, they jointly launched a 180-megapixel full-frame CIS chip, pushing the development of full-frame CIS to a new stage [5][16] - In H1 2024, the company achieved mass production of 55nm BSI CIS, with product pixels reaching 50MP. The company plans to expand its CIS production capacity by 30,000 to 50,000 wafers per month, focusing on high-end CIS products [5][16] Financial Projections - The company is expected to achieve revenues of 9.476 billion yuan, 12.822 billion yuan, and 15.327 billion yuan in 2024, 2025, and 2026, respectively, with net profits of 643 million yuan, 1.321 billion yuan, and 1.719 billion yuan [6][7] - The company's gross margin is expected to improve as more advanced process nodes are released, with a gross margin of 24.43% in H1 2024, up from 21.61% in 2023 [26][27]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q3 performance met expectations, with a significant increase in revenue and net profit. The total revenue for the first three quarters of 2024 reached 2.165 billion yuan, a year-on-year increase of 9.2%, while the net profit attributable to the parent company was 456 million yuan, up 4.98%. In Q3 alone, revenue was 713 million yuan, reflecting a 20.21% year-on-year increase, and net profit surged by 85.12% to 184 million yuan [4][5] - The company has launched an employee stock ownership plan aimed at retaining and incentivizing core technical personnel, which is expected to enhance long-term competitiveness [5][6] - The company is experiencing a steady improvement in profitability, with gross margins increasing from 32.41% in Q1 to 36.68% in Q3 of 2024, and net margins rising from 18.47% to 25.57% over the same period [5][6] Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 603 million yuan, with estimates of 689 million yuan and 771 million yuan for 2025 and 2026, respectively. The corresponding price-to-earnings ratios are expected to be 26, 22, and 20 times [6][10] - The company's total revenue is forecasted to grow from 2.565 billion yuan in 2023 to 3.913 billion yuan by 2026, indicating a consistent upward trend in sales [10] - The gross margin is expected to stabilize around 36.2% to 37.6% over the next few years, while the net asset return is projected to increase from 15.5% in 2023 to 18.1% by 2026 [10]

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry, specifically focusing on alumina [1]. Core Viewpoints - The alumina supply is primarily sourced from China, with a significant reliance on imported bauxite, leading to supply constraints. In 2023, global alumina production reached 140 million tons, with China contributing 82 million tons, accounting for 58.57% of the total [2][14]. - The domestic alumina market is experiencing a supply-demand imbalance, with a notable shortfall in bauxite supply, which is critical for alumina production. The supply-demand balance for imported bauxite reached a deficit of 2.5884 million tons in September 2024 [2][30]. - The report anticipates a continued increase in alumina prices due to supply tightness, with prices expected to remain elevated in the coming months [3][4]. Summary by Sections Section 1: Alumina Supply and Demand - Alumina is a crucial intermediate product in the aluminum industry, with its production heavily dependent on bauxite. The production process primarily utilizes the Bayer process, with over 95% of alumina produced this way [10]. - The alumina market is currently facing a supply shortage, with a significant gap in supply observed in several months of 2024, particularly a shortfall of 67,000 tons in September [12]. Section 2: Supply Constraints - The alumina supply is predominantly from China, which has seen a decline in bauxite production from key regions like Henan and Shanxi due to environmental and safety regulations [19][35]. - The reliance on imported bauxite, especially from Guinea, poses risks to alumina production capacity. The report highlights that Guinea's bauxite export volumes have decreased significantly due to seasonal factors, impacting China's imports [30][42]. Section 3: Alumina Demand - The demand for alumina is expected to rise, driven by the growth in electrolytic aluminum production, which has shown consistent month-on-month increases since April 2022 [3][44]. - The report notes that the domestic electrolytic aluminum consumption is projected to grow at a rate of approximately 4.7% in 2024, supported by favorable government policies [3][4]. Section 4: Investment Recommendations - The report suggests that the market's pessimistic outlook for 2025 may lead to a correction in stock valuations for alumina-related companies. It recommends focusing on companies like Nanshan Aluminum, China Hongqiao, and Tianshan Aluminum, which are expected to benefit from sustained high alumina prices [4][19].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that Pumen Technology (688389.SH) has shown strong performance in its overseas and IVD (in vitro diagnostics) business, with a net profit margin improvement [1] - The company reported a revenue of 857 million yuan for the first three quarters of 2024, representing a year-over-year increase of 5.89%, and a net profit of 257 million yuan, up 25.62% year-over-year [4] - The international business has seen significant growth, with a year-over-year revenue increase of 19.11% in the first three quarters, while the domestic revenue grew by 1.19% [4] - The IVD segment has performed particularly well, with domestic revenue growth of 15.17% and international revenue growth of 25.74% [4] - The company has maintained strong profitability, with a gross margin of 69.89% and a net profit margin of 29.89% for the first three quarters of 2024 [4] Financial Performance Summary - The company achieved a revenue of 2.67 billion yuan in Q3 2024, a year-over-year increase of 6.45%, and a net profit of 860 million yuan, up 21.51% year-over-year [4] - The projected revenues for 2024-2026 are 1.294 billion yuan, 1.498 billion yuan, and 1.736 billion yuan, respectively, with corresponding net profits of 406 million yuan, 484 million yuan, and 580 million yuan [5][6] - The company’s gross margin is expected to improve from 68.4% in 2024 to 69.8% in 2026, while the net profit margin is projected to increase from 31.3% to 33.3% over the same period [8] Growth and Development - The company has launched its fourth consecutive stock incentive plan, indicating confidence in long-term growth, with revenue and net profit growth targets set at 23% and 19% for 2024-2026, respectively [5] - The report emphasizes the company's commitment to R&D innovation and product line expansion, particularly in the chemical luminescence and rehabilitation sectors, which are expected to drive continued growth [5]

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [1]. Core Viewpoints - The basic chemical industry is experiencing a potential bottoming out in profitability, with signs of a turning point in the capacity cycle [1]. - Product prices are stabilizing at the bottom, leading to some pressure on chemical profitability. The average price of WTI crude oil in Q3 was $75.34 per barrel, down 8.22% year-on-year and 6.51% quarter-on-quarter [1][15]. - The industry saw a slight revenue increase of 2.27% year-on-year in the first three quarters, primarily supported by volume compensating for price declines [1][13]. Summary by Sections Revenue and Profit - In the first three quarters of 2024, the basic chemical industry achieved revenue of 17,888.14 billion yuan, a year-on-year increase of 2.27%. The net profit attributable to shareholders was 1,035.47 billion yuan, showing a decline of 0.92%, but the drop was significantly less than the 45.34% decline in 2023 [13][28]. Profitability - The industry’s gross margin for the first three quarters was 16.91%, a slight increase of 0.13 percentage points year-on-year. However, the net profit margin decreased by 0.19 percentage points to 5.79% [2][3]. Cash Flow - The operating cash flow improved by 10.01% year-on-year in the first three quarters, with a net cash ratio consistently above 1 since 2018, indicating good profitability quality [3]. Investment and R&D - The growth rate of construction projects and capital expenditures has slowed, indicating a potential turning point in the rapid expansion cycle of the chemical industry. The total construction projects amounted to 4,436.38 billion yuan, up 7.82% year-on-year, but the growth rate has contracted by 7.00 percentage points compared to the previous year [4][5]. Debt Servicing Ability - As of Q3 2024, the industry’s debt-to-asset ratio was 48.24%, showing a slight increase of 0.31 percentage points, but remains at a manageable level [3].

Investment Rating - The report maintains a "Buy" rating for Lingyi Technology (002600.SZ) [1] Core Views - The company achieved record revenue in Q3, with a significant year-on-year growth of 32.14%, driven by the launch of Apple's iPhone 16 and stable shipment growth [5] - The company is expected to benefit from the increasing proportion of high-end products, which will enhance the unit value [5] - The report anticipates continued strong performance in Q4 due to the release of new Android devices [6] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 31.485 billion yuan, a year-on-year increase of 27.75%, and a net profit of 1.405 billion yuan, a decline of 24.85% [4] - In Q3 alone, the company achieved a net profit of 713 million yuan, a year-on-year increase of 14.68% [4] - The gross margin for Q3 was 17.21%, with a year-on-year decrease of 4.2 percentage points but a quarter-on-quarter increase of 2.19 percentage points [5] Revenue and Profit Forecast - The revenue forecasts for 2024 to 2026 have been adjusted to 41.823 billion yuan, 51.1 billion yuan, and 59.381 billion yuan, respectively [6] - The net profit forecasts for the same period are updated to 2.003 billion yuan, 3.094 billion yuan, and 4.133 billion yuan, respectively [6] - The report indicates that the company’s P/E ratios for 2024 to 2026 are projected to be 31.87, 20.64, and 15.45, respectively [6] Market Position and Competitive Landscape - Lingyi Technology serves a wide range of clients, including major brands like Apple, Huawei, and Xiaomi, positioning itself as a leader in precision components for consumer electronics [6] - The company is recognized for its capabilities in thermal management solutions and original equipment manufacturing for Apple chargers [6]

邮箱: xiongpeng@tebon.com.cn 证券研究报告 | 行业周报 食品饮料 2024 年 11 月 4 日 | --- | --- | |-----------------|------------------------------------| | 食品饮料 | 三季度报表分化,茅台扣 | | 优于大市 (维持) | 底回升 | | 证券分析师 | | | 熊鹏 | 食品饮料行业周报 20241028-20241101 | 投资要点: 资格编号: S0120522120002 研究助理 資料来源: 聚源数据，德邦研究所 相关研究 1.《燕京啤酒（000729.SZ）: 需 求承压难阻增长,改革势能持续向 上》，2024.10.26 2.《食品饮料行业周报 20240722- 20240726-板块配置回到低位，建 议关注中报超预期个股》. 2024.7.28 3.《水井坊（600779.SH）: 24Q2 业绩超预期,经营稳中有进》, 2024.7.27 4.《食品饮料行业周报(20240715- 20240719）：板块情绪回暖，建议 关注中报超预期个股》，2024.7.22 5.《食品 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [1] Core Insights - The pharmaceutical manufacturing industry has shown a clear upward trend, recovering from the negative impacts of the pandemic, with cumulative revenue reaching 1.84 trillion yuan, a year-on-year growth of 0.2% [2][13] - The chemical preparation and raw material drug sectors have demonstrated significant signs of recovery, with chemical preparations achieving a revenue growth of 1.3% and a net profit growth of 19.9% in Q3 2024 [3][19] - The report highlights the importance of innovative drugs as a new growth driver, especially as the impact of generic drug procurement policies has diminished [3][19] Summary by Sections 1. Q3 2024 Overview - The pharmaceutical manufacturing sector has clearly escaped the negative effects of the pandemic, with cumulative profits at 254.39 billion yuan, a slight decline of 0.4% year-on-year [2][13] - The chemical preparation sector reported a total revenue of 261.35 billion yuan for the first three quarters, down 8.7% year-on-year, while net profits fell by 8.5% [15] - The raw material drug sector achieved a revenue of 726 billion yuan, a year-on-year increase of 3.5%, with net profits declining by 1.5% [20] 2. Market Performance - The pharmaceutical sector index fell by 2.9% in the week of October 28 to November 1, 2024, underperforming the CSI 300 index by 1.2% [4] - The report identifies key stocks with significant gains, including Haooubo (43.99%) and Xiangxue Pharmaceutical (30.54%) [4] 3. Investment Strategy - The report suggests a structural market outlook for the pharmaceutical industry, focusing on products with increasing proportions in total medical insurance expenditures and globally competitive companies in the export chain [4] - Recommended sectors include innovative drugs, traditional Chinese medicine, raw materials, and certain medical devices [4] 4. Subsector Analysis - **Chemical Preparations**: Q3 2024 saw a revenue of 840 billion yuan, with a net profit of 78.1 billion yuan, indicating a recovery trend [17] - **Raw Materials**: The sector reported a revenue of 204.5 billion yuan in Q3 2024, with a net profit increase of 26.2% [20] - **CXO**: The sector experienced a revenue decline of 8.1% year-on-year, with net profits down 35.2% [23] - **Blood Products**: Revenue reached 150.2 billion yuan, with net profits growing by 11.6% [27] - **Vaccines**: The sector faced a significant revenue drop of 33.1% year-on-year, with net profits down 57.2% [31] - **Traditional Chinese Medicine**: Revenue decreased by 3.15%, with net profits down 9.28% [34] - **Medical Services**: Revenue fell by 2%, with net profits down 22.3% [37] - **Medical Devices**: Revenue increased by 1.08%, but net profits decreased by 7.65% [42] - **Pharmacies**: Revenue grew by 7.2%, but net profits fell by 22.3% [46]

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [1]. Core Insights - The October PMI in China rose to 50.1%, indicating an expansion in manufacturing activity, supported by increased policy measures and economic recovery [2][4]. - The aluminum market shows strong pricing trends, with domestic prices for alumina increasing by 5.00% to 4962.04 CNY/ton [4][6]. - The report highlights a positive outlook for the non-ferrous metals sector, driven by anticipated demand growth and favorable monetary policies [5][6]. Summary by Sections 1. Industry Data Review - Precious Metals: Gold prices increased, with the Shanghai Gold Exchange closing at 628 CNY/gram, a weekly change of 1.0% [18]. - Industrial Metals: Prices are showing divergence, with copper prices rising by 0.2% on SHFE and 0.4% on LME [25]. - Aluminum: SHFE aluminum price reached 20795 CNY/ton, with a weekly increase of 0.2% [34]. - Lead: Lead prices increased, with SHFE lead at 16840 CNY/ton, reflecting a weekly change of 0.4% [39]. 2. Market Trends - The report notes a significant increase in alumina prices due to supply constraints and environmental regulations affecting production [4][6]. - The energy metals segment is seeing a rebound in lithium carbonate prices, indicating potential growth in demand [5][6]. 3. Investment Recommendations - The report suggests a favorable investment environment for non-ferrous metals, particularly in gold and aluminum sectors, with specific company recommendations including Shandong Gold and China Hongqiao [5][6].

利润也造成了一些影响展望四季度公司还会延续三季度的经营策略短期看盈利端会有一些影响但是公司会结合内外部的环境变化及时做好资源的动态调整尽量确保四季度的经营结果平稳 下面我就算计数的成本,费用先进流方面再做个说明首先在营业成本方面,人力成本占收入比为37.44,同比下降了2.05个百分点,呈持续下降的趋势其中我们有投入也有节降,主要原因第一个是为了不断强化网络覆盖的能力,升级客户受害服务体验 公司在三季度增加了一些资源的投入通过合伙人派送补贴的方式提升末端乡镇全境的覆盖率三季度一次性升级了八千多个乡镇全境派送能力每个月会增加一到两千万的成本第二是公司积极推动各项经营的举措持续提升各环节的人效收派环节持续重视收派人员分轮车占比的提升收派片区的合理化等以及低效收派员的光伏人均收派效率在持续的提升 在中软环节随着网络融合的推进以及内部操作流程的优化周转人像也是有所提升在运输环节通过使用智能驾驶设备优化线路接吻等方式降低人车比这样使得人像有所提升第三随着末端网点的转型升级部分基础的管理人员文职人员也在同步转向销售职能或者进行了优化第四业务结构的变化有一些高运费低人工成本的业务的体量 从上四个因素人工成本占收入比例呈下降 ...