Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company reported a revenue of 36.725 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 13.93%. In Q3 alone, the revenue was 11.748 billion yuan, showing a year-on-year increase of 23.02%. The net profit attributable to the parent company for the first three quarters was 2.732 billion yuan, up 24.33% year-on-year, with Q3 net profit reaching 1.112 billion yuan, a significant increase of 60.91% year-on-year [1] - The report highlights that copper prices have reached historical highs in 2024, with the LME copper price exceeding 11,000 USD/ton. The average domestic copper price for the first three quarters was 74,840.28 yuan/ton, up 9.29% year-on-year, and the average price for Q3 was 75,207.19 yuan/ton, an increase of 8.75% year-on-year [1] - The company is expected to benefit from the second phase of the Yulong Copper Mine, which is projected to produce 158,700 tons of copper concentrate in 2024, contributing significantly to profit growth. The mine's processing capacity will increase to 22.8 million tons/year after the completion of the expansion project in November 2023 [1] Financial Performance Summary - Revenue for 2022 was 39.762 billion yuan, with a growth rate of 3.55%. For 2023, revenue is projected at 42.748 billion yuan, with a growth rate of 7.51%. The forecast for 2024 is 47.390 billion yuan, reflecting a growth rate of 10.86% [2] - The net profit attributable to the parent company for 2022 was 3.446 billion yuan, with a growth rate of 17.51%. The forecast for 2023 is 2.789 billion yuan, showing a decline of 19.06%, while 2024 is expected to recover to 3.665 billion yuan, with a growth rate of 31.40% [2] - The company’s EPS for 2024 is projected to be 1.54 yuan, with corresponding P/E ratios of 11.9 times, 10.6 times for 2025, and 9.3 times for 2026 [2][3] Comparable Company Valuation - The report compares the company with peers such as Zijin Mining, Jiangxi Copper, and Tongling Nonferrous Metals, indicating that the current valuation of the company is reasonable [1][2]

策略研究报告 证券研究报告 策略报告 报告日期：2024 年 10 月 21 日 政策落地支撑市场中长期表现 ——A 股投资策略周报告 A 股市场走势(2023/09/22-2024/10/21) 摘要（核心观点）： 经济稳中有进，向好因素增多。①前三季度 GDP 同比增长 4.8%。前三季度 经济增长、就业、通胀、国际收支等指标在预期目标附近，波动幅度不大， 表明经济运行稳健。②9 月多经济指标边际改善，经济运行呈现筑底企稳。 9 月工业增加值同比增长 5.4%，较 8 月回升 0.9%，为 4 个月以来首次止跌 回升。9 月社会消费品零售总额增长 3.2%，较 8 月提升 1.1%。1-9 月固定 资产投资同比增长 3.4%，与 1-8 月持平，为连续多月下滑后首次止跌回稳。 华龙证券研究所 相关阅读 《20241014A 股投资策略周报告：财 政政策传利好，提振市场预期》 《20241008A 股投资策略周报告：基 本面预期改善将强化市场信心》 《20240929A 股月度金股：十月市场 积极有为》 社融及贷款增速有效支持实体经济发展。9 月末人民币贷款余额同比增长 8.1%。9 月末 M2 余额同比增 ...

| --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 证券研究报告 | | 电新 & 公用 | 报告日期： 2024 年 10 月 23 日 | | 9 月装机数据：光伏新增装机 | 20.89GW ，风电新增装机 5.5 ...

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| --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 证券研究报告 | | 电新 & 公用 | 报告日期： 2024 年 10 月 23 日 | | 9 月装机数据：光伏新增装机 | 20.89GW ，风电新增装机 5.5 ...

Investment Rating - The report maintains a "Recommended" rating for the construction materials industry, indicating a positive outlook due to favorable policies and improved seasonal demand [1]. Core Insights - The construction materials industry is expected to see a recovery in valuation driven by recent favorable policies in real estate and infrastructure, which are likely to boost demand for construction materials [1]. - In the cement sector, while demand recovery has been weak, the average price of cement has increased to 405.50 CNY/ton in September, reflecting a month-on-month rise of 21.79 CNY/ton. The industry is entering a demand peak season, and prices are expected to continue rising due to production adjustments and self-discipline measures within the industry [1][4]. - The glass industry is facing challenges with weak demand and rising inventory levels, although there are signs of price stabilization due to recent policy support [1][9]. - The fiberglass sector is experiencing growth in demand from the new energy vehicle and wind power sectors, while traditional construction demand is declining. This mixed demand scenario is expected to stabilize fiberglass prices in the upcoming quarters [15][20]. Cement Industry Summary - In the first nine months of 2024, national cement production reached 1.327 billion tons, a year-on-year decrease of 10.7%. The average cement price in September was 405.50 CNY/ton, with a slight recovery in demand expected as the industry enters its peak season [4][6]. - Infrastructure investment, excluding electricity, increased by 4.1% year-on-year, with significant issuance of special bonds to support project funding, which is anticipated to bolster cement demand [4][6]. Glass Industry Summary - The flat glass production in the first nine months of 2024 was 761 million weight cases, a year-on-year increase of 4.9%. However, the demand has significantly declined, with housing completion areas down by 24.4% [9][20]. - Despite a temporary improvement in market sentiment due to macroeconomic policies, the overall demand remains weak, and inventory levels are still high [9][20]. Fiberglass Industry Summary - The fiberglass industry is seeing strong demand from the automotive and wind power sectors, with a notable increase in production and exports. However, traditional construction demand is lagging, leading to a mixed outlook for the sector [15][20]. - The price of fiberglass has stabilized after a period of decline, and the demand from new energy sectors is expected to support price stability moving forward [15][20]. Consumer Building Materials Summary - The retail sales of building and decoration materials fell by 2.6% year-on-year in the first nine months of 2024. However, companies are actively exploring new business avenues and international markets to drive growth [20][24]. - The ongoing urban renewal initiatives are expected to release pent-up demand for consumer building materials, with several companies identified as potential beneficiaries [20][24].

证券研究报告 银行/非银金融 报告日期：2024 年 10 月 21 日 互换便利有望增强银行等红利资产流动性 ——金融周报 华龙证券研究所 最近一年走势 上周（10 月 14 日至 10 月 18 日，下同）A 股市场整体维持震荡， 金融各指数（申万）普遍上涨，上周沪深 300 指数上涨 0.98%， 全年涨幅为 14.4%；银行指数涨 2.62%，全年上涨 30.25%；非银 金融指数涨 2.49%，全年上涨 31.90%；证券指数涨 3.58%，全年 上涨 27.82%；保险指数涨 0.10%，全年涨幅至 45.60%。上周 A 股日均成交额继续维持高位，成交额日均 16680 亿元，但环比国 庆节后一周日均值减少 35%，市场受政策边际变化影响下有所分 化。两融余额继续增加至15947亿元，上周两融增幅放缓至0.92%， 两融规模自国庆前至上周放量大增超 2000 亿元，投资者加杠杆意 愿强烈。2024 年 9 月股票市场募资规模变化不大，募资家数 23 家，募集金额为 209 亿元，IPO 数量 10 家，IPO 募集资金 56 亿 元，发行市场仍维持较低规模。上周新发基金份额维持低位为 22 亿份 ...

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Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company has shown significant growth in performance, with a total revenue of 1.162 billion yuan in Q3 2024, representing a year-on-year increase of 16.16%. The net profit attributable to shareholders reached 159 million yuan, up 75.34% year-on-year, with basic EPS of 0.66 yuan, also reflecting a 75.35% increase [1]. - The company's profitability and cost control capabilities are steadily improving, with a gross profit margin of 40.82%, the highest in recent years. The company benefits from industry prosperity and its leading position in the sector [1]. - The company is positioned as a leader in domestic thermal power DCS and is expected to benefit from the domestic substitution process, with a significant market share in large control systems [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 1.162 billion yuan, a 16.16% increase year-on-year, and a net profit of 159 million yuan, a 75.34% increase year-on-year. The sales expense ratio, management expense ratio, and financial expense ratio have decreased by 2.11%, 0.77%, and 0.04% respectively, while R&D expenses increased by 0.78%, indicating good overall cost control [1]. - The company's contract assets grew by 94.55% compared to the beginning of the year, suggesting a strong pipeline for future revenue [1]. - The company forecasts net profits of 248 million yuan, 326 million yuan, and 408 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 19.1, 14.6, and 11.6 [4][5]. Market Position and Industry Outlook - The domestic automation sector is witnessing a rise of domestic enterprises, particularly in process automation, driven by the energy and petrochemical sectors. The company’s self-controlled DCS products are expected to gain further market space due to the domestic substitution trend [1]. - The company is projected to maintain stable growth in revenue contributions from industrial automation and industrial internet products, with an expected increase in sales gross margin from 2024 to 2026 [1].