Investment Rating - The report maintains a "Strong Buy" rating for China Jushi Co., Ltd. [3][6] Core Views - The company reported a revenue of 11.632 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.81%, while net profit attributable to shareholders decreased by 42.66% to 1.533 billion yuan [3][4] - The company has started a price recovery since the second quarter of 2024, with sales prices improving compared to the first quarter, driven by strong demand in wind power and thermoplastic short-cut products [4][6] - The company’s gross margin stabilized at 28.18% in Q3 2024, an increase of 1.04 percentage points year-on-year, after a continuous decline since 2021 [4][5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 23.74%, down 4.93 percentage points year-on-year, significantly lower than the high of 46.21% in the same period of 2021 [5][10] - The company’s operating cycle improved to 175.10 days, a decrease of 10.35 days year-on-year, indicating better inventory turnover [5][10] Market Demand and Growth - The cumulative installed capacity of wind power in China reached 39.12 million kilowatts from January to September 2024, a year-on-year increase of 16.85%, contributing to the demand for the company’s products [4][6] - The demand for new energy vehicles also increased, with production rising by 33.8% year-on-year in the same period, further boosting the demand for thermoplastic short-cut products [4][6] Future Outlook - The company is expected to achieve net profits of 2.119 billion, 2.700 billion, and 3.698 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.53, 0.67, and 0.92 yuan [6][10] - The current stock price corresponds to PE ratios of 21.18, 16.62, and 12.14 for 2024, 2025, and 2026, indicating strong growth potential [6][10]

东 兴 晨 报 东 兴 证 券 股 份 有 限 公 司 分析师推荐 【东兴农林牧渔】中宠股份（002891.SZ）：境内外业务持续增长，境内业务 实现盈利（20241028） 事件：公司公布 2024 年三季报，公司 2024 年前三季度实现营业收入 31.89 亿元，yoy17.56%，归母净利润 2.82 亿元，yoy59.54%；其中第三季度实 现营业收入 12.32 亿元，yoy23.55%，归母净利润 1.40 亿元，yoy73.18%。 境内外业务稳步推进，境内业务实现盈利。境外业务，公司一方面努力扩大 OEM/ODM 产品市场规模的，另一方面积极培育自主品牌市场，通过参加国 际展会、投放广告等方式不断加强自主品牌的海外市场推广力度。截止 24Q3 公司已在全球拥有 22 间现代化宠物食品生产基地，产品已出口至全球五大 洲 82 个国家和地区，自主品牌出口至全球五大洲 68 个国家和地区。境内业 务，公司国内自主品牌持续推进，境内业务今年已经实现全面盈利，未来随 着生产端效率提升，产品结构优化，直营渠道优化等举措，盈利能力有望持 续提升。 毛利率同比提升，投资收益贡献盈利。24 前三季度公司整体毛 ...

Investment Rating - The report maintains a "Buy" rating for Jiangfeng Electronics (300666.SZ) [1][2] Core Views - Jiangfeng Electronics reported a revenue of 2.625 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 41.77%. The net profit attributable to the parent company, excluding non-recurring items, was 262 million yuan, up 87.32% year-on-year [1][2] - The company achieved a single-quarter revenue of 998 million yuan in Q3 2024, a year-on-year increase of 52.48%, with a net profit of 93 million yuan, reflecting a growth of 119.33% year-on-year. This performance is attributed to the continuous growth in sales of high-purity sputtering targets and the accelerated release of precision component products [1][2] - Jiangfeng Electronics has increased its R&D investment to 165 million yuan in the first three quarters of 2024, a year-on-year increase of 42.45%, emphasizing its commitment to cutting-edge technology and innovation [1][2] Financial Performance Summary - For 2024E, the company is projected to achieve a revenue of 3.312 billion yuan, with a growth rate of 27.31%. The net profit is expected to reach 384 million yuan, reflecting a growth rate of 50.30% [2][3] - The earnings per share (EPS) forecast for 2024, 2025, and 2026 are 1.45 yuan, 1.86 yuan, and 2.36 yuan respectively [2][3] - The company’s total assets are projected to be 6.156 billion yuan in 2024, with a total liability of 1.763 billion yuan, indicating a healthy balance sheet [3] Share Buyback - As of September 10, 2024, Jiangfeng Electronics has repurchased 1.0202 million shares, accounting for 0.3845% of the total share capital, demonstrating confidence in its business outlook and future development [1][2] Industry Position - Jiangfeng Electronics is recognized as a leader in the domestic semiconductor target material market, with a strong focus on precision components and continuous growth in its core business segments [1][2]

Investment Rating - The report rates the metamaterial industry as "positive" with a strong growth outlook due to its wide application potential and increasing market demand [8][25]. Core Insights - Metamaterials are artificially designed materials that exhibit extraordinary physical properties not found in natural materials, enabling functionalities such as negative refraction and cloaking [7][10]. - The global metamaterial market has shown rapid growth, reaching a size of $1.54 billion by 2020, with projections indicating continued expansion driven by technological advancements and application diversification [7][25][26]. - Major global powers and industry leaders are heavily investing in metamaterial technology, recognizing its strategic importance in military and advanced technology applications [8][29]. Summary by Sections What are Metamaterials? - Metamaterials are composite materials with engineered structures that provide unique electromagnetic, acoustic, thermal, and mechanical properties [7][10]. - They can be designed to manipulate waves in ways that natural materials cannot, such as achieving negative refractive indices [10][15]. Advantages Over Natural Materials - Metamaterials offer design flexibility, allowing for the creation of properties that do not exist in natural materials, such as negative permittivity and permeability [12][13]. - Their unique characteristics enable applications in various fields, including optics, acoustics, and energy [12][15]. Application Areas and Market Outlook - Metamaterials have significant potential in stealth technology, communication, imaging, medical applications, and energy sectors [8][21][23]. - The Chinese metamaterial market is expected to grow rapidly, reaching approximately 31.6 billion yuan by 2029, with a compound annual growth rate (CAGR) of 24.18% from 2018 to 2022 [25][27]. Importance to Major Technology Powers - The U.S. Department of Defense has prioritized metamaterials as a key area of research, with significant investments from major tech companies like Intel and AMD [8][29]. - Countries like Japan and Russia also view metamaterials as critical for next-generation stealth technologies [8][29]. Beneficiaries of Metamaterial Technology - The supply chain for metamaterials includes raw materials like graphene and fiberglass, which are expected to see increased demand as metamaterial applications expand [31][32]. - The technology is anticipated to benefit various downstream industries, including military, telecommunications, and energy sectors [8][31]. Market Dynamics - The global metamaterial market is projected to grow from $2.09 billion in 2023 to $54.86 billion by 2030, with a CAGR of 60.3% from 2024 to 2030 [26]. - The competitive landscape is fragmented, with key players holding only 15% of the market share, indicating opportunities for new entrants [26].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its long-term growth potential [5]. Core Insights - The company reported a steady growth in Q3 2024, with revenue reaching 6.966 billion yuan, a year-on-year increase of 32.7%, and a net profit of 999 million yuan, up 33.95% year-on-year [1]. - The main brand, Proya, showed resilience with over 30% revenue growth in Q3, accounting for 79% of total revenue, while sub-brands also demonstrated positive growth [2]. - Online sales channels generated 6.528 billion yuan in revenue for the first three quarters of 2024, marking a 38.48% increase year-on-year, while offline channels saw a decline of 18.08% [2]. - The company's gross profit margin for the first three quarters of 2024 was 70.07%, reflecting a slight decrease, but the gross sales margin improved in Q3 compared to previous quarters [3]. - Despite increased competition from international beauty brands, the company maintained a strong market position, ranking top in various e-commerce platforms [4]. - The company is expected to exceed its stock incentive targets for the year, with a focus on brand expansion and international market penetration [4]. Financial Summary - Revenue projections for 2024-2026 are estimated at 15.68 billion yuan, 19.37 billion yuan, and 22.9 billion yuan, respectively, with corresponding EPS of 3.97 yuan, 4.91 yuan, and 5.8 yuan [5]. - The company's PE ratios for 2024-2026 are projected to be 25, 20, and 17 times, respectively, indicating a favorable valuation compared to its growth prospects [5]. - The company’s net profit margin for the first three quarters of 2024 was 14.68%, showing stable profitability despite market challenges [3].

Investment Rating - The report gives a "Recommend/First" rating to Sichuan Chuanhuan Technology (300547 SZ) [1] Core Views - Sichuan Chuanhuan Technology is a leading domestic supplier of automotive pipeline systems, with a strong focus on R&D and cost control, positioning it for potential excess growth [1] - The company benefits from the growth of the automotive pipeline market driven by emission upgrades and the expansion of new markets such as energy storage and data centers [2] - The company's strong R&D capabilities, cost control, and market expansion in traditional and emerging sectors are key investment highlights [3] Company Overview - Sichuan Chuanhuan Technology specializes in the R&D, design, manufacturing, and sales of rubber and plastic hoses for automotive and motorcycle applications [4] - The company has a diverse product portfolio, including fuel system hoses, cooling system hoses, brake system hoses, and more, earning it the nickname "Automotive Hose Supermarket" [15] - It has a strong customer base, covering over 50 automotive OEMs and 50 motorcycle manufacturers, with partnerships with major players like BYD, Geely, and SAIC [16] Market Opportunities - The automotive pipeline market is expected to grow due to stricter emission regulations and the rise of new energy vehicles (NEVs), with the thermal management pipeline market in China projected to reach 15 1 billion yuan by 2024 [2] - The energy storage and data center markets present new growth opportunities, with the energy storage liquid cooling pipeline market in China expected to reach 4 5 billion yuan by 2028 and the data center liquid cooling market projected to reach 2 2-3 1 billion USD by 2028 [2] Financial Performance - The company's revenue has been growing steadily, with 2023 revenue reaching 1 109 billion yuan, a 22 3% year-on-year increase, and H1 2024 revenue growing by 39 1% year-on-year [1] - Net profit margins have improved from 13 5% in 2021 to 14 6% in 2023 and 15 4% in H1 2024, driven by strong cost control and operational efficiency [1] - The company's gross margin has remained stable, with a 2023 gross margin of 25 83% and H1 2024 gross margin of 25 13% [23] R&D and Innovation - The company has strong R&D capabilities, with a focus on material and process innovation, as evidenced by its numerous patents and R&D projects [3] - It has developed advanced materials and processes, such as modified fuel pipeline materials and liquid cooling pipeline TPV materials, to meet the demands of new energy vehicles and other emerging markets [56] Competitive Advantages - Sichuan Chuanhuan Technology has a competitive edge in cost control, with lower period expense rates compared to peers, contributing to higher profitability [3] - The company's ability to provide integrated pipeline solutions and its strong customer relationships in both traditional and emerging markets further enhance its competitive position [3] Future Growth Prospects - The company is expected to achieve revenue of 1 45 billion yuan in 2024, 1 84 billion yuan in 2025, and 2 34 billion yuan in 2026, with net profits of 210 million yuan, 263 million yuan, and 335 million yuan respectively [8] - The growth is driven by the expansion of the automotive pipeline market, particularly in NEVs, and the company's successful entry into the energy storage and data center markets [2][3]

Investment Rating - Strong Buy/Maintain [3] Core Views - The company achieved revenue of 3.189 billion yuan in the first three quarters of 2024, a year-on-year increase of 17.56%, and net profit attributable to the parent company of 282 million yuan, a year-on-year increase of 59.54% [3] - In Q3 2024, the company achieved revenue of 1.232 billion yuan, a year-on-year increase of 23.55%, and net profit attributable to the parent company of 140 million yuan, a year-on-year increase of 73.18% [3] - The company has 22 modern pet food production bases globally, exporting products to 82 countries and regions across five continents, with self-owned brands exported to 68 countries and regions [3] - Domestic business has achieved profitability, with future profitability expected to improve through production efficiency enhancements, product structure optimization, and direct sales channel improvements [3] Financial Performance - Gross margin for the first three quarters of 2024 was 27.55%, an increase of 1.70 percentage points year-on-year [4] - Sales, management, R&D, and financial expense ratios for the first three quarters were 10.45%, 4.17%, 1.60%, and 0.53%, respectively, with a combined increase of 1.63 percentage points year-on-year [4] - The company's net profit margin reached 9.48%, an increase of 1.18 percentage points year-on-year, driven by investment income of 33.3 million yuan from Zhongchong Huiying Industrial Fund [4] Domestic Brand Development - The company's three major self-owned brands, ZEAL, Toptrees, and Wanpy, have shown rapid growth in the domestic market [4] - ZEAL partnered with the popular IP "Naiwa Family" and launched products on Li Jiaqi's live streaming platform [4] - Toptrees collaborated with the hit drama "Empresses in the Palace," leading to strong sales growth both online and offline [4] - Wanpy launched new products such as "Wanpy Little Golden Shield" cat food and freeze-dried goat milk sticks during the Asia Pet Expo [4] Future Projections - The company is expected to achieve net profit attributable to the parent company of 302 million yuan, 399 million yuan, and 492 million yuan in 2024, 2025, and 2026, respectively [5] - EPS is projected to be 1.03 yuan, 1.36 yuan, and 1.67 yuan for 2024, 2025, and 2026, respectively [5] - PE ratios are expected to be 29x, 22x, and 18x for 2024, 2025, and 2026, respectively [5] Company Overview - The company operates globally in the pet food industry with multiple self-owned brands, including Wanpy, Natural Farm, and Dr. Hao [6] - Products are sold in over 30 countries and regions, including Japan, the US, Canada, Germany, and the UK [6] Financial Data - The company's 52-week stock price range is 18.0 to 29.84 yuan, with a total market capitalization of 8.638 billion yuan [6] - The company's total shares outstanding are 294.11 million, with a 52-week average turnover rate of 2.84% [6] Historical Performance - Revenue growth rates for 2022, 2023, and 2024E are 12.72%, 15.37%, and 17.56%, respectively [8] - Net profit growth rates for 2022, 2023, and 2024E are -8.38%, 120.12%, and 29.35%, respectively [8] - ROE for 2022, 2023, and 2024E are 5.13%, 10.44%, and 11.95%, respectively [8]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report indicates a recovery in both new and second-hand housing sales, with monthly sales area showing a year-on-year increase [2][3] - The central government's policy focus is shifting from stabilization to promotion, indicating a clear intention to support the recovery of the real estate market [4] Summary by Sections Industry Overview - The real estate sector consists of 114 stocks with a total market value of 1,334.614 billion yuan and a circulating market value of 1,233.619 billion yuan [1] - The average industry price-to-earnings ratio is -28.66 [1] Sales Data - In 26 cities, the new housing sales area for the week of October 21-27 was 3.929 million square meters, down from 4.213 million square meters the previous week [2] - The cumulative year-on-year growth rate for new housing sales area from January 1 to October 27 is -19.51%, improving from -20.11% previously, with a monthly growth rate of 4.62% compared to -11.34% last month [2] - For second-hand housing, the sales area for the same week was 1.517 million square meters, up from 1.469 million square meters the previous week, with a cumulative year-on-year growth rate of 3.89% [2] Policy Developments - Yunnan Province introduced "18 measures" to stabilize the real estate market, focusing on controlling new construction, optimizing existing stock, and adjusting housing loan rates [4] - In Foshan, the cancellation of sales restrictions and an increase in loan limits for multi-child families purchasing their first home were announced [4] Investment Recommendations - The report suggests that the real estate sector is experiencing positive and sustained policy support on both supply and demand sides, indicating potential investment opportunities [4]

东 兴 晨 报 东 兴 证 券 股 份 有 限 公 司 分析师推荐 【东兴食品饮料】食品饮料行业：调味品景气度逐步改善，估值存在修复空 间（20241025） 今年消费整体较疲弱，但调味品依然处于缓慢复苏当中，部分调味品公司的 经营已经出现改善迹象。经历了 22-23 年的两年低谷，24 年海天味业收入利 润双双恢复增长，中炬高新经过管理层的调整，虽然收入依然下滑，但利润 已经明显恢复。据红餐大数据，2024 年 8 月，全国餐饮景气指数攀升至 119.7， 较前一期的 117.4（7 月）有所提升，这标志着餐饮行业整体上处于扩张之中。 2024 年 9 月社会消费品零售总额餐饮当月同比 3.10%，较 8 月份回落 0.2 个百分点，社零数据依然较低迷。我们推测，社零数据更偏向规模以上餐饮 企业，统计口径与红餐大数据有所不同导致两者数据有一定差异，但总体餐 饮依然处于缓慢复苏阶段，餐饮的复苏将带动调味品复苏。 著提升。其中，上海市的餐饮业线下消费达到了 81.92 亿元，同比大幅增长 44.8%；河北省重点监测的 194 家零售企业和 95 家餐饮企业实现了约 31.8 亿元的商品销售额和营业收入，同比增长 ...

Group 1: Electronic Industry - The report discusses the rise of the Android system, which has maintained a market share of over 65% in China from Q4 2022 to Q1 2024 due to its compatibility, rich functionality, strong application ecosystem, and openness [1][2] - Huawei's HarmonyOS was launched in response to concerns over Google's supply cuts, achieving a market share increase from 8% in Q1 2023 to 17% in Q1 2024, surpassing Apple's iOS [1][2] - The report highlights the advantages of the new HarmonyOS NEXT, including system-level AI capabilities, innovative architecture, enhanced security, and seamless connectivity across devices [2] Group 2: Express Delivery Industry - In September, the national express delivery service volume reached 14.97 billion pieces, a year-on-year increase of 18.8%, although the growth rate slightly declined from August's 19.4% [3] - The report notes that the average single ticket price in the express delivery industry remained stable month-on-month, with a year-on-year decline of 12.5%, indicating a potential easing of price competition [3] - The report suggests that the price competition in the express delivery sector is expected to moderate, especially as the industry enters a peak season in Q4 [3] Group 3: Metal Industry - The report indicates a shift in the pricing logic of the gold market, where supply and demand attributes are becoming more significant in determining price resilience [4][5] - Global gold supply has shown a rigid characteristic, with an average annual production of around 3,484 tons over the past decade, indicating limited growth potential [4][5] - Investment demand for gold has become a new growth point, with significant increases in ETF and central bank purchases, contrasting with declines in traditional gold demand categories [4][5] Group 4: Non-Banking Financial Sector - The report anticipates that the effects of favorable policies in the non-banking financial sector will gradually manifest, with a positive outlook for the capital market and real estate [6] - It emphasizes that the pace of capital market reforms and macroeconomic recovery will be key factors influencing the valuation of the brokerage industry [6] - The report highlights the expected recovery in insurance demand due to increased consumer awareness and the anticipated decline in deposit rates, benefiting insurance companies [6] Group 5: Food and Beverage Industry - The report notes that recent government policies aimed at economic stabilization have boosted market confidence, reflected in a 3% increase in the food and beverage sector index [8] - It highlights the upcoming consumption peaks during the New Year and Spring Festival as critical periods for demand recovery in the food and beverage sector [8] - The report recommends focusing on cyclical sectors such as liquor and condiments, specifically mentioning companies like Kweichow Moutai and Wuliangye [8]