山西证券：研究早观点-20241008

Market Trends - The report highlights the performance of the stock market indices, with the Shanghai Composite Index closing at 3,336.50, reflecting an increase of 8.06% [1] - The Shenzhen Component Index and other indices also showed significant gains, indicating a positive market sentiment [1] Company Insights - Yonggui Electric (300351.SZ) has secured contracts for the procurement and installation of electromechanical systems for the Monterrey Metro lines in Mexico, amounting to 9.006 million yuan, and a battery procurement contract worth 11.2774 million yuan [8] - The company reported a substantial growth of nearly 50% in its vehicle-mounted and energy information segments, with total revenue reaching 851 million yuan, a year-on-year increase of 25.28% [9] - The rail transit segment, while slightly under pressure, still shows potential for growth due to the high barriers to entry in connector business and ongoing expansion into non-connector products [9][10] Industry Analysis - The manufacturing sector's PMI for September was reported at 49.8%, indicating a slight improvement from the previous month, attributed to the easing of adverse weather conditions and accelerated issuance of special bonds [3] - The non-manufacturing PMI fell to 50.0%, with the service sector experiencing a decline, particularly in transportation and entertainment due to seasonal factors [4] - The lithium battery industry saw a contraction in revenue and net profit in the first half of 2024, with revenues down 9.3% year-on-year to 511.44 billion yuan [6][7] - The midstream battery sector remains stable, with a decrease in industry concentration compared to 2023, and exports of power batteries are on the rise [7][8] Investment Recommendations - The report suggests maintaining a focus on Yonggui Electric's core rail transit connector business while expanding into non-connector products, indicating long-term growth potential [10] - The lithium battery sector is recommended for investment, particularly in companies like CATL, with a focus on the stable midstream battery market and low raw material prices [8]