国海证券：晨会纪要2024年第173期-20241014

Group 1: Great Wall Motors - In September, Great Wall Motors achieved sales of 108,000 vehicles, with a month-on-month increase of 14.8% and a year-on-year decrease of 10.9% [2][3] - The sales of the Haval brand reached 63,000 units in September, with a year-on-year decrease of 14.7% but a month-on-month increase of 12.0% [2][3] - The company has seen significant growth in its WEY brand, with sales of 6,755 units in September, marking a year-on-year increase of 165.1% and a month-on-month increase of 125.1% [2][3] - The company is expanding its overseas market, with September overseas sales reaching 44,000 units, a year-on-year increase of 46.9% [3][4] Group 2: Xianle Health - Xianle Health has transitioned from a pharmaceutical company to a leading CDMO in the nutritional health food sector, with a revenue growth from 1.58 billion yuan in 2019 to 3.58 billion yuan in 2023, representing a CAGR of 22.72% [5][6] - The company has established a global presence, with overseas revenue accounting for 29.15% of total revenue in 2023, indicating a strong growth trajectory in international markets [5][6] - The global health food market is projected to grow from $155.1 billion in 2020 to $187.3 billion in 2023, with a CAGR of 6.5%, highlighting the industry's robust demand [6][7] Group 3: Cloud Music - Cloud Music reported a revenue of 4.07 billion yuan in H1 2024, a year-on-year increase of 4.1%, with a significant improvement in adjusted net profit by 165.4% [8][9] - The online music business generated 2.56 billion yuan in revenue, with membership subscription sales accounting for 83.8% of this figure, driven by an increase in paid users [9][10] - The company has successfully expanded its independent music artist base, with over 732,000 registered independent musicians by the end of H1 2024 [9][10] Group 4: Chip Motion Technology - Chip Motion Technology specializes in high-performance silicon-based MEMS inertial sensors, achieving a revenue growth from 80 million yuan in 2019 to 317 million yuan in 2023, with a CAGR of 41% [11][12] - The global MEMS market is expected to grow from $14.75 billion in 2022 to $22.25 billion in 2027, with a CAGR of 8.57%, indicating strong demand for MEMS sensors [11][12] - The company has a strong patent portfolio with 23 invention patents and 22 utility model patents, positioning it well in the competitive landscape [12][13]