国海证券：晨会纪要2024年第179期-20241022

Group 1: JD Group - E-commerce - JD Group is expected to achieve total revenue of 261.3 billion yuan in Q3 2024, a year-on-year increase of 5.5%, driven by the "old-for-new" policy boosting sales in electric categories [2][3] - JD Retail revenue is projected to grow by 5.2% year-on-year to 223.1 billion yuan in Q3 2024, with a slight decrease in operating profit margin to 5% [3] - The Non-GAAP net profit for JD Group is anticipated to reach 11.8 billion yuan in Q3 2024, reflecting an 11% year-on-year increase, with a net profit margin improvement to 4.5% [2][3] Group 2: Ruihu Mould - Automotive Parts - Ruihu Mould reported Q3 2024 revenue of 605 million yuan, a year-on-year increase of 37.97%, primarily benefiting from the sales growth of its core client, Chery Automobile, which saw a 30.82% increase in sales [5][6] - The company’s net profit for Q3 2024 is expected to be 91 million yuan, up 41.61% year-on-year, with a sales net profit margin of 17.21% [6] - Ruihu Mould's order backlog for automotive manufacturing equipment reached 3.93 billion yuan, indicating strong revenue predictability for the near future [5] Group 3: Coal Industry - The coal market is experiencing narrow price fluctuations, with domestic prices declining due to seasonal demand drops, while import prices remain stronger [7][8] - The coal industry is expected to maintain a tight balance in the coming years, characterized by high profitability, strong cash flow, and high dividend yields [7] - Key stocks to watch in the coal sector include Yanzhou Coal, Guohua Energy, and Shanxi Coking Coal, with recommendations to capitalize on the sector's value attributes [7] Group 4: Xin Yang Feng - Agricultural Products - Xin Yang Feng reported Q3 2024 revenue of 3.948 billion yuan, a year-on-year increase of 2.92%, with a net profit of 375 million yuan, reflecting a 24.88% increase [9][10] - The company benefits from rising prices of monoammonium phosphate, with a price increase of 17.92% year-on-year in Q3 2024 [9] - Xin Yang Feng's capital expenditures are aimed at expanding its production capacity and enhancing its product offerings in the phosphate industry [10] Group 5: Hesheng Technology - Automotive Laser Radar - Hesheng Technology has secured exclusive contracts for the next-generation vehicle platform laser radar with Leap Motor, with the first model expected to be mass-produced in 2025 [13][14] - This partnership signifies a deepening collaboration, potentially accelerating the internationalization of Hesheng's laser radar technology [13] Group 6: Laopu Gold - Precious Metals - Laopu Gold has seen rapid revenue growth, with 2021-2023 CAGR of 58.6% in revenue and 91% in net profit, driven by its unique craftsmanship and high-end positioning [18][19] - The company plans to expand its store network significantly, with a focus on high-end shopping centers, aiming to open approximately ten new stores in mainland China over the next three years [19][20] - The market for ancient gold jewelry is growing rapidly, with a CAGR of 64.6% from 2018 to 2023, indicating substantial growth potential for Laopu Gold [18][19]