山西证券：研究早观点-20241023

Market Trends - The overall market showed positive performance with the Shanghai Composite Index closing at 3,285.87, up by 0.54% [1] - The Shenzhen Component Index increased by 0.85%, while the ChiNext Index rose by 0.30% [1] Agricultural Sector - The agricultural sector is entering the Q3 performance realization period, with the pig farming sector experiencing a decline in prices [2] - As of October 18, the average price of external three yuan pigs in Sichuan, Guangdong, and Henan was 17.84, 18.45, and 17.37 yuan/kg, reflecting a week-on-week decrease of 3.52%, 2.89%, and 2.53% respectively [2] - The average pork price increased slightly to 25.08 yuan/kg, up by 0.24% week-on-week [2] - The profitability for self-breeding pigs was 346.01 yuan/head, while for purchased piglets it was 27.79 yuan/head [2] - The report suggests that the pig farming sector's adjustment phase may be nearing its end, recommending investments in companies like Wen's Foodstuffs, Tangrenshen, and Dongrui [2] Electronic Industry - TSMC's Q3 2024 performance exceeded expectations, driven by strong AI demand, with revenue reaching 759.69 billion NTD, a 39% year-on-year increase [4][5] - The semiconductor sector saw significant growth, with the semiconductor index rising by 10.07% [4] - The report highlights the ongoing strong demand for AI technologies, indicating a positive outlook for the semiconductor market [7] New Energy Systems - Solid-state batteries are identified as a key development direction for high-capacity secondary batteries, with significant advancements in performance and cost expected [10][11] - The report notes that solid-state batteries have clear application scenarios in high-end long-range vehicles and e-VTOLs, with production expected to ramp up significantly by 2026 [10][11] - Major companies like CATL and Qingtao Energy are leading the development of solid-state battery technologies [11][12] Chemical Raw Materials - BASF has postponed the resumption of production for vitamins A and E, which is expected to support prices in the market [9][10] - The report indicates that the domestic demand for vitamin E is anticipated to improve, with exports increasing by 31.35% year-on-year from January to August 2024 [10] - The market regulatory authority is actively supporting the development of the synthetic biology industry, which is projected to reach nearly 2 trillion yuan by 2033 [10] Company Insights - Haida Group reported a revenue of 84.861 billion yuan for the first three quarters of 2024, with a net profit increase of 60.95% year-on-year [15] - The company’s feed business has gained market share despite a slight decline in overall revenue due to lower feed prices [15] - The report suggests a positive outlook for Haida Group's profitability, projecting net profits of 43.77 billion yuan for 2024 [15][16] Investment Recommendations - The report recommends focusing on companies with strong global strategies and brand performance, particularly in the pet food sector [14] - It suggests monitoring the performance of companies like Zhongchong Co. and the ongoing adjustments in their self-owned brands [14] - The solid-state battery sector is highlighted for potential investment opportunities, particularly in companies leading technological advancements [12]