国海证券：晨会纪要2024年第180期-20241023

Group 1: Shenhuo Co., Ltd. (000933) - In Q3 2024, Shenhuo Co., Ltd. reported a revenue of 28.09 billion yuan, a year-on-year increase of 6.0%, and a net profit of 1.25 billion yuan, a year-on-year decrease of 8.0% [2] - The decrease in income tax rate and the drop in electricity prices in Yunnan contributed to the performance improvement in Q3 [2] - The average price of aluminum in Q3 was 19,562 yuan/ton, up 3.8% year-on-year but down 4.7% quarter-on-quarter, while the average price of alumina was 3,917 yuan/ton, up 34.3% year-on-year [3] - The company expects revenue for 2024-2026 to be 39.35 billion, 40.78 billion, and 42.19 billion yuan, with net profits of 4.848 billion, 5.768 billion, and 6.316 billion yuan respectively [3] Group 2: Northern Huachuang (002371) - Northern Huachuang is a leading domestic semiconductor equipment manufacturer with a diversified platform layout [4] - The company has a significant market opportunity for domestic wafer fabrication expansion, with a projected chip self-sufficiency rate of 23.3% in 2023 [4] - Revenue forecasts for 2024-2026 are 30 billion, 39.4 billion, and 49.8 billion yuan, with net profits of 5.8 billion, 7.8 billion, and 9.9 billion yuan respectively [4] Group 3: Haida Group (002311) - Haida Group reported a total revenue of 84.861 billion yuan in the first three quarters of 2024, a year-on-year decrease of 2.38%, while net profit increased by 60.95% to 3.624 billion yuan [6] - The company’s competitive advantage is highlighted by its ability to improve profitability despite a challenging market environment [6] - The overseas business has seen significant growth, with sales reaching 1.71 million tons in 2023, a year-on-year increase of 24% [6] Group 4: Pianzaihuang (600436) - Pianzaihuang reported a revenue of 8.450 billion yuan in Q3 2024, a year-on-year increase of 11.19%, and a net profit of 2.687 billion yuan, also up 11.73% year-on-year [7] - The company has established an academic workstation and launched a strategic partnership to enhance its market presence [8] - Revenue projections for 2024-2026 are 11.206 billion, 12.478 billion, and 13.931 billion yuan, with corresponding net profits of 3.071 billion, 3.557 billion, and 4.125 billion yuan [8] Group 5: Xinlitai (002294) - Xinlitai reported a revenue of 3.001 billion yuan in Q3 2024, a year-on-year increase of 22.18%, with a net profit of 510 million yuan, up 6.37% [9] - The company is focusing on innovation, with plans to invest in overseas subsidiaries and introduce new drug candidates [10] - Revenue forecasts for 2024-2026 are 4.039 billion, 4.801 billion, and 5.648 billion yuan, with net profits of 637 million, 737 million, and 872 million yuan respectively [10]