山西证券：研究早观点-20241028

Market Overview - The Shanghai Composite Index closed at 3,299.70, with a gain of 0.59% [1] - The Shenzhen Component Index closed at 10,619.85, with a gain of 1.71% [1] - The ChiNext Index closed at 2,238.90, with a gain of 2.93% [1] Industry Commentary: Computer - Huawei officially launched HarmonyOS NEXT (also known as HarmonyOS 5.0) on October 22, with over 15,000 native Harmony applications available, covering 18 industries [3] - The ecosystem of devices running HarmonyOS has exceeded 1 billion units [3] - The system has seen a performance upgrade of over 30%, with battery life extended by nearly one hour [4] - Security features have been enhanced, including a new data management mechanism to protect user privacy [4] - The cross-device connectivity speed has improved by 3 times, with a 20% reduction in power consumption [4] - The migration of top 5,000 applications to HarmonyOS is underway, with a target of reaching 500,000 applications in stages, ultimately aiming for 2 million applications [4] Industry Commentary: Chemical - Juhua Co., Ltd. reported a revenue of 17.906 billion yuan for the first three quarters of 2024, an increase of 11.83% year-on-year [6] - The net profit attributable to shareholders was 1.258 billion yuan, up 68.40% year-on-year [6] - In Q3, the company achieved a revenue of 5.826 billion yuan, a decrease of 1.53% year-on-year and 11.86% quarter-on-quarter [7] - The sales volume of fluorine fine chemicals increased significantly, with a year-on-year increase of 286.18% [7] - The company is expected to benefit from the sustained high demand in the refrigerant market, with a favorable outlook for future performance [7] - EPS forecasts for 2024-2026 are 0.77, 1.02, and 1.09 respectively, with corresponding PE ratios of 26.2, 20.0, and 18.7 [8]