国海证券：晨会纪要2024年第183期-20241028

Key Insights - The report highlights a significant recovery in orders and performance across various companies, indicating a positive trend in the market [5][11][15] - Companies are focusing on product structure optimization and channel efficiency to enhance profitability [8][10][26] - The overall economic environment shows signs of recovery, with downstream demand gradually improving [15][30] Company Summaries Tianwei Foods (603317) - For Q3 2024, Tianwei Foods reported revenue of 896 million yuan, a year-on-year increase of 10.93%, and a net profit of 186 million yuan, up 64.79% year-on-year [8] - The company achieved a gross margin of 38.83%, an increase of 0.77 percentage points year-on-year, driven by cost reductions and product upgrades [9] - The online sales channel saw a remarkable growth of 55% year-on-year, contributing to the overall revenue increase [8] Dongfang Cable (603606) - Dongfang Cable's Q3 2024 revenue reached 2.631 billion yuan, a 58.3% increase year-on-year, with a net profit of 288 million yuan, up 40.3% [11] - The company maintained a stable gross margin of 21.74%, indicating consistent profitability [11] - The backlog of orders has significantly increased, with a total of 4.098 billion yuan in hand orders as of late October 2024 [12] Jiete Bio (688026) - Jiete Bio reported a revenue of 391 million yuan for the first three quarters of 2024, an 18.56% increase year-on-year, with a net profit of 50 million yuan, up 259.26% [15] - The gross margin improved to 39.78%, reflecting better cost management and increased demand [15] - The company is actively enhancing its product development capabilities in response to market trends [17] Lixiao Technology (300487) - Lixiao Technology achieved a revenue of 1.892 billion yuan for the first three quarters of 2024, a 19.99% increase year-on-year, with a net profit of 596 million yuan, up 15.10% [19] - The gross margin for Q3 was 51.20%, indicating a strong performance despite a slight decline in net profit compared to the previous quarter [20] - The company is focusing on expanding its core product lines and enhancing operational efficiency [21] Chip Source Microelectronics (688037) - Chip Source Microelectronics reported a revenue of 1.105 billion yuan for the first three quarters of 2024, a decrease of 8.44% year-on-year, with a net profit of 108 million yuan, down 51.12% [22] - The gross margin improved to 46.22%, reflecting ongoing investments in research and development [23] - The company is experiencing fluctuations in revenue due to uneven order distribution and production cycles [22] Electric Power Investment (002128) - Electric Power Investment reported a revenue of 21.81 billion yuan for the first three quarters of 2024, a 10.54% increase year-on-year, with a net profit of 4.4 billion yuan, up 22.73% [30] - The coal business remains stable, with a high proportion of long-term contracts mitigating market volatility [30] - The company is benefiting from rising aluminum prices, which are expected to support profitability [31] Beite Technology (603009) - Beite Technology achieved a revenue of 487 million yuan in Q3 2024, a slight increase of 1.7% year-on-year, with a net profit of 23 million yuan, up 128.6% [33] - The gross margin improved significantly, indicating effective cost management strategies [33] - The company is focusing on developing its second growth curve through innovative product offerings [33]