三季报披露步入尾声！海内外存储业绩齐修复，钴业绩大涨不靠钴？

Group 1: Performance Overview - The report highlights that 379 companies achieved year-on-year net profit growth in the first three quarters, with 326 companies reporting profits exceeding 100 million [1] - Notable performers include ST 盛屯 and 腾远钴业, with profit growth rates of 637% and 156% respectively, while 寒锐钴业 and 华友钴业 lagged behind with growth rates below 30% [2][4] - The performance of these companies is attributed to their product mix, with ST 盛屯's revenue heavily reliant on copper and zinc, which accounted for over 50% of its revenue, while diamond revenue was only 5% [5][6] Group 2: Industry Trends - The demand for diamonds is gradually decreasing, and cobalt prices have been on a downward trend since March 2022, reaching historical lows without signs of recovery [4][5] - The report indicates a shift towards lithium iron phosphate materials, which are more cost-effective and safer, replacing cobalt in lithium batteries [3] - The performance of companies in the metals sector is increasingly linked to their mining resources, with those lacking direct mining operations facing challenges in profitability [12][13] Group 3: Semiconductor Sector Insights - 兆易创新 has shown a significant recovery in 2024, with a net profit of 830 million, representing a year-on-year increase of 91.9%, recovering to levels seen before 2021 [17][20] - The growth in 兆易创新's performance is attributed to a rebound in demand in the consumer and networking markets, as well as effective inventory destocking in the industrial sector [20][21] - The report notes that the DRAM segment, particularly niche DRAM products, is expected to benefit from the exit of major players from this market, allowing companies like 兆易创新 to capture market share [25][26]