万联证券：万联晨会-20241030

Core Viewpoints - The A-share market experienced a collective decline on Tuesday, with the Shanghai Composite Index down 1.08%, the Shenzhen Component down 1.33%, and the ChiNext Index down 2.32%. The total trading volume in the Shanghai and Shenzhen markets was 20,615.71 billion yuan [5][6] - The European Commission announced the end of its anti-subsidy investigation, imposing a five-year final anti-subsidy tax on electric vehicles imported from China, with specific rates for companies like BYD at 17.0%, Geely at 18.8%, and SAIC at 35.3% [6] - The Director of the State-owned Assets Supervision and Administration Commission emphasized the acceleration of strategic emerging industries, particularly in telecommunications, aerospace, and new energy vehicles [6] Company Analysis: Proya Cosmetics (603605) - In Q3, Proya achieved a net profit attributable to shareholders of 999 million yuan, a year-on-year increase of 33.95%, with total revenue for the first three quarters reaching 6.966 billion yuan, up 32.72% [7][8] - The gross profit margin for Q3 was 70.71%, with a slight year-on-year decrease of 1.95 percentage points, while the net profit margin remained stable at 15.19% [8] - The average selling price of skincare products increased by 24.64% year-on-year, while the average selling price of color cosmetics and hair care products saw a slight decline [8] Company Analysis: Focus Media (002027) - Focus Media reported a revenue of 9.261 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 6.76%, with a net profit of 3.968 billion yuan, up 10.16% [9][10] - The domestic advertising market is showing signs of recovery, with a 3.1% increase in advertising spending from January to August 2024, driven by events like the Olympics and promotional activities [9] - The company is expanding its media resources both domestically and internationally, with a significant increase in overseas media installations [10]