东海证券：晨会纪要-20241105

Group 1: Semiconductor Industry Insights - The semiconductor industry is characterized by cyclical and growth dynamics, with significant pressure at the current cycle's bottom and strong domestic growth potential [6][9] - In 2023, China's semiconductor imports reached $351 billion, while exports were only $137.1 billion, indicating a dependency on foreign technology [6][9] - The global semiconductor sales growth in 2024 is primarily driven by a significant increase in storage module prices, with a year-on-year increase of 20-70% since Q3 2023 [7][8] Group 2: Yangjie Technology (300373) Performance - Yangjie Technology reported a record high revenue of 4.424 billion yuan for the first three quarters of 2024, a year-on-year increase of 9.48% [11] - The automotive electronics segment saw a remarkable growth of 60% year-on-year, driven by strong domestic demand and high entry barriers for automotive-grade products [12] - The company maintains a high capacity utilization rate and is expanding production, particularly in automotive electronics, with expectations for continued growth [13][14] Group 3: Boya Bio (300294) Overview - Boya Bio achieved a revenue of 1.245 billion yuan in the first three quarters of 2024, a decrease of 43.16% year-on-year, primarily due to the divestment of certain subsidiaries [17][18] - The company reported a 12.39% increase in plasma collection volume, reaching 387.44 tons, indicating a positive trend in its blood products business [18] - Boya Bio's R&D pipeline is progressing, with several products in clinical trials and expected market entry in the coming years [18] Group 4: Huayang Group (002906) Financial Performance - Huayang Group's Q3 2024 revenue reached 2.648 billion yuan, a year-on-year increase of 37%, with net profit rising by 54% [20][21] - The company is experiencing rapid growth in automotive electronics and precision die-casting products, benefiting from increased demand in these sectors [20][21] - Huayang Group's global expansion strategy is yielding results, with new contracts from various domestic and international automotive brands [21][22] Group 5: Hengli Petrochemical (600346) Market Position - Hengli Petrochemical reported a total revenue of 177.857 billion yuan for the first three quarters of 2024, a slight increase of 2.71% year-on-year, but net profit declined by 10.45% [23][24] - The fluctuation in crude oil prices has impacted product margins and inventory levels, with Brent crude averaging $78.82 per barrel in Q3 2024 [24] - The company is focusing on expanding its high-performance resin and new materials projects, which are expected to be fully operational by the second half of 2024 [25][26]