万联证券：万联晨会-20241105

Core Views - The A-share market saw all three major indices rise on Monday, with the Shanghai Composite Index up 1.17%, the Shenzhen Component Index up 1.99%, and the ChiNext Index up 2.93%. The total trading volume in the Shanghai and Shenzhen markets reached 1.69 trillion yuan. The automotive, non-bank financial, and machinery sectors led the gains, while steel, real estate, and public utilities lagged behind [1][6] - The Hong Kong market also experienced gains, with the Hang Seng Index rising 0.3% and the Hang Seng Tech Index up 1.08%. In contrast, the three major U.S. indices collectively fell, with the Dow Jones down 0.61%, the S&P 500 down 0.28%, and the Nasdaq down 0.33% [1][6] Important News - The Science and Technology Innovation Board (STAR Market) was established six years ago, with 577 companies listed as of November 5, 2024. These companies belong to strategic emerging industries, raising a total of 914.2 billion yuan through IPOs and 162.3 billion yuan through refinancing, exceeding one trillion yuan in total. The STAR Market's inclusive listing conditions have allowed 54 unprofitable companies, 8 with special equity structures, 7 red-chip companies, and 20 companies under the fifth set of standards to go public [2][7] Industry Analysis - The SW Electronics sector showed overall positive performance in the first three quarters of 2024, with a revenue of 238.01 billion yuan, a year-on-year increase of 17.37%. The overall expense ratio was 11.13%, down 0.42 percentage points year-on-year, indicating good cost control. The net profit attributable to shareholders reached 10.08 billion yuan, up 37.94% year-on-year, outpacing revenue growth [8][9] - Within the semiconductor sub-sector, digital chip design performed well, with revenue growth across all three sub-sectors. The digital chip design and integrated circuit testing sub-sectors saw significant year-on-year growth of 214.96% and 58.33%, respectively, driven by the rapid growth of AI computing and recovery in terminal device demand [8][9] - The consumer electronics sector faced profit pressure, while the components and assembly sub-sectors performed better. The brand consumer electronics segment's net profit growth lagged behind revenue growth due to rising raw material costs. However, the upcoming product launches and promotional activities in Q4 are expected to boost demand [8][9] - The optical and optoelectronic sub-sectors saw a turnaround in net profit, with significant improvements in the profitability of panels and optical components, benefiting from downstream demand recovery and optimized supply-side dynamics [8][9] - The investment recommendation suggests focusing on structurally favorable opportunities in high-performing sub-sectors such as digital chip design, testing, optical components, and panels, as the overall performance of the SW Electronics sector is expected to grow year-on-year [9]