山西证券：研究早观点-20241105

Industry Overview - The solar energy sector is encouraged by six departments to implement renewable energy substitution actions, with stable component prices [14][15][20] - The national renewable energy consumption target is set to reach over 1.1 billion tons of standard coal by 2025, and 1.5 billion tons by 2030, supporting the carbon peak goal [15][16] Company Insights - New Energy Company reported a revenue of 9.189 billion yuan for the first three quarters of 2024, a year-on-year decrease of 5.19%, while net profit increased by 5.01% to 1.824 billion yuan [34][36] - The coal sales business saw a rise in gross margin despite a decline in production and sales volume, attributed to strict production controls in Anhui province [34][36] - The electricity business experienced significant growth, with a 20.53% year-on-year increase in electricity generation in Q3 2024, driven by strong demand in the Anhui region [35][36] - The company is expected to enhance its coal-electricity integration advantage with ongoing projects, increasing its coal production capacity and electricity generation [36][37] Market Trends - The new stock market activity has decreased, with a notable rise in the first-day gains and opening valuations of new stocks in the sci-tech innovation board [4][5] - The textile and apparel sector has shown mixed performance, with some companies like Deckers and Adidas reporting revenue growth, while the overall textile sector lagged behind the market [11][12][29]