山西证券：研究早观点-20241107

Group 1 - The report highlights that the price of valine is expected to stabilize, with strong demand growth anticipated for valine and other products, despite recent price declines [15][16] - The company achieved a revenue of 1.539 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 12.82%, but the net profit attributable to shareholders decreased by 46.9% [15][16] - The company is actively promoting the industrialization of new products, including 1,3-PDO, which has received international recognition and is expected to drive future growth [17] Group 2 - The coal production and sales have rebounded, with Q3 coal production and sales reaching 3.9438 million tons and 4.0058 million tons, respectively, showing year-on-year increases of 12.97% and 14.16% [9][10] - The company reported a total revenue of 22.375 billion yuan for the first nine months of 2024, with a year-on-year increase of 1.80%, while the net profit attributable to shareholders decreased by 9.85% [8][9] - The power generation segment showed improvement, with a total power generation of 31.489 billion kWh in the first nine months, reflecting an increase of 11.27% year-on-year [11][12] Group 3 - The report indicates that North American cloud vendors are increasing capital expenditures, with significant growth expected in 5G-A investments [3][4] - Major tech companies like Microsoft, Amazon, and Google are experiencing substantial growth in their AI-related capital expenditures, with Microsoft projecting an annualized revenue of $10 billion from its AI business by Q4 2024 [3][4][5] - The demand for optical modules is expected to benefit directly from the AI capital expenditure boom, with predictions of over 60% growth in Ethernet optical module sales in 2024 [5][6] Group 4 - The company reported a revenue of 51.3 billion yuan for the first three quarters of 2024, a year-on-year increase of 145.8%, with a net profit of 1.65 billion yuan, reflecting a growth of 283.2% [39][40] - The rapid increase in demand for 400G and 800G products from North American cloud customers is expected to continue driving growth into 2025 [40][41] - The company is expanding its production capacity, with significant investments in both domestic and international facilities to support future demand [41][42]