东海证券：晨会纪要-20241107

Key Recommendations - China Shipbuilding Special Gas (688146): Price adjustments may gradually stabilize, and the leading position may remain solid in the long term. For Q3 2024, the company reported revenue of 469 million yuan (YoY +17.56%, QoQ -1.95%) and a net profit of 56 million yuan (YoY -26.93%, QoQ -35.75%). The cumulative revenue for Q1-Q3 2024 was 1.382 billion yuan (YoY +15.29%) with a net profit of 234 million yuan (YoY -6.0%) [5][6][8] - Meichang Co., Ltd. (300861): New technologies enhance product strength, expecting profits to bottom out and recover. For the first three quarters of 2024, the company achieved revenue of 1.892 billion yuan (YoY -43.21%) and a net profit of 282 million yuan (YoY -79.72%) [9][10] - Postal Savings Bank of China (601658): Maintains cost advantages in liabilities, and the effect of reducing savings agency fees is evident. For Q3 2024, the bank reported revenue of 260.349 billion yuan (YoY +0.09%) and a net profit of 75.818 billion yuan (YoY +0.22%) [12][13][15] - Baipusais (301080): Good revenue growth with increased R&D investment. For the first three quarters of 2024, the company achieved revenue of 463 million yuan (YoY +12.34%) and a net profit of 83 million yuan (YoY -34.85%) [19][20] - Hongwei Technology (688711): Q3 2024 performance stabilized, expecting new products to drive valuation recovery. The company reported revenue of 980 million yuan (YoY -13.72%) and a net profit of 4 million yuan (YoY -95.28%) for Q1-Q3 2024 [23][24][28] Industry Insights - The semiconductor industry is experiencing a downturn, affecting the expansion speed of wafer fabs in China due to changes in international trade rules. The demand for semiconductor materials is relatively reduced, but the company maintains high sales growth through optimized pricing strategies [8] - The banking sector is expected to see improved operating conditions due to a series of policies, with pressure on interest margins and credit risks likely to ease. Postal Savings Bank's customer base remains strong, and individual loan risks are controllable [12][18] - The IGBT sector is witnessing stable growth in various downstream applications, with the company actively expanding its customer base and introducing new products, which is expected to drive revenue growth in the future [26][27]