东海证券：晨会纪要-20241108

Group 1: Restaurant Supply Chain Analysis - The restaurant supply chain is essentially food industrialization, with a market size estimated at approximately 2.43 trillion yuan in 2023, indicating significant growth potential [5][6] - The number of companies in the industry with revenues exceeding 10 billion yuan is currently low, suggesting that several companies could emerge as major players in the future [5] - The frozen food segment, particularly in B-end products like frozen rice and hot pot ingredients, is expected to benefit significantly from industry growth [5][6] - The market for small and medium-sized B-end businesses and group meals is vast, with promising development prospects, as these segments are characterized by numerous small enterprises and flexible procurement [6] Group 2: Trump’s Second Term Implications - Trump's re-election is likely to reduce the difficulty of implementing policies, with key focuses on tariffs, immigration, and tax cuts [8][9] - The U.S. economy may maintain resilience due to tax cuts, but inflation and fiscal pressures are anticipated [10] - The potential for increased tariffs could impact external demand for China, emphasizing the importance of expanding domestic demand policies [10][11] Group 3: Company Overview - ZTE Microelectronics - ZTE Microelectronics reported a revenue of 3.367 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 9.55%, but a significant decline in net profit [12][13] - The gross margin for Q3 2024 was 37.14%, down 4.26 percentage points from the previous quarter, primarily due to depreciation and product mix changes [13][14] - The company has significantly increased R&D investment, with expenses reaching 753 million yuan, a year-on-year increase of 83.50%, indicating a focus on product innovation [15][16] Group 4: Export Growth Analysis - In October 2024, exports increased by 12.7% year-on-year, while imports decreased by 2.3%, resulting in a trade surplus of 95.719 billion USD [17][18] - The rise in export growth is attributed to the fading impact of typhoons and a lower base effect from the previous year [18][19] - The demand for high-tech and mechanical products has accelerated, with notable growth in aluminum and steel exports [19][20]