国海证券：晨会纪要2024年第192期-20241108

Group 1: Key Insights on Huayuan New Materials - The photovoltaic sector has negatively impacted performance, but electronic adhesives are expected to continue to thrive [2][3] - In Q3 2024, the company achieved revenue of 1.015 billion yuan, a year-on-year increase of 0.87%, but net profit attributable to shareholders dropped by 63.67% year-on-year [2][3] - The overall adhesive sales volume increased by approximately 20% year-on-year, despite the decline in the photovoltaic business [3] Group 2: Key Insights on Jinshi Resources - The "selection and chemical integration" project in Baotou has commenced production, leading to a 58.5% year-on-year increase in revenue to 1.83 billion yuan in the first three quarters of 2024 [5][6] - The company reported a net profit of 250 million yuan, a year-on-year increase of 1.7%, with a sales gross margin of 25.02% [5][6] - The company is actively expanding its global footprint, with significant production capacity and resource advantages in the fluorite sector [7][8] Group 3: Key Insights on Sungrow Power Supply - Sungrow Power Supply reported a revenue of 49.9 billion yuan in the first three quarters of 2024, a year-on-year increase of 8% [9][10] - The company experienced a 144% year-on-year growth in energy storage shipments, reaching 17 GWh in the first three quarters [10][11] - The company plans to issue GDRs to deepen its global layout, with a fundraising target of 4.88 billion yuan for various projects [11][12]