山西证券：研究早观点-20241111

Group 1: Market Trends - The report highlights a short-term pressure on the performance of AVIC Shenyang Aircraft Corporation (600760.SH), with a significant revenue decline of 68.01% year-on-year in Q3 2024, attributed to delays in contract signings [11][12] - The demand for aviation equipment is expected to see a turning point, driven by urgent needs for new and upgraded military aircraft, particularly the J-16 series and the J-35 stealth fighter [12][13] Group 2: Coal Industry Insights - The coal sector is experiencing a shift towards dividend stocks due to declining deposit rates, which enhances the appeal of coal stocks known for their defensive attributes [3][4] - The internal mechanism for interest arbitrage in the coal industry is highlighted, where the dividend yield consistently exceeds external financing costs, making it a favorable environment for investment [3][4] - Recent monetary policy tools, such as stock buybacks and enhanced lending for share repurchases, are expected to further boost the coal sector's dividend value [4] Group 3: Company Performance - Fuyao Glass (601865.SH) reported a revenue of 14.91 billion yuan in Q3 2024, a slight decline of 0.05% year-on-year, with a significant drop in profitability due to falling prices in the photovoltaic glass market [9][10] - The company is expected to face continued pressure on profitability in the short term, but operational cash flow remains strong, indicating effective management despite market challenges [9][10] Group 4: New Materials Sector - Hailide New Materials reported a revenue increase of 2.5% year-on-year for the first three quarters of 2024, with a focus on developing special high-performance fibers like PPS [14][15] - The company is actively expanding its product offerings in emerging fields such as new energy vehicles and hydrogen energy, with successful product launches already in place [15][16] Group 5: Automotive Electronics - Jingwei Hirain Technologies (688326.SH) showed a revenue growth of 30.8% year-on-year in Q3 2024, driven by increased sales of automotive electronic products [19][20] - The company is optimizing its client structure and expanding its product matrix, with significant projects entering mass production, indicating a potential turning point in performance [20][21] Group 6: Semiconductor Materials - Tianyue Advanced (688234.SH) is leading in the supply of automotive-grade silicon carbide substrates, with a strong growth trajectory in revenue and profitability due to increased demand in the electric vehicle sector [22][23] - The company has achieved a significant market share in the global conductive silicon carbide substrate market, positioning itself as a key player in the transition to larger substrate sizes [23][24]