Key Recommendations - Deke Co Ltd (300842): The company maintained a stable net profit margin and leads in new technology R&D, with Q1-Q3 2024 revenue reaching 11.509 billion yuan, up 88.77% YoY, and net profit of 293 million yuan, up 0.07% YoY [7] - Deke Co Ltd (300842): The company's photovoltaic conductive silver paste sales reached 1,581.16 tons in Q1-Q3 2024, with N-type TOPCon battery products accounting for 87.66% of total sales, maintaining a leading position in the industry [7] - Deke Co Ltd (300842): The company is a leader in BC battery paste technology, with n-Poly, p-Poly, and main grid products leading the market, and is a major supplier for BC battery manufacturers [8] - Deke Co Ltd (300842): The company is advancing in HJT technology, with 50% silver-coated copper paste in mass production and 30% silver content paste entering mass production, while also developing low-silver/copper-based conductive paste technologies [8] - Juhe Materials (688503): The company experienced short-term performance fluctuations due to industry factors, with Q1-Q3 2024 revenue of 9.826 billion yuan, up 32.80% YoY, and net profit of 421 million yuan, down 4.47% YoY [10] - Juhe Materials (688503): The company's photovoltaic conductive silver paste shipments exceeded 1,610 tons in Q1-Q3 2024, with N-type products accounting for 73% of total shipments, and Q3 shipments exceeding 450 tons [11] - Juhe Materials (688503): The company is expanding its silver powder business, with a monthly production capacity exceeding 40 tons and sales exceeding 20 tons, and a 3,000-ton silver powder project expected to be operational next year [11] - Juhe Materials (688503): The company is advancing in new technologies, with adhesive products for 0BB technology achieving mass production and new insulation and battery protection adhesives for BC components being developed [12] Financial News - China's Ministry of Finance: Announced tax policies to promote stable and healthy development of the real estate market, including reduced deed tax rates for first and second homes and adjustments to land value-added tax pre-collection rates [14] - US CPI Data: The US October unadjusted CPI annual rate was 2.6%, in line with expectations, while the core CPI annual rate was 3.3%, also meeting expectations [16] A-share Market Review - Shanghai Composite Index: Rose 0.51% to 3,439 points, with the Shenzhen Component Index and ChiNext Index also gaining 0.4% and 1.11% respectively [18] - Market Performance: The cultural media sector led gains, rising 3.34%, while tourism, hotels, and gas sectors saw declines [19] - Optoelectronics Sector: Fell 0.41%, with significant net outflows of large single funds, but potential for upward momentum remains [20] Market Data - Financing Balance: Reached 1.8352 trillion yuan, with reverse repo operations at 2.33 trillion yuan [23] - Interest Rates: The 1-year MLF rate was 2%, while the 10-year US Treasury yield was 4.44% [23] - Stock Indices: The Dow Jones Industrial Average rose 0.11%, while the Nasdaq fell 0.26% [23] - Commodities: COMEX gold fell 1.01% to 68.26 per barrel [23]
东海证券：晨会纪要-20241114
东海证券·2024-11-14 03:45