中银证券：中银晨会聚焦-20241115

Core Insights - The report highlights the performance of various companies in the power equipment and electronics sectors, with a focus on their financial results and growth prospects for 2024 [1][2][6]. Group 1: Power Equipment - Maiwei Co., Ltd. - The company reported a 6% year-on-year increase in profit for the first three quarters of 2024, with a significant improvement in profitability in Q3, indicating a positive trend [2][3]. - For the first three quarters of 2024, the company achieved a revenue of 7.767 billion yuan, a 52.09% increase year-on-year, and a net profit of 759 million yuan, reflecting a 6.30% growth [3]. - The HJT component power has increased to 740W, and the company is on track for large-scale production, showcasing its technological advancements and market confidence through stock buybacks [4]. Group 2: Electronics - Wanrun Co., Ltd. - The company experienced a 13.01% decrease in revenue for the first three quarters of 2024, totaling 2.763 billion yuan, with a significant drop in net profit by 48.57% to 296 million yuan [6][7]. - The decline in performance is attributed to weak demand for zeolite and pharmaceutical products, although new materials are expected to provide growth opportunities [6][9]. - The overall gross margin for the first three quarters was 40.08%, down 2.17 percentage points, with an increase in various expense ratios, indicating pressure on profitability [8][9].