山西证券：研究早观点-20241115

Market Overview - The overall market showed an upward trend during the week of November 4 to November 8, 2024, with the ChiNext Index rising by 9.32%, the STAR Market Index by 9.14%, and the Shenzhen Component Index by 6.75% [10][11] - The semiconductor sector performed particularly well, with the Wind Semiconductor Index increasing by 9.99% [12] Real Estate Sector - On November 13, 2024, the Ministry of Finance and the State Taxation Administration announced tax incentives to support the real estate market, including an increase in the area threshold for a reduced deed tax rate from 90 square meters to 140 square meters [3][4] - The new policies aim to lower transaction costs for second-hand housing and stabilize the tax burden on real estate companies, which is expected to help the market recover [5][4] Communication Industry - The North American optical communication sector reported optimistic quarterly results, with companies like Lumentum and Coherent showing significant revenue growth driven by AI demand [6][7] - Lumentum's cloud and networking revenue reached $280 million, a 23% year-over-year increase, while Coherent's data communication revenue grew by 89% year-over-year [6] Semiconductor Industry - Huahong Semiconductor reported a Q3 2024 revenue of $526 million, a 7.4% year-over-year decline but a 10% quarter-over-quarter increase, with a gross margin of 12.2% [13] - SMIC achieved a record Q3 2024 revenue of $2.171 billion, a 34% year-over-year increase, with a gross margin of 20.5% [13] Investment Opportunities - The report suggests focusing on companies with core technologies in advanced manufacturing, semiconductor equipment, and domestic alternatives in the AI-driven high-performance chip market [15] - For the AI server market, companies like Industrial Fulian, Unisplendour, and Inspur Information are highlighted as potential investment opportunities [9] Company Performance - The report on Q3 performance of Qihua Data (300857.SZ) indicates a revenue of 5.395 billion yuan, a 67.11% year-over-year increase, and a net profit of 557 million yuan, up 184.46% [16][17] - The company’s gross margin improved to 18.62%, driven by a shift towards higher-margin products and a stable expense ratio [17][18]