国海证券：晨会纪要2024年第198期-20241118

Group 1 - Home Depot's Q3 performance exceeded expectations with a sales increase of 6.6% year-on-year, reaching $40.2 billion, while operating profit was $5.4 billion, and net profit was $3.6 billion [13] - On Holding AG reported a record high Q3 sales of 635.8 million Swiss francs, a 32.3% year-on-year increase, driven by a 49.8% growth in DTC channel sales [12] - CAVA's profit attributable to shareholders surged by 360.33% year-on-year to $51.7 million, with total revenue increasing by 33.5% to $736 million [13] Group 2 - The global silicon wafer shipment volume increased by 6.8% year-on-year in Q3 2024, reaching 3,214 million square inches [20] - The Chinese new energy vehicle production surpassed 10 million units for the first time, marking a 4.3% increase compared to the previous year [25] - The coal production in October 2024 was 410 million tons, a year-on-year increase of 4.6%, while coal imports rose by 28.5% to 46.25 million tons [52][56] Group 3 - The gaming sector showed strong growth, with NetEase's Q3 gaming revenue reaching 20.9 billion yuan, despite a 4.2% year-on-year decline [39] - Bilibili achieved a revenue of 7.3 billion yuan in Q3 2024, marking a 26% year-on-year increase and its first quarterly profit since going public [44] - The aluminum and copper markets are expected to face limited downside due to ongoing support from the US economy and China's growth policies [32]