东海证券：晨会纪要-20241127

Group 1: Key Recommendations - Yongzhen Co., Ltd. (603381) is positioned as a leader in the photovoltaic frame market, with a focus on technology and scale to enhance competitive advantages, expecting long-term growth [8][9][10] - Nvidia's Blackwell chip shows strong demand, with a 94% year-on-year revenue growth in Q3, indicating robust support for future revenue growth [14][15] Group 2: Financial Performance - Yongzhen Co., Ltd. achieved a revenue of 5.391 billion yuan in 2023, a year-on-year increase of 4.05%, and a net profit of 371 million yuan, up 50.74% [8] - In the first three quarters of 2024, Yongzhen Co., Ltd. reported a revenue of 5.735 billion yuan, a 47.07% increase year-on-year, but a net profit decline of 29.35% to 178 million yuan [8] Group 3: Market Trends and Opportunities - The global photovoltaic aluminum frame market is expected to reach a demand of 3.19 million tons by 2026, with a compound annual growth rate (CAGR) of 10.88% from 2023 to 2026 [9] - Yongzhen Co., Ltd. is expanding its production capacity to 690,000 tons and is investing in recycled aluminum to reduce costs and enhance profitability [9][10] - The IC China 2024 event highlighted the recovery of the semiconductor market, with expectations of a 15% to 20% growth in the global semiconductor industry this year [16] Group 4: Investment Suggestions - Yongzhen Co., Ltd. is expected to achieve revenues of 8.541 billion, 12.580 billion, and 16.814 billion yuan from 2024 to 2026, with corresponding net profits of 197 million, 379 million, and 637 million yuan [10] - The report suggests focusing on AIOT, AI-driven sectors, and the semiconductor supply chain for potential investment opportunities [18]