国信证券：晨会纪要-20241223

Core Insights - The report highlights the overall economic recovery momentum in China, with a focus on the growth in high-tech manufacturing and the performance of various sectors in the stock market [3][6]. - The report emphasizes the significant growth in the animal nutrition sector, particularly for the company Andy Su, which has seen a substantial increase in revenue and profit due to rising prices of feed additives [15]. Market Overview - The A-share market has shown a slight decline in overall valuation, with small-cap stocks experiencing a counter-trend expansion. The PE ratio for the small-cap index increased by 6.27 times to 90.02 times [6]. - The report notes that the overall valuation levels of major A-share indices are positioned within the 80-90% percentile range over the past year, indicating a relatively high valuation compared to historical data [6]. Industry Analysis - The report indicates that the TMT (Technology, Media, and Telecommunications) sector has experienced a smaller decline compared to other sectors, while the consumer sector has seen a more significant drop, particularly in discretionary spending [6]. - In the emerging industries, there is a notable divergence in stock price movements, with the new energy sector facing larger declines, while the digital economy sector, including semiconductors and 5G, has shown positive growth [6]. Company-Specific Insights - Andy Su, a leading global supplier of animal nutrition additives, reported a revenue of 11.376 billion yuan in the first three quarters of 2024, reflecting an 18.32% year-on-year increase, and a net profit of 1.003 billion yuan, marking a staggering 3016% increase [15]. - The company has a significant market share in the methionine industry, with its market share increasing from 23% to 28% between 2012 and 2023, and it is the largest producer of liquid methionine globally [15]. Investment Recommendations - The report suggests focusing on AI development opportunities and the core assets of telecom operators, recommending stocks such as China Mobile and Zhongji Xuchuang for investment [10]. - It also highlights the potential for recovery in the media and entertainment sectors, particularly with the recent improvements in box office performance and the introduction of new AI applications [12].