东吴证券：晨会纪要-20241231

Group 1 - The EU and the US have initiated anti-dumping investigations against Chinese vanillin, with the EU starting its investigation on May 24, 2024, and the US on June 25, 2024, with preliminary countervailing duties set at 27.33% for certain Chinese producers [3] - The company is a well-known player in the domestic flavor and fragrance industry, having developed over 300 products across natural flavors, synthetic flavors, and cooling agents, achieving high market share internationally [3] - The company has established stable long-term partnerships with major international companies such as Firmenich and Givaudan, demonstrating strong product quality and technological advantages [3] Group 2 - The energy storage market is experiencing robust demand, particularly in the US and emerging markets, with a projected CAGR of around 50% from 2023 to 2025 for global energy storage installations [7] - The electric vehicle market is also seeing significant growth, with November 2023 sales reaching 1.512 million units, a year-on-year increase of 47%, leading to an upward revision of domestic sales forecasts for 2024 [7] - The report highlights the acceleration of solid-state battery technology development, with sulfide technology becoming mainstream, benefiting companies involved in materials and equipment for battery production [7] Group 3 - The construction materials industry is expected to benefit from renewed policy expectations and consumer demand, with a focus on state-owned enterprises and local government projects [8] - The report suggests that the "Belt and Road" initiative will continue to drive overseas engineering demand, with a 3.2% year-on-year increase in revenue from foreign contracting projects in the first ten months of 2024 [9] - The report emphasizes the potential for investment opportunities in energy-saving and carbon-reduction initiatives within the construction sector, particularly in prefabricated buildings and related fields [9] Group 4 - The petrochemical sector is witnessing a decline in market supply, leading to an increase in prices for certain products, with the report indicating a strong market for long fiber prices [11] - The aluminum market is experiencing effective supply reductions, with a turning point in alumina prices, suggesting potential profit recovery for electrolytic aluminum producers [29] - The report notes that the copper market is facing a seasonal demand slowdown, but overall prices are expected to remain stable due to supply constraints [29]