Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry, specifically focusing on alumina [1]. Core Viewpoints - The alumina supply is primarily sourced from China, with a significant reliance on imported bauxite, leading to supply constraints. In 2023, global alumina production reached 140 million tons, with China contributing 82 million tons, accounting for 58.57% of the total [2][14]. - The domestic alumina market is experiencing a supply-demand imbalance, with a notable shortfall in bauxite supply, which is critical for alumina production. The supply-demand balance for imported bauxite reached a deficit of 2.5884 million tons in September 2024 [2][30]. - The report anticipates a continued increase in alumina prices due to supply tightness, with prices expected to remain elevated in the coming months [3][4]. Summary by Sections Section 1: Alumina Supply and Demand - Alumina is a crucial intermediate product in the aluminum industry, with its production heavily dependent on bauxite. The production process primarily utilizes the Bayer process, with over 95% of alumina produced this way [10]. - The alumina market is currently facing a supply shortage, with a significant gap in supply observed in several months of 2024, particularly a shortfall of 67,000 tons in September [12]. Section 2: Supply Constraints - The alumina supply is predominantly from China, which has seen a decline in bauxite production from key regions like Henan and Shanxi due to environmental and safety regulations [19][35]. - The reliance on imported bauxite, especially from Guinea, poses risks to alumina production capacity. The report highlights that Guinea's bauxite export volumes have decreased significantly due to seasonal factors, impacting China's imports [30][42]. Section 3: Alumina Demand - The demand for alumina is expected to rise, driven by the growth in electrolytic aluminum production, which has shown consistent month-on-month increases since April 2022 [3][44]. - The report notes that the domestic electrolytic aluminum consumption is projected to grow at a rate of approximately 4.7% in 2024, supported by favorable government policies [3][4]. Section 4: Investment Recommendations - The report suggests that the market's pessimistic outlook for 2025 may lead to a correction in stock valuations for alumina-related companies. It recommends focusing on companies like Nanshan Aluminum, China Hongqiao, and Tianshan Aluminum, which are expected to benefit from sustained high alumina prices [4][19].

证券研究报告 | 公司点评 普门科技(688389.SH) 2024 年 11 月 06 日 | --- | --- | |------------------------------------------------|------------------------------| | 买入 (维持) | 普门科技(688389.SH):海外 | | 所属行业:医药生物/医疗器械 当前价格(元): 17.23 | 及 IVD 业务表现亮眼, 净利率3 | | 证券分析师 | 比改善 | 周新明 资格编号: S0120524060001 邮箱: zhouxm@tebon.com.cn 安柯 资格编号: S0120524060006 邮箱:anke@tebon.com.cn 研究助理 市场表现 普门科技 沪深300 40% ()% -20% -40% | --- | --- | --- | --- | |--------------------------------|--------------|--------------|-------| | -60% 2023-11 \n 沪深 300 对比 | 202 ...

王华炳 资格编号: S0120524100001 邮箱：wanghb3@tebon.com.cn 研究助理 市场景观 沪深300 基础化工 26% 17% 9% 0% -9% -17% -26%22 -34% 资料来源:德邦研究所,聚源数据 相关研究 1.《民爆９月数据向好,政策利好生 物航煤》, 2024.11.4 2.《部分农药价格触底反弹,关注农 药板块底部机会》, 2024.10.28 3.《并购重组行情升温,部分农药价 格反弹》, 2024.10.27 4.《维生素供给扰动持续,有望开启 新一轮上涨》, 2024.10.20 5.《供需倒双重利好, 制冷剂景气有 望超预期》，2024.10.20 证券研究报告 | 行业季度策略 基础化工 2024 年 11 月 05 日 | --- | --- | |-----------------|--------------------------------| | | | | 基础化工 | 化工盈利或筑底,产能周期见拐点 | | | | | 优于大市 (维持) | 基础化工行业 2024 年三季报总结 | 证券分析师 投资要点: · 产品价格底部震荡,化工盈 ...

Investment Rating - The report maintains a "Buy" rating for Lingyi Technology (002600.SZ) [1] Core Views - The company achieved record revenue in Q3, with a significant year-on-year growth of 32.14%, driven by the launch of Apple's iPhone 16 and stable shipment growth [5] - The company is expected to benefit from the increasing proportion of high-end products, which will enhance the unit value [5] - The report anticipates continued strong performance in Q4 due to the release of new Android devices [6] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 31.485 billion yuan, a year-on-year increase of 27.75%, and a net profit of 1.405 billion yuan, a decline of 24.85% [4] - In Q3 alone, the company achieved a net profit of 713 million yuan, a year-on-year increase of 14.68% [4] - The gross margin for Q3 was 17.21%, with a year-on-year decrease of 4.2 percentage points but a quarter-on-quarter increase of 2.19 percentage points [5] Revenue and Profit Forecast - The revenue forecasts for 2024 to 2026 have been adjusted to 41.823 billion yuan, 51.1 billion yuan, and 59.381 billion yuan, respectively [6] - The net profit forecasts for the same period are updated to 2.003 billion yuan, 3.094 billion yuan, and 4.133 billion yuan, respectively [6] - The report indicates that the company’s P/E ratios for 2024 to 2026 are projected to be 31.87, 20.64, and 15.45, respectively [6] Market Position and Competitive Landscape - Lingyi Technology serves a wide range of clients, including major brands like Apple, Huawei, and Xiaomi, positioning itself as a leader in precision components for consumer electronics [6] - The company is recognized for its capabilities in thermal management solutions and original equipment manufacturing for Apple chargers [6]

邮箱: xiongpeng@tebon.com.cn 证券研究报告 | 行业周报 食品饮料 2024 年 11 月 4 日 | --- | --- | |-----------------|------------------------------------| | 食品饮料 | 三季度报表分化,茅台扣 | | 优于大市 (维持) | 底回升 | | 证券分析师 | | | 熊鹏 | 食品饮料行业周报 20241028-20241101 | 投资要点: 资格编号: S0120522120002 研究助理 資料来源: 聚源数据，德邦研究所 相关研究 1.《燕京啤酒（000729.SZ）: 需 求承压难阻增长,改革势能持续向 上》，2024.10.26 2.《食品饮料行业周报 20240722- 20240726-板块配置回到低位，建 议关注中报超预期个股》. 2024.7.28 3.《水井坊（600779.SH）: 24Q2 业绩超预期,经营稳中有进》, 2024.7.27 4.《食品饮料行业周报(20240715- 20240719）：板块情绪回暖，建议 关注中报超预期个股》，2024.7.22 5.《食品 ...

证券研究报告 | 行业周报 有色金属 2024 年 11 月 03 日 | --- | --- | |-----------------|------------------------------| | | | | | | | | | | 有色金属 | 有色金属周报：PMI 升至 50 以 | | 优于大市 (维持) | 氧化铝价格维持强 | 证券分析师 程堃 资格编号: s0120523050002 郎箱： zhaikun@tebon.com.cn 高嘉麟 资格编号: S0120523070003 郎箱:gaojq@tebon.com.cn 康字豪 资格编号: S0120524050001 郎箱: kangyh@tebon.com.cn 谷瑜 资格编号：S0120524080002 邮箱: guyu5@tebon.com.cn 研究助理 -7% -15% 2024-03 2024-07 资料来源:聚源数据,德邦研究所 相关研究 1.《华达新材:价格下跌或拖累三季 皮业绩,南通项目助力发展可期》, 2024.10.30 2.《明泰铝业（601677.SH）: 产销 同比增长,累计归母净利增 22%》, 20 ...

证券研究报告 | 行业周报 医药生物 2024 年 11 月 03 日 医药生物 优于大市 (维持) 证券分析师 周新明 资格编号: S0120524060001 邮箱： zhouxm@tebon.com.cn 陈进 资格编号: S0120521110001 邮箱： chenjing3@tebon.com.cn 市场表现 医药生物 沪深300 26% 17% 8% 0% -9% -17% -26%28-11 -34% 资料来源:聚源数据,德邦证券研究所 相关研究 1.《派林生物(000403.SZ):三季 皮业绩稳健增长,盈利能力持续提 升》, 2024.11.2 2.《恩华药业（002262.SZ）: 业绩 稳健增长,创仿并重未来可期》, 2024.11.2 3.《以岭药业 24 年三季报点评:短 期业绩承压，学术引领长期发展向 好》, 2024.11.1 4.《桂林三金 24 年三季报点评：稳 健增长，复苏态势明显》, 2024.10.31 5.《人福医药（600079.SH）: 公司 治理持续向好，研发稳步推进》, 2024.10.30 医药行业周报： 2024 三季报总结, 化学制剂、原料药、血制品表 ...

利润也造成了一些影响展望四季度公司还会延续三季度的经营策略短期看盈利端会有一些影响但是公司会结合内外部的环境变化及时做好资源的动态调整尽量确保四季度的经营结果平稳 下面我就算计数的成本,费用先进流方面再做个说明首先在营业成本方面,人力成本占收入比为37.44,同比下降了2.05个百分点,呈持续下降的趋势其中我们有投入也有节降,主要原因第一个是为了不断强化网络覆盖的能力,升级客户受害服务体验 公司在三季度增加了一些资源的投入通过合伙人派送补贴的方式提升末端乡镇全境的覆盖率三季度一次性升级了八千多个乡镇全境派送能力每个月会增加一到两千万的成本第二是公司积极推动各项经营的举措持续提升各环节的人效收派环节持续重视收派人员分轮车占比的提升收派片区的合理化等以及低效收派员的光伏人均收派效率在持续的提升 在中软环节随着网络融合的推进以及内部操作流程的优化周转人像也是有所提升在运输环节通过使用智能驾驶设备优化线路接吻等方式降低人车比这样使得人像有所提升第三随着末端网点的转型升级部分基础的管理人员文职人员也在同步转向销售职能或者进行了优化第四业务结构的变化有一些高运费低人工成本的业务的体量 从上四个因素人工成本占收入比例呈下降 ...

证券研究报告 | 行业周报 煤炭开采 2024 年 11 月 3 日 | --- | --- | |-----------------|--------------------------| | | | | 煤炭 | 煤炭周报:Q3 业绩环比改善 | | | | | 优于大市 (维持) | 板块估值存上行空间 | 证券分析师 程堃 资格编号: s0120523050002 郎箱： zhaikun@tebon.com.cn 研究助理 谢估圆 邮箱: xiejy@tebon.com.cn 市场表现 沪深300 2024-02 2024-06 资料来源:聚源数据、德邦研究所 相关研究 1.《中煤能源（601898.SH）:煤炭 主业以量补价,Q3 业绩符合预 期》, 2024.10.24 2.《煤炭周报：冬储补库在即，煤 价反弹可期》,2024.10.20 3.《煤炭行业月报：供给小幅增 加，需求企稳回升》，2024.10.20 4.《煤炭行业点评:回购增持再货 款落地，板块配置价值凸显》, 2024.10.20 5.《煤炭周报：政策与基本面共 摇，看好板块投资机会》, 2024.10.13 投资要点: 。 Q3 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant revenue increase of 44.67% year-on-year for Q3 2024, achieving revenue of 1.011 billion yuan, while net profit decreased by 2.91% year-on-year to 142 million yuan [3][4] - The company is experiencing a temporary decline in gross margin due to increased costs associated with new product validation, but gross margin is expected to recover as these products transition to mass production [4][6] - The company has a strong order backlog, with a shipment value of 3.249 billion yuan in the first half of 2024, representing a year-on-year growth of 146.5% [4][5] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 1.011 billion yuan, a 44.67% increase year-on-year, while net profit was 142 million yuan, down 2.91% [3][4] - For the first half of 2024, the company reported a shipment value of 3.249 billion yuan, up 146.5% year-on-year, with a significant increase in contract liabilities and inventory levels [4][5] Research and Development - The company invested 481 million yuan in R&D in the first three quarters of 2024, a 35.73% increase year-on-year, focusing on new products and process optimizations [4] - The gross margin for the first three quarters of 2024 was 43.59%, down 6.75% year-on-year, primarily due to the high costs associated with new product validation [4][6] Product Development - The company has expanded its product matrix significantly, achieving full coverage of PECVD materials and successfully validating new ALD and SACVD equipment [5] - The company has received over 25 orders for its PECVD Bianca process equipment and has made progress in client validation for its new products [5] Future Projections - Revenue projections for 2024-2026 are 3.953 billion yuan, 5.633 billion yuan, and 7.215 billion yuan, respectively, with net profits expected to be 656 million yuan, 1.081 billion yuan, and 1.484 billion yuan [6][8] - The company is expected to maintain a strong growth trajectory, with anticipated revenue growth rates of 46.2% in 2025 and 42.5% in 2026 [8]