Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Views - The company is a leading domestic supplier of automotive interior fabric materials, with a well-established product layout in the upstream and downstream sectors, including polyester eco-friendly colored fibers and seat covers [3] - The company has been expanding its projects with new energy vehicle manufacturers, optimizing its customer structure, and is expected to see revenue growth from products such as headliners and ultra-fine fabrics [3] - The domestic substitution of ultra-fine materials is driving the penetration of million-level configurations into lower-tier markets, and the company is continuously expanding production to improve its product layout across three major series [4] - The company's eco-synthetic leather business is benefiting from the increasing demand for green and low-carbon materials, with sales revenue steadily growing [19] - The company has invested in Xintouwei, a company focused on RF front-end filters, with its Hefei factory expected to start production soon, potentially boosting the company's investment returns in the medium to long term [20] Financial Projections - The company is expected to achieve net profits attributable to the parent company of 197 million yuan, 211 million yuan, and 229 million yuan in 2024, 2025, and 2026, respectively, representing year-on-year growth of 3%, 7%, and 9% [5] - The corresponding EPS is projected to be 0.13 yuan, 0.14 yuan, and 0.16 yuan, with P/E ratios of 26X, 24X, and 23X based on the closing price on July 8, 2024 [5] Business Segments Automotive Interior Business - The company has a complete industrial chain from colored yarn production to material weaving, maintaining a leading position in the domestic market [57] - The company has successfully transitioned to the synthetic leather business, with sales revenue steadily increasing, and has expanded into ultra-fine products, continuously upgrading its product structure [57] - The company's interior material products include fabric materials, eco-synthetic leather, and ultra-fine suede, which can be applied to various areas of automotive interiors such as seats, door panels, and headliners [57] - The company has production bases in multiple locations across China and R&D centers in Changzhou, Shanghai, North America, and Europe [57] Eco-Synthetic Leather Business - The company's eco-synthetic leather business has been growing steadily, benefiting from the increasing demand for green and low-carbon materials and the expansion of new usage scenarios in the automotive industry [19] - The company introduced eco-synthetic leather products in 2017, and with customers increasing the application of synthetic leather, the company is expected to continue benefiting from the structural changes in interior material demand [19] Ultra-Fine Suede Business - The company's ultra-fine products, including ultra-fine leather and ultra-fine suede, have received project approvals from several OEMs, with some models already in mass production [108] - The company's ultra-fine products are widely used in automotive seats, steering wheels, instrument panels, door panels, and headliners, and can also be applied in fashion design, sports equipment, and smart mobile accessories [108] Xintouwei Project - The company has invested in Xintouwei, which is focused on the RF front-end filter field, with its Hefei factory expected to start production soon [20] - Xintouwei acquired NSD, which has extensive design experience and its own wafer factory production experience, and has been optimizing its IDM model and chip-level and wafer-level packaging processes [146] - The Hefei factory is expected to achieve SAW filter production and small-scale shipments this year, gradually increasing capacity to full production [94] Industry Trends - The domestic substitution of ultra-fine materials is driving the penetration of million-level configurations into lower-tier markets, with domestic brands gaining market share due to their price advantages over traditional overseas products [4] - The demand for green and low-carbon materials in automotive interior CMF design is increasing, with North American electric vehicle manufacturers and overseas brands such as BMW and Kia reducing the use of animal-derived materials [19] - The rise of the domestic new energy vehicle industry is expected to reshape the supply system, with local suppliers benefiting from the restructuring of the supply chain [80]

原油紧张或触及年内高点,龙头主导的下 游周期属性或将弱化 原油及聚酯产业链月报(2024年7月) 证券分析师:张季恺 执业证书编号:S0630521110001 证券分析师:谢建斌 执业证书编号:S0630522020001 证券分析师:吴骏燕 执业证书编号:S0630517120001 2024年07月08日 目 录 一、油价回顾与展望 二、商品、利率及汇率 三、聚酯产业链 四、结论与投资建议 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 原油价格影响因素及预测 指标 展望 油价影响 布伦特原油在6月初快速下跌后进入了延续一个月的反弹行情,重回80美元/桶之上。OPEC+自愿减产延长至三季度,美国进入夏季需求 高峰期,叠加飓风季节影响墨西哥湾石油平台操作,综合来看油价仍有望支撑;我们认为原油长期受需求面影响大,但美国钻机数持续下 降将影响长期原油供给,预计布伦特多在70-90美元/桶之间波动。2024年整体前高后低,美联储降息时点存在一定回调风险;全年预计布 油价判断 伦特在60-90美元/桶波动。 | | | | |---------------- ...

行 业 研 究 2024年07月08日 行 业 周 报 超配 政策落地,利好创新药长期发展 ——医药生物行业周报(2024/07/01-2024/07/07) 证券分析师 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn 联系人 付婷 futing@longone.com.cn 相关研究 1.医保目录调整启动,精选优质 个股— —医药生物行业周报 (20240624-20240630) 2.关注Q2业绩表现,精选优质 个股——医药生物行业周报 (20240617-20240623) 3.政策频出,精选个股——医药 生物行业周报( 20240611- 20240616) 投资要点: 市场表现: 上周(7月1日至7月5日)医药生物板块整体上涨0.11%,在申万31个行业中排第10位, 跑赢沪深300指数0.99个百分点。年初至今,医药生物板块整体下跌21.00%,在申万31个 行业中排第26位,跑输沪深300指数21.00个百分点。当前,医药生物板块PE估值为24.0 倍,处于历史低位水平,相对于沪深 ...

行 业 研 究 [Table_Reportdate] 2024年07月08日 行 业 周 报 [证券分析师 Table_Authors] 任晓帆 S0630522070001 rxf@longone.com.cn [table_stockTrend] -45% -36% -26% -16% -6% 4% 14% 23-07 23-10 24-01 24-04 申万行业指数:美容护理(0777) 沪深300 [相关研究 table_product] 1.新品上市,创健医疗新三板上市获 受 理 — — 美 容 护 理 行 业 周 报 (2024/6/24-2024/6/28) [table_invest] 标配 [Table_NewTitle 抖音韩束表现亮眼, ] 锦波生物半年报业 绩预告高增 ——美容护理行业周报(2024/7/1-2024/7/5) [table_main] 投资要点: ➢ 市场表现:(1)美容护理板块:本周沪深300指数下跌0.88%,申万美容护理指数下跌 3.46%,行业跑输大盘2.58pcts,涨幅在全部申万一级行业中排倒数第3位。(2)个股方面: 本周板块内涨幅前五的个股分别为ST美 ...

行 业 研 究 [Table_Reportdate] 2024年07月08日 行 业 周 报 [证券分析师 Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 联系人 张帆远 zfy@longone.com.cn 联系人 赵敏敏 zmmin@longone.com.cn [table_stockTrend] -51% -40% -29% -18% -7% 4% 15% 23-07 23-10 24-01 24-04 申万行业指数:电力设备(0763) 沪深300 [相关研究 table_product] 1.成长性+稳健性兼备,电力改革助 推行业优势持续 ——电力行业深度 报告系列一 2.光伏新技术产业化加快,电动车需 求恢复——电力设备新能源行业周 报(2023/6/26-2023/7/02) [table_invest] 标配 [Table_NewTitle 特斯拉 ] Q2销量表现优越,构网型储能热 度提升 ——电池及储能行业周报(2024/07/01-2024/07/07) [table_main] 投资要点: ➢ 市场表现:本周(7/ ...

行 业 研 究 [Table_Reportdate] 2024年7月8日 行 业 周 报 [证券分析师: Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn [table_stockTrend] [相关研究 table_product] 1.零跑C16正式上市,阿维塔宣布首 搭华为ADS 3.0——汽车行业周报 (2024/06/24-2024/06/30) 2.享界S9亮相华为开发者大会,问界 新M7 Ultra大定突破3万台——汽车 行业周报(2024/06/17-2024/06/23) 3.新能源乘用车5月零售同比+39%, 混动市场延续高增长——汽车行业 周报(2024/06/10-2024/06/16) [table_main] 投资要点: ➢ 本周汽车板块行情表现:本周沪深300环比下跌0.89%;汽车板块整体下跌2.46%,涨幅在 31个行业中排第24。细分行业中,(1)整车:综合乘用车、商用载货车、商用载客车子板 块分别变动-2.18%、1.00%、-3.32%。(2)汽车零部件:车身附件及饰件、底盘与发动机 系统、轮胎轮毂、其他汽车零部件 ...

➢ 央行借券信号驱动利率曲线短期熊陡。全周而言，债市整体围绕"央行面向部分公开市场 以及交易商开展国债借入操作"及借券规模而展开博弈，长端利率明显上行。曲线熊陡， 10年期国债收益率大幅上行7bps至2.28%，10Y-1Y国债利差提升7bps至75bps。外部因素 来看，美元及美债利率前期表现偏鹰，故在防风险及稳汇率约束下，国内央行对债市过热 的调控态度较为坚决。叠加三季度潜在政府债温和放量，市场做多意愿亦有所收敛。一方 面，交易回归理性有助于防范投机操作带来的风险；另一方面，央行对利率适当干预有助 于商业银行合理资产负债久期匹配。以2022年海外硅谷银行于美债收益率曲线倒挂后的风 险事件为参照，应防范风险于未然。后市来看，从央行潜在操作的规模来看，整体仍侧重 于信号意义。综合而言，长端利率下行空间短期或有一定约束，预计三季度利率将延续震 荡。伴随核心变量新旧动能转型，债市调整幅度或相对有限，关注调整后带来的配置窗口。 FICC 研 究 1．《从油价、商品规律与经济周期，展望 资产方向——FICC&资产配置深度报告》 2.《美联储加息及衰退预期下大宗商品研 究框架》 3.《资产配置框架与行业比较复盘深度报 ...

行 业 研 究 [Table_Reportdate] 2024年07月08日 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.国芯科技(688262.SH): 定制量产订单充沛,车规MCU 和RAID芯片放量在即——公司 简评报告 1. 新《措施》助力打造电子产品消 费新场景,2024Q3存储合约价季涨 幅环比收敛(20240624- 20240630) 2. HarmonyOS NEXT、盘古大模型 5.0亮相,尽显华为系统级AI生态建 设——电子行业周报(20240617- 20240623) 3. Apple Intelligence强力赋能终端 应用,中芯国际一季度市占率跃升 第三——电子行业周报 (20240610-20240616) [table_invest] 标配 [Table_NewTitle] 《指南》落实AI产业标准化方向, WAIC 2024共商AI领域向善治理 ——电子行业周报2024/7/1-2024/7/7 ...

行 业 研 究 [Table_Reportdate] 2024年07月08日 行 业 周 报 [证券分析师 Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师 王珏人 S0630523100001 wjr@longone.com.cn 联系人 付天赋 ftfu@longone.com.cn [table_stockTrend] -51% -40% -29% -18% -7% 4% 15% 23-07 23-10 24-01 24-04 申万行业指数:电力设备(0763) 沪深300 [相关研究 table_product] 1.成长性+稳健性兼备,电力改革助 推行业优势持续 ——电力行业深度 报告系列一 2.风光新增装机继续上升,硅片试探 性涨价 ——新能源电力行业周报 (2024/06/24-2024/06/28) 3.虚拟电厂调峰落地,构网型储能热 度提升——电池及储能行业周报 (20240624-20240630) [table_invest] 标配 [Table_NewTitle 光伏硅片试探性涨价 ],海风建设稳步推 进 ...

[证券分析师： Table_Authors] 任晓帆 S0630522070001 rxf@longone.com.cn 4. 市场数据 美国经济延续降温。1）美国 6 月 PMI 低于预期，其中服务业明显走弱。美国 6 月 ISM 制造业 PMI 为 48.5，连续三个月走低，预期 49.1，前值 48.7；非制造业 PMI 为 48.8，为 2020 年 5 月以来新低，大幅低于预期 52.5 和前值 53.8。美国 6 月制造业 PMI 延续回落， 服务业 PMI 超预期大幅下滑至收缩区间，显示美国经济继续放缓。2）美国就业市场降温， ADP 新增就业连续下降、初请失业金人数上升。美联储衡量就业市场紧俏程度的职位空缺 数与失业人数之比从今年年初的 1.43 回落至 5 月的 1.22，与 2019 年基本相当，劳工供求 逐渐趋于平衡有助于服务通胀的回落。 6 月 CPI 出台后，9 月降息的市场预期可能进一步上升，但未来仍有变数。由于原油价 格仅有小幅回升、薪资增速走弱，且房租价格仍在降温，6 月美国 CPI 可能进一步回落。当 前市场预期 6 月 CPI 同比从 3.3%降至 3.1%，核心 CPI ...