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电动车2025年中期策略:稳健增长低估值,聚焦锂电龙头和固态新技术
Soochow Securities· 2025-07-13 05:06
Group 1 - The report highlights a steady increase in domestic electrification rates and a strong recovery in European sales, with global sales expected to grow by 21% in 2025 and maintain over 15% growth in 2026 [2][3] - In 2025, domestic electric vehicle sales are projected to reach 5.61 million units, a year-on-year increase of 44%, with an annual growth forecast of 25% [2][5] - The report anticipates a robust demand for lithium batteries, with a revised growth estimate of over 30% in 2025 and nearly 20% in 2026, driven by strong energy storage policies and market dynamics [2][3] Group 2 - The report indicates that the profitability of the industry has begun to recover slightly, with leading companies starting to expand production in an orderly manner, while smaller firms continue to exit the market [2][3] - The report notes a significant disparity in profitability across different segments of the supply chain, with leading battery manufacturers maintaining high profit levels compared to second-tier manufacturers [2][3] - The solid-state battery technology is highlighted as a key area of focus, with advancements expected in sulfide-based materials and core equipment, indicating a rapid acceleration in industrialization [2][3] Group 3 - Investment recommendations emphasize focusing on leading lithium battery companies and those accelerating the industrialization of solid-state technologies, with specific companies identified for potential investment [2][3] - The report suggests that the lithium carbonate price has reached a bottom, making it favorable to invest in companies with quality resources [2][3] - The report identifies several companies in the solid-state battery sector that are expected to benefit from technological advancements and market demand [2][3]
二级资本债周度数据跟踪(20250707-20250711)-20250712
Soochow Securities· 2025-07-12 14:42
证券研究报告·固定收益·固收点评 固收点评 20250712 二级资本债周度数据跟踪 (20250707-20250711) [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行与存量情况: 本周(20250707-20250711)银行间市场及交易所市场共新发行二级资本 债 2 只,发行规模为 530.00 亿元。发行年限为 10Y;发行人性质为央企 子公司、中央金融企业;主体评级为 AAA;发行人地域为广东省、北京 市。 截至 2025 年 7 月 11 日,二级资本债存量余额达 46,531.35 亿元,较上 周末(20250620)增加 523.0 亿元。 ◼ 二级市场成交情况: 本周(20250707-20250711)二级资本债周成交量合计约 1855 亿元,较 上周减少 61 亿元,成交量前三个券分别为 25 中行二级资本债 01BC (130.29 亿元)、25 工行二级资本债 02BC(102.48 亿元)和 25 工行 二级资本债 01BC(86.30 亿元)。 分发行主体地域来看,成交量前三为北京市、上海市和广东省,分别约 为 1392 亿元、125 亿元和 7 ...
联邦制药(03933):创新突破,三靶点战略联姻诺和诺德
Soochow Securities· 2025-07-12 14:40
证券研究报告·海外公司深度·药品及生物科技(HS) 联邦制药(03933.HK) 创新突破,三靶点战略联姻诺和诺德 2025 年 07 月 12 日 买入(首次) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 13,754 | 13,759 | 13,860 | 15,001 | 16,261 | | 同比(%) | 21.15 | 0.03 | 0.74 | 8.23 | 8.40 | | 归母净利润(百万元) | 2,701 | 2,660 | 3,112 | 3,102 | 3,384 | | 同比(%) | 70.85 | (1.54) | 17.00 | (0.32) | 9.09 | | EPS-最新摊薄(元/股) | 1.49 | 1.46 | 1.71 | 1.71 | 1.86 | | P/E(现价&最新摊薄) | 8.73 | 8.87 | 7.58 | 7.60 | 6.97 | [Table_Tag] ...
权益ETF系列:关注结构变化,行情可能临近变盘点
Soochow Securities· 2025-07-12 14:40
证券研究报告·行业跟踪周报·金融产品 金融产品跟踪周报 权益 ETF 系列:关注结构变化,行情可能临 近变盘点 增持(维持) [Table_Tag] [Table_Summary] 投资要点 ◼ 基金配置建议: 风险提示:1)模型基于历史数据测算,未来存在失效风险;2)宏观经济 不及预期;3)发生重大预期外的宏观事件。 2025 年 07 月 12 日 证券分析师 孙婷 执业证书:S0600524120001 sunt@dwzq.com.cn 证券分析师 唐遥衎 执业证书:S0600524120016 tangyk@dwzq.com.cn 行业走势 -9% -2% 5% 12% 19% 26% 33% 40% 47% 54% 61% 非银金融 沪深300 2025-07-12 《国有险企长周期考核细则落地,充 分发挥险资长期资本优势》 2025-07-12 东吴证券研究所 1 / 22 请务必阅读正文之后的免责声明部分 2024/7/12 2024/11/10 2025/3/11 2025/7/10 ◼ A 股市场行情概述:(2025.7.7-2025.7.11) ◼ 主要宽基指数涨跌幅:排名前三名的宽基指数 ...
广电计量(002967):2025年半年报业绩预告点评:归母净利同比+20%,战略转型与政策拉动共振增长
Soochow Securities· 2025-07-12 11:54
证券研究报告·公司点评报告·专业服务 广电计量(002967) 2025 年半年报业绩预告点评:归母净利同比 +20%,战略转型与政策拉动共振增长 增持(维持) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2,889 | 3,207 | 3,541 | 3,916 | 4,330 | | 同比(%) | 10.94 | 11.01 | 10.41 | 10.59 | 10.58 | | 归母净利润(百万元) | 199.39 | 352.11 | 399.85 | 453.84 | 515.44 | | 同比(%) | 8.39 | 76.59 | 13.56 | 13.50 | 13.57 | | EPS-最新摊薄(元/股) | 0.34 | 0.60 | 0.69 | 0.78 | 0.88 | | P/E(现价&最新摊薄) | 52.48 | 29.72 | 26.17 | 23.06 | 20.30 | ◼ 业绩稳 ...
人形机器人行业深度报告:人形轻量化大势所趋,镁合金、“以塑代钢”是核心
Soochow Securities· 2025-07-12 08:35
Investment Rating - The report suggests a focus on magnesium alloy die-casting leading companies such as Baowu Magnesium and Xingyuan Zhuomai, and recommends lightweight joint component companies in humanoid robots like Xusheng Group, as well as leading engineering plastic companies such as Zhaomin Technology, Water Co., and Zhongyan Co. [2] Core Viewpoints - The trend towards lightweight humanoid robots is driven by material and process design, addressing issues like insufficient endurance, low flexibility, and poor heat dissipation. The main paths for achieving this include structural optimization, component performance enhancement, and material replacement, with magnesium alloys and high-performance engineering plastics being key materials [2][4] - Magnesium alloys offer significant advantages, including better weight reduction compared to aluminum alloys, lower costs due to sustained low raw material prices, and improved electromagnetic shielding and heat dissipation efficiency. The semi-solid process addresses corrosion resistance issues, making magnesium alloys suitable for humanoid robot components [2][21] - High-performance engineering plastics like PEEK, PPS, and PPA are gaining traction in the lightweight revolution, with PEEK being particularly notable for its applications in high-value areas such as joint bearings and gear components, indicating a potential market space in the billions [2][67] Summary by Sections 1. Lightweight Trend in Humanoid Robots - The lightweight trend is evident in various humanoid robot models, with significant weight reductions achieved while increasing height [6][8] - Lightweight solutions address critical issues such as limited endurance and flexibility, with a notable example being a 40% weight reduction leading to a 6-hour operational time [13][14] - The main paths to achieve lightweight humanoid robots include structural optimization, component replacement, and material substitution, with a focus on magnesium alloys and high-performance engineering plastics [18][19] 2. Cost Down & Technological Breakthroughs for Magnesium Alloys - The report highlights that the cost of magnesium ingots has been decreasing since 2022, making magnesium alloys more economically viable compared to aluminum [27][28] - China is a major supplier of magnesium, with a significant increase in production capacity, ensuring stable pricing and supply [27][28] - The semi-solid forming technology is identified as a future trend for magnesium alloys, improving product quality and performance [36][40] 3. High-Performance Engineering Plastics Revolution - Engineering plastics like PEEK and PPS are positioned as superior alternatives to traditional materials, with a high concentration of production among a few key players [73][89] - PEEK is noted for its exceptional mechanical properties, making it comparable to metals, and is increasingly used in various high-value applications [78][84] - PPS is recognized for its excellent chemical resistance and cost-effectiveness, further solidifying its position in the market [90]
人形机器人深度研究系列九:人形机器人轻量化:产业化前夕的进修课,应用为重
Soochow Securities· 2025-07-12 08:18
Investment Rating - The report suggests that lightweighting is a crucial step before the commercialization of humanoid robots, with a focus on material lightweighting as the current mainstream path [2][8]. Core Insights - Lightweighting addresses several pain points in the humanoid robot industry, including endurance, heat dissipation, component performance, and flexibility [2][8]. - The report identifies two main paths for lightweighting: structural lightweighting and material lightweighting, with material lightweighting currently being the dominant approach [11][13]. - Key materials discussed include PEEK, magnesium alloys, and nylon, each with distinct advantages and market potential [2][28][46]. Summary by Sections PART1: Lightweighting - Lightweighting is essential for improving endurance, reducing component requirements, enhancing flexibility, and facilitating easier handling of humanoid robots [8][9]. - Major manufacturers like Tesla and UBTECH are actively pursuing lightweight designs to enhance robot performance [9][10]. PART2: Structural Lightweighting - Structural lightweighting involves parameter optimization, topology optimization, and integration to achieve cost-effective solutions [13][15]. - Parameter optimization is the simplest method, while topology optimization refines material distribution to maximize performance [20][22]. - Integration trends are emerging, similar to those in the electric vehicle sector, to reduce part count and enhance structural strength [24][27]. PART3: Material Lightweighting - Magnesium Alloys - Magnesium alloys are highlighted for their low density and high strength, already seeing mature applications in automotive lightweighting [29][33]. - The economic viability of magnesium alloys is increasing, with current price comparisons favoring their use over aluminum [37][40]. PART4: Material Lightweighting - PEEK - PEEK is positioned at the top of the engineering plastics pyramid, known for its excellent mechanical properties and high thermal resistance [50][68]. - The production of PEEK involves high barriers due to the complexity of its raw materials and manufacturing processes, particularly the reliance on DFBP [51][57]. - PEEK's performance is influenced by its production process, with a focus on balancing melt flow index and viscosity for optimal application [68][69]. PART5: Material Lightweighting - Nylon - Nylon, particularly PA6 and PA66, is recognized for its excellent flexibility and established applications in various systems [2][28]. - The market for nylon is stable, with a CAGR of less than 5% from 2018 to 2023, indicating mature demand [2][28]. PART6: Industry Chain Analysis - The report outlines key players in the industry, recommending specific companies for investment based on their roles in lightweighting technologies [2][28]. - Notable companies include Keda Li, Zhaomin Technology, and Xusheng Group, among others, with varying focuses on PEEK, nylon, and magnesium alloys [2][28]. PART7: Investment Recommendations - The report emphasizes the importance of lightweighting in the humanoid robot sector and suggests specific companies to watch for potential investment opportunities [2][28].
中证协发布自律管理实施意见,全方位推动证券业高质量发展
Soochow Securities· 2025-07-12 07:24
证券研究报告·行业点评报告·证券Ⅱ 证券Ⅱ行业点评报告 中证协发布自律管理实施意见,全方位推动 证券业高质量发展 增持(维持) [Table_Tag] [Table_Summary] 投资要点 1)做好规划、引导和动态跟踪,建立健全长效工作机制,分层分类推进 一流投行和投资机构建设;引导激励证券公司更好支持新质生产力发 展,做好金融 "五篇大文章",探索构建科学合理的激励约束机制。 2)引导提升投行综合金融服务能力,积极参与多层次资本市场体系建 设,加大对并购重组财务顾问业务的投入,健全投行内控体系,加强中 介机构职责边界和 "过罚相当" 的责任认定问题研究;持续推动发展 债券业务,推动证券公司构建以偿债能力为中心的履职体系,在项目承 揽、承做、推介、定价、配售、受托管理等各环节不断提高执业质量。 3)加快发展财富管理业务,加强投资研究能力,支持推动券商证券投 顾业务转型,规范债券等投顾业务发展,鼓励更多券商申请基金投顾业 务资格,壮大买方中介力量。目前共有 29 家券商先后取得基金投顾牌 照,基金投顾业务自试点转为常规以来,获批券商稳步推动基金投顾业 务的发展,已取得初步成效。此外将稳步推动更多合规风控有效 ...
杰瑞股份(002353):中标非洲天然气EPC订单,海外天然气成长逻辑逐步兑现
Soochow Securities· 2025-07-11 14:05
Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has secured an EPC order for a natural gas booster station project in Algeria, valued at approximately 8.5 billion USD, which is expected to enhance production efficiency and gas processing capacity in the region [2][3] - The project marks a significant expansion of the company's oil and gas engineering services in North Africa, strengthening its market position in the integrated development of oil and gas fields [3] - The company's influence in the Middle East and Africa is anticipated to grow, leveraging its manufacturing advantages in natural gas compression equipment and gas turbine generator sets [3] - The company is entering a harvest period in the Middle East market, with several large EPC contracts signed, indicating strong trust from international oil companies in its capabilities [4] Financial Summary - The company's total revenue is projected to grow from 13,912 million RMB in 2023 to 20,195 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 12.75% [1] - Net profit attributable to shareholders is expected to increase from 2,454 million RMB in 2023 to 3,990 million RMB in 2027, reflecting a CAGR of about 14.25% [1] - The earnings per share (EPS) is forecasted to rise from 2.40 RMB in 2023 to 3.90 RMB in 2027, indicating a strong growth trajectory [1] - The current price-to-earnings (P/E) ratio is projected to decrease from 14.70 in 2023 to 9.04 by 2027, suggesting an attractive valuation over time [1]
亚盛医药-B(06855):APG-2575国内获批,首款国产Bcl-2上市
Soochow Securities· 2025-07-11 13:57
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has received conditional approval from the National Medical Products Administration (NMPA) for its self-developed Bcl-2 selective inhibitor APG-2575, marking it as the first domestically produced Bcl-2 inhibitor to be launched in China [7] - APG-2575 is positioned as a new treatment option for adult patients with chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) who have previously undergone at least one systemic therapy, including BTK inhibitors [7] - The company expects rapid revenue growth driven by the sales of its drug Aolebatin and potential payments from Takeda, with projected revenues of 5.19 billion, 32.15 billion, and 20.95 billion yuan for 2025, 2026, and 2027 respectively [1][7] Financial Projections - Total revenue is projected to reach 980.65 million yuan in 2024, followed by 519 million yuan in 2025, and then a significant increase to 3,215 million yuan in 2026, before declining to 2,095 million yuan in 2027 [1][8] - The net profit attributable to the parent company is expected to be (405.43) million yuan in 2024, (726.53) million yuan in 2025, 1,097.79 million yuan in 2026, and (841.66) million yuan in 2027 [1][8] - The earnings per share (EPS) are forecasted to be (1.16) yuan in 2024, (2.08) yuan in 2025, 3.15 yuan in 2026, and (2.42) yuan in 2027 [1][8]