证券研究报告 行业研究|行业深度研究|机械设备（2164） 丝杠国产替代在即， 人形机器人带来星辰大海 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月15日 证券研究报告 |报告要点 随着人形机器人的产业发展越来越快，特斯拉机器人 Optimus Gen2 选用行星滚柱丝杠作为直 线传动的重要部件，丝杠行业规模和国产丝杠有望跟随人形机器人放量实现份额扩张和高速 增长。丝杠产业建议关注实现量产或进入下游主导企业供应链的公司。 |分析师及联系人 高登 黄程保 裴婉晓 SAC：S0590523110004 SAC：S0590523020001 SAC：S0590524030001 请务必阅读报告末页的重要声明 1 / 27 行业研究|行业深度研究 glzqdatemark2 2024年08月15日 机械设备 丝杠国产替代在即， 人形机器人带来星辰大海 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 机械设备 沪深300 -30% -17% -3% 10% 2023/8 2023/12 2024/4 2024/8 相关报告 1、《机械设备：工程机械 7 月数据点评：挖 机 ...

证券研究报告 港股公司|公司点评|中国财险（02328） 车险及非车险保费增速均环比提升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月15日 证券研究报告 |报告要点 公司发布 2024 年 7 月保费收入公告，7 月当月公司实现保费收入 327.8 亿元，同比+7.6%，其 中车险同比+3.9%、非车险同比+17.4%，增速环比 6 月均有所提升。 |分析师及联系人 SAC：S0590522100001 刘雨辰 朱丽芳 请务必阅读报告末页的重要声明 1 / 6 港股公司|公司点评 glzqdatemark2 2024年08月15日 中国财险(02328) 车险及非车险保费增速均环比提升 | --- | --- | |------------|----------------| | 行 业： | 非银金融/保险Ⅱ | | 投资评级： | 买入（维持） | | 当前价格： | 10.16 港元 | 基本数据 总股本/流通股本(百万股) 22,242.77/6,899.29 流通市值(百万港元) 70,096.83 每股净资产(元) 11.10 资产负债率(%) 66.72 一年内最 ...

证券研究报告 非金融公司|公司点评|戈碧迦（835438） 大客户订单缩减，静待新产品导入 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月15日 证券研究报告 |报告要点 2024H1 公司实现营业收入 3.22 亿元（yoy-13.22%）,实现归母净利润 4789 万元（yoy-0.61%）； 由于受到大客户订单减少的影响，公司 2024H1 业绩低于预期。当前公司正积极布局光学玻璃 以及特种玻璃领域的新产品、新工艺，同时亦积极推进新客户产品的终端验证工作。公司目前 正经历业务转型的阵痛期，静待未来新客户的导入以及新应用领域的开拓，带动公司业绩企 稳回暖。 |分析师及联系人 刘建伟 周羽希 SAC：S0590524050005 SAC：S0590524070003 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月15日 戈碧迦(835438) 大客户订单缩减，静待新产品导入 | --- | --- | |----------------------------|--------------| | | | | 投资评级： ...

证券研究报告 非金融公司|公司点评|戈碧迦（835438） 大客户订单缩减，静待新产品导入 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月15日 证券研究报告 |报告要点 2024H1 公司实现营业收入 3.22 亿元（yoy-13.22%）,实现归母净利润 4789 万元（yoy-0.61%）； 由于受到大客户订单减少的影响，公司 2024H1 业绩低于预期。当前公司正积极布局光学玻璃 以及特种玻璃领域的新产品、新工艺，同时亦积极推进新客户产品的终端验证工作。公司目前 正经历业务转型的阵痛期，静待未来新客户的导入以及新应用领域的开拓，带动公司业绩企 稳回暖。 |分析师及联系人 刘建伟 周羽希 SAC：S0590524050005 SAC：S0590524070003 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月15日 戈碧迦(835438) 大客户订单缩减，静待新产品导入 | --- | --- | |----------------------------|--------------| | | | | 投资评级： ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [6] Core Insights - The company is a rare platform-type innovative drug enterprise in China, possessing top-tier capabilities in early drug discovery, clinical development, manufacturing, and commercialization. The rich pipeline of innovative drugs and the stable cash flow from 10 already marketed products provide a solid foundation for growth. Upcoming products like Masitide and Pikanqi monoclonal antibody have submitted applications for market approval, offering a second growth curve. Early pipelines such as PD-1/IL-2 bispecific antibodies show best-in-class potential and are expected to lead to significant overseas licensing deals [9][13][51]. Summary by Sections Company Overview - The company has transformed from an innovative biotech firm to a leading biopharmaceutical company in China, focusing on developing, manufacturing, and selling innovative drugs for major diseases such as cancer, metabolic disorders, autoimmune diseases, and ophthalmology. As of December 31, 2023, the company has approximately 6,000 employees and 26 clinical pipelines, with 10 innovative drug products already commercialized [20]. Market Potential - The market for anti-tumor drugs is rapidly growing, driven by an increasing number of cancer patients and unmet clinical needs. In 2022, there were 4.8247 million new cancer cases in China, and the anti-tumor drug market is projected to reach 586.6 billion yuan by 2030, with a CAGR of 12.4%. The obesity market is also expanding, with the obesity rate expected to rise from 50.7% in 2020 to 65.3% by 2035, leading to significant medical expenditures [10][37][40]. Product Pipeline and Commercialization - The company achieved product sales revenue of 5.728 billion yuan in 2023, a year-on-year increase of 38.4%. It has four new indications approved and four new drug applications submitted, with ten products entering Phase III or critical clinical stages. The company aims to commercialize about 20 innovative drug products by 2027, targeting annual domestic sales of 20 billion yuan [10][11][16]. Financial Forecast and Valuation - Revenue forecasts for 2024-2026 are 7.8444 billion yuan, 10.1333 billion yuan, and 13.2353 billion yuan, with year-on-year growth rates of 26.4%, 29.2%, and 30.6%, respectively. The net profit attributable to the parent company is expected to be -533.16 million yuan, 251.58 million yuan, and 1.33381 billion yuan, with growth rates of 48.13%, 147.19%, and 430.17% [11][15]. Competitive Advantages - The company has established a comprehensive and integrated technology platform for drug development, with a strong focus on R&D investment. The R&D expenses increased from 1.222 billion yuan in 2018 to 2.228 billion yuan in 2023, and the R&D team expanded from 492 to nearly 1,500 members [24][25]. The company has also formed strategic partnerships with major international pharmaceutical companies, enhancing its development capabilities [30]. Conclusion - The company is well-positioned for sustained growth due to its innovative drug pipeline, strong market potential in oncology and obesity, and robust financial forecasts. The ongoing commercialization of new products and the potential for significant licensing deals further enhance its investment appeal [9][10][11][51].

证券研究报告 非金融公司|公司点评|金盘科技（688676） 国内新能源拖累短期业绩，欧洲扩产加 速全球化布局 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月14日 证券研究报告 |报告要点 公司短期业绩受以硅料生产为代表的国内新能源业务收入同比-19.29%所拖累，但国内数据中 心等新基建领域收入高增有望接力成长；海外收入及订单持续高增印证行业景气度，且公司 布局欧洲产能加速出海，降低单一市场依赖。鉴于公司海外订单快速增长，新市场和新产品持 续开拓，盈利能力有望进一步提升，给予"买入"评级。 |分析师及联系人 贺朝晖 梁丰铄 SAC：S0590521100002 SAC：S0590523040002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月14日 金盘科技(688676) 国内新能源拖累短期业绩，欧洲扩产加速全 球化布局 | --- | --- | |------------|-------------------| | 行 业： | 电力设备/电网设备 | | 投资评级： | 买入 | | 当前价格： | 36 ...

证券研究报告 行业研究|行业专题研究|电力设备（2163） 铝价变动对精密结构件盈利影响或有限 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月14日 证券研究报告 |报告要点 精密结构件为锂电池重要组成部件，铝材等金属大宗产品是结构件的主要原材料之一。目前 结构件原材料成本具备两大特点：方形结构件成本中铝材等原材料占比更高；随着技术产品 更新、材料使用率提升、产品规模的扩大，结构件铝材单耗和原材料成本或逐渐下降。通过测 算，我们认为铝价上涨会带来原材料单件成本的变化，但幅度相对有限，或在公司合理的采购 和成本策略以及产品技术更新下收窄。建议关注具备技术、规模、管理优势的锂电精密结构件 龙头科达利。 |分析师及联系人 贺朝晖 SAC：S0590521100002 请务必阅读报告末页的重要声明 1 / 17 行业研究|行业专题研究 glzqdatemark2 2024年08月14日 电力设备 铝价变动对精密结构件盈利影响或有限 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 电力设备 沪深300 -40% -27% -13% 0% 2023/8 2023/12 202 ...

证券研究报告 行业研究|行业专题研究|电力设备（2163） 铝价变动对精密结构件盈利影响或有限 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月14日 证券研究报告 |报告要点 精密结构件为锂电池重要组成部件，铝材等金属大宗产品是结构件的主要原材料之一。目前 结构件原材料成本具备两大特点：方形结构件成本中铝材等原材料占比更高；随着技术产品 更新、材料使用率提升、产品规模的扩大，结构件铝材单耗和原材料成本或逐渐下降。通过测 算，我们认为铝价上涨会带来原材料单件成本的变化，但幅度相对有限，或在公司合理的采购 和成本策略以及产品技术更新下收窄。建议关注具备技术、规模、管理优势的锂电精密结构件 龙头科达利。 |分析师及联系人 贺朝晖 SAC：S0590521100002 请务必阅读报告末页的重要声明 1 / 17 行业研究|行业专题研究 glzqdatemark2 2024年08月14日 电力设备 铝价变动对精密结构件盈利影响或有限 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 电力设备 沪深300 -40% -27% -13% 0% 2023/8 2023/12 202 ...

证券研究报告 策略研究|专题报告 定量视角，看"特朗普关税 2.0"潜在 影响 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月14日 证券研究报告 |报告要点 近期市场热议"特朗普关税 2.0"对出口的潜在冲击，我们从定量视角出发，结合上一轮贸易 摩擦的经验进行专题讨论。其一，我们认为全面加征 60%的政策存在阻力，贸易摩擦 1.0 的 "结构性"加征可能性更高，进出口依赖度和可替代性是重要影响因素；其二，同样参照上轮 经验，短期部分行业或存在"抢出口"，但可能透支后续空间；其三，多数行业自上轮摩擦后 逐渐降低对美依赖，部分行业通过转口贸易继续触达美国市场，当前美国对转口贸易的态度 趋严，出口的变化仍需跟踪，而供应链全球化趋势下，对中国企业出海的关注度将继续提升。 |分析师及联系人 杨灵修 包承超 万清昱 SAC：S0590523010002 SAC：S0590523100005 SAC：S0590523100004 请务必阅读报告末页的重要声明 1 / 25 策略研究|专题报告 glzqdatemark2 2024年08月14日 Global Vision 第 15 期 定量视角 ...

Industry Investment Rating - The report maintains a "Stronger than the Market" rating for the automotive industry in Brazil, specifically focusing on the rapid development of the new energy vehicle (NEV) market [4] Core Views - Brazil's automotive market is in a recovery phase, with NEV sales experiencing rapid growth, driven by the increasing competitiveness of Chinese brands like BYD, which have strong product offerings in both pure electric and plug-in hybrid vehicles [2] - The Brazilian government has reintroduced import tariffs on NEVs, gradually increasing the rate to 35%, which incentivizes local production and gives an edge to companies like BYD, Great Wall, and Chery that are actively localizing their manufacturing capabilities [2] - BYD is leading the NEV market in Brazil, with its plug-in hybrid models offering significant advantages in terms of refueling costs and range, contributing to the overall growth of the NEV sector [6] Market Recovery and NEV Growth - Brazil's automotive market is recovering, with 2023 sales reaching 2.308 million units, a 9.7% YoY increase, and H1 2024 sales at 1.144 million units, up 14.6% YoY [6] - NEV sales in Brazil surged to 20,000 units in 2023, with H1 2024 sales reaching 38,000 units, driven by increased exports from Chinese automakers [6] - The NEV penetration rate in Brazil reached 3.3% in H1 2024, up from 0.9% in 2023, with pure electric and plug-in hybrid vehicles accounting for 2.4% and 0.9% of the market, respectively [6] Market Structure and Consumer Preferences - Brazil's automotive market is dominated by European and American brands, with Stellantis, Volkswagen, and General Motors holding nearly 60% of the market share [6] - Chinese brands are rapidly gaining market share, increasing from 1.7% in 2022 to 6.4% in H1 2024, with BYD leading the charge in the NEV segment [6] - The main price range for traditional vehicles in Brazil is 100,000-200,000 RMB, while NEVs are primarily priced between 200,000-400,000 RMB [6] BYD's Dominance in the NEV Market - BYD accounted for 84% of Brazil's NEV sales in H1 2024, with models like the Song Plus DM-i, Dolphin, and Seagull driving growth [6] - BYD's plug-in hybrid models, particularly the Song Plus DM-i, have a significant cost advantage in terms of refueling, making them highly competitive in the Brazilian market [6] - BYD is expanding its local production capacity in Brazil, with a planned annual output of 150,000 units, further solidifying its position in the market [6] Localization and Tariff Impact - Brazil's reintroduction of NEV import tariffs, which will gradually increase to 35%, is pushing automakers to localize production to reduce costs and maintain competitiveness [6] - BYD, Great Wall, and Chery are actively investing in local production facilities, with BYD's new plant expected to start operations in 2025, producing 150,000 units annually [6] - Localization not only helps mitigate tariff impacts but also allows automakers to better serve the broader Latin American market, which has a combined annual demand of nearly 5 million vehicles [6] Investment Recommendations - The report recommends focusing on Chinese automakers like BYD and Great Wall, which are actively localizing production in Brazil and are well-positioned to benefit from the growing NEV market [6] - BYD's strong product lineup and cost advantages in plug-in hybrids make it a key player in Brazil's NEV market, with significant growth potential as the market expands [6] - Great Wall's local production plans and competitive models like the Ora Good Cat position it well to capture a larger share of the Brazilian NEV market [6]