零跑汽车(09863) 公司研究/公司深度 深耕高性价比市场，合作 Stellantis 打开海外空间 ——首次覆盖报告 证 券 研 究 报 告 公 司 研 究 公 司 深 度 ◼ 核心观点 产品矩阵竞争力强，盈利能力不断改善 零跑汽车由朱江明、傅利泉先生于 2015 年发起创立，是一家具备全域 自研能力的智能电动车企业。目前零跑汽车共有 5 款车型在售，C 级 六座 SUV C16、B 级 SUV C11、B 级 SUV C10、C 级轿车 C01、微型 车 T03，主要集中在 10-20 万元之间的高性价比市场，单月销量已于 2024 年 6 月突破 2 万辆。 研发实力雄厚，掌握电子电气架构及智能化核心技术 2023 年，零跑汽车发布了四叶草中央集成式的电子电气架构，实现了 座舱域、智驾域、动力域、车身域四域合一。多系统软件深度融合， 实现更强交互及用户体验。零跑智能座舱 3.0 打造的全新交互系统 Leapmotor OS 拥有沉浸式交互、智能化桌面、操作更简单三大优势。 零跑智能驾驶 3.0 时代搭载 11 个摄像头、5 个毫米波雷达和 1 个激光 雷达，使用高精地图，实现 NAC 及 NAP 等高 ...

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机械设备 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 8 月挖机销售同比增长约 12%，市场加速回暖 ——行业周报（20240902-20240906） ◼ 板块行情回顾 本期（9 月 2 日-9 月 6 日），沪深 300 下跌 2.71%，A 股申万机械设 备指数下跌 2.87%，在申万 31 个一级子行业中排名 21，跑输沪深 300 指数 0.16 个百分点。申万机械设备二级子行业中工程机械表现较好， 下跌 1.33%，自动化设备表现较差，下跌 4.11%。申万机械设备三级子 行业中机床工具表现较好，下跌 0.05%，其他自动化设备表现较差， 下跌 7.55%。 ◼ 核心观点 8 月挖机销售同比增长约 12%，市场正加速回暖。据中国工程机械工 业协会对挖掘机主要制造企业统计，2024年8月销售各类挖掘机14647 台（超过 CME 预估的 14300 台左右销量预测），同比增长 11.8%，其 中国内 6694 台，同比增长 18.1%；出口 7953 台，同比增长 6.95%。 2024 年 1-8 月，共销售挖掘机 131550 台，同比下降 2.21%；其中国内 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [2][3]. Core Insights - The company has established itself as a leader in the consumer electrical industry, focusing on three main business segments: electrical connections, smart electrical lighting, and new energy products. In 2023, the revenue from these segments was 7.4 billion, 7.9 billion, and 0.38 billion respectively, with year-on-year growth rates of 5%, 15%, and 149% [1][2]. - The innovative "delivery and sales" model has allowed the company to build a robust distribution network with over 1.1 million offline sales points, which has contributed to stable growth even during downturns in the real estate market [1][2]. - The electrical connection business serves as the foundation for the company's performance, while the smart electrical lighting segment shows significant growth potential. The company holds over 70% market share in the converter industry, with revenue from smart electrical lighting reaching 7.9 billion in 2023 [1][2][46]. - The new energy segment is expected to continue its rapid growth, with a year-on-year revenue increase of 149% in 2023, focusing on both consumer and business markets for charging stations and energy storage solutions [1][2][82]. Summary by Sections 1. Steady Growth Through Cycles - The company has maintained steady growth in revenue and net profit from 2016 to 2023, with compound annual growth rates (CAGR) of 16.6% and 15.6% respectively [36][37]. - The innovative "delivery and sales" model has created a strong channel barrier, with over 750,000 hardware sales points established across the country [32][36]. 2. Dominance in the Converter Industry - The electrical connection business generated 7.39 billion in revenue in 2023, accounting for 47% of total revenue, and the company has a market share exceeding 70% in the converter market [46][51]. - The growth in the converter segment is driven by product innovation and increased demand for electrical connection products due to the rising number of small appliances in households [51][54]. 3. Continuous Growth in Smart Electrical Lighting - The smart electrical lighting segment achieved revenue of 7.9 billion in 2023, reflecting a year-on-year growth of 15.37% [58]. - The company is focusing on developing a smart ecosystem centered around the "smart no-main-light" concept, which includes various smart home products [58][67]. 4. Expanding New Energy Business - The new energy segment is projected to grow significantly, with the company focusing on charging stations and energy storage solutions, having developed over 17,000 terminal points for sales [85][87]. - The company is also expanding its presence in the European market for home energy storage, capitalizing on the growing demand driven by energy transition strategies [87].

策略研究/策略周报 | --- | |-------| | | | | | --- | --- | |-------|-------| | | | | | | | | | | --- | |-------| | | | | | | | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|------------------------------------------------------------------------| | 中美国债利率下行， 24 年 ...

计算机 行业研究/行业周报 证 券 研 究 报 告 ◼ 行 业 研 究 行 业 周 报 ◼ 腾讯发布新一代大模型"混元 Turbo"，关注 AI 技术进程 ——计算机行业周报（2024.09.02-2024.09.06） 增持(维持) 行业： 计算机 日期： yxzqdatemark 2024年09月11日 分析师： 李行杰 E-mail： lixingjie@yongxingsec. com SAC编号： S1760524010003 分析师： 夏明达 E-mail： xiamingda@yongxings ec.com SAC编号： S1760523080004 近一年行业与沪深 300 比较 计算机 沪深300 -40% -30% -20% -10% 0% 10% 09/23 11/23 01/24 04/24 06/24 09/24 资料来源：Wind，甬兴证券研究所 相关报告： 《中石油发布昆仑大模型成果，AI商 业化应用或将提速》 ——2024 年 09 月 06 日 《萝卜快跑订单累计超 700 万单， 看好自动驾驶景气提升》 ——2024 年 08 月 26 日 《NVIDIA Thor 成功 ...

建筑材料 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 建材板块持续承压，静待需求底部修复 ——建材行业周报（2024.9.2-2024.9.6） ◼ 核心观点 本周核心观点与重点要闻回顾 消费建材：9月一线商品房供应或环比增长，短期市场活跃度或有望小 幅回升。据克而瑞地产研究， 9 月 28 个重点城市预计新增商品住宅供 应面积环比降 4%，同比降 59%，其中预计一线城市环比增 10%，三四 线同环比下降。据中指研究院，24 年 1-8 月，百强房企销售额同比降 38.5%，降幅较上月继续收窄，8 月单月百强房企销售额同比降 22%， 环比降 2.43%。我们认为，随着传统旺季来临，房企促销叠加政策落 地进一步显现效果，短期核心城市市场活跃度或将小幅回升。 玻纤：据卓创资讯，本周国内无碱粗纱市场行情暂稳运行，部分厂个 别产品价格小涨，截至 9 月 5 日，国内 2400tex 无碱缠绕直接纱主流成 交价在 3600-3700 元/吨，全国均价 3677.50 元/吨，环比上一周均价持 平，同比上涨 4.46%，较上周同比增幅扩大 1 个百分点；周内电子纱 G75 主流报价 8 ...

Investment Rating - Maintains a "Buy" rating due to the company's continuous cost reduction and quality improvement in granular silicon, with expected recovery in profitability as polysilicon prices gradually recover [3] Core Views - The company reported revenue of 8 863 billion yuan in H1 2024, a year-on-year decrease of 57 7%, and a net loss attributable to the parent company of 1 480 billion yuan, a year-on-year decrease of 126 8% [2] - Polysilicon shipments reached approximately 126 400 tons in H1 2024, a year-on-year increase of 24 99%, with an average external selling price of 40 3 yuan/kg [2] - Granular silicon shipments to the top three customers accounted for 62 2% of total shipments, with the company's 420 000-ton polysilicon nominal capacity fully operational [2] - Granular silicon quality improved significantly, with N-type silicon accounting for over 96% of production, and total metal impurities in 5 elements reduced to below 1ppbw [2] - R&D expenditure increased to 718 million yuan in H1 2024, with an R&D expense ratio exceeding 8%, up 3 8 percentage points year-on-year [2] Financial Performance and Forecast - Revenue for 2024-2026 is projected to be 17 160 billion yuan, 30 523 billion yuan, and 42 118 billion yuan, respectively, with year-on-year growth rates of -49%, +78%, and +38% [3] - Net profit attributable to the parent company for 2024-2026 is forecasted to be -1 915 billion yuan, 1 567 billion yuan, and 4 354 billion yuan, with year-on-year growth rates of -176%, +182%, and +178% [3] - The stock's PE ratio for 2025 and 2026 is estimated at 20x and 7x, respectively [3] Operational Highlights - Granular silicon cash cost is expected to drop below 30 yuan/kg, with significant improvements in product quality and impurity levels [2] - The company obtained 65 patents in H1 2024, including 16 invention authorizations, focusing on granular silicon, industrial silicon, silane gas, perovskite, and CCZ technologies [2] - The company aims to achieve full-scale production of GW-level granular silicon lines by the end of 2024 [2] Market and Valuation - The stock's closing price was 1 17 yuan, with a 12-month price range of 0 89-1 64 yuan and a market capitalization of 28 688 billion yuan [6] - The company's EV/EBITDA ratio for 2024-2026 is projected at 8 31x, 3 61x, and 2 17x, respectively [8]

汽车 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 汽车 沪深300 -30% -22% -14% -6% 2% 10% 09/23 11/23 01/24 04/24 06/24 09/24 资料来源：Wind，甬兴证券研究所 增持(维持) 近一年行业与沪深 300 比较 多地更新以旧换新政策，特斯拉预计 25Q1 在中国和 欧洲推出 FSD ——汽车行业周报（2024/09/02~2024/09/06） ◼ 行情回顾 过去一周(2024/09/02~2024/09/06），申万汽车行业上涨 0.53%，表现 强于同花顺全 A，所有一级行业中涨跌幅排名第 1。细分板块涨跌 幅：过去一周(2024/09/02~2024/09/06），商用车涨幅最大，摩托车及 其他跌幅最大。商用车上涨 3.25%，乘用车上涨 0.45%，汽车零部件 上涨 0.35%，汽车服务下跌 0.01%，摩托车及其他下跌 1.30%。 行业： 汽车 日期： yxzqdatemark 2024年09月10日 分析师： 王琎 E-mail： wangjin@yongxingsec. com SAC编号： S176 ...

证 券 研 究 报 告 行 业 研 究 行 业 周 报 电子 行业研究/行业周报 2024Q2 消费类 NAND Flash 环比大增，三星公布 DDR 发展路线图 ——存储芯片周度跟踪（2024.09.02-2024.09.06） ◼ 核心观点 NAND：NAND颗粒市场价格小幅波动，2024Q2消费类 NAND Flash 市场规模环比增长 18.6%至 180.0 亿美元。根据 DRAMexchange，上 周（0902-0906）NAND 颗粒 22 个品类现货价格环比涨跌幅区间为2.32%至 15.97%，平均涨跌幅为 1.72%。其中 4 个料号价格持平，12 个料号价格上涨，6个料号价格下跌。根据经济观察网援引CFM闪存 市场数据，2024 年二季度全球 NANDFlash（非易失性存储器）市场 规模环比增长 18.6%至 180.0 亿美元，DRAM（易失性存储器）市场 规模环比增长 24.9%至 234.2 亿美元。全球存储市场规模二季度环比 增长 22.1%至 414.2 亿美元，同比大增 108.7%。 DRAM：颗粒价格小幅波动，三星公布 DDR 发展路线图。根据 DRAMexchan ...