行业点评 汽车行业 终端优惠&交付周期跟踪:受油车降价影响,终端优惠持续跟进 报告摘要 走势比较 重点品牌终端优惠&交付周期跟踪:近期,油车价格战加码, 折扣扩大持续降价,叠加各地方的年中促销政策,周度新能源渗透率 在 50%上下波动。受此影响,新能源终端优惠继续跟进,特斯拉: Model 3(焕新版)和 Model Y 的交付周期为 1-6 周,提供 0 息或低息 金融方案。理想:L6 交付周期为 5-7 周,其他车型为 2-4 周。购买 子行业评级 L7 与 L8 可获一年服务包,购买 L9 可获两年服务包。蔚来:ET7 行政 版交付周期为 2-3 周,行政签名版为 3-4 周。新增选装基金,额度为 8,000 元至 18,000 元不等。极氪:001 的 WE 版与 YOU 版交付周期为 4--6 周。推出 0 首付金融方案,极氪 007、001、X 和 009 部分车型 推荐公司及评级 享受低年费率方案。问界:2024 款问界新 M5 可享 3,000 元现金优 惠,2023 款问界 M5 与 M5 EV 现车优惠 1~1.5 万元。新 M7 Ultra 于 5 月 31 日上市,提供 3,000 元 ...

医药 生物医药Ⅱ Claudin18.2 靶点:抗肿瘤治疗的潜力靶点 ◼ 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/6/2623/9/6 23/11/1724/1/2824/4/924/6/20 医药 沪深300 ◼ 子行业评级 化学制药 无评级 中药生产 无评级 生物医药Ⅱ 无评级 其 他 医 药 医 疗 无评级 ◼ 推荐公司及评级 相关研究报告 <<神外创新黑科技:脑膜胶处于快速 普及阶段>>--2024-06-16 <<一次性手套未来市场持续增长,后 疫情时代机遇与挑战并存>>--2024- 06-02 <<克利加巴林获批上市,领跑 DPNP 大单品赛道>>--2024-05-26 证券分析师:谭紫媚 电话:0755-83688830 E-MAIL:tanzm@tpyzq.com 分析师登记编号:S1190520090001 报告摘要 本周我们讨论 Claudin18.2 靶点的研究进展。 Claudin 18.2 靶向治疗是一种创新的治疗方法,有望改善 Claudin 18.2 阳性实体肿瘤患者的预后。在所有实体瘤中,Claudin18.2 高表达 患者占 33%-3 ...

估值与盈利周观察——6 月第三期 2024 年 06 月 24 日 | --- | --- | --- | --- | |-------|-------------|-----------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | ◼ | 上证综合指数走势（近三年） 4% 10% | 整体估值小幅下降，行业分 ...

估值与盈利周观察——6 月第三期 | --- | --- | --- | --- | |-------|-------------|-----------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | ◼ | 上证综合指数走势（近三年） 4% 10% | 整体估值小幅下降，行业分化，科创 50 表现居前。上周宽基 ...

基础化工 饲料添加剂价格上涨,电子化学品关注度提升 ◼ 走势比较 (40%) (30%) (20%) (10%) 0% 10% 23/6/2623/9/6 23/11/1724/1/2824/4/924/6/20 基础化工 沪深300 相关研究报告 <<涤纶长丝大厂产销放量,MDI 供应 偏紧价格上涨>>--2024-06-19 <<电子化学品关注度提升,欧盟加征 新能源车关税>>--2024-06-19 <<化工可转债、定增双周报:AI 手机 等新应用催化电子化学品个券上 涨>>--2024-06-18 证券分析师:王亮 E-MAIL:wangl@tpyzq.com 分析师登记编号:S1190522120001 证券分析师:王海涛 E-MAIL:wanght@tpyzq.com 分析师登记编号:S1190523010001 研究助理:周冰莹 E-MAIL:zhoubingying@tpyzq.com 一般证券业务登记编号:S1190123020025 研究助理:陈桉迪 E-MAIL:chenad@tpyzq.com 一般证券业务登记编号:S1190124010006 化工新材料 报告摘要 1.重点行业和产品 ...

策 略 研 究 投资策略 | --- | --- | --- | --- | |-------|-----------------------|--------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for the stock over the next six months [1][5]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with revenue reaching 6.686 billion RMB, a year-on-year growth of 28.55%, and adjusted net profit of 910 million RMB, up 32.27% [2][3]. - The performance of the new energy vehicle (NEV) financing segment was particularly strong, with financing transaction volume for NEVs increasing by 88.6% year-on-year [2]. - The company has established a comprehensive automotive financing service platform, with a clear and proactive business layout, especially in lower-tier cities [2][3]. - The company’s SaaS services, powered by self-developed AI models, generated 463 million RMB in revenue, reflecting a 280% year-on-year increase [2]. - The company is expected to continue its growth trajectory, with projected revenues of 8.48 billion RMB, 9.91 billion RMB, and 11.73 billion RMB for 2024, 2025, and 2026, respectively [3]. Financial Metrics Summary - Revenue for 2023 was 6,725.67 million RMB, with a growth rate of 28.39% [3]. - The net profit for 2023 was 554.96 million RMB, with a growth rate of 49.66% [3]. - The diluted earnings per share (EPS) for 2023 was 0.09 RMB, with projected EPS of 0.13 RMB, 0.17 RMB, and 0.24 RMB for 2024, 2025, and 2026, respectively [3]. - The price-to-earnings (PE) ratio is projected to decrease from 6.59 in 2023 to 2.69 by 2026 [3].

行业周报 看好/维持 汽车行业 华为打造车路云一体化新生态 走势比较 报告摘要 子行业评级 证券分析师:刘虹辰 电话:010-88321818 E-Mail:liuhc@tpyzq.com 执业资格证书编号:S1190524010002 华为打造车路云一体化新生态。近日,华为无线车联网领域总裁马 金斗表示,将于下半年推出车路云新产品,解决路侧和感知短板,推动 商业落地。结合华为的车路云一体化产业实践,汽车网联成为了汽车未 来竞争力的核心底座,在车联网产业的发展过程中,车路协同的网络技 术以 C-V2X 为底座,助力中国车路协同应用实现全球领先,催熟自动驾 驶,赋能智能交通。车联网应用分为座舱应用、车云协同、车路协同三 类。座舱应用提升体验,车云协同处理数据与 OTA,车路协同助力 L3 以 上自动驾驶。华为将致力于满足这三类应用的网络需求,推动车路云一 体化。与此同时,基于 5G 网联的智能座舱和车云协同的应用具备超乎想 推荐公司及评级 象的潜力。多屏化、大屏化、语音互动化的智能座舱正在成为人们在家 和工作场所之外的"第三空间",基于云端训练的智驾也成为了各家车 企的核心竞争力。5G 网联不仅成为了高端新能源 ...

2024年06月22日 行 业周报 看好 / 维持 行 医药 业 研 究 医药 吉利德长效 HIV 疗法 3 期试验结果亮眼，一年仅需 2 针 ◼ 走势比较 报告摘要 10% 市场表现： 2% 太 (6%)12/6/32 2/9/32 41/11/32 62/1/42 8/4/42 02/6/42 0.602 p0 c2 t4 ，涨年 跌6 幅月 居申21 万日 3， 1个医 子药 行板 业块 第涨跌 6名幅 。+0 各.3 医8% 药， 子跑 行赢 业沪 中深 ，3 其0 他0 生指 物数 平 (14%) 制品(+1.15%)、疫苗(+0.61%)、医院（+0.60%）表现居前，线下药店(- 洋 (22%) 1.38%)、医疗设备(-0.36%)、医疗研发外包(+0.20%)表现居后。个股方面， 日涨幅榜前3位分别为前沿生物(+20.04%)、金凯生科(+19.99%)、创新医 证 (30%) 疗(+10.08%)；跌幅榜前3位为汉商集团(-7.54%)、皓宸医疗 (-7.41%)、 券 医药 沪深300 ST长康（-5.77%）。 股 ◼ 子行业评级 份 行业要闻： 6 月21 日，吉利德宣布，公司每半年 ...

Investment Rating - The report gives a "Buy" rating for Yipuli (002096.SZ) [9] Core Views - Yipuli has completed the merger with Nanling Explosives, enhancing its position as a leading enterprise in the civil explosives industry. The company’s industrial explosive production capacity has reached 521,500 tons, ranking second in the country, with a production volume of 503,100 tons in 2023 [4][24] - The company has signed and executed orders worth 31.901 billion yuan in 2023, with new orders of 3.918 billion yuan in the first quarter of 2024, indicating strong future growth potential [5][88] - The report forecasts net profits for Yipuli of 769 million yuan, 925 million yuan, and 1.155 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 18.5X, 15.5X, and 12.5X [9] Summary by Sections Company Overview - Yipuli's direct controlling shareholder is China Gezhouba Group Co., Ltd., holding 43.37% of the shares. The company was established in 1993 to serve the Three Gorges Project and has since developed into a leading integrated civil explosives enterprise [4][12] Merger and Industry Cycle - The merger with Nanling Explosives was completed in February 2023, solidifying Yipuli's status in the civil explosives sector. The company is expected to benefit from the industry's cyclical recovery [7][63] Financial Performance - In 2023, Yipuli achieved a revenue of 8.428 billion yuan and a net profit of 634 million yuan, significantly outperforming the combined scale of the pre-merger entities, demonstrating strong synergy effects [14] Business Segmentation - The explosive service business is the largest segment, contributing 64% of revenue and 48% of gross profit in 2023. Industrial explosives and industrial detonators contributed 21% and 10% of revenue, respectively [18][21] Capacity and Market Position - Yipuli's industrial explosive capacity is 521,500 tons, with an additional 340,000 tons under construction for electronic detonators, positioning the company favorably within the industry [24][69] Order Backlog and Future Growth - The company has a robust order backlog, with a total of 31.901 billion yuan in signed contracts for 2023, indicating a strong demand outlook [5][88] Downstream Market Dynamics - The civil explosives industry is experiencing high demand from the coal, metal, and non-metal mining sectors, which account for over 70% of total consumption, supported by rising fixed asset investments in these areas [71][72]