√ 求,且成本降低10%以上,生产效率提升。 √ 电池片成交价上涨至 0.275元/W,涨幅 3.78%。预计硅片价格将保持稳中向上的趋 势，电池片的涨幅有望传导。 近日,中国松山湖材料实验室的第三代半导体研究团队与西安电子科技大学及广东 2024.11.12 05 期 产业研究中心 超于健(分析师) 021-38032292 zhaozijian@gtjas.com S0880520060003 徐洙(分析师) 021-38677826 xulin028941@gtjas.com 摘要: 市场表现:人形机器人板块领涨七大科技产业板块。 ● √ 近一周,所跟踪的七大科技产业指数均上涨,其中人形机器人板块以 16.6%增幅领涨, 这主要得益于持续的产业催化,包括华为、小鹏等在人形机器人领域的加码布局。 ● 政策信号:工信部召开低空产业发展领导小组第一次全体会议,多地发布低空经济发 展行动方案。 √ 工信部召开低空产业发展领导小组第一次全体会议,深入学习贯彻习近平总书记关 S0880523090005 于低空经济发展的重要指示批示精神,研究部署推动低空产业高质量发展的重点任 务。会议强调,低空产业是新兴产业、新事 ...

r 线持基础化工行业"增持"评级。2024.1.1至2024.10.31基础化工（Cl005006）下跌0.76%，在一级子行业中排 名第22名。同期沪深300/中证500分别上涨14.90%/ 9.09%，基础化工相对沪深300/中证500的超额收益分别 为-15.67%| -9.85%。2024年Q1-3基础化工指数下跌后有所反弹，总体与两大指数走势共振。九月以来受央行及证 监会等政策的影响随大盘反弹，而后受行业景气仍在下行的影响，整体表现不佳。传统的"金九银十"旺季整体表现 为"旺季不旺"，但在国内稳增长政策发力预期叠加海外降息带来的流动性宽松的影响下，基础化工行业或有望迎来结 构性机会。 Q3行业盈利同环比承压。1）24年前三季度板块实现营业收入18552.53亿元，同比微诚1.45%；实现归母净利润 1041.71亿元，同比-8.45%，归母净利润率5.61%。2）分季度看，24Q3基础化工行业营收利润环比承压，24Q3 实现营业收入6264.31亿元（yoy-3.38%，qoq-4.33%），实现归母公司净利润301.70亿元(yoy-16.34%，qoq- 23.92%)。3）24年前三季度过半 ...

Industry Investment Rating - Maintain "Overweight" rating for the industry [1] Core Viewpoints - Xinjiang's coal resources are abundant with significant growth potential in demand [1] - Xinjiang's strategic position in the national energy supply system is increasingly prominent [1] - Xinjiang's coal production has grown rapidly, with a compound annual growth rate of 16.5% from 2018 to 2023 [1] - Xinjiang accounts for 42% of the newly approved coal production capacity nationwide since 2020 [1] - Under current steady-state price assumptions, the economic feasibility of transporting coal from Xinjiang is limited [2] - Xinjiang coal will mainly be used for local conversion, with transportation to inland markets serving as a supplement [3] - By 2030, the upper limit for Xinjiang coal transportation is estimated to be 250-300 million tons [3] - Xinjiang's coal supply and demand are expected to remain balanced, with production reaching over 700 million tons by 2030 [3] Detailed Summary by Sections Industry Overview - Xinjiang is a crucial inland energy base with strategic reserves [1] - The predicted coal reserves in Xinjiang are 2.19 trillion tons, accounting for about 40% of the national total [1] - Coal production in Xinjiang increased from 213 million tons in 2018 to 457 million tons in 2023 [1] Economic Feasibility of Coal Transportation - The total cost of transporting coal from Xinjiang increases rapidly with distance and freight costs [2] - Although the pithead price of Xinjiang coal is lower than in other regions, it shows a higher elasticity to market price fluctuations [2] - Under current conditions, transporting coal from Xinjiang to Gansu is economically advantageous, while transportation to other regions is less feasible [2] Future Outlook - By 2030, Xinjiang coal transportation is expected to account for less than 30% of total production [3] - The demand for Xinjiang coal will be split into transportation (250 million tons/year), power generation (200 million tons/year), coal chemical projects (225 million tons/year), and other applications (50 million tons/year) [3] - As coal production in central and eastern regions declines, Xinjiang coal will become an important supplement to the market [3]

股 票 研 究 证 券 研 究 报 告 ——《规范电力市场交易行为》点评 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|------------|----------------------------|-------|-------|-------------------|-------|-------------------------| | | | | | | | | | | | | [table_Authors] 于鸿光 ( 分析师 ) | ( 分析师 ) | 孙辉贤 | | | 汪玥 ( 研究助理 ) | | | | | 021-38031730 | | 021-38038670 | | | | | 021-38031030 | | | yuhongguang025906@gtjas.co m | | sunhuixian026739@gtjas.com | | | | | wangyue028681@gtjas.com | | 登记编 ...

Investment Rating - The report assigns an **Overweight** rating to the company, with a target price of RMB 10 [1][3] Core Views - The company is positioned as a leading player in the global kitchenware market, leveraging its product development capabilities, brand strength, and flexible supply chain [2][3] - The company has achieved rapid revenue and profit growth, with revenue increasing from RMB 675 million in 2021 to RMB 1,583 million in 2023, representing a CAGR of 53.1% [3][4] - Adjusted net profit grew from RMB 32 million in 2021 to RMB 243 million in 2023, with a CAGR of 177% [3][4] - The company's gross margin improved from 18.7% in 2021 to 35.7% in 2023, and further to 41.6% in Q1 2024 [3][4] Business Model and Strategy - The company operates primarily through a **DTC (Direct-to-Consumer)** model, with Amazon, Walmart, and Tmall being its key sales platforms, accounting for over 85% of revenue [3][42] - The company has a diversified product portfolio, with over 2,500 SKUs covering cookware, kitchenware, and drinkware [29][38] - The company has transitioned from OEM to ODM and finally to its own brand, CAROTE, which now accounts for 90% of its revenue [3][36] - The company has a flexible, asset-light supply chain model, similar to SHEIN, which allows for rapid product turnover and cost efficiency [4][29] Market Position and Competitive Advantages - The company ranks among the top five in the online cookware market in key regions, including China (4th), the US (2nd), Western Europe (3rd), Southeast Asia (2nd), and Japan (3rd) [4][29] - The company has a strong presence in the US market, which accounted for 60% of its revenue in Q1 2024, followed by China at 19% [3][46] - The company's product development capabilities are a key competitive advantage, with an average development cycle of 50 days for core cookware products, significantly faster than industry standards [32][37] Financial Performance - Revenue is expected to grow from RMB 2,232 million in 2024 to RMB 4,020 million in 2026, with a CAGR of 33% [19][20] - Net profit is projected to increase from RMB 350 million in 2024 to RMB 643 million in 2026, with a CAGR of 35% [19][20] - The company's ROE improved significantly from 44.9% in 2021 to 166.8% in Q1 2024, driven by higher profitability and asset turnover [55][56] Industry Overview - The global kitchenware market is expected to grow from USD 107 billion in 2023 to USD 120.5 billion in 2028, with a CAGR of 2.4% [4][63] - Cookware, kitchenware, and drinkware are the main segments, with cookware accounting for 28.9% of the market in 2023 [4][63] - The US, China, and Western Europe are the largest markets, accounting for 16.7%, 25.5%, and 22.8% of the global cookware market, respectively [68][69] Risks and Challenges - The company faces risks related to third-party platform operations, international trade friction, and increasing industry competition [4] - The company's reliance on Amazon and other e-commerce platforms exposes it to potential changes in platform policies and fees [4][42]

股 票 研 究 [table_Authors] 李博伦(分析师) 朱丽江(分析师) 钟明翰(研究助理) 0755-23976516 010-83939785 021-38031383 libolun@gtjas.com zhulijiang@gtjas.com zhongminghan029903@gtjas.com 登记编号 S0880520020004 S0880523060002 S0880124070047 行 业 策 略 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.11.11 配置景气度率先反转的三个方向 [Table_Industry] 计算机 [Table_Invest] 评级： 增持 上次评级: 增持 ——2024 年计算机行业三季度基本面与基金持仓复盘 本报告导读： 2024Q1-Q3 计算机行业景气度持续低迷利润率企稳，基金配置方面重仓配置比和超 配比例均创新低，基金抱团现象减弱的同时积极增仓，待景气度反转利润将腾飞。 投资要点： [Table_Summary] 投资建议：看好景气度率先反转的信创、车路云及低空经济三大方 向。信创方面：随着地方政府化债措施的落地 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.11.11 | --- | --- | --- | --- | --- | --- | --- | |----------|--------------------------------------------|--------------------------------------------------------------------------|-------|---------------------------------|--------------|----------------------------------| | | | 签署股权收购协议，拟向激光设备布局 \n——事件点评 | | [Table_Invest] 评级： | 电信运营 / | [Table_Industry] 信息技术 \n增持 | | | [table_Authors] | ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 [table_Authors] 蔡雯娟(分析师) 曲世强(研究助理) 樊夏俐(分析师) 021-38031654 021-38031025 021-38676666 caiwenjuan024354@gtjas.com qushiqiang028674@gtjas.com fanxiali@gtjas.com 登记编号 S0880521050002 S0880123070132 S0880523090006 证 券 研 究 报 告 多元布局抗关税扰动，化债利好消费 [Table_Industry] 家用电器业 [Table_Invest] 评级： 增持 上次评级: 增持 ——家电行业 W45 周报 股票研究 /[Table_Date] 2024.11.11 [Table_Report] 相关报告 本报告导读： 美国大选落地，进一步加征关税预期下，全球供应链多元布局的公司占优；国内化 债政策加码，间接利好家电消费。增持。 投资要点： [Table_Summary] 投资建议：美国大选落 ...

2024.11.11 08 期 智能汽车:Robotaxi 行业拐点将至,中美走在 最前列——智能汽车产业研究系列（八） 摘要: Robotaxi 行业当前的机遇与未来的挑战 Robotaxi 行业拐点将至,中美走在最前列 Robotaxi 行业迎来关键技术突破。20 世纪末和 21 世纪初,Robotaxi 行业的概念 出现;2010年代,Robotaxi 行业迎来了关键技术突破;2020年代,Robotaxi 行业 逐渐走向成熟。 √ 各国 Robotaxi 商业化进程差异较大。中美两国为 Robotaxi 商业化的领头羊。其他 国家的 Robotaxi 发展较慢,仍处在测试阶段,还未开始商业化运营。全球 Robotaxi 商业化进程正在加速,Robotaxi 有望在未来几年内实现大规模商业化运营,跨入商 业化 2.0 阶段 √ 未来商业化进程中的挑战较多。Robotaxi 的商业化进程中面临着多方面的挑战，主 要包括技术挑战、成本挑战和法规政策挑战。这些挑战既是行业发展的瓶颈,也是技 术进步和商业模式创新的驱动力。 Robotaxi 产业链完成自产自研 √ 上游: 核心技术自有化。主要涉及感知系统和算法 ...

01、医药：板块分化,把握创新与复苏主线 02、建材：度过至暗时刻，挖掘龙头潜力 03、机械：遵循三大机械投资逻辑、关注三季报业绩筑底回升子行业 【医药】板块分化，把握创新与复苏主线 证书编号: S0880514030001 · 丹 医药首席分析师 CXO/API板块：Q3经营趋势好转，Q4有望进一步延续。2024Q1-Q3，海外投融资持续好转，国内投融资有所 承压，CXO扣除大订单基数常规业务恢复增长，新签/在手订单趋势好转，多肽细分赛道维持高景气，Q4业绩有 望进一步环比改善。API除部分公司受到汇兑影响外，整体季度营收利润增速改善，盈利能力触底回升。维生素、 抗生素等细分品类表现较好，兽药品种价格逐步触底向上修复，行业去库周期整体接近尾声。 药品板块：创新产品放量&降本增效驱动增长。@化学制药得益于创新药高速放量、费用管控等因素利润加速增 长。②生物制药收入整体平稳，胰岛素板块因集采续约价格差异，短期业绩分化显著。国内 Biotech在重磅创新 药产品强劲销售增长、费用增速放缓的共同带动下，盈亏平衡点渐近。③中药受2023年社会和渠道库存高基数以 及三同、四同等政策影响短期承压，后续仍需关注集采政策、个 ...