%% %% 丨证券研究报告丨 公司研究丨点评报告丨海尔智家（600690.SH） [Table_Title] 营收规模稳健增长，盈利能力持续提升 | --- | --- | |------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 公司 2024 年前三季度实现营业收入 2029.71 | | | 亿元，同比增长 15.27% ，实现归母扣非净利润 | | | 度实现营业收入 673.49 亿元，同比增长 0.47% | | | 实现归母扣非净利润 45.25 亿元，同比增长 | | | | | 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 海尔智家（600690.SH） cjzqdt11111 相关研究 [Table_Title2] 营收规模稳健增长，盈利能力持续提升公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 公司披露三季报：公 ...

%% %% 丨证券研究报告丨 行业研究丨行业周报丨医疗保健 [Table_Title] 持续跟踪医疗设备更新进展 | --- | --- | |----------|-------| | | | | 报告要点 | | 分析师及联系人 [Table_Author] 彭英骐 张楠 徐晓欣 郭心驰 刘长洪 SAC：S0490524030005 SAC：S0490524070006 SAC：S0490522120001 SAC：S0490524020001 SFC：BUZ392 请阅读最后评级说明和重要声明 医疗保健 cjzqdt11111 [Table_Title2] 持续跟踪医疗设备更新进展行业研究丨行业周报 [Table_Rank]投资评级 看好丨维持 [Table_Summary2] 行业观点 行情有所调整，建议关注长期优质资产。上周（2024 年 11 月 11 日-2024 年 11 月 15 日）沪 深 300 下跌 3.29%，医药保健下跌 3.92%，处于 32 个一级子行业第 21 位，上周（2024 年 11 月 11 日-2024 年 11 月 15 日）医疗服务、医疗器械、医药流通、化学制药 ...

Investment Rating - The report maintains a "Buy" rating for Ecovacs Robotics (603486 SH) [4] Core Views - Ecovacs Robotics is a dual leader in both robotic vacuum cleaners and floor washing machines with its brands "Ecovacs" and "Tineco" [4] - The company achieved revenue of 15 5 billion yuan in 2023 but faced pressure due to product layout missteps and intense price competition [4] - The company is actively adjusting its strategies and the expected inflection point is gradually emerging [4] Robotic Vacuum Cleaners - The robotic vacuum cleaner industry is shifting towards "micro-innovation + high cost-performance" as the key to competition [5] - Ecovacs launched the T30 Pro series in 2024 which has improved in multiple details and achieved a stable market share of around 10% in domestic online sales [5] - The company is also expanding its presence in international markets through its Yeedi sub-brand [5] Floor Washing Machines - The floor washing machine market in China had a penetration rate of only 3% in 2023 with a market size of 12 21 billion yuan [6] - Tineco has completed further price reductions in 2024 creating a significant gap with competitors like Dreame and Narwal [6] - Long-term the industry is likely to see consolidation through price wars with Tineco benefiting from its brand recognition and cost advantages [6] New Businesses and Cost Control - Ecovacs invested 300 million yuan in new businesses such as robotic lawn mowers and smart kitchen appliances in 2023 [7] - The company's sales expense ratio in Q1 2024 was close to a two-year low indicating more rational spending and potential profit release [7] Financial Projections - The report forecasts net profits of 1 221 1 498 and 1 869 billion yuan for 2024-2026 with corresponding P E ratios of 22 28 18 15 and 14 55 times [8] Market Performance - Ecovacs' overseas revenue accounted for 42% of total revenue in 2023 with continuous growth in both revenue and gross margin since 2019 [20] - The company's smart home appliances segment accounted for nearly 50% of total revenue in 2023 reflecting the success of its dual-brand strategy [20] Historical Development - Ecovacs has undergone three major transformations from OEM production to establishing its own brand and then to a dual-brand strategy [26] - The company has a strong presence in over 170 countries and regions with subsidiaries in Germany the US Japan and Singapore [18] Industry Trends - The global penetration rate of robotic vacuum cleaners is still low with significant growth potential especially in markets like the US and China [44] - The industry is focusing on "micro-innovation + high cost-performance" to better match consumer needs [50] Competitive Landscape - Ecovacs has a competitive edge in cost control and response efficiency due to its deep industrial chain layout and self-production capabilities [61] - The company has made significant progress in cost reduction and product optimization with the launch of the T30 Pro series [65]

%% %% 丨证券研究报告丨 行业研究丨专题报告丨基础化工 [Table_Title] 全氟异丁腈专题：减碳之下，新一代环保绝缘气 体 | --- | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------|-------|-------|-------| | | | | | | | | 报告要点 | | | | | | [Table_Summary] 六氟化硫是最强的温室气体，在全球降碳的背景下，有待寻求新的替代方案，全氟异丁腈混合 | | | | 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 请阅读最后评级说明和重要声明 基础化工 cjzqdt11111 [Table_Title 全氟异丁腈专题：减碳之下，新一代环保绝缘气 2] 体 [Table_Summary2] 六氟化硫：最强的温室气体，急需替代 六氟化硫（SF6）是一种合成的 ...

%% %% 丨证券研究报告丨 行业研究丨点评报告丨建筑与工程 [Table_Title] 低空经济专题：近期部分重点城市政策/事件跟 踪 报告要点 [Table_Summary] 近期，合肥、杭州、深圳、苏州、成都、重庆均有低空经济相关政策出台，推动城市产业发展。 分析师及联系人 [Table_Author] 张弛 张智杰 袁志芃 SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 请阅读最后评级说明和重要声明 建筑与工程 cjzqdt11111 [Table_Title 低空经济专题：近期部分重点城市政策 2] /事件跟 踪 [Table_Summary2] 合肥 2024 年 7 月 2 日，合肥市人民政府办公室印发《合肥市支持低空经济发展若干政策》。《合肥 市支持低空经济发展若干政策》提出 1）支持引进低空经济头部企业及机构。2）支持做强低空 经济企业及机构。3）支持低空经济关键技术研发及转化。4）支持开通商业化常态化飞行航线。 支持企业开通载人 eVTOL、无人机物流配送航线。5）支持打造"无人机+"示范场景。6）支 持扩大公共治理服务场景。7）支持低空经 ...

%% %% 港股研究丨公司深度丨吉利汽车（0175.HK） [Table_Title] 吉利汽车：战略聚焦协同加速，巨头蓄势扶摇直 上 丨证券研究报告丨 报告要点 [Table_Summary] 新平台赋能，吉利汽车有望开启产品新时代。GEA 架构支撑新车周期，极氪、领克、银河全面 向好。各品牌新能源转型顺利推进，规模效应逐步凸显将带来盈利向上弹性。公司燃油车基盘 稳固，联营企业创新出海模式持续打开海外新空间。智能电动化转型加速推动混动与电动进入 放量期，规模化造就盈利，叠加产品结构升级与降本工作推进，整车强势新周期下盈利具备较 大弹性，当前估值仍处低位，持续重点推荐。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 2 / 42 吉利汽车（0175.HK） cjzqdt11111 [Table_BaseData] 当前股价（HKD） 13.76 [Table_Title 吉利汽车：战略聚焦协同加速，巨头蓄势扶摇直 2] 上 [Table_Summary2] 巨头迭代蓄力 ...

Investment Rating - The report maintains a "Buy" rating for Thundersoft (300496 SZ) [6] Core Views - Thundersoft's Q3 2024 results show a sequential improvement despite overall pressure in the first three quarters [6] - The company's revenue for the first three quarters of 2024 was RMB 3 694 billion, down 4 70% YoY, with net profit attributable to shareholders of RMB 152 million, down 74 92% YoY [6] - Thundersoft is a global leader in intelligent operating system products and technologies, with a strong focus on edge-side intelligence, which is expected to drive future growth [6] Business Performance - Q3 2024 revenue was RMB 1 294 billion, down 7 04% YoY but up 5 80% QoQ, with net profit attributable to shareholders of RMB 48 million, down 78 17% YoY but significantly higher than Q2's RMB 14 million [6] - Q3 2024 gross margin improved to 35 82%, up 1 93 percentage points QoQ [6] - The intelligent IoT business showed signs of recovery, while the intelligent automotive and software businesses remain under pressure due to downstream demand and technological upgrades [6] Strategic Focus - Thundersoft is firmly positioned in edge-side intelligence, with AI PCs and AI smartphones expected to bring new growth momentum [7] - The company has strong partnerships with core chip and brand manufacturers, facilitating product commercialization [7] - In the intelligent automotive sector, the company's Drip OS integrates global automotive and application ecosystems, with collaborations with Qualcomm, AMD, Intel, and Dirac [7] - In the IoT sector, the company established Xiaowu Intelligent in September 2023 and Longxing Zhixun in October 2024, expanding its robotics and intelligent application services [7] - Thundersoft has also launched MR and vehicle-road-cloud integrated product solutions, further solidifying its edge-side intelligence positioning [7] Financial Projections - The company is expected to achieve net profit attributable to shareholders of RMB 311 million, RMB 492 million, and RMB 725 million in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 85x, 54x, and 36x [8] - Revenue is projected to grow from RMB 5 462 billion in 2024 to RMB 7 414 billion in 2026, with gross margins remaining stable at around 36% [19] - Operating cash flow is expected to improve from RMB 592 million in 2024 to RMB 462 million in 2026 [19] Market Position - Thundersoft is a global leader in operating system services, well-positioned to benefit from the shift in industrial value growth from cloud to edge [8] - The company's software platform capabilities and edge-side intelligence positioning are expected to capture opportunities in terminal intelligence [8]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨星宇股份（601799.SH） [Table_Title] 员工持股草案落地，激发公司成长动能 | --- | --- | |---------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 实质激励员工，激发员工潜力。国内下游优质客户新项目丰富，产品价值量持续升级，全球化 | | | 布局稳步推进。车灯赛道持续升级，公司产品客户转型进入兑现期。行业智能化时代已开启， | | | 公司配套向自主与新势力、豪华突破，并布局塞尔维亚、北美进军全球配套体系，产品单车价 | | | 值持续升级，高效率管理和快速响应能力奠定长期优势，全球化布局进一步打开空间。预计公 | | | 2024 、 2025 、 2026 年净利润分别为 14.5 亿、 19.9 亿、 25.1 亿元，对应 PE27.1X ， 19.7X ， | | | 15.7 ...

%% %% 丨证券研究报告丨 行业研究丨专题报告丨家用电器 [Table_Title] 关税的挑战、应对和影响 报告要点 [Table_Summary] 美国大选落定对于美国关税加征的预期提升，基于对历史的复盘，白电、黑电部分上市公司虽 海外业务占比较高，但通过产能转移在一定程度上降低了关税风险。从理论上来看，企业最终 盈利能力受关税加征影响所产生的波动幅度与美国业务占比呈正相关，与美国业务毛利率呈负 相关。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 家用电器 cjzqdt11111 [Table_Title2] 关税的挑战、应对和影响行业研究丨专题报告 [Table_Rank]投资评级 看好丨维持 [Table_Summary2] 引言 近日美国大选落定，关税加征预期提升。中国作为全球最大的家电生产国及出口国，部分上市 公司已将发展重心转移至海外市场，且美国区域业务已形成一定规模，本篇报告我们将从 2018- 2019 年关税加征的影响入手，延展至中国家电企业的应对措施，以大致评估潜在的影响。 挑战：上轮加征 ...

%% %% 丨证券研究报告丨 港股研究丨公司点评丨小鹏汽车-W（9868.HK） [Table_Title] 小鹏汽车 P7+上市点评：开启 AI 汽车时代， 18.68 万起售定价大超预期，打造新爆款 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 11 月 7 日，小鹏 P7+ 正式上市，开启 AI 汽车时代， 18.68 万起售定价大超预期，打造新爆款， | | | 共有三个版本，长续航版 / 超长续航版 / 限定版 MAX 版分别为 18.68/19.88/21.88 万元，限定版 首发 500 台，上市即交付。小鹏智驾能力持续领先，随着新车周期强势开启，叠加渠道变 ...