Investment Rating - The automotive industry maintains a "Strongly Outperform" rating compared to the Shanghai and Shenzhen 300 index [2]. Core Insights - The report highlights the acceleration of Robotaxi commercialization and the implementation of intelligent driving initiatives, emphasizing the importance of the new vehicle cycle [1][2]. - The report suggests continuous attention to the marginal changes brought by advancements in intelligence, particularly in autonomous driving and the global expansion of strong domestic brands [2][3]. Market Review - In June, automotive sales reached 2.552 million units, a month-on-month increase of 5.6% but a year-on-year decrease of 2.7%. Cumulatively, from January to June, sales totaled 14.047 million units, reflecting a year-on-year growth of 6.1% [12][23]. - The inventory coefficient for automotive dealers in June was 1.40, indicating a decrease of 2.8% month-on-month and an increase of 3.7% year-on-year, remaining below the warning line [12][23]. Industry Overview - Passenger vehicle sales showed a steady increase, with June sales reaching 2.215 million units, a month-on-month increase of 6.7% but a year-on-year decrease of 2.3% [18]. - The market share of domestic brands in passenger vehicles rose to 64.6% in June, with sales of 1.432 million units, marking an 18.8% year-on-year increase [23][25]. - Commercial vehicle production and sales in June were 330,000 and 337,000 units, respectively, with a year-on-year decline of 4.9% [26][28]. Investment Recommendations - The report recommends focusing on the ongoing advancements in intelligent driving and the commercialization of Robotaxi, as well as the new vehicle cycle initiated by brands like Xpeng and Deep Blue [2][3]. - It suggests monitoring investment opportunities in the commercial vehicle sector, particularly in buses and heavy trucks, which are showing signs of recovery and strong export performance [2][3].

资料来源：Wind，中原证券 | --- | --- | --- | |-----------------------|-----------|------------| | 国际市场表现 指数名称 | 收盘 | 涨跌幅 (%) | | 道琼斯 | 30,772.79 | -0.67 | | 标普 500 | 3,801.78 | -0.45 | | 纳斯达克 | 11,247.58 | -0.15 | | 德国 DAX | 12,756.32 | -1.16 | | 富时 100 | 7,156.37 | -0.74 | | 日经 225 | 26,643.39 | 0.62 | | 恒生指数 | 17,311.05 | -0.91 | 【宏观策略】 市场分析：军工新能源行业领涨 A 股震荡整理 市场分析：金融行业领涨 A 股宽幅震荡 市场分析：汽车软件行业领涨 A 股震荡整理 周度策略：行业周观点 周度策略：基建、制造业投资保持增长，市场有望企稳反弹 近期限售股解禁明细 沪深港通前十大活跃个股明细 今日新股申购 IPO 信息 1、 财政部、税务总局发布《企业兼并重组主要税收优惠政策指引》。《指引》对现行有 ...

Market Overview - The A-share market experienced a slight fluctuation with the Shanghai Composite Index facing resistance around 2922 points, while sectors such as banking, wind power equipment, military industry, and oil performed well. In contrast, sectors like semiconductors, automobiles, gaming, and software development showed weaker performance [22][28]. - The average price-to-earnings (P/E) ratios for the Shanghai Composite Index and the ChiNext Index are currently at 12.48 times and 27.02 times, respectively, which are below the median levels of the past three years, indicating that the market valuation remains low and is suitable for medium to long-term investment [22][25]. Investment Recommendations - Investors are advised to focus on short-term investment opportunities in sectors such as new energy, military industry, banking, and communication services [22][25]. - The report highlights that the total trading volume in the two markets was 631.6 billion yuan, which is below the median trading volume of the past three years, suggesting a cautious market sentiment [22][25]. Sector Performance - Among the sectors, electricity and public utilities, defense and military, and construction showed positive performance, while sectors like automobiles, pharmaceuticals, and consumer services faced declines [30][22]. - The report indicates that infrastructure and manufacturing investments continue to grow, and exports remain strong, which supports the stabilization and improvement of the economy [22][25].

分析师：李济生 登记编码：S0730522100002 lijs@ccnew.com0371-65585753 研究助理：郑婷 登记编码：S0730122110004 zhengting@ccnew.com 《河南资本市场月报（2024 年第 5 期）》 2024-6-26 《河南资本市场月报（2024 年第 4 期）》 2024-5-29 《河南资本市场月报（2024 年第 3 期）》 2024-4-29 《河南资本市场月报（2024 年第 2 期）》 2024-3-28 电话： 021-50586973 地址： 上海浦东新区世纪大道1788号16 楼 邮编： 200122 投资要点： 经济运行情况：2024 年上半年我国主要经济指标保持韧性，但增速 普遍在二季度出现边际放缓，提振需求仍是关键。上半年河南省工 业生产步伐加快、消费平稳修复、有效投资稳中有升，各项经济指 标均呈现加速增长态势且优于全国平均水平，经济动能不断增强。 根据中部六省公布的上半年经济数据，从经济总量来看，河南省仍 保持中部第一；从经济增速来看，仅湖北和安徽两省的经济增速跑 赢全国；细分指标来看，河南省经济增势在中部六省中较为突出。 宏 ...

资料来源：Wind,中原证券 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -26% -22% -17% -13% -8% -4% 0% 5% 2023.07 2023.11 2024.03 2024.07 上证指数 深证成指 资料来源：Wind,中原证券 | --- | --- | --- | |-------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 2,915.37 | -1.65 | | 深证成指 | 8,606.58 | -2.97 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,439.88 | -2.14 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,294.59 | -2.28 | | ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Viewpoints - The company is a globally recognized internet home brand, often referred to as the online "IKEA," focusing on the research, design, and sales of its own branded home products, which include furniture, home decor, garden, and pet products [2][80] - The company has established a strong presence in the European and North American online home retail markets over the past decade, gaining consumer recognition and achieving significant sales on platforms like Amazon [2][80] - The company has a robust supply chain and logistics system, leveraging China's manufacturing capabilities to optimize costs and enhance product delivery efficiency [2][81] Summary by Sections Company Overview - The company operates under three main brands: SONGMICS, VASAGLE, and Feandrea, and has expanded its product offerings to over 70 countries, serving more than 20 million households globally [80] - The company has a concentrated shareholding structure, with the majority of shares held by the founder and a few key investors, ensuring strong management control [91][103] Industry Analysis - The global furniture and home goods market is experiencing steady growth, with an expected CAGR of 4.06% from 2014 to 2021, and projected revenues to exceed $1.62 trillion by 2025 [2] - The penetration of online retail in the home goods sector is increasing, with significant growth in e-commerce platforms in the U.S. and Europe, where online retail penetration rates have reached 27.47% and 15.80%, respectively [2][11] Financial Performance - The company reported a revenue of 6.07 billion yuan in 2023, with a CAGR of 31% from 2018 to 2023, and a net profit of 413 million yuan, reflecting a 65.08% year-on-year increase [3][97] - The company forecasts net profits of 451 million yuan, 611 million yuan, and 784 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.12 yuan, 1.52 yuan, and 1.95 yuan [3][31] Logistics and Supply Chain - The company has developed a comprehensive logistics network, including self-operated warehouses and partnerships with third-party logistics providers, enhancing its delivery capabilities [2][81] - The company is actively expanding its overseas warehouse capacity, with an additional 123,000 square meters planned for 2024, to support its growing international sales [2][27] Future Outlook - The company aims to continue expanding its market share in Europe and the U.S. while exploring emerging markets such as Mexico and Australia, focusing on brand unification, cost reduction, and channel expansion [3][30]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 金融行业领涨 A 股宽幅震荡 《市场分析：汽车软件行业领涨 A 股震荡整 理》 2024-07-22 证券研究报告-市场分析 发布日期：2024 年 07 月 23 日 周二 A 股市场低开低走、宽幅震荡，早盘股指低开后震荡回落，沪指盘中 在 2945 点附近获得支撑，午后股指再度震荡回落，盘中银行、医药商业、 铁路公路以及电机等行业表现较好；半导体、有色金属、酿酒以及软件开 发等行业表现较弱，沪指全天基本呈现宽幅震荡的运行特征。当前上证综 指与创业板指数的平均市盈率分别为 12.68 倍、27.80 倍，处于近三年中 位数以下水平，市场估值依然处于较低区域，适合中长期布局。两市周二 成交金额 6669 亿元，处于近三年日均成交量中位数区域下方。新国九条发 布，推动市场走向成熟，提振市场长期信心。基建、制造业投资保持增长， 出口保持较高增长，有力支撑经济企稳向好。金融数据增速略有回落。美 国通胀继续回落，强化美联储降息预期。国内市场有望企稳，未来股指总 体预计将保持震荡格局，同时仍需密切关注 ...

分析师:刘智 登记编码:S0730520110001 liuzhi@ccnew.com 021-50586775 机械 设备更新叠加出海推动周期复苏,未来产 业和自主可控有望推动成长板块行情 ——机械行业月报 发布日期:2024 年 07 月 23 日 投资要点: 证券研究报告-行业月报 同步大市(维持) 机械相对沪深 300 指数表现 机械 沪深300 -31% -25% -20% -15% -10% -5% 0% 6% 2023.07 2023.11 2024.03 2024.07 资料来源:中原证券 相关报告 《机械行业月报:设备更新推动周期复苏,优 势装备制造扬帆出海 》 2024-07-02 《机械行业半年度策略:内需看设备更新、新 质生产力,外需看优势装备出海》 2024-06-28 《机械行业月报:持续关注设备更新+出口产 业链 》 2024-05-30 联系人:马嵚琦 电话: 021-50586973 地址: 上海浦东新区世纪大道1788号16楼 邮编: 200122 ⚫ 7 月中信机械板块下跌 3.09%,跑输沪深 300 指数(2.23%)5.32 个百分点,在 30 个中信一级行业中排名 ...

资料来源：聚源，中原证券研究所 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -26% -22% -17% -13% -8% -4% 0% 5% 2023.07 2023.11 2024.03 2024.07 上证指数 深证成指 资料来源：聚源，中原证券研究所 | --- | --- | --- | |--------------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 2,964.22 | -0.61 | | 深证成指 | 8,869.82 | -0.38 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,514.92 | -0.68 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,371.39 | - ...

表 2: 港股主要指数表现（单位：点） 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 沪市成交金额 深市成交金额 联系人： 马嵚琦 | --- | --- | --- | |---------------------------------------|----------------------------|-------| | 表 1： A 股主要指数表现（单位：点） | 指数名称 最新价 当天涨跌幅 | | | 上证综指 | 2,964.22 -0.61% | | | 上证 | 50 2,432.55 -0.99% | | | 沪深 | 300 3,514.92 -0.68% | | | 中证 500 | 4,865.98 -0.12% | | | 中证 | 1000 4,826.87 0.11% | | | 深证成指 | 8,869.82 -0.38% | | | 中小 | 100 5,729.67 -0.32% | | | 创业板指 | 1,723.91 -0.09% | | | 万得全 A | 4,218.18 -0.22% | | | ...