中 泰证 券研 究所 专 业｜ 领先 ｜深 度｜ 诚信 ｜ 证 券 研 究 报 告 ｜ 人形机器人板块 中报回顾及中期策略 2024 . 1 0 . 1 0 冯胜 中泰中游制造负责人&先进产业研究首席 执业证书编号：S0740519050004 蔡星荷 中泰先进产业研究 分析师 执业证书编号：S0740524060004 目 录 C O N T E N T S 1 行业动态及观点 2 中报梳理 3 投资建议 核心观点 行业主要动态回顾：海内外多家人形机器人相继发布新品（智能化/运控升级）、进入工厂实训等。特斯 拉表示明年将有上千台机器人在特斯拉工厂工作；Figure AI 机器人在宝马汽车制造环境中部署通用机器 人；宇树等公司在新能源汽车厂总装车间进行简单工作。 板块行情回顾：我们认为板块波动主要受特斯拉人形Bot事件以及量产进度影响，主题性投资特征突出； 同时，随着特斯拉Bot年初以来量产预期不及预期后，板块行情也受到其他优秀主机厂（如Figure AI/宇 树/智元等）的影响。目前行业处于从1到N阶段，特斯拉Optimus进度、重要主机厂产业化进程、智能化 迭代是核心影响因素。 相关标的中报梳理：在24中 ...

上海沿浦(605128.SH)/汽车 证券研究报告/公司点评 2024 年 10 月 10 日 [Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：36.95 元 分析师：何俊艺 执业证书编号：S0740523020004 分析师：刘欣畅 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn [Table_Profit] 基本状况 总股本(百万股) 118 流通股本(百万股) 118 市价(元) 36.95 市值(百万元) 4,375 流通市值(百万元) 4,375 [Table_QuotePic] 股价与行业-市场走势对比 -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 2023-102023-112023-122024-012024-022024-032024-042024-052024-062024-072024-082024-09 上海沿浦 沪深300 公司持有该股票比例 相 ...

"降息交易"告一段落——9 月美国通胀数据点评 证券研究报告/固定收益点评 2024 年 10 月 10 日 | --- | --- | |------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | [Table_Title] 分析师：肖雨 [Table_Industry] | 投资要点 | | 执业证书编号： S074 ...

Investment Rating - The report gives a "Buy" rating for the company, considering its first-mover advantage in the autonomous driving chip market and its strong ecosystem [2] Core Views - The company is positioned as a Tier 2 chip supplier, providing automotive-grade SoCs and intelligent automotive solutions based on SoCs [2] - The company has two automotive-grade SoC series: Huashan and Wudang, with the flagship A1000 series SoC shipping over 152,000 units by the end of 2023 [2] - The company's revenue growth is rapid, but profitability is under short-term pressure due to high R&D and sales channel investments [2] - The autonomous driving SoC market is expanding rapidly, with increasing adoption rates and value [2] - The company has a strong competitive advantage in technology, ecosystem, and customer expansion [2] Company Overview - The company is a Tier 2 chip supplier, providing automotive-grade SoCs and intelligent automotive solutions [9] - It has two main SoC series: Huashan (high-performance) and Wudang (cross-domain), with the A1000 series being the flagship product [10] - The company's revenue grew from CNY 61 million in 2021 to CNY 312 million in 2023, with a CAGR of 126.2% [18] - The company's gross margin slowed due to SoC wafer costs and pricing strategies, but cost control improved significantly [18] - The company has a strong R&D team with over 15 years of experience, and it has established R&D and sales centers in multiple locations [18] Industry Analysis - The automotive "intelligence" wave is accelerating, with NOA (Navigate on Autopilot) functions entering the mass production phase [22] - The global ADAS market is expected to grow from USD 50.3 billion in 2023 to USD 121.5 billion by 2030, with a CAGR of 13.35% [22] - In China, the ADAS market is expected to grow from CNY 191.877 billion in 2024 to CNY 466.227 billion by 2030, with a CAGR of 15.95% [22] - The trend of industry chain collaboration is becoming more cost-effective, and cooperative R&D is expected to become mainstream [23] - Overseas manufacturers lead the automotive SoC market, but domestic chip manufacturers are catching up rapidly [34] Competitive Advantages - The company has a continuous product roadmap, with high-performance SoC A2000 expected to enter mass production in 2026 and cross-domain SoC C1200 in 2025 [41] - The company has self-developed core IPs, giving it control over its technology and reducing dependency on external suppliers [42] - The company has a complete SoC design capability and a large portfolio of intellectual property rights [42] - The company's ecosystem includes the Shanhai development toolchain and the Hanhai-ADSP middleware, which enhance flexibility and scalability for customers [45] - The company's customer base has grown steadily, with 85 customers by the end of 2023, including major automotive OEMs and Tier 1 suppliers [46] Financial Projections - The company's revenue is expected to grow from CNY 569 million in 2024 to CNY 1.824 billion in 2026, with a CAGR of 78% [52] - The gross margin is expected to improve from 46% in 2024 to 55% in 2026, driven by the increasing contribution of high-margin products [52] - The company's net loss is expected to narrow from CNY -1.457 billion in 2024 to CNY -238 million in 2026, as the company scales and improves cost efficiency [54]

海光信息（688041.SH）/计 算机 证券研究报告/公司点评 2024 年 10 月 10 日 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report assigns a "Buy" rating for the company [2]. Core Views - Runhe Software is positioned as a core player in the Huawei ecosystem, with steady progress in the commercialization of Euler, Harmony, and AI technologies. The company focuses on IoT, edge intelligence, data governance, and AI applications, supported by traditional sectors such as financial technology, smart IoT, and smart energy [3][4]. Financial Performance - The company reported a revenue of 3,106 million yuan in 2023, with a year-on-year growth of 4%. The net profit reached 164 million yuan, marking a significant increase of 55% compared to the previous year. The projected net profits for 2024, 2025, and 2026 are 258 million yuan, 347 million yuan, and 462 million yuan, respectively [2][22][24]. Business Segments Traditional Business - The company operates in three main sectors: financial technology (54.92% of revenue), smart IoT (29.30%), and smart energy (11.05%). The financial technology sector remains a traditional strength, with a leading market share in third-party testing for financial information systems [12][14]. Innovative Business - The innovative business segment has shown remarkable growth, with a revenue increase of over 90% in the first half of 2024, contributing more than 20% to total revenue. This includes advancements in OpenHarmony, openEuler, and AI platforms [15][18]. Market Opportunities - The report highlights the significant growth potential in the domestic IoT market, with projections indicating that China's IoT spending will approach 300 billion USD by 2027, representing a substantial share of global investments [28][30]. Strategic Partnerships - Runhe Software has maintained a deep partnership with Huawei for over a decade, focusing on cloud computing, operating systems, and AI technologies. This collaboration enhances the company's capabilities in the rapidly evolving tech landscape [17][20]. Valuation Metrics - The report provides valuation metrics, indicating a P/E ratio of 133.0x for 2024, 98.7x for 2025, and 74.2x for 2026, reflecting the company's growth prospects and market positioning [2][22].

Investment Rating - The report gives a "Buy" rating for the company with a market price of 46.36 yuan [1]. Core Insights - The company is a leading player in the TOPCon battery segment, continuously driving technological advancements in the industry [3]. - The company has optimized its asset structure by significantly impairing its P-type PERC battery assets, allowing it to focus on N-type production, which is expected to enhance future performance [4]. - The company is expanding its overseas production capacity to meet the growing demand in international markets, with a notable increase in overseas sales proportion [4]. - The report forecasts a revenue of 110 billion yuan for 2024, with a projected net profit of -4.6 billion yuan, and anticipates a recovery in profitability by 2025 [4]. Summary by Sections 1. Leading Company in Photovoltaic Battery Technology - The company has shifted its focus entirely to photovoltaic batteries after divesting its automotive parts business, becoming a leader in N-type TOPCon battery production [8][10]. - The company achieved a significant increase in its global market share, ranking second in battery shipments in the first half of 2024 [10]. 2. Transition to N-type Technology - N-type batteries offer significant advantages over P-type, including higher theoretical conversion efficiency and better performance metrics [24][25]. - The company has successfully scaled up N-type TOPCon battery production, with a capacity of 31 GW, positioning itself as a key player in the industry [27][28]. 3. Industry Dynamics and Competitive Landscape - The industry is undergoing a consolidation phase, with weaker players exiting the market, which is expected to benefit leading companies like this one [4]. - The report highlights that the market for N-type products is rapidly expanding, with increasing acceptance in tenders and a growing market share [26]. 4. Financial Forecast and Valuation - The company is projected to achieve revenues of 110 billion yuan in 2024, with a net profit forecast of -4.6 billion yuan, but is expected to return to profitability by 2025 [4]. - The report assigns a target market capitalization of 175 billion yuan based on a PE ratio of 20.6 for 2025 [4].

【中泰研究丨晨会聚焦】地产由子沛：政策环境持续优化，土地市场持续巩固 证券研究报告 2024 年 10 月 10 日 [Table_Industry] [T[分Taa析bbll师ee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： [b_Suy 今日预览 Email： 研究分享 >> 【地产】由子沛：政策环境持续优化，土地市场持续巩固 欢迎关注中泰研究所订阅号 晨报内容回顾： 请务必阅读正文之后的重要声明部分 晨会聚焦 研究分享 ►【地产】由子沛：政策环境持续优化，土地市场持续巩固 2024Q3 全国土地供应及成交情况 土地推出建面方面，2024 年 Q3 全国供给土地规划建面 8.27 亿方，同比增速为-14.2%。土地出让 金方面，2024 年 Q3 全国实现土地出让金 0.72 万亿，同比增速为-29.16%。 从溢价率数据来看，2024 年 Q3 土地出让平均溢价率 3.75%，相比 2023 年 Q3 下降 0.15 个百分点。 从城市能级来看，2024 年 Q3 一线、二线、三四线城市土地出让溢价率平均值分别为 6.75%、3.14%、 3.25%。从单月数据 ...

【中泰研究丨晨会聚焦】固收肖雨：稳增长政策"提效"——1008 国新办发布会 点评 证券研究报告 2024 年 10 月 09 日 [Table_Industry] [T[分Taa析bbll师ee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： [b_Suy 今日预览 今日重点>> Email： 【机械】王可：人形机器人何时可以迎来量产 研究分享 >> 【地产】由子沛：政策环境持续优化，土地市场持续巩固——房地产行业 20 24 年 Q3 土地市场总结 【固收】肖雨：稳增长政策"提效"——1008 国新办发布会点评 欢迎关注中泰研究所订阅号 晨报内容回顾： 请务必阅读正文之后的重要声明部分 晨会聚焦 今日重点 ►【机械】王可：人形机器人何时可以迎来量产 王可｜中泰机械首席 S0740519080001 市场预期：机器人主题炒作的 2-3 年以来，市场审美疲劳与特斯拉机器人进展低于预期使得股价目 前处于低位。市场当前的预期是，特斯拉机器人 25 年进入限制性生产，年产几千台，26 年开始产 品出售，在市场上流通。 产业进展：伴随大模型的开源与英伟达 cuda 机器人生态系统 ...

[Table_Title] 评级：买入(维持) 市场价格：57.60 [Table_Finance] 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 4041.82 4715.27 5876.35 7074.38 8134.62 增长率 yoy% 5.01% 16.66% 24.62% 20.39% 14.99% 净利润（百万元） 780.00 1150.88 1480.45 1781.58 2092.44 增长率 yoy% 77.10% 47.55% 28.64% 20.34% 17.45% 每股收益（元） 1.21 1.79 2.30 2.77 3.25 每股现金流量 3.33 3.03 0.23 2.67 2.66 净资产收益率 7.55% 10.74% 14.35% 16.78% 19.14% P/E 47.56 32.23 25.06 20.82 17.73 P/B 3.59 3.46 3.60 3.49 3.39 备注：数据截止 2024/10/9 分析师：祝嘉琦 执业证书编号：S0740519040001 电话：021-20315150 ...