[Table_Rank] 评级： 看好 [Table_Authors] 翟绪丽 首席分析师 SAC 执证编号：S0110522010001 zhaixuli@sczq.com.cn 电话：010- 81152683 甄理 行业分析师 SAC 执证编号：S0110524070001 zhenli@sczq.com.cn 电话：021-58820301 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 0.4 24-Oct 5-Jan18-Mar 30-May 11-Aug 23-Oct 基础化工 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 国际油价回调，兴福电子获中国证监 会注册 化肥行业点评：化肥价格有所回暖， 关注冬储备肥情况 硫酸涨幅居前，兴发集团前三季度业 绩同比增长 【首创化工】2023 年策略报告——周 期起伏中寻求确定性，关注龙头股、 磷化工、氟化工三条主线 [Table_Title] 农药行业点评：部分农药价格反弹，关注具有成本 优势的龙头企业 [Table_ReportDate] 基础化工 | 行业简评报告 | 20 ...

[Table_Summary] [Table_Title] 汽车行业周报：十月前两周乘用车销量同环比增 长，高阶智能驾驶有望创新突破 [Table_ReportDate] 汽车 | 行业简评报告 | 2024.10.22 评级： 看好 核心观点 [Table_Authors] 岳清慧 汽车首席分析师 SAC 执证编号：S0110521050003 yueqinghui@sczq.com.cn l 世界智能网联汽车大会开幕，高阶智能驾驶有望实现突破 10月 17日，2024世界智能网联汽车大会开幕，大会发布全球智能 网联汽车十大技术趋势、大会共识、智能网联汽车"车路云一体化" 一致行动宣言等一批创新成果。 工业和信息化部部长金壮龙表示，随着大算力、大数据、大模型 等快速发展，高级自动驾驶技术有望实现新的重大突破，智能网联汽 车也将进入全新的发展阶段。我国将从以下方面推动产业全新发展。 1）融合创新方面，将聚焦新一代电子电气架构，大算力芯片、域控制 器、超智系统等关键领域，以数据为纽带，促进汽车与智能电网、智 能交通、智能城市融合发展。 2）拓展应用场景，深入开展车路云一体化应用试点，持续拓展物流、 公交、出租、 ...

[Table_Rank] 评级： 看好 [Table_Authors] 翟绪丽 首席分析师 SAC 执证编号：S0110522010001 zhaixuli@sczq.com.cn 电话：010- 81152683 甄理 行业分析师 SAC 执证编号：S0110524070001 zhenli@sczq.com.cn 电话：021-58820301 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 0.4 23-Oct 3-Jan15-Mar 26-May 6-Aug17-Oct 基础化工 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 硫酸涨幅居前，兴发集团前三季度业 绩同比增长 天然橡胶延续上涨，湖北宜化签署子 公司股权转让合同 天然橡胶涨幅靠前，三美股份拟对外 投资丰富产品结构 【首创化工】2023 年策略报告——周 期起伏中寻求确定性，关注龙头股、 磷化工、氟化工三条主线 [Table_Title] 国际油价回调，兴福电子获中国证监会注册 [Table_ReportDate] 基础化工 | 行业简评报告 | 2024.10.21 ...

[Table_Title] 单季度利润再创新高，摩洛哥项目放量在即 [Table_ReportDate] 森麒麟(002984)公司简评报告 | 2024.10.21 [Table_Rank] 评级： 买入 核心观点 [Table_Summary] ⚫ 事件：公司发布 2024 年三季报，前三季度实现营业收入 63.40 亿元，同 比+10.42%，实现归母净利润 17.26 亿元，同比+73.72%。其中 Q3 单季 度实现营业收入 22.30 亿元。同比+1.13%，环比+11.82%，实现归母净 利润 6.48 亿元，同比+67.48%，环比+13.04%，创单季度最高。 ⚫ 公司轮胎产销量稳步增长，同时泰国双反税率降低，共同带动盈利增长。 受益于泰国二期的大规模投产运行，2024 年前三季度，公司完成轮胎产 量 2424.31 万条，同比+14.05%，其中，半钢胎产量 2355.85 万条，同比 +13.73%；全钢胎产量 68.50 万条，同比+26.10%；完成轮胎销量 2335.81 万条，同比+7.88%，其中，半钢胎销量 2268.15 万条，同比+7.33%；全 钢胎销量 67.65 万 ...

[Table_Rank] 评级： 看好 [Table_Authors] 翟绪丽 首席分析师 SAC 执证编号：S0110522010001 zhaixuli@sczq.com.cn 电话：010- 81152683 甄理 行业分析师 SAC 执证编号：S0110524070001 zhenli@sczq.com.cn 电话：021-58820301 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 0.4 23-Oct 3-Jan15-Mar 26-May 6-Aug17-Oct 基础化工 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 硫酸涨幅居前，兴发集团前三季度业 绩同比增长 天然橡胶延续上涨，湖北宜化签署子 公司股权转让合同 天然橡胶涨幅靠前，三美股份拟对外 投资丰富产品结构 【首创化工】2023 年策略报告——周 期起伏中寻求确定性，关注龙头股、 磷化工、氟化工三条主线 [Table_Title] 化肥行业点评：化肥价格有所回暖，关注冬储备肥 情况 [Table_ReportDate] 基础化工 | 行业简评报告 | 2024 ...

[Table_Rank] 评级： 买入 [Table_Authors] 翟绪丽 首席分析师 SAC 执证编号：S0110522010001 zhaixuli@sczq.com.cn 电话：010- 81152683 甄理 行业分析师 SAC 执证编号：S0110524070001 zhenli@sczq.com.cn 电话：021-58820301 [Table_Chart] 市场指数走势（最近 1 年） -0.5 0 0.5 1 23-Oct 3-Jan15-Mar 26-May 6-Aug17-Oct 云天化 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 22.74 | | 一年内最高 / 最低价（元） | 24.89/13.10 | | 市盈率（当前） 市净率（当前） | 7.96 1.94 | | 总股本（亿股） | 18.34 | | 总市值（亿元） | 417.13 | | 资料来源：聚源数据 | | ...

Investment Rating - The report assigns an "Accumulate" rating to the company [2] Core Viewpoints - The impact of centralized procurement is gradually clearing, and new formulations are expected to continuously contribute to performance growth. The company's existing key products have been included in centralized procurement, and the negative impact of price reductions on performance has been fully digested. Revenue is expected to maintain steady growth based on stable prices and increased volume. Additionally, the number of approved formulations has significantly increased, with several products showing good potential for volume growth. The company is focusing on analgesic and anesthetic products, developing specialized drugs with technical barriers and policy thresholds, which will help form new performance growth drivers [6][12]. - The export product lineup is continuously enriching, and revenue is expected to enter a rapid growth phase. The company is focusing on opioid detoxification agents and emergency drug product lines, as well as complex formulations and specialty 505(b)(2) products. The approval of hydrochloride injection of nalmefene by the FDA in November 2023 marks the company's first product for international markets. The approval of hydrochloride injection of nicardipine in September 2024 is also expected to contribute to recent performance. With the expected volume growth of these products, the company's export business is anticipated to enter a rapid growth phase [12][13]. - Earnings forecasts indicate that the company's revenue for 2024-2026 is expected to be 1.365 billion yuan, 1.706 billion yuan, and 2.121 billion yuan, with year-on-year growth rates of 22.2%, 25.0%, and 24.3%, respectively. The net profit attributable to shareholders is projected to be 276 million yuan, 337 million yuan, and 424 million yuan, with year-on-year growth rates of 21.7%, 22.2%, and 25.9%. Based on the closing price on October 15, the corresponding PE ratios are 23.3, 19.0, and 15.1, leading to the initial coverage rating of "Accumulate" [13][14]. Summary by Sections Section 1: Impact of Centralized Procurement - The negative impact of price reductions on performance has been fully digested, and existing key products are expected to maintain steady revenue growth. New products are beginning to contribute to revenue growth, with several recent approvals showing strong potential [6][10]. Section 2: Export Product Lineup - The company is expanding its international presence with a focus on high-barrier products. The approval of key products by the FDA is expected to significantly enhance revenue from exports [12][13]. Section 3: Earnings Forecasts - Revenue and net profit projections for the next three years indicate robust growth, supported by new product launches and market expansion strategies [13][14].

Investment Rating - The report assigns a "Buy" rating for the company [1] Core Insights - The company has signed an investment agreement with the Kunshan government to invest 1.85 billion yuan in establishing a planetary roller screw research and production base, covering approximately 140 acres [2] - The company's main business is stable and well-established, divided into three segments: chassis components, aluminum alloy lightweighting, and air conditioning compressors and integrated thermal management [2][3] - The planetary roller screw technology has high barriers to entry and is a key component for humanoid robots, with domestic products nearing the performance of foreign counterparts, indicating significant potential for domestic substitution [2] - The company is actively developing screw samples for humanoid robots and has established a small-scale production line capable of independent production across all processes [2] - Revenue projections for 2024-2026 are 2.11 billion, 2.41 billion, and 2.92 billion yuan, with corresponding net profits of 80 million, 110 million, and 140 million yuan, leading to a projected PE ratio of 112.6, 80.9, and 60.5 times respectively [2][3] Summary by Sections Company Overview - The latest closing price is 24.06 yuan, with a one-year high/low of 27.56/7.41 yuan, a current PE of 123.35, and a market cap of 8.63 billion yuan [2] Financial Projections - Revenue for 2023 is projected at 1.88 billion yuan, with a growth rate of 10.3%, and net profit at 50 million yuan [3] - The company expects a revenue growth rate of 11.9% in 2024, 14.6% in 2025, and 20.9% in 2026 [3] Investment Recommendations - The report suggests a stable business foundation and proactive layout in roller screws, leading to the "Buy" rating [2]

[Table_Title] 关注科创板指数中权重较大的半导体公司 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | [Table_Rank ...

[Table_Summary] [Table_Title] 业绩保持稳健，盈利能力持续提升 [Table_ReportDate] 天坛生物(600161)公司简评报告 | 2024.10.16 [Table_Rank] 评级： 增持 核心观点 [Table_Authors] 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：86-10-81152644 [Table_Chart] 市场指数走势（最近 1 年） -0.2 0 0.2 16-Oct 28-Dec 10-Mar 22-May 3-Aug15-Oct 天坛生物 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 22.08 | | 一年内最高 / 最低价（元） | 27.60/20.04 | | 市盈率（当前） | 34.40 | | 市净率（当前） | 4.23 | | 总股本（亿股） | 19 ...