[Table_IndustryInfo] 2025 年 03 月 16 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（3.10-3.14） 预计 25 年汽车报废更新达 500 万辆，关注机器人/智能化发展 智能汽车：华为 2 月智驾报告显示，2 月智驾总里程 2.68 亿公里，人均智驾 投资要点 西南证券研究院 [Table_Author] 分析师：郑连声 执业证号：S1250522040001 电话：010-57758531 邮箱：zlans@swsc.com.cn 联系人：郭瑞晴 电话：13379781776 邮箱：grq@swsc.com.cn [Table_QuotePic] 行业相对指数表现 数据来源：聚源数据 -13% -4% 5% 15% 24% 33% 24/3 24/5 24/7 24/9 24/11 25/1 25/3 汽车 沪深300 | 基础数据 | | | --- | --- | | [Table_BaseData] 股票家数 | 265 | | 行业总市值（亿元） | 47,517.36 | | 流通市值（亿元） | 40,560.65 | | 行业市盈率 T ...

[Table_IndustryInfo] 2025 年 03 月 16 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（3.10-3.14） 预计 25 年汽车报废更新达 500 万辆，关注机器人/智能化发展 智能汽车：华为 2 月智驾报告显示，2 月智驾总里程 2.68 亿公里，人均智驾 投资要点 西南证券研究院 [Table_Author] 分析师：郑连声 执业证号：S1250522040001 电话：010-57758531 邮箱：zlans@swsc.com.cn 联系人：郭瑞晴 电话：13379781776 邮箱：grq@swsc.com.cn [Table_QuotePic] 行业相对指数表现 数据来源：聚源数据 -13% -4% 5% 15% 24% 33% 24/3 24/5 24/7 24/9 24/11 25/1 25/3 汽车 沪深300 | 基础数据 | | | --- | --- | | [Table_BaseData] 股票家数 | 265 | | 行业总市值（亿元） | 47,517.36 | | 流通市值（亿元） | 40,560.65 | | 行业市盈率 T ...

[Table_IndustryInfo] 2025 年 03 月 16 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人新品持续推出，关注头部进展 投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 分析师：周鑫雨 执业证号：S1250523070008 电话：021-58351893 邮箱：zxyu@swsc.com.cn 联系人：叶明辉 电话：13909990246 邮箱：ymh@swsc.com.cn | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 440 | | 行业总市值（亿元） | 39,319.71 | | 流通市值（亿元） | 38,298.40 | | 行业市盈率 TTM | 35.9 | | 沪深 300 市盈率 TTM | 12.8 | 相关研究 请务必阅读正文后的重要声明部分 机器人行业周报（0310-0316） 相关标的：人形机器人硬件端核心环节：1）丝杠及设备，标的包括贝斯特 （3005 ...

Financing Growth - The total social financing (社融) stock increased by 8.2% year-on-year in January-February 2025, with a growth rate up by 0.2 percentage points compared to January[2] - In February 2025, the social financing scale increased by 22,333 billion RMB, which is 7,374 billion RMB more than the same period last year, marking three consecutive months of year-on-year growth[2] - The new RMB loans issued to the real economy increased by 58,700 billion RMB in January-February, a slight increase of 526 billion RMB year-on-year[2] Government Support - Government bond financing saw a significant year-on-year increase of 10,956 billion RMB, reaching 16,967 billion RMB in February 2025[2] - Local government bond issuance in January-February 2025 increased by 9,189 billion RMB compared to the same period last year, the highest level for this period historically[2] - The issuance of refinancing special bonds for replacing hidden debts reached 9,542 billion RMB in the first two months of 2025[2] Credit Trends - The proportion of new RMB loans in the total social financing scale decreased to approximately 29.13% in February, down by 44.8 percentage points from January and 36.2 percentage points year-on-year[2] - Corporate credit demand remains weak, with medium to long-term loans decreasing by 6,000 billion RMB year-on-year, despite a total increase of 58,200 billion RMB in corporate loans[2] - Resident loans increased by only 547 billion RMB in January-February, a decrease of 3,347 billion RMB year-on-year, indicating cautious consumer behavior[2] Monetary Policy Outlook - The monetary policy remains "moderately loose," with the urgency for further easing not strong in the short term due to better performance in credit data[2] - Structural monetary policy tools are expected to play a larger role, with potential expansions in special re-loans aimed at promoting consumption[2] - The M2 growth rate was stable at 7.0% year-on-year, while M1 growth slowed to 0.1%, indicating a need for further confidence in the real economy[3]

Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry as of March 16, 2025 [1]. Core Insights - The low-altitude economy sector is on the verge of a significant breakthrough, supported by clear top-level guidance and government policies aimed at promoting its development [5][15]. - The low-altitude economy index increased by 7.09% during the reporting period, outperforming major indices such as the Shanghai Composite and CSI 300 by 4.12 and 4.10 percentage points, respectively [5][9]. - Key partnerships and projects, such as the collaboration between BYD and DJI on the "Lingyuan" drone system, highlight technological advancements and integration within the industry [18][20]. - Significant investments in low-altitude infrastructure, such as the 20.5 billion yuan project in Shaoxing, mark a pivotal shift from pilot exploration to comprehensive implementation [20]. Summary by Sections Market Review - The low-altitude economy sector outperformed the market, with notable increases in relevant indices [5][9]. - The government has emphasized the importance of developing low-altitude economic applications in its 2025 work report, indicating a strong policy backing [15][16]. Policy Dynamics - The 2025 government work report outlines initiatives to foster the low-altitude economy, including large-scale application demonstrations of new technologies [15]. - Local governments, such as Zhengzhou and Hubei, have introduced substantial financial incentives to support low-altitude economic enterprises, with rewards reaching up to 20 million yuan [16][17]. Industry Developments - BYD and DJI launched the "Lingyuan" drone system, which integrates drone technology with vehicles, showcasing innovation in the sector [18][19]. - The first portable relay drone by the State Grid has been deployed, enhancing inspection efficiency by 200% [21]. - SF Express has signed a contract to purchase 100 large unmanned transport aircraft, indicating a growing trend in logistics applications [22]. Important Company Announcements - EHang completed its first flight in Mexico, expanding its operational footprint to 19 countries [29]. - WanFeng Aowei announced the acquisition of Volocopter for 10 million euros, aiming to accelerate its development in the low-altitude sector [30].

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry as of March 16, 2025 [1]. Core Insights - The robotics industry is witnessing continuous product launches, particularly focusing on advancements from leading companies [1]. - The overall market capitalization of the industry is approximately 393.2 billion yuan, with a circulating market value of about 382.98 billion yuan [2]. - The industry’s price-to-earnings ratio (TTM) stands at 35.9, significantly higher than the 12.8 ratio of the CSI 300 index [2]. Summary by Sections Market Review - From March 10 to March 16, the robotics index underperformed the broader market, declining by 2.5%, which is 3.9 percentage points lower than the Shanghai Composite Index and 4.1 percentage points lower than the CSI 300 Index [6][12]. - The report highlights several new product launches, including: - The launch of the Dobot Atom humanoid robot by Yujian Robotics, featuring advanced dexterity and walking capabilities [17][18]. - The introduction of the DH series dexterous hand solutions by Rease, designed for various applications [21]. - The unveiling of the Tian Gong Xing Zhe humanoid robot by UBTECH, priced at 299,000 yuan, aimed at the research and education sector [24][25]. Industry Dynamics - The report discusses the release of the GO-1 model by Zhiyuan, which utilizes a novel Vision-Language-Latent-Action (ViLLA) architecture to enhance robotic capabilities [14][15]. - The advancements in humanoid robots are emphasized, particularly the integration of high-performance components and intelligent systems that allow for improved operational efficiency and adaptability [18][24]. Financing Dynamics - Yiyou Technology has completed a 50 million yuan Series A financing round, which will be used for core technology development and production capacity expansion [28]. - The company specializes in high-performance integrated micro servo joints, with a projected output of 180,000 units by 2025 [28].

投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 联系人：叶明辉 电话：13909990246 邮箱：ymh@swsc.com.cn 联系人：杨云杰 电话：021-58351893 邮箱：yyjie@swsc.com.cn [Table_IndustryInfo] 2025 年 03 月 16 日 强于大市(维持) 证券研究报告•行业研究•机械设备 [Table_QuotePic] 行业相对指数表现 -19% -9% 0% 10% 20% 30% 24/3 24/5 24/7 24/9 24/11 25/1 25/3 机械设备 沪深300 低空经济行业双周报（0303-0316） 顶层指导明确，低空板块进入爆发前夜 九洲集团与顺丰速运签署合作协议，共同打造低空物流应用示范项目。3 月 7 日，九洲空管与丰翼科技签署合作协议，根据协议，双方将围绕低空经济场景 创新、低空基础设施建设、企业供应链数字化、企业物流服务、投融资等领域 加强合作。 零重力飞机工业与祥源通航达成战略合作，携手 ...

育儿补贴细则出炉，欧美贸易战打响 摘要 [Table_Summary] 一周大事记 国内：重启土地储备专项债，呼和浩特育儿补贴细则推出。3月 9日，全国人 大民生主题记者会明确未来城市更新重点，涵盖老旧小区改造、城中村改造和 完整社区建设，并提出收购存量商品房等举措，以推动房地产市场平稳健康发 展；11日，自然资源部、财政部联合发布通知，宣布重启土地储备专项债，旨 在优化土地市场供需结构，缓解地方政府及房企流动性压力，助力房地产市场 企稳回升；12 日，国务院审议通过《快递暂行条例》修订，有利于推动快递 包装绿色化、减量化、可循环，加快形成绿色生产和生活方式，随着政策细则 的进一步落地，快递包装的绿色化变革将加速推进；13 日，呼和浩特市发布 育儿补贴政策，对 2025 年 3 月 1 日后出生的子女提供最高 10 万元补贴，旨 在缓解育儿经济压力，提升生育意愿，后续或有更多城市跟进推出生育补贴政 策，相关产业如母婴用品、儿童教育、医疗健康等领域有望迎来市场机遇。 海外：欧美贸易摩擦升级，美国 CPI 涨幅放缓。当地时间 3月 10 日，德国 1 月工业产值环比增长 2.0%，超出预期，但出口大幅下降，显示经 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of —— yuan over the next six months [1]. Core Insights - The company has shown impressive performance due to the benefits from centralized procurement, leading to increased sales volume. The successful launch of the Bailin capsule is also a significant milestone [1]. - For the year 2024, the company achieved total revenue of 2.58 billion yuan, representing a year-on-year growth of 32.8%. The net profit attributable to shareholders was 505 million yuan, up 31.8% year-on-year [7]. - The core product, Wuling capsule, has maintained a strong market position, with revenue growth driven by expansion into new provinces and increased sales volume [7]. Financial Performance Summary - **Revenue Forecast**: - 2023A: 1,942.44 million yuan - 2024E: 2,579.75 million yuan (growth rate: 32.81%) - 2025E: 3,431.07 million yuan (growth rate: 33.00%) - 2026E: 4,597.63 million yuan (growth rate: 34.00%) [2]. - **Net Profit Forecast**: - 2023A: 382.94 million yuan - 2024E: 504.68 million yuan (growth rate: 31.79%) - 2025E: 668.98 million yuan (growth rate: 32.56%) - 2026E: 901.32 million yuan (growth rate: 34.73%) [2]. - **Earnings Per Share (EPS)**: - 2023A: 0.55 yuan - 2024E: 0.72 yuan - 2025E: 0.95 yuan - 2026E: 1.29 yuan [2]. - **Return on Equity (ROE)**: - 2023A: 14.09% - 2024E: 16.68% - 2025E: 19.13% - 2026E: 21.74% [2]. - **Price-to-Earnings (PE) Ratio**: - 2023A: 28 - 2024E: 21 - 2025E: 16 - 2026E: 12 [2]. Product Performance - **Wuling Capsule**: - Revenue for the Wuling series in 2024 reached 1.44 billion yuan, with a year-on-year growth of 17.1%. The sales volume and revenue of Wuling capsules increased by 22.6% and 15.96% respectively [7]. - **Bailin Products**: - The Bailin tablet generated sales revenue of 190 million yuan in 2024, a decrease of 7.2% year-on-year, primarily due to price impacts from centralized procurement [7]. Cost Management - The company has effectively managed its expenses, with a cost ratio of 39.4% in the first three quarters of 2024, a decrease of 0.9 percentage points compared to the mid-year report [7].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has received approval for the first Trop2 ADC lung cancer indication globally, which aligns with previous expectations [7] - The expansion of indications is favorable for commercialization in China, with the company expected to participate in the 2025 national medical insurance negotiations [7] - The potential of the product is gradually being realized, with ongoing global phase III studies for additional lung cancer indications [7] - 2025 is projected to be a pivotal year for the company's product commercialization, with several products expected to be approved [7] Financial Summary - Revenue projections for the company are as follows: - 2023A: 1,540.5 million RMB - 2024E: 1,746.8 million RMB (growth rate: 13.4%) - 2025E: 1,836.7 million RMB (growth rate: 5.2%) - 2026E: 2,877.2 million RMB (growth rate: 56.7%) [2] - The net profit attributable to the parent company is projected to be negative, with figures as follows: - 2023A: -574.1 million RMB - 2024E: -350.1 million RMB - 2025E: -434.6 million RMB - 2026E: -286.1 million RMB [2] - Earnings per share (EPS) is expected to improve from -2.53 in 2023A to -1.26 in 2026E [2] - The company anticipates significant revenue from the product Lukanosatuzumab, with projected sales of 47 million RMB in 2024, 960 million RMB in 2025, and 1,886 million RMB in 2026 [9]