投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-17 | | 收盘价 ( 元 ) | 78.89 | | 流通股本 ( 亿股 ) | 0.88 | | 每股净资产 ( 元 ) | 15.04 | | 总股本 ( 亿股 ) | 0.88 | | 最近 12 月市场表现 | | -46% -32% -18% -5% 9% 23% 晶丰明源 沪深300 上证指数 半导体 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 王矗 SAC 证书编号：S0160524090001 wangchu01@ctsec.com 相关报告 1. 《电源管理细分龙头，内生+外延打 开新成长曲线》 2024-09-01 晶丰明源(688368) / 半导体 / 公司跟踪研究报告 / 2024.10.18 50 系显卡或 1Q2025 发布，产业链备货有望开启 证券研究报告 ❖ 50 系显卡或定档 1Q2025 发布。根据 Wccftech 当地时间 ...

电力设备 / 行业投资策略周报 / 2024.10.17 组件 10 月排产环比提升，国网发布高质量发展倡议书 投资评级:看好(维持) 最近 12 月市场表现 -27% -18% -9% 0% 8% 17% 电力设备 沪深300 上证指数 分析师 张一弛 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 相关报告 1. 《电力设备与新能源 3Q2024 业绩前 瞻》 2024-10-06 2. 《逆变器 8 月出口数据稳增，关注特 高压柔直招标》 2024-09-25 3. 《 新能源车销量激增，风电市场活 跃》 2024-09-16 ❖ 风险提示：政策变化的风险；产能过剩的风险；市场竞争加剧的风险；特高 压开展不及预期的风险。 证券研究报告 核心观点 周观点 ❖ 光伏：本周光伏产业整体价格趋势保持稳定，但国内组件市场出现价格下 降。硅料和硅片价格维持节前水平，电池片价格也未有大幅波动。国内组 件市场受到需求疲软的影响，价格出现下滑，尤其是 P 型组件价格降幅较 大。 ❖ 电力设备：国网发布高质量发展倡议书，从国产化、需求导向、供应链管理、 质量管控等多个方面对国内电力设 ...

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-17 | | 收盘价 ( 元 ) | 17.95 | | 流通股本 ( 亿股 ) | 7.82 | | 每股净资产 ( 元 ) | 7.07 | | 总股本 ( 亿股 ) | 8.32 | | 最近 12 月市场表现 | | -21% -13% -5% 2% 10% 18% 银轮股份 沪深300 上证指数 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 证券研究报告 ❖ 事件：公司于 2024 年 10 月 15 日发布 2024 年前三季度业绩预告，公司预计 2024 前三季度实现归母净利润 6.0-6.1 亿元，同比增长 34.1%-37.5%，预计实 现扣非归母净利润 5.5-5.6 亿元，同 ...

零跑汽车 B10 发布点评 零跑汽车(09863) / 乘用车 / 公司点评 / 2024.10.18 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-17 | | 收盘价 ( 港元 ) | 28.65 | | 流通股本 ( 亿股 ) | 11.16 | | 每股净资产 ( 港元 ) | 7.81 | | 总股本 ( 亿股 ) | 13.37 | | 最近 12 月市场表现 | | -41% -27% -12% 2% 16% 30% 零跑汽车 恒生指数 乘用车 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《全域自研成本优势显著，出海打开 成长空间》 2024-10-17 2. 《9 月销量再创新高，新车型正式在 欧洲上市》 2024-10-15 3. 《零跑 C10、T03 正式在欧洲上市， 证券研究报告 ❖ 事件：20 ...

纳芯微(688052) / 半导体 / 公司跟踪研究报告 / 2024.10.18 麦歌恩并购取得新进展，协同有望进一步加强 投资评级:增持(维持) 核心观点 证券研究报告 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-17 | | 收盘价 ( 元 ) | 121.46 | | 流通股本 ( 亿股 ) | 0.93 | | 每股净资产 ( 元 ) | 42.69 | | 总股本 ( 亿股 ) | 1.43 | | 最近 12 月市场表现 | | ❖ 公司拟并购麦歌恩成为全资子公司。公司发布《关于拟以现金方式收购上 海麦歌恩微电子股份有限公司股份进展暨签订<财产份额转让协议之补充协 议>的公告》，将原交易方案设定的收购麦歌恩 79.31%股权变更为收购 100% 股权，交易对价对应的麦歌恩整体估值无变化，仍为 10 亿元。 ❖ 全资控股有望提升整合及运营效率。本次交易完成后，公司将直接及间接 持有麦歌恩 100%的股份，公司能够完全控制麦歌恩的运营和决策，从而确保 战略目标和公司利益的一致性；有助于提升公司对麦歌恩整 ...

Investment Rating - Maintain "Overweight" rating [1] Core Views - The company issued a positive profit warning, expecting a net profit of approximately USD 100 million for the first nine months, a year-on-year increase of over 300% [2] - The flagship brand EGO performed strongly, driving accelerated revenue growth in Q3 [2] - The company is confident in achieving its full-year revenue growth target of over 20%, with H2 revenue growth expected to reach 30% [2] - Q3 performance exceeded expectations, leading to an upward revision of full-year earnings [3] - The company's gross margin continues to improve due to cost dilution, driven by product structure optimization, scale effects, and declining lithium battery costs [3] - Channel destocking has ended, and interest rate cuts are expected to catalyze sustained high revenue growth in H2 [3] - The company's valuation is attractive, with projected revenues of USD 1.67 billion, USD 1.97 billion, and USD 2.24 billion for 2024-2026, and net profits of USD 130 million, USD 150 million, and USD 170 million, respectively [3] Financial Performance - Q3 net profit is expected to be approximately USD 38 million, following a net profit of USD 62 million in H1 2024 [2] - The company's revenue growth is accelerating, driven by strong terminal sales of the EGO brand, a low base in 2023, and restocking orders after channel destocking [2] - The company's gross margin improved in H1, benefiting from product structure optimization, scale effects, and lower lithium battery costs [3] - The company's revenue growth is expected to remain strong in H2, supported by year-end promotions, preparations for 2025 inventory, and improved channel inventory health [3] - The company's PE ratios for 2024-2026 are projected at 11x, 9x, and 8x, respectively [3] Industry Outlook - The OPE (Outdoor Power Equipment) industry has significant upward potential, with the company well-positioned to benefit from this trend [3] - Federal Reserve interest rate cuts are expected to boost demand for post-real estate cycle products and enhance consumer purchasing power for big-ticket items, particularly in the OPE category [3] Financial Projections - The company's revenue is expected to grow by 21.19% in 2024, 18.13% in 2025, and 13.87% in 2026 [4] - Net profit attributable to the parent company is projected to grow by 14.51% in 2025 and 12.46% in 2026 [4] - The company's gross margin is expected to be 33.35% in 2024, 32.53% in 2025, and 32.38% in 2026 [6] - ROE is projected to be 11.11% in 2024, 10.61% in 2025, and 10.04% in 2026 [6] - The company's EPS is expected to be USD 0.25 in 2024, USD 0.29 in 2025, and USD 0.33 in 2026 [6]

轻工制造 / 行业投资策略月报 / 2024.10.18 9 月家具社零同比+0.4%，增速由负转正 投资评级:看好(维持) 最近 12 月市场表现 -30% -20% -11% -1% 8% 18% 轻工制造 沪深300 分析师 吕明璋 SAC 证书编号：S0160523030001 lvmz@ctsec.com 联系人 何栋 hedong@ctsec.com 相关报告 1. 《家具销售增长明显，政策效应有望 持续释放》 2024-10-13 2. 《促消费政策效果显现，关注相关家 居转债》 2024-10-13 3. 《政策提振家装需求，关注相关家居 转债》 2024-10-01 核心观点 轻工社零数据月度跟踪 证券研究报告 2024 年 9 月社零总额同比+3.2%，增速环比+1.1pct。2024 年 9 月社零总 额 4.11 万亿元（+3.2%，前值+2.1%），除汽车以外的消费品零售额 3.66 万亿 元（+3.6%，前值+3.3%）。2024 年 9 月市场销售整体向好，增速环比提升。 2024 年 9 月家具类社零同比+0.4%，增速转正。分品类来看，家具方面， 2024 年 9 月家具零售 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has established significant self-research capabilities in both hardware and software, enhancing its product lineup and opening growth opportunities through international expansion [3][4] - The company has formed a joint venture with Stellantis to facilitate its global strategy, leveraging Stellantis' extensive distribution network [3][4] - Revenue is projected to grow significantly, with expectations of reaching 299.06 billion RMB in 2024, 542.03 billion RMB in 2025, and 799.32 billion RMB in 2026 [4][34] Summary by Sections 1. Self-Research and Product Development - The company, founded in 2015, has developed comprehensive self-research capabilities in core technologies for electric vehicles, including the production of key components and cloud-based solutions [3][8] - The product matrix includes five pure electric models and four extended-range models, with significant delivery growth from 1.7 thousand units in 2021 to 17.3 thousand units in the first nine months of 2024, reflecting a year-on-year increase of 94.6% [8][12] 2. Revenue Growth and Financial Performance - The company’s revenue has increased from 631 million RMB in 2020 to 16.75 billion RMB in 2023, with a 52.16% year-on-year growth in the first half of 2024 [12][13] - The net loss has narrowed from 5.11 billion RMB in 2020 to 2.21 billion RMB in the first half of 2024, indicating improving financial health [12][13] 3. Market Expansion and Sales Network - The company has rapidly expanded its sales network from 49 stores in 2019 to 560 stores by 2023, covering 182 cities [16][17] - The penetration rate of new energy vehicles in China is expected to reach 60.1% by 2026, indicating a favorable market environment for the company [18][19] 4. Strategic Partnerships and Globalization - The partnership with Stellantis involves a joint venture, with Stellantis holding 51% and the company holding 49%, aimed at expanding into international markets [11][30] - The company plans to establish 500 sales points in Europe by the end of 2025 and expand into Asia-Pacific, the Middle East, Africa, and South America starting in the fourth quarter of 2024 [31][32] 5. Financial Projections and Valuation - The company is expected to achieve vehicle sales of 250,000 units in 2024, 440,000 units in 2025, and 630,000 units in 2026, with a corresponding increase in average selling price [33][34] - The projected price-to-sales ratios for 2024, 2025, and 2026 are 1.17, 0.65, and 0.44 respectively, indicating a favorable valuation compared to peers [36][37]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has launched two new products, "Runzhi·Gege" and "Runzhi·Feiran," which enhance its competitiveness in the medical beauty sector [3] - The launch of "Runzhi·Gege," a compound solution for neck anti-aging, expands the product matrix from facial to neck treatments, focusing on anti-aging [3] - "Runzhi·Feiran" is designed for lip enhancement, further broadening the brand's appeal to different age groups seeking comprehensive beauty solutions [3] - The company is advancing 48 transformation projects in 2024, indicating a strategic focus on innovation and market adaptation [3] - The planned reduction of shares by Guoshou Chengda is seen as a normal fund expiration, which will improve the company's liquidity in the secondary market [3] Financial Projections - The company is projected to achieve revenues of 6.175 billion, 7.112 billion, and 8.305 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 746 million, 886 million, and 1.040 billion yuan [4] - The expected price-to-earnings (PE) ratios for the same years are 37, 31, and 27 times [4] - Revenue growth rates are forecasted at 1.63%, 15.16%, and 16.78% for 2024, 2025, and 2026 respectively, following a decline of 4.45% in 2023 [5] Product Development and Market Strategy - The company is focusing on enhancing its product development capabilities, particularly in the field of hyaluronic acid, to support pipeline expansion [4] - The introduction of new products is expected to address the changing demands of consumers in the medical beauty market, which is becoming increasingly competitive [3][4]

尚太科技(001301) / 电池 / 公司点评 / 2024.10.17 海外产能选址马来西亚，把握市场机遇 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-17 | | 收盘价 ( 元 ) | 50.40 | | 流通股本 ( 亿股 ) | 1.59 | | 每股净资产 ( 元 ) | 22.32 | | 总股本 ( 亿股 ) | 2.61 | | 最近 12 月市场表现 | | -50% -35% -21% -6% 8% 22% 尚太科技 沪深300 上证指数 电池 分析师 张一弛 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 相关报告 1. 《2024H1 负极出货高增，业绩略超 预期》 2024-08-15 2. 《一季度业绩超预期，成本优势凸显》 2024-04-26 3. 《23Q3 盈利承压，积极布局扩张份 额》 2023-10-27 证券研究报告 ❖ 事件：2024 年 10 月 14 日，公司公告拟投资建设"马来西亚年产 ...