Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][47]. Core Insights - The company is a leading provider of autonomous driving domain controllers in China, with a strong binding to high-quality downstream customers [2][3]. - The penetration rate of intelligent driving is expected to continue rising, indicating a broad market prospect for autonomous driving domain controllers [2][3]. - The company maintains high R&D investment, with a focus on expanding its business opportunities both domestically and internationally [2][3]. Summary by Sections Company Overview - The company was established in December 2016 and specializes in autonomous driving solutions, achieving a market share of 8.6% in 2022, making it the fourth-largest provider in China [8][2]. - The management team has extensive industry experience, with the chairman holding 21.57% of the shares, ensuring a clear ownership structure [8][9]. Market Trends - The market for autonomous driving domain controllers is projected to grow significantly, with estimates suggesting a market size of RMB 915 billion by 2027, reflecting a CAGR of 56.33% from 2022 to 2027 [2][21]. - The penetration rate of autonomous driving passenger vehicles in China is expected to reach 55.20% by 2024 and 81.70% by 2027 [2][18]. Financial Performance - The company's revenue grew from RMB 0.48 billion in 2020 to RMB 13.26 billion in 2022, with a CAGR of 425.59% [14][3]. - The projected revenues for 2024, 2025, and 2026 are RMB 17.59 billion, RMB 23.95 billion, and RMB 26.42 billion, respectively, with corresponding growth rates of 44.6%, 36.2%, and 10.3% [37][45]. R&D and Product Development - The company has significantly increased its R&D investment, with expenditures rising from RMB 0.44 billion in 2020 to RMB 2.17 billion in 2023, achieving a CAGR of 70.22% [26][27]. - The product matrix includes autonomous driving domain controllers and iFC series products, with the SuperVisionTM product line contributing 89% of revenue in 2023 [11][31]. Competitive Position - The company is the second-largest third-party provider of autonomous driving domain controllers in China, with a market share of 26.20% [24][2]. - The company has established partnerships with major OEMs, including Geely and Chery, and is expanding its international presence [32][34].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to launch new models, steadily enhancing its international competitiveness [1] - In September, the company reported sales of 202,000 vehicles, representing a year-on-year increase of 21% and a month-on-month increase of 11%. New energy vehicle sales reached 91,000 units, up 76% year-on-year and 20% month-on-month [3] - The company is accelerating its overseas expansion, with exports in September reaching 39,000 units, a year-on-year increase of 51% [3] - The company is steadily introducing new models and continuously improving its technological capabilities, with recent launches including the Lynk & Co Z10 and Z9, and the Zeekr 7X [3] Financial Summary - The company is expected to achieve net profits attributable to shareholders of 15.463 billion, 10.720 billion, and 14.232 billion RMB for the years 2024 to 2026, respectively [4] - The corresponding price-to-earnings (PE) ratios are projected to be 7.72, 11.13, and 8.38 times for the same years [4] - Revenue is forecasted to grow from 179.204 billion RMB in 2023 to 354.944 billion RMB in 2026, with a revenue growth rate of 26.21% in 2024 [5][6] - The company's return on equity (ROE) is expected to increase from 6.59% in 2023 to 11.75% in 2026 [7]

投资评级:买入(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-11 | | 收盘价 ( 元 ) | 8.21 | | 流通股本 ( 亿股 ) | 103.36 | | 每股净资产 ( 元 ) | 11.09 | | 总股本 ( 亿股 ) | 103.62 | | 最近 12 月市场表现 | | -29% -20% -11% -1% 8% 17% 广汽集团 沪深300 上证指数 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. 《积极拓展海外市场，新能源转型加 速》 2024-09-13 2. 《新能源销量同比高增长，海外拓展 提速》 2024-01-15 3. 《 4 月销量同比高增长，埃安表现 亮眼》 2023-05-15 广汽集团(601238) / 乘用车 / 公司点评 / 2024.10.14 销量环比增长，持续拓展海外市场 证券研 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has experienced a year-on-year increase in total sales, with new product launches expected to drive further sales growth [1] - In September, the company reported total sales of 39,600 vehicles, a year-on-year increase of 2.82%. However, total sales from January to September were 315,230 vehicles, reflecting a year-on-year decline of 4.72% [3] - Passenger vehicle sales faced pressure, while commercial vehicle sales increased year-on-year, with notable growth in Jianghuai pickup truck sales, which surged by 63.60% [3] - The Jianghuai X8 E family was officially launched on September 23, with three models priced between 109,800 to 149,800 yuan, featuring advanced hybrid technology and impressive performance metrics [3] - The company is projected to achieve net profits attributable to shareholders of 516 million, 650 million, and 836 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 116.02, 92.11, and 71.65 [3] Summary by Relevant Sections Sales Performance - In September, passenger vehicle sales were 19,000 units, down 0.50% year-on-year, while commercial vehicle sales were 20,400 units, up 6.17% year-on-year [3] - From January to September, passenger vehicle sales totaled 131,400 units, down 17.00% year-on-year, while commercial vehicle sales reached 184,000 units, up 6.54% year-on-year [3] Product Launches - The Jianghuai X8 E family was launched with a 1.5T hybrid powertrain, achieving 0-100 km/h in 7.7 seconds and offering a range of 1,100 km in hybrid mode [3] Financial Projections - The company expects to achieve revenues of 49,226 million, 59,896 million, and 72,191 million yuan for the years 2024, 2025, and 2026, respectively, with revenue growth rates of 9.54%, 21.67%, and 20.53% [4] - The projected net profit for 2024 is 516 million yuan, with a significant increase in net profit growth rate of 240.55% [4]

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-11 | | 收盘价 ( 元 ) | 28.90 | | 流通股本 ( 亿股 ) | 84.97 | | 每股净资产 ( 元 ) | 8.62 | | 总股本 ( 亿股 ) | 85.42 | | 最近 12 月市场表现 | | -31% -21% -12% -2% 8% 17% 长城汽车 沪深300 上证指数 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 长城汽车(601633) / 乘用车 / 公司点评 / 2024.10.14 魏牌蓝山持续热销，周度销量持续提升 证券研究报告 ❖ 事件：根据魏牌新能源公众号内容，魏牌全新蓝山 9 月 W4 的销量为 2068 辆， 9 月 W1-W4 的销量分别为 1064 辆、1741 辆、1536 辆、2068 辆。周度销量持 续提升。 ❖ 新蓝山 ...

证券Ⅱ / 行业投资策略周报 / 2024.10.14 最近 12 月市场表现 -20% -9% 2% 12% 23% 34% 证券Ⅱ 沪深300 分析师 许盈盈 SAC 证书编号：S0160522060002 xuyy02@ctsec.com 分析师 刘金金 SAC 证书编号：S0160524050001 liujj01@ctsec.com 相关报告 1. 《一流投行雏形渐显，合并推进速度 继续超预期——国泰君安合并海通证 券预案点评》 2024-10-10 2. 《业绩弹性有望支撑券商后续向上空 间——券商板块观点更新》 2024-10- 09 3. 《估值业绩共振向上，全面看好龙头 +弹性标的——证券基金行业周度跟 踪》 2024-10-08 国君、海通推进速度超预期，财政政策再发力 ——证券基金行业周度跟踪 证券研究报告 投资评级:看好(维持) 证券基金行业周度跟踪（2024.10.7-10.13） 核心观点 ❖ 本周券商观点：业绩弹性有望支撑券商后续向上空间。9/24 以来，券商板块 迎来全面进攻行情，9/24-10/8 券商板块上涨 54.15%，大幅跑赢上证指数和沪 深 300，10/9 起板块 ...

Investment Rating - The report maintains a positive outlook on the home furnishing sector, particularly benefiting from fiscal and monetary policy support aimed at stabilizing the real estate market [2][3]. Core Insights - The light industry index experienced a decline of 7.01% during the week of October 8-11, 2024, underperforming the CSI 300 index by 3.75 percentage points, ranking 25th among 31 sectors [2][7]. - The furniture sales during the National Day holiday saw a significant year-on-year increase of 35.7%, indicating strong consumer demand and the effectiveness of recent policies [2][30]. - The report highlights the expected recovery in the home furnishing sector as a result of supportive government policies and seasonal consumption peaks, suggesting a potential valuation recovery for leading companies in the sector [2][3]. Summary by Sections Market Overview - The light industry index closed at 1835.24 points with a weekly decline of 7.01%, with sub-sectors such as home goods and paper experiencing declines of 8.10% and 5.58% respectively [2][7]. - The report notes that the home furnishing sector is positioned to benefit from a rebound in the real estate market due to coordinated fiscal and monetary policies [2][3]. Key Data Tracking - The report indicates that from March 2024, various policies have been implemented to stimulate consumption, including subsidies and consumption vouchers, which have positively impacted furniture sales [2][3][30]. - The furniture retail sales for the first eight months of 2024 showed a year-on-year growth of 1.3%, while overall retail sales in the light industry grew by 3.4% [16][25]. Company Announcements and Industry News - Key companies such as Oppein Home and Mousse have been actively repurchasing shares, indicating confidence in their market positions [28]. - The report emphasizes the strong performance of the home furnishing sector during the National Day holiday, with furniture sales significantly outpacing other categories [30][29].

社会服务 / 行业投资策略周报 / 2024.10.13 稳中求进，积极布局 证券研究报告 投资评级:看好(维持) 最近 12 月市场表现 -31% -22% -12% -3% 7% 16% 社会服务 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 分析师 于健 SAC 证书编号：S0160522060001 yujian@ctsec.com 相关报告 1. 《政策强支撑，把握消费估值提升机 会》 2024-10-08 2. 《风险偏好修复，紧抓消费行情反弹 机遇》 2024-09-30 3. 《国庆出行旺季将至，关注文旅催化》 2024-09-22 核心观点 ❖ 文旅：免税方面关注顺周期下免税客单价修复逻辑，以及四季度起市内免税店 开业催化。回顾 2024 年 Q2 与 Q3，客单价是海南免税销售额下滑的重要因素 之一，目前顺周期预期下，海南旅游大盘有望得到修复，同时可以展望客单价 修复对于销售额回暖的带动。旅游出行方面，十一出行数据符合市场预期，本 轮顺周期行情 OTA 受益于出行链热度提升，估值有望上调，建议关注 OTA 渗 透率提升以及 ...

单击或点击此处输入文字。 计算机 / 行业投资策略周报 / 2024.10.13 特斯拉发布 Cybercab，预期三年内量产 投资评级:看好(维持) 最近 12 月市场表现 -36% -26% -15% -5% 6% 16% 计算机 沪深300 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 分析师 王妍丹 SAC 证书编号：S0160524040002 wangyd01@ctsec.com 相关报告 1. 《端侧 AI 加速，字节发布 AI 耳机， 融入豆包模型》 2024-10-11 2. 《国庆假期，科技行业都发生了什 么？》 2024-10-07 3. 《AI 电力，能耗与运营的双重革命》 2024-10-07 核心观点 证券研究报告 ❖ 特斯拉发布 Cybercab 预计 2027 年前量产。北京时间 10 月 11 日上午， 特斯拉举行 Robotaxi 发布会。在活动现场，特斯拉展示了 50 辆完全自动驾驶 的汽车，其中包括被称为"Cybercab"的 Robotaxi。马斯克表示，这些车辆无 需驾驶员，将极大地提高出行安全性。他还提到，自动 ...

物价的"最后一跌" ——9 月物价数据解读 证券研究报告 分析师 陈兴 SAC 证书编号：S0160523030002 chenxing@ctsec.com 联系人 陈莹 chenying04@ctsec.com | --- | --- | --- | |------------|------------------------|--------------| | | | | | 相关报告 | | | | 1. | 《核心物价创新低—— 8 | 月物价数据 | | 解读》 | 2024-09-09 | | | 2. | 《关注极端天气影响—— | 7 月物价数 | | 据解读》 | 2024-08-09 | | | 3. | 《工业品通胀继续回升—— | 6 月物价 | | 数据解读》 | 2024-07-10 | | 核心观点 ❖ CPI 同比增速放缓，PPI 同比降幅扩大。CPI 方面，9 月 CPI 同比录得 0.4%，较上月有所放缓，环比持平上月。其中，食品价格继续上涨，非食品项 价格下降，形成较大拖累。主因暑期结束后出行减少，机票、酒店、旅游价格 均有下行。剔除食品和能源价格来看，9 月核心 CPI ...