Investment Rating - The report assigns a rating of "Accumulate" to the company, indicating a positive outlook for its stock performance in the near term [3][5]. Core Views - The company is expected to achieve significant growth in its net profit for the first half of 2024, with estimates ranging from 154 to 170 million yuan, representing a year-on-year increase of 70.76% to 88.51% [1]. - The strong performance is attributed to the growth in both equipment manufacturing and component production, particularly with major client Chery, which saw a 48.4% increase in sales in the first half of 2024 [2]. - The company has a solid order backlog of 3.419 billion yuan in its equipment manufacturing segment, reflecting a year-on-year increase of 12.84% [2]. Summary by Sections Financial Performance - For Q2 2024, the company is projected to achieve a net profit of 78 to 94 million yuan, a year-on-year increase of 65% to 99% [2]. - The expected revenue for 2024 is 2.748 billion yuan, with a growth rate of 46.38% [6]. Business Segments - The company has established a comprehensive layout in lightweight components, with several models entering mass production, including four designated models for integrated die-casting [2]. - The equipment manufacturing business has developed advanced manufacturing solutions for over 100 vehicle models, positioning the company as a leader in high-end automotive manufacturing equipment [2]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 2.748 billion, 3.545 billion, and 4.409 billion yuan, respectively, with corresponding net profits of 314 million, 410 million, and 517 million yuan [5][6]. - The report anticipates continued growth driven by the integration of equipment and component manufacturing, establishing a second growth curve for lightweight components [5].

电子设备行业专题研究 全球科技映射系列报告之一 : 算力巨擘 英伟达，探寻AI的星辰大海 2024 年 08 月 06 日 【投资卖点】 30 年年年重埃，成就 AI 时代先锋。英伟达在 1993 年成立，从济戏图 像领域起家，经过 30 年的发展成长为跨越济戏、数据中心、专业可 视化、汽车等多个领域的巨头。英伟达以创新的 GPU 技术为核心竞争 力，在数据中心业务上布岛 GPU+DPU+CPU 的全栈计算不台，领导了 AI 称高性能计算的革命。此外，公司在游戏领域持续创新，不断提升游 戏图像质量，专业可视化业务支持了数字内容创作，汽车业务推动了 自动驾驶称智能座舱的发展。 ◆ 技术与生态其を AI 领域持续领导地位。在 GPU 领域的技术领先和多 年打造的 CUDA 软件生态, GPU 的并行计算能力与人工智能 大型模型训 练的常求高度契合，使得类伟达得以在人工智能浪潮中迅速城起。同 时得益于其前赔性的市场布局，抓住了游戏、区块链、无宇宙等多轮 机遇。当前，英伟达所处的市场环境有利。一方面，下涔的云计算厂 商对 AI 服务器的需求增长，资本开支在逐季上升，另一方面，市场 上的竞争者数量有限，且在短期内难以突 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" with a target price of 9.8 CNY per share [5][92]. Core Views - The company is a leading supplier of high-voltage switches in China, benefiting from the ongoing upgrades in the power grid and the acceleration of ultra-high voltage (UHV) construction. The company achieved a revenue of 1.4938 billion CNY in 2023, a year-on-year increase of 22.12%, and a net profit of 173.08 million CNY, a significant increase of 198.15% [1][27]. - The company is expanding its product matrix, including the development of new products such as GIL (Gas Insulated Line), which has a broad potential demand due to policies promoting the underground transformation of overhead lines [2][85]. Summary by Sections 1. High Voltage Switch Supplier with Steady Growth - The company is one of the largest suppliers of high-voltage isolation switches in China, with a leading market share in the State Grid. Its product range includes isolation switches, combination electrical devices, and switch cabinets, covering all aspects of power generation, transmission, and distribution [19][66]. - The company’s revenue from isolation switches has been stable, while combination electrical devices and complete electrical devices have seen rapid growth, indicating a diversified revenue stream [29][63]. 2. Acceleration of Power Grid Transformation and UHV Construction - The investment in the power grid is expected to increase significantly, with a projected total investment of over 600 billion CNY in 2024, driven by the integration of renewable energy sources [1][50]. - The company is well-positioned to benefit from the acceleration of UHV construction, with significant projects planned and ongoing, including the construction of large-scale wind and solar bases [54][61]. 3. Expansion of High Voltage Switches and Distribution Network Products - The company’s high-voltage switch products, including isolation switches and combination electrical devices, are expected to see increased market share due to ongoing projects and successful bids in recent tenders [2][66]. - The company is also expanding its distribution network products, which include switch cabinets and transformers, to capture more market opportunities [75][77]. 4. Risk Mitigation and Value Recovery - The company has fully accounted for goodwill impairment related to its acquisition of Huawang Electric Power, reducing future risks associated with this asset [86][87]. - The company’s financial forecasts indicate a steady recovery in profitability, with expected net profits of 303.4 million CNY, 385.02 million CNY, and 446.51 million CNY for 2024, 2025, and 2026, respectively [5][92]. 5. Profit Forecast and Investment Recommendations - The report maintains profit forecasts for the company, projecting revenues of 1.82978 billion CNY, 2.3948 billion CNY, and 2.75486 billion CNY for 2024, 2025, and 2026, respectively [6][92]. - The company is expected to achieve an EPS of 0.49 CNY, 0.62 CNY, and 0.72 CNY for the same years, with corresponding P/E ratios of 15, 12, and 10 [5][92].

汽车行业专题研究 轴承行业专题研究（二）：助力下游行 业减重降本，滑动轴承国产替代加速 2024 年 08 月 02 日 〖 披资 卖点 〗 市场规模种块增长，泰国 2026 年本里安敏 240 亿元。将年经产业研究 究院与中奇排报码敦墙，全球消动轴承行业市场规模向 2016 -年的 87 亿美元增长至 2022 年的 168 亿美元，CAGR 为 11. 6%。 携华经产业研究 党院与共研产业咨询网教授，我国清动科承行业市场规模包由 2016 年 83.5 亿元上升至 2023 年 171. 95 亿元，期间 CAGR 为 10. 9%。本本 随着新能源汽车、能源、风电等行业不断发展，有望旁动流动轴承市 场富丰不断增长。操华经产业研究院预测，2026 年全球活动种承市场 規模有望达到 238 亿美元，其中永国济动种承市场规模有望达到 240 亿元，2023-2026 -午 CAGR 为 11. 8%。 ◆ 减查+降本+降降，由润滑粘水压汽车领域皮用广送，接客桥咨询象墙， 2022 年表国自润清纳承下将汽车领域占比为 58. 69%，工程机械领域 占比为 6. 54%。在国内汽车领域，每台乘用车用查向 30 ...

Investment Rating - Buy (Maintained) [3] Core Views - The company's growth momentum continues with sufficient cash reserves [2] - The company's tumor/immunotherapy business achieved comprehensive revenue of $168.7 million in H1 2024, driven by a 59% increase in tumor product revenue [2] - FRUZAQLA® (fruquintinib) achieved $130.5 million in US sales in H1 2024, demonstrating strong market demand and commercial appeal [2] - The company reiterated its 2024 financial guidance for tumor/immunotherapy business comprehensive revenue of $300-400 million, reflecting confidence in its development [2] - The company has 15 key late-stage registration trials initiated, ongoing, or under review [2] - Cost control efforts have been effective, with net expenses decreasing to $279.9 million in H1 2024 from $364.3 million in the same period last year [2] Financial Performance - Total revenue for H1 2024 was $305.7 million, compared to $532.9 million in H1 2023 [2] - Net income for H1 2024 was $25.8 million, with cash reserves of $802.5 million [2] - Revenue cost decreased by 14% YoY to $180.1 million, and R&D expenses decreased by 34% YoY to $95.3 million [2] - The company forecasts 2024/2025/2026 revenues of $890 million, $1.255 billion, and $1.575 billion, respectively [5] - Net profit attributable to the parent company is projected to be $134 million, $237 million, and $351 million for 2024, 2025, and 2026, respectively [5] Product Development - FRUZAQLA® was approved in the EU and has submitted marketing authorization applications in over a dozen countries and regions [2] - Solpalitinib's new drug application was accepted in January 2024 and included in priority review [2] - The company plans to submit a new drug application for savolitinib for non-small cell lung cancer in the US by the end of the year [2] - Applications for expanding the use of ORPATHYS® and ELUNATE® in China, as well as new drug or new indication applications for TAVALISSE®, have been accepted [2] - The company has added projects targeting Menin and CD38 to its hematology product portfolio [2] Valuation Metrics - The company's P/E ratios for 2024, 2025, and 2026 are projected at 25.53, 14.45, and 9.77, respectively [6] - P/B ratios for the same period are forecasted at 3.97, 3.12, and 2.37 [6] - EV/EBITDA ratios are expected to be 17.51, 11.09, and 7.61 for 2024, 2025, and 2026, respectively [6] Market Performance - The company's 52-week stock price range is HK$35.90 to HK$19.00 [4] - The 52-week P/E range is 38.38 to -131.92, and the P/B range is 5.30 to 2.72 [4] - The stock has gained 28.04% over the past 52 weeks [4]

小鹏汽车−W（09868. HK）深度研究 开启强劲产品周期, 技术领先有望兑现 2024 年 07 月 30 日 〖投资实点〗 公司产品矩阵不断充事，销量本重迷步提升。 (1) 与演演合作有能找 屯栽至舒適 MONA MO3 将千８月正式上市，主支 20 万元以内市场，拥 有同格征最轻智能力的方案。提公司与演演对赌协议，年领查越 10 万辆，公司将奨供额外的对价股权，连续两年达到 18 万辆，清清获 牙的最高股权比例可以操升至 5%，预计后续销查兑现度较高。(2) 公 司将在四季度排出 P7+，年身长越５未，有望移植小時最新找视觉有 能驾驶方案，实现场科培智能驾驶休些。未未三年内，公司规划的新 影/改款车型近 30 款，随着公司进入新的产品周期，产品矩阵不断丰 高，领导有望经步拨升。 全线自所有互技术，领先化养本要进步规规。小耐汽车坚持全线自所 智能驾驶软件，自主开发包含感驾某法和传感驾除各及行为规划、连 动规划和控制在内的全核式自动驾驶技术，并牟先在这产车型上落地 应用，技术领先一方向可以找升自身产品竞争力，另一方面通过技术 服务增收。2023 年 7 月，大众条团 7 亿美无人资公司，取得 4. 99% ...

佐力药业 沪深300 总市值（百万元) 9910.60 [Table_Title] 佐力药业（300181）2024年中报点评 公 司 研 究 / 医 药 生 物/ 证 券 研 究 报 告 [Table_ 基本数据Basedata ] 52 周最高/最低（元） 17.28/8.36 52 周最高/最低（PB） 4.32/2.26 打造国内大型药用真菌制药领域的领 头雁 2024 年 07 月 30 日 核心产品持续强劲增长。2024 年上半年，公司实现营业收入 14.28 亿元，同比+41.21%；归母净利润 2.96 亿元，同比+49.78%；扣非归 母净利润 2.92 亿元，同比+50.78%。公司基于核心产品进入国家基药 目录的优势，持续加强市场拓展，乌灵系列销售收入同比增长 29.15%，其中乌灵胶囊销售收入同比+28.86%；灵泽片销售收入同比 +30.84%；二季度中药净制饮片在医院互联网端销售大幅增加，中药 饮片系列销售收入同比+57.11%；中药配方颗粒随着备案品种增加， 销售收入同比+256.73%；佐力医药公司实现销售 6518.53 万元。 主打产品展现明显优势。近年来，公司核心产品乌灵 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [10]. Core Insights - The company's performance in H1 2024 met expectations, with revenue reaching 7.945 billion yuan, a year-on-year increase of 16.74%, and a net profit attributable to shareholders of 276 million yuan, up 16.52% year-on-year [3]. - The cable business showed stable growth, with sales volume of 1.284 million kilometers and revenue growth of 9.54% year-on-year [3]. - The electromagnetic wire business experienced rapid growth, with sales volume increasing by approximately 24.56% and revenue up by 32.4% year-on-year [3]. - The company is actively expanding its overseas market presence, participating in major international exhibitions and establishing a wholly-owned subsidiary for international trade [3]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 7.945 billion yuan, with a quarterly revenue of 4.423 billion yuan in Q2, reflecting a quarter-on-quarter increase of 25.57% [3]. - The net profit for Q2 was 142 million yuan, with a quarter-on-quarter increase of 5.82% [3]. - The company forecasts net profits of 619 million yuan, 731 million yuan, and 860 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 11, 9, and 8 times [5]. Business Segments - The cable business is focusing on the power grid and energy sales markets, winning bids in multiple provinces [3]. - The electromagnetic wire business is benefiting from high demand in ultra-high voltage projects, with significant orders for transformer flat wires [3]. - The company has also seen a substantial increase in sales volume for flat wires used in new energy vehicles, with a year-on-year growth of 199.38% [3]. Market Position and Strategy - The company aims to consolidate its position as a global leader in flat electromagnetic wire and is actively exploring superconducting and other forward-looking businesses [5]. - The report highlights the company's strategic focus on expanding production capacity and enhancing market and customer development [5].

Investment Rating - Maintain "Overweight" rating [2] Core Views - High base effect led to a year-on-year decline in performance in H1 2024, with revenue of RMB 2.26 billion (-11.49% YoY), net profit attributable to shareholders of RMB 265 million (-3.73% YoY), and non-GAAP net profit of RMB 221 million (-15.95% YoY) [1] - Oral liquid and gel segments showed strong growth, driven by the performance of Jinzhen Oral Liquid and Jingutong Gel [1] - The company has a diversified product portfolio with 207 drug production approvals, including 48 exclusive traditional Chinese medicine (TCM) varieties and 2 TCM protected varieties [1] - R&D expenses accounted for 15.00% of revenue in H1 2024, with significant progress in new drug development across TCM, chemical drugs, and biologics [1] - The company is increasing talent investment and optimizing cost control, with a slight improvement in net profit margin to 12.01% (+0.93pct YoY) [1] Financial Performance - Revenue is expected to grow to RMB 5.60 billion in 2024E, RMB 6.31 billion in 2025E, and RMB 7.04 billion in 2026E, with growth rates of 15.05%, 12.69%, and 11.60% respectively [7] - Net profit attributable to shareholders is forecasted to reach RMB 626 million in 2024E, RMB 751 million in 2025E, and RMB 862 million in 2026E, with growth rates of 16.67%, 19.89%, and 14.88% respectively [7] - EPS is projected to be RMB 1.08 in 2024E, RMB 1.29 in 2025E, and RMB 1.48 in 2026E [7] - The company maintains a high gross margin of 74.55% in H1 2024, with a slight decrease of 0.41pct YoY [1] Product Portfolio - Non-injection products accounted for 62.83% of revenue in H1 2024, an increase of 8.23pct YoY [1] - Key product segments: Injection (RMB 840 million, -27.49% YoY), Oral Liquid (RMB 544 million, +28.60% YoY), Capsules (RMB 402 million, -12.80% YoY), Granules & Powders (RMB 162 million, -15.13% YoY), Tablets & Pills (RMB 169 million, -5.16% YoY), Patches (RMB 104 million, -10.94% YoY), Gels (RMB 21 million, +107.87% YoY) [1] - 112 products are included in the 2023 National Reimbursement Drug List, including 25 exclusive varieties [1] R&D Progress - In H1 2024, the company submitted 3 TCM new drug applications (NDA), completed Phase III clinical trials for 2 TCM products, and obtained clinical trial approvals for 2 TCM products [1] - For chemical drugs, the company completed Phase II clinical trial enrollment for 1 innovative drug and obtained clinical trial approvals for 2 injectable drugs [1] - In biologics, the company is conducting Phase I clinical trials for a monoclonal antibody targeting multiple myeloma and systemic lupus erythematosus [1] Valuation Metrics - The company's market capitalization is RMB 8.06 billion, with a circulating market cap of RMB 8.01 billion [4] - Forward P/E ratios are 14.09x for 2024E, 11.75x for 2025E, and 10.23x for 2026E [7] - Forward P/B ratios are 1.54x for 2024E, 1.36x for 2025E, and 1.20x for 2026E [7] - EV/EBITDA is expected to decrease from 13.90x in 2023A to 4.91x in 2026E [7]

]yrtsudnI_elbaT[ [Table_Title] 轻纺城（600790）动态点评 2024 年 07 月 26 日 【评论】 [Table_ 【事项Summary 】 ] 官方消息，轻纺城旗下的梵诗优品全球成衣选品中心即将启幕。梵诗优 品平台由轻纺城、深圳市版库时尚科技有限公司合作成立，将携手深圳 南油原创设计与柯桥优质面料，共创纺织新风尚。 | --- | --- | |----------------------------------------------|-------| | | | | 证券分析师：高博文 | | | | | | 证书编号： S1160521080001 | | | 证券分析师：陈子怡 证书编号： S1160522070002 | | | 证券分析师：刘雪莹 | | | 证书编号： S1160524070003 | | | 联系人：刘雪莹 | | | 电话： 021-23586475 | | | [Table_PicQuote] 相对指数表现 | | | --- | --- | |-------------------------------|------------| ...