国際官 / 卡尔推演 / 湖北 汽车行业动态点评 黑芝麻智能、地平线即将上市， 自主车芯供应商市占率有望不断提升 2024 年 08 月 07 日 [ 事项 ] 思芝麻智能国际控股有限公司于 2024 年 7 月 31 日开启招股、至 8 月 ５日 结束，并计划于 2024 年８月８日正式以"2533"为股票代码在港 交所主板挂牌上市。 【评论】 黑芝麻智能明日昨将上市。黑芝麻智能是中国自动驾驶芯片领域的主 奏玩家之一，å 千 ８月７日正式宣布发行价，其殷亲å 千 ８月８日开 始桂峰交易。黑艺麻智能现在将发行价文在了득股 28 港元，将筹资 10. 4 亿港元(含 1. 33 亿美元), 伪将是今年香港規模最大的 IPO 之一。 接照发行价区间的下限计算，约 7%的股份将流向两家基石投资者一 广汽集团旗下的一家子公司和汽车变祁件供应商宁波均胜电子旗下 的一家投资子公司。 ◆ 地子线也昨将 IPO，有望改善共食本站构和经营状况。今年３月 26 日，智驾科技头邻企业地子线向香港证券交易所递交招股书，宣告其 即将在香港交易所上市。地手线成立于 2015 年 7 月，心经成为市场 领先的乘用车高级辅助驾驶（ADAS） ...

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% ...

Investment Rating - The report maintains a "Buy" rating for the company [5][13]. Core Insights - The company is positioned as a leader in the domestic medicinal mushroom pharmaceutical sector, with strong growth in core products [5]. - In the first half of 2024, the company achieved a revenue of 1.428 billion yuan, representing a year-on-year increase of 41.21%, and a net profit attributable to shareholders of 296 million yuan, up 49.78% year-on-year [5]. - The core product, Wuling Capsule, has been included in national essential drug lists, enhancing its market presence and sales [5]. Financial Performance - The company reported a significant increase in sales revenue for its core products, with Wuling series sales up 29.15% and Lingze tablets up 30.84% [5]. - The sales revenue from traditional Chinese medicine (TCM) decoction pieces increased by 57.11%, while TCM formula granules saw a remarkable growth of 256.73% [5]. - The company’s cost control measures have improved net profit margins, with a net profit margin of 20.99%, an increase of 1.05 percentage points year-on-year [5]. Future Projections - Revenue projections for 2024-2026 are set at 2.494 billion yuan, 3.103 billion yuan, and 3.747 billion yuan, respectively, with net profits expected to be 498 million yuan, 624 million yuan, and 764 million yuan [5]. - The earnings per share (EPS) are projected to be 0.71 yuan, 0.89 yuan, and 1.09 yuan for the same period, with corresponding price-to-earnings (PE) ratios of 19, 15, and 12 times [5].

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]