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 | | | --- | --- | |-------------------------------|------------| ...

电气设备行业动态点评 特高压设备第三次招标采购结果公布 2024 年 07 月 26 日 【 李项】 2024 年 7 月 25 日，国家屯网对外公布了 2024 年第三次特高压设备招标 名购的中标结果。 【评论】 2024 牛紫三火种高压液备格林总体全镇 73. 3 亿元, 关中陕北-失拳王 沈晨時改备杨栋金额 72.9 亿元。2024 年 7 月 25 日，国家屯网公布了 2024 -年第三次特高反该各招标条购中标结果。陕北-安徽直流线路是 此次招标的核心，总招标全领为 72.9 亿元，关键核心设备包括换流 变压器 35.5 亿元, 换流阀 11.9 亿元, 组合电器 6.2 亿元, 电容器 4.2 亿元，文直流断욕器 2.1 亿元，电装器 2.0 亿元和直流控制保护系统 1.9 亿元。换流变压器、换流阀、组令电器和电容器总设线路总体招 标金额的比例分别为 48.7%，16.4%，8.5%称 5.7%。 ◆ 中国奇七串减在被沈史压基本被沈阳谈春将林中份额分别领 先。此次招标的换流变压器设备中，中国画也、保变也久、特变也工 称乌东屯力四家全业中标，中标全额分别为 11. 9、6. 9、5. 7 称 10. ...

电气设备行业动态点评 2024年特高压设备第三次招标清单 2024 年 07 月 25 日 【 李项】 2024 年 6 月，国家屯网对外公布了 2024 年第三次特高压设备招标条购 济学。 【评论】 2024 牛紫三火种高压液备格林主美最基供养无陕北--李敏直流. 陕北- 安徽土800 千伏特尚乐直流输屯区经济全长 1070 公里, 动态投资为 205 亿元。此次的招标派孟了陕北一安徽线路送塔希变塔换流站的主 体音条，具体包括検流变压器 56 台，検流间 8 台，组令电器 62 间隔， 查流控制保护系统 2 泰，屯装器 260 台，屯家器 275 台，屯贸器 113 只，以及隔离开关，交流变压器，交流断路器等多失设备茶干。 陕北--失業员弟毛夫夫夫法站樣心谈备文件时间条中在202503 彩 ◆ 202501。该线 大部分设备是在 202503，部分设备在 202504，少查在 202502 交付。 全域换流站核心设备的交付时间都在 2025 年上半年，而且大部分设 各无在 202501 文付，部分设备在 202502 文付。具体包括线路送站换 流变压器文貨时间在 2025/7/1 至 2025/10/30， ...

Investment Rating - The report maintains an "Accumulate" rating for the company [8]. Core Insights - The company is seizing opportunities from the rise of domestic brands, continuously expanding its core business advantages [3][14]. - The company has completed a name change to Lianhua Holdings, showcasing a diversified product portfolio that includes various seasoning products and health food items [4]. - The company is enhancing its innovation capabilities and product offerings, focusing on healthy and eco-friendly products while expanding its online and offline distribution channels [5]. - The company expects significant growth in its financial performance, with a projected net profit of 1.01-1.10 billion yuan for the first half of 2024, representing a year-on-year increase of 101.36%-119.30% [6]. Financial Data Summary - The total market capitalization is approximately 5.65 billion yuan, with a circulating market value of about 5.63 billion yuan [7]. - The company forecasts revenue growth from 21.01 billion yuan in 2023 to 26.84 billion yuan in 2024, with a compound annual growth rate of 27.75% [10]. - The projected net profit for 2024 is estimated at 2.02 billion yuan, with an EPS of 0.11 yuan, corresponding to a P/E ratio of 29.07 [18].