Investment Rating - The investment rating for the company is "Accumulate" [5]. Core Views - The company has achieved significant growth in revenue and net profit, with a year-on-year revenue increase of 22.86% to 1.484 billion yuan in the first half of 2024, and a net profit increase of 42.96% to 251 million yuan [2]. - The company is recognized as a leading enterprise in the domestic high-precision satellite navigation positioning industry, focusing on the research, manufacturing, integration, and industrial application of core technologies and products related to high-precision navigation [6]. - The company has made breakthroughs in the automatic driving sector, with several vehicle models already in mass production, which is expected to positively impact its operational performance [6][5]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 1.484 billion yuan, a 22.86% increase year-on-year, with Q2 revenue reaching 867 million yuan, up 24.57% [2]. - The net profit attributable to shareholders was 251 million yuan, reflecting a 42.96% increase, with Q2 net profit at 148 million yuan, up 53.28% [2]. - The comprehensive gross profit margin for the first half of 2024 was 58.44%, a slight increase of 0.2% year-on-year [2]. Business Segments - The company's revenue from the resources and public utilities segment grew by 48% year-on-year, while the construction and infrastructure segment saw a 4.6% increase, and the geographic information segment grew by 7.4% [2]. - The robotics and autonomous driving segment experienced a 29% increase in revenue [2]. Market Position and Strategy - The company has developed a range of high-precision navigation and control systems for agricultural machinery, which have received positive feedback and achieved rapid market penetration [1]. - The company is actively promoting its "video measurement RTK" and other high-precision receiver intelligent equipment, enhancing user experience across various industries [1]. - The company has established partnerships with major players in the autonomous driving sector, positioning itself as a designated supplier for several automotive manufacturers [6]. Future Outlook - The company is expected to achieve revenue of 3.379 billion yuan in 2024, with projected net profits of 576 million yuan, corresponding to a P/E ratio of 26.49 [7]. - The company aims to continue expanding its product offerings and enhancing its core algorithms to maintain competitiveness in the market [6].

电子设备行业动态点评 千帆星座首批组网星顺利入轨, 卫星互 联网有望迎繁荣 2024 年 08 月 09 日 【事项】 近日，有中国版 "圣娃"之称的千帆圣座 (G60 圣娃计划)，首批组网 卫星发射仪式在太原卫星发射中心举行,"一箭 18 星"顺利升空入轨。 千帆圣座于 2023 年启动建设，包括三代卫星系统，采用全频段、多 辰多轨道圣座设计，预计今年完成至少 108 颗卫星发射，一期将完成 发射 1296 颗卫星，未未将打造 1.4 万多颗低轨宽频多媒体卫星的组 困。 ◆ 接照卫星轨道高度不同，通信卫星接距离地面的高度可分为依轨、中 轨称高轨三美。其中依轨卫圣的轨道高度通常在 500km-2000km，由于 部署執道依，具备"依廷迟、依鬆射、依成本"等特性，且不用案设 基站，信号覆盖不受地境限制。同时，依轨卫星也是 6G NTN 空天一 体组网的重要组成部分，是 6G 时代中的关键技术。未来，低轨卫星 应用潜力巨大，在偏远山区以及沙漠、森林、海洋等超过地球 70%的 区域，地面通信网络难以瘦盖的地方，理论上均可以采用低轨卫星覆 孟，満足公共事业、商业应用和个人通信的广泛需求。 ◆ 千帆圣座计划的核心企业是 ...

中国电建（601669）深度研究 "水+电"建设龙一，当前时点请乐观 止 2024 年 08 月 08 日 【投资委点】 中国电建：全球清洁能源、水煮源与环境建设引领者。公司系头部建 统夹企之一，流域规划和水利水电龙头、新能源建设领军企业。近年 经营栽好，能源电力订单高增扫动整体，归乒利润保持效位数增长。 行业分析：基走稳使堵长并向头轿夹企办过集中，水利水屯新能源等 未這材埃而承失。 八大建筑夹企新签份领持续拨升，占建筑业新签比例十年间从 24%增至 53%，24 年 H1 市占率呈加速模升态势。 基建稳增长主基调，投资增速维持高个位数水平，细分领域分化， 高烹气方向：1）水利水网：项反重视水资源配置，中央及地方陆续 出台規划政策，查办特别国僚投向支持，水利投资持续高增，提示关 注南水北调工程； 2）能源电力： 国内电力高水及电源电网投资持续 增长，相关政策持续落地，水电投资稳中有升，抽水蓄能呈现爆发， ◆ 风光新能源装机规模快速扩张，水风光一体化办快开发。 公司业务分析：水利水电新能源建设筹一起头，电站资产规模快速堵 * 1）工程：主业优势领先，具有项实的勘测与建设实力，技术背 烹耸厚。能源电力+水利新签占 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Insights - The company achieved a record monthly delivery of 51,000 vehicles in July 2024, representing a year-on-year growth of 49.4% and a month-on-month increase of 6.8% [2]. - Cumulative deliveries from January to July 2024 reached 239,981 units, reflecting a year-on-year growth of 38.5% [2]. - The expansion of retail and service centers has significantly contributed to sales growth, with 487 retail centers and 411 service centers established across 146 and 220 cities, respectively [2]. - The company is enhancing its supercharging network, with over 700 charging stations now operational, and plans to increase this to over 2,000 stations by the end of 2024 [2]. - The introduction of advanced driving technologies has led to increased user interest, with a notable rise in orders for models equipped with the new features [2]. Summary by Sections Sales Performance - In July 2024, the company delivered 51,000 vehicles, marking a historical high for monthly deliveries, with a year-on-year increase of 49.4% and a month-on-month increase of 6.8% [2]. - Cumulative deliveries for the first seven months of 2024 reached 239,981 units, up 38.5% year-on-year [2]. Channel Expansion - The company has expanded its retail presence to 487 centers across 146 cities and established 411 service centers in 220 cities, which is expected to support ongoing sales growth [2]. Charging Infrastructure - The supercharging network has surpassed 700 stations, with plans to reach over 2,000 stations by the end of 2024, enhancing the user experience and supporting future electric vehicle launches [2]. Technological Advancements - The launch of new autonomous driving technologies has significantly increased user engagement, with a doubling of test drive participation and a surge in orders for models featuring these technologies [2]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 167.98 billion, 226.19 billion, and 274.53 billion yuan, respectively, with corresponding net profits of 11.25 billion, 16.41 billion, and 23.53 billion yuan [5][6].

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]