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]

]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. ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for its stock performance in the near term [9][16]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 111.47 million to 126.33 million yuan in the first half of 2024, representing a year-on-year increase of 50% to 70%. The net profit after deducting non-recurring gains and losses is projected to be between 109.44 million and 124.30 million yuan, reflecting a growth of 83% to 108% [1]. - The subsidiary Tianqi Hongyuan has a robust project pipeline, with profits from wind and solar power station development and energy storage business beginning to materialize. Key projects include a 100MW wind power project in Tianjin and a 300MW wind-storage-hydrogen integrated project in Chengde [2]. - The company has shown confidence in its growth by increasing its dividend payout ratio to 30% in 2023 and executing a share buyback plan, acquiring 1,799,300 shares, which is 1.02% of total shares [5]. Financial Projections - Revenue is projected to grow from 3.05 billion yuan in 2024 to 5.62 billion yuan in 2026, with year-on-year growth rates of 25.37%, 47.95%, and 24.51% respectively. Net profit attributable to shareholders is expected to rise from 252.37 million yuan in 2024 to 510.77 million yuan in 2026, with growth rates of 16.22%, 61.90%, and 25.01% respectively [9][10]. - The earnings per share (EPS) is forecasted to increase from 1.43 yuan in 2024 to 2.90 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 14, 9, and 7 times [9][10]. Business Development - The company is actively responding to the slowing growth in the elevator industry by developing new elevator models and enhancing production capabilities for high-margin products. It has established a non-standard division to focus on customized elevator components [15]. - The company is also expanding its overseas presence, with projects like the microgrid system in Kenya and participation in the World Bank's "Lighting Africa" initiative [2].

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].

电气设备行业动态点评 2024年前两批特高压设备中标情况 2024 年 07 月 24 日 【事项】 2024 年 4 月 秒 6 月,国家屯网对外公布了 2024 年第一次称第二次特高 压设备招标系购的中标候选人。 【评论】 国网 2024 年第一种第二批特高压设备招标金额共 18.3 亿元上下。 2024 年第一批特高压设备中标金额为 9.9 亿元上下, 第二批中标金额 8.4 亿元左右,两次招标合计金额为 18.3 亿元。2024 年前两次特高 压设备招标涵盖了各类设备,包括换流变压器,换流阀,1000KV 组合 电器,二次设备,换流站二次系统,特高压站内材料,组合电器,直 流断路器,电容器,测量装置,直流穿墙套管等等。其中, 换流变压器、换流阀称 1000KV 组合电器中标金额居前,分别为 5.2 亿、3. 4 亿$ 2. 2 亿。 ◆ 2024 年前两杭特高压设备招标涉及战略 6 条, 共中青赢於走工程是查 头戏。爷容-查庆,宁页-湖南,陇东-山东和金上-湖北这四条直流特 高压项目的核心设备其实在 2023 年心经完成了招标,2024 年招标的 主要是二次设备,全额不大。这两批招标中招标采购全额最大 ...