Compa n y U pda te Ch in a Res ear ch Dep t . 2024年06月24日 石头科技(688169.SZ) 买进（Buy） 赵旭东 H70556@capital.com.tw 股权激励调动员工积极性，内外销两旺助力公司营收增长 目标价(元) 466 事件：近日公司发布2024年限制性股票激励计划和事业合伙人持股计划，授予 公司基本信息 产业别 机械设备 价格均为每股208.2元（为6月20日股价的50.1%）。其中，股票激励拟授予5.4 A股价(2024/6/24) 404.76 万股（定向发行，占总股本的0.04%），对象共29人（占总员工数的1.8%）， 上证指数(2024/6/24) 2963.10 股价12个月高/低 469.99/211.75 均为公司管理、技术及业务骨干人员，考核目标为2024-2027年公司营收较2023 总发行股数(百万) 131.58 年增长不低于10%、14%、18%、22%。 A股数(百万) 131.58 A市值(亿元) 532.58 合伙人持股计划拟持有不超过17.0万股（回购股票，占总股本的0.13%），对 主要股东 昌敬(22 ...

高盛：欧洲消费品奢侈品宏观追踪率下调至+5%,乏力,日本未得到重视 ...

高盛：酒类跟踪器更多措施稳定茅台批发价格;618酒类GMV大幅 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 21 June 2024 | 12:02AM HKT Hon Hai (2317.TW): AI to support smartphone demand; AI servers to ramp up ahead; TP up to NT$257; Buy We are positive on Hon Hai and raise our target price to NT$257 (vs. previously at Allen Chang +852-2978-2930 | NT$227) to reflect higher iPhone shipment post Apple WWDC event, with highlights allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C. of AI features (report by Michael Ng) helping to drive the replacement cycle. Despite Verena Jeng rising competi ...

2、今年作为华为MATE 70的重要材料供应商，已经是消费电子材料牌桌上最重要成员之一，预计今年 MATE 70 贡献10亿以上营收，1.5亿以上净利润。同时在研镁铝合金、镁铝硅合金、锌铝合金等新型 3C材料，有望在苹果的下次迭代中成为重要供应商。 一、主业盈利拐点：预期Q2，Q3业绩两个单Q业绩分别均能超过23年全年归母净利润。 23年华峰铝业单吨净利润2500元，银邦股份（母公司报表）单吨净利润830元。 中间的差异主要在于1）良率，2者相差十个百分点以上；2）规模优势；3）客户结构 1）良率提升：通过更换设备，优化工序，良率终于实现改善，预计单吨净利润从830元提升到了1100 元左右，这部分会直接反应在24年Q2业绩中。 深度绑定高端客户，行业横向扩展，10年来首次产能大规模扩张 1、公司深耕铝合金材料领域 30 多年，主编及参编多项国家及行业标准。下游汽车、消费电子高端客 户紧密绑定，10年来第一次重金扩产2倍，进入营收快速增长通道。预计26年传统主业净利润有望超 12亿/年。 ——短期看，同样的利润体量，东睦股份，93亿市值，银邦股份，60亿市值。50%的白捡套利空间。 ——2-3年维度，10倍利 ...

更多资料加入知识星球:水木调研纪委 关注公众号:水木纪委 摘要 人形机器人轴承市场规模快速增长： 随着人形机器人产业的快速发展,预计到 2030 · 年全球人形机器人用轴承市场规模将达到 18.1 亿元人民币,年复合增长率为 76.8%, 乐观情况下甚至可达 30.8 亿元人民币,年复合增长率约为 89%。 高端轴承市场竞争激烈:高端轴承市场主要被全球八大轴承企业垄断,市占率高达 70%。 中国企业如五洲新春、人本股份、光阳股份等正在不断突破核心技术,实现制造能力并 部分达成批量供货,但国产化率仍然较低。 • 中国企业在高端交叉滚子轴承制造方面取得进展:中国厂商如仁德股份具备小批量供 货能力,国际军工也拥有相关技术与产品。在小接触角度领域,中国已有多家成熟供应 商,但整体而言,高端市场仍需进一步突破。 无框力矩电机和空心杯电机在人形机器人中应用广泛:无框力矩电机因体积小、响应 迅捷、质量轻且扭矩高等优点,非常符合人形机器人的需求,预计到2030年将占据人 形机器人价值量的16%。空心杯电机以其突出的性能优势被广泛应用于手部关节,中国 企业如鸣志电气正在逐步缩小技术差距,并凭借价格优势提升市占率。 gbettp ...

Goldman Commodities Sachs Research Oil Analyst Good Well Hunting: Slower But Still Robust Permian Growth While US oil production exceeded all expectations last year, the recent decline in the rig count has raised concerns over the supply outlook for the world's marginal producer. We build a model of crude production in the Permian-the world's largest oil basin-using well-level and state-level production data. We conclude that production growth in the maturing Permian is likely to gradually slow down from an ...

Industry Overview - Global eCommerce sales are expected to grow at a +7% CAGR between 2023 and 2028, reaching $5.0tn by 2028, up from $3.6tn in 2023 [7][8] - China and the US are the largest regions, expected to drive 2/3 of global eCommerce growth, with smaller regions like India (+19%) and ASEAN (+9%) growing faster [8] - eCommerce penetration is projected to increase from 30% in 2023 to 34% in 2028, with an average annual increase of +80bps/yr [8] Regional Insights United States - US eCommerce sales are forecasted to grow at a +7% CAGR through 2028, reaching $1.6tn, with online penetration rising to 32% [27] - Discretionary categories are under pressure, with consumers shifting spending towards essentials, benefiting companies like Amazon [32][33] China - China's eCommerce sales are expected to grow by 8% in 2024, driven by promotional events, better shopping experiences, and leading fulfillment speeds [48] - Platforms like Alibaba, JD, and PDD are focusing on price competitiveness and expanding SKU selections to cater to value-conscious consumers [51] ASEAN - ASEAN eCommerce GMV is expected to grow +16% YoY in 2024, driven by platform investments and the rise of livestream and short-form video shopping formats [68] - Indonesia is the largest market in ASEAN, accounting for 47% of the region's eCommerce TAM [68] Latin America - LatAm eCommerce is expected to grow at a +10% CAGR through 2026, with online penetration reaching 27% by 2026 [79] - Cross-border competition is intensifying, with Temu and TikTok Shop entering markets like Brazil and Mexico [85][86] Europe - Europe accounts for 16% of global eCommerce sales, with penetration expected to reach 30% by 2028 [96] - The UK leads in online penetration, with non-food retail online penetration stabilizing at 37% in 2023 [97][98] Korea - Korea's eCommerce market is expected to grow at a high-single-digit rate in 2024, with online penetration reaching 33% by 2026 [117] - Retail market growth is lukewarm, with eCommerce penetration growth picking up since Q4 2023 [117][120] India - India's eCommerce market is forecasted to grow at a 20% CAGR through 2026, reaching $92bn, driven by beauty and fashion/apparel categories [123] - Quick commerce platforms are rapidly expanding, with Zomato achieving store-level profitability in this segment [124] Competitive Landscape - The top 5 eCommerce platforms (Amazon, Alibaba, PDD, JD, Shopify) held a combined 63% market share in 2023, with further consolidation expected [21][22] - Asia-based platforms like Temu and TikTok Shop are gaining share globally, with Temu expected to reach $45bn in GMV in 2024 [9] Key Trends - Platforms are focusing on price competitiveness, expanding SKU selections, and promoting second-hand goods to cater to value-conscious consumers [51] - Adtech upgrades are driving higher take rates, with platforms shifting from CPC to CPS models [56] - Social commerce, including livestream and short-form video shopping, is becoming a significant driver of eCommerce growth, particularly in ASEAN [73]

更多资料加入知识星球：水木调研纪要关注公众号：水木纪要 Goldman Equity Sachs Research 19 June 2024 | 3:13AM HKT Xiaomi Corp. (1810.HK): GMV +36% yoy at 6.18 shopping festival, on nigher smartphone AsP and strong large home appliance sales; Buy Xiaomi reported Rmb26.3bn GMV (+36% yoy and 17% higher than 2023 Singles' Day GMV) during the 6.18 shopping festival across online and offline channels. This robust 6.18 print implies faster China revenue run rate than GSe, which is equivalent to 73% of Xiaomi's China smartphone and loT revenue ...

高盛：推动欧洲电力可再生能源从替代到满足不断的电力需求的关键。 ...