东海证券晨会纪要

Group 1 - The report highlights the strong demand in the tire industry, supported by favorable foreign trade conditions, which is expected to sustain the industry's prosperity [6][11][32] - The report recommends focusing on companies with early overseas expansion and stable production capacity, such as Sailun Tire, General Motors, and Linglong Tire, as they are well-positioned for growth in the global market [6][11][32] - The report notes that the domestic tire market is experiencing a shift towards overseas production, particularly in Southeast Asia, driven by the Belt and Road Initiative and the growing global tire market [6][11][32] Group 2 - The report discusses Rongchang Bio, a leader in the domestic autoimmune and ADC fields, emphasizing its core product, Tai Tasi Pi, which is the world's first dual-target fusion protein [34][36] - The company has a rich pipeline of products under development, with significant investments in R&D, increasing from 216 million yuan in 2018 to 1.306 billion yuan in 2023 [14][34] - The report forecasts that Rongchang Bio will achieve revenues of 1.586 billion yuan, 2.175 billion yuan, and 2.952 billion yuan from 2024 to 2026, with net losses expected to decrease over the same period [37]