医药生物行业 买入（维持） 出海步伐不断加速 恒瑞医药（600276）事件点评 事件：9月24日，公司发布公告，公司与GlenmarkSpecialty S.A.（以下简称 "Glenmark Specialty"）达成协议，将公司具有自主知识产权的1类创新药瑞 康曲妥珠单抗（SHR-A1811）项目有偿许可给GlenmarkSpecialty。 点评： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 股价走势 资料来源：Wind，东莞证券研究所 相关报告 2025 年 9 月 25 日 投资要点： 分析师：谢雄雄 SAC 执业证书编号： S0340523110002 电话：0769-22110925 邮箱： xiexiongxiong@dgzq.com.c n 主要数据 | 2025 年 9 月 24 | 日 | | --- | --- | | 收盘价(元) | 70.11 | | 总市值（亿元） | 4,653.34 | | 总股本(亿股) | 66.37 | | 流通股本(亿股) | 63.79 | | ...

王小龙强调，公司以技术创新和精益运营为核心，持续深化产品与市场战略，为投资者创造长期价值。 此次网上路演为投资者提供了深入了解公司财务稳健性和成长潜力的机会，展现了联合动力作为新能源 汽车动力系统领军企业的强大竞争力。 更多路演详情，请点击：https://rs.p5w.net/html/175748235744047.shtml 财务数据显示，公司电驱系统收入实现迅猛增长：2022年至2024年收入分别为46.37亿元、75.40亿元和 139.72亿元。2023年同比增长62.60%，主要受益于新能源汽车行业政策支持、核心零部件自制能力提升 及多年研发投入转化的量产项目；2024年同比增长85.31%，则得益于定点车型销量增长、头部客户拓 展及全球化布局突破。 9月12日下午，苏州汇川联合动力系统股份有限公司（简称"联合动力"，股票代码：301656）首次公开 发行股票并在创业板上市网上路演在全景网成功举行。公司财务总监王小龙出席活动，详细介绍了公司 近年来的研发投入、财务表现及增长动力。 王小龙透露，联合动力高度重视研发创新，2022年至2024年研发投入持续增长，三年累计研发费用超过 21亿元，占营业 ...

Core Viewpoint - The article emphasizes the historic opportunity for the Chinese automotive industry to grow stronger through the electric and intelligent transformation, suggesting that Chinese automakers can achieve a leapfrog development compared to their Western and Japanese counterparts in the traditional fuel vehicle era [2][13]. Group 1: Overview of Global Automotive Parts Giants - German automotive parts giants are primarily technology-driven, having developed early mass production capabilities in the 1920s-1930s, with companies like Volkswagen and Mercedes-Benz originating from Germany [5]. - Japanese and Korean suppliers were supported by their respective automakers, emerging in the 1960s and gradually enhancing their R&D capabilities while expanding overseas [5]. - The competition among American automotive parts suppliers is relatively weak, with only a few making it to the top ranks globally, while Canadian company Magna serves as a significant supplier in North America [5][13]. - Tire manufacturers have a unique branding advantage, having established a monopolistic competition structure globally, allowing room for latecomers to grow despite limited scale effects among leading firms [5]. Group 2: Changes in Chinese Automotive Parts Suppliers - Chinese automotive parts suppliers are undergoing significant changes, with the rise of new energy vehicles (NEVs) since 2020, led by companies like Tesla and local startups, reshaping the relationship between automakers and parts suppliers [10][17]. - The emergence of cost-effective and responsive Chinese parts suppliers has been facilitated by the rise of domestic automakers, with notable examples including Top Group and Desay SV [10][17]. - Since 2022, there has been a marked acceleration in the globalization of Chinese suppliers, with companies like Top Group and New Spring actively expanding their overseas production capacities [10][17]. Group 3: Case Study of BorgWarner - BorgWarner has evolved from a mechanical transmission company to a global leader in both traditional and electric powertrain components through continuous mergers and technological innovation since its founding in 1880 [6][19]. - The company has made significant acquisitions, such as the purchase of Delphi Technologies in 2020 to enhance its electric powertrain capabilities and the acquisition of AKASOL in 2021 to expand its battery system business [6][19]. - BorgWarner's focus on technological breakthroughs in turbocharging and electric drive systems positions it as a pioneer in the electric transformation of the automotive industry [7][19]. Group 4: Key Success Factors for Global Parts Giants - The growth of overseas parts giants is driven by high-quality market segments and strong customer relationships, with powertrains, automotive electronics, and chassis systems being preferred areas for development during the fuel vehicle era [17]. - The transition from 1 to 10 in growth for these giants involves internal growth and mergers, with a focus on diversifying business and application areas [17]. - Successful companies often adopt a technology-driven approach, leveraging advanced technologies to drive industry changes, or rely on partnerships with major automakers to achieve mutual growth [17].

据港交所9月24日披露，山东宝盖新材料科技股份有限公司("宝盖新材")向港交所GEM提交上市申请书，中泰国际为独家保荐人。 宝盖新材致力于产质量量与研发创新。根据弗若斯特沙利文的数据，就以收入计的市场份额而言，公司已达成以下成就： 位列中国电缆沟盖板行业参与者第一。于2024年，宝盖新材在中国电缆沟盖板行业的市场占有率位居首位。于2024年，在电缆沟盖板行业市场占有率约为 2.36%，约为第二大企业的两倍。 位列中国GFRP电缆沟盖板行业参与者第一。于2024年，公司在中国GFRP电缆沟盖板行业的市场占有率位居首位。于2024年，公司在GFRP电缆沟盖板产业 的市场份额约为8.94%，约为第二大企业的两倍。 位列中国沟盖板行业参与者第三。于2024年，宝盖新材在中国沟盖板行业的市场占有率位居第三，约占该行业总市场份额的1.35%。 宝盖新材于山东省和陕西省经营三个生产工厂，总占地面积约为42,769平方米，建筑面积约为 23,400平方米。这些工厂配备了机器，包括模压机、捏合机、 油温机、网格绘图机和钢筋加工设备，于往绩记录期间，开工率为55.1%至72.8%。 据招股书，宝盖新材成立于2009年，已成为中国 ...

Core Insights - The company achieved total revenue of 6.016 billion yuan in H1 2025, representing a year-on-year growth of 12.79%, with a net profit attributable to shareholders of 998 million yuan, up 5.03% year-on-year [1] - In Q2 2025, the company reported total revenue of 3.538 billion yuan, a year-on-year increase of 18.60%, and a net profit of 628 million yuan, reflecting a growth of 6.99% year-on-year [1] - The gross profit margin declined by 1.28 percentage points year-on-year in H1 2025 and by 2.41 percentage points in Q2 2025 [1] Revenue Growth - Domestic revenue in H1 2025 reached 4.873 billion yuan, growing 10.74% year-on-year, while overseas revenue was 1.142 billion yuan, up 22.48% year-on-year, accounting for 18.99% of total revenue [1] - The company’s overseas business has become a crucial engine for sustained growth despite geopolitical and tariff policy challenges [1] Profitability and Efficiency - The sales expense ratio for H1 2025 was 15.60%, while the R&D expense ratio was 12.74%, and the management expense ratio was 4.28%, indicating improved governance and operational efficiency [2] - Revenue from MR equipment reached 1.968 billion yuan, a year-on-year increase of 16.81%, with a steady rise in market share [2] - Molecular imaging products generated revenue of 841 million yuan, up 13.15% year-on-year, and CT business maintained stable growth with revenue of 1.515 billion yuan [2] Innovation and R&D - R&D investment in H1 2025 totaled 1.14 billion yuan, with the number of R&D personnel increasing to 3,391, representing over 40% of the workforce [2] - The company is focusing on next-generation platform technologies and key product breakthroughs, ensuring autonomous control and continuous innovation capabilities [2] Future Projections - Revenue projections for 2025-2027 are 11.782 billion, 14.059 billion, and 16.845 billion yuan, with year-on-year growth rates of 14.4%, 19.3%, and 19.8% respectively [2] - Net profit attributable to shareholders is expected to be 1.898 billion, 2.325 billion, and 2.843 billion yuan for the same period, with growth rates of 50.4%, 22.5%, and 22.3% respectively [2]

（编辑 袁冠琳） 证券日报网讯 太力科技9月23日发布公告，在公司回答调研者提问时表示，公司自创立起便以研发创新 为核心，二十余年持续投入时间与人才成本。2025年上半年，研发投入达1700万元，同比增长 16.24%，有力支撑了各核心领域的技术创新。未来，公司仍将维持较高研发投入，深耕新材料与新工 艺，为业务增长提供持久技术动力。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company achieved a total revenue of 6.016 billion yuan in H1 2025, representing a year-on-year growth of 12.79%, with a net profit attributable to shareholders of 998 million yuan, up 5.03% year-on-year [1][2] - The company's domestic revenue reached 4.873 billion yuan in H1 2025, growing by 10.74% year-on-year, while overseas revenue was 1.142 billion yuan, marking a significant increase of 22.48% year-on-year, accounting for 18.99% of total revenue [1][2] - The company is focusing on next-generation platform technology and key product breakthroughs, with R&D expenses amounting to 1.14 billion yuan in H1 2025, and the R&D personnel count exceeding 3,391, representing over 40% of the workforce [2] Financial Performance Summary - In H1 2025, the company's sales expense ratio was 15.60%, R&D expense ratio was 12.74%, and management expense ratio was 4.28%, indicating improved governance and operational efficiency [2] - The MR equipment revenue was 1.968 billion yuan, growing by 16.81% year-on-year, while molecular imaging products generated 841 million yuan, up 13.15% year-on-year [2] - The projected revenues for 2025-2027 are 11.782 billion yuan, 14.059 billion yuan, and 16.845 billion yuan, with year-on-year growth rates of 14.4%, 19.3%, and 19.8% respectively [2]

证券代码：301595 证券简称：太力科技 广东太力科技集团股份有限公司 编号：2025-007 | 投资者关系活动类别 | □分析师会议 ☑特定对象调研 | | --- | --- | | | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（ 电话会议） | | | 华安证券：喻明 | | 参与单位名称及 人员姓名 | 广东广通投资：王威 | | | 上海九益私募基金：徐红标 | | 时间 | 2025年09月22日下午17:00-18:00 | | 地点 | 公司二楼会议室 | | 上市公司接待人员姓名 | 董事会秘书：聂琴 | | | 证券事务代表：韩露露 | | | 一、调研参观 | | | 参观公司产品展厅、选品中心。 | | | 二、公司基本情况介绍 | | | 三、问答环节 | | | Q1：公司户外产品的增长潜力如何？ | | | 答：在户外装备领域，公司依托真空阻隔复合材料、纳米涂 | | | 层与纺织面料技术，推出多款颠覆传统的户外装备产品。其中， | | 投资者关系活动 主要内容介绍 | 太力控温升无骨充气帐篷，具备集控温升、一 ...

Core Insights - The global aggregate industry is experiencing varied demand trends across different regions, with some areas showing growth while others face declines in production and demand [1][3][4][6][9][11][12]. Regional Summaries New Zealand - The demand for aggregates remains stable at 8 tons per person, slightly lower than the previous year's 9 tons, with expectations for recovery in 2026 driven by agricultural activity [3]. China - Aggregate production in China reached 7.3 billion tons in the first half of 2025, a 4% year-on-year decline, with continued oversupply expected in the second half, although the rate of decline may slow [4]. Malaysia - The construction sector in Malaysia is supported by railway infrastructure projects, with active aggregate sales in regions like Johor and Penang. New regulations are being implemented to enhance safety and control in the mining sector [5]. South Korea - Aggregate demand in South Korea has significantly decreased by 30% in the first half of 2025, with an annual forecast of 34 million tons, indicating a challenging market environment [6]. India - The Indian aggregate industry is in the process of formalizing a national association, focusing on product standards, sustainability, training, and innovation, with plans for a national meeting in 2026 [7]. Canada - Aggregate production in Canada is expected to remain stable at 43 million tons, with New Brunswick showing strong demand due to new highway projects [8]. Brazil - Brazil's aggregate production increased by 3.5% in the first half of 2025, driven by a robust housing market, but is expected to face challenges due to declining housing finance and economic confidence [9][10]. Colombia - Colombia's aggregate production fell by approximately 30% in the first half of 2025, with a potential mild recovery in the second half, although total annual production may still decrease by 15% [11]. Panama - Panama's aggregate production is currently at 60% of pre-pandemic levels, but new infrastructure projects initiated by the government are expected to drive future growth [11]. Europe - The European aggregate production is projected to be below 3 billion tons in 2024, with slight improvements expected in 2025. Inflation remains stable, but energy prices are rising, and new defense measures may increase demand [12][13].

Group 1 - The company emphasizes the importance of research and development (R&D) innovation and is committed to building a professional and efficient R&D talent team [1] - The company implements a scientific and reasonable management system to stimulate the innovative capabilities of R&D personnel [1] - The product center adopts the M-IPD system management and leverages its postdoctoral research workstation, enterprise technology center, and engineering center to enhance R&D effectiveness [1] Group 2 - The company strengthens collaboration with external research institutions and focuses on the transformation of innovative achievements [1]