请务必阅读正文后的重要声明部分 机器人行业周报（1216-1222） [Table_IndustryInfo] 2024 年 12 月 22 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（1216-1222） 面向证券 目 | --- | --- | |-------|--------------| | | | | | 1 行情回顾 … | | | 2 产业动态 . | | | 3 触黄动态 . | | | 4 风险提示 | 请务必阅读正文后的重要声明部分 机器人行业周报（1216-1222） | --- | --- | --- | |------------------------------------------------------------------------------------------------------|-------|-------| | | | | | | | | | | | | | 目 图 | 录 | | | | | | | 图 1: 机器人指数行情回顾 . | | | | 图 2: 智元机器人组装车间 . | | | | 图 3： 智元机器人 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 14.18 CNY over the next six months, based on the current price of 8.23 CNY [1]. Core Insights - The company is positioned to benefit from the dual drivers of smart urban rail and low-altitude economy, exploring new opportunities in digital intelligence [1][2]. - The traditional urban rail business is expected to continue benefiting from the renewal and upgrade of urban rail systems, with a significant market potential of 375-560 billion CNY for signal system upgrades by 2030 [7]. - The semiconductor materials capacity expansion is anticipated to benefit from the industry's recovery, with a projected 19.78% year-on-year increase in global semiconductor sales in 2024 [3]. - The low-altitude economy is projected to reach a market size of 6 trillion CNY by 2035, with the company actively developing three major business areas in this sector [8]. Summary by Sections 1. Company Overview - The company is a leading player in the smart urban rail sector, having established a "1+2+N" development strategy focusing on smart transportation, semiconductor, and digital industry [63][68]. - The company has shifted its focus to smart transportation and semiconductor industries, divesting from energy-saving and environmental protection businesses [64]. 2. Smart Transportation - The smart transportation segment has seen revenue growth from 9.8 billion CNY in 2017 to 25.6 billion CNY in 2021, although it faced challenges in 2022-2023 due to stricter approval requirements for subway projects [71]. - The company achieved a market share increase in urban rail signal systems from 15.2% in 2022 to 20.5% in 2023, with significant new orders in the smart transportation sector [7][71]. 3. Semiconductor Industry - The company is expanding its semiconductor materials production capacity, with projects in Shanxi and Pujiang progressing well, aiming to capitalize on the industry's recovery [3][4]. - The global semiconductor market is expected to see a steady increase in sales, with a projected year-on-year growth of 19.78% in the first three quarters of 2024 [3]. 4. Low-Altitude Economy - The low-altitude economy is gaining traction, with government policies supporting its development, and the company has established a presence in this emerging market [8][88]. - The company is developing a comprehensive low-altitude service model, including smart take-off and landing fields and safety control systems, to capture growth in this sector [8][89]. 5. Financial Projections - Revenue forecasts for 2024-2026 are estimated at 2.23 billion CNY, 2.85 billion CNY, and 3.23 billion CNY, with net profits projected to grow significantly [12]. - The company is expected to achieve a compound annual growth rate of 12% in revenue and 43% in net profit over the next three years [12].

[Table_ReportInfo] 2024 年 12 月 17 日 证券研究报告•宏观简评报告 数据点评 地产销售同比转涨，消费增速边际回落 ——2024 年 11 月经济数据点评 | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

202X`4[Table_ReportInfo] 年 12 月 14 日 证券研究报告•市场周评 北交所周报（12.9-12.13） 北交所启动存量上市公司代码切换工作， 北证 50 成分股迎定期调整 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|-------------------------------------| | | | | | | | ...

科技前瞻专题 AI ASIC：算力芯片的下一篇章 西南证券研究发展中心 海外研究团队 2024年12月 www.swsc.com.cn 投 资 逻 辑 1 ASIC 可以适应不同的业务场景和商业模式的需求，可以满足大型CSP客户的诸多需求：1）内部工作负载的架构优化；2）更低的功 耗，更低的成本；3）为AI工作负载定制的内存和I/O架构。随着AI应用的发展和生态逐步完善，AI算力集群特别是推理集群对加速 计算芯片需求巨大，驱动ASIC快速成长。预计2028年数据中心ASIC 市场规模将提升至429亿美元，CAGR为45.4%。 ASIC针对特定算法和应用进行优化设计，在特定任务上的计算能力强大，通常具有较高的能效比。目前ASIC以推理场景应用为主， 并开始切入到部分训练环节。对照北美四大CSP的自研产品路线：Google的TPU出货目前以v5产品为主，2025年将量产TPU v6； 亚马逊的ASIC产品包括Trainium和Inferentia，分别用于训练和推理环节；微软和Meta也推出了各自的ASIC产品Maia 100和MTIA 。由于大型CSP的业务模型、应用场景等多通过自身云来承载，每个云承载了独特 ...

Investment Rating - The report assigns a "Neutral" rating for the company, indicating that the stock is expected to perform in line with the market over the next six months [174]. Core Views - The company is a global leader in the luggage industry, benefiting from the recovery of international tourism. It holds an 18% market share in the global luggage market and has shown a strong rebound in revenue post-pandemic, with a CAGR of 33.7% from 2020 to 2023 [4][5]. - The Asian market has surpassed North America in revenue contribution, with a significant growth rate of 55.8% in 2023, driven primarily by China, which saw a 78.7% increase [4][5]. - The company's core brands, including Samsonite, Tumi, and American Tourister, have all achieved double-digit growth, with Tumi leading at a 34.3% increase [4][5]. Summary by Sections Company Overview - The company, founded in 1910, is the largest luggage manufacturer globally, with a diverse brand portfolio that includes high-end and mid-range products [14][135]. - The company has undergone significant growth phases, including globalization and acquisitions, which have expanded its brand and product offerings [20][21][22]. Market Conditions - The global travel market is recovering, with key indicators like RPK and ASK returning to pre-pandemic levels, indicating a resurgence in travel demand [5][81]. - The luggage market is projected to grow, with an expected CAGR of 6.5% from 2021 to 2027, and the suitcase segment is anticipated to grow at a CAGR of 12% [5][99]. Growth Drivers - Domestic tourism in China has rebounded significantly, with a 93% increase in travel volume in 2023 compared to the previous year, contributing to the company's growth [7][143]. - The company is expanding its product range and innovating to attract younger consumers, with a focus on multi-functional travel products [7][156]. - Marketing strategies include celebrity endorsements and cross-brand collaborations, enhancing brand visibility and consumer engagement [8][169]. Financial Performance - The company's revenue reached $3.68 billion in 2023, surpassing pre-pandemic levels, with a notable recovery in profitability [36][63]. - The gross profit margin has improved, reaching 60% in the first half of 2024, reflecting strong operational efficiency [64][70]. Regional Performance - In 2023, the Asian market accounted for 38.8% of total revenue, overtaking North America, which dropped to 34% [41][42]. - China remains a critical market, contributing significantly to revenue growth, with a 79% increase in 2023 [45][151]. Brand Performance - Core brands have shown robust growth, with Samsonite generating $1.85 billion and Tumi achieving a 34.4% increase in revenue [49][50]. - The company is focusing on enhancing its brand portfolio to cater to diverse consumer needs across different price segments [135][138].

[Table_IndustryInfo] 2024 年 12 月 15 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（12.9-12.13） 11 月新能源渗透率达 52.3%， 以旧换新带动乘用车销售量超 520 万辆 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_IndustryInfo] 2024 年 12 月 15 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（1209-1215） Optimus 展示崎岖地形稳健行走，自主行走能力再升级 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[2024 Table_IndustryInfo 年 12 月 14 日 ] 证券研究报告•行业研究•医药生物 医药行业周报（12.9-12.13） 集采落地看好创新，医药消费受益政策 [行情回顾： Table_Summary 本周医药生物指数 ] 下跌 0.93%，跑赢沪深 300 指数 0.07 个百分 点，行业涨跌幅排名第 24。2024 年初以来至今，医药行业下跌 7.82%，跑输 沪深 300 指数 23.61 个百分点，行业涨跌幅排名第 32。本周医药行业估值水 平(PE-TTM)为 27.86 倍，相对全部 A 股溢价率为 82.42%(+2.52pp)，相对剔 除银行后全部 A 股溢价率为 37.41%(+3.27pp)，相对沪深 300 溢价率为 132.4%(4.19pp)。本周相对表现最好的子板块是线下药店，上涨 6.6%，年初 以来表现最好的前三板块分别是医药流通、原料药、化学制剂，涨跌幅分别为 +7.8%、+4.3%、+4.1%。 政策支持提振消费，医药消费需求有望复苏。2024 年中央经济工作会议提 出，实施更加积极的财政政策和适度宽松的货币政策，全方位扩大内需，大力 提振消费，实 ...

[Table_ReportInfo] 2024 年 12 月 13 日 证券研究报告•宏观简评报告 数据点评 直接融资持续支撑社融，化债及购房推升 M1 ——2024 年 11 月社融数据点评 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...