[2024 Table_IndustryInfo 年 12 月 07 日 ] 证券研究报告•行业研究•医药生物 医药行业周报（12.2-12.6） 政策支持国产替代，利好头部国产器械份额提升 [行情回顾： Table_Summary 本周医药生物指数上涨 ] 1.62%，跑赢沪深 300 指数 0.17 个百分 点，行业涨跌幅排名第 22。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 27.53 倍，相对全部 A 股溢价率为 79.9%(-2.1pp)，相对剔除 银行后全部 A 股溢价率为 34.14%(-1.42pp)，相对沪深 300 溢价率为 130.34%(-2.13pp)。本周相对表现最好的子板块是医疗研发外包，上涨 6.2%，年初以来表现最好的前三板块分别是医药流通、化学制剂、原料药， 涨跌幅分别为+4.8%、+3.5%、+2.9%。 政策支持国产替代，利好头部国产器械份额提升。12 月 5 日，财政部就《关 于政府采购领域本国产品标准及实施政策有关事项的通知（征求意见稿）》向 社 ...

[Table_IndustryInfo] 2024 年 12 月 08 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（12.2-12.6） 年末冲量+政策加持，11 月乘用车零售同比增长 18% | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_IndustryInfo] 2024 年 12 月 05 日 强于大市(维持) 证券研究报告•行业研究•机械设备 通用设备月报（1101-1130） 11 月制造业 PMI 为 50.3%，需求修复在路上 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Industry Investment Rating - The report maintains a "Stronger than Market" rating for the robotics industry [1] Core Views - The robotics industry outperformed the broader market indices during the week of December 2-8, 2024, with the CSI Robotics Index rising by 6.6% and the National Robotics Index increasing by 4.0% [1] - Domestic humanoid robot MagicBot demonstrated multi-robot collaboration capabilities in factory settings, with plans for a new product release and small-scale mass production by Q1 2025 [1] - Hyundai and Kia introduced the X-ble Shoulder exoskeleton robot, which reduces shoulder load by 60% and deltoid muscle damage by 30%, with plans for expansion to 27 affiliated companies by 2025 and entry into the European and American markets by 2026 [2] - Toyota's CUE6 humanoid robot set a Guinness World Record for the longest basketball shot by a humanoid robot at 24.55 meters, utilizing AI algorithms for real-time adjustments [2] - Chongqing and Sichuan governments released policies supporting the development of embodied intelligent robotics, including subsidies for R&D, core hardware development, and application scenarios [3][45][46] Industry Performance - The CSI Robotics Index outperformed the Shanghai Composite Index by 4.3 percentage points, the CSI 300 Index by 5.2 percentage points, and the ChiNext Index by 4.7 percentage points [1] - The National Robotics Index outperformed the Shanghai Composite Index by 1.7 percentage points, the CSI 300 Index by 2.6 percentage points, and the ChiNext Index by 2.1 percentage points [1] Key Companies and Products - MagicBot, developed by MagicLab, features 42 degrees of freedom, can carry up to 20 kg with its arms and 40 kg overall, and has a maximum battery life of 5 hours [1] - X-ble Shoulder, developed by Hyundai and Kia, weighs only 1.9 kg and can withstand 700,000 folding and unfolding actions annually without requiring electrical power [2][37] - Toyota's CUE6 robot achieved a record of 2,020 consecutive basketball shots, leveraging AI to learn and optimize its throwing technique [2][41] Government Policies and Support - Chongqing's policy supports the large-scale application of embodied intelligent robots in various sectors, including healthcare, education, and construction [3][45] - Sichuan's policy offers subsidies for AI and robotics industry platforms, core algorithm development, and the creation of industry-specific large models [46][47] Financing Activities - Noematrix completed a Pre-A+ round of financing worth hundreds of millions of RMB, led by Sequoia China, to accelerate product development and commercialization [5][51] - Nuoshi Robotics secured tens of millions of RMB in angel funding for the development of planetary roller screws, with plans to expand production and talent acquisition [5][52] - Titanium Tiger Robotics raised over 100 million RMB in two rounds of Pre-A financing to enhance R&D and market expansion [5][53]

Investment Rating - The report does not provide a specific investment rating for Simcere Pharmaceutical (2096 HK) [1] Core Views - Simcere Pharmaceutical's new drug Xianbixin sublingual tablets have been approved for market, which is expected to synergize with the injectable form to improve stroke treatment accessibility [2] - Two other drugs, Celsera and Enlituo, have been included in the National Reimbursement Drug List (NRDL), significantly enhancing their market accessibility [3] - The company's innovative drug revenue accounted for over 70% of total revenue in H1 2024, with a noticeable increase in gross margin [4] Financial Performance - In H1 2024, Simcere Pharmaceutical's revenue from innovative drugs reached 2 2 billion yuan, accounting for 70 7% of total revenue [4] - The company's gross margin in H1 2024 was 79 1%, an increase of 3 4 percentage points compared to the same period in 2023 [4] - Revenue is projected to grow from 6 64 billion yuan in 2024 to 9 36 billion yuan in 2026, with net profit expected to increase from 714 76 million yuan to 1 78 billion yuan over the same period [6][10] Product Pipeline - Xianbixin sublingual tablets showed a 64 4% functional recovery rate in clinical trials, significantly higher than the placebo group's 54 7% [2] - Celsera, a drug that protects bone marrow during chemotherapy, was successfully included in the NRDL and achieved localization in Hainan Province, potentially improving product gross margin [3] - Enlituo, a domestically developed EGFR monoclonal antibody, was approved in China in June 2024 and also included in the NRDL [3] Market Expectations - Xianbixin sublingual tablets are expected to achieve penetration rates of 0 9% and 3 9% in 2025 and 2026, respectively, with corresponding revenues of 250 million yuan and 650 million yuan [9] - Celsera is projected to reach penetration rates of 4%, 12%, and 16% in 2024, 2025, and 2026, respectively, with revenues of 220 million yuan, 420 million yuan, and 560 million yuan [9] - The company's overall revenue is expected to grow at a compound annual growth rate (CAGR) of 18 8% from 2024 to 2026 [10]

Investment Rating - The report maintains a "Buy" rating for NVIDIA (NVDA.O) [1] Core Views - NVIDIA's Q3 FY2025 revenue reached $35.08 billion, a 94% YoY increase, with GAAP net income of $19.3 billion, up 109% YoY, and Non-GAAP net income of $20 billion, up 100% YoY [1] - Data center revenue grew 112% YoY to $30.8 billion, driven by strong demand for the Hopper computing platform, with cloud service providers contributing approximately 50% of data center revenue [2] - The Blackwell series, set to begin production in Q4, is expected to face supply shortages in FY2026, with a 2.2x performance improvement in LLM benchmarks [2] - Gaming and AI PC revenue grew 15% YoY to $3.3 billion, exceeding market expectations, with 20 new GeForce RTX and DLSS games launched [3] - Professional visualization revenue increased 17% YoY to $486 million, while automotive and robotics revenue grew 72% YoY and 30% QoQ to $450 million [3] - Q4 FY2025 revenue guidance is approximately $37.5 billion, representing a 69.7% YoY increase, with GAAP and Non-GAAP gross margins expected at 73% and 73.5%, respectively [3] Financial Projections - Revenue for FY2025-FY2027 is projected at $131.78 billion, $215.03 billion, and $266.35 billion, respectively, with Non-GAAP net income of $72.48 billion, $120.63 billion, and $151.07 billion [11] - The company's GAAP/Non-GAAP net income CAGR is expected to be 69.9% and 67.2% over the next three years, with P/E ratios of 48x, 29x, and 23x [11] - Data center revenue is forecasted to grow at a CAGR of 144% in FY2025, 70% in FY2026, and 25% in FY2027 [9] - Gaming revenue is expected to grow at a CAGR of 17% in FY2025 and 10% in FY2026 and FY2027 [9] - Automotive revenue is projected to grow at a CAGR of 26.5% in FY2025, 40% in FY2026, and 23.5% in FY2027 [9] Competitive Positioning - NVIDIA maintains a leading market position in AI GPUs, supported by its CUDA software ecosystem and continuous innovation [11] - The company's high-end GPU market share is expected to remain above 80% [8] - NVIDIA's Blackwell series is anticipated to drive significant growth in data center and AI-related markets [2] Industry Comparison - NVIDIA's valuation is favorable compared to peers, with a 2025E P/E of 47.97x, lower than the industry average of 42.27x [14] - Key competitors include AMD, Broadcom, and Intel, with NVIDIA's market cap significantly higher at $347.64 billion [14]

Investment Rating - Buy (Maintained) [1] Core Views - JD Group's Q3 2024 revenue reached 260.4 billion yuan (yoy +5.1%), with Non-GAAP operating profit at 13.1 billion yuan (yoy +17.9%) and Non-GAAP net profit attributable to shareholders at 13.2 billion yuan (yoy +23.9%) [1] - JD Retail's operating margin remained stable at 5.2% yoy, with a sequential improvement of 1.3 percentage points [1] - Free cash flow for the trailing twelve months (TTM) as of September 2024 was 33.6 billion yuan, a decrease of 22 billion yuan from June 2024 and 5.8 billion yuan yoy, primarily due to delayed accounts payable and inventory buildup for the trade-in program [1] - The trade-in policy drove a rebound in 3C and home appliance revenue, with 3C and home appliance sales reaching 122.6 billion yuan (yoy +2.7%), reversing the -4.6% decline in Q2 2024 [1] - JD Logistics saw a significant improvement in profitability, with operating profit surging 624% yoy to 2.09 billion yuan and operating margin increasing to 4.7% from 0.7% in Q3 2023 [1] - JD's Double 11 shopping festival in 2024 exceeded expectations, with active users growing by double digits, daily active buyers increasing by over 20%, and purchase frequency also growing by double digits [1] Business Performance by Segment JD Retail - Revenue: 225 billion yuan (yoy +6.1%) [1] - Operating profit: 11.6 billion yuan (yoy +5.5%) [1] - Operating margin: 5.2% (flat yoy) [1] JD Logistics - Revenue: 44.4 billion yuan (yoy +6.6%) [1] - Operating profit: 2.09 billion yuan (yoy +624%) [1] - Operating margin: 4.7% (up from 0.7% in Q3 2023) [1] New Businesses (Including Dada, Jingxi, Overseas, and JD Property) - Revenue: 5 billion yuan (yoy -25.7%) [1] - Operating loss: 600 million yuan [1] Key Strategies - Low-price strategy: JD has implemented a matrix of low-price activities, including the "JD Super 18" event every month, weekly "Black Friday" promotions, and daily "Midnight Sale" events [1] - Trade-in program: The policy has successfully driven growth in the 3C and home appliance categories [1] Financial Forecasts - Revenue growth for 2024-2026 is projected at 5.26%, 5.09%, and 5.00%, respectively [1] - Non-GAAP net profit attributable to shareholders is expected to be 45.7 billion yuan, 49.2 billion yuan, and 52.9 billion yuan for 2024-2026 [1] - Long-term profit margin target is set at high single digits [1] Revenue Breakdown by Category Electronics and Home Appliances - Revenue: 553.3 billion yuan (2024E), 568.3 billion yuan (2025E), 585.3 billion yuan (2026E) [6] - Growth rate: 2.7% (2024E), 2.7% (2025E), 3.0% (2026E) [6] Daily Necessities - Revenue: 360 billion yuan (2024E), 387 billion yuan (2025E), 414.1 billion yuan (2026E) [6] - Growth rate: 8.3% (2024E), 7.5% (2025E), 7.0% (2026E) [6] Platform and Advertising Services - Revenue: 88 billion yuan (2024E), 91.6 billion yuan (2025E), 95.2 billion yuan (2026E) [6] - Growth rate: 3.9% (2024E), 4.0% (2025E), 4.0% (2026E) [6] Logistics and Other Services - Revenue: 140.3 billion yuan (2024E), 152.9 billion yuan (2025E), 165.2 billion yuan (2026E) [6] - Growth rate: 9.0% (2024E), 9.0% (2025E), 8.0% (2026E) [6] Key Assumptions - Electronics and home appliances: Continued growth driven by trade-in policies and government subsidies, with 3C and home appliance revenue expected to increase in Q4 2024 [5] - Daily necessities: Lower shipping thresholds and optimized platform rules are expected to sustain a 7%+ GMV growth rate for 2025-2026 [5]

[ T able_StockInfo] 2024 年 11 月 27 日 证券研究报告•公司动态跟踪报告 当前价：6.16 港元 诺诚健华（9969.HK）医疗保健 目标价：——港元 股权激励彰显发展信心，进入 2.0 快速发展新时期 [Table_Summary 事件：公司拟定《] 2024年科创板限制性股票激励计划（草案）》，拟向激励对象 授予的限制性股票数量为 1233.775万股。本计划限制性股票的授予价格（含预 留授予）为每股 6.65 元。 股权激励彰显发展信心。本激励计划首次授予部分限制性股票的考核年度为 2025-2028 年四个会计年度，每个会计年度考核一次。业绩考核目标设为 A、B、 C 三个考核指标，以 2025 年为例，C 考核目标为营业收入不低于 15 亿元，启 动 6个新的临床试验；B 考核目标为营业收入不低于 17.5亿元，启动 7个新的 临床试验；A 考核目标为营业收入不低于 20亿元，启动 8个新的临床试验。我 们认为，鉴于 2024 年前三季度公司收入达 6.98亿元，其中三季度收入达 2.78 亿元，2024 年公司营业收入有望达 10 亿元，2025 年 15 亿元的收 ...

202X`4[Table_ReportInfo] 年 11 月 09 日 证券研究报告•市场周评 北交所周报（11.4-11.8） 林泰新材过会，聚星科技将上市 摘要 西南证券研究发展中心 [Table_Summary] 周观点：本周，北交所整体表现较强：北证 50指数较周一（11月 4日）开盘 市值上升 21.5%，周成交额为 2491.3亿元，高于上周水平。本周内北交所 256 只个股中 247股票上涨，1只股票持平，8只股票下跌，个股表现不一，其中 殷图网联间内上涨 126.3%，艾能聚区间内下跌 15.0%。本周北交所主题基金 产品与北交所指数基金产品整体表现均较强。本周，共 10家企业更新发行上 市项目审核动态，1家企业上市委会议通过，5家企业已问询，2家企业注册， 2 家企业已受理。北交所市场在本周整体呈现上升趋势，北证 50 指数在 11 月 8日的收盘价为 1391.4点。北交所市场近期受到政策的持续关注和支持。 同时，并购重组政策也在升温，北交所将发挥资本市场在并购重组中的主渠 道作用，推动提高企业运用并购重组工具的能力。建议关注具有成长性和估 值优势的个股。 行情回顾：本周，北交所整体表现 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.72 CNY over the next six months [1][13]. Core Insights - The company's revenue showed a quarter-on-quarter improvement, with expectations for growth in the breeding sector. The report highlights that the demand for animal health products is influenced by the cyclical nature of the breeding industry, particularly the changes in livestock inventory [2][4]. - The company has increased its R&D investment, which is crucial for enhancing its core competitiveness. The R&D expenditure reached 20.79 million CNY in Q3 2024, accounting for 7.85% of revenue, indicating a focus on innovation [3][4]. - The report anticipates a recovery in pig supply and prices in Q4 2024, which is expected to boost the demand for animal health products, particularly vaccines [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 666 million CNY, a year-on-year decrease of 19.57%. The net profit attributable to the parent company was 261 million CNY, down 27.09% year-on-year. In Q3 2024, revenue was 265 million CNY, a year-on-year decline of 10.35% but a quarter-on-quarter increase of 35.2% [1][2]. Market Dynamics - The report notes a decrease in the number of breeding pigs, which has led to reduced demand for vaccines and other animal health products. However, it also points out that the demand for vaccines is expected to rise as the breeding industry recovers [2][4]. R&D and Innovation - The company has made significant strides in R&D, obtaining 49 new veterinary drug registration certificates. The focus on developing new vaccine platforms is expected to enhance its product offerings and market position [3][4]. Earnings Forecast - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are projected to be 0.83 CNY, 1.04 CNY, and 1.28 CNY, respectively. The report suggests a dynamic price-to-earnings (PE) ratio of 18, 15, and 12 for these years [4][10].