Key takeaways:
The humanoid robot is progressing well, and Figure AI has received 6$500 million investment. The mass production rhythm of humanoid robots of T company is in line with expectations, which will drive the domestic robot sector. The humanoid robot track has broad prospects, great transformation and high certainty, and is still a hot spot for investment this year. Figure AI, a humanoid robotics company, has received investment from companies such as Nvidia, Bezos, Open AI and Microsoft. The financing raised a total of 6$500 million, and the company's valuation has reached $2 billion before the financing. The company's product Figure 01, height 15 meters, weighing 60 kg, can carry 20 kg of cargo, walking speed 12 meters, gripping and other movements are natural and accurate, and the coffee machine can be used in the display**. Last month, Figure announced a partnership with BMW to introduce general-purpose robots into the automotive manufacturing field, accelerating the process of humanoid robots entering commercial applications.
BYD took the lead in launching the "first war" of 100,000 yuan vehicles, and new energy vehicles hit the fuel vehicle market. On February 19, BYD launched the Qin Plus Destroyer 05 Glory Edition model. Among them, the price range of the Qin Plus DM-i Glory Edition is 7980,000 yuan-12580,000 yuan; The price range of the Qin Plus EV Honor Edition is 10980,000 yuan-13980,000 yuan. This means that pure electric vehicles have entered the range of 100,000 yuan, and whether they are hybrid or pure electric, they are basically lower than the mainstream joint venture fuel models in the market, officially opening the era of "electricity is lower than oil". At the same time, Wuling, Changan Automobile, Nezha Automobile and other car companies also followed suit with price cuts. SAIC-GM-Wuling announced that the starting price of its Wuling Starlight 150km advanced plug-in hybrid sedan has been reduced to 9980,000 yuan, the price is reduced to less than 100,000 yuan; Changan Qiyuan announced that the price of its Qiyuan A05 has dropped to 7Starting from 890,000 yuan, comprehensive discount 1About 10,000 yuan, ** lower than Qin plus; Nezha Automobile also announced price reductions for a number of main models, and the price of Nezha X was reduced by 220,000 yuan, the price of Nezha Aya is reduced by 8,000 yuan, and the price of Nezha S is reduced by 5,000 yuan.
The penetration rate of new energy in low-end passenger vehicles will rise rapidly. For a long time, new energy passenger vehicles have focused on the mid-to-high-end model market due to high cost, and the sales volume is mainly concentrated in the range of 15-200,000**. According to the data of the China Association of China, the penetration rate of new energy passenger vehicles in the 8-100,000 yuan range in 2023 will be 217%, 10-150,000 new energy vehicle penetration rate of 158%, which is far lower than the average market penetration rate of new energy vehicles. The price reduction is mainly aimed at models in the 8-150,000 yuan range, and this range is the area where joint venture fuel vehicles are concentrated. We believe that in the future, in the range of 8-150,000**, the competition between new energy vehicles and oil vehicles will be more intense, and the penetration rate of new energy vehicles is expected to rise rapidly.
Key takeaways:
This week (219-2.23) This week's CSI 300 Index**371%, small and medium-sized board index **26%, GEM index **181%, computer (CITIC) sector**1233%。The top five gainers in the sector are: Tianze Information, Danghong Technology, Zhongwei Electronics, Sichuang Yihui, and Xinyada; The top four decliners were: Baichu Electronics, New World, Daotong Technology, and Boss Software.
Industry news. National Data Agency:Carry out a national survey of data resources to accelerate the development and utilization of data resources. State-owned Assets Supervision and Administration Commission:Central enterprises should speed up the layout and development of intelligent industries and accelerate the construction of a number of intelligent computing centers. Company News:NavInfo: On February 20, it was reported that the company's subsidiary, Beijing Century Qualcomm Technology, received the notice of winning the bid of China Southern Power Grid Chain Group, Century Qualcomm won the bid for the 2023 China Southern Power Grid Digital Grid Technology (Guangdong) Aerospace Information for the Electronic Transfer of Modeling Technology Service Project of the Main Network: On February 21, it was reported that the consortium formed by the company and Varmeego Solutions Limited made a decision on the "third phase of the single window" The project signed a general contracting contract with the Commerce and Economic Development Bureau of the Hong Kong Special Administrative Region of the People's Republic of China.
2024 may be the real first year of AI applications, and the three new directions of AI terminal reconstruction, computing power localization, and multimodal leading AI applications will give birth to important opportunities.
Key takeaways:
In the first week after the holiday, the market continued, the Shanghai Composite Index formed 8 consecutive yangs, and the Shanghai Composite regained its position at the 3,000-point mark. The machinery and equipment sector performed better this week (+7.).00%), ranking 7th in the Shenwan industry. From the perspective of secondary industries, general equipment and special equipment are the best, respectively, 1113% and 887%。The defensive sector, which was outstanding, the construction machinery sector, performed weakly this week (-1.).09%）。According to the excavator data of the Construction Machinery Association in January, exports in January decreased year-on-year, and domestic sales increased significantly year-on-year. In January, the number of operating hours of Komatsu excavators also increased by 89% year-on-year, and the performance of the follow-up construction machinery sector still needs to track the monthly data.
From a macro point of view, 31 provinces and cities have recently released ** work reports, and the average GDP target of each province is 55%, the growth rate of fixed asset investment is conservatively expected to be 5%, and the growth rate of national infrastructure investment is expected to be slightly higher than that of 23 years, according to the data of Huaan Building Materials GroupOverall, there is no need to be overly pessimistic about the achievement of this year's work goals.
Judging from the performance of the subject matter, in addition to the general ** in the recent machinery sectorThe most important topics with large increases are concentrated in the direction of new quality productivity that has been repeatedly mentioned on the policy sideThis week, the robot has accelerated its outbreak, so we believe that the subdivision track and the first in this sector that have not yet been hyped by the market and have long-term development space may have a rotation performance. In addition to this, we recommend focusing next week on the "equipment renewal" direction mentioned at the fourth meeting of the Finance Committee.
Key takeaways:
In the past 20 years, the domestic industrial control leader has developed rapidly, and the control layer, drive layer, execution layer and sensor layer have a comprehensive layout. Based on the core technologies of power electronics, motor drive and control, industrial control and communication, Inovance Technology is a leading industrial control company in China, and the founding team is from Huawei's Emerson department, with both international vision and local experience in the industry, based on the core technologies of power electronics, motor drive and control, industrial control and communication, first based on the two advantageous products of inverter and servo at the drive layer, and then expanded to industrial robots, motors and pneumatic components at the executive layer, up to PLC, HMI, CNC at the control layer, and then horizontally expanded product categories and downstream applications to create multi-field automation solutions, to achieve fifteen years of revenue and profit CAGR 39% and 35% rapid growth. In 2022, the company's revenue structure is general automation (50%), smart elevators (22%), new energy vehicles (22%), industrial robots (2%), and rail transit (2%).
Strengthen the control layer and step forward to internationalization, and the general automation business still has a lot of room for growth. General automation is the company's largest business, and in 2022, the company's domestic market share of low-voltage inverter, general servo system and small PLC will be 1490%/21.50%/11.90%, ranking among the top in the market.
Third, the domestic brand first, the current strategic focus is to break through the control layer, strengthen the medium and large PLC, and expand the executive layer product categories. At the beginning of 2022, the company established a stride internationalization strategy, and the proportion of overseas revenue in 2022 was only 385%, mainly elevator products. The company implements the internationalization of sales, R&D, and the first chain, relies on local team sales, introduces domestic mature industry solutions, builds a European R&D center, undertakes overseas cutting-edge technology development, and lands a Hungarian factory, gradually building a global manufacturing system to support overseas market expansion. With the expansion of product categories and the vigorous expansion of overseas markets, the general automation business still has a lot of room for growth.
The industrial chain is extended, and the layout of industrial robots and new energy vehicles is deployed. The company has expanded from drive control to mechatronics, laid out industrial robots and new energy vehicle powertrains, and extended the value chain to open up growth space. The industrial robot business is in the early stage of growth, with the advantages of self-made core components, downstream applications and industrial control collaboration, it has taken the lead in the field of SCARA robots, vigorously developed six-joint robots, and laid out ball screws, linear guides, etc., with broad development prospects. After six years of layout, the new energy vehicle business has entered the harvest period to achieve rapid growth, with customers covering new forces and first-tier car companies, leading the share of electronic control, and broad growth space in the future.
Key takeaways:
In terms of the adjustment of the transportation structure of the industry, the bulk "road to rail" is expected to promote the growth of railway coal export volume. **The meeting of the Financial and Economic Committee pointed out that the main way to reduce the cost of logistics is to adjust the structure, promote reform, effectively reduce transportation costs, storage costs, and management costs, optimize the transportation structure, and strengthen the "road to rail" and "road to water". We believe that strengthening the "road to rail" and "road to water" is essentially to promote the construction and development of multimodal transport mode with railway transportation as the pivotal link. In terms of changes in the structure of coal sources in the industry, the contribution of Xinjiang's coal output to the country is expected to further increase. In February 2024, the Shanxi Provincial Emergency Management Department, the Shanxi Bureau of the State Mine Safety Supervision Bureau, and the Shanxi Provincial Energy Bureau issued the "Notice on Carrying out the Special Rectification of the "Three Supers" and Hidden Working Faces of Coal Mines, and decided to immediately carry out the special rectification of the "Three Supers" and Hidden Working Faces of coal mines throughout the province. We believe that on the one hand, the tightening of the supply margin may support the terminal coal price center to a certain extent, and consolidate the best conditions for the establishment of Xinjiang coal export; On the other hand, the reduction of production in traditional stock producing areas may further increase the contribution of Xinjiang coal production to the whole country.
According to dynamic tracking, the growth of the company's goods and initial business volume may be expected to be gradually realized. The official opening of the Jiangnao Railway is expected to bring a steady and gradual increase in the company's cargo volume. The total length of the railway is 432 kilometers, it is a freight railway based on coal collection and transportation, the west end leads from the Jiangjunmiao Station in the Zhundong region, along the northern foot of the Tianshan Mountains to the east, through Qitai County, Mulei County, Santanghu Mining Area, Balikun County, Yiwu Nao Maohu Mining Area and other major coal resource areas in the north, and the east end is connected with the Hongnao Railway at Baishihu South Station, and connects with the Hongnao Railway to form the key line of the strategic north channel of the Xinjiang Railway.
Key takeaways:
Event: The company released the 2023 annual performance report, achieving a net profit attributable to the parent of 20.8 billion yuan, down 42% year-on-year; Deduct non-net profit 16.6 billion yuan, a year-on-year decrease of 51%, if the impact of equity incentives is deducted, the net profit attributable to the parent in 2023 will be 26.6 billion yuan, down 28% year-on-year; Among them, the net profit attributable to the parent in 2023Q4 is 02.8 billion yuan, down 74% and 39% in the same ring, and the non-net profit in 2023Q4 is 01 billion yuan, 90% and 75% in the same ring.
Micro-inverter shipments are flat month-on-month and are expected to grow by 30%+ in 2024In 2023, the company will ship 90-950,000 units of micro-inverter, which will be basically the same as the same period last year, of which 200,000 units+ will be shipped in 2023Q4, down about 20% year-on-year and flat month-on-month; In 2023Q4, the gross profit margin remained stable at about 40%; In terms of regions, European shipments account for about 50-60%, and North America accounts for about 25%. Looking forward to 2024, in 2024Q1, we expect the market to continue to destock, shipments will decline slightly month-on-month, and demand is expected to return to high growth in 2024H2 with the completion of inventory depletion, and we expect micro-inverter shipments to increase by 30%+ in 2024.
In 2023Q4, industrial and commercial reserves increased month-on-month, and are expected to double in 2024The company's industrial and commercial reserves in 2023 will be about 1800 million yuan, of which we expect revenue of 1 in 2023Q45-1.600 million yuan, 650%+ month-on-month, mainly due to the centralized confirmation of 2023Q4, and the industrial and commercial reserves are expected to double in 2024;Shipments of switches and energy communicators in 2023Q4 were basically flat month-on-month. Inventory and credit impairment pulled down the 2023Q4 performance, and the reversal was in line with expectations:Considering the slowdown in market demand and the lengthening of the destocking cycle, the company will provide for credit and asset impairment losses of about 08.7 billion yuan, of which the impairment loss in 2023Q4 is about 0700 million yuan, if the reversal of impairment is considered, the company's performance is in line with expectations.