Key takeaways:
Optics is the focus of competition in mobile phone terminals, and Huawei's return is expected to promote the development of the industry. Since the popularization of mobile phones, optical photography capabilities have been the key point of innovation and upgrading for various terminal manufacturers, and thus developed an industrial chain around mobile phone optics, including lenses, motors, lenses, CIS chips, assembly and foundry and other production links. From the perspective of cost proportion in 2020, the cost of optical lens module accounts for about 15% of the overall BOM cost of mobile phones, of which the cost of CIS chip accounts for about 50% of the cost of optical lens module, and the industry volume is large. From the perspective of the industrial chain, the optical industry chain has a high degree of localization, of which optical lenses, optical lenses, assembly foundry and other links are mostly carried out in Chinese mainland and Taiwan, China; In the early days, CIS chips were dominated by overseas manufacturers such as Sony and Samsung, and in recent years, domestic manufacturers have a good momentum of development. The domestic high-end mobile phone market is mainly led by Huawei, and Huawei's return in the mobile phone field is expected to drive the development of the entire industrial chain.
Lens: Glass-plastic hybrid lenses and periscope lenses drive micro-innovation in the industry. In terms of lens materials, most of the current mobile phone lenses are made of plastic, which has the characteristics of lightweight, low cost and high mass production efficiency, and has high adaptability with mobile phones. Glass lenses have better light transmittance and deformation resistance, but the process difficulty and production cost are higher, and they are usually suitable for automotive, high-end surveillance, military and other fields. With the end of the big innovation cycle of mobile phones and the further pursuit of imaging effects by various manufacturers, the penetration rate of glass-plastic hybrid lenses is expected to further increase, driving the development of the glass lens industry. In terms of periscope lenses, early Android manufacturers have already equipped periscope lenses on some products, and Apple has equipped a four-reflection periscope lens for the first time on the iPhone 15ProMax, further certifying its industry trend.
CIS: The pixel structure continues to change, and domestic manufacturers have entered the Android flagship main camera for the first time. At present, the change in the average number of cameras equipped with mobile phones has stabilized, and the rear triple camera has become the most mainstream solution. There is still room for iteration in terms of CIS pixels, such as TechInsights**'s global CIS shipments of 48MP-100MP pixels are expected to increase from about 10% in 2020 to about 20% in 2023, mainly 48MP and 50MP large shipments. In terms of competition, OmniVision's 50MP product entered the main camera of Android high-end flagship mobile phone for the first time, reflecting the technical progress of domestic CIS manufacturers and the accurate grasp of market demand. In the future, domestic CIS manufacturers are expected to further improve their competitiveness in high-pixel products above 32MP, and domestic CIS manufacturers are expected to usher in new opportunities with the domestic substitution of Android phones such as Huawei.
Key takeaways:
From Microsoft's growth, to its passage through the PC, mobile Internet, and then to the AI era, what we see is:Microsoft continues to stretch and support in leadership; ByteDance CEO Liang Rubo also proposed it in 2022Keep the business up and avoid rigidity.
From Microsoft's continuous iteration, we can see A-shares, BlueFocus as the head of digital marketing, from 4A companies to digital marketing, from actively going overseas to All in AI and then to AI First strategic iteration, there is also a continuous jump in leadership in iteration; As a representative of small and medium-sized private enterprises, Fengyuzhu has actively embraced the metaverse and AI, MR to empower the company's main business of digital exhibition, from the urbanization dividend of 2G to the urban renewal dividend, and actively embraced the new demand and new technology while maintaining the continuous growth of the enterprise; (In the face of every technological innovation, enterprises need to maintain efficient execution, and need the gravity of leadership, rather than the model of professional managers). At the same time, after the actual controller, chairman, and senior management team of Wanda Film have been readjusted, it will also bring new highlights to the development of its main business from 2024 to 2025.
Key takeaways:
Offshore wind power is moving to the deep sea, promoting the development of submarine cables to flexible DC technology. Foreign submarine cable manufacturers started earlier, and in the past, they occupied a major share of China's submarine cable market by virtue of their leading advantages. The research of submarine cables in China started late, but in recent years, through continuous technological innovation and experience accumulation, China's submarine cable manufacturers have independently designed and developed a number of core technologies of submarine cables with independent intellectual property rights, and the overall product performance has achieved breakthrough improvements. In the future, with the development of offshore wind power to the deep sea, high-voltage flexible DC submarine cable will have a broader market demand.
The economy of offshore wind power continues to improve, promoting the rapid development of offshore wind at home and abroad. At present, 138 countries and regions have set carbon neutrality targets, and will accelerate the transformation of energy structure in the future. According to Irena, the weighted average LCOE of global offshore wind power generation increased from 0$197 kWh down to 0US$081 kWh, the cost gap with fossil fuels has been greatly reduced, and the economics of offshore wind power generation will be further improved in the future. Many countries in Europe and the United States have raised their future planning scale targets for offshore wind power, and domestic coastal areas have also strengthened their support for offshore wind power "grid parity" projects, and some provinces and cities have introduced local subsidy policies to stimulate the demand for offshore wind development and construction. According to IRENA, the global installed capacity of offshore wind power is expected to increase from 63GW in 2022 to 494GW in 2030 compared to 2022, with an increase of about 684% and an average annual new capacity of about 54GW.
The high installed capacity of offshore wind power has driven the demand for submarine cables, and the terminal resources have strengthened the advantages of leading enterprises. Since September 2023, the construction of a number of offshore wind power projects in China has accelerated, and about 5GW of offshore wind power projects are expected to be connected to the grid in 2023. From 2022 to 2023, the total number of new domestic offshore wind power tenders will exceed 22GW, which is expected to support the high increase in offshore wind power installed capacity this year and drive the growth of submarine cable demand. In the future, with the gradual increase in the proportion of submarine cables sent out of offshore wind farms, the overall single GW value of submarine cables is expected to increase. Terminal resources are scarce, and leading enterprises have location advantages and terminal resources, and their transportation costs are lower and more efficient, and their competitive advantages are further highlighted.
Key takeaways:
The demand for antibody-drug conjugate outsourcing services (ADC CRDMO) has increased rapidly with the rise of downstream drugs, and industry leaders are expected to fully benefit from their first-mover advantage and scale advantage. The fast-growing ADC CRDMO faucet. The company is an outsourcing service provider focusing on ADC R&D and production, with strong R&D strength, rich number of projects and comprehensive customer coverage. According to the company's prospectus, the company's global market share in 2022 will be 98% (ranked second), with a market share of 695%, is the world's leading ADC CRDMO company. From 2020 to 2022, the company maintained a compound growth rate of over 220% in operating income and over 140% in net profit attributable to the parent company, with outstanding performance. At present, the company has two overall projects ready to submit to BLA, which is expected to bring commercial production orders to the company and drive continuous growth in performance.
The boom in ADC R&D has led to an increase in outsourcing demand. With excellent efficacy and a wide range of applications, ADC drugs are expected to become the next generation of blockbuster drugs, and related research and development continue to advance, driving the demand for outsourcing to continue to increase. According to Frost & Sullivan data, the global ADC CXO market size is expected to grow from $1.5 billion to $11 billion from 2022 to 2030, with a CAGR of 284%；The size of China's ADC CXO market is expected to grow from 1.4 billion yuan to 16.5 billion yuan, with a CAGR of 35.5 billion9%。Due to the difficulty in the development and production of ADC drugs, the outsourcing rate of related business is as high as 70%, far exceeding the outsourcing rate of about 34% of biologics as a whole.
One-stop service platform to meet the all-round needs of customers. The company has built an ADC CRDMO platform that integrates drug R&D, development and production, which can provide customers with end-to-end one-stop services, and realize the diversion of front-end business to back-end business through the "empower, follow and win molecule" model. With excellent R&D strength and quality system, the company's customer stickiness has continued to strengthen, and the number of projects and the amount of orders in hand have increased steadily. The company has formulated a forward-looking strategy of "global dual factories" and promoted the construction of its Singapore base, which is expected to better meet the needs of global customers in the future.
Key takeaways:
Domestic bispecific antibody leading pharmaceutical companies, innovative products have entered the harvest period. After more than ten years of R&D, Akeso has made a deep layout in tumor immunity and bispecific antibody tracks, built a unique TetraBody technology and ACE drug development platform, successfully developed a number of core bispecific antibody innovative drugs, successfully commercialized 3 drugs, and steadily advanced a number of products under development and are about to enter the harvest period. The world's first approved PD-1 CTLA-4 bispecific antibody drug cadonilib sold more than 1 billion yuan in the first year, and the world's first PD-1 VEGF bispecific antibody drug ivoliximab to enter phase III clinical trials achieved a maximum transaction volume of 5 billion US dollars, setting a new record for license-out innovative drugs in China and helping the company's revenue grow rapidly. Akeso has leading innovative R&D strength and status in the field of bispecific antibodies, in-depth layout in the fields of oncology, metabolism and autoimmunity, gradual expansion of production capacity, three-dimensional catalysis of "R&D + commercialization + going overseas", and gradually transformed to Biopharma.
Cadoneri: The world's first PD-1 CTLA4 bispecific antibody, the potential of large single products continues to be realized. Cadonilib is the world's first PD-1 CTLA4 bispecific antibody approved for marketing, which was approved for marketing in China in June 2022, with sales exceeding 1.1 billion yuan in the first year, and the value of the product was rapidly released. At present, 4 phase III registration clinical trials have been approved for development, the phase III registration clinical trial of 1L cervical cancer has reached the primary endpoint, the 1L gastric cancer indication has been submitted to NDA, the phase III registration clinical trial of postoperative adjuvant indication for hepatocellular carcinoma and the phase III registration clinical trial of 1L PD-L1 negative expression of NSCLC are advancing. It is expected that the peak sales of products are expected to reach 416.7 billion yuan, the market potential of large single products has been gradually verified, helping the company's performance to continue to grow.
Ivoneximab: the world's first PD-1 VEGF bispecific antibody to enter phase III clinical trials, authorized to go overseas to set a new record. In January 2023, Ivoxib and Summit reached an out-licensing agreement, with a total transaction value of up to US$5 billion, setting a new record for the amount of license-out licensing transactions for a single product of innovative drugs in China. The three indications of EVOSIMAB EGFR-TKI treatment-resistant NSCLC, first-line PD-L1-positive NSCLC and previous PD-1 L1** failed NSCLC were included in the breakthrough **, and we will strive to cover the full range of lung cancer in the future**. In addition, ivonexib also lays out cancers with large indications such as digestive tract and breast cancer. It is expected that ivoximab will be approved for marketing in 2024, and the total revenue is expected to reach a peak of 815 billion yuan, the growth logic of "authorized to go to sea" builds the company's performance sustained growth momentum.
Key takeaways:
The domestic on-board power supply leader, the performance has maintained rapid growth. Wemax started from industrial power supply, 09 years since the layout of vehicle power supply, the core team from Emerson, Huawei Electric, strong R & D capabilities, with technology and cost advantages, the market share increased rapidly, 21-23 years of market share of 28% 33% 33%, ranking first in China. The company's performance has maintained rapid growth, with revenue of 6 in 20-226/17.0/38.300 million yuan, with a compound growth rate of 141%, and a net profit attributable to the parent company of 01/0.8/2.900 million yuan, with a compound growth rate of 631%, the gross profit margin of on-board power products maintained 20%+, and the profitability led the industry.
The degree of product customization is high, and the general trend of integration + high pressure is inevitable。The on-board power supply is used for AC slow charging, the value of a single vehicle is about 2000 yuan, the product customization attribute is strong, and the synchronous development according to the customer's model is long, and the certification is difficult, so it has the threshold of software and hardware technology, and tests the manufacturer's circuit design, software algorithm, product structure and delivery ability. Adopting a differentiated magnetic integration solution, the proportion of 800V+ overseas products has increased. The company adopts a magnetically integrated on-board power supply scheme to greatly reuse power devices, reduce the amount of materials and thus reduce costs. The company's customer structure is diversified and high-quality, and it is stable and stable in China, with major customers of core car companies such as SAIC, Ideal, Geely, Chery, and Changan, with main sales of 66KW products, overseas bound Stellantis + SAIC export sales, and obtained Renault and other overseas car companies designated, mainly selling 11KW products, with higher unit price and profitability.
The electric drive system and liquid-cooled charging pile modules are horizontally expanded. The company has built a platform development, in which the electric drive system has been designated by SAIC, Great Wall, Sany Heavy Machinery, etc., to achieve Sanhe.
1. Mass production and shipment of all-in-one products, 6 shipments in 22 years250,000 units, contributing 2200 million yuan; The liquid-cooled module has been designated by OEMs such as ZEEKR Automobile and Li Auto, and the single module supports 40kW fast charging, and has achieved mass production and delivery, contributing 30.2 million yuan in revenue in 22 years. We expect the company's electric drive system and liquid cooling module business to maintain stable growth in 24-25 years.