23Q3 营收为 21.8 亿美元，同比-0.53%/环比+4.15%，超指引中值（20.95-21.95 亿美元）。23Q3 毛利率为 47.3%，同比-2.0pcts/环比-0.1pct，超指引中值 （40%-48%），主要是由于 EastFishkill 工厂产能利用率不足所导致，但被碳化硅强劲的制造产能所抵消。23Q3 库存环比增加 1.2 亿美元，DOI 增加 3 天至 166 天，分销商库存环比下降 2500 万美元，分销库存周转天数环比降至 6.9 周。

汽车电子板块估值处于历史低位。我们选取了 30 家汽车电子板块相关公司作为参考，选取标的涉及电子细分子行业中半导体材料、功率半导体、模拟芯片、存储芯片、 PCB、被动元器件、显示、消费电子、光学元件板块。8 月选取公司中永新光学实现上涨，涨幅为 5.38%。京东方精电、兆易创新、瑞可达跌幅靠前，跌幅分别为-35.62%、 -18.12%、-17.86%。8月 25 日，我们选取的 30 家公司构成的汽车电子板块整体 PE（TTM） 达 38.83x，板块估值仍处于近两年低位。

汽车线缆是负责汽车内部电能传输信号传输的重要配件，因此其发展主要受到汽车电力系统、 车载网络系统的影响，在当前形势下，自动驾驶渗透率不断提升且朝着高阶自动驾驶方向转移，而 更智能的汽车也对续航、重量、使用空间提出了新的要求，这直接推动了汽车线缆产品的需求发展。 在汽车轻量化的趋势下，汽车线缆需从上游原材料入手，提出以铝代铜、绝缘材料优化等概 念帮助实现汽车线缆产品的优化。目前中国汽车线缆行业产品趋于同质化，竞争激烈，但由于汽车 线缆产品主要供给至下游线束企业及终端整车厂，市场需求较为集中，最终会趋向垄断格局。

投资建议：中汽协口径卡车出口占比从21 年的8.2%提升至23 年1-9 月的18.1%，占比提升有助于提高销量稳定性及盈利能力。23 年以来， 卡车行业持续复苏，销量稳定性超预期，行业总库存健康且持续去化， 出口稳中有升，龙头公司有望释放较大业绩弹性。整车我们推荐产品市 占率有阿尔法、出口表现亮眼的福田汽车、中国重汽；零部件我们推荐 坚持同心多圆战略、国际化领先的潍柴动力（A/H），低估值高壁垒、盈 利和分红稳定性可期的威孚高科，品类拓张与国际化战略并举的天润工 业，建议关注一汽解放、富奥股份。

Power tools have been a convenient resource in aiding workers across various industries. The use of power tools can eliminate the need for strenuous manual labor. The rise in the adoption of power tools in the construction and automotive sectors has ensured tremendous opportunities for innovation in the power tools market. The different types of power tools available in the market include drilling, fastening, demolition, sawing and cutting, and material removal tools.

Makreo research has published study on Global Automobile Industry Production and Consumption Market Report Edition 2023 Market assessment has been carried out using qualitative and quantitative methods and have combined the production and consumption scenario The market has witnessed many shifts in recent past after the COVID 19 outburst Russia Ukraine war The report also covers major automobile exporting and importing countries Future outlook has been assessed keeping various influencing factors into consideration and also to assess the expected opportunities in the market

The global EV battery recycling market was valued at $8.20 billion in 2022. It is expected to reach $20.07 billion by 2028, growing at a CAGR of 16.08%. The growth of this market is primarily driven by stringent government regulatory frameworks, strengthening demand for EVs, and increasing concerns over the depletion of materials. In addition, surging government incentives for battery technology and growing innovations in battery recycling technologies are expected to boost market growth opportunities. The EV battery recycling market is externally shaped based on the process and technology available in the market.