投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | | | | 基本数据 | 2024-08-22 | | 收盘价 ( 元 ) | 6.47 | | 流通股本 ( 亿股 ) | 13.08 | | 每股净资产 ( 元 ) | 3.85 | | 总股本 ( 亿股 ) | 15.00 | | 最近 12 月市场表现 | | -15% 6% 28% 49% 71% 93% 山推股份 沪深300 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 分析师 张豪杰 SAC 证书编号：S0160522090002 zhanghj01@ctsec.com 相关报告 1. 《推土机行业领军企业，奋楫扬帆再 谱新篇》 2024-03-31 山推股份(000680) / 工程机械 / 公司点评 / 2024.08.22 大马力产品及出口持续发力，上半年业绩快速增长 证券研究报告 事件：上半年，公司实现营收 65.08 亿元，同比增长 33.81%；实现归母净利润 4.18 亿元，同比增长 38 ...

纳芯微(688052) / 半导体 / 公司点评 / 2024.08.22 2024Q2 环比改善，新品进展稳健 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-22 | | 收盘价(元) | 94.81 | | 流通股本(亿股) | 0.93 | | 每股净资产(元) | 42.69 | | 总股本(亿股) | 1.43 | 最近 12 月市场表现 纳芯微 沪深300 上证指数 半导体 -39% -25% -11% 3% 17% 31% 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 联系人 王矗 wangchu01@ctsec.com 相关报告 1. 《拟收购麦歌恩微电子，增强磁传感 器产品线实力》 2024-06-24 2. 《24Q1 毛利率环比修复，持续投入 研发未来可期》 2024-04-28 3. 《下游需求企稳复苏，产品+客户开 拓进展顺利》 2024-02-25 证券研究报告 ❖ 事件：公司公布 2024H1 业绩，2024H ...

爱博医疗(688050) / 医疗器械 / 公司点评 / 2024.08.22 人工晶体收入稳健增长，隐形眼镜布局成效渐显 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-21 | | 收盘价 ( 元 ) | 76.14 | | 流通股本 ( 亿股 ) | 1.90 | | 每股净资产 ( 元 ) | 11.90 | | 总股本 ( 亿股 ) | 1.90 | | 最近 12 月市场表现 | | -27% -18% -8% 1% 11% 20% 爱博医疗 沪深300 分析师 张文录 SAC 证书编号：S0160517100001 zhangwenlu@ctsec.com 分析师 赵则芬 SAC 证书编号：S0160524040003 zhaozf@ctsec.com 相关报告 1. 《人工晶体稳健发展，新产品快速放 量》 2024-04-18 2. 《核心产品稳步增长，在研项目持续 推进》 2023-08-18 3. 《OK 镜快速增长，新业务开拓取得 进展》 2023-04-19 ...

爱美客(300896) / 医疗美容 / 公司点评 / 2024.08.22 Q2 高基数下增长承压，毛发、减重管线布局中 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-21 | | 收盘价(元) | 164.07 | | 流通股本(亿股) | 2.08 | | 每股净资产(元) | 23.07 | | 总股本(亿股) | 3.02 | 最近 12 月市场表现 -48% -37% -26% -15% -4% 7% 爱美客 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 联系人 李梦萱 limx@ctsec.com 相关报告 1. 《肉毒 Hutox 获注册受理，管线布局 稳步扩展》 2024-07-03 2. 《Q1 业绩接近预告上沿，增持彰显 长期信心》 2024-04-25 3. 《 Q1 延续快速增长，多元产品矩阵 驱动长期发展》 2024-04-09 证券研究报告 事件：公司发布 2024 年半年报。2024H1 公司实现营 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Insights - The company reported a significant increase in revenue and net profit for H1 2024, with revenue reaching 1.58 billion yuan, up 110.6% year-on-year, and net profit of 660 million yuan, up 214.8% year-on-year [3] - The clinical potential of the drug Vomeletin continues to be explored, with recent approvals for various clinical trials, indicating strong future growth prospects [3] - The company is focused on innovative drug development in the oncology sector, particularly in non-small cell lung cancer (NSCLC), with a robust pipeline of targeted therapies [3] Financial Performance - For 2024, the company is projected to achieve revenues of 3.18 billion yuan, 3.59 billion yuan in 2025, and 4.01 billion yuan in 2026, with corresponding net profits of 1.03 billion yuan, 1.31 billion yuan, and 1.49 billion yuan respectively [3][5] - The expected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 21, 16, and 14 times respectively, indicating a favorable valuation trend [3][5] - The company has shown a consistent increase in research and development investment, with R&D expenses projected to reach 540.6 million yuan in 2024 [5] Market Position - The company has established a competitive advantage in the NSCLC targeted drug market, with a strong focus on innovative therapies and a growing pipeline [3] - The approval of IND applications for new drugs highlights the company's commitment to expanding its product offerings and addressing unmet medical needs in oncology [3][5]

投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-21 | | 收盘价(元) | 13.99 | | 流通股本(亿股) | 13.68 | | 每股净资产(元) | 9.59 | | 总股本(亿股) | 14.09 | 最近 12 月市场表现 -26% -19% -11% -3% 5% 13% 均胜电子 沪深300 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 分析师 王妍丹 SAC 证书编号：S0160524040002 wangyd01@ctsec.com 相关报告 1. 《业绩超预期，盈利能力稳健提升》 2024-07-30 2. 《单季度毛利率复苏大超预期》 2024-03-29 3. 《Q4 符合预期，与华为、地平线等龙 头深入合作》 2024-01-17 均胜电子(600699) / 汽车零部件 / 公司点评 / 2024.08.22 盈利能力稳定向上，新订单规模增长 证券研究报告 ❖ 事件：均胜电子 8 月 21 日发布半年度报告，公 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue met expectations, with significant improvement in the profitability of charging piles [2] - In the first half of the year, the company achieved operating revenue of 1.842 billion yuan, a year-on-year increase of 27.22%, and a net profit attributable to shareholders of 387 million yuan, a year-on-year increase of 104.51% [2] - The charging pile business is expected to bring a new growth curve for the company, with the digital energy business revenue growing by 92.37% year-on-year [2] - The company is projected to achieve operating revenues of 4.195 billion, 5.143 billion, and 6.272 billion yuan from 2024 to 2026, with net profits of 529 million, 637 million, and 765 million yuan respectively [2] Financial Performance Summary - The company reported a gross margin of 55.89% and a net margin of 25.03% in Q2 2024, with a notable contribution from the disposal of a subsidiary [2] - The charging pile business achieved a gross margin of 38.86%, up from 33.65% for the previous year [2] - The company maintained stable expense ratios in Q2 2024, with sales, management, and R&D expense ratios at 13.04%, 6.32%, and 16.38% respectively [2] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.17 yuan, 1.41 yuan, and 1.69 yuan respectively [5]

顾家家居(603816) / 家居用品 / 公司点评 / 2024.08.22 外销稳健增长，毛利率延续改善 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-21 | | 收盘价(元) | 25.10 | | 流通股本(亿股) | 8.22 | | 每股净资产(元) | 11.33 | | 总股本(亿股) | 8.22 | 最近 12 月市场表现 -42% -31% -21% -10% 1% 11% 顾家家居 沪深300 分析师 吕明璋 SAC 证书编号：S0160523030001 lvmz@ctsec.com 联系人 何栋 hedong@ctsec.com 相关报告 1. 《高管增持股份，彰显长期发展信心》 2024-07-29 2. 《全年稳健增长，聚焦提效、育能、 转型》 2024-04-30 3. 《转让价款下调，协同效应有望显 现 》 2023-12-27 证券研究报告 事件：公司发布 2024 年中报。公司 2024H1 实现营收 89.08 亿元，同比+0.34%， 实现归母净利润 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has consistently exceeded performance expectations, with successful expansion through acquisitions [1] - In the first half of 2024, the company achieved revenue of 1.365 billion RMB, a year-on-year increase of 38.4%, and adjusted net profit of 148 million RMB, up 45.3% year-on-year [3] - The company continues to see high growth in offline revenue, with a 43.7% year-on-year increase to 1.231 billion RMB, and an increase in average spending per visit to 572 RMB from 546 RMB in the first half of 2023 [3] - The company has successfully advanced its acquisition strategy, establishing 4 new stores and acquiring 12 stores, entering 4 new cities [3] - The company is actively developing in-house formulations and expanding its medical alliance network, adding 6 new cooperative units in 2024, bringing the total to 26 [3] - The company is projected to achieve revenues of 3.103 billion RMB, 3.979 billion RMB, and 4.993 billion RMB for 2024, 2025, and 2026 respectively, with corresponding net profits of 344 million RMB, 447 million RMB, and 567 million RMB [3] Financial Summary - As of August 21, 2024, the closing price is 38.80 HKD, with a circulating share capital of 245 million shares and a net asset value per share of 9.51 HKD [1] - The company’s revenue growth rates are projected at 33.57% for 2025 and 28.21% for 2026, with net profit growth rates of 36.30% and 29.92% for the same years [6][7] - The company’s PE ratios are expected to decrease from 47.55 in 2023 to 15.55 by 2026, indicating improving valuation metrics [6][7]

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | | | | 基本数据 | | | | 2024-08-21 | | 收盘价 ( 元 ) | 73.99 | | 流通股本 ( 亿股 ) | 6.65 | | 每股净资产 ( 元 ) | 23.44 | | 总股本 ( 亿股 ) | 6.66 | | 最近 12 月市场表现 | | -37% -25% -14% -3% 8% 19% 兆易创新 沪深300 半导体 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号：S0160522090001 wujc01@ctsec.com 相关报告 1. 《各产品线边际改善，端侧 AI 引领 容量高需求》 2024-06-12 2. 《存储价格有望触底，产品多元静待 复苏》 2023-06-14 3. 《国家存储器龙头初长成》 2018- 04-17 自研 DRAM 拓客效果明显，二季度表现亮眼 证券研究报告 ❖ 事件： 2024 年上半年，公司 ...