[Table_Main] 证券研究报告 | 公司点评 格科微(688728.SH) | --- | --- | --- | |--------------------------------------------------|--------------------------|--------------------------------| | | 2024 年 08 月 19 | 日 | | 格科微 | ： | 营收净利 | | 买入（维持） | 24H1 | (688728.SH) | | | | 实现双增，临港工厂显著增收提效 | | 所属行业：电子 / 半导体 当前价格 ( 元 ) ： 10.68 | | | | | | 2024 年半年报点评 | 证券分析师 陈蓉芳 资格编号：S0120522060001 邮箱：chenrf＠tebon.com.cn 研究助理 市场表现 -43% -29% -14% 0% 14% 29% 43% 格科微 沪深300 | --- | --- | --- | --- | --- | |--------------------------------|------- ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" indicating a positive outlook on the company's performance [1]. Core Views - The report highlights that the company is experiencing stable performance with expectations of entering a period of innovation and growth [1]. - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 1.687 billion yuan, a year-on-year increase of 23.14%, and net profit of 165 million yuan, a year-on-year increase of 119.4% [3][5]. - The report emphasizes the company's strong pipeline of innovative drugs and the potential for new growth driven by the commercialization of these products [5]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 1.687 billion yuan, with a breakdown showing that the pharmaceutical sector contributed approximately 99.2% of total revenue [7]. - The anesthetic product segment, particularly the drug环泊酚, saw a revenue increase of 51% year-on-year, contributing over 30% to total revenue [3][5]. - The company has a robust financial forecast, with projected revenues of 3.91 billion, 4.99 billion, and 6.62 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 16.5%, 27.7%, and 32.6% [5][9]. Product Pipeline and Innovation - The company is advancing its product pipeline with several key drugs, including安瑞克芬 and思美宁, which have received regulatory approvals and are expected to drive future revenue growth [4][5]. - The drug环泊酚 has been included in national medical insurance negotiations, expanding its market access significantly [3]. - The company is actively pursuing clinical trials for various indications, with expectations for new product launches in the near future [4][5]. Market Position and Strategy - The marketing team is focusing on integrating its anesthetic and chronic disease product lines to enhance market penetration and operational efficiency [5]. - The company is strategically positioned to leverage its innovative drug portfolio to capture market share in the growing pharmaceutical sector [5].

[Table_Main] 证券研究报告 | 行业周报 机械设备 2024 年 08 月 19 日 机械设备 优于大市（维持） 证券分析师 何思源 资格编号：S0120522100004 邮箱：hesy＠tebon.com.cn 市场表现 机械设备 沪深300 -31% -24% -18% -12% -6% 0% 6% 2023-08 2023-12 2024-04 资料来源：聚源数据、德邦研究所 相关研究 1.《机械行业周报：工程机械七月销 售数据向好，建议持续关注工程机械 板块》，2024.8.11 2.《粮食安全是'国之大者',关注农 机正当时》，2024.8.5 3.《机械行业周报：英伟达本周连续 发声，人形机器人行业有望迎来加速 发展》，2024.8.5 4.《博隆技术（603325.SH）：气力输 送龙头，助力国产替代》，2024.8.2 5.《机器人板块近期动态点评：英伟 达 GEAR 实验室负责人宣布解决人 形机器人数据泛化问题，行业有望迎 来加速发展》，2024.7.31 机械行业周报：铁路装备需求高景 气，工程机械板块有望持续修复 [Table_Summary] 投资要点： 市场表现： 8 ...

[Table_Main] 证券研究报告 | 宏观周报 2024 年 08 月 18 日 | --- | --- | --- | --- | |------------|-------|--------------------------------|-------| | 宏观周报 | | 本周看什么？设备更新、地产融资 | | | | -- | 宏观周报（ | | | 证券分析师 | | | | 张浩 资格编号：S0120524070001 邮箱：zhanghao3＠tebon.com.cn 研究助理 戴琨 邮箱：daikun＠tebon.com.cn [Table_Summary] 摘要： 核心观点：本周聚焦四个方向，其一，专项设备更新推进加速，关注标准提升与技 改推动制造业投资。其二， 7 月房企融资规模创年内新高，万科获得大量银行贷 款。其三，新华社采访潘功胜行长，继续坚持支持性货币政策立场。其四，巴菲特 调整持仓。 高频宏观数据：交通运输、煤炭钢铁和农林牧渔景气度提升，文旅消费、汽车和建 筑建材等景气度待修复。 短期投资建议：债市交易建议谨慎为主；股市重点关注调整较为充分的红利板块。 热点观察 1：专 ...

[Table_Main] 证券研究报告|行业周报 通信 2024 年 08 月 18 日 通信 优于大市（维持） 证券分析师 李宏涛 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 市场表现 通信 沪深300 -24% -20% -15% -10% -5% 0% 5% 10% 2023-08 2023-12 2024-04 资料来源:聚源数据，德邦研究所 相关研究 1.《卫星互联网：硬科技获刚性支持，三 条投资线共振》，2024.8.16 2.《孩子王（301078.SZ）：Q2 业绩同比 改善，积极推进三扩战略》，2024.8.16 3.《G60 首批星升空，有望航班化发射使 投资价值清晰》，2024.8.11 4.《千帆星座成功发射，卫星互联网进入 价值投资阶段》，2024.8.6 5.《高轨卫星升空，中国卫星互联网采用 不同组网策略》，2024.8.4 卫星发射航班化和数据资产入表，有 望增强投资确定性 [Table_Summary] 投资要点： 1.投资要点 1.1 航班化发射和可回收火箭提前，有望使卫星互联网投资确定性更高。1、 预计 8 月底，深蓝航天将实施中国首 ...

[Table_Main] 证券研究报告 | 行业周报 轻工制造 2024 年 08 月 18 日 轻工制造 优于大市（维持） 证券分析师 毕先磊 资格编号：S0120524030001 邮箱：bixl3＠tebon.com.cn 宋姝旺 资格编号：S0120524060004 邮箱：songsw＠tebon.com.cn 研究助理 李陌凡 邮箱：limf3＠tebon.com.cn 市场表现 轻工制造 沪深300 -37% -29% -22% -15% -7% 0% 7% 2023-07 2023-11 2024-03 资料来源：聚源数据、德邦研究所 相关研究 1.《宠物行业深度报告系列（一）- 以日本"失去的三十年"为鉴，看 中国宠物食品行业增长潜能》， 2024.7.25 2.《轻工制造基金重仓跟踪：24Q2 持仓处于相对低位，把握细分板块 配置拐点》，2024.7.24 3.《周观点：短期关注中报超预 期，6 月摩托车内销大排量、外销 持续景气》，2024.7.22 4.《周观点：关注估值底部优质消 费龙头，安踏、特步 24Q2 销售状 况良好》，2024.7.15 周观点：7 月个护、宠物电商数据表现 ...

[Table_Main] 证券研究报告|行业周报 通信 2024 年 08 月 18 日 通信 优于大市（维持） 证券分析师 李宏涛 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 市场表现 通信 沪深300 -24% -20% -15% -10% -5% 0% 5% 10% 2023-08 2023-12 2024-04 资料来源:聚源数据，德邦研究所 相关研究 1.《卫星互联网：硬科技获刚性支持，三 条投资线共振》，2024.8.16 2.《孩子王（301078.SZ）：Q2 业绩同比 改善，积极推进三扩战略》，2024.8.16 3.《G60 首批星升空，有望航班化发射使 投资价值清晰》，2024.8.11 4.《千帆星座成功发射，卫星互联网进入 价值投资阶段》，2024.8.6 5.《高轨卫星升空，中国卫星互联网采用 不同组网策略》，2024.8.4 卫星发射航班化和数据资产入表，有 望增强投资确定性 [Table_Summary] 投资要点： 1.投资要点 1.1 航班化发射和可回收火箭提前，有望使卫星互联网投资确定性更高。1、 预计 8 月底，深蓝航天将实施中国首 ...

[Table_Main] 证券研究报告 | 行业周报 轻工制造 2024 年 08 月 18 日 轻工制造 优于大市（维持） 证券分析师 毕先磊 资格编号：S0120524030001 邮箱：bixl3＠tebon.com.cn 宋姝旺 资格编号：S0120524060004 邮箱：songsw＠tebon.com.cn 研究助理 李陌凡 邮箱：limf3＠tebon.com.cn 市场表现 轻工制造 沪深300 -37% -29% -22% -15% -7% 0% 7% 2023-07 2023-11 2024-03 资料来源：聚源数据、德邦研究所 相关研究 1.《宠物行业深度报告系列（一）- 以日本"失去的三十年"为鉴，看 中国宠物食品行业增长潜能》， 2024.7.25 2.《轻工制造基金重仓跟踪：24Q2 持仓处于相对低位，把握细分板块 配置拐点》，2024.7.24 3.《周观点：短期关注中报超预 期，6 月摩托车内销大排量、外销 持续景气》，2024.7.22 4.《周观点：关注估值底部优质消 费龙头，安踏、特步 24Q2 销售状 况良好》，2024.7.15 周观点：7 月个护、宠物电商数据表现 ...

Investment Rating - The report maintains a "Buy" rating for Tianyoude Liquor (002646 SZ) [2] Core Views - The company achieved revenue of 759 million yuan in H1 2024, a YoY increase of 14 93%, but net profit attributable to the parent company decreased by 17 53% to 80 million yuan [3] - In Q2 2024, revenue declined by 11 82% YoY to 233 million yuan, with net profit attributable to the parent company turning negative at -29 million yuan, a 248 08% YoY decrease [3] - The company's core product, highland barley liquor, grew by 8 5% YoY, while e-commerce platform business surged by 116 6% [3] - The company is deepening its marketing transformation, with a clear national market layout strategy and plans to expand into the US market [3] Financial Performance - The company's gross margin in Q2 2024 decreased by 10 6 percentage points to 51 4%, mainly due to reduced revenue scale [4] - Sales and management expense ratios increased by 7 3 and 5 3 percentage points respectively in Q2 2024, as the company increased investment for future product sales [4] - The company announced an interim cash dividend of 0 33 yuan per 10 shares, totaling 15 91 million yuan [4] Future Projections - The report forecasts revenue of 1 44 billion yuan in 2024, with a YoY growth of 18 6%, and expects revenue to reach 1 91 billion yuan by 2026 [4] - Net profit attributable to the parent company is projected to grow by 37 2% to 120 million yuan in 2024, reaching 260 million yuan by 2026 [4] - The company's gross margin is expected to improve from 64 5% in 2024 to 66 9% in 2026 [5] Market Strategy - The company is focusing on strengthening its position in the Qinghai market while expanding into strategic regions like Gansu, Shanxi, Shaanxi, and Henan [3] - The company added 26 new distributors in markets outside Qinghai in H1 2024, enhancing its distribution network [3] - The company is implementing a product strategy that includes improving the display of mid-range products (100-200 yuan) and strengthening regional coverage of low-end products [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's H1 2024 net profit increased by 14.64%, meeting expectations, with revenue of 1.404 billion yuan (+6.97%) and net profit of 235 million yuan (+14.64%) [1] - The medical beauty business continues to show high growth, with the fourth-generation hyaluronic acid product "Haimi Yuebai" approved, expected to drive sales [1] - The ophthalmology segment experienced a revenue decline due to centralized procurement and price reductions, while the orthopedics segment showed recovery [1] Summary by Sections Financial Performance - For H1 2024, revenue was 1.404 billion yuan, with a net profit of 235 million yuan, and a net profit margin of 16.8%, up 1.1 percentage points year-on-year [1] - The gross margin for H1 2024 was 70.51%, slightly down by 0.5 percentage points, while the net profit margin improved [1][3] Business Segments - Medical beauty revenue reached 634 million yuan (+25.72%), with hyaluronic acid revenue at 417 million yuan (+51.3%) [1] - The ophthalmology segment's revenue was 452 million yuan (-6.02%), with cataract business revenue at 232 million yuan (-10.7%) [1] - Orthopedic revenue was 233 million yuan (+0.42%), with a consistent market position in joint injection products [1] Future Outlook - Revenue projections for 2024-2026 are adjusted to 2.985 billion yuan, 3.392 billion yuan, and 3.816 billion yuan, respectively, with net profits of 495 million yuan, 599 million yuan, and 721 million yuan [1][3] - The company is expected to benefit from the dual drivers of medical beauty and pharmaceuticals, with a projected PE of 28X, 23X, and 19X for the respective years [1]