Investment Rating - The investment rating for the company is "Buy (Maintain)" [9] Core Views - The company reported a revenue of 226 million yuan in H1 2024, a decrease of 2.97% year-on-year, and a net profit attributable to shareholders of -28 million yuan, down 197.90% year-on-year [11] - The overall gross margin for H1 2024 was 94.56%, an increase of 1.52 percentage points compared to the same period last year, driven by increased sales of the main product, the adsorbed tetanus vaccine [11] - R&D investment increased by 117.48% year-on-year in H1 2024, with significant progress in clinical trials for various vaccines, indicating a robust pipeline for future growth [11] - The company is expected to achieve net profits of 27 million yuan, 50 million yuan, and 79 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 137.1, 75.0, and 47.6 [11] Financial Summary - Total shares outstanding: 405.93 million [3] - Market capitalization: 3,750.83 million yuan [6] - Total assets: 1,664.14 million yuan [7] - Earnings per share (EPS) for 2024E is projected at 0.07 yuan, with a gross margin of 94.6% [12] - The company’s revenue is forecasted to grow from 496 million yuan in 2023 to 557 million yuan in 2024, representing a year-on-year growth of 12.4% [12] - The net profit margin is expected to improve from 2.3% in 2023 to 4.9% in 2024 [12]

Investment Rating - Buy (Maintained) [2] Core Views - Dongcheng Pharmaceutical's revenue for the first half of 2024 was RMB 1.421 billion, a year-on-year decrease of 20.41%, with net profit attributable to the parent company of RMB 112 million, a year-on-year decrease of 39.35% [3] - The nuclear medicine business remained stable, with sales revenue of RMB 499 million in H1 2024, a slight decrease of 0.58% year-on-year [3] - The company has a rich pipeline in nuclear medicine, with 30 operational nuclear medicine production centers and 8 under construction, focusing on oncology, neurodegenerative diseases, and cardiovascular diseases [3] - The company is expected to achieve net profits of RMB 221 million, RMB 306 million, and RMB 419 million in 2024, 2025, and 2026, respectively, with corresponding PE ratios of 46.4x, 33.5x, and 24.5x [3] Financial Performance and Forecast - Revenue for 2024E is projected to be RMB 2.903 billion, a decrease of 11.4% year-on-year, with a recovery to RMB 3.242 billion and RMB 3.740 billion in 2025E and 2026E, respectively [3][4] - Net profit for 2024E is expected to be RMB 221 million, a year-on-year increase of 5.3%, with further growth to RMB 306 million and RMB 419 million in 2025E and 2026E [3][4] - Gross margin is expected to remain stable at 45.0% from 2024E to 2026E [4] - ROE is projected to increase from 4.8% in 2024E to 8.4% in 2026E [4] Business Segments - The nuclear medicine segment generated RMB 499 million in revenue in H1 2024, with key products 18F-FDG and Yunke Injection contributing RMB 195 million and RMB 123 million, respectively [3] - The API segment faced short-term pressure, with revenue declining by 31.03% year-on-year to RMB 657 million in H1 2024, primarily due to a 39.02% drop in heparin API sales [3] Valuation Metrics - The company's P/E ratio is expected to decrease from 46.4x in 2024E to 24.5x in 2026E [3][4] - P/B ratio is projected to decline from 2.22x in 2024E to 2.05x in 2026E [4] - EV/EBITDA is forecasted to decrease from 17.79x in 2024E to 11.49x in 2026E [4] Market Performance - The stock's absolute return over the past 1M, 2M, and 3M was 6.15%, 6.24%, and 1.64%, respectively, underperforming the CSI 300 index by -0.40%, 1.95%, and -0.89% over the same periods [2]

Investment Rating - The report maintains an "Outperform" rating for the solar power equipment industry [2] Core Insights - The solar power sector has shown consistent growth in installed capacity, with a significant increase in both domestic and international demand for solar components despite price declines [4][5][37] - The industry is currently experiencing a bottoming out in price-to-book (PB) ratios, indicating a high safety margin for investments [7] Summary by Sections 1. Domestic and International Demand Review and Outlook - In the first seven months of 2024, China's newly installed solar capacity reached 123.53 GW, a year-on-year increase of 27.1%, with July alone contributing 21.05 GW, up 12.3% [11][14] - The cumulative installed capacity of solar power in China reached 735.57 GW by July 2024, accounting for 23.7% of the total installed capacity, up from 20.88% at the end of 2023 [15][19] 2. Supply Side: Capacity Growth and Profit Decline - The production capacity across the solar supply chain continues to grow, with polysilicon production at approximately 1.06 million tons (up 60.6%), wafer production at 402 GW (up 58.9%), cell production at 310 GW (up 37.8%), and module production at 271 GW (up 32.2%) [6][57] - Prices across the supply chain have been declining, with significant drops in polysilicon and module prices observed [6][7] 3. Valuation: PB at the Bottom, High Safety Margin - As of September 19, 2024, the Wind solar index has retraced by 64.21%, with a current PB of 1.59, placing it in the bottom range historically [7] 4. Investment Recommendations - The report suggests focusing on leading companies with relatively high earnings certainty, such as Sunshine Power, Deye Technology, Foster, and Flat Glass [7] - It also highlights inverter manufacturers like Jinlang Technology and GoodWe, as well as leading firms expected to gradually recover profitability, including LONGi Green Energy and Trina Solar [7]

Impact on Residents - The adjustment of existing mortgage rates by approximately 0.5 percentage points is expected to reduce monthly payments by nearly 300 CNY for each 1 million CNY loan, potentially increasing consumer spending by around 1 trillion CNY[12][19]. - The negative wealth effect and substitution effect are the two main pathways through which mortgage rate adjustments influence consumer behavior, with the former reducing disposable income and the latter amplifying the impact of debt on consumption[13][14]. Impact on Banks - The reduction in existing mortgage rates may lead to a decrease in net interest margins for listed banks by about 6 basis points, necessitating an overall deposit rate cut of approximately 8 basis points to offset this[12][25]. - The stability of repayments is expected to improve, potentially mitigating the negative impact on banks' asset quality despite the initial price pressure from lower interest rates[12][25]. Market Implications - In the equity market, the focus will shift towards valuation recovery in real estate-related sectors, while the bond market may see a short-term dominance of liquidity-driven movements, with a potential rise in 10-year government bond yields towards the end of the year[12][25]. - The adjustment in mortgage rates is anticipated to enhance market confidence and stabilize consumer sentiment, which is crucial for economic recovery[12][19]. Risks and Considerations - There are inherent risks in the data calculations, including the possibility that policy effects may not meet expectations and external liquidity conditions may exceed forecasts[12][25]. - The disparity in consumption recovery between urban and rural residents, along with high leverage among urban households, poses challenges to overall consumer spending growth[20][21].

[Table_Main] 证券研究报告 | 行业点评 电子 证券分析师 | --- | --- | |---------------------|--------------------------| | | 2024 年 09 月 24 | | iPhone16 电子 | 首发钢壳电池创新，终端 | | AI 优于大市（维持） | 应用驱动电池持续升级 | 陈蓉芳 资格编号：S0120522060001 邮箱：chenrf＠tebon.com.cn 市场表现 -29% -22% -15% -7% 0% 7% 15% 2023-09 2024-01 2024-05 2024-09 电子 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《AI 指引上调，英伟达表明 AI 需 求依然强劲，OpenAI 发布 o1 大模 型》，2024.9.19 2.《华为：新机持续发布，关注产业 链创新环节》，2024.9.18 3.《视源股份：AI 教育赋能，海外自 有品牌加速》，2024.9.12 4.《PCB 板块：24Q2 淡季不淡，24Q3 关注增长确定性强的细分赛道》， 2024.9.11 5.《先进封装助 ...

[Table_Main] 证券研究报告 | 行业周报 轻工制造 | --- | --- | |------------------|--------------------------------------| | | | | | | | 轻工制造 | 周观点：家居积极因素正在积累，电动自 | | 优于大市（维持） | 行车新国标开始征求意见 | [Table_Summary] 投资要点： 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 -31% -24% -18% -12% -6% 0% 6% 2023-09 2024-01 2024-05 轻工制造 沪深300 -37% 资料来源：聚源数据、德邦研究所 相关研究 1.《周观点：关注出口链向上机 会，家居补贴细则落地，摩托车 8 月出口高增》，2024.9.18 2.《Q2 综述&周观点：板块表现分 化，布局行业龙头，兼顾细分成 长》，20 ...

[Table_Main] 证券研究报告 | 行业周报 食品饮料 2024 年 09 月 22 日 5.《口子窖（603589.SH）：业绩 符合预期，改革稳步推进》， 2024.5.6 | --- | --- | |----------|--------------------------------------| | | | | | | | 食品饮料 | 茅台注销式回购提信心，看好食品饮 | | 优于大市 | 料结构性机会 | | | 食品饮料行业周报 20240916-20240920 | 证券分析师 熊鹏 资格编号：S0120522120002 邮箱：xiongpeng＠tebon.com.cn 研究助理 市场表现 -37% -31% -24% -18% -12% -6% 0% 2023-09 2024-01 2024-05 食品饮料 沪深300 资料来源：聚源数据，德邦研究所 相关研究 1.《食品饮料行业周报 20240909- 20240913-中秋消费氛围较弱，关 注性价比与质价比需求》， 2024.9.17 2.《食品饮料行业周报 20240722- 20240726-板块配置回到低位，建 议关 ...

证券研究报告 | 行业周报 煤炭开采 | --- | --- | |------------------|-------------------------------| | | 2024 年 09 月 22 日 | | | | | 煤炭 | 煤炭周报：非电旺季开启，煤价 | | 优于大市（维持） | 延续反弹 | [Table_Summary] 投资要点： 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 薛磊 资格编号：S0120524020001 邮箱：xuelei＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 -22% -15% -7% 0% 7% 15% 22% 29% 37% 煤炭开采 沪深300 2023-09 2024-01 2024-05 资料来源：聚源数据、德邦研究所 相关研究 1.《煤炭月报：进口增速放缓，需 求边际改善》，2024.9.18 2.《煤炭周报：节前补库释放，煤 价延续上行》，2024.9.17 3.《兖矿能源(600188.SH)：煤化一 体龙头，成长弹性兼具》，2 ...

[Table_Main] 证券研究报告 | 行业周报 公用事业 2024 年 09 月 22 日 公用事业 优于大市（维持） 证券分析师 郭雪 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 研究助理 刘正 邮箱：liuzheng3＠tebon.com.cn 市场表现 -20% -15% -10% -5% 0% 5% 10% 15% 20% 2023-09 2024-01 2024-05 公用事业 沪深300 资料来源：聚源数据，德邦研究所 相关研究 8 月全社会用电量同比+8.9%，居民用 电量大幅提升 环保与公用事业周报 [Table_Summary] 投资要点： 行情回顾：本周各板块涨跌不一，申万(2021)公用事业行业指数上涨 0.6%，环保 行业指数下跌 0.1％。公用事业板块中热电涨幅较大，上涨 3.6%，环保板块大气 治理涨幅较大，上涨 1.1%。 行业动态 环保： （1）生态环境部发布《生态环境部门进一步促进民营经济发展的若干措施》。措 施部署了支持绿色发展、优化环境准入、优化环境执法、加大政策支持等 4 方面 任务，其中明确加快制修订污染物排放标准，完善 ...

[Table_Main] 证券研究报告 | 行业周报 汽车 | --- | --- | |---------------------------------------|--------------------------------| | | | | | | | 8 汽车 | 月欧盟新车销量跌至三年来最低， | | 乐道汽车首款车型乐道 优于大市（维持） | 正式发布 | [Table_Summary] 投资要点： 证券分析师 邓健全 资格编号：S0120523100001 邮箱：dengjq＠tebon.com.cn 赵悦媛 资格编号：S0120523100002 邮箱：zhaoyy5＠tebon.com.cn 赵启政 资格编号：S0120523120002 邮箱：zhaoqz＠tebon.com.cn 市场表现 -24% -18% -12% -6% 0% 6% 12% 2023-09 2024-01 2024-05 汽车 沪深300 资料来源：聚源数据，德邦研究所 相关研究 1.《均胜电子（600699.SH）：全球汽 车安全巨头，智能化未来可期》， 2024.9.18 2.《以旧换新政策发力带动行业销 ...