资料来源：聚源数据，德邦研究所 [Table_Main] 证券研究报告 | 行业中期策略 环保 2024 年 09 月 10 日 环保 优于大市（维持） 证券分析师 郭雪 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 卢璇 资格编号：S0120524050004 邮箱：luxuan＠tebon.com.cn 研究助理 市场表现 环保 沪深300 -31% -24% -18% -12% -6% 0% 6% 2023-09 2024-01 2024-05 相关研究 1.《国林科技（300786.SZ）：乙醛 酸逐步实现规模化、稳定性生产，半 导 体 清 洗 国 产 替 代 持 续 推 进 》， 2024.9.8 2.《中原环保（000544.SZ）：业务 结构优化，污水处理产能持续提升》， 2024.9.1 3.《旺能环境（002034.SZ）：垃圾 焚烧发电项目稳定运营，积极推动调 价和绿证交易》，2024.9.1 4.《皖仪科技（688600.SH）：需求 减弱业绩短期承压，研发储备充足》， 2024.8.29 5.《华宏科技（002645.SZ）：稀土 价格企稳， 2 ...

Investment Rating - The report maintains a "Buy" rating for Haichuang Pharmaceutical (688302.SH) [3][5] Core Views - The commercialization of HC-1119 (Deunzalutamide) is imminent, with the company actively preparing for market launch and establishing a commercial channel network [5][6] - The company has a robust pipeline with several drugs in clinical trials, including HP518, which is the first oral AR PROTAC drug in clinical trials in China, and HP501, which is advancing in clinical trials for hyperuricemia/gout [6][7] - Revenue projections for 2025 and 2026 are estimated at 163 million and 363 million yuan respectively, driven by the anticipated launch of core products [6][11] Financial Summary - As of June 30, 2024, the company reported a cash balance of 492 million yuan [5] - The company is expected to have no drug sales revenue in 2024, with operating expenses projected to be 57.69 million yuan, a 280% increase year-on-year [5][11] - The net profit for 2024 is projected to be a loss of 234 million yuan, improving to a loss of 167 million yuan by 2026 [11] Pipeline Progress - HC-1119 has completed the necessary reviews for drug registration and is preparing for commercialization [5] - HP518 is currently enrolling patients for clinical trials targeting advanced prostate cancer, with data expected to be presented at major conferences [6] - Other projects include HP501 for hyperuricemia, HP537 for hematological tumors, and HP560 for myelofibrosis, all of which are in various stages of clinical development [6][7]

Investment Rating - Buy (First Coverage) [1] Core Views - Yanzhou Coal Mining is a global energy leader with an integrated coal-based layout, focusing on coal production, deep processing, and comprehensive utilization [3] - The company has a dual-drive strategy for its coal business, with new capacity releases and existing capacity recovery, aiming for a long-term production target of 300 million tons [3] - Yanzhou Coal Mining has significant price elasticity in its coal business, benefiting from both volume and price increases during upward cycles [3] - The company is extending its industrial chain into high-end chemical new materials, with a target of producing over 20 million tons of chemical products in 5-10 years [3] - Yanzhou Coal Mining has optimized its asset structure and demonstrated strong shareholder value through its dividend policy, with a 60% payout ratio of net profit after statutory reserves [3] Market Performance - Yanzhou Coal Mining's stock price has underperformed the CSI 300 index over the past three months, with an absolute decline of 23.70% and a relative decline of 13.04% [2] Financial Highlights - In H1 2024, Yanzhou Coal Mining reported revenue of 72.3 billion yuan, a year-on-year decrease of 24.07%, and net profit attributable to shareholders of 7.6 billion yuan, a year-on-year decrease of 31.64% [3] - The company's revenue in 2023 was 150 billion yuan, a year-on-year decrease of 33.3%, and net profit attributable to shareholders was 20.1 billion yuan, a year-on-year decrease of 39.6% [5] - Yanzhou Coal Mining's EPS for 2024-2026 is forecasted to be 1.49, 1.66, and 1.72 yuan, respectively [4] Coal Business - Yanzhou Coal Mining's coal production capacity is approximately 245 million tons, with new projects like Wanfu Mine and Wucaiwan No. 4 Open-pit Mine expected to contribute additional capacity [3] - The company's coal sales structure is highly elastic, with coal prices increasing by 69% and 36% in 2021 and 2022, respectively [3] - Yanzhou Coal Mining's coal production is expected to reach 140 million tons in 2024, with a long-term target of 300 million tons [3] Chemical Business - Yanzhou Coal Mining has established five high-end chemical parks, with chemical product output reaching 8.59 million tons in 2023 [3] - The company aims to produce over 20 million tons of chemical products annually in the next 5-10 years [3] - Yanzhou Coal Mining is the only company in China with both low-temperature and high-temperature Fischer-Tropsch synthesis technologies, leading in methanol and acetic acid production [37] Dividend Policy - Yanzhou Coal Mining has committed to a dividend payout ratio of approximately 60% of net profit after statutory reserves for 2023-2025 [3] - In 2023, the company distributed a cash dividend of 11.5 billion yuan, with a dividend yield of 10% for A-shares and 16% for H-shares [3] Valuation - Yanzhou Coal Mining's PE ratio for 2024-2026 is forecasted to be 8.83, 7.91, and 7.63 times, respectively [50] - The company's valuation is lower than peers like Shaanxi Coal Industry, China Shenhua, and China Coal Energy [51]

[Table_Main] 证券研究报告 | 公司点评 开立医疗(300633.SZ) 2024 年 09 月 09 日 买入（维持） 所属行业：医药生物/医疗器械 当前价格(元)：29.02 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 市场表现 开立医疗 沪深300 -43% -34% -26% -17% -9% 0% 9% 17% 26% 2023-09 2024-01 2024-05 | --- | --- | --- | --- | |--------------------------------|--------|--------|--------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | -19.52 | -13.53 | -28.89 | | 相对涨幅 (%) | -15.04 | -7.39 | -18.23 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《——开立医疗 23 年三季报点评-开 立医疗（300633.SZ）：Q3 受同期高基 数影响，实际经营质量持续 ...

[Table_Main] 证券研究报告 | 行业周报 轻工制造 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 -37% -29% -22% -15% -7% 0% 7% 2023-09 2024-01 2024-05 轻工制造 沪深300 资料来源：聚源数据、德邦研究所 相关研究 1.《匠心家居(301061.SZ)：营收、 净 利 双 增 ， 店 中 店 模 式 稳 步 推 进》，2024.8.29 2.《裕同科技(002831.SZ)：营利实 现双增，中期分红回馈股东》， 2024.8.27 3.《恒林股份(603661.SH)：营收快 速增长，自主品牌加速出海》， 2024.8.23 4.《致欧科技（301376.SZ）：Q2 收入延续高增，海运费扰动利润端 承压》，2024.8.22 | --- | --- | --- | |------------------|--------------- ...

baao[Table_Main] 证券研究报告 | 行业月报 传媒 | --- | --- | |------------------|---------------------------------------------------------------| | 传媒 | 2024 年 09 月 08 传媒互联网行业 8 月报： OpenAI | | 优于大市（维持） | 或将发布"草莓"大模型；《黑神 | | 证券分析师 | | | | | [Table_Summary] 投资要点： 话：悟空》点燃国产 3A 游戏热度 马笑 资格编号：S0120522100002 邮箱：maxiao＠tebon.com.cn 研究助理 王梅卿 邮箱：wangmq＠tebon.com.cn 市场表现 传媒 沪深300 -37% -29% -22% -15% -7% 0% 7% 15% 2023-09 2024-01 2024-05 资料来源：聚源数据，德邦研究所 相关研究 1.《上海电影（601595.SH）24H1 业绩点评：上影元商业化逻辑逐步 验 证 ，25 年 或 为 内 容 大 年 》 ， 2024.9.7 ...

Investment Rating - The report maintains a "Buy" rating for Kelun-Botai Biopharmaceutical (06990.HK) [2] Core Insights - The company is expected to launch several core products in the Chinese market by the second half of 2024 or the first half of 2025, including sac-TMT, A166, A167, and A140 [6] - The company has established a strong pipeline with over ten clinical-stage candidates, four of which are in the NDA application stage, indicating significant growth potential [6] - The revenue forecast for 2024-2026 is projected at 17.44 billion, 16.20 billion, and 26.88 billion RMB respectively, reflecting a robust growth trajectory [6] Financial Performance - In the first half of 2024, the company reported revenue of 1.383 billion RMB, a year-on-year increase of 32.2%, primarily driven by milestone payments and collaboration income from a partnership with Merck [4] - Gross profit for the same period reached 1.077 billion RMB, up 59.4% year-on-year, with a net profit of 310 million RMB, compared to a loss of 31.13 million RMB in the previous year [4] - R&D expenses increased by 33% year-on-year to 652 million RMB [4] Clinical Development - The NDA application for Trop2 ADC has been accepted, and the HER2 ADC has also submitted an NDA application to the CDE [4] - Merck has initiated 10 global Phase III clinical trials for SKB264 (MK-2870)-trop2 ADC, targeting various cancer types including triple-negative breast cancer and non-small cell lung cancer [5] - The company has a rich pipeline of innovative products, including SKB315 (MK-1200) and SKB410 (MK-3120), currently in clinical trials [6] Market Position - The company has formed a mature commercialization team to prepare for the marketing and commercialization of strategic products [6] - The ADC overseas value is gradually becoming apparent, indicating a strong market position [6]

Investment Rating - The report initiates coverage on Haige Communication (002465.SZ) with a "Buy" rating [2][6]. Core Views - The investment highlights include a significant partnership with China Mobile, which is expected to enhance collaboration in the "Beidou+" industry applications, low-altitude infrastructure, and integrated development of air and space [4][13]. - The company has shown robust growth in the Beidou navigation sector, achieving a revenue of 414 million yuan in 2024H1, representing a year-on-year increase of 275% [4][29]. - Haige Communication is actively participating in major satellite internet projects, establishing a satellite company to expand its business in the southwestern region of China [4][42]. Summary by Sections 1. Business Overview - Haige Communication is a member of the Guangzhou Digital Technology Group, focusing on four main business areas: wireless communication, Beidou navigation, aerospace, and digital ecology [13]. - The company has seen continuous revenue and profit growth from 2018 to 2023, with a focus on emerging sectors such as Beidou, satellite, and low-altitude industries [13][20]. 2. Business Growth Drivers - The company has a comprehensive product range in wireless communication, covering various technologies and achieving significant breakthroughs in the market [22][24]. - The Beidou navigation segment has established a full industry chain layout, leading to rapid growth driven by the transition from Beidou II to Beidou III systems [26][29]. - In the aerospace sector, Haige Communication is a leader in simulation systems and is expanding into unmanned platforms and civil aviation navigation [31][33]. 3. Financial Performance and Dividends - The company has maintained a high dividend payout ratio, averaging 53% since its listing, reflecting its commitment to returning value to shareholders [40]. - The financial forecast for 2024-2026 anticipates revenues of 6.65 billion, 8.42 billion, and 10.11 billion yuan, with corresponding net profits of 734 million, 998 million, and 1.22 billion yuan [4][7]. 4. Strategic Initiatives - Haige Communication is deepening its involvement in national satellite internet projects, aiming to complete a full industry chain from chip development to terminal manufacturing [42][44]. - The company is also focusing on low-altitude economic development, supported by favorable national and local policies [50].

Investment Rating - The investment rating for Sanofi Bio is "Buy" (maintained) [1] Core Views - The report highlights steady growth in the core business of blood glucose monitoring, with expectations for significant market potential in both domestic and European markets for continuous glucose monitoring (CGM) products [2][3] - The company achieved a revenue of 2.133 billion yuan in the first half of 2024, representing a year-on-year increase of 6.26%, and a net profit of 197 million yuan, up 12.61% [2] - The CGM business is expected to see rapid growth domestically, with ongoing progress in overseas certifications [3] Financial Performance Summary - For the first half of 2024, the company reported a revenue of 2.133 billion yuan, with a net profit of 197 million yuan and a non-recurring net profit of 178 million yuan [2] - The blood glucose monitoring system generated revenue of 1.552 billion yuan, up 12.74%, while the iPOCT system brought in 88 million yuan, up 5.89% [2] - The company forecasts net profits of 434 million yuan, 531 million yuan, and 643 million yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 32, 26, and 22 times [3][4] Market and Product Development - The CGM product "Sanofi Aikan" has received regulatory approvals in multiple countries, including China and various regions in Europe, indicating strong market entry potential [3] - The second-generation CGM product is expected to enhance user experience and expand the product line, contributing to future revenue growth [3] Valuation Metrics - The report provides projected revenue growth rates of 12.6% for 2024, 12.4% for 2025, and 13.6% for 2026 [5] - The gross margin is expected to improve from 54.1% in 2023 to 56.6% by 2026 [5] - The company's total market capitalization is approximately 13.98 billion yuan [4]

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company achieved a revenue of 5.333 billion yuan in the first half of 2024, reflecting a year-on-year growth of 1.18%, with a net profit attributable to shareholders of 950 million yuan, up 1.33% year-on-year [6] - Domestic performance is under pressure due to a decrease in bidding activities, while overseas markets are experiencing rapid growth, with international revenue reaching 933 million yuan, a year-on-year increase of 29.94% [6][7] - The company maintains a leading position in its core product lines, with significant market shares in various CT and MR segments [7] - Continuous investment in R&D, with 1.017 billion yuan spent in the first half of 2024, represents an 11.11% increase year-on-year, supporting the launch of over 120 innovative products [7] Financial Performance and Forecast - The company is projected to achieve net profits of 2.318 billion yuan, 2.816 billion yuan, and 3.402 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 30, 25, and 22 [8][10] - Revenue is expected to grow from 11.411 billion yuan in 2024 to 15.525 billion yuan in 2026, indicating a robust growth trajectory [10] - The gross margin is forecasted to improve from 48.5% in 2023 to 50.6% in 2026, reflecting operational efficiency [10]