[Table_Main] 证券研究报告 | 公司点评 长江电力(600900.SH) 2024 年 09 月 03 日 增持（维持） 所属行业：公用事业/电力 当前价格(元)：29.71 证券分析师 郭雪 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 联系人 刘正 邮箱：liuzheng3＠tebon.com.cn 市场表现 长江电力 沪深300 -29% -14% 0% 14% 29% 43% 57% 2023-09 2024-01 2024-05 沪深300对比 1M 2M 3M 绝对涨幅(%) -1.36 3.49 14.65 相对涨幅(%) 3.15 9.61 23.44 资料来源：德邦研究所，聚源数据 相关研究 1.《长江电力（600900.SH）：业绩符 合预期，24Q1 财务费用下降明显》， 2024.5.6 2.《长江电力（600900.SH）：Q4 业绩 同比高增，乌白增发效益有望体现》， 2024.1.21 3.《长江电力（600900.SH）：Q3 来水 转好，业绩显著提升》，2023.11.6 4.《长江电力（600900.SH）：来水偏 枯影响 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in the first half of 2024 is slightly under pressure, with revenue of 8.197 billion (+1.52%) and net profit of 600 million (-18.71%). The gross margin improved due to rising gold prices, but increased expenses have negatively impacted profit performance [6] - The company is focusing on enhancing the quality and efficiency of its stores, with a strategic emphasis on building retail benchmark stores and strengthening weak regions [6] - The company plans to optimize the quality of franchisees and store openings while leveraging themed stores to achieve growth against the trend [6] Financial Performance Summary - For the first half of 2024, the company reported a revenue of 81.97 billion, with a net profit of 6.01 billion, and a gross margin of 18.4% [6] - The total expenses for the period were 6.05 billion, an increase of 35.04%, primarily due to higher sales and advertising expenses [6] - The company expects revenues of 177 billion, 198 billion, and 213 billion for 2024, 2025, and 2026 respectively, with net profits of 13.7 billion, 15.1 billion, and 16.5 billion [6][8] Channel Performance Summary - Offline store expansion is stable, but single-store revenue is under pressure, limiting overall performance growth [6] - Franchise stores generated revenue of 59.3 billion (-0.74%), while self-operated stores achieved 9.63 billion (+16.35%) [6] - Online sales reached 11.91 billion (+3.09%), with significant contributions from platforms like Tmall and JD [6] Product Category Performance Summary - The revenue from gold jewelry was 69.6 billion (+3%), while embedded jewelry saw a decline in revenue to 3.7 billion (-29%) [6] - Other jewelry categories, including fashion silver jewelry, experienced significant growth, with revenue of 2.9 billion (+66%) [6] Dividend Policy - The company announced a semi-annual dividend plan, distributing a total of 326 million in cash dividends, which accounts for 54.14% of the net profit [6]

Investment Rating - The report initiates coverage with a "Buy" rating for the company Tian Tan Biological [4] Core Views - The blood products industry has high barriers to entry and increasing concentration, which is favorable for leading companies like Tian Tan Biological. The company is expected to see steady growth in revenue and profits due to its leading plasma collection scale and station numbers [6][7][25] - The company has a complete range of product approvals, with significant potential for profit improvement as it expands into high-margin products [7][23] - The company is positioned to benefit from its first-mover advantage in the market for chromatographic immunoglobulin, which is expected to contribute to long-term revenue growth [7][23] Summary by Sections Company Overview - Tian Tan Biological specializes in the research, production, and sales of blood products, holding a leading position in the industry with 15 product varieties [13][15] - The company has 102 plasma collection stations across 16 provinces, with 80 operational stations, capturing approximately 20% of the national plasma collection volume [17][18] Industry Analysis - The blood products industry is characterized by high entry barriers and steady demand growth, with significant market share held by top players [25][26] - The industry has seen a concentration of market share, with the top four listed companies in China accounting for over 50% of the total plasma collection volume [6][25] Growth Potential - The company has been increasing its plasma collection capacity, with a notable rise in the number of operational stations and plasma collection volume, which is expected to drive revenue and profit growth [17][18] - Revenue forecasts for 2024-2026 are projected at 60.11 billion, 69.37 billion, and 80.53 billion yuan, with net profits of 13.94 billion, 17.05 billion, and 20.74 billion yuan respectively [7][8] Financial Performance - The company reported a revenue of 5.18 billion yuan in 2023, with a year-on-year growth of 21.6%, and a net profit of 1.11 billion yuan, reflecting a 26.0% increase [19][23] - The gross margin is expected to improve, with projections of 55.6% in 2024 and 57.9% by 2026 [8][23]

Investment Rating - The report maintains a "Buy" rating for Xinhua Medical [1] Core Views - In H1 2024, Xinhua Medical achieved operating revenue of 5.187 billion yuan (+2.24%) and a net profit attributable to shareholders of 484 million yuan (+5.57%), with a net profit margin of 9.6% (+0.19 percentage points) [1] - The company faced a decline in bidding for infection control products due to slow policy implementation, but expects recovery in H2 2024 as equipment update policies take effect [2] - The internationalization of pharmaceutical equipment is progressing, with significant growth in international trade contracts [2] - Cost control measures have significantly improved, with a reduction in sales and management expenses [2] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 5.187 billion yuan, with a net profit of 484 million yuan and a non-recurring net profit of 474 million yuan [1] - For Q2 2024, revenue was 2.658 billion yuan (+0.91%) and net profit was 273 million yuan (+4.21%) [1] - The medical device segment generated revenue of 1.887 billion yuan (-2.55%) with a gross margin of 43.29% (+2.28 percentage points) [2] - The pharmaceutical equipment segment achieved revenue of 1.092 billion yuan (+4.38%) [2] Market Strategy - The company is focusing on major hospitals in the infection control sector and has achieved record high revenue in infection control consumables [2] - Continuous product upgrades and improvements in traditional surgical instruments have helped maintain market leadership [2] Cost Management - Sales expenses decreased by 6.94% to 409 million yuan, while management expenses fell by 17.41% to 198 million yuan [2] - R&D expenses increased by 3.75% to 18.53 million yuan, with several new products recognized for innovation [2] Profit Forecast - The report forecasts net profits of 818 million yuan, 950 million yuan, and 1.174 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 13, 11, and 9 times [2]

[Table_Main] 证券研究报告 | 海外市场专题 2024 年 09 月 02 日 | --- | --- | --- | --- | --- | |--------------|-------|------------------------|-------|-------| | | | | | | | 海外市场专题 | | | | | | | | 谷歌反垄断案冲击几何？ | | | | | | | | | | 证券分析师 | | ——精卫填"海"系列（十） | | | | | | | | | 薛威 资格编号：S0120523080002 邮箱：xuewei＠tebon.com.cn 谭诗吟 资格编号：S0120523070007 邮箱：tansy＠tebon.com.cn [Table_Summary] 投资要点： 近期谷歌反垄断案开始引发关注，市场或担忧此次反垄断调查对谷歌乃至整个科 技板块的影响。本文对美国历史反垄断周期进行总结，并对三个反垄断经典案例进 行回顾剖析，进而对谷歌以及美国数字科技行业面临的后续可能情景进行推演。 美国反垄断历史：反垄断周期的本质是效率与公平的博弈。美国反垄断大致经 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the terminal demand is weak, leading to pressure on performance in Q2 2024, with inventory continuing to be a concern [1][3] - The company reported a revenue of 317 million yuan in the first half of 2024, a year-on-year decrease of 21.48%, and a net profit attributable to shareholders of -122 million yuan, an increase in loss of 41.81 million yuan compared to the same period last year [2][3] - The report anticipates a gradual improvement in performance in the second half of the year as inventory levels decrease and downstream demand recovers [4] Summary by Sections Market Performance - The company's stock has seen a significant decline, with absolute and relative performance metrics indicating a drop of -15.09% and -11.58% respectively over the past year [2] Financial Performance - In Q2 2024, the company achieved a revenue of 175 million yuan, a year-on-year decrease of 19.06%, but a quarter-on-quarter increase of 23.58% [3] - The gross profit margin for the first half of 2024 was 33.21%, with a net profit margin of -38.48% [3] - The company’s R&D expenses accounted for 60.56% of revenue in the first half of 2024, reflecting a strong commitment to innovation [4] Business Segments - The company has made progress in developing new FPGA and FPSoC chips, with several models now in mass production and application in various fields [3][4] - The inventory level has decreased from 763 million yuan at the end of 2023 to 607 million yuan, indicating a gradual reduction in inventory pressure [4] Earnings Forecast and Investment Advice - The company is expected to achieve revenues of 763 million yuan, 1.063 billion yuan, and 1.549 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits projected at -239 million yuan, -160 million yuan, and -52 million yuan [5][6] - The report maintains a "Buy" rating based on the expectation of a recovery in performance as inventory issues are resolved and demand improves [4][6]

证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 李霁阳 资格编号：S0120523080003 邮箱：lijy7＠tebon.com.cn 市场表现 -29% -14% 0% 14% 29% 43% 57% 康方生物 恒生指数 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|-------| | 2023-09 \n恒 生 指 数 对 比 | 2024-01 \n1M | 2024-05 \n2M | 3M | | 绝对涨幅 (%) | 16.08 | 30.07 | 11.59 | | 相对涨幅 (%) | 12.36 | 28.54 | 12.09 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《康方生物(9926.HK)：AK112 获批 +击败 K 药，创新药龙头价值当被重 估》，2024.7.19 2.《康方生物(9926.HK)：管线矩阵丰 富，多个产品将获批，收入有望继续高 增》， ...

Market Overview - The U.S. PCE data for July showed a year-on-year increase of 2.6%, slightly below the expected 2.7%, indicating a moderate inflation trend[2] - Nvidia's Q2 revenue grew by 122% year-on-year, exceeding expectations, but its Q3 guidance suggested a slowdown to double-digit growth, leading to a post-earnings drop of over 8%[2] - The Chicago PMI for August was reported at 46.1, above the expected 45.5, while the Conference Board Consumer Confidence Index was at 103.3, significantly higher than the expected 100.7[2] Economic Outlook - The market is entering a phase of heightened uncertainty in September, with key events such as non-farm payroll data and the FOMC meeting approaching[3] - The probability of a 25 basis point rate cut in September is estimated at 70% according to the CME model, reflecting expectations of a smooth transition towards easing monetary policy[3][7] - Historical trends suggest that candidate debates in the lead-up to the U.S. presidential election can significantly influence polling data, warranting close monitoring[3] Investment Strategy - In light of increasing uncertainty, the technology sector, represented by the Nasdaq index, is expected to face challenges in breaking previous highs, suggesting a range-bound market[3] - Small-cap U.S. stocks, benefiting from potential rate cuts, along with value sectors such as consumer and cyclical stocks, are recommended for better portfolio performance[3] Risk Factors - Potential risks include unexpected rebounds in overseas inflation, which could lead to tighter monetary policies in the U.S. and Europe, impacting equity market valuations[24] - A downturn in global economic conditions could negatively affect market sentiment and performance[24] - Escalation of geopolitical tensions, such as the Israel-Palestine or Russia-Ukraine conflicts, may trigger increased market volatility[24]

Investment Rating - The report rates the food and beverage industry as "Outperforming the Market" [2] Core Views - The report emphasizes the importance of establishing a comprehensive view of food and beverage, focusing on favorable policies that may benefit the industry [2] - The report suggests that various sub-sectors within the food and beverage industry maintain their long-term logic, recommending attention to companies with resilient performance [4][10] Summary by Sections 1. Weekly Insights - The report notes a general slowdown in revenue growth for the liquor sector, with high-end and real estate liquor leaders showing stable performance, while some mid-tier and small liquor companies face pressure [10] - The beer sector is expected to see improved sales due to seasonal demand and cost reductions, with a focus on high-end product development [10] - The condiment sector is undergoing reforms, with major companies adapting to market changes and improving their operations [10][12] - The dairy sector is recovering, with a long-term trend towards premiumization and diversification [11] - The restaurant supply chain is expected to benefit from improved consumer policies and financial conditions, with a focus on resilient leading companies [12] 2. Market Performance - The food and beverage sector outperformed the CSI 300 index by 1.79 percentage points during the week of August 26 to August 30, with a sector increase of 1.62% [13] - Among sub-sectors, pre-processed foods saw the highest increase at 6.41%, while dairy products and soft drinks experienced declines [15] 3. Key Data Tracking - The report tracks various price data, including liquor prices, with notable figures such as the price of Feitian Moutai remaining stable at 2,780 RMB per case [23] - The average price of fresh milk was reported at 3.20 RMB per kilogram, showing a slight decrease [34] - The report highlights the profitability of pig farming, with self-bred pigs yielding a profit of 542.76 RMB per head [41] 4. Company Announcements - Several companies reported their half-year results, with notable performances including a 621.87% increase in net profit for Shunxin Agriculture, despite a revenue decline [49]

Investment Rating - The report maintains an "Outperform" rating for the electrical equipment industry [3] Core Insights - The price of polysilicon remains stable, with the domestic photovoltaic installed capacity maintaining growth in the first seven months of the year [3][12] - The report highlights several investment recommendations across different segments of the renewable energy sector, including solar, wind, and electric vehicles [6][25][40] Summary by Sections 1. Polysilicon Price Stability and Photovoltaic Installed Capacity Growth - Polysilicon prices are stable, with n-type rod silicon trading between 39,000-44,000 CNY/ton, averaging 41,000 CNY/ton; single crystal dense material ranges from 33,000-36,000 CNY/ton, averaging 34,300 CNY/ton; n-type granular silicon is priced between 36,000-37,000 CNY/ton, averaging 36,700 CNY/ton [12][13] - In the first seven months of 2024, China's newly installed photovoltaic capacity reached 123.53 GW, a year-on-year increase of 27.1%, with July alone contributing 21.05 GW, up 12.3% year-on-year [14] 2. Investment Recommendations in New Energy Generation - Suggested focus areas include integrated component companies with new battery technologies such as JinkoSolar, LONGi Green Energy, JA Solar, and Trina Solar; emerging technologies in the battery segment like Tongwei Co., Aiko Solar, and Junda Co.; silicon wafer companies with efficiency or volume growth logic like TCL Zhonghuan and Shuangliang Eco-Energy; leading inverter companies benefiting from overall growth such as Ginlong Technologies, Sungrow Power Supply, and Dewei Co.; and energy storage battery suppliers like CATL, EVE Energy, and Pylon Technologies [6][17] 3. Investment Recommendations in Electric Vehicles - Recommended companies include leading firms with global competitiveness in various segments such as CATL, Enjie, BTR, Tianneng Battery, and others; second-tier lithium battery companies focusing on power and energy storage like EVE Energy and Guoxuan High-Tech; quality companies in lithium battery materials like Zhongke Electric, Dangsheng Technology, and others; leading component manufacturers benefiting from global electrification like Inovance Technology and others; and innovative new forces in smart products like Tesla, NIO, Xpeng Motors, and Li Auto [25][36] 4. Investment Recommendations in Industrial Control and Power Equipment - Emphasis on the energy storage segment, with recommended companies including New Fengguang, Jinpan Technology, Sifang Co., and Guodian NARI Technology [40]