Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has successfully transformed through innovation, achieving significant revenue and profit growth. In the first half of 2024, the company reported revenue of 6.506 billion RMB, a year-on-year increase of 44.2%, and a net profit of 2.726 billion RMB, up 111.5% [4] - The company has established a leading position in major unmet medical needs, particularly in the oncology sector, with product revenue reaching approximately 4.475 billion RMB, accounting for 68.8% of total revenue [4][5] - The company is actively pursuing international expansion and has enriched its pipeline through business development (BD) collaborations, including a significant agreement with GSK [6][7] Summary by Sections Market Performance - The company's stock has shown a relative increase of 18.38% over one month and 30.97% over three months compared to the market [2] Financial Performance - For the first half of 2024, the company achieved a revenue of 6.506 billion RMB, with a gross margin of 89.80% and a net profit margin of 32.44% [4][15] - The projected revenue for 2024-2026 is 12.25 billion, 12.64 billion, and 14.885 billion RMB, with year-on-year growth rates of 21.24%, 3.21%, and 17.73% respectively [7][15] Product Development - The company has over 50 ongoing clinical trials for more than 30 innovative drug products, with several products already included in the national medical insurance directory [4] - The company’s innovative drugs, particularly in the oncology and metabolic disease sectors, are showing promising results in clinical trials [5][6] Business Development - As of June 30, 2024, the company has introduced 11 collaborative projects, with 9 in clinical stages and 2 in commercialization [6] - The company has signed multiple BD agreements, including a notable one with GSK that includes an upfront payment of 185 million USD [6][7]

Investment Rating - The report maintains a "Buy" rating for Dongfang Yuhong (002271.SZ) [2][7] Core Views - The company is focusing on channel transformation and strengthening its retail foundation despite challenges in the real estate sector [2][6] - The company reported a revenue of approximately 15.218 billion yuan for the first half of 2024, a year-on-year decrease of 9.69%, and a net profit of about 943 million yuan, down 29.31% year-on-year [4][5] - The retail business showed resilience with a revenue of approximately 5.438 billion yuan, up 7.66% year-on-year, accounting for 35.74% of total revenue [4][5] Summary by Sections Market Performance - The company's stock has underperformed compared to the CSI 300 index, with a significant decline of 71% as of August 2023 [3] Financial Performance - In H1 2024, the company achieved a gross margin of 29.22%, a slight increase of 0.32 percentage points year-on-year, attributed to an improved revenue structure [4][5] - The company's operating cash flow showed a significant improvement, with a net cash outflow of 1.328 billion yuan, a 66.33% reduction compared to the previous year [5] Business Strategy - The company is accelerating its global expansion, with new production bases established in Houston, Saudi Arabia, and Malaysia, aiming to enhance its competitive edge in international markets [5][6] - The company is committed to channel reform and diversification to mitigate risks associated with reliance on a single product category [6][7] Financial Projections - The report projects net profits for 2024, 2025, and 2026 to be 2.364 billion yuan, 2.658 billion yuan, and 3.102 billion yuan respectively, with corresponding EPS of 0.97, 1.09, and 1.27 yuan [7][10]

[Table_Main] 证券研究报告 | 公司点评 泽璟制药(688266.SH) 2024 年 08 月 29 日 | --- | --- | |--------------------------------------------------------|------------------------------| | 泽璟制药（ 买入（维持） | 688266.SH ）：重磅 | | 所属行业：医药生物 / 化学制药 当前价格 ( 元 ) ： 56.30 | 产品将提供增长新动能，创新双 | | | | | 证券分析师 | 三抗进展顺利 | | 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 -11% 0% 11% 23% 34% 46% 泽璟制药 沪深300 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|- ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 2.805 billion yuan in H1 2024, representing an 18.45% increase year-on-year, with a net profit of 484 million yuan, up 7.50% [5] - The company is focusing on a multi-brand strategy and expanding its global presence, with significant growth in both online and offline sales channels [6] - The projected revenue for 2024-2026 is 6.754 billion yuan, 7.990 billion yuan, and 8.923 billion yuan respectively, with net profits expected to be 1.008 billion yuan, 1.367 billion yuan, and 1.610 billion yuan [6] Financial Performance - In H1 2024, the company reported a gross margin of 72.59%, a slight decrease of 2.79 percentage points due to the consolidation of a lower-margin investment [5] - R&D expenses reached 114 million yuan, reflecting a 4.97% increase, while the sales expense ratio was 45.54%, down 0.8 percentage points [5] - The company’s online sales in H1 2024 amounted to 1.852 billion yuan, a 16.83% increase, with significant contributions from platforms like Douyin and JD [5] Strategic Developments - The company is enhancing its brand matrix by focusing on its main brand while expanding sub-brands, and it has established a Southeast Asia headquarters in Bangkok [6] - The launch of new products under the Winona brand marks the beginning of its 2.0 era, with a focus on skincare and sun protection [6] - The company plans to continue its global expansion with R&D centers being established in key international markets [6]

Investment Rating - The report maintains a "Buy" investment rating for Datang Power (601991.SH) [1] Core Views - The company reported significant growth in performance, with a revenue of 58.31 billion yuan in the first half of 2024, a year-on-year increase of 0.19%. The net profit attributable to shareholders reached 3.11 billion yuan, up 104.85% year-on-year, and the basic earnings per share increased by 212.06% to 0.1242 yuan [1][2] Summary by Sections Financial Performance - In the first half of 2024, the company achieved an operating income of approximately 58.31 billion yuan, an increase of 1.08 billion yuan year-on-year. The net profit was about 4.287 billion yuan, up 23.82 billion yuan year-on-year. The net profit attributable to the parent company was approximately 3.108 billion yuan, an increase of 1.591 billion yuan year-on-year [2] - The profit from coal-fired power generation (including thermal) was 1.51 billion yuan, a year-on-year increase of 288.13%. Hydropower profit totaled 1.03 billion yuan, up 1033.02% year-on-year [2] Energy Generation and Pricing - The average on-grid electricity price was 462.74 yuan per megawatt-hour (including tax), a decrease of about 4.70% year-on-year. The total on-grid electricity generated was approximately 1,223.973 billion kilowatt-hours, an increase of about 4.43% year-on-year [2] - The company has an installed capacity of 73,734.862 megawatts, with coal-fired power accounting for 45,124 megawatts and hydropower approximately 9,204.73 megawatts [2] Clean Energy Transition - In the first half of 2024, the company added 973.898 megawatts of clean energy capacity, with wind power accounting for 564.32 megawatts and solar power 408.338 megawatts. The proportion of low-carbon clean energy capacity increased to 38.80%, up 1.05 percentage points from the end of last year [3] - The company has 122 approved power projects with a total capacity of 4,714.985 megawatts, including 1,109.3 megawatts for wind power and 3,605.685 megawatts for solar power [3] Investment Outlook - The company is expected to see high growth potential due to the synergy between coal-fired and renewable energy development. Revenue forecasts for 2024 to 2026 are 128.168 billion yuan, 133.033 billion yuan, and 139.145 billion yuan, with net profits of 4.006 billion yuan, 4.449 billion yuan, and 5.708 billion yuan respectively [3]

[Table_Main] 证券研究报告 | 公司点评 旗滨集团(601636.SH) 2024 年 08 月 29 日 买入（维持） 所属行业：建筑材料/玻璃玻纤 当前价格(元)：5.20 | --- | |------------------------------| | 证券分析师 | | 闫广 | | 资格编号：S0120521060002 | | 邮箱：yanguang＠tebon.com.cn | 市场表现 旗滨集团 沪深300 -43% -34% -26% -17% -9% 0% 9% 17% 2023-08 2023-12 2024-04 2024-08 | --- | --- | --- | --- | |-------------|--------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -13.76 | -16.26 | -31.35 | | 相对涨幅(%) | -10.16 | -11.41 | -21.75 | 资料来源：德邦证券研究所，聚源数据 相关研究 1.《旗滨集团（601636.SH）：Q1 业绩 高增 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant revenue growth of 38.07% year-on-year for the first half of 2024, achieving a total revenue of 34.558 billion yuan and a net profit of 2.852 billion yuan, which is a 35.71% increase year-on-year [5] - The company is focusing on expanding its mid-to-high-end smartphone products and enhancing its AIoT ecosystem to improve user experience and brand loyalty [6] - The company plans to distribute a cash dividend of 15 yuan per 10 shares, totaling 1.694 billion yuan, which accounts for 59.39% of its net profit for the first half of 2024 [6] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 34.558 billion yuan, with a net profit of 2.852 billion yuan, and a non-deductible net profit of 2.428 billion yuan [5] - The second quarter of 2024 saw a revenue of 17.115 billion yuan, a year-on-year increase of 8.63%, but a decline in net profit by 22.31% [5] - The company’s global smartphone market share reached 14.4%, ranking second among global smartphone manufacturers, with a 9.1% share in the global smartphone market [6] Financial Forecasts - The revenue forecasts for 2024, 2025, and 2026 are adjusted to 73.941 billion yuan, 85.178 billion yuan, and 95.725 billion yuan respectively [6] - The net profit forecasts for the same years are adjusted to 6.082 billion yuan, 7.077 billion yuan, and 8.290 billion yuan respectively [6] - The price-to-earnings ratios for 2024, 2025, and 2026 are projected to be 14.71, 12.65, and 10.80 respectively [6]

买入（维持） 所属行业：医药生物/医疗器械 当前价格(元)：32.65 | --- | |----------------------------| | 证券分析师 | | 周新明 | | 资格编号：S0120524060001 | | 邮箱：zhouxm＠tebon.com.cn | 市场表现 鱼跃医疗 沪深300 -26% -17% -9% 0% 9% 17% 26% 34% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|--------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -13.19 | -13.16 | -16.17 | | 相对涨幅(%) | -9.59 | -8.10 | -7.23 | 资料来源：德邦研究所，聚源数据 相关研究 1.《——鱼跃医疗 2023 年三季报点评 -鱼跃医疗(002223.SZ)：盈利能力持续 优化，CGM 新品上市带动糖尿病护理 高速增长》，2023.11.10 2.《——鱼跃医疗 23 年半年报点评-鱼 ...

[Table_Main] 证券研究报告 | 公司点评 鱼跃医疗(002223.SZ) 2024 年 08 月 29 日 | --- | --- | --- | --- | --- | |--------------------------------------------------------|-------|----------|----------------------|------------------| | 买入（维持） | | 鱼跃医疗 | | 中报点评：高基数 | | 所属行业：医药生物 / 医疗器械 当前价格 ( 元 ) ： 32.65 | | | 下业绩承压，海外提速 | | 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 市场表现 -17% -9% 0% 9% 17% 26% 34% 鱼跃医疗 沪深300 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|--------| | -26% 202 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a robust revenue growth of 17.26% year-on-year for H1 2024, achieving a total revenue of 4.322 billion yuan and a net profit of 473 million yuan, which is a 28.33% increase year-on-year [6] - The company's gross margin improved to 22.75%, up by 1.58 percentage points year-on-year, while the net profit margin reached 11.35%, an increase of 0.95 percentage points year-on-year [6] - The growth in the new energy gear and livelihood gear segments significantly contributed to the company's performance, with the new energy gear business revenue increasing by 40.31% compared to the same period last year [6] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 4.322 billion yuan, a year-on-year increase of 17.26%, and a net profit of 473 million yuan, up 28.33% year-on-year [6] - The company’s Q2 2024 revenue was 2.248 billion yuan, reflecting an 18.6% year-on-year growth and an 8.3% quarter-on-quarter increase [6] - The gross margin for H1 2024 was 22.75%, and the net profit margin was 11.35% [6] Business Segments - Revenue from passenger car gears, commercial vehicle gears, and livelihood gears for H1 2024 was 2.363 billion yuan, 460 million yuan, and 280 million yuan, respectively, with year-on-year growth rates of 28.54%, 3.81%, and 82.17% [6] - The company has established strong partnerships with numerous domestic and international clients over its 40 years in the mechanical transmission gear sector [6] Future Outlook - The company is expected to achieve net profits of 1.074 billion yuan, 1.335 billion yuan, and 1.576 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 14.8, 11.9, and 10.09 [7][9] - The company is focusing on expanding its robotics and livelihood gear segments, which are anticipated to drive future growth [7]