Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 142.27 CNY per share, compared to the current price of 84.19 CNY [4]. Core Insights - The company reported its 2024 mid-year results, showing a revenue of 6.639 billion CNY (+7.63% year-on-year) and a net profit attributable to shareholders of 1.720 billion CNY (-20.40% year-on-year) [2]. - The growth hormone segment continues to show stable growth, but increased investment during the transformation period has pressured profit margins [2]. - The company is increasing its R&D investment, which reached 1.138 billion CNY (+10.18% year-on-year) in the first half of 2024, indicating a deepening product layout [2]. Financial Summary - For the first half of 2024, the company achieved revenues of 5.152 billion CNY (+0.25% year-on-year) from Jinsai Pharmaceutical, with a net profit of 1.769 billion CNY (-19.49% year-on-year) [2]. - The gross profit margin decreased by 4.13 percentage points to 84.62%, with net profit margin dropping by 8.74 percentage points to 35.42% [2]. - The company forecasts EPS for 2024, 2025, and 2026 to be 10.16 CNY, 11.06 CNY, and 12.43 CNY respectively, with a projected PE ratio of 14 times for 2024 [2][3].

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 8.11 CNY and a target value of 11.24 CNY [2]. Core Insights - The company achieved a net profit of 339 million CNY in the first half of 2024, representing a year-on-year increase of 150.7%, despite a revenue decline of 10% to 3.078 billion CNY due to a 10% drop in electricity generation [1][2]. - The improvement in profitability is attributed to lower coal costs and increased investment income, with operating cash flow rising by 119% to 570 million CNY [1]. - The company is expected to enhance its installed capacity by nearly 60% by 2025 through clean coal power projects in collaboration with Shaanxi Coal and Chemical Industry Group [1]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 3.078 billion CNY, down 10% year-on-year, while net profit reached 339 million CNY, up 150.7% [1]. - The gross profit margins for Q1 and Q2 were 15.1% and 16.2%, respectively, benefiting from reduced coal prices [1]. - The company’s cash flow from operations was 570 million CNY, a 119% increase year-on-year, while investment cash outflow was 1.72 billion CNY, up 74% [1]. Electricity Generation - The company generated 6.946 billion kWh of electricity in H1 2024, a decrease of 9.84% year-on-year, with thermal power generation down 12.2% and solar power generation increasing by 140% [1]. - The overall electricity consumption in Jiangxi province grew by 7.4%, but industrial power generation fell by 3.3% [1]. Future Outlook - The company plans to increase its thermal power capacity to 5.4 GW by 2025, a 58.8% increase from current levels, following the commencement of construction on two clean coal units [1]. - Profit forecasts for 2024, 2025, and 2026 are 731 million CNY, 796 million CNY, and 1.089 billion CNY, respectively, with corresponding P/E ratios of 10.82, 9.94, and 7.26 [1][4].

[Table_Page] 跟踪分析|公用事业 证券研究报告 [Table_Title] 公用事业行业深度跟踪 辅助服务——验证火电新三部曲 [Table_Summary] 核心观点： ⚫ 关注:中广核电力+华电国际电力股份+浙能电力+申能股份+华润电力 +广州发展+长江电力+福能股份 ⚫ 辅助服务细则出台——强力验证火电新三部曲。继 6 月 20 日湖南出台 第一个辅助服务细则后，本周云南就辅助服务市场交易规则征求意见， 引发市场关注。一方面，两个细则均聚焦于深度调峰和启停，补偿主 体方面中湖南聚焦煤电及储能，而云南受能源内结构影响还额外包括 水电。另一方面，辅助服务补偿金额均不超过当地燃煤标杆基准价（云 南只给上限，湖南分档执行），与此前 2 月发布总则思路一致，测算云 南及湖南煤电通过辅助服务，仅考虑深调 40%-45%即可带动全电量度 电盈利提升 0.2-1 分。我们此前提出，火电演绎价值行情三部曲：4 月 起煤价平稳、5-8 月辅助服务细则出台、8 月起电量电价逐步沟通签订。 当前进入二阶段的演绎，火电盈利稳定性持续提升，火电的新三部曲 得到深刻验证，未来将驱动其稳定性提升的行情更进一步。 ⚫ 火电三 ...

[Table_Page] 跟踪分析|保险Ⅱ 证券研究报告 [Table_Title] 保险Ⅱ行业 7 月保费点评-寿险高景气度依旧，财险保费 稳健增长 | --- | --- | |------------------------|------------| | [Table_Grade] 行业评级 | 买入 | | 前次评级 | 买入 | | 报告日期 | 2024-08-18 | [Table_PicQuote] 相对市场表现 -24% -17% -10% -4% 3% 10% 08/23 10/23 01/24 03/24 06/24 08/24 保险Ⅱ 沪深300 [分析师： Table_Author]刘淇 SAC 执证号：S0260520060001 0755-82564292 liuqi@gf.com.cn 分析师： 陈福 SAC 执证号：S0260517050001 SFC CE No. BOB667 0755-82535901 chenfu@gf.com.cn 请注意，刘淇并非香港证券及期货事务监察委员会的注册 持牌人，不可在香港从事受监管活动。 [Table_ 相关研究： DocReport ...

[Table_Page] 中报点评|多元金融 证券研究报告 [Table_Title] 江苏金租（600901.SH） 资产增速修复，息差稳定性强 [Table_Summary] 核心观点： ⚫ 公司发布 2024 年半年报报告。公司实现营业总收入 41.21 亿元，同比 增长 9.45%；营业净收入 26.16 亿元，同比增长 8.47%；净利润 14.34 亿元，同比增长 8.80%。公司整体收益水平保持稳定增长。 ⚫ 资产增速较一季度快速修复。截至报告期末，公司资产规模 1,330.49 亿元，较上年末增加 131.29 亿元，增长 10.95%，其中融资租赁资产 规模 1,269.00 亿元，较上年末增加 127.91 亿元，增长 11.21%。融资 租赁净额 12,27.88 亿元，同比增长 11.43%。公司以能力建设为核心， 提升各方面专业化水平。一是提升行业深耕能力，持续扩大细分领域领 先优势，加快开发新行业、新业态、新模式；二是提升厂商租赁能力， 合作厂商经销商数量持续攀升，内外资品牌占比进一步均衡，重点行业 厂商粘度增强；三是区域小微队伍体系化建设和业务规范体系化建设 取得重大进展，行业聚 ...

Xml [Table_Page] 跟踪分析|房地产 证券研究报告 [Table_Title] 房地产及物管行业 24 年第 33 周周报 收储扩围，淡季成交热度低位持平 [Table_Summary] 核心观点： ⚫ 本周政策情况：收储加速扩围，上海推出土拍新政。中央政策方面， 统计局 7 月数据新闻发布会指出，目前房地产市场总体仍处于调整中， 要积极支持收购存量商品房作保障房。地方政策方面，本周肇庆、商 丘等多地发布收储公告，收购价格均以保障房重置价格为上限，南京、 杭州、天津、成都、青岛等二线拟加入收储，收储加速扩围；上海土 拍政策更新，对热度较高地块施行"双高双竞"规则；成都将商贷及 公积金贷款首套住房认定范围由市缩小为区，进一步调降购房门槛。 ⚫ 本周基本面情况：淡季推盘回落，成交热度环比持平。据 Wind 及克 尔瑞，本周 51 城新房成交面积 313.7 万方，环比下降 0.9%，同比下 降 15.6%，本周新房成交热度维持低位。二手房方面，本周 13 城网签 口径成交 145.4 万方，环比持平，同比上升 14.4%，74 城认购口径日 均成交 1874 套，环比增长 0.3%，同比上涨 23. ...

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank (600919.SH) with a target price of 9.98 CNY per share, reflecting a price-to-book (PB) ratio of 0.7 times for the year 2024 [5]. Core Insights - Jiangsu Bank's 2024 mid-year report shows revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders increased by 7.2%, 5.1%, and 10.1% year-on-year, respectively. The growth rates have declined compared to Q1 2024, indicating a significant drop in revenue growth but maintaining double-digit net profit growth, showcasing management's confidence in achieving annual targets [2][3]. Summary by Sections Financial Performance - In Q2 2024, revenue growth slowed to 2.9% from 11.7% in Q1, primarily due to a 10.7% decrease in other non-interest income. However, net profit growth remained stable at 10.1%, with a 29% reduction in impairment losses compared to the previous quarter [3]. - The reported net interest margin (NIM) for H1 2024 is 1.90%, a year-on-year decrease of 38 basis points, but the actual narrowing is less severe at 17 basis points when calculated based on net interest income over average earning assets [3]. - Fee income grew by 11.3% in H1 2024, driven by an increase in wealth management scale, which reached 604.5 billion CNY, a 16% increase from the beginning of the year [3]. Asset Quality - As of June 2024, the non-performing loan (NPL) ratio stands at 0.89%, unchanged from December 2023, with a provision coverage ratio of 357%, down 32.3 percentage points from the previous period. The new NPL generation rate is estimated at 1.34%, reflecting a year-on-year increase of 38 basis points [3][12]. Earnings Forecast - The forecast for net profit growth is 10.2% for 2024 and 11.3% for 2025, with earnings per share (EPS) projected at 2.09 CNY and 2.34 CNY, respectively. The book value per share (BVPS) is expected to be 14.26 CNY and 16.09 CNY for the same years [3].

[Table_Page] 投资策略周报|机械设备 证券研究报告 [Table_Title] 机械设备行业 继续看好稳定类资产，出口链或逐渐企稳 | --- | --- | |------------------------|------------| | [Table_Grade] 行业评级 | 买入 | | 前次评级 | 买入 | | 报告日期 | 2024-08-18 | [Table_Summary] 核心观点： ⚫ 装备制造业压舱石地位继续凸显。7 月份，全国规模以上工业增加值同 比增长 5.1%，比上月回落 0.2 个百分点；环比增长 0.35%。分三大门 类看，采矿业增加值同比增长 4.6%，制造业增长 5.3%，电力、热力、 燃气及水生产和供应业增长 4.0%。装备制造业增加值增长 7.3%，高 技术制造业增加值增长 10.0%，分别比上月加快 0.4 和 1.2 个百分点。 ⚫ 市场表现分析：上周（8 月 12 日-8 月 16 日）机械行业指数（中信） 下跌 0.12%，沪深 300 指数上涨 0.42%，创业板指下跌 0.26%。 ⚫ 机械动态变化：根据国家统计局的数据，2024 年 1- ...

Xml [Table_Title] 国防军工行业 板块环比趋势改善明确，新质生产力快速发展 [Table_Summary] 核心观点： ⚫ 军工板块中长期高质量发展趋势明确。8 月 15 日，据"求是网"公众 号，中国共产党第二十届中央委员会第三次全体会议，中央委员会总 书记习近平作重要讲话。围绕持续深化国防和军队改革，提出完善人 民军队领导管理体制机制，深化联合作战体系改革，深化跨军地改革。 ⚫ 央国企积极参与大飞机产业建设，船舶板块、低空经济等民用高成长 方向积极变化较多。船舶方面，据"中国船舶工业行业协会"公众号， 近期，我国部分船企发布了上半年业绩，多项指标实现增长，生产经 营再传捷报。例如，大连造船交工船海产品 13 艘，完成年度计划的 50%。央国企积极参与大飞机产业，C919 海外布局前景佳，据中航重 机公众号， 8 月 13 日，中航重机与中国商飞采购与供应管理部开展 党的二十届三中全会精神联学共建活动。8 月 9 日，据环球网引用《南 华早报》，上个月欧洲航空安全局在上海对国产大飞机 C919 开展实 地检查并给出"积极反馈"，中国相关民航机构对 C919 客机在 2025 年获得欧盟认证感 ...

Investment Rating - The investment rating for the company is "Buy" with a current price of 18.28 CNY and a reasonable value of 20.78 CNY [1]. Core Views - The company reported a stable growth in performance due to improved water inflow and increased electricity generation, with a 10.2% year-on-year increase in revenue and a 9.7% increase in net profit attributable to shareholders in the first half of 2024 [5][11]. - The investment income for the first half of 2024 was 24.12 billion CNY, a year-on-year increase of 4.88%, with the Yalong River hydropower contributing 21.13 billion CNY, accounting for 87.6% of the total [5][8]. - The company’s financial expenses decreased by 31.37% year-on-year due to the conversion of convertible bonds and declining interest rates, leading to an improvement in self-operated business profits [5][12]. Summary by Sections Section 1: Improved Water Inflow and Increased Electricity Generation - The company achieved a revenue of 6.03 billion CNY in the first half of 2024, reflecting a 10.2% increase year-on-year, and a net profit of 23.03 billion CNY, up 9.7% year-on-year [5][11]. - The Yalong River hydropower's revenue increased by 3.2% year-on-year, contributing significantly to the overall investment income [8][11]. Section 2: Electricity Price Changes and Performance - The average on-grid electricity price decreased by 4.5% year-on-year, with the Yalong River hydropower's price dropping by 2.0% [16][18]. - The company’s electricity generation increased by 17.9% year-on-year, with hydropower generation rising by 18.1% [16][18]. Section 3: Future Growth and Investment Opportunities - The company is expected to enter a peak production phase with the Dadu River project and is advancing the construction of wind and solar projects [2][4]. - The forecast for net profit attributable to shareholders for 2024 to 2026 is 51 billion CNY, 55 billion CNY, and 62 billion CNY respectively, with corresponding P/E ratios of 17.6, 16.2, and 14.4 [1][2]. Section 4: Financial Health and Cash Flow - The company’s total liabilities reached 222 billion CNY, with an asset-liability ratio of 34.9% [11][12]. - Operating cash flow net amount increased by 69.6% year-on-year, reaching 3.2 billion CNY, primarily due to improved water inflow and electricity generation [12][15].