稳步增长 [Table_Contacts] [Table_Page] 中报点评|医药生物 证券研究报告 [Table_Title] 国药股份（600511.SH） 业绩符合预期，麻精药领域保持领先优势 [Table_Summary] 核心观点： ⚫ 公司发布 2024 年中报。2024 年上半年公司实现收入 247.57 亿元 （+2.55%，以下均为同比口径）、归母净利润 10.01 亿元（+1.62%）、 扣非归母净利润 10.03 亿元（+5.46%），其中 2024Q2 公司实现收入 126.34 亿元（-2.16%），归母净利润 5.41 亿元（-5.11%）、扣非归母净 利润 5.45 亿元（+1.22%），业绩符合预期。 ⚫ 深耕主业，麻精药领域保持领先优势。分业务来看：（1）麻精药品，积 极推进"大麻药"战略，业务覆盖 31 个省政级区域，持续巩固在麻精 特药领域的渠道优势和龙头地位。参股公司宜昌人福 24 年上半年实现 收入 45.02 亿元（+12%）、净利润 14.25 亿元（+18%），对公司扣非 归母净利润贡献超 28%；（2）医药直销，保持北京市场领先地位，通 过紧盯增量、服务转型 ...

[Table_Contacts] [Table_Title] 创世纪（300083.SZ） 受益消费电子复苏，同步开拓海外市场 [Table_Summary] 核心观点： ⚫ 8 月 19 日晚间，创世纪发布 2024 年半年度报告，2024 年上半年，公 司实现营业收入 20.61 亿元，同比增长 0.31%；归母净利润 1.58 亿 元，同比下降 23%。分季度看，公司第二季度营业收入 12.05 亿元， 同比增长 30.39%，环比增长 40.71%；归属于上市公司股东的净利润 9,921.57 万元，同比增长 18.24%，环比增长 68.13%。 ⚫ 消费电子行业周期复苏，公司拳头产品钻攻机有望迎来高速增长。根 据公司半年报，3C 领域一直是公司的优势领域，拳头产品钻攻机可用 于手机、平板、PC、Watch 等 3C 产品相关金属及非金属结构件的精 密加工，在技术水平、产销规模、服务能力等方面可与国际领先企业(日 本 FANUC、日本兄弟公司)竞争。受益消费电子行业的持续复苏，2024 年上半年，公司拳头产品钻攻机出货量同比增长超 180%。 ⚫ 积极开拓海外市场，打开成长空间。根据公司半年报，公司 ...

Investment Rating - The report assigns a "Buy" rating to the company [4]. Core Views - Titanium products are steadily increasing in volume, with a 53% quarter-on-quarter increase in net profit attributable to shareholders in Q2 2024. The company achieved a revenue of 3.7 billion yuan in the first half of 2024, a year-on-year increase of 0.6%, and a net profit of 400 million yuan, a year-on-year increase of 5.9%. The company focuses on promoting sales to boost production and increase market share [2]. - The company is comprehensively advancing technological upgrades and capacity expansion to solidify its titanium material business. It has initiated several technological improvement projects, including high-quality titanium alloy smelting and recycling of return materials [2]. - The company is optimizing its product structure and enhancing market awareness to explore both domestic and international markets. It aims to increase the application ratio of titanium materials in various fields such as aerospace, marine, and hydrogen energy [2]. - The earnings forecast suggests an EPS of 1.65, 2.04, and 2.28 yuan per share for 2024-2026, with corresponding PE ratios of 15, 12, and 11 times. The company is considered a leader in the titanium alloy industry, and the reasonable value is maintained at 41.63 yuan per share, corresponding to a 25 times PE valuation for 2024 [2][4]. Financial Summary - The company reported a revenue of 6.635 billion yuan in 2022, with a growth rate of 26.5%. The projected revenue for 2024 is 7.359 billion yuan, reflecting a growth rate of 6.2% [3]. - The net profit attributable to shareholders for 2024 is projected to be 791 million yuan, with a significant growth rate of 45.3% compared to 2023 [3]. - The company’s PE ratio is expected to decrease from 35.05 in 2022 to 14.78 in 2024, indicating an improving valuation [3].

[Table_ 相关研究： DocReport] 普洛药业（000739.SZ）:持 2024-03-22 续提升研发能力，进一步提 升运营效率 普洛药业（000739.SZ）:盈 2023-10-22 利能力提升持续兑现，重视 研发与创新发展 [Table_Contacts] [Table_Page] 中报点评|化学制药 证券研究报告 [Table_Title] 普洛药业（000739.SZ） 运营效率提升加研发助力，盈利能力提升 [Table_Summary] 核心观点： ⚫ 原料药制剂一体化优势提升，不断增强企业核心竞争力。根据公司半 年报披露，公司 2024 上半年实现营业收入 64.29 亿元，同比增长 7.96%；实现归母净利润 6.25 亿元，同比增长 3.96%；实现扣非归母 净利润 6.02 亿元，同比增长 1.24%。截止至 2024 上半年末，公司共 有研发人员 1085 名，研发费用 3.15 亿元，两个 API 品种注册获批， 20 个原料药品种新递交国内外 DMF。 ⚫ 制剂业务规模效应带动盈利能力提升显著，CDMO 业务增长稳健。根 据公司半年报披露，2024 上半年，公司原料药 ...

Investment Rating - The report provides a "Buy" rating for key companies in the Indonesian agriculture, forestry, animal husbandry, and fishery industry, particularly focusing on feed production and integrated farming enterprises [3]. Core Insights - Indonesia, as the fourth most populous country, shows a growing trend in meat protein consumption, with significant reliance on aquatic and poultry products [8][11]. - The country ranks as the third largest aquaculture producer globally, with a high degree of farming intensification and concentration in species such as tilapia, catfish, and shrimp [11][17]. - The poultry farming sector is dominated by broiler chickens, with major integrated companies leading the market and increasing their market share [19][21]. - The feed industry is experiencing sustained growth, with a high concentration of production among leading companies [31][33]. - The report suggests that the growth potential in Indonesia's aquaculture and poultry sectors will drive continued demand for industrial feed [2][19]. Summary by Sections 1. Population and Protein Consumption Trends - Indonesia's population reached approximately 277 million in 2023, with a significant portion consuming aquatic and poultry products, which accounted for 71.9% and 23.3% of meat consumption respectively [8][11]. - The compound annual growth rates (CAGR) for per capita consumption of aquatic products and poultry from 2011 to 2021 were 2.96% and 7.38% respectively [8]. 2. Aquaculture Development - Indonesia is the third largest aquaculture producer, with a total aquaculture output of 14.6 million tons in 2021, of which 5.72 million tons were from cultured species [11][13]. - The main aquaculture species include tilapia, catfish, shrimp, and others, with shrimp being a significant export product [11][17]. 3. Poultry Farming Dynamics - The poultry sector is primarily focused on broiler chickens, with a total production of approximately 3.9 billion birds in 2022 [19]. - Major companies like CPIN, Japfa, and Malindo dominate the market, controlling significant shares of the poultry supply chain [21]. 4. Feed Industry Growth - The total feed production in Indonesia reached 19.17 million tons in 2023, with poultry feed accounting for 85% of this total [31]. - The feed industry is characterized by high concentration, with leading companies such as CPIN and Japfa holding substantial market shares [31][33]. 5. Investment Recommendations - The report emphasizes the growth potential in Indonesia's aquaculture and poultry sectors, suggesting that companies expanding feed production capacity in Indonesia should be closely monitored for investment opportunities [2][19].

Investment Rating - The report maintains a "Buy" rating for Huazhu Group-S (01179 HK) and Huazhu (HTHT O) [4] Core Views - Huazhu Group reported strong Q2 2024 results with revenue of 6 15 billion CNY (+11 2% YoY) and adjusted net profit of 1 25 billion CNY (+16 9% YoY) [1] - Domestic occupancy rate (Occ) outperformed ADR while international markets saw growth in both volume and price [1] - Operational efficiency improved with reductions in rent depreciation and consumables costs [1] - The company achieved a milestone of 10 000 domestic hotels and raised its full-year store opening guidance from 1 800 to 2 200+ [1] Financial Performance - Q2 2024 domestic RevPAR was 244 CNY (-2% YoY) with ADR at 296 CNY (-3% YoY) and Occ at 82 6% (+1pp YoY) [1] - International RevPAR grew 5% YoY to 82 EUR with ADR at 120 EUR (+3% YoY) and Occ at 68 3% (+1pp YoY) [1] - H1 2024 revenue reached 11 43 billion CNY (+14 1% YoY) with adjusted net profit of 2 03 billion CNY (+39 0% YoY) [1] Store Expansion - Q2 2024 saw a net increase of 466 domestic hotels (567 new openings) bringing the total to 10 150 [1] - The pipeline of hotels under development increased to 3 294 (3 266 domestic) up by 156 from Q1 2024 [1] - H1 2024 saw 1 136 new openings with 1 064 remaining to meet the revised full-year target [1] Valuation and Forecast - The report forecasts 2024-2026 net profits of 4 2/4 8/5 4 billion CNY respectively [2] - A 24x PE valuation for 2024 implies a fair value of 35 29 HKD/share for HK-listed shares and 45 38 USD/ADS for US-listed shares [2] Financial Ratios - 2024E revenue growth is projected at 10 7% with EBITDA of 7 287 million CNY [3] - ROE is expected to be 25 6% in 2024E declining to 19 9% by 2026E [3] - Net profit margin is forecasted at 17 5% in 2024E increasing to 18 8% by 2026E [3]

Investment Rating - The investment rating for the company is "Buy" with a current price of 5.86 HKD and a target value of 6.23 HKD [1]. Core Insights - The company reported a strong performance in the first half of 2024, achieving revenue of 400 million RMB, a year-on-year increase of 58.8%. The gross margin was 44.4%, and net profit reached 82.65 million RMB, up 92.5% year-on-year. Adjusted net profit was 93.54 million RMB, reflecting a 101.1% increase, exceeding market expectations [2]. - The significant growth in student enrollment supported the impressive revenue performance, with contract liabilities showing strong results, providing solid support for the full-year performance. The non-academic quality courses generated revenue of 370 million RMB, a year-on-year increase of 57.8%, while tutoring courses achieved revenue of 32.58 million RMB, up 70.6%. The number of enrolled students reached 184,000, a 58.2% increase year-on-year, with total class hours at 4.564 million, also up 58.1%. Contract liabilities at the end of the first half of 2024 were 250 million RMB, a 93.2% increase year-on-year, laying a strong foundation for revenue in the second half and future renewals [2]. - The improvement in operational efficiency has led to enhanced profitability, with a gross margin of 44.38%, an increase of 3.0 percentage points year-on-year. The sales and management expense ratios were 1.6% and 16.7%, respectively, down 0.4 and 6.8 percentage points year-on-year, benefiting from an optimized competitive landscape and improved operational efficiency. The adjusted net profit margin was 23.4%, up 4.9 percentage points year-on-year [2]. - The company is pursuing long-term development through diversification in non-academic areas, having launched educational tourism and international courses since July 2023. The company aims to strengthen its "LeXue" brand, which includes art, sports, painting, performance, calligraphy, scientific literacy, traditional culture, logical thinking training, and international literacy, to promote comprehensive diversification in the future [2]. - Based on the strong performance in the first half of 2024, the profit forecast has been adjusted upwards. The expected adjusted net profits for 2024-2026 are 170 million RMB, 240 million RMB, and 310 million RMB, respectively. The company is given a 22x PE valuation for 2024, resulting in a target value of 6.23 HKD per share [2]. Financial Summary - The company's main revenue for 2024 is projected to be 852 million RMB, with a growth rate of 49.3%. The adjusted net profit is expected to be 174 million RMB, reflecting a growth rate of 60.9% [3]. - The gross margin is expected to remain strong, with a projected rate of 44.0% in 2024, and the adjusted net profit margin is expected to be 20.4% [9]. - The company's return on equity (ROE) is projected to be 28.2% in 2024, indicating strong profitability [9].

[Table_Page] 行业专题研究|国防军工 2024 年 8 月 19 日 证券研究报告 [Table_Title] 国防军工行业 新·视角：民用连接器赛道新机遇，高速与液冷贡献弹性增量 | --- | --- | --- | --- | --- | --- | |----------------|----------------------------|----------|----------------------------|----------|----------------------------| | 分析师： [Tabl | 孟祥杰 | 分析师： | 吴坤其 | 分析师： | 邱净博 | | e_Author] | SAC 执证号：S0260521040002 | | SAC 执证号：S0260522120001 | | SAC 执证号：S0260522120005 | SFC CE.no: BRF275 SFC CE.no: BRT139 010-59136693 010-59133689 010-59136685 mengxiangjie@gf.com.cn wukunqi@gf. ...

[Table_Title] 证券Ⅱ行业 券商股权整合更进一步，建议关注行业估值修复 [Table_Summary] 核心观点： ⚫ 8 月 21 日晚，（1）国信证券发布停牌公告，拟以发行 A 股股份的方 式购买万和证券控制权（万和证券第一大股东为深圳市资本运营集团 有限公司，控股 53.0892%），公司预计在不超过 10 个交易日的时间 内披露本次交易方案；（2）天风证券公告拟向控股股东湖北宏泰集团 定增不超过 40 亿元；（3）东莞控股公告与东莞金控组成联合体以 22.72 亿元联合受让东莞证券 20%股权，估值约 1.25xPB。 ⚫ 国信证券并购万和证券有助于深化股东及区域赋能，提升自身资产及 业务规模。据 2023 年年报，万和证券共有 8 位股东，前 6 位股东均 是深圳国资委实控，合计控股 95.33%，股权结构简单。万和证券 2023 年营收 5 亿元、归母净利润 0.59 亿元，净资产 54.47 亿元，2023 年 净资产/净利润分别排名证券行业第 84 名/第 99 名。考虑国信证券前 三个月 PB 均值约为 1.05x，若以发行股份形式全资购买万和股权， 估值对价适中。国信证券作为 ...

[Table_Title] 游戏行业 三轮底部行情回顾与启示：业绩铸就反弹基础，新趋势催生估值空间 [Table_Summary] 核心观点： ⚫ 游戏板块处于估值底部，行业收入具备长期增长潜力。申万游戏板块 目前点位已经接近 2022 年 10 月的行业底部位置，头部公司一致预期 下的 PE 估值也处于 2018 年以来历史较低水平。我们认为底部的估值 反映了市场对 A 股游戏行业长期增长的悲观预期。而我们对全球游戏 行业历史收入的复盘显示，即使不考虑移动端渗透率大幅提升带动的 玩家数量提升，以 PC 及主机为代表的核心游戏市场仍然保持了长期 的增长趋势，市场无需对行业的长期增长过度担忧。 ⚫ 回顾 2018 年以来游戏板块三轮筑底及反弹过程，我们认为板块的反 弹有两条主线，一条是技术层面推动行业外延的扩张，使得板块估值 提升，提供了上涨的推动力，包括 19 年"云游戏"、21 年"元宇宙" 以及 23 年"生成式 AI"。技术进步推动游戏市场空间进一步打开，提 升板块估值，推动了行业底部的反弹。第二条主线则是业绩的兑现度， 业绩的兑现影响了行业反弹的持续性与高度。例如 2019 及 2023 年， 板块业 ...