证券研究报告 行业研究 | 行业深度研究 | 医药业物 供需齐振驱动监制品行业快速发展 请条必阅读报令未真的重要产明 2024年08月13日 证券研究报告 | 报告委总 血制总行业由于资源特殊性，长期处于供不应本/繁干病状态。供给端，随着各地"十四五" 规划陆续执行，中国半条监察站教堂有望增办，条条堂有望增长；随着企业生产的监制总总种 增办，监察利用率有望操升。高本站，随着老龄化进程办法，中国诊疗人次有望持续增长；监 制品格床应用广泛，新冠疫情使得监制品的格床认卖度提升，未未随着临床应用的善及，连应 证的经办拓展，查办医保支付范围的扩大，监制品寄未有望提升。 | 分析师及联系人 約 簽 SAC：S0590521070002 请条必阅读报告未真的重要声明 1 / 39 行业研究 | 行业深度研究 2024年08月13日 医 药 生 物 供需齐振驱动监制品行业快速发展 投资建设: 上次建议： 祭于大市（编书） 经于大市 相对大盘大势 · 医 药 生 物 10% -17% -30% 2024/4 2024/8 2023/8 2023/12 相关报告 1、《医药生物：片病免疫疫道诊能延续大学 ☞传奇？》 2024. ...

证券研究报告 行业研究|行业深度研究|医药生物 供需齐振驱动血制品行业快速发展 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月13日 证券研究报告 |报告要点 血制品行业由于资源特殊性，长期处于供不应求/紧平衡状态。供给端，随着各地"十四五" 规划陆续执行，中国单采血浆站数量有望增加，采浆量有望增长；随着企业生产的血制品品种 增加，血浆利用率有望提升。需求端，随着老龄化进程加速，中国诊疗人次有望持续增长；血 制品临床应用广泛，新冠疫情使得血制品的临床认知度提升，未来随着临床应用的普及，适应 证的逐步拓展，叠加医保支付范围的扩大，血制品需求有望提升。 |分析师及联系人 郑薇 SAC：S0590521070002 请务必阅读报告末页的重要声明 1 / 39 行业研究|行业深度研究 glzqdatemark2 2024年08月13日 医药生物 供需齐振驱动血制品行业快速发展 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 医药生物 沪深300 -30% -17% -3% 10% 2023/8 2023/12 2024/4 2024/8 相关报告 1、《医药生物：肿瘤免疫 ...

证券研究报告 港股公司|公司深度|颐海国际（01579） 激励优化，期待改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月12日 证券研究报告 |报告要点 餐饮连锁化率提升、门店降本诉求增强，家庭结构变化以及懒人经济发展，我们看好复合调味 品行业远期成长空间，虽短期增速换挡，深蹲蓄势、而后有望乘势而上。颐海国际作为国内复 合调味品龙头企业，2024 年以来激励机制进一步优化，由存量激励转为增量激励，或进一步 激发合伙人的积极性，同时新品研发加速、渠道布局完善，有望驱动经营端上行。站在颐海新 一轮激励优化的起点，本文详细回溯了历年变革的背景、具体举措及最终成效。良性的激励机 制有望驱动公司经营端上行，剖析本轮变革的亮点，展望新一轮成长周期。 |分析师及联系人 刘景瑜 邓洁 SAC：S0590524030005 SAC：S0590524040002 请务必阅读报告末页的重要声明 1 / 25 港股公司|公司深度 glzqdatemark2 2024年08月12日 颐海国际(01579) 激励优化，期待改善 | --- | --- | |------------|----------- ...

证券研究报告 港股公司|公司深度|颐海国际（01579） 激励优化，期待改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月12日 证券研究报告 |报告要点 餐饮连锁化率提升、门店降本诉求增强，家庭结构变化以及懒人经济发展，我们看好复合调味 品行业远期成长空间，虽短期增速换挡，深蹲蓄势、而后有望乘势而上。颐海国际作为国内复 合调味品龙头企业，2024 年以来激励机制进一步优化，由存量激励转为增量激励，或进一步 激发合伙人的积极性，同时新品研发加速、渠道布局完善，有望驱动经营端上行。站在颐海新 一轮激励优化的起点，本文详细回溯了历年变革的背景、具体举措及最终成效。良性的激励机 制有望驱动公司经营端上行，剖析本轮变革的亮点，展望新一轮成长周期。 |分析师及联系人 刘景瑜 邓洁 SAC：S0590524030005 SAC：S0590524040002 请务必阅读报告末页的重要声明 1 / 25 港股公司|公司深度 glzqdatemark2 2024年08月12日 颐海国际(01579) 激励优化，期待改善 | --- | --- | --- | |------------|----- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company experienced steady revenue growth in Q2 2024, primarily driven by a strong performance in its second growth curve and successful expansion of domestic and international channels. However, the gross margin showed some fluctuations due to industry demand pressures and tax calculation differences affecting net profit growth [3][11] - The company's ecosystem has been upgraded to "2+5+N," with significant growth potential in smart hardware and ongoing investments in AI technology. The integration of AI with various smart devices is expected to drive sustained growth as consumer education deepens and business models mature [3][11] - The dual business model of "smart home + IoT public cloud" remains competitive, with continued expansion in both domestic and international channels. The company is projected to achieve revenue growth rates of 15%, 22%, and 23% from 2024 to 2026, with net profit growth rates of 15%, 27%, and 25% respectively [11][12] Financial Performance Summary - In the first half of 2024, the company achieved revenue of 2.583 billion yuan, a year-on-year increase of 13.05%. The net profit attributable to the parent company was 282 million yuan, up 8.88% year-on-year, while the non-recurring net profit was 277 million yuan, an increase of 9.89% year-on-year [11] - For Q2 2024, the company reported revenue of 1.347 billion yuan, a year-on-year increase of 11.65%. However, the net profit attributable to the parent company decreased by 6.63% year-on-year to 156 million yuan [11] - The company’s gross margin showed slight fluctuations, with a net profit margin of 11.62% in Q2 2024, down 2.27 percentage points year-on-year [11][16] Product and Channel Performance - The company’s smart home product revenue was 2.072 billion yuan, with a year-on-year growth of 9.42%. Notably, the smart entry product revenue surged by 69% year-on-year, while the cloud platform revenue increased by 30% [15] - The company’s international sales outperformed domestic sales, with a year-on-year increase of 30% in external sales, raising the external sales proportion to over 30% [11][15] Future Projections - The company is expected to achieve revenues of 5.579 billion yuan, 6.811 billion yuan, and 8.373 billion yuan from 2024 to 2026, with corresponding net profits of 648 million yuan, 821 million yuan, and 1.027 billion yuan [12][11] - The target price is set at 32.91 yuan, based on a 40x PE ratio for 2024 [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company experienced steady revenue growth in Q2 2024, primarily driven by a strong performance in its second growth curve and successful expansion of domestic and international channels. However, the gross margin showed some fluctuations due to industry demand pressures and tax calculation differences affecting net profit growth [3][11] - The company's ecosystem has been upgraded to "2+5+N," indicating a broad growth potential in smart hardware, supported by ongoing investments in AI technology. The integration of AI with various smart devices is expected to drive sustained growth as consumer education deepens and business models mature [3][11] - The dual business model of "smart home + IoT public cloud" remains competitive, with continued expansion in both domestic and international channels. The company is projected to achieve revenues of 55.79 billion, 68.11 billion, and 83.73 billion from 2024 to 2026, with corresponding net profits of 6.48 billion, 8.21 billion, and 10.27 billion [11][12] Financial Performance Summary - In H1 2024, the company achieved revenue of 25.83 billion, a year-on-year increase of 13.05%, and a net profit of 2.82 billion, up 8.88% year-on-year. In Q2 alone, revenue was 13.47 billion, reflecting an 11.65% increase, while net profit decreased by 6.63% to 1.56 billion [11][12] - The company’s gross margin showed slight fluctuations, with a net profit margin of 11.62% in Q2, down 2.27 percentage points year-on-year. The overall expense ratios for sales, management, R&D, and financial costs remained relatively stable [11][16] - The company’s revenue from smart home products was 20.72 billion, with notable growth in smart entry products (up 69%) and service robots (up 273%). The international sales growth outpaced domestic sales, with external sales accounting for over 30% of total revenue [11][15]

Investment Rating - The investment rating for the company is "Buy" [7][11]. Core Views - The company is expected to achieve revenues of 15.35 billion, 16.30 billion, and 17.30 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 4.8%, 6.2%, and 6.2%. The net profit attributable to shareholders is projected to be 1.29 billion, 1.54 billion, and 1.79 billion yuan for the same years, with growth rates of 28.7%, 19.5%, and 16.5% respectively. The price-to-earnings (PE) ratios are expected to be 20, 16, and 14 times [4][11]. Financial Data and Valuation - The total share capital is 1,070.04 million shares, with a market capitalization of 21,644.56 million yuan. The net asset value per share is 15.78 yuan, and the asset-liability ratio stands at 65.05% [7][12]. - The company reported revenues of 11,008 million yuan in 2022, which increased to 14,649 million yuan in 2023, reflecting a growth rate of 33.08%. The projected revenues for 2024, 2025, and 2026 are 15,346 million, 16,301 million, and 17,304 million yuan, respectively [12][14]. - The net profit attributable to shareholders was 113 million yuan in 2022, surging to 1,002 million yuan in 2023, with a staggering growth rate of 782.71%. The projected net profits for 2024, 2025, and 2026 are 1,290 million, 1,540 million, and 1,794 million yuan, respectively [12][14]. Incentive Plan - The company announced a restricted stock incentive plan for 2024, proposing to grant up to 8 million shares, accounting for approximately 0.75% of the total share capital. The initial grant will not exceed 6.477 million shares, with a grant price of 11.97 yuan per share [11][12]. - The incentive plan targets middle management and core personnel, with an attractive grant price aimed at enhancing organizational vitality and reducing agency costs [11][12]. - The performance assessment criteria for the incentive plan are based on four indicators, including net profit and return on equity, with a target compound annual growth rate (CAGR) of 26% for net profit over three years [11][12].

Investment Rating - The investment rating for the company is "Buy" (首次) [4] Core Views - The company is one of the only three domestic manufacturers capable of mass-producing 56Gbps backplane connectors and has developed products with 112G/224G speeds, gradually closing the gap with foreign leading products [2][8] - With the reduction of foreign patent barriers and the context of self-control, the company is expected to accelerate the replacement of backplane connectors [6][8] - The demand for high-speed connector modules is expected to surge due to AI server clusters, and the company has already received orders for high-speed line modules based on backplane connectors, positioning it to achieve scale production ahead of competitors [6][10] - Strategic partnerships with Huawei in the automotive sector may lead to breakthroughs in automotive business, opening up greater growth potential [2][8] Summary by Sections 1. Leading Optoelectronic Connector and Interconnection Solution Provider - The company has over 60 years of experience in the connector industry, focusing on R&D, production, and sales of optical/electrical connectors and cable assemblies [14] - It has a strategic layout of "one body and two wings," with defense as the core and communication and industrial products as complementary [14][19] - The company has established a strong customer base, including major clients like China Weapons, China Aerospace, Huawei, and BYD [6][14] 2. Growth from Backplane Connectors to Line Modules - The domestic market for backplane connectors is expected to grow significantly, with projected revenues of 3.9 billion, 5.0 billion, and 6.5 billion yuan from 2024 to 2026, respectively, reflecting a CAGR of 26% [6][10] - The rise of AI applications is driving demand for high-speed backplane connectors, with NVIDIA leading the way in system architecture upgrades [6][10] 3. First-Mover Advantage and Anticipated Demand - The company is expected to benefit from the rising demand for high-speed line modules, having already made breakthroughs with key customers [6][10] - The reduction of foreign patent barriers is likely to accelerate the domestic replacement of backplane connectors [6][10] 4. Defense Market Recovery and New Automotive Products - The defense market is anticipated to recover, which may boost the company's main business revenue [10][11] - The automotive high-voltage connector market is expected to become a new growth point for the company [10][11] 5. Profit Forecast, Valuation, and Investment Recommendations - Projected revenues for 2024-2026 are 1.331 billion, 1.910 billion, and 2.579 billion yuan, with corresponding net profits of 101 million, 149 million, and 210 million yuan [10][11] - The company is expected to maintain high growth potential due to its advantages in backplane connectors and ongoing expansion into automotive high-voltage/high-frequency connectors [10][11]

证券研究报告 金融工程|专题报告 量价因子表现回暖，市场空头情绪减弱 —周报 2024 年 8 月 9 日 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月12日 证券研究报告 |报告要点 宏观环境 Logit 预测值持续降低，目前已处于历史低位；本周企业盈利指数有所下降；各宽 基指数本周估值下降；融资资金在上周短暂的净流入之后，本周重新开始净流出；最新一期衍 生品择时信号为-0.2，市场恐慌程度有所减弱；风格轮动模型最新偏好均衡成长；行业轮动组 合本期推荐配置通信服务、国防军工、电子、银行、通信设备；选股因子组合本周表现突出， 超额收益 0.88%。 |分析师及联系人 陆豪 康作宁 陈阅川 SAC：S0590523070001 SAC：S0590524010003 SAC：S0590524050004 请务必阅读报告末页的重要声明 1 / 30 金融工程|专题报告 glzqdatemark2 2024年08月12日 金融工程定期 量价因子表现回暖，市场空头情绪减弱—周 报 2024 年 8 月 9 日 相关报告 扫码查看更多 ➢ 宏观环境：宏观 Logit 值持续下降 截至 202 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the home appliance industry [4]. Core Insights - In July, the online retail sales of cleaning appliances continued to grow, with robotic vacuum sales increasing by 8% year-on-year and floor washing machines seeing a significant price drop, leading to a 30% increase in sales volume [6][12]. - The report highlights that the brand Yunji performed exceptionally well, with sales growth of 222.97% year-on-year, while other brands like Ecovacs faced challenges [6][12]. - The strategy of "more features at no extra cost" and continuous cost reduction is expected to be crucial for market competition in the second half of the year [6][12]. Summary by Sections 1. July 2024 Online Cleaning Appliance Performance - Traditional e-commerce retail sales for cleaning appliances in July showed a year-on-year increase of 7.07% in sales value and 16.81% in sales volume [7]. - Ecovacs experienced a decline in sales value and volume, while brands like Yunji and Chasing achieved significant growth [7][10]. 2. July 2024 Robotic Vacuum Performance - In July, traditional e-commerce sales for robotic vacuums increased by 7.77% in value and 5.69% in volume year-on-year [10]. - Ecovacs' market share decreased, while Stone's share slightly increased, and Yunji's share saw a notable rise [10]. 3. July 2024 Floor Washing Machine Performance - Traditional e-commerce sales for floor washing machines increased by 7.42% in value and 30.74% in volume year-on-year [12]. - The average price of floor washing machines dropped below 2000 yuan, with leading brands adjusting their pricing strategies [12][14].