Investment Rating - The report maintains a "Buy" rating for Longhua Technology (300263) [4] Core Views - Longhua Technology's 2024H1 revenue reached 1.22 billion yuan, up 3.0% YoY, while net profit attributable to shareholders was 110 million yuan, down 11.5% YoY [2] - The company's gross margin improved to 24.5%, up 0.7 percentage points YoY [2] - Target material business showed significant improvement, with revenue increasing 61.9% YoY to 270 million yuan and gross margin reaching 27.9% [6] - The company's energy-saving heat exchange equipment is expected to benefit from the ongoing low-carbon trend [2] - New materials business, particularly in the photovoltaic sector, is expected to contribute to future growth [6] Business Performance Target Materials Business - Revenue from target materials and ultra-high-temperature special materials reached 270 million yuan in 2024H1, up 61.9% YoY [6] - The company has established stable relationships with major domestic panel manufacturers and Korean LGD [6] - Breakthroughs in low-indium and indium-free target material technology have been achieved [6] - The company is expected to benefit from the release of HJT capacity and the growth potential of perovskite and tandem technologies [6] Energy-saving Heat Exchange Equipment - Revenue from energy-saving heat exchange equipment was 490 million yuan in 2024H1, down 14.8% YoY [6] - The company maintains a leading position in the large industrial heat transfer sector [6] Polymer Materials - The company's PVC structural foam and PMI foam products maintain a leading position in the domestic market [6] - The company is expanding its extraction business, with a 60,000-ton extraction agent capacity under construction [6] Financial Projections - Revenue is expected to reach 2.98 billion yuan in 2024, 3.69 billion yuan in 2025, and 4.62 billion yuan in 2026 [7] - Net profit attributable to shareholders is projected to be 238 million yuan in 2024, 324 million yuan in 2025, and 417 million yuan in 2026 [7] - EPS is forecasted to be 0.26 yuan in 2024, 0.36 yuan in 2025, and 0.46 yuan in 2026 [7] Valuation Metrics - The company's P/E ratio is expected to be 21.0x in 2024, 15.5x in 2025, and 12.0x in 2026 [7] - The P/B ratio is projected to be 1.6x in 2024, 1.5x in 2025, and 1.3x in 2026 [7] - EV/EBITDA is forecasted to be 10.0x in 2024, 8.2x in 2025, and 6.9x in 2026 [7]

证券研究报告 非金融公司|公司点评|中远海能（600026） 业绩高于预告，看好旺季弹性 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月02日 证券研究报告 |报告要点 2024 年 8 月 29 日，公司发布 2024 年半年度报告。2024 年上半年公司实现营业收入 116.51 亿元，同比+0.65%；实现归母净利润、扣非归母净利润分别为 26.07、26.17 亿元，同比分别 -7.11%、+8.15%，均高于业绩预告值。公司拥有运力领先、船型全面的油轮船队，有望享受国 际油运市场景气情况下带来的盈利弹性，维持"买入"评级。 |分析师及联系人 李蔚 李天琛 SAC：S0590522120002 请务必阅读报告末页的重要声明 1 / 5 2023/9 2024/1 2024/5 2024/8 非金融公司|公司点评 glzqdatemark2 2024年09月02日 中远海能(600026) 业绩高于预告，看好旺季弹性 | --- | --- | |----------------------------|---------------------| | | | | 行 业： ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has shown strong growth in new overseas contracts, with a notable increase in gross profit margins. The chemical engineering segment continues to grow steadily, reflecting a solid order backlog and good project execution pace. The company's "two business" strategic transformation is progressing well, supported by steady growth in its industrial and new materials businesses [3][9][10]. Summary by Sections Financial Performance - In H1 2024, the company's total revenue was 91 billion yuan, a slight year-on-year decrease. The net profit attributable to shareholders was 2.8 billion yuan, down 4% year-on-year, while the net profit excluding non-recurring items was 3.1 billion yuan, up 3% year-on-year. In Q2 2024, total revenue was 45.9 billion yuan, down 6% year-on-year, with a net profit of 1.6 billion yuan, down 12% year-on-year [9]. - The company’s revenue from various segments in H1 2024 was as follows: chemical engineering 73.9 billion yuan (up 4% YoY), infrastructure 10.1 billion yuan (down 20% YoY), environmental governance 1.1 billion yuan (down 22% YoY), industrial and new materials 4.4 billion yuan (up 7% YoY), and modern services 0.7 billion yuan (down 53% YoY) [9]. - The gross profit margin improved slightly to 9.8%, up 1.1 percentage points year-on-year, with the Q2 gross profit margin at 11.1%, up 2.0 percentage points year-on-year [9][10]. Strategic Outlook - The company expects revenue growth of 13% annually from 2024 to 2026, with projected revenues of 201.6 billion yuan in 2024, 228.2 billion yuan in 2025, and 258.6 billion yuan in 2026. The net profit attributable to shareholders is expected to reach 6.1 billion yuan in 2024, 7.1 billion yuan in 2025, and 8.1 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of 15% over three years [9][10]. - The company is projected to maintain a price-to-earnings (P/E) ratio of 10 times for 2024, supporting the "Buy" rating [10].

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company's performance showed quarter-on-quarter improvement in Q2 2024, with a net profit of RMB 0.05 billion, turning positive from a loss in Q1 [2][6] - The company's overseas inverter sales were impacted by inventory cycles, leading to a decline in performance, but it is expected to recover in the second half of 2024 [2][6] - The company is expected to leverage its high-quality products and overseas certifications to achieve long-term growth [2][6] Financial Performance Summary - In H1 2024, the company achieved revenue of RMB 3.148 billion, a year-on-year decrease of 17.5%, and a net profit of -RMB 0.024 billion, turning negative from a profit in the same period last year [2][6] - The gross profit margin in H1 2024 was 22.8%, a year-on-year decrease of 12.8 percentage points [2][6] - In Q2 2024, the company achieved revenue of RMB 2.022 billion, a year-on-year decrease of 3.5%, but a quarter-on-quarter increase of 78.5% [6] Overseas Sales and Product Development - Overseas inverter sales volume in H1 2024 was approximately 155,200 units, a year-on-year decrease of 49.6%, accounting for 55.7% of the sales structure, a decrease of 17.7 percentage points [6] - The company launched the SDT G3 series of residential photovoltaic inverters with power ranges up to 40kW and an efficiency of up to 98.7% [6] R&D and Innovation - The company invested RMB 260 million in R&D in H1 2024, a year-on-year increase of 23.8%, accounting for 8.4% of total revenue [6] - As of June 2024, the company held 470 authorized intellectual property rights, with 60 new additions in H1 2024 [6] Financial Forecast - The company's revenue is expected to be RMB 7.892 billion, RMB 10.62 billion, and RMB 13.729 billion in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 7.3%, 34.6%, and 29.3% [6] - Net profit is expected to be RMB 489 million, RMB 937 million, and RMB 1.28 billion in 2024, 2025, and 2026, respectively, with year-on-year growth rates of -42.66%, 91.86%, and 36.51% [6] Industry and Market Position - The company operates in the power equipment and photovoltaic equipment industry [5] - The company's current stock price is RMB 47.95, with a market capitalization of RMB 11.632 billion [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 2.133 billion yuan for H1 2024, representing a year-on-year growth of 6.26%. The net profit attributable to the parent company was 197 million yuan, up 12.61% year-on-year, while the net profit excluding non-recurring items decreased by 10.38% to 178 million yuan [2][6] - The core business showed steady growth, with the blood glucose monitoring segment generating 1.552 billion yuan in revenue, a year-on-year increase of 12.74%. The overseas subsidiaries also improved significantly, with Trividia achieving a revenue of 31.22 million yuan, marking a turnaround from a loss [2][6] - The company is continuously upgrading its products in the Continuous Glucose Monitoring (CGM) field, with new products being registered and approved in various countries, indicating a positive outlook for overseas business operations [6] Financial Performance Summary - For H1 2024, the company achieved a gross margin of 55.2%, an increase of 3.97 percentage points year-on-year. The net profit margin was 9.26%, up 2.43 percentage points year-on-year [6] - The company expects revenues for 2024-2026 to be 4.632 billion, 5.238 billion, and 5.912 billion yuan, with year-on-year growth rates of 14.11%, 13.08%, and 12.88% respectively. The net profit for the same period is projected to be 415 million, 528 million, and 680 million yuan, with growth rates of 46.05%, 27.15%, and 28.77% respectively [6][7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on the rapid growth of overseas orders and expected improvement in profitability [2][4]. Core Insights - The company's overall performance was under pressure in the first half of 2024, but there was a significant recovery in Q2 due to increased orders and overseas expansion [2][6]. - The intelligent computing center business is expanding with multi-field customer collaborations, and the prospects for computing power construction and leasing markets are promising [6]. - The company's renewable energy business is intensifying its overseas efforts, with expectations for further improvement in gross margins as high-margin overseas markets are developed [6]. - The company reported H1 2024 revenue of 3.731 billion yuan, a year-on-year increase of 9.83%, and a Q2 revenue of 2.547 billion yuan, a year-on-year increase of 33.57% and a quarter-on-quarter increase of 115.09% [6][7]. Financial Data Summary - For 2024, the company is projected to achieve revenues of 9.887 billion yuan, with a year-on-year growth rate of 21.45%, and a net profit of 670 million yuan, reflecting a growth rate of 31.97% [7]. - The company's gross margin is expected to improve as it expands its overseas market presence, with the gross margin for renewable energy products reported at 16.88%, down 7.07 percentage points year-on-year due to increased competition [6][7]. - The company has a total share capital of 461.57 million shares and a market capitalization of approximately 7.636 billion yuan [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company reported a significant increase in net profit for the first half of 2024, with a year-on-year growth of 177.37% [10] - The revenue for the first half of 2024 reached 12.794 billion yuan, representing a year-on-year increase of 4.01% [10] - The gross profit margin improved to 33.22%, up by 0.74 percentage points compared to the previous year [10] - The second quarter of 2024 saw a revenue of 6.502 billion yuan, a year-on-year increase of 12.47%, and a net profit of 696 million yuan, which is a remarkable year-on-year growth of 398.97% [10] Financial Performance Summary - In the first half of 2024, the company achieved a net profit of 974 million yuan, with a non-recurring net profit of 624 million yuan, showing growth rates of 177.37% and 48.48% respectively [10] - The second quarter's gross profit margin was 35.16%, reflecting an increase of 5.37 percentage points year-on-year [10] - The company expects revenues for 2024-2026 to be 26.256 billion, 29.317 billion, and 33.089 billion yuan, with respective growth rates of 9.12%, 11.66%, and 12.87% [11] Business Segment Performance - The company's printer segment, BenTu, reported a revenue of 2.102 billion yuan in the first half of 2024, despite a year-on-year decline of 4%, but net profit increased by 43% [11] - The overall sales of BenTu printers decreased by 15% year-on-year, but there was a continuous quarter-on-quarter improvement for three consecutive quarters [11] - International sales of BenTu showed significant growth, with a quarter-on-quarter increase of approximately 50% in the second quarter [11]

Investment Rating - The report maintains a "Strong Buy" rating for the defense and military industry, indicating a positive outlook for the sector [6]. Core Viewpoints - The defense and military industry is expected to enter a new order expectation window, with a significant rebound anticipated following a recent decline in the industry index [6][3]. - The industry index experienced a decline of -12.29% from August 1 to August 27, 2024, followed by a rebound of 3.85% from August 28 to August 30, 2024 [3][6]. - The current allocation of funds in the industry is at a historical low, with the proportion of military investment in Q1 2024 at 0.87% and Q2 at 1.19%, significantly below the average of 1.71% from 2020 to 2023 [6]. - The report anticipates a narrowing of year-on-year performance declines for the third quarter of 2024, as major companies are expected to improve their performance in the second half of the year [6]. Summary by Sections Industry Events - The report highlights that major companies such as AVIC Xi'an Aircraft Industry Group and AVIC Chengdu Aircraft Industry Group are expected to achieve significant revenue and profit growth in the second half of 2024, with projected revenue growth rates of 19% and 27% respectively [6]. - Future order expectations are likely to rise, with various sectors such as aviation, aerospace, and naval defense showing signs of increased demand [6]. - The report suggests focusing on leading companies in the sector, including AVIC Xi'an, AVIC Chengdu, and others involved in precision-guided munitions and naval construction [6].

Investment Rating - The report maintains an investment rating of "Outperform" for the pharmaceutical and biotechnology sector, specifically focusing on breast cancer treatments [7]. Core Insights - The breast cancer market is substantial, with over 357,200 new cases reported annually in China and 650,000 in the G7 countries. The global breast cancer market is projected to reach $69.9 billion by 2030, with a CAGR of 10% from 2020 to 2030, while China's market is expected to reach $17.2 billion with a CAGR of 8% [10][17]. - The report highlights the evolution of breast cancer treatments in China, transitioning from chemotherapy and endocrine therapies to monoclonal antibodies and targeted therapies, including ADCs [19][22]. - Three distinct patient populations in breast cancer treatment are identified: HER2-positive, HR-positive, and triple-negative breast cancer, each presenting unique investment opportunities [23]. Summary by Sections Breast Cancer Market Overview - The breast cancer patient population is significant, with 357,200 new cases in China and 650,000 in the G7 countries. The treatment landscape is evolving, with a shift from traditional therapies to innovative targeted treatments [13][15][17]. Treatment Evolution - The report outlines the progression of breast cancer treatments in China, noting that prior to 2020, the market was dominated by chemotherapy and endocrine therapies. The introduction of HER2-targeted monoclonal antibodies in 2020 marked a significant shift, with ADCs and targeted therapies expected to gain traction in 2024 [19][22]. HER2-positive Breast Cancer - HER2-positive breast cancer accounts for 15-20% of cases. The report notes that T-DXd has emerged as a preferred second-line treatment, outperforming T-DM1. The sales of HER2-targeted therapies reached $12.4 billion in 2023, with ADCs gaining market share [26][27][30]. HR-positive Breast Cancer - HR-positive breast cancer treatment primarily involves endocrine therapy, with CDK4/6 inhibitors playing a significant role. The report highlights that global sales of CDK4/6 inhibitors reached $10.7 billion in 2023, indicating strong market potential [33][36]. Triple-negative Breast Cancer - Triple-negative breast cancer, which constitutes 10-15% of cases, has limited treatment options. The report discusses the development of TROP2-targeted ADCs, which have shown promising results in clinical trials [41][44]. Investment Recommendations - The report recommends companies with comprehensive portfolios in breast cancer treatments, such as Heng Rui Medicine and Betta Pharmaceuticals, which are actively pursuing new drug applications and market expansions [10][45].

Investment Rating - The report assigns a "Buy" rating to the company, marking its first coverage [5] Core Views - The company is a leader in the tumor companion diagnostics field in China, with a comprehensive product line and extensive hospital channels [2][5] - The company has consistently launched significant new diagnostic products and has shown strong performance in overseas market expansion, which is expected to contribute to future revenue growth [2][5] - The tumor companion diagnostics market in China is expected to grow from RMB 5.7 billion in 2022 to RMB 11.8 billion in 2026, with a CAGR of 20% [7] - The company is expected to benefit from stricter LDT (Laboratory Developed Test) regulations, which are driving the return of testing samples to hospitals [7] - The company has 27 product registrations and has made significant breakthroughs in overseas markets, with overseas revenue reaching RMB 196 million in 2023, accounting for 19% of total revenue [7] Market and Industry Analysis - The global molecular diagnostics market is expected to grow from USD 8.7 billion in 2018 to USD 43.4 billion in 2030, with a CAGR of 13.13% from 2023 to 2030 [39] - The Chinese molecular diagnostics market is expected to grow from RMB 6.6 billion in 2018 to RMB 970 billion in 2030, with a CAGR of 20.2% from 2026 to 2030 [39] - The tumor molecular diagnostics market in China is expected to grow from RMB 7.5 billion in 2022 to RMB 44.7 billion in 2030, with a CAGR of 37% from 2026 to 2030 [43] - The top five companies in the Chinese tumor molecular diagnostics market hold a combined market share of 30%, with the company holding an 8% market share [53] Product and Innovation - The company has a comprehensive product line covering PCR, NGS, IHC, and FISH technologies, with 27 Class III medical device registrations [17][19] - The company has launched several significant new products, including the MSI (Microsatellite Instability) product for pan-cancer detection in 2023 and the PCR-11 gene panel, which is expected to be approved soon [7] - The company's PD-L1 companion diagnostic was the first domestically approved product in China and has been recommended by authoritative guidelines [110] Financial Performance and Projections - The company's revenue is projected to grow from RMB 1.23 billion in 2024 to RMB 1.87 billion in 2026, with a CAGR of 23% [7] - Net profit is expected to grow from RMB 310 million in 2024 to RMB 489 million in 2026, with a CAGR of 25% [7] - The company's gross margin has remained stable at around 84%, with a net margin of 25% in 2023 [33] Overseas Expansion - The company's overseas revenue reached RMB 196 million in 2023, accounting for 19% of total revenue, with a 35% year-on-year growth [7] - The company has established subsidiaries in Hong Kong, Singapore, and Canada, and has partnered with over 100 local distributors [113] - The company's PCR-11 product has been included in Japan's national health insurance reimbursement, contributing to overseas revenue growth [115]