海 外 公 司 （ 中 国 香 港 ） 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 业绩超预期，胶原棒高增、敷料渠道拓展 巨子生物(2367) 家庭及个人用品 [Table_Industry] [Table_Invest] 评级： 增持 ——巨子生物 2024H1 业绩点评 | --- | --- | --- | --- | |----------|------------------|----------------------|-------------------| | | 訾猛(分析师) | 闫清徽(分析师) | 杨柳(分析师) | | | 021-38676442 | 021-38031651 | 021-38038323 | | | zimeng@gtjas.com | yanqinghui@gtjas.com | yangliu@gtjas.com | | 登记编号 | S0880513120002 | S0880522120004 | S0880521120001 | 本报告导读： 公司 24H1 业绩超预期， ...

股 票 研 究 证 券 研 究 报 告 ——中报点评 | --- | --- | --- | |----------|-------------------------------------|----------------------| | | | | | | [table_Authors] 王彦龙 ( 分析师 ) | 黎明聪 ( 分析师 ) | | | 010-83939775 | 0755-23976500 | | | wangyanlong@gtjas.com | limingcong@gtjas.com | | 登记编号 | S0880519100003 | S0880523080008 | 本报告导读： 维持盈利预测和目标价，维持增持评级; 业绩符合预期，芯片及器件业务高速增 长； 布局光引擎相关芯片组件赛道，有源芯片各有进展。 投资要点： [Table_Summary] 维持盈利预测和目标价，维持增持评级。公司公告 2024 年中报，中 报业绩与此前预告相符，整体符合预期。我们维持 2024-2026 年归 母净利润为 0.51/1.20/2.15 亿元，对应 EPS 为 0.11\0.26\ ...

——2024 年中报点评 吨价表现亮眼，Q2 收入环比提速 燕京啤酒(000729) 食品饮料 [Table_Industry] /必需消费 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 12.17 | | | 上次预测: | 12.17 | | [当前价格： Table_CurPrice] | | 9.83 | | --- | --- | |----------|--------------------| | | 陈力宇(分析师) | | | 021-38677618 | | | chenliyu@gtjas.com | | 登记编号 | S0880522090005 | 本报告导读： 公司改革提效成果不断凸显，在 U8 大单品持续放量带动下结构提升显著、吨价表 现优异，同时吨成本下行，24Q2 收入环比加速、盈利弹性明显释放。 投资要点： 证 券 研 究 报 告 ...

股 票 研 究 [table_Authors] 徐强(分析师) 邵潇(分析师) 于歆(分析师) 010-83939805 0755-23976520 021-38038345 xuqiang@gtjas.comshaoxiao@gtjas.com 登记编号 S0880517040002 S0880517070004 S0880523050005 2024 年中报点评 yuxin024466@gtjas.com 本报告导读： 2024Q2 环比扭亏，营收与净利润均实现同比增长，公司经营逐季改善。公司提升碳 计量业务子公司持股比例，加速碳计量业务布局。 投资要点： [Table_Summary] 维持"增持"评级。根据公司 2024H1 经营情况，我们下调公司 2024- 2026 年归母净利润预测分别为 2.12/2.45/2.86 亿元（原 2.37/2.80/3.57 亿元），对应 EPS 分别为 0.33、0.39、0.45 元。根据可比分析仪器公 司 2025 年 PE 均值 22 倍，给予公司 2025 年 22 倍 PE，下调目标价 至 8.53 元（原 10.28 元），维持"增持"评级。 业绩基 ...

股 票 研 究 股票研究 /[Table_Date] 2024.08.20 证 券 研 究 报 告 -13% 6% 24% 42% 60% 78% 2023-08 2023-12 2024-04 本报告导读： [Table_Market] 交易数据 投资要点： [Table_PicQuote] 52周股价走势图 国电电力 上证指数 [Table_Report] 相关报告 [当前价格： Table_CurPrice] 5.53 优质火电盈利突出，资产出售增厚业绩 国电电力(600795) [Table_Industry] 电力/公用事业 | --- | --- | --- | |---------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 7.20 | | | 上次预测: | 7.20 | | --- | --- | --- | --- | |----------|-----------------------------|--- ...

AI 引领持续高增长，算力芯片稳步推进 AMD(AMD.US) [Table_Industry] 海外信息科技 [Table_Invest] 评级： 增持 ——超威半导体 FY24 Q2 业绩点评 [table_Authors] 秦和平(分析师) 0755-23976666 qinheping027734@gtjas.com 登记编号 S0880523110003 本报告导读： 营收利润均超预期，下季度指引提升；微软扩大 MI300X 应用，AMD 计划 GPU 芯 片稳定迭代；CPU 落地良好，Q3Zen5 推出将带来新增量。 投资要点： [Table_Summary] 盈利预测与投资建议：短期看，云厂商高 capex 支撑需求；长期看， 芯片产品路线逐年升级。我们小幅调整公司 FY2024E-FY2026E 的 营业收入为 259.2/329.2/391.8 亿美元（前值为 270.5/337.0/404.0 亿 美元）；对应小幅调整 NON-GAAP 净利润为 62.7/96.4/115.7 亿美元 （前值为 56.8/86.57/145.9 亿美元）。基于 FY2025 P/E 30x，给予 FY20 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 39.79 RMB [5] Core Viewpoints - The company demonstrates steady performance growth, with its innovation pipeline expected to gradually materialize, indicating long-term growth potential [4] - The company's profitability has improved, with a gross margin of 32.70% (+0.97pct) and a net margin of 8.05% (+0.99pct) in H1 2024 [9] - The innovation pipeline is progressing well, with 129 R&D projects, including 86 innovative drugs and biosimilars, expected to yield results in the near future [9] Financial Performance - H1 2024 revenue reached 20.965 billion RMB (+2.84%), with net profit attributable to shareholders of 1.696 billion RMB (+18.29%) [9] - Q2 2024 revenue was 10.554 billion RMB (+2.76%), with net profit attributable to shareholders of 834 million RMB (+22.85%) [9] - The pharmaceutical industrial segment contributed 6.698 billion RMB (+10.63%) in revenue, while the medical aesthetics segment generated 1.348 billion RMB (+10.14%) [9] Innovation Pipeline - Key products such as liraglutide injection for diabetes and weight loss, BCMA CAR-T, and ELAHERE are expected to be approved or achieve milestones in 2024 [9] - The oral small molecule GLP-1 receptor agonist HDM1002 completed Phase II clinical trials for overweight or obesity in August 2024, with top-line results expected in Q4 2024 [9] Market Data - The company's market capitalization stands at 53.735 billion RMB, with a 52-week stock price range of 26.38-42.98 RMB [6] - The company's P/E ratio is 21.50x for 2022, 18.93x for 2023, and is expected to decrease to 15.83x in 2024 [10] Financial Forecasts - Revenue is projected to grow from 43.826 billion RMB in 2024 to 51.664 billion RMB in 2026, with a CAGR of 7.8% [10] - Net profit attributable to shareholders is expected to increase from 3.394 billion RMB in 2024 to 4.475 billion RMB in 2026 [10] - The company's ROE is forecasted to remain stable at around 14.2%-14.6% from 2024 to 2026 [10]

股 票 研 究 股票研究 /[Table_Date] 2024.08.20 行 业 周 报 证 券 研 究 报 告 7 月数据相对平淡，区域热点关注提升 [Table_Industry] 建材 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|---------------------|---------------------|---------------------------| | | 鲍雁辛(分析师) | 花健祎(分析师) | 巫恺洋(研究助理) | | | 0755-23976830 | 0755-23976858 | 0755-23976666 | | | baoyanxin@gtjas.com | huajianyi@gtjas.com | wukaiyang028675@gtjas.com | | 登记编号 | S0880513070005 | S0880521010001 | S0880123070145 | 本报告导读： 7 月数据整体保持平淡，本周我们发布西藏水泥专题报告解读西南水泥行业供需变 化趋 ...

股 票 研 究 ——创世纪 2024 年半年报点评 | --- | --- | --- | |----------|-------------------------------------|-------------------------| | | [table_Authors] 徐乔威 ( 分析师 ) | 李启文 ( 分析师 ) | | | 021-38676779 | 021-38038435 | | | xuqiaowei023970@gtjas.com | liqiwen027858@gtjas.com | | 登记编号 | S0880521020003 | S0880524060001 | 本报告导读： 业绩符合预期，Q2 业绩改善明显；AI 与新工艺为 3C 注入新活力，设备更新推动新 一轮机床更新；发力高端五轴，拥抱海外及通用市场。 投资要点： 证 券 研 究 报 告 [Table_Summary] 投资建议：考虑到 AI 端侧落地加速及公司海外、五轴业务进展加 速，上调 24-26 年 EPS 为 0.29/0.36/0.42 元（原 0.27/0.33/0.39 元）， 维持目标价 8. ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6][19] Core Views - The company's performance for the first half of 2024 met expectations, with an anticipated further increase in the prices of glyphosate and phosphate rock in the third quarter [3] - The report forecasts adjusted EPS for 2024-2026 to be 1.62, 1.99, and 2.23 yuan respectively, with a target price maintained at 24.34 yuan [3] - The company achieved a revenue of 13.404 billion yuan in the first half of 2024, a year-on-year decrease of 2.09%, while the net profit attributable to shareholders increased by 29.85% to 0.805 billion yuan [3][4] - The second quarter saw a revenue of 6.516 billion yuan, down 8.48% year-on-year but up 10.97% quarter-on-quarter, with a net profit of 0.423 billion yuan, reflecting a significant year-on-year increase of 148.13% [3][4] - The gross margin for the second quarter of 2024 was 20.48%, showing substantial growth due to the recovery in prices of key products like glyphosate, organic silicon, and phosphate fertilizers [3] Financial Summary - The company reported a total revenue of 30.311 billion yuan in 2022, which decreased to 28.105 billion yuan in 2023, with an expected increase to 31.002 billion yuan in 2024 [4] - The net profit attributable to shareholders dropped from 5.852 billion yuan in 2022 to 1.379 billion yuan in 2023, with a projected recovery to 1.798 billion yuan in 2024 [4] - The adjusted net profit margin is expected to improve from 4.9% in 2023 to 6.1% in 2024 [4] - The company’s total assets are projected to grow from 44.561 billion yuan in 2023 to 50.552 billion yuan in 2024 [4][14] Key Projects - The company is progressing on several key projects, including a 2 million tons/year phosphate ore selection and pipeline transportation project, and various organic silicon and lithium iron phosphate projects [3]