[Table_MainInfo]行业研究/农业 证券研究报告 行业周报 2024 年 08 月 05 日 市场表现 [Table_QuoteInfo] 农业 海通综指 -22.60% -17.18% -11.75% -6.32% -0.90% 4.53% 2023/5 2023/8 2023/11 2024/2 资料来源：海通证券研究所 相关研究 [Table_Rep 《竞争加速分化，龙头优势将持续放大 ortInfo] 》 2024.07.31 《从饲料数据看 Q3 的生猪供给缺口》 2024.07.29 《饲料产量下降或预示着猪价将继续上 行》2024.07.28 分析师:李淼 Tel:(010)58067998 Email:lm10779@haitong.com 证书:S0850517120001 分析师:冯鹤 Tel:(021)23185702 Email:fh15342@haitong.com 证书:S0850523040003 分析师:巩健 Tel:(021)23185702 Email:gj15051@haitong.com 证书:S0850522110002 联系人:蔡子慕 Tel:(021) ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company is rooted in Inner Mongolia and focuses on silver and tin resources, with a strong potential for converting resource advantages into production and profit advantages, aiding the restructuring process of its parent group [6][8] - The company has a diverse range of resources, with significant quantities of silver, tin, gold, and other metals, positioning it well in the market [6] - The main subsidiary, Yinman Mining, is expected to see substantial profit growth in 2024 due to successful technical upgrades and expansion projects [6][8] - The company is actively pursuing asset injections and external acquisitions to enhance its resource base and market presence [6][8] - Earnings forecasts indicate significant growth, with projected EPS of 1.02, 1.16, and 1.54 CNY per share for 2024-2026, benefiting from rising silver and tin prices [8][11] Summary by Sections Investment Rating - The company is rated "Outperform the Market" [2] Financial Performance - The company reported a revenue of 3,706 million CNY in 2023, with projections of 5,585 million CNY in 2024, reflecting a year-on-year growth of 50.7% [11] - Net profit is expected to rise from 969 million CNY in 2023 to 1,882 million CNY in 2025, indicating a net profit growth rate of 94.2% [11] - The gross margin is projected to improve from 52.9% in 2023 to 62.0% by 2026 [11] Resource and Production Capacity - The company has significant resources, including 9,679 tons of silver, 190,000 tons of tin, and 21 tons of gold as of the end of 2023 [6] - Yinman Mining, the primary subsidiary, achieved a net profit of 844 million CNY in 2023, accounting for 90% of the company's total net profit [6] Market Outlook - The company is expected to benefit from rising silver and tin prices, with projected prices of 7.5, 7.9, and 8.3 CNY per gram for silver and 24.5, 25.2, and 26.0 thousand CNY per ton for tin from 2024 to 2026 [8] - The company is actively expanding its production capacity, with ongoing projects expected to significantly increase output [6][8]

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company has achieved rapid growth in net profit in H1 2024, with a projected net profit of 110-125 million yuan, representing a year-on-year increase of 51% to 71%. The non-recurring net profit is expected to be 100-110 million yuan, up 61% to 77% year-on-year [3][4] - The company is focusing on high-end spherical products for applications in advanced packaging for AI, 5G, and HPC, as well as new energy vehicles and high-frequency circuit boards [4] - The company plans to invest approximately 130 million yuan in a production line for ultra-fine spherical powder for advanced integrated circuits, with a designed capacity of 3,000 tons per year [4] Financial Summary - The company's revenue is projected to grow from 712 million yuan in 2023 to 1.3 billion yuan in 2026, with a compound annual growth rate (CAGR) of 18.7% [5][9] - The net profit is expected to increase from 174 million yuan in 2023 to 363 million yuan in 2026, with a CAGR of 18.4% [5][9] - The earnings per share (EPS) are forecasted to rise from 0.94 yuan in 2023 to 1.95 yuan in 2026 [5][9] Business Segmentation - The company is expected to generate sales revenue from various segments, including angular silicon powder and spherical silicon powder, with projected revenues of 233.22 million yuan and 368.93 million yuan respectively in 2024 [6] - The gross margin for spherical silicon powder is anticipated to improve from 46.22% in 2023 to 49% in 2026 [6] Valuation - The company is considered a leader in the semiconductor packaging materials segment, benefiting from domestic substitution and increasing demand for high-end applications. The reasonable valuation is estimated at a PE ratio of 35-40 times for 2024, corresponding to a fair value range of 46.20-52.80 yuan [4][7]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Insights - The company reported a revenue of 56.87 billion yuan for the first half of 2024, representing a year-on-year increase of 9.63%, and a net profit attributable to shareholders of 0.83 billion yuan, up 129.84% year-on-year [6] - The company has optimized its breeding costs, with the complete breeding cost dropping to nearly 14 yuan/kg by June 2024, and is expected to further decrease to 13 yuan/kg by the end of 2024 [6] - The company continues to expand its slaughtering operations, achieving a slaughter volume of 5.415 million pigs in the first half of 2024, with slaughter revenue increasing by 15.06% year-on-year [6] - The cash flow from operating activities reached 15.47 billion yuan, with a debt-to-asset ratio of 61.81%, indicating a strong financial position [6] Financial Performance Summary - The company is expected to maintain high growth in the second half of 2024, with projected earnings per share (EPS) of 2.83 yuan for 2024, 3.17 yuan for 2025, and 3.62 yuan for 2026 [7] - The estimated price-to-book (PB) ratio for 2024 is projected to be between 3.7 to 4 times, corresponding to a reasonable value range of 52.8 to 57.1 yuan [7] - The company’s revenue is forecasted to grow from 110.86 billion yuan in 2023 to 133.22 billion yuan in 2024, with a net profit expected to rebound to 15.487 billion yuan in 2024 [10]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that the entry of state-owned capital is expected to empower new development, with continuous strengthening of innovation and research capabilities in traditional Chinese medicine [6][7] - The company has a robust pipeline of innovative products, with 98 products under research as of the end of 2023, including 25 modern traditional Chinese medicine products and 18 class 1 innovative drugs [7] - The financial forecast indicates a significant recovery in net profit, with expected figures of 1.18 billion yuan, 1.30 billion yuan, and 1.39 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 10.2%, 10.1%, and 7.1% [8][11] Summary by Sections Investment Highlights - The company announced a share transfer agreement on August 4, where China Resources Sanjiu acquired 418 million shares, representing 28% of the total share capital, at a price of 14.85 yuan per share, totaling 6.212 billion yuan [6] - The integration into the China Resources system is expected to enhance resource synergy and improve the overall efficiency of the traditional Chinese medicine industry [7] Financial Performance - The company's revenue for 2023 is reported at 8.674 billion yuan, with a slight year-on-year increase of 0.4% [8] - The gross profit margin is projected to remain stable, with figures of 66.8% for 2023 and slightly decreasing to 66.2% in 2024 [11] - The earnings per share (EPS) are expected to rise from 0.72 yuan in 2023 to 0.79 yuan in 2024, indicating a positive trend in profitability [11] Research and Development - The company invested 17.73% of its pharmaceutical industrial revenue into research and development in 2023, showcasing its commitment to innovation [7] - The report emphasizes the company's leading position in the innovative research and development of traditional Chinese medicine, with a diverse pipeline that supports long-term growth [7][8]

[Table_MainInfo]行业研究/公用事业 证券研究报告 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 公用事业 海通综指 -15.30% -10.37% -5.44% -0.51% 4.42% 9.35% 2023/4 2023/7 2023/10 2024/1 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《火电水电本周调整，未来前景如何判断》 2024.07.29 《公用事业 24Q2 重仓持股分析》 2024.07.31 《三中全会：全国统一的电力市场》 2024.07.24 分析师:吴杰 Tel:(021)23183818 Email:wj10521@haitong.com 证书:S0850515120001 分析师:傅逸帆 Tel:(021)23185698 Email:fyf11758@haitong.com 证书:S0850519100001 联系人:阎石 Tel:(021)23185741 Email:ys14098@haitong.com 联系人:胡鸿程 Tel:(021)23185962 ...

[Table_MainInfo]行业研究/环保 证券研究报告 行业周报 2024 年 08 月 07 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 -25.60% -18.96% -12.32% -5.69% 0.95% 7.59% 环保 海通综指 2023/6 2023/9 2023/12 2024/3 相关研究 [Table_ReportInfo] 《3000 亿超长特别国债，加力支持设备 更新》2024.07.26 《扎实推进绿色低碳发展，重点行业低碳 化进行中》2024.07.24 《重点行业低碳化进行中，节能设备行业 有望持续受益》2024.07.21 分析师:戴元灿 Tel:(021)23185629 Email:dyc10422@haitong.com 证书:S0850517070007 联系人:杨寅琛 Tel:(021)23188562 Email:yyc15266@haitong.com 加快构建碳排双控体系，第二批 CCER 方 法学征求意见 [Table_Summary] 投资要点： 板块表现：从各行业横向比较来看，2024 年第 31 周（2024 年 ...

[Table_MainInfo]行业研究/机械工业/其他专用机械 证券研究报告 行业月报 2024 年 08 月 07 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -29.19% -23.27% -17.34% -11.42% -5.50% 0.42% 其他专用机械 海通综指 2023/8 2023/11 2024/2 2024/5 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《出口链月度跟踪：6 月美国 CPI 同比 +3.0%；纺织设备、玩乐类、工具类代表 公司 Q2 业绩预增》2024.07.21 《工业气体月度跟踪：6 月气体价格小幅 振荡；盈德首个东南亚液体空分项目开 工》2024.06.30 《出口链月度跟踪：5 月美国 CPI 同比 +3.3%；中国纺织品、高尔夫球车等消费 类出口持续向好》2024.06.26 分析师:赵玥炜 Tel:(021)23219814 Email:zyw13208@haitong.com 证书:S0850520070002 工业气体月度跟踪：7 月液态气均价环比 下跌； ...

证券研究报告 （优于大市，维持） 海通通信一周谈：云厂披露业绩capex持续 增长，苹果发布最新AI技术报告 余伟民（通信行业分析师） SAC号码：S0850517090006 夏凡（通信行业分析师） SAC号码：S0850524030001 2024年8月7日 网络赋能、AI驱动，天地一体构筑数字经济底座 1、网络赋能——通信是信息传递、万物互联的基础。其中：1）运营商：关注中国移动、中国电信、中国联通等 2）设备商：关注紫光股份、锐捷网络、烽火通信、中兴通讯、迪普科技、星网锐捷、菲菱科思等。3）光器件— —关注中际旭创、天孚通信、华工科技、光迅科技、新易盛、光库科技、源杰科技、长光华芯等；4）电芯片—— 关注翱捷科技-U、盛科通信-U、中瓷电子、紫光国微等。5）PCB——关注沪电股份、深南电路等。6）光纤缆& 海缆——关注：亨通光电、中天科技等；7）物联网：关注广和通、移远通信、拓邦股份、四方光电等。8）卫星 及其他：关注海格通信、上海瀚讯、华测导航、海能达、亿联网络、凌云光、奥普特、杰普特等。 2、AI驱动——AI的大模型训练及应用提升通信能力需求。1）GPU：英伟达带动下，新的AI芯片计算能力不断提 ...

[Table_MainInfo]行业研究/交通运输 证券研究报告 行业周报 2024 年 08 月 07 日 市场表现 [Table_QuoteInfo] -15.34% -11.73% -8.11% -4.49% -0.87% 2.75% 交通运输 海通综指 2023/8 2023/11 2024/2 2024/5 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《周报：'粤滇〃澜湄线'国际货运班列 首发》2024.07.30 《6 月行业供给环比收紧，客座率改善》 2024.07.22 《周报：中国首个智能航运领域国际标准 正式发布》2024.07.26 分析师:虞楠 Tel:(021)23219382 Email:yun@haitong.com 证书:S0850512070003 分析师:罗月江 Tel:(010)58067993 Email:lyj12399@haitong.com 证书:S0850518100001 分析师:陈宇 Tel:(021)23185610 Email:cy13115@haitong.com 证书:S0850520060002 联系人:吕春雨 Ema ...