Investment Rating - The investment rating for the company is "Buy (Maintain)" with a current price of 11.28 CNY and a target price of 19.04 CNY over a 6-month period [1]. Core Views - The company achieved record-high revenue and net profit in Q2 2024, with revenue of 7.90 billion CNY, up 19.82% year-on-year and 19.47% quarter-on-quarter, and net profit of 1.67 billion CNY, up 33.41% year-on-year and 58.2% quarter-on-quarter [3]. - The company is progressing well with its projects, including the intelligent factory for calcium carbide and humanoid robots, which are expected to drive future growth [3]. - The company has launched an employee stock ownership plan to enhance management quality and incentivize employees for long-term sustainable development [3]. - Future revenue projections for 2024-2026 are 31.55 billion CNY, 39.54 billion CNY, and 48.99 billion CNY, with net profits of 6.93 billion CNY, 9.09 billion CNY, and 10.70 billion CNY respectively, indicating a strong growth trajectory [4][5]. Financial Summary - The company reported a revenue of 14.52 billion CNY for the first half of 2024, a year-on-year increase of 4.51%, while the net profit attributable to shareholders was 2.73 billion CNY, down 18.71% year-on-year [2]. - The revenue breakdown shows that intelligent manufacturing equipment revenue was 9.04 billion CNY (down 9.38% year-on-year), industrial services revenue was 3.59 billion CNY (up 9.97% year-on-year), and environmental technology and equipment revenue was 1.89 billion CNY (up 188.06% year-on-year) [2]. - The company’s financial forecasts indicate a revenue growth rate of 19.11% for 2023, 23.00% for 2024, 25.30% for 2025, and 23.92% for 2026 [4][5].

Investment Rating - Industry rating: Overweight (maintained) [1] Core Insights - The launch of Open AI's new large model o1 on September 12, 2024, marks a significant advancement in AI capabilities, particularly in complex reasoning tasks, outperforming human PhD levels in various subjects [1] - The o1 model demonstrates superior performance in reasoning-intensive tasks compared to its predecessor GPT-4o, achieving an accuracy of 83.3% in the 2024 AIME math competition, compared to 13.4% for GPT-4o [1] - The o1 model series includes o1-preview, which excels in reasoning, and o1-mini, designed for developers, offering a cost-effective solution at 80% less than o1-preview [1] - The integration of reasoning chains into the model enhances safety and robustness, providing a clearer understanding of model reasoning and improving performance in critical evaluations [1] - The AI industry is expected to continue its growth, with the computing power supply chain being a key beneficiary, highlighting companies such as Zhongji Xuchuang, Xinyi Sheng, and Shenghong Technology as focal points for investment [1] Summary by Sections - **Event Overview**: Open AI's o1 model represents a major leap in AI capabilities, particularly in complex reasoning tasks [1] - **Model Performance**: o1 outperforms GPT-4o in various tests, showcasing significant improvements in accuracy [1] - **Model Variants**: The introduction of o1-preview and o1-mini caters to different user needs, with o1-mini being a more affordable option [1] - **Safety Enhancements**: Reasoning chains contribute to the model's safety and robustness, aligning with human values and principles [1] - **Investment Recommendations**: Continued growth in the AI industry suggests a focus on the computing power supply chain, with specific companies highlighted for potential investment [1]

证券研究报告·行业点评报告 2024 年 9 月 13 日 江海证券研究发展部 执业证书编号： S1410524050001 行业评级：增持（维持） 相对收益 -2.70 -3.48 -7.91 绝对收益 -7.95 -13.88 -23.90 近十二个月行业表现 % 1 个月 3 个月 12 个月 数据来源：同花顺 iFinD，截至 2024 年 9 注：相对收益与沪深 300 相比 1、创新是医药行业永恒主题和核心驱动力 -20240912 ◆近期，国务院新闻办公室举行了"推动高质量发展"系列主题新闻发布会，国 家药品监督管理局局长李利及多位副局长详细阐述了药品监管领域的最新改 革进展和未来规划，本次发布会揭示了药品监管领域的深刻变革。 投资要点： ◆政策环境：1、严格监管促进产业合规发展：国家药品监督管理局坚持"四个最 严"要求，强化药品全生命周期的动态监管，确保药品安全形势总体稳定。这 一政策背景有助于提升医药行业的整体合规水平，减少监管风险，为优质医药 企业提供更稳定的发展环境；2、支持创新药品和医疗器械研发上市：国家药 品监督管理局通过深化审评审批制度改革，加速创新药品和医疗器械的上市进 程。这一 ...

S1410523110001 联系人：吴雁宇 执业证书编号： S1410124010015 % 1 个月 3 个月 12 个月 相对收益 3.50 4.26 2.65 绝对收益 -0.70 -5.81 -12.78 数据来源：iFinD，截至 2024 年 9 月 11 日 注：相对收益与沪深 300 相比 相关研究报告 1. 江海证券-行业点评报告-通信行业：卫 星互联网事件催化不断，重视板块投资机 会-20240604 2. 江海证券-行业点评报告-通信行业：千 帆星座发射成功，政策暖风频频吹来 -20240807 通信行业事件点评报告 证券研究报告·行业点评报告 2024 年 9 月 12 日 江海证券研究发展部 分析师：周彪 执业证书编号： 朱雀三号发射成功，技术取得重大突破 事件： 行业评级：增持（维持） ◆2024 年 9 月 11 日，由蓝箭航天空间科技股份有限公司自主研发的朱雀三号 VTVL-1 可重复使用垂直起降回收试验箭，在我国酒泉卫星发射中心·蓝箭航 天液氧甲烷火箭发射工位，圆满完成十公里级垂直起降返回飞行试验。 投资要点： ◆朱雀三号 VTVL-1 试验箭为单级液氧甲烷火箭，本次试验空 ...

证券研究报告·行业点评报告 2024 年 9 月 12 日 江海证券研究发展部 医药行业点评报告 创新是医药行业永恒主题和核心驱动 力 事件： 行业评级：增持（维持） ◆2024 年 9 月 13 日至 17 日(欧洲当地时间)ESMO 大会在西班牙巴塞罗那以 线上结合线下的形式举行。 ◆2024 年 9 月 10 日，国家药监局药品审评中心（CDE）官网公示，百济神州申 报的 1 类新药 BGB-58067 片临床试验申请获得受理。根据百济神州公开资料， BGB-58067 是一款 PRMT5 抑制剂，为百济神州实体瘤在研产品，预计于 2024 年进入临床研究阶段。根据 CDE 官网查询，这是该产品首次在中国申报临床。 投资要点： ◆ESMO 大会与中国创新药企亮相：ESMO（欧洲肿瘤内科学会）年会作为全球 最具影响力的肿瘤学盛会之一，每年都能吸引来自世界各地的顶尖专家、学者 和从业者。它不仅是一个展示最新科研成果、交流临床经验的平台，也是推动 全球肿瘤学发展的重要力量。2024 年 ESMO 年会在西班牙巴塞罗那的举办，特 别是采用线上结合线下的形式，是展示肿瘤领域最新研究成果和创新药物的重 要平台，将进 ...

Investment Rating - The industry rating is maintained at "Overweight" [2] Core Insights - The textile and apparel industry is facing challenges such as slowing demand in major markets, increasing trade barriers, and declining export prices, leading to a low growth rate of 1% in textile and apparel exports for the first eight months of 2024 [2] - Despite these challenges, Chinese export companies are successfully diversifying their international markets, particularly in emerging economies in Southeast Asia, Africa, Latin America, and Central Asia, with a notable 8.9% year-on-year increase in exports to ASEAN countries [2] - The textile and apparel sector saw a double-digit revenue growth in the first half of the year, but net profit was under pressure, with key apparel brands experiencing a revenue decline of 4.52% while textile manufacturing companies showed a revenue growth of 23.12% [2] - The report suggests focusing on export-oriented textile manufacturing companies such as Weixing Co., Huali Group, and Kairun Co. due to their better performance compared to apparel brands [2] Summary by Sections Recent Industry Performance - From January to August 2024, textile and apparel exports totaled $197.77 billion, with textile exports at $93.07 billion (up 3.5%) and apparel exports at $104.71 billion (down 1%) [2] - Vietnam's textile exports reached $24.32 billion in the same period, with a growth rate of 7.94% [2] Investment Highlights - The domestic retail sales for clothing showed a slight increase of 0.1% year-on-year, indicating a weak consumer confidence index and overall consumption market [2] - The report emphasizes the importance of focusing on textile manufacturing companies that are benefiting from international brand replenishment demand and increased order concentration towards leading enterprises [2]

证券研究报告·行业点评报告 2024 年 9 月 12 日 江海证券研究发展部 有色金属行业点评报告 美联储降息预期升温，关注贵金属市场 分析师：周彪 表现 执业证书编号： S1410523110001 事件： ◆9 月 6 日，美国劳工统计局公布了 8 月非农就业报告，其中显示，美国 8 月非 农就业人数增加 14.2 万人，低于预期的 16.5 万人，前值为增加 11.4 万人；美国 8 月失业率为 4.2%，较前值（4.3%）小幅下降。 ◆9 月 11 日，美国劳工统计局公布的报告显示，美国 8 月 CPI 同比上升 2.5%，连 续第 5 个月回落，符合市场预期；8 月核心 CPI 同比上升 3.2%，符合预期，8 月核心 CPI 环比上升 0.3%，略超预期。 投资要点： 行业评级：中性（维持） 相对收益 -0.96 -5.02 -0.80 绝对收益 -5.32 -15.00 -16.23 % 1 个月 3 个月 12 个月 ◆通胀持续回落推动降息预期。为了应对通胀，美联储自 2022 年 3 月至 2023 年 7 月连续 11 次加息，累计加息幅度达 525 个基点。过去一年间，美联储将联邦基 ...

| --- | --- | --- | |---------------------------|------------------------|--------------------| | 证券研究报告·行业点评报告 | 2024 年 9 月 12 日 | 江海证券研究发展部 | | | 通信行业事件点评报告 | | | 分析师：周彪 | | | | 执业证书编号： | | | | S1410523110001 | | | | 联系人：吴雁宇 | | | | 执业证书编号： | 事件： | | 《关于推进移动物联网"万物智联"发 展的通知》印发，提示相关投资机会 S1410124010015 行业评级：增持（维持） ◆2024 年 9 月 11 日，据工信微报消息，工业和信息化部印发《关于推进移动物联 网"万物智联"发展的通知》，旨在提升移动物联网行业供给水平、创新赋能 能力和产业整体价值，加快推动移动物联网从"万物互联"向"万物智联"发 展。 投资要点： ◆文件明确移动物联网发展目标，到 2027 年基于 4G 和 5G 高低搭配、泛在智联、 安全可靠的移动物联网综合生态体系进一步完善。 该文件立足移 ...

证券研究报告·行业点评报告 2024年9月12日 江海证券研究发展部 医药生物行业报告 国家医保局高质量发展新动向与医药 行业机遇 分析师：吴春红 执业证书编号： S1410524050001 行业评级：增持（维持） | --- | --- | --- | --- | |----------|--------------------|--------|---------| | | | | | | | 近十二个月行业表现 | | | | | | | | | | | | | | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -1.07 | -2.72 | -6.53 | | 绝对收益 | -5.44 | -12.79 | -21.96 | 数据来源：同花顺 iFinD，截至 2024 年 9 月 11 日数据 1、生物安全法如悬在 CXO 企业上方的达 摩克利斯之剑，悬而未决扑朔迷离-20240911 2、儿童药品清单出炉，激发兼具品牌影响 力和研发实力的企业崭露头角-20240911 3、医疗领域政策开放带动相关产业链的 完善和发展，快速布局抓住先机-20240910 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [3] Core Insights - Huawei launched the world's first tri-fold smartphone, the Mate XT, which features a 10.2-inch display when unfolded and a thickness of only 3.6 mm. The device incorporates a unique Z-shaped dual-track hinge design, allowing for versatile usage scenarios and enhanced visual experience [2] - In Q2 2024, domestic foldable smartphone sales in China increased by 125% year-on-year, with Huawei leading the market share. The global foldable smartphone shipments also saw an 85% year-on-year growth, primarily driven by the Asia-Pacific region [2] - The report suggests investment opportunities in the foldable smartphone segment, particularly benefiting companies in the supply chain such as Dongmu Co., Tonglian Precision, and Changxin Technology [2] Summary by Sections Industry Performance - The report indicates a relative return of -0.25% over one month, 1.27% over three months, and -1.27% over twelve months compared to the CSI 300 index [1] Recent Events - Huawei's Mate XT tri-fold smartphone was unveiled on September 10, 2024, and is set to officially launch on September 20, 2024, with over 5 million pre-orders by September 11, 2024 [2] Market Trends - The report highlights that the foldable smartphone market is experiencing significant growth, with Q2 2024 domestic sales reaching 262 million units, marking a continuous three-digit growth for four consecutive quarters [2]