证券研究报告·行业研究报告 2024 年 8 月 6 日 江海证券研究发展部 机械设备行业 机械设备行业跟踪报告 执业证书编号： S1410524050002 % 1 个月 3 个月 12 个月 相对收益 -0.03 -6.23 -7.64 绝对收益 -2.55 -12.33 -22.39 数据来源：同花顺 iFind，截至 2024.8.2 相关研究报告 1.机械设备行业跟踪报告 （2024.07.01~2024.07.14）–2024.07.16 2.机械设备行业跟踪报告 （2024.06.17~2024.06.30）–2024.07.02 3.机械设备行业跟踪报告 （2024.06.03~2024.06.16）–2024.06.21 4.机械设备行业跟踪报告 （2024.05.20~2024.06.02）–2024.06.04 5.机械设备行业跟踪报告 （2024.05.06~2024.05.19）–2024.05.27 （2024.07.15~2024.08.04） 分析师：任沐昕 投资要点： ◆期间行情回顾。2024.07.15~2024.08.04 期间，申万机械行业持续上个报告期 （2024.0 ...

证券研究报告·行业点评报告 2024 年 8 月 5 日 江海证券研究发展部 电子行业事件点评报告 S1410523110001 S1410123110011 行业评级：增持（维持） 相对收益 2.79 6.44 1.36 绝对收益 0.27 0.34 -13.39 数据来源：iFinD，截至 2024 年 8 月 2 日 相关研究报告 1. 5 月国内市场手机出货量同比增长，关 注相关产业链公司 – 2024.07.12 2. 2024 年 Comptex 展上各厂商推出新款 处理器，建议关注 AI PC 投资机会 – 2024.06.14 3. 苹果举办 2024 年度 WWDC 全球开发 者大会，"苹果智能"为最大看点 – 2024.06.12 手机二季度出货量保持增长，行业景气 分析师：周彪 度持续复苏中 执业证书编号： 事件： 联系人：刘瑜 执业证书编号： ◆2024 年二季度全球智能手机出货量同比增长 12%。2024 年 7 月 31 日，根据 Canalys，2024 年二季度全球智能手机出货量同比增长 12%至 2.889 亿台。在产 品创新和营商环境优化的双重驱动下，全球智能手机市场已实现 ...

Investment Rating - The industry investment rating is "Overweight" (first time) [2] Core Viewpoints - The launch of the "Qianfan Constellation" marks the beginning of rapid development in the commercial aerospace sector, with plans to deploy 15,000 satellites by 2030 to provide mobile direct connection and multi-service integration [2] - The implementation of three major satellite constellation plans will create significant opportunities for companies in the satellite manufacturing supply chain [2] - Continuous policy support is accelerating the pace of commercial aerospace development, with the government promoting open innovation in this sector [2] - Investment recommendations include focusing on companies involved in satellite assembly (China Satellite), satellite payloads and components (Shanghai Hanhua, Guoguang Electric, Chengchang Technology, Aerospace Electric, Hangyu Micro), and ground equipment and terminals (Haige Communication) [2] Summary by Sections Industry Performance - The "Qianfan Constellation" plan aims to deploy 648 satellites by 2025 for regional coverage, expand to global coverage by 2027, and reach 15,000 satellites by 2030 [2] - The relative returns over the past month, three months, and twelve months are 15.34%, 12.53%, and 9.66% respectively, while absolute returns are 12.65%, 5.05%, and -5.09% [2]

证券研究报告·行业点评报告 2024 年 8 月 5 日 江海证券研究发展部 传媒行业事件点评报告 分析师：周彪 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 -2.16 -12.01 -17.37 绝对收益 -4.68 -19.52 -32.12 数据来源：iFinD，截至 2024 年 8 月 2 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-传媒行业：6 月游戏版号发放，提示游戏投资机会 -20240702 2. 江海证券-行业点评报告-传媒行业： 《抓娃娃》上映有望成爆款，关注电影暑 期档投资机会-20240717 3. 江海证券-行业点评报告-传媒行业：7 月国产游戏版号发放，继续提示投资机会 -20240730 《关于促进服务消费高质量发展的意 执业证书编号： 见》发布，提示相关投资机会 事件： 行业评级：增持（维持） 近十二个月行业表现 ◆2024 年 8 月 3 日，国务院发布《关于促进服务消费高质量发展的意见》，提出 要释放服务消费潜力，更好满足人民群众个性化、多样 ...

证券研究报告·行业点评报告 2024 年 8 月 2 日 江海证券研究发展部 医药行业点评报告 创新药支持政策的陆续出台，行业拐点 渐显端倪 事件： 行业评级：增持（维持） 近十二个月行业表现 ◆2024 年 7 月 30 日上海市人民政府办公厅发布了关于支持生物医药产业全链条 创新发展的若干意见。 ◆2024 年 8 月 2 日国家药监局关于同意在北京上海开展优化创新药临床试验审评 审批试点的批复。 投资要点： ◆上海市人民政府办公厅关于支持生物医药产业全链条创新发展的若干意见升级 优化更加落地具有可操作性，资金支持较为到位。上海市支持生物医药产业创 新发展涵盖了 8 个方面，聚焦前沿领域，利用 AI 赋能研发，加大人才与资金 扶持，加速成果转化，优化审评审批，推广创新产品应用，构建全方位创新生 态体系，推动产业高质量发展。其中 3 次重点提及支持 CXO 领域（1）推动合 同研发机构（CRO）为高校科研院所提供新药临床前研究服务，按照规定给予 每个项目年度贴息金额最高 1000 万元支持。（2）支持符合条件的合同研发机 构(CRO)对接国际标准开展临床试验服务能力提升项目,按照规定对每个项目择 优给予最高 ...

分析师：吴春红 执业证书编号：S1410523110001 2024 年中报点评：费用投放增加导致 净利率下降，伊菲丹延续高增长 联系人：黄燕芝 执业证书编号：S1410123120005 | --- | --- | |------------|----------| | | | | 当前价格 : | 12.54 元 | | 目标价格 : | 15.40 元 | | 目标期限 : | 6 个月 | | --- | --- | |-------------------------|---------------------------| | 市场数据 | | | 总股本(百万股 ) | 388.68 | | A 股股本(百万股 ) | 388.68 | | B/H 股股本(百万股 ) | 0 | | A 股流通比例 (%) | 91.95% | | 12 个月最高/最低(元 | ) 22.55/11.68 | | 第一大股东 | 湖南御家投资管 理有限公司 | | 第一大股东持股比 例 (%) | 24.67% | | 上证综指 /沪深 300 | 2938.75/3442.08 | | 注： | 2024 年 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company is a leading player in the recombinant collagen market, with significant growth potential as the market is expected to expand from 39.7 billion yuan in 2022 to 173.8 billion yuan by 2027, reflecting a CAGR of 33% [2]. - The company has established a comprehensive industrial chain, from the production of key functional protein raw materials to the development and application of medical devices and functional skincare products [2][10]. - The primary revenue source is recombinant collagen medical device products, which accounted for 87.14% of total revenue in 2023, while functional skincare products contributed 9.73% [2][10]. - The company has successfully completed key foundational research on various types of recombinant human collagen and is actively exploring applications in multiple medical fields [2][14]. Summary by Sections Company Overview - The company was founded in 2008 and has focused on functional proteins for many years, launching its first recombinant type III collagen product in 2014 [8]. - It has built a full industrial chain and received the first Class III medical device approval in China for its recombinant type III human collagen lyophilized fiber product in 2021 [8][10]. Industry Overview - The collagen market in China is projected to grow significantly, with the recombinant collagen segment expected to reach 108.3 billion yuan by 2027, capturing 62.3% of the overall collagen market [2]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are 1.35 billion yuan, 2.11 billion yuan, and 2.93 billion yuan, respectively, with corresponding net profits of 564 million yuan, 870 million yuan, and 1.19 billion yuan [2][3]. - The current market valuation corresponds to a PE ratio of 25, 16, and 12 for the years 2024-2026, respectively, compared to an average of 26.3 for comparable companies [2][3]. Management Team - The company is led by founder Yang Xia, who holds 58.89% of the shares, and the management team has extensive medical backgrounds and long tenures, which enhances operational stability [24][26].

证券研究报告·行业点评报告 2024 年 8 月 2 日 江海证券研究发展部 医药行业点评报告 医保收支增速促进医药行业政策积累 分析师：吴春红 效应正在呈现 事件： 执业证书编号： S1410524050001 行业评级：增持（维持） % 1 个月 3 个月 12 个月 相对收益 0.54 -7.84 -7.18 绝对收益 -0.49 -12.34 -21.44 数据来源：同花顺 iFinD，截至 2024 年 7 近十二个月行业表现 ◆国家医保局 7 月 25 日发布《2023 年全国医疗保障事业发展统计公报》。公报显 示，2023 年，中国特色医疗保障制度持续完善，管理服务提质增效，医保制度 运行总体平稳，群众待遇巩固完善，基金运行安全可持续。 投资要点： ◆医保整体运行节奏稳定，收支稳定增长，医药行业的长期需求增长确定性突出， 促进医药行业政策积累效应正在呈现。截至 2023 年底，全国基本医疗保险（以 下简称基本医保）参保 133389 万人。2023 年，全国基本医疗保险（含生育保险） 基金总收入33501.36亿元，全国基本医疗保险（含生育保险）基金总支出28208.38 亿元，2023 年统筹 ...

证券研究报告·行业点评报告 2024 年 8 月 2 日 江海证券研究发展部 医药行业点评报告 审评审批流程的优化加速创新药供给 分析师：吴春红 端改革和上市速度 事件： ◆2024 年 7 月 31 日为落实党中央、国务院关于加快发展新质生产力的工作部署， 持续深化药品审评审批制度改革，提升药品审评审批效能，支持创新药研发， 国家药监局制定了《优化创新药临床试验审评审批试点工作方案》。 投资要点： ◆审评审批流程的优化，加速创新药供给端改革和上市速度。优化创新药临床试 验审评审批流程，强化申请人责任，提升风险识别和管理能力，实现 30 个工作 日内完成审评审批，缩短临床试验启动时间，缩短创新药从研发到上市的时间。 持续深化药品审评审批制度改革，提升药品审评审批效能，支持创新药研发， 国家药监局决定开展优化创新药临床试验审评审批改革试点，特制定本工作方 案。通知实施步骤从试点申请（区域、机构、项目）到审评审批最后启动实施 药物临床试验。（1）试点项目范围为 1 类创新药（细胞和基因治疗产品、疫苗 产品等除外）临床试验申请。（2）药审中心在受理临床试验申请后 30 个工作 日内完成审评审批。获批后 12 周内启 ...

Investment Rating - The industry rating is Neutral (maintained) [2] Core Viewpoints - The global forklift industry has entered a mature phase, with a steady growth trend observed. The market sales volume increased from 988,800 units in 2013 to 2,006,300 units in 2022, achieving a compound annual growth rate (CAGR) of 8.18% [1][25]. - China dominates the global forklift market, accounting for 34.31% of the global market share and 73.90% of the Asian market share in 2022. The domestic forklift industry reached a scale of 662,100 units in the first half of 2024, representing a year-on-year growth of 13.09% [1][32][37]. - The competition in the domestic forklift market remains relatively stable and concentrated, with three companies—Anhui Heli, Hangcha Group, and Zhongli—holding approximately 63% of the market share. The market dynamics differ between internal combustion and electric forklifts [1][45]. Summary by Sections 1. Forklift Overview - Forklifts are a crucial part of industrial vehicles, designed for tasks such as loading, unloading, short-distance transportation, and stacking, contributing to improved logistics efficiency and reduced labor intensity [1][15]. - The forklift's characteristics include strong versatility, high mobility, and a large operational radius, making them essential in various applications, including factories, warehouses, and ports [1][15]. 2. Electricization Driving Development - The global forklift industry is experiencing a significant shift towards electric models, with electric forklift sales growing from 534,700 units in 2013 to 1,415,800 units in 2022, achieving a CAGR of 11.43%. In contrast, internal combustion forklifts only grew at a CAGR of 2.96% during the same period [27]. - The market share of electric forklifts has increased from 54.08% in 2013 to 70.57% in 2022, indicating a clear trend towards electrification in the industry [27]. 3. Industry Chain and Investment Suggestions - The investment suggestion emphasizes focusing on companies with strong competitive capabilities and scale advantages in the electric forklift and forklift robotics sectors, as the future trend leans towards electrification and automation [1].