Investment Rating - The report maintains a "Buy" rating for the company with a target price of 39.89 CNY, compared to the last closing price of 30.73 CNY [1][3]. Core Insights - The company is transitioning into a new phase of innovative growth driven by a three-pronged strategy, focusing on large-volume infusion, synthetic biology, and generic drugs, alongside innovative pharmaceuticals [1][3]. - The company has established a robust operational platform consisting of Kelong Pharmaceutical, Chuaning Biology, and Kelong Botai, successfully transforming into a comprehensive pharmaceutical company [2][3]. - The company has shown strong financial performance, with a five-year CAGR of 27% in net profit attributable to shareholders, and a 2024 Q1 revenue of 6.219 billion CNY, representing an 11.03% year-on-year growth [2][17]. Summary by Sections Company Overview - Kelong Pharmaceutical was founded in 1996 and went public in 2010. It has implemented a three-pronged strategy to drive innovative growth and has a stable shareholding structure with the chairman holding 25.29% [9][10]. Core Business Products - The company has a diverse product portfolio, with large-volume infusions accounting for 47% of revenue in 2023, generics at 20%, raw materials and intermediates at 22%, and innovative drugs at 7% [13][14]. Revenue Growth and Profitability - The company has experienced steady revenue growth, with a CAGR of 5% from 2019 to 2023. The net profit attributable to shareholders has grown significantly, driven by optimized product offerings and recovering market demand [17][19]. - The gross margin has improved from 52.43% in 2023, with a net profit margin of 12.34% [19].

太平洋证券股份有限公司证券研究报告 | --- | --- | --- | --- | --- | --- | |-------|-------|------------|-------|------------------------------|--------------------------| | | | | | | | | | | | | | | | | | | | 贸易顺差收敛，外需现走弱迹象 | | | | | | | | | | | | | | | ——7月贸易数据点评 | | | | | | | | | | | 报告日期： | | 2 0 2 4年8 月8日 | | | | | | | | | | | | | | 证券分析师：徐超 | 研究助理：万琦 | | | | | | 电话： 18311057693 | 电话： 18702133638 | | | | | | E-MALL ： xuchao@tpyzq.com | E-MALL ： wanq@tpyzq.com | | | | | | | | 执业资格证书编码：S1190521050001 一般证券业务登记编码：S1190122070 ...

2024 年 08 月 11 日 公司点评 买入/维持 萤石网络(688475) 目标价: 昨收盘:28.88 萤石网络：2024Q2 盈利能力短期承压，智能入户业务实现高增 ◼ 走势比较 (40%) (24%) (8%) 8% 24% 40% 23/8/10 23/10/2224/1/324/3/1624/5/2824/8/9 萤石网络 沪深300 ◼ 股票数据 总股本/流通(亿股) 7.88/7.88 总市值/流通(亿元) 227.43/227.43 12 个月内最高/最低价 (元) 58.11/26.9 相关研究报告 <<萤石网络：2024Q1 利润快速增长， 2023A 智能入户业务收入高增>>-- 2024-04-17 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券业务登记编号：S1190124030006 研究助理：金桐羽 电话：021-58502206 E-MAIL：jinty@tpyzq.com 一般证券业务登记编号：S1190124030010 事件： ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [7][8]. Core Views - The company reported a double-digit growth in H1 2024, driven primarily by the MILWAUKEE brand, with a revenue of $7.312 billion, reflecting a 6.29% increase year-on-year, and a net profit of $550 million, up 15.68% [3][5]. - The electric tools segment saw a revenue of $6.9 billion, growing by 7.1%, with MILWAUKEE achieving a double-digit growth of 11.2% due to new product launches and market expansion [3][5]. - The company is expected to benefit from a recovering industry, with forecasts indicating a CAGR of 4.82% for the North American construction market from 2024 to 2029, and 4.5% for the European residential real estate market [3][5]. Summary by Sections Financial Performance - H1 2024 revenue was $7.312 billion, up 6.29%, with a net profit of $550 million, reflecting a 15.68% increase [3][5]. - The gross margin improved to 39.94%, an increase of 0.67 percentage points, while the net margin rose to 7.53%, up 0.61 percentage points [3][5]. - The company expects net profits of $1.122 billion, $1.280 billion, and $1.419 billion for 2024, 2025, and 2026 respectively, with corresponding EPS of $0.61, $0.70, and $0.77 [4][5]. Market Outlook - The report highlights a positive outlook for the electric tools and cleaning appliances industry, driven by the anticipated growth in the construction and real estate sectors [3][5]. - The company is positioned as a leader in the electric tools market and is expected to enhance its market share through new product launches and improved operational efficiency [3][5].

太平洋证券股份有限公司证券研究报告 | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|------------------------------|--------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | CPI | | | | | 环比由降转涨，但上涨动能偏弱 | | | | | | | | | | | | | | | | —— 7 | 月通胀数据点评 | | | | | | | | | | | | | | | 报告日期： 2 0 2 4年8月9日 | | | | | | | | | | | | | | | | 证券分析师：徐超 | 研究助理：万琦 | | | | | | | 电话： 18311057693 | 电话： 18702133638 | | | | | | | E-MALL ： xuchao@tpyzq.com | E-MALL ： wanq@tpyzq.com | | | | | ...