X·[Table_StockInfo] 2024 年 08 月 26 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：5.41 元 华电国际（600027）公用事业 目标价：——元（6 个月） 电量短期承压，优质资产拟注入 [Table_Summary 事件：公司发布] 2024年半年报，实现营收 531.8亿元，同比下降 10.5%；实现 归母净利润 32.2 亿元，同比增长 24.8%；24Q2 公司实现营收 222.3 亿元，环 比下降 28.2%；实现归母净利润 13.6 亿元，环比下降26.9%。 上网电量/电价同比-5.97%/-3.25%，煤价下滑驱动业绩增长。报告期内完成发 电量 1013 亿千瓦时，同比下降约 5.85%；完成上网电量 947 亿千瓦时，同比 下降约 5.97%；发电机组的平均利用小时为 1741 小时，同比下降 192 小时； 其中燃煤发电机组的利用小时为 1926 小时，同比下降 225 小时；上网电价为 509.9 元/兆瓦时，同比下降约 3.25%；入炉标煤单价为 970.9元/吨，同比降低 11.2%。 优质资产注入，公司盈利有望大幅提升。公司发布 ...

[Table_StockInfo] 2024 年 08 月 24 日 证券研究报告•2024 年半年报点评 当前价：56.47 元 泽璟制药（688266）医药生物 目标价：——元（6 个月） 抗体平台优势凸显，吉卡昔替尼上市在即 [Table_Summary 事件：公司发布] 2024半年度报告，报告期内实现营业收入 2.4亿元（+9.4%）， 归属于上市公司的亏损收窄 0.5 亿元。 两款上市品种商业化稳步推进。多纳非尼和重组人凝血酶商业化稳步推进。截 至 2024年 6月 30日多纳非尼已进入医院 1081家、覆盖医院 1844家、覆盖药 房 934家。重组人凝血酶于 2024年 4月实现发货销售，至 2024年公司已收到 合作方支付的独家市场推广权许可费 3.4亿元。 两款产品处于 NDA阶段，循证医学证据充分。吉卡昔替尼的中、高危骨髓纤维 化 NDA 申请已于 2022 年 10月 16 号获得受理，我们预计将于 2024 年下半年 上市。吉卡昔替尼被纳入了原发性骨髓纤维化（PMF）一线分层治疗的 I级推荐， 尤其是在骨髓纤维化（MF）相关贫血患者的一线治疗中，被列为 I 级推荐的首 选。吉卡昔替尼 ...

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company achieved its first profit with a revenue of 250 million RMB and a net profit of 15.7 million RMB in the first half of 2024, alongside cash reserves of 810 million RMB [2]. - CS5001, a ROR1 ADC, is expected to initiate a phase Ib trial with registration potential in 2024, aiming for global business development partnerships by 2024 or 2025 [2]. - The approval of Shugli monoclonal antibody in the EU and a commercialization partnership with Ewopharma is a significant milestone, with potential upfront payments of up to 51.3 million USD [2]. - The company is transitioning to Pipeline 2.0, with multiple innovative products expected to submit IND applications in 2024 or 2025 [2]. Revenue Forecast - The company is focused on R&D and is projected to have revenues of 480 million RMB, 590 million RMB, and 740 million RMB for the years 2024, 2025, and 2026 respectively [3][9]. - The expected revenue from commercialized products includes 230 million RMB from Pralsetinib and 50 million RMB from Avapritinib in 2024 [8][9]. - The report anticipates a gradual increase in revenue from Shugli monoclonal antibody, with projections of 200 million RMB, 250 million RMB, and 300 million RMB for 2024, 2025, and 2026 respectively [8].

202X`4[Table_ReportInfo] 年 08 月 24 日 证券研究报告•市场周评 北交所周报（8.19-8.23） 太湖远大上市首日涨 36.1%，天工股份上会在即 摘要 西南证券研究发展中心 [Table_Summary] 周观点：本周，北交所整体表现较弱，北证 50指数较周一开盘市值下降 4.1%。 流动性小幅下滑，周成交额约为 154.6亿元，略低于上周水平。本周，共 70 家公司发布半年报公告，截至 8 月 23 日，已有 100 家公司发布半年报公 告。其中，48 家归母净利润实现正向增长，8 家公司归母净利润同比增长 率超 100%，整体表现亮眼。北交所上市 IPO 审理进度较上月有明显提速， 太湖远大于本周上市，发行价 17.0元/股，成电光信于本周申购，科拜尔于本 周过会；天工股份也将于下周上会。我们预计随着半年报披露以及北交所公司 股权激励方案发布增加，北交所投资者信心将进一步提振，板块流动性将逐步 改善。我们仍长期持续看好北交所发展前景，建议把握板块配置窗口，关注 高成长性低估值个股、具备估值优势的细分领域龙头企业及优质、低价新股， 尤其是专精特新企业和科技成长型中小盘股， ...

X·[Table_StockInfo] 2024 年 08 月 26 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：5.41 元 华电国际（600027）公用事业 目标价：——元（6 个月） 电量短期承压，优质资产拟注入 [Table_Summary 事件：公司发布] 2024年半年报，实现营收 531.8亿元，同比下降 10.5%；实现 归母净利润 32.2 亿元，同比增长 24.8%；24Q2 公司实现营收 222.3 亿元，环 比下降 28.2%；实现归母净利润 13.6 亿元，环比下降26.9%。 上网电量/电价同比-5.97%/-3.25%，煤价下滑驱动业绩增长。报告期内完成发 电量 1013 亿千瓦时，同比下降约 5.85%；完成上网电量 947 亿千瓦时，同比 下降约 5.97%；发电机组的平均利用小时为 1741 小时，同比下降 192 小时； 其中燃煤发电机组的利用小时为 1926 小时，同比下降 225 小时；上网电价为 509.9 元/兆瓦时，同比下降约 3.25%；入炉标煤单价为 970.9元/吨，同比降低 11.2%。 优质资产注入，公司盈利有望大幅提升。公司发布 ...

[Table_StockInfo] 2024 年 08 月 26 日 证券研究报告•2024 年半年报点评 当前价：5.56 元 有友食品（603697）食品饮料 目标价：——元（6 个月） Q2 主业增速稳健，期待后续省外扩张 [Table_Summary 事件：公司发布] 2024年半年报，上半年实现营收 5.3亿元，同比增长 10.3%； 实现归母净利润 0.76亿元，同比下降 5.2%；实现扣非归母净利润 0.61亿元， 同比下降 11.4%。其中 24Q2实现营收 2.5亿元，同比增长 3%；实现归母净利 润 0.33亿元，同比下降-0.1%；实现扣非归母净利润 0.26亿元，同比下降 12.7%。 此外，公司拟向全体股东每 10 股派发现金红利1.6 元（含税）。 消费大环境疲软下，Q2 凤爪主业仍稳健增长。分业务看，24Q2 凤爪/猪皮晶/ 鸡翅分别实现收入 1.88/0.22/0.14 亿元，同比分别+6.8%/-7.2%/+10.9%。单二 季度在整体消费需求疲软的不利大环境下，公司通过积极拓展新渠道等手段， 凤爪主业实现中高单位数增长已属难能可贵。分渠道看，24Q2 公司线上/线下 渠道收 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Insights - The company achieved a revenue of 25.5 billion RMB in Q2 2024, representing a year-on-year growth of 6%. However, the Non-GAAP net profit decreased by 13% to 7.8 billion RMB, primarily due to reduced foreign exchange gains [2]. - The online gaming segment showed robust performance with revenues of 19.3 billion RMB, a 12% increase year-on-year, driven by successful new game launches and a strong pipeline of upcoming titles [2][3]. - Cloud music revenue grew by 4.7% to 2 billion RMB, with an improved gross margin of 32.1%, attributed to accelerated membership growth and better cost control [2]. - The AI-driven education platform, Youdao, reported a revenue of 1.3 billion RMB, up 9.5%, with significant growth in AI subscription services [2]. - The innovative segment remained stable with revenues of 2.1 billion RMB, maintaining its position in the market [2]. Summary by Sections Revenue and Profitability - Q2 2024 revenue was 25.5 billion RMB, up 6% year-on-year. Non-GAAP net profit was 7.8 billion RMB, down 13% [2]. - The gaming segment's revenue was 19.3 billion RMB, a 12% increase, with mobile games contributing 14.7 billion RMB, up 16% [2]. Future Projections - The company expects Non-GAAP net profits of 35.5 billion RMB, 38.3 billion RMB, and 41.3 billion RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 10.26 RMB, 11.09 RMB, and 11.95 RMB [3][11]. Business Segments - Cloud music revenue is projected to grow, with a focus on enhancing user experience and subscription services [8]. - Youdao's revenue is expected to continue its upward trend, driven by AI integration and educational services [8]. - The innovative segment is anticipated to maintain stable growth, focusing on product quality and market demand [8].

Investment Rating - Buy (Maintained) [1] Core Views - The company achieved significant revenue and profit growth in the first half of 2024, with revenue reaching 5.381 billion yuan, a year-on-year increase of 23.74%, and net profit attributable to the parent company reaching 811 million yuan, a year-on-year increase of 148.04% [2] - The gross profit margin improved to 24.62%, an increase of 5.64 percentage points year-on-year, and the net profit margin reached 15.08%, an increase of 7.56 percentage points year-on-year [2] - The company's tire sales increased by 19.3% year-on-year, with semi-steel tire sales growing by 24.1% and all-steel tire sales growing by 10.8% [2] - The company's production capacity utilization rates are high, with semi-steel tire utilization rates at 97.6% in Thailand and 96.5% in Shandong [3] - The company is expected to achieve a CAGR of 16.3% in net profit attributable to the parent company from 2024 to 2026 [7] Financial Performance - Revenue for 2024E is projected to be 10.878 billion yuan, with a growth rate of 9.35% [8] - Net profit attributable to the parent company for 2024E is expected to be 1.314 billion yuan, with a growth rate of 27.18% [8] - EPS for 2024E is forecasted to be 2.06 yuan, with a P/E ratio of 3.54 [8] - The company's ROE is expected to be 21.58% in 2024E, up from 19.02% in 2023A [8] Production and Capacity - The company's production capacity in Thailand and Shandong is steadily increasing, with all-steel tire capacity at 2 million and 7.4 million units, and semi-steel tire capacity at 10 million and 11.53 million units, respectively [3] - The company completed the optimization and upgrade of the semi-steel radial tire production line in Shandong in Q2 2024, and the third-phase project in Thailand is expected to reach full production by Q4 2024 [3] Market and Industry Trends - Domestic rubber tire production increased by 10.1% year-on-year in the first seven months of 2024, while exports grew by 9.7% [2] - The company is focusing on green and high-performance products, launching 300 new products in the first half of 2024, including 14 all-steel radial tires and 286 semi-steel radial tires [7] Profitability and Cost Management - The company's profitability was less affected by cost pressures in the first half of 2024, with raw material prices increasing by 6.5% in Q2 compared to Q1 [2] - The company implemented price increases in Q1 and Q2 to pass on cost pressures, maintaining strong profitability [2]

Investment Rating - The report suggests a positive outlook for the company, indicating a recommendation to actively monitor the stock due to its strong growth potential and market position [1][6]. Core Views - The company has reported significant growth in revenue and net profit for the first half of 2024, driven by increased demand for OLED materials and a rise in market penetration [1][5]. - The company is expected to benefit from the growing OLED market, particularly as domestic manufacturers increase their production capabilities and market share [1][4]. - The company has initiated a share buyback program to incentivize employee ownership and align interests, indicating confidence in its long-term growth [1][5]. Summary by Relevant Sections Financial Performance - In the first half of 2024, the company achieved revenue of 246 million yuan, a year-on-year increase of 73.7%, and a net profit of 92 million yuan, up 111.4% [1][5]. - For Q2 2024, revenue reached 130 million yuan, reflecting an 85.3% increase year-on-year, with net profit growing by 142.2% to 50 million yuan [1][5]. Market Position - The company is positioned as a leading supplier in the OLED materials market, benefiting from the increasing demand for OLED displays in consumer electronics [1][4]. - According to CINNO Research, the company's market is bolstered by the fact that China's OLED smartphone shipments surpassed those of South Korea in early 2024, capturing a market share of 53.4% [1][4]. Future Outlook - The company forecasts revenue growth for 2024-2026, with expected revenues of 500 million yuan (+65.21%), 610 million yuan (+23.52%), and 760 million yuan (+23.47%) respectively [2][5]. - Net profit projections for the same period are 190 million yuan (+153.03%), 236 million yuan (+21.13%), and 290 million yuan (+22.23%) [2][5]. R&D and Product Development - The company invested 29.99 million yuan in R&D in the first half of 2024, a 21.15% increase year-on-year, focusing on the development of new OLED materials [1][4]. - The company has successfully launched new products and is actively expanding its customer base, aiming for comprehensive coverage of domestic OLED panel manufacturers [1][4].

[Table_ReportInfo] 2024 年 08 月 23 日 证券研究报告•宏观定期报告 宏观周报（8.19-8.23） 能源领域系列政策落地，欧美经济波动增大 | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...