[ T able_StockInfo] 2024 年 08 月 20 日 证券研究报告•2024 年中报点评 当前价：27.60 元 美好医疗（301363）医药生物 目标价：——元（6 个月） Q2 营收同环比改善，看好呼吸机业务恢复 [Table_Summary 事件：公司发布] 2024年中报，24H1 年实现收入 7.1亿元（-6.3%），实现归母 净利润 1.7亿元（-29.8%）。24Q2实现收入 4.2亿元（+9.8%），实现归母净利 润 1.1亿元（-16.1%）。公司营收增速在 Q2转正，利润降幅显著收窄，呼吸机 库存影响有望持续改善。 基石业务略有分化，新兴业务快速增长。按业务来看，24H1两大基石业务：家 用呼吸机组件收入 4.5亿元（-11.9%），考虑到呼吸机业务库存消化已进入尾声， 上游客户预计在 H2恢复正常订单和放量节奏；人工耳蜗客户订单稳定放量，业 务收入0.6亿元（+12.1%）。新兴业务如家用及消费电子组件实现快速增长，24H1 收入 0.8亿元（+36.6%）。注射笔已突破关键技术，并成功实现量产，与新客户 订单正稳步推进中，有望为业绩带来第二增长曲线。公司在多元化赛道 ...

[Table_IndustryInfo] 2024 年 08 月 15 日 强于大市(维持) 证券研究报告•行业研究•社会服务 旅游景区行业专题报告 旅游景区市场未来发展的预期差 [Table_Summary 推荐逻辑：1）中短期视角看 ] ：预计 2024 年旅游市场也仅恢复至 2019 年的 75%-80%，目前旅游消费意愿在居民消费端排名第一，旅游行业未来将仍处高 速复苏阶段；预计夏末或秋季，南方地区降雨及极端天气将减少，有助于客流 复苏；2）长期视角看：未来政策催化及入境游的增量有望增加旅游行业接近 1 万亿的经济价值；3）估值已相对低位：目前大部分景区上市公司的 PE 估值水 平已处于疫情前 15-25 倍的最低水平左右，景气度高，有估值修复空间。 受暴雨等极端天气影响，旅游市场复苏受阻，预计夏末或秋季开始将有明显复 苏。今年上半年国内出游人次 27.25亿，同比增长 14.3%；国内游客出游总花 费 2.73万亿元，同比增长 19.0%，人均旅游消费提升 3.8%。旅游市场保持高 速增长，但略不及年初预期，原因在于今年处于厄尔尼诺次年，因此暴雨等极 端天气较为频繁，进而影响旅游市场复苏。预计夏季后 ...

[ T able_StockInfo] 2024 年 08 月 20 日 证券研究报告•2024 年半年报点评 当前价：51.05 元 康华生物（300841）医药生物 目标价：——元（6 个月） 发布员工持股计划，彰显发展信心 [Table_Summary 事件：公司发布] 2024年半年报，实现营业收入 7.4亿元，同比 16.8%；实现归 属于母公司股东净利润 3.1 亿元，同比+23.5%；实现扣非后归母净利润 3.1 亿 元，同比+32.3%。 业绩环比增长，趋势改善。分季度来看，公司 2024Q1/Q2单季度营业收入分别 为 3.1/4.3 亿元（+12%/+20.6%），实现归母净利润分别为 1.5/1.6 亿元 （+42.1%/+9.8%），公司人二倍体狂犬疫苗稳健增长。从盈利能力来看，公司 2024H1 毛利率为 94.5%（+1.02pp），净利率为 41.4%（+2.25pp），主要系研 发、销售费用率增加所致。销售费用率为 27.9%（+0.34pp），管理费用率为 7.3% （+0.92pp），研发费用率为 8.7%（-7.97pp），主要系公司研发项目阶段性投入 减少所致。 人二倍 ...

Investment Rating - The report maintains a "Buy" rating for Midea Group (000333) [1][3]. Core Views - Midea Group demonstrated robust growth with a revenue of 218.12 billion yuan in H1 2024, marking a year-on-year increase of 10.3%. The net profit attributable to shareholders reached 20.8 billion yuan, up 14.1% year-on-year [2]. - The growth was primarily driven by external sales and the strong performance of the smart home segment, which remains a cornerstone of the company's revenue [2]. - The gross margin improved by 1.9 percentage points to 27.1%, reflecting a positive impact from product structure upgrades despite rising raw material costs [2]. Summary by Sections Financial Performance - In H1 2024, Midea Group's revenue was 218.12 billion yuan, with a net profit of 20.8 billion yuan, and a non-GAAP net profit of 20.18 billion yuan [2]. - For Q2 2024, revenue was 111.64 billion yuan, with a net profit of 11.8 billion yuan, indicating a year-on-year growth of 10.4% and 15.8% respectively [2]. Sales Breakdown - Domestic and international sales for H1 2024 were 126.2 billion yuan and 91.08 billion yuan, growing by 8.4% and 13.1% year-on-year [2]. - The smart home segment generated 101.46 billion yuan, with a growth rate of 11% [2]. Profitability Metrics - The gross margin for H1 2024 was 27.1%, with specific segments showing varied margins: HVAC at 26.4%, consumer electronics at 33.4%, and robotics at 24% [2]. - The net profit margin increased to 9.1%, reflecting a stable profitability trend [2]. Earnings Forecast - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 5.4 yuan, 5.94 yuan, and 6.55 yuan respectively, with corresponding price-to-earnings (PE) ratios of 12, 10, and 10 [3][4].

[Table_Summary] 业绩总结：腾讯 2024 年第二季度实现营收 1611 亿元，同比增长 8%；实现 Non-IFRS 净利润 573 亿元，同比增长 53%。 金融科技增速放缓，企业服务持续拓展。Q2金融科技和企业服务收入 504亿元， 同比增长 4%。其中金融科技服务收入增速有所放缓；企业服务业务收入实现双 位数同比增长，云服务收入及视频号商家技术服务费增长，企业微信商业化提 升有所贡献。 投资要点 西南证券研究发展中心 [Table_Report] 1. 腾讯控股（0700.HK）：业务高质量发 展，利润增长强劲 (2024-05-21) 2. 腾讯控股（0700.HK）：元梦之星上线， 合家欢游戏热潮再起 (2023-12-22) 3. 腾讯控股（0700.HK）：混元大模型发 布，AI 商业化提速 (2023-09-11) 4. 腾讯控股（0700.HK）：业务高质量发 展，微信生态繁荣 (2023-08-22) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------ ...

Investment Rating - The report maintains a "Buy" rating for Kingdee International (0268.HK) [1] Core Views - The company reported a revenue of 2.87 billion RMB for the first half of 2024, representing a year-on-year growth of 11.9%, while the net loss narrowed to 220 million RMB, a decrease of 23.2% compared to the previous year [2] - The cloud transformation is progressing steadily, with cloud revenue reaching 2.39 billion RMB, up 17.2% year-on-year, accounting for 83.2% of total revenue [2] - The company is expected to maintain a compound annual growth rate (CAGR) of 16.6% in revenue from 2024 to 2026, driven by its strong position in the ERP market and continuous cloud transformation [3] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 2.87 billion RMB, with a year-on-year growth of 11.9% and a net loss of 220 million RMB, which is a significant improvement from a loss of 280 million RMB in H1 2023 [2] - The annual recurring revenue (ARR) reached 3.15 billion RMB, growing by 24.2% year-on-year, with subscription contract liabilities increasing by 28.2% to 3.18 billion RMB [2] Market Position - Kingdee maintains a strong leadership position in the medium-sized enterprise market, with a revenue of 1.05 billion RMB from its "Starry Sky" product line, reflecting a year-on-year growth of 14.3% [2] - The company has signed contracts with 611 national and provincial specialized enterprises, further enhancing its market share [2] Product Development - The "Cang Qiong Xing Han" product line generated 550 million RMB in revenue, marking a year-on-year increase of 38.9%, with a renewal rate of 97% [2] - The launch of the AI management assistant "Cosmic" is expected to enhance the company's offerings in various fields, including finance and human resources [2] Future Outlook - The company is projected to achieve revenues of 6.55 billion RMB, 7.64 billion RMB, and 9.01 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding net profits of -70 million RMB, 190 million RMB, and 360 million RMB [14] - The report emphasizes the company's commitment to cloud transformation and building a robust ecosystem to support stable growth [15]

[ T able_StockInfo] 2024 年 08 月 19 日 证券研究报告•2024 年中报点评 当前价：19.31 元 圣湘生物（688289）医药生物 目标价：——元（6 个月） 呼吸检测业务高增，关键领域持续突破 [Table_Summary 事件：公司发布] 2024 年中报，24H1 年实现收入 7.2 亿元（+67.6%），实现归 母净利润 1.6 亿元（+70.9%）。24Q2 实现收入 3.3 亿元（+40.2%），实现归母 净利润 0.8 亿元（+139.0%）。 分子诊断各业务线实现多点开花。在呼吸道疾病领域，一般夏季为呼吸道流行 淡季，公司 24Q2在呼吸道业务上仍然保持强劲增长，门、急诊精准诊疗和居家 自检的旺盛需求持续拉动业绩增长，24H1 呼吸道类产品营业收入已与去年全年 总额基本持平。妇幼业务上，柯萨奇病毒、人 MTHFR 基因多态性检测等产品 矩阵进一步完善测序领域，HPV 快速检测法能在 40min内完成全流程检测。血 源业务上，HBV RNA 检测的获批补全了乙肝病毒全流程诊疗指标检测的拼图。 测序领域，高通量基因测序仪 SansureSeq 1000已提交注册 ...

Investment Rating - The report maintains a "Buy" rating for the company with a current price of HKD 6.85 and a target price not specified for the next six months [1]. Core Insights - The company reported a revenue of CNY 2.94 billion for the first half of 2024, representing a year-on-year increase of 26.3%. The net profit attributable to the parent company was CNY 620 million, up 38.9% year-on-year, exceeding market expectations [2]. - The growth in vegetable products and the establishment of an omnichannel strategy are key drivers of performance. Revenue from seasoning noodles, vegetable products, and bean products reached CNY 1.35 billion, CNY 1.46 billion, and CNY 120 million respectively, with year-on-year growth rates of 5.0%, 56.6%, and 17.5% [2]. - The overall gross margin improved to 49.8%, an increase of 2.3 percentage points year-on-year, driven by enhanced capacity utilization and a decrease in raw material costs [2]. - The company is focusing on product innovation and channel expansion, particularly in the O2O and bulk snack channels, which are expected to contribute significantly to future growth [2]. Financial Summary - For the first half of 2024, the company achieved a gross margin of 49.8%, with a net profit margin of 21.2%, reflecting improvements in revenue and gross margin [2]. - The forecasted net profits for 2024, 2025, and 2026 are CNY 1.19 billion, CNY 1.41 billion, and CNY 1.62 billion respectively, with corresponding EPS of CNY 0.50, CNY 0.60, and CNY 0.69 [2][3]. - The company is positioned in a favorable market segment for spicy food products, with expectations for continued growth in multiple product categories [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.24, indicating a potential upside from the current price of HKD 2.47 [1][9]. Core Insights - The company reported a revenue of USD 2.1 billion for the first half of 2024, a slight decrease of 0.1% year-on-year, with a net profit of USD 15.7 million, down 53.8% year-on-year. The gross margin improved to 10.1%, up 1 percentage point year-on-year [2]. - The Asia-Pacific region showed strong growth, with a revenue increase of 9.3% year-on-year, while North America experienced a decline of 6.3% [2]. - The decline in net profit was primarily due to impairment losses related to specific customer projects and increased tax expenses. However, the company expects a stabilization and recovery in gross and net profits in 2024 due to cost reduction efforts and a favorable raw material price trend [2][3]. Summary by Sections Financial Performance - Revenue for H1 2024 was USD 2.1 billion, with a net profit of USD 15.7 million. The gross margin was 10.1%, and EBITDA margin was 9.4% [2]. - Revenue breakdown by region for H1 2024: North America USD 1.12 billion (-6.3% YoY), Asia-Pacific USD 590 million (+9.3% YoY), EMEASA USD 370 million (+1.4% YoY) [2]. Growth Drivers - The company successfully launched 38 new customer projects in H1 2024, with a focus on electric vehicle (EV) projects, indicating a robust order book and potential for above-market growth [3]. - The company is positioned to benefit from advancements in autonomous driving technology and has secured two orders for steer-by-wire systems, showcasing its technological leadership [3]. Earnings Forecast - The company is projected to achieve a compound annual growth rate (CAGR) of 73.4% in net profit from 2024 to 2026, with corresponding price-to-earnings (PE) ratios of 9, 5.7, and 4.1 for the respective years [3][9].

[Table_IndustryInfo] 2024 年 08 月 18 日 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业创新药周报（8.12-8.18） 2024 年 8 月第三周创新药周报 （附小专题 PD-(L)1 小细胞肺癌研发概况） A 股和港股创新药板块及 XBI 指数本周走势 西南证券研究发展中心 2024[Table_Summary 年 8月第三周，陆港两地创新药板块共计 ] 28只个股上涨，28只个股下跌。 其中涨幅前三为中国生物制药(+13.84%)、百利天恒-U(+9.78%)、康宁杰瑞制药 -B(+9.48%)。跌幅前三为艾迪药业(-12.79%)、北海康成-B(-12.07%)、和黄医药 (-6.26%)。 本周 A股创新药板块上涨 1.62%，跑赢沪深300指数 1.2pp，生物医药下跌1.14%。 近 6个月 A 股创新药累计上涨 1.61%，跑赢沪深 300指数 1.98pp，生物医药累计 下跌 7.07%。 本周港股创新药板块上涨 11.6%，跑赢恒生指数 9.61pp，恒生医疗保健上涨 1.44%。近 6个月港股创新药累计上涨 2.28%，跑输恒生指数 1.7 ...