[ T able_StockInfo] 2024 年 08 月 19 日 证券研究报告•2024年半年报点评 买入 （维持） 当前价：11.80 元 亿帆医药（002019）医药生物 目标价：——元（6 个月） 上半年业绩符合预期，利润端增速强劲 [Table_Summary 事件：公司发布] 2024年半年报，2024H1公司实现营业收入 26.3亿元，同比增 长 35.4%；实现归母净利润 2.5 亿元，同比增长 133%；实现扣非归母净利润 1.8 亿元，同比增长 90.5%，业绩符合预期。 Q2业绩符合预期，利润端增速强劲。单季度来看，公司 2024Q2实现收入 13.1 亿元（+29.9%），实现归母净利润 1.1 亿元（+144.1%），实现扣非归母净利 润 0.7亿元（+102%）。2024H1公司利润端同比快速增长，主要系公司新增及 原有医药自有产品（含进口）完成市场初步布局，销售毛利增长幅度大于费用 增长幅度，以及取得与收益相关政府补助同比增加等所致。 自有制剂实现快速增长，在研管线持续推进。分产品来看，2024H1国内医药自 有（含进口）实现营业收入 16.5 亿元（+88.3%），其中中 ...

[ T able_StockInfo] 2024 年 08 月 18 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：76.84 元 海光信息（688041）计算机 目标价：——元（6 个月） 业绩持续高增，DCU 值得期待 [Table_Summary 事件：公司发布] 2024年半年度报告，实现营业收入 37.6亿元，同比增长 44.1%； 实现归母净利润 8.5亿元，同比增长 26.0%；实现扣非归母净利润 8.2亿元，同 比增长 32.1%。 Q2 增长提速，盈利能力稳步提升。单季度看，公司 2024Q2 实现收入 21.7 亿 元，同比增长 49.7%，实现归母净利润 5.6 亿元，同比增长 28.9%，实现扣非 归母净利润 5.5亿元，同比增长 27.4%，Q2增速较 Q1进一步提速。同时，伴 随更高性能的新产品销售铺开，公司 2024年 H1综合毛利率达到 63.4%，同比 提升 0.56pp，呈现稳健增长态势；销售、管理、研发费用率分别为 1.9% （+0.21pp）、1.8%（-0.83pp）、30.0%（-1.97pp），加强费用管控助力盈利能 力释放。此外，公司 202 ...

[ T able_StockInfo] 2024 年 08 月 19 日 证券研究报告•2024 年半年报点评 当前价：26.81 元 荣昌生物（688331）医药生物 目标价：——元（6 个月） 收入符合预期，核心品种适应症持续拓展 [Table_Summary 事件：公司发布] 2024 半年度报告，2024 年上半年实现营业收入 7.4 亿元 （+75.6%），公司上半年归母净亏损 7.8亿元，较去年同期亏损额增加 0.8亿元。 核心产品持续放量，准入医院数量再创新高。泰它西普和维迪西妥单抗纳入医 保目录后的可及性持续提升。截至 2024 年 6月 30日，自身免疫商业化团队超 过 800人，已准入超过 900家医院。肿瘤科商业化团队近 600人，已准入超过 700 家医院。 泰它西普类风湿性关节炎适应症获批上市，渐入收获期。泰它西普类风湿性关 节炎适应症获 NMPA 批准。中国治疗重症肌无力于 2024 年 8 月达到主要研究 终点，美国于 2024年 8月实现首例患者入组。干燥综合征的中国Ⅲ期临床研究 已完成患者入组，美国于 2024 年 4 月获得快速通道资格认定。免疫球蛋白 A 肾病（IgAN） ...

[ T able_StockInfo] 2024 年 08 月 19 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：8.00 元 长虹美菱（000521）家用电器 目标价：——元（6 个月） 外销拉动增长，盈利能力维持稳健 [Table_Summary 事件：公司发布] 2024 年半年报，2024 年上半年公司实现营收 149.5 亿元，同 比增长 16.5%；实现归母净利润 4.2 亿元，同比增长 15.9%；实现扣非净利润 4.3亿元，同比增长 13.2%，非经常性损益主要系本期公司远期外汇合约及尚未 确认的确定承诺评估损失所致。单季度来看，Q2 公司实现营收 90.1 亿元，同 比增长 15.4%；实现归母净利润 2.6 亿元，同比增长 10.2%；实现扣非后归母 净利润 2.5 亿，同比下降 11.5%。 外销带动营收增长，空调深化核心客户战略合作。分产品来看，上半年公司冰 箱（冰柜）/空调/洗衣机/小家电及厨卫分别实现营业收入 47.4亿元/85亿元/7.8 亿元/7.4 亿元，分别同比+12.2%/+21.5%/+40.7%/-12.7%；分区域来看，内外 销分别实现营业收入 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a significant increase in net profit when excluding GDR exchange losses, with a 49.80% year-on-year growth in net profit to 5.19 billion yuan in H1 2024 [2] - The company launched two major new products: the Universal Control System (UCS) and the AI Time Series Model (TPT), which are expected to enhance its competitive edge in automation and industrial AI [2] - The company anticipates a compound annual growth rate (CAGR) of 26% in net profit from 2024 to 2026, with projected net profits of 13.60 billion yuan, 17.47 billion yuan, and 22.27 billion yuan for the respective years [2] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 42.52 billion yuan, a year-on-year increase of 16.78%, and a net profit of 5.17 billion yuan, up 1.16% year-on-year [2] - The revenue for Q2 2024 was 25.14 billion yuan, reflecting a 14.49% year-on-year increase and a 44.59% quarter-on-quarter increase [2] - The gross margin improved to 33.23% in H1 2024, an increase of 0.76 percentage points year-on-year, while the net margin decreased to 12.32%, down 1.96 percentage points year-on-year [2] Business Segments - The control systems business generated revenue of 17.25 billion yuan in H1 2024, a 17.65% year-on-year increase, while the instrumentation segment saw a remarkable growth of 72.18% year-on-year, reaching 3.53 billion yuan [2] - The company noted strong growth in the petrochemical and chemical industries, with revenue growth rates of 26.95% and 26.03%, respectively, and an impressive 117.32% growth in the oil and gas sector [2] Product Development - The UCS product represents a significant technological advancement, moving away from traditional DCS architectures, while the TPT model has achieved over 95% self-control rates in various applications [2] - The company has initiated an equity incentive plan targeting the teams behind UCS and TPT, with performance targets set for net profit growth over the next three years [2]

[Table_StockInfo] 2024 年 08 月 15 日 证券研究报告•新股分析报告 太湖远大（920118）基础化工 本次发行情况 [发行前总股本 Tabel_PublishInfo] (万股) 4359.60 本次发行(万股) 730.00 发行后总股本(万股) 5089.60 2023 年扣除非经常性损益后的 每股收益(摊薄后)(元)1.69 环保型线缆材料"小巨人"，募投项目助力产能再升级 [Table_Summary 推荐逻辑：1）]环保型线缆材料行业领先企业，国内大型知名电缆企业的主要供 应商，公司入选《2018 年中国线缆原材料（非金属）行业最具竞争力企业 10 强》，2023 年入选中国电线电缆行业最具竞争力企业前 20 强中有 19 家是公司 的合作客户；2）下游电线电缆行业稳步增长，带动线缆材料行业发展，根据《中 国电线电缆市场 2023 白皮书》预测，2026 年电线电缆总体市场规模预计将达 到 1.5万亿元，2023-2026 年 CAGR达 5.1%；3）募投扩产打破产能瓶颈，公 司募投项目达成后每年将新增 500kV 及以下过氧化物可交联电缆料 2 万吨， 35kV 及 ...

Investment Rating - The report maintains a "Market Perform" rating for the media industry as of August 19, 2024 [1]. Core Insights - The media sector showed strong performance this week, with an increase of 1.79%, outperforming the ChiNext by approximately 2.06 percentage points and the broader market by about 1.37 percentage points [7]. - The gaming index outperformed the market, with the CITIC Gaming Index rising by 2.53% compared to a 0.42% increase in the CSI 300 [9]. - The advertising index also outperformed, with the CITIC Advertising Index increasing by 0.96% [11]. - The sports index rose by 0.64%, outperforming the CSI 300 by 0.22% [12]. - The education sector underperformed, with the CITIC Education Index declining by 5.83%, lagging behind the CSI 300 by 6.25% [14]. Summary by Sections 1. Market Review - The media sector's performance was highlighted, with a notable increase in various indices, indicating a positive market sentiment [7]. 2. Gaming Industry - The CITIC Gaming Index rose by 2.53%, with top-performing A-share companies including Fuchun Co., Caesar Culture, and Dazheng Culture [9]. - Tencent reported a 9% increase in gaming revenue for Q2 2024, with total revenue reaching 161.12 billion yuan [35]. - The game "Little Soldiers" officially launched its public beta on August 15, 2024, and achieved the top position on the iOS free chart [34]. 3. Sports Industry - The CITIC Sports Index increased by 0.64%, with various partnerships and sponsorships announced, including TECNO becoming the official global supporter of the AFC Champions League [12]. 4. Education Industry - The CITIC Education Index fell by 5.83%, with A-share education companies underperforming compared to the CSI 300 [14][16]. 5. Investment Recommendations - The report suggests focusing on companies such as Mango Super Media (300413) and Shenzhou Taiyue (300002) for potential investment opportunities [27].

Investment Rating - The report maintains an investment rating of "Market Perform" for the media industry [1]. Core Insights - The media sector showed strong performance this week, with an increase of 1.79%, outperforming the ChiNext by approximately 2.06 percentage points and the broader market by about 1.37 percentage points [7]. - The gaming index outperformed the market, with the CITIC Gaming Index rising by 2.53% compared to a 0.42% increase in the CSI 300 [9]. - The advertising index also outperformed, with the CITIC Advertising Index increasing by 0.96% [11]. - The sports index rose by 0.64%, outperforming the CSI 300 by 0.22% [12]. - The education sector underperformed, with the CITIC Education Index declining by 5.83%, lagging behind the CSI 300 by 6.25% [14]. Summary by Sections 1. Market Review - The media sector's performance was highlighted, with a notable increase in indices across gaming, advertising, and sports, while education faced declines [7][12][14]. 2. Gaming Industry - The CITIC Gaming Index rose by 2.53%, with top-performing A-share gaming companies including Fuchun Co., Caesar Culture, and Dazheng Culture [9]. - Tencent reported a 9% increase in gaming revenue for Q2 2024, with total revenue reaching 161.12 billion yuan [35]. - The game "Black Myth: Wukong" received a perfect score from IGN China, indicating strong anticipation and potential success in the global market [35]. 3. Sports Industry - The CITIC Sports Index increased by 0.64%, with various partnerships and sponsorships announced, enhancing the visibility and engagement of sports events [12]. 4. Education Industry - The CITIC Education Index fell by 5.83%, with A-share education companies underperforming compared to the broader market [14][16]. 5. Investment Recommendations - The report suggests focusing on companies such as Mango Super Media and Shenzhou Taiyue for potential investment opportunities [27].

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 42.99 CNY and a target price not specified for the next six months [1]. Core Insights - The company reported a total revenue of 7.31 billion CNY for H1 2024, representing a year-on-year increase of 22.4%. The net profit attributable to the parent company was 2.46 billion CNY, up 20.1% year-on-year, with Q2 2024 revenue at 2.63 billion CNY, a 21.5% increase, and net profit at 930 million CNY, a 16.9% increase, aligning with market expectations [2]. - The product structure continues to upgrade, with significant growth in high-priced products. The revenue from different product categories in Q2 2024 was 1.68 billion CNY (+21.1%) for Special A+ products, 810 million CNY (+25.3%) for Special A products, and 80 million CNY (+10.0%) for A products. The company also saw a remarkable 36.8% growth in revenue from outside the province [2]. - The comprehensive expense ratio decreased, with a gross margin increase of 0.15 percentage points to 70.02%. The sales expense ratio fell by 0.91 percentage points to 12.23%, while the management expense ratio slightly increased by 0.07 percentage points to 3.94%. The overall expense ratio decreased by 0.46 percentage points to 14.96% [2]. Financial Forecast and Valuation - The company is expected to achieve earnings per share (EPS) of 3.04 CNY, 3.70 CNY, and 4.51 CNY for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 14x, 12x, and 10x. The company benefits from a strong competitive advantage in the domestic market and a nationwide expansion strategy, indicating a positive long-term growth outlook [3][4].

[ T able_StockInfo] 2024 年 08 月 16 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：47.34 元 健民集团（600976）医药生物 目标价：——元（6 个月） 营销改革持续推进，新药研发成效显著 [Table_Summary 事件：公司发布] 2024年半年报，实现营业收入 20.1亿元（-7.0%），归母净利 润为 2.4 亿元（-5.2%），扣非归母净利润为 1.9 亿元（-16.7%）。 营收遭遇改革阵痛，利润端短期承压。2024 年上半年公司实现营业收入 20.1 亿元，同比下降 7.02%，实现归属于上市公司股东的净利润 2.39亿元，同比下 降 5.2%。上半年医药商业收入 10.93亿元，较上年同期略有增长；医药工业实 现收入 9.06 亿元，较上年同期下降 19.40%。医药工业收入下降主要是公司全 面启动营销体系改革所致，但公司 OTC 渠道重点产品市占率提升，渠道价值链 持续优化，库存基本降至合理水平，数字化建设持续推进，终端调控能力提升。 主要单品龙牡壮骨颗粒销量相较去年同期下降 33.3%，系公司上半年梳理渠道 经销商，清理库存导致 ...