[Table_IndustryInfo] 2024 年 08 月 18 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0812-0818） 2024 世界机器人大会即将召开，预计亮相 27 款人形机器人整机 [Table_Summary] 行情回顾：本周（8月 12日-8月-18日）机器人指数跑输大盘。中证机器人指 数下跌 0.5%，跑输上证指数 1.1个百分点，跑输沪深 300指数约 1.0个百分点， 跑输创业板指约 0.3个百分点；国证机器人指数下跌 0.9%，跑输上证指数 1.5 个百分点，跑输沪深 300指数约 1.3个百分点，跑输创业板指约 0.6个百分点。 2024世界机器人大会将于 8月 21日至 25日在北京经济技术开发区亦创国际 会展中心举行。169家企业将展出 600余件创新产品，其中首发新品 60余款。 来自北京具身智能机器人创新中心、宇树科技、优必选、智元、星动纪元等领 先企业的 27 款人形机器人整机将在博览会亮相。 苹果正在研发桌面机器人。据彭博社报道，苹果正在推进其桌面机器人项目的 研发。这款设备将配备一块类似 iPad的大尺寸显示屏，由一个纤薄的机械臂 ...

[Table_ReportInfo] 2024 年 08 月 16 日 证券研究报告•宏观定期报告 宏观周报（8.12-8.16） 绿色转型全面加快，美国 CPI 温和回落 | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for Jingxin Pharmaceutical (002020) [1] Core Views - Jingxin Pharmaceutical achieved revenue of 2.15 billion yuan in the first half of 2024, a year-on-year increase of 11.02% [1] - Net profit attributable to the parent company was 400 million yuan, up 27.28% year-on-year [1] - Non-GAAP net profit was 330 million yuan, growing 15.19% year-on-year [1] - Finished drug revenue reached 1.301 billion yuan, a 17.13% increase year-on-year [1] - The company's first Class 1 new drug, Didaxini, officially launched in March 2024 and is expected to participate in national medical insurance negotiations by year-end [1] Business Performance - Finished drug business showed strong growth momentum, driven by marketing model reforms and improved sales capabilities [1] - Raw material drug revenue grew 5.66% to 501 million yuan [1] - Medical device revenue increased slightly by 0.46% to 312 million yuan [1] - Gross margin improved by approximately 1 percentage point, while four expense ratios decreased by about 1 percentage point [1] R&D and Innovation - The company is advancing multiple innovative drug pipelines in areas including schizophrenia, Parkinson's disease, depression, and lipid-lowering [1] - JX11502MA capsule and Kangfuxin enteric-coated capsule II are in clinical trials [1] - JX2105 capsule has obtained clinical approval and is progressing through Phase I trials [1] - More than 10 other research projects are progressing as planned [1] Financial Projections - Forecasted net profit for 2024-2026 is 750 million, 870 million, and 1.03 billion yuan respectively [2] - Projected PE ratios for 2024-2026 are 12x, 11x, and 9x respectively [2] - Revenue growth rates for 2024-2026 are expected to be 10.49%, 10.99%, and 11.48% respectively [3] - Net profit growth rates for 2024-2026 are projected at 21.99%, 14.87%, and 18.23% respectively [3] Valuation Metrics - Current price: 10.78 yuan [1] - Total market capitalization: 9.282 billion yuan [4] - 52-week price range: 8.6-14.73 yuan [4] - Total assets: 8.463 billion yuan [4] - Net assets per share: 6.57 yuan [4] Historical Performance - Relative index performance shows Jingxin Pharmaceutical outperforming the CSI 300 index by 27% over the past year [4] - The company's stock price has shown a strong upward trend, particularly in the first half of 2024 [4]

[ T able_StockInfo] 2024 年 08 月 14 日 证券研究报告•2024 半年报点评 买入 （维持） 当前价：10.78 元 京新药业（002020）医药生物 目标价：——元（6 个月） 成品药增速亮眼，扣非净利增长超预期 [Table_Summary 业绩总结：公司] 2024 上半年实现营业收入 21.5 亿元（同比增长 11.02%），实 现归母净利润 4 亿元（同比增长 27.28%）；扣非归母净利润 3.3 亿元（同比增 长 15.19%）。 成品药增速表现亮眼，毛利率提升以及销售费用率下降驱动扣非利润快速增长。 经营业绩稳定增长主要因为营销模式调整改革初步完成、营销力快速提升，仿 制药集采品种带来增量，成品药业务恢复较好增长趋势。扣非净利快速增长主 要系四费率下降约 1pp、毛利率提高约 1pp。归母净利润增速显著高于扣非净利 增速主要系实现政府补助等其他收益约 7213万。上半年，成品药收入 13.01亿 元，同比增长 17.13%；原料药收入 5.01亿元，同比增长 5.66%；医疗器械 3.12 亿元，同比增长 0.46%。 失眠新药地达西尼 2024年 3月正式销售 ...

[ T able_StockInfo] 2024 年 08 月 16 日 证券研究报告•2024 年中报点评 买入 （维持） 当前价：45.01 元 帝尔激光（300776）电力设备 目标价：——元（6 个月） 基础数据 [Table_BaseData] 总股本(亿股) 2.73 流通 A 股(亿股) 1.67 52 周内股价区间(元) 38.21-72.95 总市值(亿元) 122.91 总资产(亿元) 65.86 每股净资产(元) 11.07 风险提示：全球光伏装机不及预期的风险；原材料价格上涨，公司盈利能力下 降的风险；汇率波动的风险；海外关税等政策变化的风险。 减值影响二季度利润，海外电池扩产带来机遇 [Table_Summary 业绩总结：公司]发布 24年半年度报告。24H1公司营收 9.06亿元，同比+34.40%； 归母净利润 2.36亿元，同比+35.51%；扣非净利润 2.25亿元，同比+34.19%。 其中 Q2营收 4.55亿元，环比+1.02%；归母净利润 1.01亿元，环比-25.22%； 扣非净利润 0.98 亿元，环比-23.26%。H1 光伏激光设备毛利率 47.91%，同比 ...

[ T able_StockInfo] 2024 年 08 月 15 日 证券研究报告•2024 半年报点评 买入 （维持） 当前价：28.94 元 海 思 科（002653）医药生物 目标价：——元（6 个月） 克利加巴林和考格列汀获批上市，环泊酚出海可期 [Table_Summary 事件：公司发布] 2024年半年报，上半年实现营业收入 16.9亿元（+23.1%）， 归母净利润 1.6 亿元（+119.4%），扣非归母净利润 0.8亿元（+2.5%）。 环泊酚销售快速增长，有望在美国申报 NDA。注射液全部适应症均进入了国家 医保，在静脉麻醉领域的市场份额已经达到同类产品的 Top1，"全麻诱导"适 应症的美国 2项Ⅲ期临床均已完成，将在美国申报 NDA。 苯磺酸克利加巴林胶囊两项适应症分别于 2024 年 5 月和 6 月获批上市，是国 内上市的首个"成人糖尿病性周围神经病理性疼痛和带状疱疹后神经痛"治疗 药物。"辅助镇痛"于 2024年 6月递交了 EOP2沟通交流申请，待 CDE 反馈； 新增"中枢神经病理性疼痛"和"纤维肌痛"两项适应症 IND 均已获批，其中 "中枢神经病理性疼痛"已经启动Ⅲ ...

[ T able_StockInfo] 2024 年 08 月 15 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：116.36 元 星宇股份（601799）汽车 目标价：——元（6 个月） 费用控制有效，客户结构不断优化 [Table_Summary 事件：公司发布] 2024年半年报，24H1实现营收 57.17亿元，同比+29.2%；归 母净利润 5.94亿元，同比+27.3%，毛利率 20.1%，同比-1.7pp，净利率 10.4%， 同比-0.2pp。其中 24Q2实现营收 33亿元，同比+32.1%，环比+37%；归母净 利润 3.51 亿元，同比+33.6%，环比+44.8%。 客户结构不断丰富，费用控制有效。 24Q2 行业乘用车销量同环比分别 +2.5%/+10.7%（中汽协），公司大幅跑赢行业，主要来自客户销量增长，其中 奇瑞同环比+39%/+8.6%，问界+588%/+2%，理想+25.5%/+35.1%，蔚来 +144%/+90.9%，公司客户结构持续优化，新能源转型升级不断推进。24Q2毛 利率 20.4%，同比-1.5pp，环比+0.8pp；净利率 10.6%， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 5.717 billion yuan for H1 2024, representing a year-on-year increase of 29.2%, and a net profit attributable to shareholders of 594 million yuan, up 27.3% year-on-year [2] - The gross margin for H1 2024 was 20.1%, down 1.7 percentage points year-on-year, while the net margin was 10.4%, down 0.2 percentage points year-on-year [2] - The company significantly outperformed the industry in Q2 2024, with a revenue of 3.3 billion yuan, a year-on-year increase of 32.1% and a quarter-on-quarter increase of 37% [2] - The customer structure is continuously optimized, and effective cost control measures have been implemented, with a cost rate of 9.1% for H1 2024, down 0.6 percentage points year-on-year [2] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 5.717 billion yuan and a net profit of 594 million yuan, with a gross margin of 20.1% and a net margin of 10.4% [2] - In Q2 2024, the revenue was 3.3 billion yuan, with a net profit of 351 million yuan, marking a year-on-year increase of 33.6% and a quarter-on-quarter increase of 44.8% [2] Customer and Product Development - The company is expanding its customer base and optimizing its product offerings, with significant growth in sales for key clients such as Chery and NIO [2] - The average selling price (ASP) of products increased by 25.4% year-on-year to 162.1 yuan in 2023, driven by the transition to more advanced lighting technologies [2] Global Expansion - The company is accelerating its global layout, with production capacity in Serbia gradually being released and new entities established in Mexico and the United States to support overseas market expansion [2] - The company maintains a competitive edge due to its fully independent technology and cost advantages compared to foreign competitors [2] Earnings Forecast - The projected earnings per share (EPS) for 2024-2026 are 5.06, 5.99, and 7.10 yuan, respectively, with a corresponding price-to-earnings (PE) ratio of 23, 19, and 16 times [3] - The compound annual growth rate (CAGR) for net profit attributable to shareholders is expected to be 22.5% over the next three years [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's innovative drugs are entering a harvest period, expected to contribute significantly to performance elasticity [3] - The company has a rich pipeline of innovative products, providing long-term growth momentum [3] - Revenue for the first half of 2024 reached 1.69 billion yuan, a 23.1% year-on-year increase [2] - Net profit attributable to the parent company was 160 million yuan, a 119.4% year-on-year increase [2] - Non-GAAP net profit was 80 million yuan, a 2.5% year-on-year increase [2] Product Pipeline and Market Performance - Ciprofol sales are growing rapidly, with all indications included in the national medical insurance, and it holds the top market share in intravenous anesthesia [2] - Ciprofol's two Phase III clinical trials for "general anesthesia induction" in the US have been completed, and an NDA is expected to be filed [2] - Benzene sulfonic acid Cilgabalin capsules, the first domestic treatment for "adult diabetic peripheral neuropathic pain and postherpetic neuralgia," were approved in May and June 2024 [2] - HSK21542 injection for "postoperative analgesia in abdominal surgery" is under NDA review, with another indication for "chronic kidney disease-associated pruritus" included in priority review in June 2024 [2] - HSK21542 oral tablets are undergoing Phase II clinical trials for "chronic pruritus" [2] - Cogdulin tablets, the world's first ultra-long-acting bi-weekly oral hypoglycemic drug, were approved in June 2024 for improving glycemic control in adult type 2 diabetes patients [2] - HSK31858 tablets for "non-cystic fibrosis bronchiectasis" have completed Phase II clinical trials in China, with two new indications for "bronchial asthma" and "chronic obstructive pulmonary disease" approved for IND in April 2024 [2] - HSK39004 inhalation suspension for COPD and HSK44459 tablets for interstitial lung disease have both received IND approval [2] - HSK31679 tablets for "adult primary hypercholesterolemia" have completed Phase II clinical trials, and trials for "NASH" are progressing smoothly [2] Financial Projections - The company is expected to achieve net profits of 400 million yuan, 570 million yuan, and 760 million yuan in 2024, 2025, and 2026, respectively [3] - The corresponding P/E ratios are projected to be 81x, 57x, and 42x for 2024, 2025, and 2026 [3] Market Performance - The company's stock price has shown a relative index performance of -17%, -2%, 14%, 30%, 45%, and 61% from August 2023 to August 2024, compared to the CSI 300 index [6] Financial Data - Total revenue for 2024 is projected to be 4.02 billion yuan, with a growth rate of 19.93% [4] - Net profit attributable to the parent company is expected to be 397.60 million yuan in 2024, with a growth rate of 34.73% [4] - EPS is projected to be 0.36 yuan in 2024, with an ROE of 8.74% [4] - The company's total market capitalization is 32.24 billion yuan, with total assets of 6.46 billion yuan [7]

[ T able_StockInfo] 2024 年 08 月 09 日 证券研究报告•2024 年中报点评 买入 （维持） 当前价：19.80 元 中炬高新（600872）食品饮料 目标价：——元（6 个月） Q2 调味品主业承压，期待后续改革成效 [Table_Summary 事件：公司发布] 2024年中报，上半年实现营收 26.2亿元，同比-1.4%；实现归 母净利润 3.5亿元，比去年同期增加了 17.9亿元；实现扣非归母净利润 3.4亿 元，同比+14.5%。其中 24Q2 实现营收 11.3 亿元，同比-12%；实现归母净利 润 1.1亿元，比去年同期增加了 17.03亿元；实现扣非归母净利润 1.02亿元， 同比-32.4%；公司业绩低于市场预期。 淡季市场需求疲软，主业收入有所承压。24H1/24Q2 美味鲜子公司实现收入 25.6/10.9 亿元，同比-0.6%/-12.1%。分产品看，24Q2 酱油/鸡精鸡粉/食用油/ 其他产品收入增速分别为-22%/-15.4%/+29.1%/-30.9%；受宏观环境下需求薄弱 及行业竞争加剧影响，叠加目前仍处渠道改革阵痛期等因素，两大主业酱油及 鸡精 ...