[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 ...

[ 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 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 3.76 billion yuan for the first half of 2024, representing a year-on-year growth of 44.1% - The net profit attributable to shareholders reached 850 million yuan, up 26.0% year-on-year, while the net profit excluding non-recurring items was 820 million yuan, reflecting a growth of 32.1% [2] - In Q2 2024, the company achieved a revenue of 2.17 billion yuan, a year-on-year increase of 49.7%, and a net profit of 560 million yuan, up 28.9% year-on-year [2] - The gross margin for H1 2024 was 63.4%, an increase of 0.56 percentage points compared to the previous year, indicating steady growth in profitability [2] - The company has seen strong demand for its products due to increased bidding activities in downstream sectors such as telecommunications and finance, with inventory levels rising to 2.46 billion yuan [2] Financial Projections - The company is projected to have earnings per share (EPS) of 0.75 yuan, 1.00 yuan, and 1.37 yuan for the years 2024, 2025, and 2026 respectively [3] - Revenue is expected to grow from 6.01 billion yuan in 2023 to 8.32 billion yuan in 2024, with a growth rate of 38.34% [4] - The net profit attributable to shareholders is forecasted to increase from 1.26 billion yuan in 2023 to 1.73 billion yuan in 2024, representing a growth rate of 37.29% [4] - The company is positioned as a rare domestic CPU+DCU design manufacturer, with solid competitive advantages in "performance + ecosystem + security" [3]

[ 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 ...