Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company reported a revenue of 1.04 billion yuan for H1 2024, representing a year-on-year growth of 26.1%, and a net profit attributable to shareholders of 170 million yuan, up 39.3% year-on-year [1]. - In Q2 2024, the company achieved a revenue of 460 million yuan, with a growth of 4.9%, and a net profit of 80 million yuan, reflecting a 16.9% increase year-on-year [1]. - The growth in revenue is driven by strong performance in the mixed nuts and bean products categories, with significant increases in sales across various channels, including both online and offline [1]. - The company's gross margin for H1 2024 was 34.9%, a slight decrease of 0.7 percentage points year-on-year, primarily due to changes in product mix [1]. - The company has demonstrated strong confidence in its future by repurchasing 1.6 million shares, accounting for 1.72% of its total share capital [1]. Financial Summary - The company forecasts net profits of 400 million yuan, 500 million yuan, and 590 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 4.30 yuan, 5.31 yuan, and 6.34 yuan [2]. - The projected dynamic PE ratios for the years 2024, 2025, and 2026 are 13 times, 10 times, and 9 times respectively [2]. - Revenue is expected to grow from 1.85 billion yuan in 2023 to 2.27 billion yuan in 2024, with a growth rate of 22.83% [3]. - The net profit attributable to shareholders is projected to increase from 329 million yuan in 2023 to 401 million yuan in 2024, reflecting a growth rate of 21.89% [3].

2024 年 08月 06 日 证券研究报告.2024 财年三季度财报点评 高通 (QCOM.O) 半导体 买入 (##) 当前价:157.95 美元 目标价：——美元 手机业务增长好于预期，PC 芯片开启销售 投资买点 ● 事件：公司 FY2024Q3（即自然年 2024Q2）实现营收 93.9亿美元，同比增长 11.3%;毛利率 55.6%,同比提升 0.37个百分点：GAAP 净利润 21.3亿美元, 同比增长 18%；Non-GAAP 净利润 26.5 亿美元，同比增长 25.8%。 ● 手机业务增速显著提升,PC 业务表现超内部目标。公司 FY24Q3 QCT(半导 体）分部收入 80.7 亿美元，同比增长 12.5%; EBT为 21.8 亿美元, 税前利润 率 27%, 同比提升 2.7pp。其中: 1)手机业务收入 59亿美元, 同比增长 12.3%, 增速相比上个李度显著提升（上个季度同比增速仅 1.2%）。公司预计今年智能 手机市场将稍微趋平。2）IoT 业务本季度收入 13.6 亿美元，同比下滑 8.5%, 跌幅继续收窄。公司表示，本李度 PC 业务表现超过内部目标, Meta的 Ray ...

Investment Rating - The report maintains a "Buy" rating for Qualcomm (QCOM.O) [1][3] Core Insights - Qualcomm's FY2024 Q3 revenue reached $9.39 billion, a year-over-year increase of 11.3%, with a gross margin of 55.6%, up 0.37 percentage points from the previous year. GAAP net profit was $2.13 billion, up 18% year-over-year, while Non-GAAP net profit was $2.65 billion, reflecting a 25.8% increase [2][3] - The mobile business showed significant growth, and the PC chip sales have commenced. The QCT (semiconductor) segment generated $8.07 billion in revenue, a 12.5% year-over-year increase, with an EBT of $2.18 billion and a pre-tax profit margin of 27%, up 2.7 percentage points year-over-year [2] - The automotive segment saw remarkable growth, with revenue of $810 million, a year-over-year increase of 86.9%. Qualcomm secured over 10 new design wins with global automotive manufacturers [2] Summary by Sections Financial Performance - FY2024 Q3 revenue: $9.39 billion, up 11.3% YoY - Gross margin: 55.6%, up 0.37 percentage points YoY - GAAP net profit: $2.13 billion, up 18% YoY - Non-GAAP net profit: $2.65 billion, up 25.8% YoY [2] Business Segments - QCT revenue: $8.07 billion, up 12.5% YoY - Mobile business revenue: $5.9 billion, up 12.3% YoY - IoT revenue: $1.36 billion, down 8.5% YoY - Automotive revenue: $810 million, up 86.9% YoY [2] Future Guidance - For FY24Q4, Qualcomm expects overall revenue to be between $9.5 billion and $10.3 billion, with a midpoint growth of 14.6% YoY. QCT revenue is projected to be between $8.1 billion and $8.7 billion, with a midpoint growth of 13.9% YoY [3] - Adjusted EPS for FY24Q4 is expected to be between $2.45 and $2.65 [3] Profitability Forecast - Projected GAAP/Non-GAAP net profit CAGR over the next three years is 25.4% and 16.8%, respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 134.05 CNY over the next six months [1][2]. Core Insights - The company reported a record high in single-quarter performance, with revenue of 9.2 billion CNY in the first half of 2024, representing a year-on-year growth of 38%, and a net profit of 1.5 billion CNY, up 134.9% year-on-year [1]. - In Q2 alone, the company achieved revenue of 5.3 billion CNY, a quarter-on-quarter increase of 37.7%, and a net profit of 0.98 billion CNY, up 81.3% quarter-on-quarter [1]. - The significant improvement in profitability is attributed to increased penetration in the digital intelligence sector and an improving competitive landscape [1]. - The company’s gross margin improved by 2.2 percentage points to 44.11% in Q2, while the net margin increased by 4.6 percentage points to 18.5% [1]. - New product launches, particularly the ESP32-S3, C2, and C3, have driven revenue growth, with the company’s WiFi chip sales ranking fifth globally [1]. Financial Forecast and Valuation - The company is expected to achieve net profits of 3.5 billion CNY, 4.3 billion CNY, and 5.2 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 3.13 CNY, 3.83 CNY, and 4.59 CNY [2][6]. - The projected dynamic PE ratios for the same years are 33x, 27x, and 22x [2][6]. - The report anticipates a compound annual growth rate (CAGR) of 55.8% for net profit over the next three years, outperforming the industry average [8].

Investment Rating - The report maintains a "Hold" rating for the company [1] Core Views - The company reported a strong performance in the first half of 2024, with revenue of 1.5 billion yuan, representing a 14.2% increase year-on-year, and a net profit of 220 million yuan, up 51% [2] - The significant profit growth is attributed to improved management of operating expenses and a focus on cost reduction and efficiency [2] - The company is advancing its innovative drug pipeline, with potential FDA approval for Ensatinib expected by the end of the year and ongoing applications for other products [2] - The company has a robust clinical trial pipeline, with several promising candidates progressing through the approval process [2] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a net profit of 220 million yuan, a 145% increase in net profit after deducting non-recurring items [2] - The proportion of operating expenses to revenue decreased from 77.14% to 67.25%, a reduction of 9.89 percentage points [2] - The net cash flow from operating activities reached 521.69 million yuan, a year-on-year increase of 44.77% [2] Product Development - Ensatinib is expected to receive FDA approval by the end of 2024, and the company is progressing with the application for recombinant human serum albumin [2] - The company has received IND approvals for several new drug candidates, including EYP-1901 and pan-EGFR inhibitors [2] Earnings Forecast - The forecast for net profit for 2024-2026 is 450 million yuan, 580 million yuan, and 740 million yuan, respectively, with corresponding PE ratios of 32, 25, and 20 [3] - The core product, Alectinib, is expected to maintain stable performance, while new products like Ensatinib are anticipated to contribute to revenue growth [3] Market Position - The company has a total market capitalization of 14.41 billion yuan and a total asset value of 9.14 billion yuan [6] - The stock price has fluctuated between 30.78 yuan and 61.65 yuan over the past 52 weeks [6]

Group 1 - The overall performance of the North Exchange was strong during the week, with the North Certificate 50 Index outperforming the ChiNext Index by approximately 1.6 percentage points and the CSI 300 by about 1.0 percentage points [2][13] - The North Exchange had a total market capitalization of 3118.68 billion yuan, with an average market capitalization of 12.52 billion yuan for its constituent stocks [3][9] - The trading volume for the North Exchange during the week was 217.43 billion yuan, with an average weekly trading amount of 0.87 billion yuan and a turnover rate of 18.95% [3][10] Group 2 - The North Exchange has resumed its IPO process, with Chengdian Light Communication registering successfully on August 2, and Keli Co., Ltd. scheduled for a meeting on August 9 [2][12] - The report highlighted the strong performance of the "low-altitude economy" concept, which saw significant gains in related stocks following remarks from President Xi Jinping [2][12] - The report noted that as of August 2, 2024, there were 249 companies listed on the North Exchange, with 128 of them classified as "specialized, refined, distinctive, and innovative" enterprises, accounting for 52% of the total [3][12] Group 3 - The report indicated that the half-year results for companies such as Guangsha Huaneng showed a 31.6% year-on-year growth in net profit for the first half of 2024, while Huayang Racing projected a growth of 44.6% to 50.2% [2][25] - The average price-to-earnings (PE) ratio for the North Exchange was reported at 19.1 times, remaining stable compared to the previous week [3][9] - The report emphasized the potential for increased attention from "patient capital" towards high-growth companies on the North Exchange as more half-year reports are disclosed [2][3] Group 4 - The report detailed the performance of specific stocks, with Hengtuo Kaiyuan and Oukang Medicine being among the top gainers, while Zicheng Electronics and Youji Co., Ltd. faced significant declines [16][18] - The report also highlighted the performance of various sectors, noting that the beauty and personal care sector had a median increase of 6.3%, while the home appliance sector saw a median decrease of -5.2% [21][22] - The North Exchange's thematic funds showed mixed performance, with the Jia Shi North Exchange Selected Fund performing relatively well, while other funds lagged behind [22][24]

医疗器械板块 医疗设备以旧换新专题 西南证券研究发展中心 2024年8月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 联系人：陈辰 电话：021-68416017 邮箱：chch@swsc.com.cn 核 心 观 点 医疗设备以旧换新是国家推动设备以旧换新政策的一个组成部分。自上而下，最新政策统筹安排3000亿左右超长期特 别国债支持设备以旧换新，后续是否有资金继续投入未定。原则上3000亿要分配到：工业、农业、建筑、交通、教育 、文旅、医疗领域，其中涉及医疗设备的是中央财政支持的1480亿其中的一部分（预计至多300-400亿到医疗）。此 次文件明确优化设备更新项目支持方式，不再设置"项目总投资不低于1亿元"要求，支持中小企业设备更新。具体 来看：1）流程上医院申报医疗设备更新需求，后续由国家发改委批复签字后，医院再发布正式招标公告；2）分批次 落地，预计对医用设备需求释放有积极驱动作用，2024H2开始逐步落地；3）政策目标是到2027年医疗设备投资规 模较2023年增长25%以上，侧面反应出6%复合增速由政策托底；4） ...

2024 ￥ 08 A 04 A 证 美好充袱 个 什么好充 • 區 美生物 區 苏什业创新跨周报 (7.29-8.4) 發手大市(維持) 2024 年 8 月 第 一 周 创 新 药 周 报 ( 附 小 孝 題 IL-4R 研 发 概 况 ) A 股 卡港股创新范长头及 XBI 格敦本周大学 2024 年 8 月 茅 一 周，陆港两地创新药板块并 42个股上涨，17 个股下跌。共中 涨幅前三为水息生物-B(+10.7%)、百利天恒-B(+10.12%)、猴芯生物(+8.38%)。块 检 前三为北海底底-B(-12.68%)、软礼划药-B(-10.92%)、药明丘诺-B(-6.67%)。 本周 A 股创新药板块上涨 275%，跑高沪深 300 指数 3.48pp，生物质 药上涨 4.12%。连 6个月 A 股创新跨累计上涨 7.01%，跑赢沪深 300 指数 3.08pp，生物 医 药 系 计 下头 1.06%. 本周港殷创新药板块下块 0.09%，吃高担生格救 0.36pp，担生医疗保健上涨 0.56%。近６个月港股创新跨累计上涨 0.11%，吃棉恒生落款 5.07pp，恒生医疗 择 徙 系 计 下 头 0 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 1.43 billion yuan in H1 2024, representing a year-on-year increase of 41.2%. The net profit attributable to shareholders reached 300 million yuan, up 49.8%, while the net profit excluding non-recurring items was 290 million yuan, an increase of 50.8% [2] - The second quarter of 2024 showed steady growth, with significant increases in the sales of traditional Chinese medicine products, particularly the Wuling capsule and Lingze tablets. The sales revenue of the Wuling series grew by 29.15%, with the Wuling capsule alone increasing by 28.86%. The revenue from traditional Chinese medicine formula granules surged by 256.73% due to an increase in registered varieties [2] - The company's gross margin for H1 2024 was 62.6%, a decrease of 6.7 percentage points, while the net profit margin improved by 1 percentage point to 21%. The sales expense ratio decreased by 7.4 percentage points to 34.2%, and the R&D expense ratio fell by 1.3 percentage points to 2.74% [2] - The core products are expected to continue their positive development trends, with the Wuling series benefiting from its inclusion in the national essential medicines list and provincial bulk purchasing programs. The Bailing series is also anticipated to grow, with Bailing capsules already listed in 28 provinces as of June 2024 [2] - The company forecasts net profits attributable to shareholders of 520 million yuan, 630 million yuan, and 770 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 37%, 21%, and 21% [2] Summary by Sections Financial Performance - H1 2024 revenue: 1.43 billion yuan (+41.2%) - H1 2024 net profit: 300 million yuan (+49.8%) - H1 2024 net profit excluding non-recurring items: 290 million yuan (+50.8%) [2] Product Performance - Wuling series revenue growth: 29.15% - Wuling capsule revenue growth: 28.86% - Traditional Chinese medicine formula granules revenue growth: 256.73% - Traditional Chinese medicine slices revenue growth: 57.11% [2] Profitability Metrics - H1 2024 gross margin: 62.6% (-6.7pp) - H1 2024 net profit margin: 21% (+1pp) - H1 2024 sales expense ratio: 34.2% (-7.4pp) - H1 2024 R&D expense ratio: 2.74% (-1.3pp) [2] Future Projections - Expected net profits for 2024-2026: 520 million yuan, 630 million yuan, 770 million yuan - Year-on-year growth rates for net profits: 37%, 21%, 21% [2]

2024 ✦ 08 ♬ 04 ♬ 译本研究体体托业研究·光本 汽车行业周报 (7.29-8.2) 發手大市(維持) 政策激活重换高求，以旧换新进行时 杖美具点 。 教育走议： 连朝国家友系改革委、财政事印发《关于办力支持大规模设备更新 科消费品以旧换新的茶千禧活》，汽丰行业作为本轮以旧换新政策的变美支持 领域，全面意基亲周丰、高周丰长块，其中，亲周丰报废支新最高补贴可达 2 方元，裁至８月２日上午９时，全国汽车报废史新补贴中请交城 45 万份，表 们预计以旧换新政策有望旅游重装客求，对行业领域形成一定拉动。商用丰方 币，支通运输将、财政部印发《关于实施老旧管运贷车报废更新的通知》，旨 森支持振成四三え以下排放桥途管结类柴油贷车，办快支新一起商标准低排放 贷车，查卡报废并新的国六条油车补贴范围在 5.2-11 万元之间：报废并新购新 能源查卡补贴范围在 8.2-14万元: 印发《新能源域市公交手及动力屯池支新补 點 笑 法典則》的通知，等稱本千均补贴 6 方元，某中，对更新新能源城市公交 车的，等椅车子均补贴 8万元；对更换动力屯池的，等椅车补贴 4.2万元。伴 随后续配套推范持续落实，因内来用丰、高用丰以旧换 ...