Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 2.76 billion yuan in the first half of 2024, representing a year-on-year growth of 15.1%, and a net profit attributable to shareholders of 630 million yuan, up 15.5% [2] - The growth is driven by the strong performance of new products "Jingru Shua A" and "Aosailidin," alongside effective market penetration in county-level healthcare and the sleep market [2] - The company continues to invest in R&D, with 320 million yuan allocated in the first half of 2024, a 13% increase year-on-year, and multiple clinical trials underway for innovative drugs [2] Summary by Sections Performance Summary - Revenue for the first half of 2024 reached 2.76 billion yuan, a 15.1% increase - Net profit attributable to shareholders was 630 million yuan, reflecting a 15.5% growth - The gross margin stood at 72.5%, a decrease of 1.25 percentage points, while the net margin remained stable at 22.67% [2] R&D and Innovation - R&D expenses accounted for 10.9% of revenue, an increase of 1 percentage point - The company is advancing several clinical projects, including one Phase III and two Phase II trials, with plans to submit three clinical applications in the second half of 2024 [2] Profit Forecast and Investment Advice - The company is expected to generate net profits of 1.21 billion yuan, 1.42 billion yuan, and 1.74 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 19, 16, and 13 [3] - The report emphasizes the potential of TRV130 to continuously drive performance [3]

[ T able_StockInfo] 2024 年 07 月 30 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：40.69 元 药明康德（603259）医药生物 目标价：——元（6 个月） Q2 收入利润环比改善，在手订单增长稳健 [Table_Summary 事件：公司发布] 2024年半年报，2024年半年度实现收入 172.4亿元，同比下滑 8.6%，实现归母净利润 42.4亿元，同比下滑 20.2%，经调整 Non-IFRS 归母净 利润 43.7 亿元，同比下滑 14.2%。 2024H1 业绩符合预期，剔除新冠项目后实现稳健增长。2024H1 公司业绩平稳 增长，其中剔除新冠商业化项目后收入同比下滑 0.7%；在原有活跃客户 6000+ 基础上新增客户 500+，在手订单 431亿元，剔除新冠商业化项目后+33.2%；全 球 Top20药企客户贡献收入 65.9亿元，剔除新冠商业化项目后+11.9%；小分子 D&M 管线持续扩张，2024H1 新增分子644 个，目前管线分子共 3319 个。 2024Q2收入、利润环比改善，一体化赋能平台持续驱动业务增长。公司持续强 化 ...

2024 ↑ 07 ↑ 30 ↑ 证 事研究教師•2024 牛牛皮 业纳快 袜 养 均胜电子（600699） 允养 买入 （焦片） 考前价：14.99 元 目标价：22.68 元（６个月） 盈利水平持续提升，新业务订单保持强劲增长 教养养 ● 李仲： (1) 7月 29日，公司发布 2024 辛辛度业绩长报，2024H1 公司实现容 业状入约 271 亿元，同比增长约 0.24%，较 2023H2 下降约 5.7%；实现归非许 村洞的 6.38 亿元，同比增长的 34%，较 2023H2 增长的 5%，构非归非净村洞 6.40 亿元，同比增长约 61%，较 2023H2增长约 5%。共中 2024Q2，公司实现 容量被入的 138亿元，同环比分别塔长的 0.1%/ 3.9%：实现归非许利润的 3.31 亿元，同环比分别增长约 20%/ 8%：构非归非净利润 3.29亿元，同环比分别增 长约 25%/ 6%。 (2) 7月 27日，公司发布《关于变让控股子公司少贫股东邻分 殷份的公告》, 拟通过控股子公司 JSS HOLDING HONG KONG LIMITED以 2.83 亿美元素等佳人民币的价格查让 PA ...

[ T able_StockInfo] 2024 年 07 月 28 日 证券研究报告•2024 半年报点评 持有 （维持） 当前价：18.70 元 人福医药（600079）医药生物 目标价：——元（6 个月） 麻醉药稳健增长，归核聚焦持续推进 [Table_Summary] 业绩总结：公司 2024 上半年实现营业收入 128.6 亿元（+3.86%），实现归母 净利润 11.1 亿元（-16.07%），主要系上年同期公司出售资产实现的非经常性 损益高于本报告期所致；扣非归母净利润 10.89 亿元（+1.68%）。 宜昌人福保持快速增长，非麻醉科室增速较快。宜昌人福继续推进多科室临床 应用工作，报告期内神经系统用药实现销售收入约 37.4 亿元（+11.2%），其中 在非麻醉科室实现销售收入约 12.86 亿元（+18%）。 各子公司稳健增长，稳步推进国际化发展。（1）医药工业：在呼吸道疾病用药 需求下降的情况下，葛店人福持续拓展高端原辅料业务，新疆维药加快拓展疆 外市场，业绩均保持稳步增长；三峡制药积极推进工艺改进，控制生产成本， 持续减亏。（2）医药商业：湖北人福持续提升产品引进及分销能力，积极响应 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - Q2 2024 performance exceeded expectations with significant growth in revenue and net profit [2] - Revenue for H1 2024 reached 183.4 billion yuan, up 22% YoY, while net profit attributable to shareholders was 34.99 billion yuan, up 23.4% YoY [2] - Q2 2024 revenue was 95.04 billion yuan, up 19.1% YoY and 7.6% QoQ, with net profit of 21.11 billion yuan, up 9.8% YoY and 52.1% QoQ [2] - Profitability continues to improve, with H1 2024 total profit reaching 41.25 billion yuan, up 24.3% YoY [2] - High-value-added products are driving ASP growth, with automotive glass ASP increasing by 5.94% YoY to 213.24 yuan per square meter in 2023 [2] - The company's market share is expanding, with global automotive glass sales reaching 140.16 million square meters in 2023, up 10.24% YoY [2] - Capital expenditure for 2024 is planned at 8.123 billion yuan to support capacity expansion [2] Financial Forecasts - EPS for 2024-2026 is projected to be 2.55/2.99/3.51 yuan, with a CAGR of 17.6% for net profit attributable to shareholders [3] - Revenue for 2024-2026 is forecasted to be 396.73/461.25/525.83 billion yuan, with growth rates of 19.64%/16.26%/14.00% [4] - Net profit attributable to shareholders for 2024-2026 is expected to be 66.65/78.10/91.59 billion yuan, with growth rates of 18.39%/17.19%/17.27% [4] - ROE is projected to increase from 19.68% in 2024 to 22.77% in 2026 [4] Industry and Market Position - The automotive glass industry is highly concentrated, and the company benefits from stable supply chains and cost advantages [2] - The company's focus on high-value-added products, cost control, and R&D investment gives it a competitive edge [2] - The trend towards automotive electrification and intelligence is driving market expansion, benefiting the company's product mix and ASP growth [2]

AI专题•从模型视角看端侧AI 模型技术持续演进，交互体验有望升级 西南证券研究发展中心 海外研究团队 2024年7月 核心观点 口 基础的构建：模型实现高效压缩是端侧AI的第一步。模型尺寸变小、同时具备较好性能 , 是端侧AI 的前提。目前，在10B参数规模以下的模型中，7B尺寸占据主流，3B及以下小模型仍在探索，部分 小模型性能正逐步接近更大参数模型，如谷歌Gemini-Nano模型在部分测试基准上接近Gemini- Pro、Meta Llama-3-8B模型表现可与Llama-2-70B匹敌。模型厂商为兼顾模型尺寸与性能，在算 法优化上进行积极探索，在模型压缩技术、稀疏注意力机制、多头注意力变体等领域取得持续进展 , 帮助模型减少参数、降低存算需求 , 同时保持较好的性能 , 为端侧AI奠定小模型的基础。 口 落地的关键：模型适配终端硬件是端侧AI的第二步。小语言模型（SLM）不完全等于端侧模型，在 模型实现高效压缩后，需要进一步与手机硬件进行适配，帮助小模型装进终端。从众多小模型论文 中可以发现，当前主要存在内存、功耗、算力三大硬件瓶颈。其中，苹果在其论文《LLM in a flash》中指出，70亿 ...

[Table_IndustryInfo] 2024 年 07 月 28 日 强于大市(维持) 证券研究报告•行业研究•国防军工 军工行业周报（7.22-7.28） 国防军工业绩复苏在即，建议积极配置 [上周（ Table_Summary 7月 22日-]7月 28日），SW 军工板块报收 1239.2点，上涨 1.4%，板 块排名第 1，商业航天指数(8841877)涨幅达 6.2%。同期沪深 300 指数下跌 3.7%，创业板指数下跌3.8%。 2024H1 跟踪速递： 半年度业绩预告跟踪：上半年业绩低迷，静待拐点。截至 7月 26日，共 40家 军工上市公司发布业绩预告，其中 26家企业净利润预计同比降低/转亏：10家 上市公司预计净利润同比增加/减亏；3 家上市公司预计扭亏为盈；1 家上市公 司暂不确定。从目前发布预告的公司业绩情况看，2024年上半年行业整体订单 和业绩仍处于低迷。预计随着订单合同的陆续下达，行业业绩将迎来修复与反 转。 半年报跟踪：截至 7月 26日，共 1家军工上市公司发布中报：航亚科技 2024H1 归母净利润同比增长 98%。 10754 军工研究： 商业航天：G60 星座首批 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company reported a revenue of 24.98 billion yuan for H1 2024, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 1.62 billion yuan, up 7.6% year-on-year. The second quarter saw a revenue of 14.0 billion yuan, reflecting a 26.0% year-on-year increase and a 27.6% quarter-on-quarter increase [2]. - The copper market is expected to see a long-term upward trend in prices due to increasing supply-demand gaps, with demand benefiting from high growth in the new energy sector. The company’s copper production is projected to reach 160,000 tons in 2024, contributing significantly to profit growth [2][3]. Company Summary - The company’s copper, zinc, and lead concentrate production for H1 2024 was 85,000 tons, 53,000 tons, and 28,000 tons respectively, with year-on-year changes of +42%, -12%, and -10%. The electrolytic copper production was 121,548 tons, up 44.1% year-on-year [2]. - The average prices for copper, lead, and zinc increased by 14%, 22%, and 14% respectively in H1 2024 [2]. - The company has completed the technical upgrades for the Yulong copper mine, which is expected to enhance production capacity significantly [2]. Financial Forecast - The forecast for net profit attributable to shareholders for the next three years is 3.51 billion yuan, 4.24 billion yuan, and 4.42 billion yuan, with corresponding EPS of 1.47 yuan, 1.78 yuan, and 1.85 yuan. The PE ratios are projected to be 11, 9, and 9 times respectively [3][4].

Investment Rating - The investment rating for the company is to "continue to pay attention" based on the potential for increased operational income through strategic acquisition and leasing of second-hand ships [7][31]. Core Insights - The company is expected to achieve net profits of 500 million, 748 million, and 900 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 0.55, 0.82, and 0.98 yuan, leading to PE ratios of 17x, 11x, and 10x [7][31]. - The shipping market is experiencing a recovery, with significant increases in the import volumes of Brazilian iron ore and Guinean bauxite, which is expected to enhance the company's operational efficiency and profitability [6][31]. - The company is optimizing its fleet and managing costs effectively, resulting in a substantial year-on-year increase in revenue and net profit for the first half of 2024 [31]. Summary by Sections Financial Forecast - The company anticipates revenues of 1,705.34 million, 3,120.69 million, 4,218.30 million, and 4,895.45 million yuan for the years 2024, 2025, 2026, and 2027 respectively, with growth rates of 82.99%, 35.17%, and 16.05% [8][25]. - The net profit attributable to the parent company is projected to be 185.04 million, 500.16 million, 747.93 million, and 900.19 million yuan for the same years, reflecting growth rates of 170.30%, 49.54%, and 20.36% [8][25]. - The company’s return on equity (ROE) is expected to improve from 5.09% in 2023 to 12.42% in 2024, reaching 16.00% and 16.59% in 2025 and 2026 respectively [8][25]. Market Dynamics - The global shipping market is recovering, with the Baltic Sea Index (BSI) average expected to be 1,430.47, 1,573.52, and 1,573.52 for the years 2024 to 2026 [10][12]. - The supply-demand balance in the dry bulk shipping market is tightening, with a forecasted supply-demand gap of 0.8% in 2024 and -2.2% in 2025, which is expected to support high freight rates [32]. Operational Strategy - The company is enhancing its fleet capacity through the acquisition of second-hand ships and long-term leasing, with an expected increase in controlled bulk carrier capacity of 20%, 15%, and 10% from 2024 to 2026 [12][31]. - The company is focusing on optimizing its global route layout and improving operational efficiency to reduce costs and strengthen profitability [6][31].

VD3、VE等持续涨价，关注维生素提价持续性 -原料药板块202402跟踪报告 西南证券研究发展中心 2024年7月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 核 心 观 点 2024年原料药最新报价及行情回顾（报价截至2024年7月26日）： ロ 价格上涨品种：大宗原料药中，维生素类：维生素D3在2024年7月价格为240元/千克(环比+182.4%，同比 +306.8%) , 维生素E价格为92.5元/千克(环比+17.1% , 同比+27.6%) , 维生素B1价格为195元/千克(环比+6.8% , 同比+69.6%)，维生素A价格为90.5元/千克(环比+3.4%，同比+4.0%)；维生素B6价格为154元/千克(环比+2.7% , 同比+14.5%）；抗生素及中间体类：青霉素工业盐2024年6月价格为150元/BOU(环比+36.4%，同比-11.8%), 6-APA价格为350元/干克(环比+9.4%，同比-5.4%)，7-ACA价格为490元/干克(环比+2.1%，同比+8.9%)；激素 类：皂素6月价格为6 ...