Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 1.496 billion yuan, a year-on-year growth of 47.8%, and net profit attributable to shareholders increasing by 99.1% to 550 million yuan [2]. - The company has improved its channel inventory and achieved a recovery in performance, with Q1 and Q2 revenues of 740 million yuan and 750 million yuan respectively, reflecting growth rates of 30% and 70.9% [2]. - The company has seen notable growth in its nephrology, hepatology, and critical care sectors, with the nephrology segment's revenue increasing by 84% in H1 2024 [2]. - The gross profit margin for H1 2024 was reported at 80.5%, with a net profit margin of 36.8%, indicating improved profitability [2]. Financial Performance Summary - The company forecasts net profits of 1.057 billion yuan, 1.471 billion yuan, and 1.845 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 142.34%, 39.02%, and 25.71% [3]. - The projected revenue for 2024 is 3.043 billion yuan, with a growth rate of 58.31% compared to 2023 [4]. - The company’s earnings per share (EPS) is expected to rise from 0.54 yuan in 2023 to 1.31 yuan in 2024 [4]. Business Segment Performance - The company has established a comprehensive product system in the nephrology field, with significant revenue contributions from its HA series blood purification products, which have been in clinical use for 20 years and are now available in over 6,000 hospitals [2]. - The KHA series, specifically designed for uremia, saw a revenue increase of 180% in H1 2024, covering over 500 hospitals [2]. - The hepatology segment has expanded to over 2,000 hospitals, with a revenue increase of 112% in H1 2024 [2]. - The company’s blood purification equipment, including the DX-10 blood purification machine, has been installed in nearly 4,000 units across 1,800 hospitals, achieving a market share of 21.43% in the CRRT device segment [2]. Market Outlook - The company is actively expanding its overseas market presence, with a 64% increase in revenue from international operations in H1 2024 [2]. - The company anticipates continued growth in sales volume for its blood purification products, with projected growth rates of 67%, 36%, and 22% for the years 2024 to 2026 [6].

医药行业2024年8月投资月报 看好医药三大方向 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 2024年8月投资观点 行情回顾：2024年1-7月，申万医药指数下跌20.91%，跑输沪深300指数21.23pp，年初以来医药行业涨跌幅排名第26。2024年7月申 万医药指数上涨0.22% ，跑赢沪深300指数0.79 pp，月初以来行业涨跌幅排名第13。2024年1-7月，血液制品累计跌幅最小（-4.5%）； 线下药店累计跌幅最大（-40.4%）。2024年7月，医疗研发外包板块涨幅最大(+7.5%)，线下药店跌幅最大(-13.2%)。 中报业绩进入密集披露期，医药行业政策催化不断。7月5日，国常会审议通过《全链条支持创新药发展实施方案》，有望进一步促进创 新药行业产业升级和高质量发展；7月10日，国家药监局组织制定了《中药标准管理专门规定》，自2025年1月1日起施行，有望进一步 激发中药创新药动力；7月23日，国家医保局发布《按病组和病种分值付费2.0版分组方案并深入推进相关工作的通知 ...

[ T able_StockInfo] 2024 年 08 月 07 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：29.61 元 安琪酵母（600298）食品饮料 目标价：——元（6 个月） Q2 经营改善，股权激励落地彰显信心 [Table_Summary 事件：公司发布] 2024年半年报，上半年实现营业收入 71.7亿元，同比增长 6.9%； 实现归母净利润 6.9亿元，同比增长 3.2%。其中 24Q2实现营业收入 36.9亿元， 同比增长 11.3%；实现归母净利润3.7 亿元，同比增长 17.3%。 国内业务改善，海外延续较高增速。1、分品类看，上半年酵母及深加工产品、 制糖产品分别实现营业收入 51.2亿元（+8.8%）、5.9亿元（-26.5%）。2、分区 域看，上半年国内、国外分别实现营业收入 43.1 亿元（+0.9%）、28.2 亿元 （+17.9%）。二季度国内业务恢复正增长，国外业务保持较快增速。随着埃及、 俄罗斯子公司扩产逐步落地，公司有望进一步发挥成本优势、扩大在全球的份 额。 原材料价格回落，Q2盈利同比改善。1、上半年毛利率 24.3%，同比下降 0.3 ...

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating that the overall return is expected to exceed the relevant market index by more than 5% over the next six months [1][17]. Core Insights - Railway investment in China has shown a strong growth of 10.5% year-on-year from January to July 2024, with total fixed asset investment reaching 410.2 billion [2][10]. - The period from 2024 to 2027 is projected to be a peak investment phase for railways, benefiting domestic rail transit equipment manufacturing companies [2]. - The China National Railway Group has indicated that the average annual fixed asset investment for railways during the 14th Five-Year Plan will be around 800 billion, similar to the previous plan [2]. - The demand for railway equipment maintenance and upgrades is expected to increase significantly due to the aging of existing equipment and the push for modernization [2]. - Recent contract signings by CRRC Corporation amount to 45.99 billion, representing 19.6% of its 2023 revenue, indicating robust demand in the railway equipment sector [2][3]. Summary by Sections Railway Investment Trends - Fixed asset investment in railways reached 410.2 billion, with July's investment at 72.9 billion, marking the highest levels since 2015 [2][10]. - The railway investment is expected to maintain high levels due to ongoing modernization and maintenance needs, with projections for annual investments exceeding 800 billion in 2024-2025 [2]. Equipment Manufacturing and Maintenance - The report highlights a significant increase in railway equipment maintenance orders, with total orders surpassing the previous year's revenue figures [2]. - The transition from older diesel locomotives to electric ones is anticipated, with a policy aimed at phasing out outdated diesel engines by 2027 [2]. Recommended Companies - Key companies recommended for investment include CRRC Corporation, China Railway Signal & Communication, and Siwei Control, with additional mentions of other core component manufacturers [3].

2024 牛 08 月 08 日 证券所充报告•行业研究•杭械设备 轨交行业动态点评 强于大市(维持) 1-7 月铁路投资同比增长 10.5%，高景气持续 投美美点 ● 7 月铁路周无贫产投资材块高增。2024M1-M7 全国铁路无成周定资产投资 4102 亿，网比+10.5%，半７月投资 729 亿，网比+9.8%，绝对颍和投资增速 均是 2015 年未同期最高。2024-2027 年是铁路投资大年，国内轨交装备制造 企业确定性变益；根据国铁集团："十四五"全国铁路国定资产投资总规模特 与"十三五"年均 8000亿左右总体相当，2021-2023年铁路投资分别为 7489 亿、7109亿、7645亿元，预计 2024-2025 年铁路投资年均有望在 8000亿以 上：2026-2030年，在铁路支新改造和后市场宽未背亲下，铁路行业投资有望 维持高征，持续刺激相关设备投资力违释放，带动轨交谈备行业更新换代&维 修维保后市场持续效重。 ● 行业微观将标题预期。近期，中国中丰发布公告，2024M6-M7 期间中丰签订 合同 459.9 亿元，占 2023 年登收 19.6%，共中签订动车组高级修订单 136.8 ...

汽车行业出口专题 不畏风险与挑战，只缘出海正当时 西南证券研究发展中心 汽车研究团队 2024年8月 投资建议 中国汽车出海表现优异，中国品牌海外市场销量有望超过250万辆。1）中国汽车产业优势突出，基本 实现全产业链覆盖，产业链具有一定韧性，受外界冲击影响可控且能实现快速修复；规模化以及快速响 应等特点也使得中国汽车成本可控、性价比优势明显。2）2023年中国首次超越日本成为全球第一大汽 车出口国，24年以来出口依然保持较快增长，24H1累计出口293万辆，同比+25.3%，根据测算，24 年中国品牌在海外市场实际销量有望达257.7万辆，同比+12.1%。3）2023年以来国家各部委、地方多 次提到"汽车出口"，政策端培育汽车出口的意图未变，中国汽车出海有望在政策扶持下持续快速发展。 1 不惧风险与挑战，中国车企寻求多元合作。1）中国汽车品牌，尤其是新能源汽车在国际市场地位日益 提升，在此背景下欧盟对中国电动汽车采取反补贴调查并加征关税，短期内影响中国电动汽车在欧洲市 场的产品竞争力和市场份额。2）基于国际环境变化，中国车企采取多元化策略谋求合作：以比亚迪、 奇瑞为代表的中国汽车品牌纷纷走出国门，实现海外 ...

Trade Overview - In the first seven months of 2024, China's total goods trade amounted to $34,950.4 billion, a year-on-year increase of 3.5%, with exports growing by 4% and imports by 2.8%[4] - The trade surplus expanded to $518 billion, up from $480.11 billion in the same period of 2023[4] - In July 2024, the trade surplus narrowed to $84.65 billion, despite being higher than the $79.396 billion surplus in July 2023[4] Export and Import Trends - July exports increased by 7% year-on-year, but the growth rate slowed by 1.6 percentage points compared to June[4] - Imports in July rebounded with a growth of 7.2%, reversing a decline of 2.3% in June[4] - High-tech product exports saw a significant increase of 11.5% in July, up 5.2 percentage points from the previous month[11] Economic Indicators - The manufacturing PMI for the US in July was 46.8, indicating contraction, while the Eurozone's manufacturing PMI was 45.6, also reflecting a downturn[4] - The global manufacturing PMI fell to 48.9 in July, marking a decline for four consecutive months, indicating weakening economic recovery[4] Trade Partner Performance - Exports to ASEAN, the EU, the US, and South Korea all showed recovery in the first seven months of 2024, with ASEAN being China's largest trading partner at $552.09 billion, a 7.7% increase year-on-year[7] - Imports from Japan decreased, while imports from other major trading partners increased, with imports from South Korea rising by 13.4%[7] Future Outlook - The export growth rate is expected to gradually decline to around 3% for the year due to high base effects and weakening overseas demand[4] - Domestic policies aimed at boosting demand are anticipated to support import growth, although base effects may lead to a gradual decline in import growth rates[4]

[ T able_StockInfo] 2024 年 08 月 07 日 证券研究报告•2024 年半年报点评 持有 （维持） 当前价：5.43 元 石化机械（000852）机械设备 目标价：——元（6 个月） 国际市场拓展顺利，氢能订单快速放量 [Table_Summary 事件：公司发布] 2024年半年报，2024H1公司实现营业收入 38.9亿元，同比减 少 8.9%；实现归母净利润 6569万元，同比增长 1.1%；2024Q2公司实现营业 收入 22.1亿元，同比减少 5.1%，实现归母净利润 4038万元，同比增长 2.9%。 公司盈利能力逐渐修复。 国际市场拓展顺利，新增订单持续增长。2024H1，受国内油气干线管网建设速 度整体放缓、部分项目开工滞后等影响，钢管产品收入大幅下降，同比减少 63.0%，导致公司整体收入下降 3.8亿元。2024H1，公司新增订货 57.6亿元， 同比增长 5%，公司积极拓展国际热点市场，国际市场新增订货 10.5 亿元，同 比增长 66%，其中钢管产品实现海外订货 5.7 亿元，压缩机产品首次中标尼日 利亚天然气压缩机、委内瑞拉氢气压缩机项目，标志着压缩机市场 ...

[ T able_StockInfo] 2024 年 08 月 05 日 证券研究报告•2024 年中报点评 买入 （维持） 当前价：44.75 元 牧原股份（002714）农林牧渔 目标价：——元（6 个月） 降本增效量价齐升，Q2 业绩扭亏为盈 [Table_Summary 业绩总结：公司发布 ] 2024年中报。公 2024年上半年公司实现营业收入 568.66 亿元，同比增长 9.63%；实现归母净利润 8.29亿元，同比扭亏为盈。其中 24Q2 实现营业收入 305.94 亿元，同比+10.56%，实现归母净利润32.08 亿元。 点评：降本增效量价齐升，Q2业绩扭亏为盈。半年度经营业绩实现同比扭亏为 盈，主要原因为报告期内公司生猪出栏量、生猪销售均价较去年同期上升，且 生猪养殖成本较去年同期下降。报告期内，随供需形式改善，生猪价格由 1 月 的 14.2 元/公斤上涨至 6 月的 18.3 元/公斤。2024 年上半年，公司出栏生猪 3,238.8 万头，同比增长 7%，其中商品猪 2,898.2 万头，仔猪 309.3 万头，种 猪 31.2万头。2024年 6月生猪养殖完全成本已降至 14元/ ...

[Table_IndustryInfo] 2024 年 08 月 06 日 强于大市(维持) 证券研究报告•行业研究•电力设备 光伏电池片出海专题 海外电池片存供应缺口，出海贡献超额盈利 逆[Table_Summary 全球化趋势下，]多国出台贸易保护政策，鼓励本土光伏制造业发展。为推动 能源结构转型升级，保障能源安全，多国出台政策鼓励本土光伏制造业发展。 例如，美国、印度、土耳其均通过加征关税方式抬高进口电池片/组件的成本， 同时对制造厂商进行补贴以扶持本土制造业。欧洲也规划了 2030 年光伏制造 产能达 30GW、40%清洁能源技术在本土制造的目标。 海外电池产能建设落后于组件，电池片供应仍将依赖进口。组件因技术工艺成 熟、自动化程度高、投资额低、价值量最大，成为海外制造厂商率先布局的环 节。电池片技术难度较高、投资额较大，且当前处于 P 型向 N型升级迭代的窗 口期，海外电池片产能规划和落地速度远滞后于组件。在政策刺激下，美国、 印度、土耳其等地组件制造业蓬勃发展，未来将从进口组件转为进口电池片。 电池片出海分为产能出海和产品出海。对于美国市场，需要产能出海以规避双 反关税。对于印度、土耳其市场，由于 ...