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]

Investment Rating - The report indicates a positive outlook for the medical device sector, driven by government policies supporting equipment upgrades and replacements, with an expected compound annual growth rate (CAGR) of at least 6% from 2023 to 2027 [2][15][19]. Core Insights - The medical device replacement initiative is part of a broader national policy aimed at promoting equipment upgrades, with a total of approximately 300 billion yuan allocated for various sectors, including healthcare [4][9]. - The policy aims for a 25% increase in medical equipment investment by 2027 compared to 2023, reflecting a strong growth trajectory supported by government initiatives [6][15]. - The demand for medical devices is expected to be stimulated significantly starting in the second half of 2024, with a projected demand exceeding 1.3 trillion yuan [15][20]. Summary by Sections Policy Framework - The central government has issued multiple directives to support large-scale equipment upgrades, emphasizing the importance of high-quality development and the need for modernized medical facilities [4][21]. - Specific measures include optimizing project support methods, increasing financial incentives for equipment upgrades, and simplifying approval processes for hospitals [5][9]. Market Demand - The report anticipates a robust demand for medical imaging equipment, which is expected to show early signs of market growth due to the replacement policy [20][25]. - The overall medical device market is projected to grow at a CAGR of 6-10% from 2023 to 2027, with the lower end of this range being policy-driven [15][19]. Financial Support - The government has allocated approximately 1.48 trillion yuan specifically for medical equipment upgrades, with a significant portion of this funding expected to be utilized in the coming years [4][9]. - Financial support mechanisms include increased fiscal subsidies for equipment loans, with the interest subsidy rate raised from 1% to 1.5% [5][9]. Implementation Timeline - The rollout of the replacement policy is expected to begin in Q4 2024, with substantial impacts on the financial performance of companies in the medical device sector anticipated in 2025 [20][25]. - Local governments have begun to respond to central policies, with over 30 provinces and municipalities issuing specific action plans for equipment upgrades [22][24].

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 ...

[Table_IndustryInfo] 2024 年 08 月 04 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（7.29-8.2） 政策激活置换需求，以旧换新进行时 投资建议： [Table_Summary] 近期国家发展改革委、财政部印发《关于加力支持大规模设备更新 和消费品以旧换新的若干措施》，汽车行业作为本轮以旧换新政策的重要支持 领域，全面覆盖乘用车、商用车板块，其中，乘用车报废更新最高补贴可达 2 万元，截至 8 月 2 日上午 9 时，全国汽车报废更新补贴申请突破 45 万份，我 们预计以旧换新政策有望激活置换需求，对行业销量形成一定拉动。商用车方 面，交通运输部、财政部印发《关于实施老旧营运货车报废更新的通知》，旨 在支持报废国三及以下排放标准营运类柴油货车，加快更新一批高标准低排放 货车，重卡报废并新购国六柴油车补贴范围在 5.2-11万元之间；报废并新购新 能源重卡补贴范围在 8.2-14万元；印发《新能源城市公交车及动力电池更新补 贴实施细则》的通知，每辆车平均补贴 6万元，其中，对更新新能源城市公交 车的，每辆车平均补贴 8万元；对更换动力电池的，每辆车补贴 4 ...

[2024 Table_IndustryInfo 年 08 月 03 日 ] 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业周报（7.29-8.2） 创新药支持政策催化 [行情回顾： Table_Summary 本周医药生物指数上涨 ] 3.21%，跑赢沪深 300 指数 3.94 个百分 点，行业涨跌幅排名第 4。2024 年初以来至今，医药行业下跌 20.79%，跑 输沪深 300 指数 19.43 个百分点，行业涨跌幅排名第 26。本周医药行业估值 水平(PE-TTM)为 24 倍，相对全部 A 股溢价率为 80.18% (+5.09pp)，相对剔 除银行后全部 A 股溢价率为 34.67% (+3.88pp)，相对沪深 300 溢价率为 115.13% (+7.84pp)。本周相对表现最好的是医疗研发外包，上涨 8.3%。 创新药支持政策催化。7 月 30 日，上海市人民政府办公厅发布关于支持生物 医药产业全链条创新发展的若干意见。《意见》主要包括大力提升创新策源能 力、推动临床资源更好赋能产业发展、推动审评审批进一步提速、加快创新 产品应用推广、加强为企服务和产业化落地支持、强化投融资 ...

[Table_StockInfo] 2024 年 08 月 01 日 证券研究报告•2024 年中报点评 买入 （维持） 当前价：180.30 元 宁德时代（300750）电力设备 目标价：——元（6 个月） 盈利能力稳定，储能快速增长 事件： [Table_Summary 2024 上半年] ，公司实现营收 1667.67 亿元，同比下跌 11.88%；实现归 母净利润 228.65亿元，同比增长 10.37%；扣非归母净利润 200.54亿元，同比 增长 14.25%。2024Q2公司实现营收 869.96亿元，同比下跌 13.18%，环比增 长 9.06%；归母净利润 123.55亿元，环比增长 17.56%，扣非归母 108.07亿元， 环比增长 16.86%。业绩符合预期。 公司储能电池出货量超预期，麒麟电池、神行电池出货份额不断提升。2024年 H1 公司出货量为 205GWh，同比+13%，符合预期，产量为 211GWh，同比+37%。 2024Q2 二季度公司单位盈利能力保持稳定，由于碳酸锂等资源及原材料价格下 降，公司产品单位销售价格下降，毛利率提升。 公司 Q2电池出货量为 110GWh， ...

[Table_ReportInfo] 2024 年 08 月 03 日 证券研究报告•市场投资策略 估值周报（0729-0802） 大盘周中强势回暖，海外指数遭遇"黑色星期五" | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...