[Table_IndustryInfo] 2024 年 08 月 04 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0729-0804） 80510 Figure 02 预计近期推出， 英伟达 GR00T 助力机器人数据扩展 行情回顾： [Table_Summary 本周（7] 月 29日-8月-4日）机器人指数跑赢大盘。中证机器人指数 上涨 1.2%，跑赢上证指数 0.7个百分点，跑赢沪深 300指数约 2.0个百分点， 跑赢创业板指约 2.5 个百分点；国证机器人指数上涨 1.7%，跑赢上证指数 1.2 个百分点，跑赢沪深 300指数约 2.5个百分点，跑赢创业板指约 3.0个百分点。 埃夫特拟投资建设机器人超级工厂暨全球总部项目，预计增加 10万台工业机器 人产能。8 月 1 日，埃夫特发布公告，公司拟使用自有或自筹资金在芜湖市投 资建设埃夫特机器人超级工厂暨全球总部项目，预计总投资不超过人民币 19亿 元。项目分两期建设实施，一期建设完成达产后预计可实现年产 5 万台高性能 工业机器人，二期建设完成达产后预计可实现年产 10万台高性能工业机器人。 埃斯顿拟 4.5亿元增资机 ...

[Table_ReportInfo] 2024 年 08 月 02 日 证券研究报告•宏观定期报告 宏观周报（7.29-8.2） 国内政策将更加给力，美日央行轮番登场 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 40.90, while the current price is HKD 30.25 [1]. Core Insights - The company's mid-year performance for 2024 met expectations, with a total revenue of USD 170 million in the oncology/immunology segment, reflecting a 140% increase in market sales to USD 240 million [2]. - The strong performance in the oncology sector is attributed to the rapid acceptance of the product in the U.S. market and increased inventory demand [2]. - The company anticipates significant developments in its product pipeline, including approvals and market entries in various regions [2][9]. Financial Summary - The projected revenues for the company from 2024 to 2026 are USD 640 million, USD 740 million, and USD 880 million respectively, with the oncology segment contributing USD 330 million, USD 430 million, and USD 580 million [9]. - The expected growth rates for revenue are -23.38% in 2024, followed by 14.78% in 2025, and 20.09% in 2026 [3]. - The net profit for the parent company is forecasted to be -USD 17.24 million in 2024, with a significant recovery to USD 74.51 million in 2025 and USD 134.20 million in 2026 [3]. Product Pipeline and Market Potential - The company’s product, Yimian Tea Ni, is expected to gain market approval in China in 2024, with projected revenues from colorectal cancer treatments reaching USD 2.6 billion by 2026 [8]. - The product Saiwo Tea Ni is anticipated to have a new drug application submitted to the FDA by the end of 2024, with significant market potential in non-small cell lung cancer [2][8]. - The company is also expected to submit a new drug application for Suofan Tea Ni in 2024, with projected revenues from various cancer treatments increasing significantly over the next few years [8][9]. Valuation Metrics - The company’s price-to-sales (PS) ratio is currently at 5.3, which is below the industry average of 9.3, indicating potential undervaluation [10]. - The report suggests a valuation of 7 times PS, leading to a target price of HKD 40.90, maintaining the "Buy" rating [10].

2024 年 08 月 02 日 证券研究报告•2024 年半年报点评 道通科技(688208) 计算机 买入 (维持) 当前价：25.38 元 目标价：——元（6个月） 业绩大幅增长，逻辑逐步兑现 投资买点 ● 事件:公司发布 2024年半年度报告,实现收入 18.4亿元,同比增长 27.2%; 实现归母净利润 3.9亿元,同比增长 104.5%;实现扣非后归母净利润 2.9亿元, 同比增长 52.6%。 ● 迅步走过特型阵痛期,增长逻辑遥步兑现。公司 2024年 4月公告完成对子公司 深圳塞防科技 5%的股权转让,对其持股比例降至 46%,交易完成后塞防科技不 再并表,由此产生约 9900万元投资收益计入本期非经常性损益。单季度看,公 司 2024Q2 实现收入 9.8 亿元,同比增长约 32.0%,实现扣非归母净利润 1.6 亿元，同比增长约 40.2%，收入利润延续良好增长趋势，报表端重回健康状态。 ● 充电桩实现销售突破,传统业务需求回暖。公司新能源充电桩业务开始放量, 2024 年 H1 实现收入 3.8 亿元,同比增长 92.4%, 当前公司已搭建起涵盖 7kw-640kw 的交直流充电桩矩阵, ...

2024 年 08月 02 日 证券研究报告·宏观定期报告 宏观周报 (7.29-8.2) 国内政策将更加给力，美日央行轮番登场 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Insights - The company reported revenue of 64.7 billion yuan for FY24Q4, a year-on-year increase of 15%, with a GAAP net profit of 22 billion yuan, up 10% year-on-year [2]. - The growth rate of Azure has slowed, but AI contributions are increasing, with Azure revenue growing by 29% year-on-year, and AI driving an 8% increase in Azure revenue for FY24Q4 [2][3]. - Microsoft 365 subscriptions continue to grow, with productivity and business process revenue reaching 20.3 billion yuan, an 11% year-on-year increase [2]. Revenue and Profit Forecast - The company expects FY25Q1 intelligent cloud revenue to be between 28.6 billion and 28.9 billion yuan [2]. - The forecast for the company's net profit for FY2025-2027 is 102.75 billion, 119.82 billion, and 138.04 billion yuan, respectively, with a compound annual growth rate of 16.1% [3]. Business Segment Performance - The personal computing segment generated 15.9 billion yuan, a 14% year-on-year increase, benefiting from a recovery in the PC market [3]. - Windows revenue grew by 7%, with Windows OEM revenue increasing by 4% and commercial products and cloud services revenue rising by 11% [3]. Capital Expenditure - Capital expenditures for FY24Q4 reached 19 billion dollars, a 78% year-on-year increase, primarily for AI and cloud-related investments [2].

2024 牛 08 ♬ 02 日 译 本环尤依件2024 牛牛棋 本环 年能国际（600011）本用孝孝 英入 ( ##) 当前价：7.54 无 目标价：一一无（６个月） 煤价下降支撑火电业绩，风电盈利承压 表达夫,森 ● 李仲：公司友市 2024 年半年报，全年实现营校 1188亿元，同比下降 5.73%; 实现归书诗利润 74.54亿元，同比指长 18.16%；24Q2 实现容谈 534亿元，同 比下滑 12.05%，环比下滑 18.25%，实现包草冷利润 28.58 亿元，同比下滑 29.58%，环比下滑 37.82%。 。株式走屯利润网比麻比分别+0.007/-0.016 无。24Q1 公司煤机实现利润总额 11.55 亿元，同比/环比分别+74.2%/-59.1%，实现上网收量 781 亿千瓦叶，网 比/环比分别-9.65%/-15.3%，对应 24Q2 度 电利润 0.015 无/千瓦叶（同比/环比 分别+0.007 元/-0.016 元)。报告前内市场煤价保持低位运行，公司持续办大成 本答控力度，实现半位燃料成本同比下降，环比够有下滑主奏系水屯出力较好， 火屯上用屯至下滑所及。 。 风也显射来压 ...

2024 年 08月 01 日 证券研究报告·金融工程动态报告 央国企量化策略系列 央国企量化选股优选策略与8月组合 -央国企量化选股月度跟踪 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------| | | | | 搞要 | 西南证券研究发展中心 | | ● 结合央国企特性,从分红、估值、波动、情绪、公司业绩、抗风险能力、ESG 等 7个维度筛选出在国企中选股表现优异 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the next six months [1][3]. Core Insights - The company reported a revenue of 1.63 billion yuan for H1 2024, a year-on-year decline of 1.4%, and a net profit of 400 million yuan, down 8.4% year-on-year. Q2 2024 revenue was 830 million yuan, also down 7.3% year-on-year [2]. - The pre-mixed cocktail segment experienced a short-term revenue decline, with H1 revenue at 1.43 billion yuan, a decrease of 1.4%. The company is focusing on expanding consumption scenarios and enhancing brand marketing [2]. - The gross profit margin improved to 70.1% in H1 2024, up 4.2 percentage points year-on-year, with Q2 gross margin at 71.8%, an increase of 5.5 percentage points [2]. - The company is enhancing its product matrix for pre-mixed cocktails and is set to launch a new whiskey product in Q4 2024, aiming to become a leader in the domestic whiskey market [2]. Summary by Sections Financial Performance - H1 2024 revenue was 1.63 billion yuan, with a net profit of 400 million yuan. Q2 2024 revenue was 830 million yuan, and net profit was 230 million yuan [2]. - The gross margin for H1 2024 was 70.1%, with a net margin of 24.5%, while Q2 net margin recovered to 28% [2]. Revenue Breakdown - The pre-mixed cocktail segment generated 1.43 billion yuan in H1 2024, while the flavoring segment saw a revenue increase of 7.5% to 180 million yuan [2]. - Revenue from offline channels increased by 7%, while digital retail and ready-to-drink channels saw declines of 35.7% and 42.7%, respectively [2]. Profitability Forecast - The company forecasts net profits of 840 million yuan, 990 million yuan, and 1.13 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.80 yuan, 0.94 yuan, and 1.08 yuan [3][4]. - The dynamic PE ratios are projected to be 22x, 19x, and 16x for the same years [3]. Market Positioning - The company is focusing on enhancing its brand positioning with a 3-5-8 product matrix and aims to strengthen its presence in the whiskey market with new product launches [2]. - The company has completed a share buyback of 4.67 million shares, indicating confidence in its growth prospects [2].

2024H1血制品行业跟踪报告（附批签发） Q2人白增长提速，静丙增速转正 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 分析师：王彦迪 执业证号：S1250524040001 电话：021-68416017 邮箱：wydi@swsc.com.cn 2024H1血制品行业跟踪报告 分品种来看批签发数据，人血白蛋白：2024H1，人血白蛋白批签发2421批(+14%)，其中国产人白获批747 批(+7%)，占比为31%，进口人白获批1674批(+18%)，占比为69%。2024Q2人血白蛋白批签发批次为1247 批（+17%）。免疫球蛋白：2024H1静丙批签发批次为589批（-8%）；其他品种如狂免76批(+73%)、破免 61批(-12%)。2024Q2静丙批签发批次为319批，同比增长12%。凝血因子类：2024H1凝血因子Ⅷ获批258 批(+31%)、PCC获批123批(-18%)、纤原获批122批(-11%)。2024Q2凝血因子Ⅷ获批115批（+16%）、凝血 酶原复合物获批59批 ...