[Table_StockInfo] 2024 年 09 月 06 日 证券研究报告•2024 年半年报点评 当前价：31.12 元 浪潮信息（000977）计算机 目标价：——元（6 个月） 服务器龙头企业，AI 带来新发展机遇 [Table_Summary 事件：公司发布] 2024年半年报，公司 2024年上半年实现营收 420.6亿元，同 比增长 68.7%；实现归母净利润 6亿元，同比增长 90.6%。其中 2024年 Q2实 现营收 244.6 亿元，同比增长 58.8%；实现归母净利润 2.9 亿元，同比增长 152.2%。 服务器业务为主，海外业务大幅增长。2024 年 H1 公司营收实现快速增长，主 要得益于人工智能迅速发展带来的服务器需求增加。分产品看，服务器及部件 为公司营收主要来源，2024 年 H1 服务器及部件实现营收 418.8 亿元，同比增 长 70%；IT终端及散件实现营收 0.6亿元，同比下降 66.5%。分地区看，国内 实现营收298亿元，同比增长46%；海外实现营收 122.6亿元，同比增长171.5%， 海外业务增幅较大。 经营性现金流有所改善，存货处于增长趋势。202 ...

202X`4[Table_ReportInfo] 年 09 月 07 日 证券研究报告•市场周评 北交所周报（9.2-9.6） 天工股份上市暂缓，瑞华技术即将发行 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|-------------------------------| | | | | | 摘要 | 西南证券研究发展中心 | | | [Table_Summary] 周观点：本周，北交所整体表现较弱，北证 50 指数较周一开盘市值下降 5. ...

Investment Rating - Buy (First Coverage) with a target price of 45.00 yuan (6 months) [1] Core Views - The company's overseas business is beginning to boom, with a strategic focus on solid-state battery equipment [1] - The company's gross profit reached 330 million yuan in H1 2024, a YoY increase of 17.4%, with a gross margin of 28.3%, up 4.5 percentage points YoY [1] - Overseas orders now account for 70% of the company's total orders, with Europe being the primary market, leading to a rapid increase in gross margin [1] - The company's overseas revenue in H1 2024 reached 378 million yuan, a significant increase, accounting for 32% of total revenue [1] - The company is one of the few Chinese companies providing complete Pack module equipment to overseas customers, with strong competitive advantages in the overseas Pack equipment market [1] Business Overview - The company focuses on the new energy vehicle industry, with multiple lines of business in the lithium battery sector, including power battery structural components and new energy vehicle equipment [1][8] - The company has recently announced a collaboration with Qingtao Energy to develop core equipment for solid-state batteries, which is expected to be a key growth area in the future [1][8] - The company's main customers include CATL, Volkswagen, and BMW, with a strong presence in Europe and North America [8] - The company has established manufacturing bases in Shanghai, Wuhan, and Changsha, and has subsidiaries or offices in Germany, the Czech Republic, and the United States [8] Overseas Market Expansion - The company's overseas revenue in H1 2024 reached 378 million yuan, a significant increase from 76.729 million yuan in 2023, with overseas orders now accounting for 70% of total orders [1][13] - The company has secured high-value overseas contracts, including a 79.772 million euro order from a German customer and a 620 million yuan order from another European customer, ensuring stable overseas revenue growth [15] - The company has a first-mover advantage in the overseas Pack equipment market, with multiple production lines already delivered to European customers, including Volkswagen and Skoda [1][28] Financial Performance and Forecast - The company's revenue in H1 2024 was 1.17 billion yuan, a slight YoY decrease of 1.2%, but net profit attributable to the parent company surged to 130 million yuan, a YoY increase of 2161.9% [1] - The company's gross profit margin for new energy vehicle intelligent automation equipment reached 33.6% in H1 2024, up 10 percentage points from 2023 [1] - The company is expected to achieve revenues of 3.0 billion yuan, 3.93 billion yuan, and 4.66 billion yuan in 2024, 2025, and 2026, respectively, with net profits of 281 million yuan, 431 million yuan, and 547 million yuan [2][30] - The company's EPS is forecasted to be 2.25 yuan, 3.45 yuan, and 4.37 yuan for 2024, 2025, and 2026, respectively, with a compound annual growth rate of 40% in net profit from 2025 to 2026 [2][31] Industry Outlook - The global new energy vehicle market is expected to grow rapidly, with overseas markets, particularly Europe, showing strong demand for new energy vehicles and related equipment [1][23] - The company is well-positioned to benefit from the increasing localization policies and demand for new energy vehicles in Europe, with a strong competitive advantage in the Pack equipment market [1][23] - The company's collaboration with Qingtao Energy on solid-state battery equipment is expected to further open up the lithium battery equipment market, providing additional growth opportunities [2][31] Valuation - The company's 2024 PE is estimated at 15x, with a target PE of 20x, leading to a target price of 45 yuan [2][31] - Compared to peers in the lithium battery industry, the company's valuation is attractive, with a strong growth outlook and competitive advantages in the overseas market [31][32]

[ T able_StockInfo] 2024 年 09 月 02 日 证券研究报告•公司动态跟踪报告 持有 （维持） 当前价：25.27 元 博瑞医药（688166）医药生物 目标价：——元（6 个月） BGM0504 催化持续，24H1 业绩稳健增长 [Table_Summary 事件：公司披露] BGM0504 注射液治疗 2 型糖尿病的 II 期临床试验数据，初步 结果显示，BGM0504注射液目标剂量 5 mg、10mg、15mg剂量组受试者每周 给药 1 次、给药 14~18 周后的整体耐受性、安全性良好，各剂量组受试者在 HbA1c、空腹血糖、餐后 2h 血糖等降糖指标以及 HbA1c/体重复合达标率指标 等均较基线有显著改善，明显优于安慰剂组，且与阳性对照药物司美格鲁肽注 射液相比展现出较好的可比性。 BGM0504 注射液 2 型糖尿病临床 II 期数据优异，具备 BIC 潜力。BGM0504 注射液是公司自主研发的 GLP-1（胰高血糖素样肽 1）/GIP（葡萄糖依赖性促胰 岛素多肽）受体双重激动剂。1）糖化血红蛋白（HbA1c）：目标剂量给药第 12 周时，BGM0504注射液 5mg ...

[2024 Table_IndustryInfo 年 09 月 07 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（9.2-9.6） 中报落地，关注医保谈判进展 [行情回顾： Table_Summary 本周医药生物指数下跌 ] 2.05%，跑赢沪深 300 指数 0.66 个百分 点，行业涨跌幅排名第 14。2024 年初以来至今，医药行业下跌 25.07%，跑 输沪深 300 指数 19.25 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 23 倍，相对全部 A 股溢价率为 83.53% (+4.83pp)，相对剔 除银行后全部 A 股溢价率为 37.85% (+3.24pp)，相对沪深 300 溢价率为 119.68% （+6.87pp)。本周相对表现最好的子板块是线下药店，上涨 5.1%， 其次是医药流通，上涨 0.6%，年初以来跌幅最小前三板块分别是血液制品、 化学制剂和医药流通，跌幅分别为 10%、14.3%和 14.4%。 医药中报披露完毕，板块业绩呈现分化趋势。从中报业绩看，利润端药品、 血制品板块表现相对较好。我们认为，展望 24Q3 ...

[Table_IndustryInfo] 2024 年 09 月 08 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（9.2-9.6） 8 月新能源乘用车零售渗透率 53.1%，重卡市场供需两弱 投资建议 [Table_Summary] ：近期，山西、深圳等多地相继出台加力支持设备更新和消费品以旧 换新的具体实施方案，以旧换新政策补贴力度持续加大。乘用车方面：8 月， 乘用车市场零售 191.0万辆，同比-1%，环比+11%，今年以来累计零售 1347.7 万辆，同比+2%。今年以来累计批发 1584.9万辆，同比增长 3%。相比首购需 求疲软，换购和增购需求显得更加活跃。新能源汽车：8月 1-31 日，新能源车 市场零售 101.5万辆，同比+42%，环比+16%，今年以来累计零售 600.4万辆， 同比+35%。9月 3日，中国汽车能效开发与检测专业联盟在京宣布成立，我国 新能源汽车即将进入能效管理时代。智能汽车：近日，第二十七届成都国际汽 车展览会正在进行，众多车企展示了搭载 AI大模型的智能新车型，其中端到端 AI 大模型成为亮点，体现了汽车智能化发展的新高度，智驾技术正迅速迭代与 ...

Investment Rating - The report maintains a "Buy" rating for Shanghai Laishi (002252) [1] Core Views - The company's H1 2024 performance met expectations with a revenue of 4.25 billion yuan, representing a 9% increase, and a net profit attributable to shareholders of 1.24 billion yuan, up 0.2% [3] - The growth in revenue was driven by a 2% increase in self-operated blood products revenue and an 18.9% increase in imported human albumin revenue [3] - The gross margin remained stable at 42% in Q2 2024, indicating effective adjustments in sales channels to mitigate price reductions in hospitals [3] - The report forecasts revenue growth for 2024-2026, estimating revenues of 8.81 billion yuan, 10.08 billion yuan, and 11.42 billion yuan, with net profits of 2.49 billion yuan, 2.81 billion yuan, and 3.17 billion yuan respectively [3] Summary by Sections Financial Performance - H1 2024 revenue was 4.25 billion yuan (+9%), with Q2 revenue at 2.2 billion yuan (+19.5%) [3] - H1 2024 net profit attributable to shareholders was 1.24 billion yuan (+0.2%), while Q2 net profit was 480 million yuan (-7%) [3] - The company experienced a decrease in non-recurring net profit by 6% in H1 2024 [3] Revenue Breakdown - Self-operated blood products revenue for H1 2024 was 2.25 billion yuan (+2%) [3] - Imported human albumin revenue reached 1.95 billion yuan (+18.9%), significantly contributing to overall revenue growth [3] Profitability Metrics - Q2 2024 gross margin was stable at 42%, reflecting the company's ability to manage costs effectively [3] - The report anticipates a recovery in profit margins in the second half of 2024 due to the one-time charitable donation impacting Q2 profits [3] Future Projections - Revenue projections for 2024-2026 are 8.81 billion yuan, 10.08 billion yuan, and 11.42 billion yuan respectively [4] - Net profit projections for the same period are 2.49 billion yuan, 2.81 billion yuan, and 3.17 billion yuan respectively [4] - The company is expected to maintain strong profitability in its self-operated blood products business while enhancing its market position through imported human albumin [3]

[Table_StockInfo] 2024 年 09 月 02 日 证券研究报告•2024 年中报点评 买入 （首次） 当前价：29.68 元 开立医疗（300633）医药生物 目标价：36.80 元（6 个月） 24H1 短期承压，静待招投标回暖 事件：公司发布 2024年中报，24H1公司实现营收 10.1亿元（-2.9%），归母净 利润 1.7亿元（-37.5%），归母扣非净利润 1.55亿元（-43.3%），实现毛利率 67.4% （-1.6pp）。单 Q2 公司实现营收 5.3 亿元（-6.5%），归母净利润 7038 万元 （-47.7%），归母扣非净利润 6273万元（-57.5%）。24H1短期承压，静待招投 标回暖。 24H1 短期承压，静待招投标回暖。分季度看，2024Q1/Q2 单季度收入分别为 4.8/5.3 亿元（ +1.3%/-6.5% ），单 季度 归 母净 利润 分 别 为 1/0.7 亿 元 （-27.6%/-47.7%）。24H1随着国内医疗反腐以及国内医院开标终端医院采购减 少，给超声业务线的招投标带来较大影响，对内窥镜影响相对较小。超声毛利率 -3.53pp 主要因为 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's 24H1 performance met expectations, with significant growth in the IVD (In Vitro Diagnostics) business [2] - Revenue for 24H1 reached 20.53 billion yuan (+11.1%), with net profit attributable to the parent company at 7.56 billion yuan (+17.4%) [2] - The IVD business grew by 28.2% in 24H1, driven by strong demand in both domestic and international markets [2] - The company continues to invest heavily in R&D, with 1.78 billion yuan spent in 24H1, focusing on high-end product innovation and expanding the "Ruizhilien" ecosystem [2] Business Performance Life Information & Support - Revenue for 24H1 was 8.01 billion yuan (-7.6%), with significant growth in minimally invasive surgery and high-value consumables [2] - Domestic market faced delays due to healthcare industry reforms, but international demand has recovered, leading to double-digit growth [2] In Vitro Diagnostics (IVD) - Revenue for 24H1 was 7.65 billion yuan (+28.2%), with chemical发光业务增长超过30% [2] - Domestic IVD business grew over 25%, with blood cell business growing over 30% [2] - International IVD business grew over 30%, with successful penetration into over 60 overseas third-party laboratories [2] Medical Imaging - Revenue for 24H1 was 4.27 billion yuan (+15.5%), with high-end ultrasound models growing over 40% [2] - Domestic market faced challenges due to industry reforms, but the company increased investment in high-end international markets [2] Financial Projections - Expected net profit attributable to the parent company for 2024-2026 is 13.75 billion, 16.65 billion, and 19.95 billion yuan, respectively [2] - EPS for 2024-2026 is projected to be 11.34, 13.73, and 16.45 yuan, with PE ratios of 22, 18, and 15 times, respectively [2] Market Performance - The stock's relative performance compared to the CSI 300 index shows a decline of 16% over the past year [4] - The company's total market capitalization is 300.07 billion yuan, with a total asset value of 60.63 billion yuan [5]

[Table_StockInfo] 2024 年 09 月 06 日 证券研究报告•2024 年中报点评 当前价：13.76 元 隆基绿能（601012）电力设备 目标价：——元（6 个月） 计提大额资产减值，BC 组件出货顺利 [Table_Summary 事件：公司 2024]H1 实现营业收入 385.29 亿元，同比下降 40.41%；实现归母 净利润-52.43亿元，同比下降 157.13%。2024Q2实现营业收入 208.55亿元， 同比下降 42.60%；实现归母净利润-28.99 亿元，同比下降 152.21%。 受产业链价格持续大幅下降和存货减值计提影响，上半年业绩大幅亏损。面对 产业深度调整期的剧烈波动，公司积极调整产销节奏，2024年上半年实现硅片 出货量 44.44GW（对外销售 21.96GW）；电池对外销售 2.66GW；组件出货量 31.34GW，其中亚太区域销量同比大幅增长超 140%。光伏产品实现营业收入 367.08 亿元，毛利率仅 6.46%。受产业链价格持续大幅下降和存货减值计提影 响，公司 2024H1 业绩出现较大亏损。上半年公司计提资产减值准备 57.84 亿 ...