Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company has entered the commercialization phase with the approval of IL-17A monoclonal antibody for moderate to severe plaque psoriasis, marking a significant milestone [1]. - The company has a robust pipeline with 15 products under development, including GR1801, which is the first dual antibody for rabies virus in China, and GR1802, which is in Phase III clinical trials for multiple indications [1][2]. - Revenue projections for 2024-2026 are approximately 0.6 billion, 3.2 billion, and 7 billion respectively, indicating strong growth potential driven by its innovative drug pipeline [2]. Summary by Sections Financial Performance - The company reported a net profit attributable to shareholders of -3.6 billion in the first half of 2024 [1]. - Revenue for 2024 is expected to grow significantly, with a projected increase of 5035.07% in 2024 compared to the previous year [3]. Product Pipeline - The company has a total of 15 products in development, with 9 already approved for clinical trials. Key products include: - GR1501 (IL-17A monoclonal antibody) approved in August 2024 for moderate to severe plaque psoriasis [1]. - GR1801, the first dual antibody for rabies virus, is in Phase III clinical trials [1]. - GR1802 is in Phase III for moderate to severe atopic dermatitis and chronic rhinosinusitis with nasal polyps [1]. Market Position - The company is well-positioned in the autoimmune disease market, with a commercial team that has extensive experience in promoting innovative drugs [1]. - The total market capitalization of the company is approximately 9.67 billion [3].

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Insights - The company's H1 2024 performance met expectations, with revenue of 2.56 billion yuan, a year-on-year increase of 29.3%, and a net profit attributable to shareholders of 810 million yuan, up 11.7% year-on-year [2] - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders, totaling approximately 425 million yuan for the year [2] - The company is focusing on core sectors, investing 230 million yuan in R&D, which accounts for 8.9% of revenue, and has established an AI application research center [2] - The company is expanding its global product reach, with overseas revenue of 130 million yuan in H1 2024, a significant increase of 335% year-on-year [2] - The company is actively acquiring quality IPs to enhance new game development, partnering with Century Huatong and securing licenses for popular IPs [2] Financial Projections - The forecasted net profit attributable to shareholders for 2024-2026 is 1.74 billion yuan, 2.01 billion yuan, and 2.27 billion yuan, respectively, with corresponding PE ratios of 11x, 10x, and 9x [3] - The company's core products are performing steadily, with a solid foundation in legendary games and a rich pipeline of new projects expected to launch [3]

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company has turned losses into profits, with a significant acceleration in growth. In H1 2024, the company achieved revenue of 46.758 billion yuan, a year-on-year increase of 13.49%, and a net profit attributable to shareholders of 1.327 billion yuan, marking a turnaround from losses [2]. - The performance in Q2 2024 showed revenue of 24.91 billion yuan, up 17.36% year-on-year, and a net profit of 2.563 billion yuan, also indicating a return to profitability [2]. - The company's pig farming business generated a profit of approximately 1.8 billion yuan in Q2, while the chicken farming business contributed around 800 million yuan [2]. - The sales of meat pigs reached 14.3742 million heads, a year-on-year increase of 21.96%, with an average selling price of 15.32 yuan/kg, up 5.09% year-on-year [2]. - The company has seen a steady development in pig production capacity, with a total of 26.26 million pigs sold in 2023, a year-on-year increase of 46.65% [2]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 46.758 billion yuan, a 13.49% increase year-on-year, and a net profit of 1.327 billion yuan, reversing previous losses [2]. - Q2 2024 results showed revenue of 24.91 billion yuan, a 17.36% increase year-on-year, and a net profit of 2.563 billion yuan [2]. - The average selling price for meat pigs was 15.32 yuan/kg, reflecting a 5.09% increase year-on-year [2]. Business Segments - The pig farming segment was profitable, contributing approximately 1.8 billion yuan in Q2, while the chicken farming segment generated around 800 million yuan [2]. - The company sold 14.3742 million meat pigs in the reporting period, marking a 21.96% increase year-on-year [2]. - The chicken sales were 548 million heads, a slight decrease of 1.04% year-on-year, with an average selling price of 13.29 yuan/kg, up 1.51% year-on-year [2]. Cost Management - The comprehensive cost of pig farming decreased to approximately 7.4 yuan/kg, down about 1.2 yuan/kg year-on-year, achieving the annual cost target set at the beginning of the year [2]. - The comprehensive cost for chicken farming was reduced to around 6.2 yuan/kg, a decrease of 0.8 yuan/kg year-on-year [2]. Future Earnings Forecast - The expected EPS for 2024-2026 is projected to be 1.09 yuan, 1.69 yuan, and 1.35 yuan, respectively, with corresponding dynamic PE ratios of 15.5, 10, and 12.5 times [3][4].

Investment Rating - The report maintains a "Buy" rating for Runbang Co., Ltd. (002483) with a current price of 4.16 CNY [1]. Core Views - The company's H1 2024 performance met expectations, with revenue of 3.15 billion CNY, a year-on-year increase of 3.8%, and a net profit attributable to shareholders of 170 million CNY, up 9.7% year-on-year. The Q2 2024 revenue was 1.74 billion CNY, down 7.4% year-on-year, with a net profit of 110 million CNY, down 4.3% year-on-year. The overall profitability of the company has improved [1]. - The company is optimizing its business structure and actively promoting cost reduction and efficiency enhancement, leading to improved profitability. The gross margin for H1 2024 was 19.9%, up 1.1 percentage points year-on-year, and the net margin was 7.4%, up 0.8 percentage points year-on-year [1]. - High-end equipment business, including material handling equipment and ship supporting facilities, has shown significant growth, driving revenue increase. The material handling equipment business achieved revenue of 1.8 billion CNY, up 27.8% year-on-year, accounting for 57.2% of total revenue, while the ship supporting equipment segment benefited from an upward shipbuilding cycle, achieving revenue of 570 million CNY, up 209.5% year-on-year [1]. - The company is actively expanding into overseas markets, with foreign sales revenue reaching 2.31 billion CNY, up 19.7% year-on-year, and accounting for 73.2% of total revenue. The gross margin for foreign sales improved to 15.9% [1]. Summary by Sections Financial Performance - H1 2024 revenue: 3.15 billion CNY, +3.8% YoY; net profit: 170 million CNY, +9.7% YoY - Q2 2024 revenue: 1.74 billion CNY, -7.4% YoY; net profit: 110 million CNY, -4.3% YoY - H1 2024 gross margin: 19.9%, +1.1pp YoY; net margin: 7.4%, +0.8pp YoY [1]. Business Segments - Material handling equipment revenue: 1.8 billion CNY, +27.8% YoY, accounting for 57.2% of total revenue - Ship supporting equipment revenue: 570 million CNY, +209.5% YoY, accounting for 18.2% of total revenue - Environmental protection segment revenue: 360 million CNY, -6.9% YoY [1]. Future Outlook - Expected net profit for 2024-2026: 440 million CNY, 570 million CNY, 620 million CNY, with a compound annual growth rate of 124% - Current PE ratios for 2024-2026: 8, 6, 6 times [2][3].

[ T able_StockInfo] 2024 年 08 月 31 日 证券研究报告•2024 半年报点评 买入 （维持） 当前价：26.36 元 智翔金泰（688443）医药生物 目标价：——（6 个月） IL-17A 单抗获批上市，迈入商业化阶段 [Table_Summary 事件：公司发布] 2024 半年报，实现归属于上市公司股东净利润-3.6 亿元。 2024 年 8 月，赛立奇单抗(GR1501)中重度斑块状银屑病适应症获批上市，公 司正式迈入商业化进程。公司自身免疫性疾病产品线商业化团队已初具规模， 核心管理人员具备丰富的创新药和自身免疫疾病领域药品推广和商业化经验， 公司将会持续稳步推进商业化团队建设，以满足公司上市产品的商业化推广需 求。 IL-4单抗中重度特应性皮炎、慢性鼻窦炎伴鼻息肉处于 III期临床。GR1802注 射液为 IL-4Rα 单抗，已有 7个适应症处于临床阶段，中重度特应性皮炎、慢性 鼻窦炎伴鼻息肉处于 III 期临床阶段，慢性自发性荨麻疹、哮喘、过敏性鼻炎处 于 II 临床阶段，青少年、儿童特应性皮炎处于 I 临床阶段。 GR1801是国内首家进入 III 期临床的抗狂 ...

202X`4[Table_ReportInfo] 年 08 月 31 日 证券研究报告•市场周评 北交所周报（8.26-8.30） 半年报发布完毕，成电光信正式上市 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|----------------------------------| | | | | | 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 ...

Investment Rating - The report maintains an investment rating of "Market Perform" for the media industry [1]. Core Insights - The media sector performed well this week, with an increase of 4.41%, outperforming the ChiNext by approximately 2.24 percentage points and the overall market by about 4.58 percentage points [8]. - The gaming index outperformed the market, with the CITIC Gaming Index rising by 7.76% [10]. - The advertising index also showed strong performance, increasing by 3.61% [12]. - The sports index rose by 4.78%, while the education index increased by 4.22% [15]. Summary by Sections 1. Market Review - The media sector's performance this week was highlighted by a 4.41% increase, significantly outperforming both the ChiNext and the Shanghai Composite Index [8]. 2. Gaming Industry - A total of 117 domestic game licenses were issued in August, indicating a robust regulatory environment for the gaming sector [35]. - The CITIC Gaming Index rose by 7.76%, outperforming the Shanghai Composite Index [10]. - Upcoming game releases include five new titles scheduled for next week [34]. 3. Sports Industry - The CITIC Sports Index increased by 4.78%, indicating strong market interest in sports-related media [15]. 4. Education Industry - The CITIC Education Index rose by 4.22%, outperforming the Shanghai Composite Index by 4.40% [15]. - A notable performance was observed in A-share education companies, which outperformed the broader market [15]. 5. Film and Television - The total box office for the week was 6.71 billion yuan, with "Alien: Covenant" leading at 1.64 billion yuan [19]. - Upcoming films include "My Grandpa," set to release on September 20 [27]. - The summer box office for 2024 reached 116.43 billion yuan, with a significant increase in audience turnout compared to previous years [27]. 6. Investment Recommendations - The report suggests focusing on companies such as Mango TV (300413) and Shenzhou Taiyue (300002) for potential investment opportunities [4].

[Table_IndustryInfo] 2024 年 09 月 01 日 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业创新药周报（8.26-9.1） 2024 年 8 月第五周创新药周报 A 股和港股创新药板块及 XBI 指数本周走势 西南证券研究发展中心 2024[Table_Summary 年 8月第五周，陆港两地创新药板块共计 ] 48个股上涨，13个股下跌。其中 涨幅前 三为北海康成 -B(+27.53%)、基 石药业 -B(+21.09%)、德琪医 药 -B (+16.36%)。跌幅前三为科济药业-B (-12.16%)、三叶草生物-B(-7.54%)、百利天 恒-U (-5.94%)。 本周 A股创新药板块上涨 1.1%，跑赢沪深300指数 1.27pp，生物医药上涨2.49%。 近 6个月 A 股创新药累计上涨 1.64%，跑赢沪深 300指数 5.79pp，生物医药累计 下跌 10.37%。 本周港股创新药板块上涨 3.21%，跑赢恒生指数 1.06pp，恒生医疗保健上涨 3.72%。近 6个月港股创新药累计上涨 1.77%，跑输恒生指数 3.37pp，恒生医疗 保健累计下跌 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.26 CNY over the next six months [1]. Core Views - The company's revenue for the first half of 2024 (24H1) was 192 million CNY, a decrease of 12.8% year-on-year, while the net profit attributable to shareholders was 50 million CNY, down 29.7% [1]. - The company is experiencing short-term pressure on performance, but the medical beauty and maternal and child health channels are showing significant growth, with a 100% increase in these segments [1]. - The company has a strong product pipeline and is expected to maintain competitive advantages in technology, products, channels, brand, and service, leading to notable growth potential in the future [1][5]. Summary by Sections Financial Performance - For 24H1, the gross profit margin was 70.6%, slightly down due to revenue structure changes. The company reported a total of 50% in operating expenses [1]. - The revenue for 2024 is projected to be 444.19 million CNY, a decrease of 3.9%, with a net profit of 140.11 million CNY, an increase of 2.8% [2][5]. Business Segments - The company focuses on three major rehabilitation areas: pelvic floor and postpartum rehabilitation (38% of total), mental rehabilitation (36%), and neurological and motor rehabilitation (18%). The medical beauty and urology segments account for about 8% [1]. - The mental rehabilitation business continues to grow steadily, maintaining a market share of over 30% for its transcranial magnetic stimulation products, ranking in the top tier nationally [1]. Product Development - The company is advancing in various emerging product areas, including magnetic stimulation, laser radiofrequency, and rehabilitation robots. New products in the medical beauty sector have been successfully launched, contributing to sales growth [1][5]. - The flagship product, Magneuro ONE, is expected to be launched in the second half of 2024, enhancing the company's presence in high-end clinical and research markets [1]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 140 million CNY (+2.8%), 180 million CNY (+29.8%), and 220 million CNY (+18.4%), with corresponding EPS of 1.46 CNY, 1.90 CNY, and 2.25 CNY [2][5]. - The company is expected to achieve a dynamic PE of 15 times in 2024, 12 times in 2025, and 10 times in 2026, indicating a favorable valuation outlook [5].

Investment Rating - The report assigns a "Buy" rating for Yituo Co., Ltd. (601038) with a target price of 18.60 CNY over the next six months [1][18]. Core Insights - Yituo Co., Ltd. has shown robust growth in sales of medium and large tractors, with a net profit growth rate exceeding expectations. The company achieved a revenue of 7.807 billion CNY in H1 2024, a year-on-year increase of 7.78%, and a net profit of 905 million CNY, up 20.05% year-on-year [1][8]. - The company is positioned as a leader in the domestic medium and large tractor market, benefiting from a historical high in agricultural machinery purchase subsidies totaling 24.6 billion CNY in 2024, which is expected to stimulate demand further [1][15]. Summary by Sections Financial Performance - In H1 2024, Yituo Co., Ltd. reported a revenue of 7.807 billion CNY, with a year-on-year growth of 7.78%. The net profit for the same period was 905 million CNY, reflecting a 20.05% increase year-on-year. In Q2 2024, the revenue was 3.151 billion CNY, showing a 3.22% year-on-year growth but a 32.33% decline quarter-on-quarter [1][8]. - The company's gross margin improved to 17.01% in H1 2024, up 1.17 percentage points year-on-year, while the net profit margin reached 11.78%, an increase of 1.23 percentage points year-on-year [1][10]. Market Position and Strategy - Yituo Co., Ltd. is recognized as a leading player in the medium and large tractor market in China, with a market share increasing from 21% in 2017 to 24% in 2022. The company has been actively expanding its high-end product offerings and international market presence [1][15]. - The company has seen a steady increase in sales of medium and large tractors, with H1 2024 sales reaching 51,000 units, a 4.25% increase year-on-year, including 4,209 units exported, which is a 3.09% increase year-on-year [1][8]. Profitability Forecast - The report forecasts Yituo Co., Ltd.'s net profit for 2024-2026 to be 1.200 billion CNY, 1.396 billion CNY, and 1.611 billion CNY, respectively, with corresponding PE ratios of 14, 12, and 11 times [2][18]. - The company is expected to benefit from a recovery in the agricultural machinery market, with projected sales growth rates for medium and large tractors of 12%, 10%, and 10% for 2024, 2025, and 2026, respectively [15][18].