Investment Rating - The report assigns a rating of "Accumulate" to the company, indicating a potential investment return exceeding the market benchmark index by 5% to 15% over the next 6-12 months [20][29]. Core Insights - The company has initiated a marketing revitalization plan to adapt to changes in the international environment, slow domestic consumption recovery, and the presence of numerous market products. This plan involves establishing a new digital marketing system across four dimensions: brand, product, channel, and organization [1]. - The company focuses on premium traditional Chinese medicine, particularly on products like Ganoderma lucidum and Dendrobium, and has developed a comprehensive supply chain that ensures product quality and innovation [18][31]. - The company has a unique "de-wall" technology for its Ganoderma lucidum spore powder, significantly enhancing the efficacy and nutritional content compared to conventional products [23][36]. Financial Projections - Revenue is projected to grow from 784 million in 2023 to 1,078 million by 2026, with year-on-year growth rates of -5.4%, 10.6%, 11.4%, and 11.5% respectively [4][26]. - Net profit attributable to the parent company is expected to increase from 254 million in 2023 to 376 million in 2026, with growth rates of -8.4%, 12.1%, 16.3%, and 13.4% respectively [4][26]. - The gross margin is forecasted to improve from 82.7% in 2023 to 84.8% in 2026 [4][26]. Product and Market Strategy - The company categorizes its products into four types: "Monarch" products (core competitive products), "Minister" products (sub-brands), "Assistant" products (tactical products), and "Envoy" products (supplementary products) [1]. - The marketing strategy includes a combination of direct sales and distribution, as well as online and offline integration, with a focus on price control [1][21]. - The company has established eight standardized planting bases and focuses on the cultivation and processing of over twenty types of traditional Chinese medicinal materials [21][31]. Research and Development - The company has a robust R&D team comprising 141 members, with 28 external experts, including 9 academicians, focusing on the development of proprietary high-yield varieties and quality control systems [22][36]. - The company has led or participated in the formulation of 93 various traditional Chinese medicine standards, including ISO international standards for Ganoderma lucidum and Dendrobium [22][36].

证券研究报告 2024 年 7 月 19 日 湘财证券研究所 行业研究 公用事业行业数据点评 6 月电力生产稳健,水电发电量增长加速 ——2024 年 6 月发电量数据点评 相关研究: 核心要点: ❑ 事件 7 月 15 日,国家统计局发布 2024 年 6 月份能源生产情况。 ❑ 6 月电力生产稳健,水电发电量增长加速 | --- | --- | |------------------|-----------------------------------| | | 《发电行业碳配额方案发布,延续适度 | | 收紧趋势》 | 2024.07.09 | | | 《国家绿证核发交易系统启用,绿电交 | | 易市场有望扩容》 | 2024.07.01 | 行业评级:增持 近十二个月行业表现 | --- | --- | --- | --- | |----------|--------|--------|----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | 1 | 5 | 13 | | 绝对收益 | 2 | 4 | 5 | | | | | 300 相比 | 分析师:孙菲 证 ...

证券研究报告 2024 年 07 月 16 日 湘财证券研究所 行业研究 医疗耗材行业周报 耗材板块反转上行,关注近期业绩预告情况 相关研究: 核心要点: | --- | --- | |-------------------------------|------------| | 1.《国家集采持续推进,关注业绩 | | | 稳定性高的耗材个股》 | 2024.06.19 | | 2.《医疗行业利好政策再出台,板 | | | 块基本面边际向好》 | 2024.07.10 | 行业评级:增持 近十二个月行业表现 10.00% -40.00% 沪深300 医疗耗材 | --- | --- | --- | --- | |----------|--------|--------|----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -2 | -3 | -12 | | 绝对收益 | -1 | -4 | -23 | | | | | 300 相比 | 分析师:聂孟依 证书编号:S0500524040001 Tel:(8621) 50299667 Email:nmy06967@xc ...

证券研究报告 2024 年 07 月 17 日 湘财证券研究所 行业研究 事件点评 6 月我国高空平台销量约 1.7 万台,同比减少 9.1% 相关研究: 核心要点: | --- | |-------------------------| | 1《. 20240617湘财证券- | | 5月我国高空平台销量约 | | 台,同比下降23.6%》 | | 2.《20240708湘财证券- | | 6月我国挖掘机销量约1.66 | | 同比增长5.3%》 | 行业评级:增持 近十二个月行业表现 机械设备(申万) 沪深300 -40% -30% -20% -10% 0% 10% 23/07 23/09 23/11 24/01 24/03 24/05 24/07 % 1 个月 3 个月 12 个月 相对收益 -7.3 -8.2 -14.6 绝对收益 -8.5 -8.5 -24.8 注:相对收益与沪深 300 相比 分析师:轩鹏程 证书编号:S0500521070003 Tel:(8621) 50295321 Email:xuanpc@xcsc.com 地址:上海市浦东新区银城路88号 中国人寿金融中心10楼 ❑ 6 月 ...

证券研究报告 2024 年 7 月 17 日 湘财证券研究所 行业研究 食品饮料行业周报 中报预告陆续披露,关注估值修复机会 相关研究: 1. 《稳价措施再度升级,市场 信心有望恢复》 2024.06.27 2. 《茅台价格企稳回升,调整期 寻找新机遇》 2024.07.01 3. 《酒企控量保价,低估值配置 机会显现》 2024.07.09 行业评级:增持 近十二个月行业表现 | --- | --- | --- | --- | |----------|--------|--------|----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | | | | | 绝对收益 | | | | | | | | 300 相比 | 分析师:李育文 证书编号:S0500523060001 Tel:021-50295328 Email:liyw3@xcsc.com 地址:上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点: ❑ 7 月 8 日-7 月 12 日,食品饮料行业上涨 1.18% 上周,上证指数上涨 0.72%,深证成指上涨 1.82%,沪深 300 指数上涨 1. ...

证券研究报告 2024 年 07 月 17 日 湘财证券研究所 行业研究 稀土永磁行业周报 上周行业小幅反弹,矿端及钕铁硼价格暂稳,重稀土价格走低 相关研究: | --- | |---------------------------------------| | 《上周稀土原料价格仍显疲软,钕铁硼价格 | | 跌势延续》 | | 《上周稀土永磁产业链价格延续弱势, | | 土管理条例>发布》 | 行业评级:增持 近十二个月行业表现 -50% -30% -10% 10% 30% 稀土永磁材料行业涨跌幅 对比基准:沪深300累计涨跌幅-右 -30% -15% 0% 15% 30% | --- | --- | --- | --- | |----------|--------|--------|----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -3 | -16 | -25 | | 绝对收益 | -5 | -16 | -35 | | | | | 300 相比 | 分析师:王攀 证书编号:S0500520120001 Tel:(8621) 50293524 Email:wa ...

Investment Rating - The report maintains an "Overweight" rating for the lithium battery materials industry [9][20]. Core Views - The lithium battery materials industry experienced a 2.72% increase last week, outperforming the benchmark (CSI 300) by 1.51 percentage points, with a valuation recovery to 21.59x [3]. - The demand for lithium battery materials is expected to weaken in the short term due to seasonal factors, alongside supply chain oversupply and cost-cutting pressures from downstream sectors [9][20]. - The report highlights that while there is support for long-term demand growth from policies promoting electric vehicles, the overall profitability of the sector remains low, and improvements are constrained by supply-demand imbalances [9][20]. Summary by Sections Market Trends - The lithium battery materials industry saw a weekly increase of 2.72%, with a valuation rise to 21.59x, placing it at a historical percentile of 8.1% [3]. - The prices of lithium sources remain weak, with battery-grade lithium carbonate dropping 1.12% to 88,500 CNY/ton, and futures contracts decreasing 2.72% to 91,400 CNY/ton [3]. Positive Electrode Materials - The price of ternary precursor materials remained stable, with NCM111, NCM523, NCM622, and NCM811 priced at 65,000 CNY/ton, 69,500 CNY/ton, 76,500 CNY/ton, and 84,000 CNY/ton respectively [3]. - Ternary material production increased by 20.5% week-on-week to 14,080 tons, with an operating rate of 45.67% [3]. Electrolytes - The price of lithium hexafluorophosphate remained stable at 60,500 CNY/ton, while the average price of electrolyte solutions showed slight fluctuations [4][5]. - Electrolyte production decreased by 4.15% week-on-week to 25,380 tons, with an industry operating rate of 26.33% [5]. Negative Electrode Materials - The average price of artificial graphite remained at 33,500 CNY/ton, while natural graphite also held steady at 35,900 CNY/ton [6]. - Production of negative electrode materials fell by 2.92% week-on-week to 44,065 tons, with an operating rate of 53.01% [6]. Separators - The price of wet-process separators decreased by 2.84% to 1.03 CNY/sqm, while dry-process separators remained stable at 0.43 CNY/sqm [7]. - Separator production increased by 1.27% week-on-week to 39,800 million sqm, with an operating rate of 88.08% [7]. Copper Foils - The average market price for lithium battery copper foils remained stable at 98,100 CNY/ton for various thicknesses [8]. Investment Recommendations - The report suggests that due to the seasonal downturn in demand and ongoing supply chain pressures, raising prices for lithium battery materials is currently challenging [9][20]. - The overall profitability of the sector is low, and improvements are contingent on observing the progress of supply-demand rebalancing [9][20].

相关研究： 绝对收益 -13.6 -14.4 -8.8 % 1 个月 3 个月 12 个月 注：相对收益与沪深 300 相比 国内叉车龙头，国际化助力公司持续发展 ❑ 公司为我国叉车行业龙头，近两年业绩保持高速增长 安徽合力前身为合肥叉车总厂，后者始建于 1958 年合肥矿山机器厂新 厂。1982 年，公司将叉车作为未来发展的主要产品，并更名为合肥叉车厂。 1993 年，设立安徽合力股份有限公司。1996 年，公司在上海证券交易所上 市。2006 年，公司控股股东安徽叉车集团首次进入世界工业车台行业前 10 强。2016 年，叉车集团又将全球排名提升至第 7 位。2023 年，公司营业收 入同比增长 10.8%至 174.7 亿元，归母净利润同比增长 40.9%至 12.8 亿元。 ❑ 公司为我国叉车行业龙头之一，市场份额保持长期领先 ❑ 投资建议 国内制造业景气度不及预期。海外需求衰退。叉车行业竞争加剧。原 材料价格大幅上涨。贸易摩擦风险。 近十二个月公司表现 -40% -20% 0% 20% 40% 安徽合力 沪深300 23/07 23/09 23/11 24/01 24/03 24/05 敬请阅读末页 ...

证券研究报告 2024 年 07 月 16 日 湘财证券研究所 行业研究 中药行业周报 中药有望建立标准管理新体系,财报季建议关注业绩情况 核心要点: 相关研究: | --- | --- | |-----------|--------------------------| | 1. 《2023 | 中国中药企业TOP100 | | | | | 领特点》 | 20240626 | | 2. | 《全链条支持创新药发展实 | | | | | 策催化》 | 20240710 | 行业评级:增持 近十二个月行业表现 -30 -20 -10 0 10 23/07 23/10 24/01 24/04 24/07 沪深300_累计 中药_累计 % 1 个月 3 个月 12 个月 相对收益 -5 -9 -8 绝对收益 -7 -11 -17 注:相对收益与沪深 300 相比 分析师:许雯 证书编号:S0500517110001 Tel:(8621) 50293534 Email:xw3315@xcsc.com 地址:上海市浦东新区银城路88号 中国人寿金融中心10楼 ❑ 市场表现:上周中药Ⅱ下跌 1.65%,医药子板块涨跌互现 ...

证券研究报告 2024 年 7 月 16 日 湘财证券研究所 行业研究 公用事业行业周报 三峡水库来水大增,大水电绿证获发彰显水电环境价值 相关研究: 《发电行业碳配额方案发布,延续适度 收紧趋势》 2024.07.09 《国家绿证核发交易系统启用,绿电交 易市场有望扩容》 2024.07.01 行业评级:增持 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 1 3 13 绝对收益 -1 3 3 注:相对收益与沪深 300 相比 分析师:孙菲 证书编号:S0500524010002 Tel:(8621) 50293587 Email:sf06902@xcsc.com 地址:上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点: ❑ 本周公用事业(申万)下跌 0.37%,跑输沪深 300 指数 1.57 个百分点 截至 2024 年 7 月 12 日,本周沪深 300 上涨 1.2%,创业板指上涨 1.69%, 公用事业(申万)下跌 0.37%,跑输沪深 300 指数 1.57 个百分点,在申万一 级行业中排名第 22 位。子板块中,火电下跌 3.36%,水电上涨 1.19%,光 伏发 ...