证券研究报告 年7月26日 2024 公司研究 福能股份（ 湘财证券研究所 600483.SH） | --- | --- | --- | --- | --- | --- | --- | |--------------|-------------------------|-------|----------|---------------------------------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 2024 年 07 月 23 日 湘财证券研究所 行业研究 中药行业周报 医改继续深化，传承创新机制与银发经济的推进有助行业进一步发展 相关研究： 1. 《全链条支持创新药发展实 施方案审议通过，创新药再受政 策催化》 20240710 2. 《中药有望建立标准管理新 体系，财报季建议关注业绩情况》 20240716 行业评级：增持 近十二个月行业表现 -25 -20 -15 -10 - 5 0 5 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 | | | | | 绝对收益 | | | | 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 核心要点： 市场表现：上周中药Ⅱ上涨 ...

证券研究报告 2024 年 07 月 22 日 湘财证券研究所 行业研究 机械行业周报 6 月我国金切机床产量约 5.9 万台，同比增长 1.7% ——机械行业周报（07.15~7.21） 相关研究： 1《. 20240708湘财证券-机械行业： 6月我国挖掘机销量约1.66万台， 同比增长5.3%》 2.《20240715湘财证券-机械行 业：5月日本金切机床定单约905 亿日元，同比减少1.8%》 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 | --- | --- | --- | --- | |----------|--------|--------|---------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | | | | | 绝对收益 | | | | 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 ...

证券研究报告 2024 年 07 月 23 日 湘财证券研究所 行业研究 半导体行业周报 《中共中央关于进一步全面深化改革、推进中国式现 代化的决定》发布，全方位支持科技产业发展 相关研究： | --- | --- | |------------|--------------| | 1.《Sora | AI视频生成的 | | | 2024.03.01 | | 2. | DXI | | 指数回落》 | 2024.05.29 | | 3. | | | 头Q2 | 2024.07.08 | 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 | 2.89 | 14.9 | -7.3 | | 绝对收益 | 2.7 | 14.0 | -15.5 | | | | | | 分析师：王文瑞 证书编号：S0500523010001 Tel：(8621) 50293694 Email：wangwr2@xcsc.com 地址：上海市浦东新区银城路 ...

证券研究报告 2024 年 07 月 24 日 湘财证券研究所 行业研究 医疗耗材行业周报 即将进入财报密集披露期，关注低值耗材企业业绩修复情况 相关研究： 核心要点： ❑ 医药板块整体走势企稳，上周上涨 1.29% | --- | --- | |--------------------|-------------| | 1.《海外库存去化， | 2024年5月低 | | 值耗材出口转暖》 | 2024.07.08 | | 2. | | | 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% 沪深300 医疗耗材 | --- | --- | --- | --- | |----------|--------|--------|---------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -2 | -2 | -15 | | 绝对收益 | -2 | -3 | -23 | | | | | | 分析师：聂孟依 证书编号：S0500524040001 Tel：(8621) 50299667 Email：nmy06967@xcsc.com 地 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [16][67]. Core Views - The company is a leader in the photovoltaic vacuum pump industry in China, with rapid growth in performance and profitability. In 2023, the company's revenue increased by 18.0% to 3.85 billion yuan, and net profit attributable to the parent company rose by 34.2% to 860 million yuan [17][67]. - The implementation of large-scale equipment renewal policies is expected to stabilize industry demand, with the company actively developing energy-efficient products and expanding its market presence [7][18][67]. - The company's revenue is projected to reach 4.02 billion yuan in 2024, with a year-on-year growth of 4.4%, and net profit is expected to be 1.02 billion yuan, reflecting an 18.4% increase [19][38][67]. Summary by Sections Company Overview - The company, Shanghai Hanzhong Machinery Co., Ltd., established in 1998 and listed in 2007, has been focusing on vacuum pumps and compressors, becoming a leading player in the photovoltaic vacuum pump sector [17][67]. Financial Performance - The company reported a 3.7% year-on-year increase in revenue for the first half of 2024, reaching 1.83 billion yuan, with net profit growing by 24.0% to 450 million yuan [35][67]. - The projected financials for 2024-2026 indicate a steady growth trajectory, with revenues of 4.02 billion yuan, 4.62 billion yuan, and 5.39 billion yuan, respectively [19][38][67]. Market Outlook - The demand for industrial energy-saving equipment is anticipated to rise due to government policies promoting equipment upgrades and energy efficiency improvements [7][18][67]. - The company's efforts in expanding its semiconductor product line and stabilizing its photovoltaic business are expected to contribute positively to future revenue [19][67].

Investment Rating - The report initiates coverage on Huadian Power with a "Buy" rating, indicating an expected investment return outperforming the market benchmark by 15% or more over the next 6-12 months [16] Core Views Financial Performance - In 2023, Huadian Power achieved operating revenue of 23.461 billion yuan, a slight decrease of 0.51% year-over-year, while net profit attributable to shareholders increased by 5.58% to 7.638 billion yuan [4] - For Q1 2024, operating revenue grew 3.58% year-over-year to 4.42 billion yuan, with net profit attributable to shareholders surging 17.25% to 1.065 billion yuan [4] - The company's financial expenses decreased by 14.14% in 2023 due to optimized debt financing structure and cost control measures [4] Business Development - Huadian Power is the sole platform for hydropower business integration within the Huadian Group, responsible for developing hydropower and new energy resources along the Lancang River [5] - As of 2023, the company's installed capacity reached 27.53 GW, including 25.6 GW of hydropower and 1.93 GW of new energy [5] - The company is implementing a "wind-solar-hydro-storage" integrated development strategy, planning to build a "double ten-million-kilowatt" clean energy base in Yunnan and Tibet during the 14th Five-Year Plan period [5] Market Environment - Yunnan Province's power demand has been growing rapidly, with electricity consumption increasing by 11.7% in 2022 and 5.1% in 2023 [6] - The company's average settlement price increased by 2.96% in 2023, and tight power supply-demand conditions in Yunnan are expected to continue supporting electricity price increases [6] Financial Projections - The report forecasts net profit attributable to shareholders of 9.33 billion yuan, 9.97 billion yuan, and 10.8 billion yuan for 2024, 2025, and 2026, respectively, representing year-over-year growth rates of 22.2%, 6.9%, and 8.3% [7] - As of July 23, 2024, the company's stock price corresponds to PE ratios of 22.96x, 21.47x, and 19.83x for 2024, 2025, and 2026, respectively [7] Valuation and Investment Thesis - The company's hydropower business provides stable cash flow to support large-scale capital expenditures [7] - Short-term performance elasticity is expected from the commissioning of Tuoba and Yingliangbao hydropower stations [7] - Long-term growth potential is supported by the integrated development strategy of wind, solar, hydro, and storage [7]

Investment Rating - The report maintains an "Overweight" rating for the innovative drug industry, indicating a positive outlook for investment opportunities in this sector [5][16]. Core Insights - The innovative drug sector is experiencing a recovery phase, with a notable increase in mid-term performance forecasts and a resurgence in the research and development service segment [5][16]. - The report highlights the successful Phase III clinical trial of the dual agonist Masitide (GLP-1R/GCGR) by Innovent Biologics, which achieved all primary and key secondary endpoints, showcasing significant benefits in glycemic control and weight loss [3][7]. - The report emphasizes the importance of internationalization in the domestic innovative drug industry, with a focus on clinical demand, technological platforms, and product capabilities as key investment criteria [5][16]. Summary by Sections 1. Clinical Progress and Product Approvals - Innovent Biologics' Masitide has shown superior efficacy compared to Dulaglutide in glycemic control and weight loss, with plans to submit a new drug application to the NMPA [3][7]. - BAT2206 (Ustekinumab) by Baiyoutai has received acceptance for marketing authorization applications from the FDA and EMA, indicating strong international commercial potential [8]. - Eli Lilly's Tirzepatide has received approval for a new indication in China, further expanding its market presence [9]. 2. Market Performance - The A-share biotechnology sector experienced a 1.4% increase, while the Nasdaq biotechnology index saw a slight decline of 0.7% [4][10]. - As of July 22, the Hang Seng biotechnology sector's price-to-book ratio was 1.62X, indicating a valuation below the historical average [4][10]. 3. Investment Recommendations - The report suggests focusing on value opportunities in the innovative drug sector, particularly in companies transitioning to innovation and those with strong growth potential in overseas registrations [5][16]. - The report identifies two main investment themes: established pharmaceutical companies with resilient performance and biotech firms with validated research platforms [5][16].

Investment Rating - The report maintains an "Overweight" rating for the rare earth permanent magnet materials industry [2]. Core Insights - The rare earth permanent magnet industry experienced a slight decline of 0.94% last week, underperforming the benchmark by 2.86 percentage points [1]. - The prices of light rare earth minerals remained stable, while medium and heavy rare earth mineral prices decreased [1]. - The market for neodymium-iron-boron remains weak due to insufficient downstream orders and significant price pressure from large manufacturers [2]. - The demand side shows positive trends with PMI data indicating a favorable outlook for the equipment manufacturing sector and sustained growth in new energy vehicle demand [2]. - The industry is currently in a bottoming phase, with supply growth outpacing demand, leading to pressure on prices and industry profits [2]. Summary by Sections Market Performance - The rare earth permanent magnet industry saw a weekly decline of 0.94%, with a TTM P/E ratio down by 0.46x to 36.97x, reflecting a historical valuation drop of 40.3% [1]. - The average price of praseodymium-neodymium oxide decreased slightly by 0.55% to 360,000 CNY/ton, while the metal price fell by 0.67% to 446,000 CNY/ton [1]. Price Trends - Heavy rare earth prices, including dysprosium and terbium, have seen significant declines, with dysprosium oxide and dysprosium iron prices dropping by 6.03% and 5.57% respectively [1]. - The average price of sintered neodymium-iron-boron N35 decreased by 6.83% to 95.5 CNY/kg, while H35 dropped by 4.01% to 167.5 CNY/kg [1]. Production Insights - In June 2024, the production of neodymium-iron-boron maintained a high growth rate, with a total output of 27,038 tons, a year-on-year increase of 49.09% [1]. - The first half of 2024 saw a total production of 154,412 tons, reflecting a year-on-year increase of 36.06% [1].

行业研究 医药行业事件点评 % 1 个月 3 个月 12 个月 相对收益 -1 -6 -12 绝对收益 -1 -8 -20 注：相对收益与沪深 300 相比 证券研究报告 2024 年 07 月 24 日 湘财证券研究所 中央定调医改新任务，全方位推动医改深化 核心要点： 中央定调医改新任务，全方位推动医疗卫生体制改革深化 7 月 21 日，《中共中央关于进一步全面深化改革，推进中国式现代化的决 定》（以下简称《决定》）发布。《决定》共 15 个部分、60 条，分三大板块， 提出 300 多项重要改革举措，覆盖经济、民生、教育、科技、民主、法治、 党的建设等领域。其中，关于医药行业政策从深化医药卫生体制改革、完 善发展养老事业、推动生物医药发展等方面做了重点阐述。 完善推动新一代生物医药产业发展政策和治理体系，创新仍是主旋律 政策原文：健全因地制宜发展新质生产力体制机制。加强关键共性技术、 前沿引领技术、现代工程技术、颠覆性技术创新，加强新领域新赛道制度 供给，建立未来产业投入增长机制，完善推动新一代信息技术、人工智能、 航空航天、新能源、新材料、高端装备、生物医药、量子科技等战略性产 业发展政策和治理体系， ...