7 月全球半导体销售额约 513 亿美元，同比增长 18.7% 相关研究： 行业评级：增持 | --- | --- | |--------------------|-------| | | | | 10% 机械设备(申万) | | | 0% | | | -10% | | | -20% | | % 1 个月 3 个月 12 个月 相对收益 -0.6 -2.3 -10.2 绝对收益 -4.0 -11.8 -23.8 注：相对收益与沪深 300 相比 23/09 23/11 24/01 24/03 24/05 24/07 1.《20240826湘财证券-机械行业：7 月我国新增光伏装机约21.0GW，同 比增长12.3%》 2、《20240902湘财证券-机械行 业：8月我国PMI为49.1%，环比下 降0.3个百分点》 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 敬请阅读末页之重要声明 ❑ 上周机械设备行业下跌 2.9%，跑输大盘 0.2 个百分点 上周，机械设 ...

证券研究报告 2024 年 09 月 08 日 湘财证券研究所 行业研究 疫苗行业周报 疫苗行业业绩分化明显，关注竞争格局较好品种 | --- | --- | |---------------------|-------------------------------------| | | | | | | | 相关研究： | | | 1. | 《板块回调，近期建议关注中 | | 报业绩》 20240814 | | | | | | 2. 关注中报业绩》 | 《进入业绩密集披露期，短期 20240827 | 行业评级：增持（维持） 近十二个月行业表现 -60 -40 -20 0 20 40 23/09 23/12 24/03 24/06 24/09 沪深300_累计 疫苗_累计 | --- | --- | --- | --- | |----------|--------------------|------------|------------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | | -5 -8 -24 | | | 绝对收益 | | -8 -16 -39 | | | | 注 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's performance is expected to improve significantly due to the rising penetration rate of DDR5 and the entry of high-performance "transport chips" into a rapid growth phase [2] - The company has launched a restricted stock incentive plan to enhance employee motivation, granting 4.541 million shares, which is 0.40% of the total share capital [2] - The company's revenue for the first half of 2024 reached 1.663 billion yuan, a year-on-year increase of 79.49%, with net profit attributable to shareholders increasing by 624.63% [2] - The DDR5 market penetration rate is projected to exceed 50% in Q3 2024, with a forecasted annual penetration rate of 40%-50% for 2024 and 65% for 2025 [2][3] - The company is positioned as a leading player in the DDR5 interface chip market, benefiting from the increasing market penetration of DDR5 modules [2] Financial Forecast - The forecasted net profit attributable to shareholders for 2024-2026 is 1,402 million yuan, 2,286 million yuan, and 3,054 million yuan, with growth rates of 210.8%, 63.1%, and 33.6% respectively [4] - The earnings per share (EPS) for the same period are projected to be 1.23 yuan, 2.01 yuan, and 2.68 yuan, with corresponding price-to-earnings (PE) ratios of 42.46, 26.04, and 19.49 [4] - The company's revenue is expected to reach 3,723 million yuan in 2025 and 5,585 million yuan in 2026, with year-on-year growth rates of 50.0% and 22.1% respectively [6] Market Trends - The demand for PCIe Retimer chips is expected to grow significantly, with the global market projected to reach approximately 500 million USD in 2024, growing at a rate of about 39% [2] - The CKD chip market is anticipated to benefit from a replacement wave starting in 2025, with demand potentially reaching 200 million units over the next 2-3 years [3]

证券研究报告 2024 年 09 月 03 日 湘财证券研究所 公司研究 苏州银行（002966）业绩点评 业绩增速基本稳定，非息贡献扩大 相关研究： 1.《苏州银行：信贷扩张动能足， 资产质量稳定》 2024.05.14 公司评级：买入（维持） % 1 个月 3 个月 12 个月 相对收益 3.54 2.54 24.18 注：相对收益与沪深 300 相比 绝对收益 -0.97 -6.25 10.29 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 2024H1 与 2024Q1，苏州银行总资产同比增长 13.7%/16.8%，贷款同比增长 14.5%/19.8%，存款同比增长 13.4%/16.4%，资产规模保持稳健增长，异地 分支行机构贷款占比提高 2.7%至 40.5%。2024H1，企业贷款增长动能足， 企业贷款同比增长 25.8%，增量企业贷款主要投向制造业、租赁与商务服 务业以及房地产业。上半年，个人贷款同比下滑 1.5%，主要是经营贷业务 明显压缩，消费贷增长仍然较快。 2024H1 与 2024Q1，苏州 ...

证券研究报告 2024 年 09 月 06 日 湘财证券研究所 公司研究 江苏银行（600919.SH） 利润增速企稳，规模增长领先 核心要点： 利润增速保持稳定，手续费收入实现正增长 公司评级：增持（首次覆盖） 近十二个月公司表现 相对收益 5.56 15.70 32.44 绝对收益 1.82 5.80 17.08 % 1 个月 3 个月 12 个月 注：相对收益与沪深 300 相比 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@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 2024H1 与 2024Q1，江苏银行营业收入同比增长 7.2%/11.7%，归母净利润 同比增长 10.1%/10.0%，利息净收入同比增长 1.8%/-0.8%，非息净收入同 比增长 19.7%/45.5%，手续费收入同比增长 11.3%/-16.8%。公司利润增速较 一季度持平，由于规模扩张较强，利息净收入增速回升。手续费净收入转 为正增长，主要由代理手续费收入增长贡献。 区域经济势能足，对公业务迅速扩张 近年来，江苏银行在江 ...

Investment Rating - The report gives an "Overweight" rating to the electronics industry, particularly focusing on AI mobile phones and AI PCs [38]. Core Insights - The integration of AI at the edge is accelerating, leading to a new wave of innovation in consumer electronics [2]. - Major manufacturers are launching system-level AI, which is speeding up the deployment of edge AI [2]. - The Apple supply chain is expected to enter a replacement cycle, necessitating upgrades in AI smartphone components [2]. Summary by Sections Section 1: AI Deployment at the Edge - Edge AI has become a key differentiator for consumer electronics manufacturers, driven by the success of generative AI technologies like ChatGPT [4]. - The smartphone industry has seen a prolonged replacement cycle, reaching approximately 51 months in 2023, prompting manufacturers to incorporate AI features to stimulate consumer upgrades [4]. - The combination of cloud and edge AI is identified as the optimal method for applying AI in consumer electronics, offering advantages such as enhanced privacy, lower costs, reduced latency, and decreased reliance on network connectivity [5]. Section 2: Major Manufacturers and AI Technology - Major manufacturers are increasingly launching AI flagship products, with Samsung introducing the Galaxy Book 4 series and other companies following suit with AI-enabled devices [8]. - The maturity of edge AI technology is enhancing user experiences in consumer electronics, as demonstrated by the capabilities of GPT-4o, which significantly reduces response times and improves interaction quality [12][14]. - AI PCs are being standardized with high-performance requirements, such as a minimum of 40 TOPs processing power and 256GB SSD [18]. Section 3: Replacement Cycle and Component Upgrades - Apple is expected to see a replacement cycle for iPhones, with the introduction of AI features in the upcoming models, leading to an increase in component orders by approximately 10% compared to previous models [27]. - AI terminals require hardware upgrades, including improvements in CPU, DRAM, cooling systems, and battery capacity to support the demands of running large models [29][34]. - The report highlights the dominance of foreign manufacturers in the CPU market, which poses challenges for local manufacturers in meeting the processing power requirements for AI terminals [31]. Section 4: Market Potential and Growth - The report anticipates rapid growth in the penetration rates of AI smartphones and PCs, with projected compound annual growth rates of 115% for AI PCs and 65% for AI smartphones from 2023 to 2027 [23].

证券研究报告 2024 年 09 月 04 日 湘财证券研究所 公司研究 迈瑞医疗（300760.SZ）点评报告 H1 业绩增长稳健，内生外延筑牢龙头地位 核心要点： 2024H1 业绩稳健增长，费用率保持稳定盈利能力持续提升 公司评级：增持（维持） 近十二个月公司表现 | --- | --- | --- | --- | |----------|--------------------|----------|------------| | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -2 | -8 | 7 | | 绝对收益 | -5 | -17 | -6 | | | 注：相对收益与沪深 | | 300 相比 | 分析师：蒋栋 证书编号：S0500521050001 Tel：(8621) 50295368 Email：jiangdong@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 近期公司发布 2024 年半年报，H1 公司实现营业收入 205.31 亿元，同比增 长 11.12%，实现归母净利润 75.61 亿元，同比增长 17.3 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of outperformance relative to the market benchmark [3] Core Views - The company's non-COVID business has shown strong performance, with a 31.89% YoY growth in revenue, driven by domestic and overseas non-COVID self-produced products [4] - The company's gross margin has significantly improved to 62.26%, up by 12.93 percentage points YoY, primarily due to the growth in non-COVID self-produced products [4] - The company has launched a new equity incentive plan, introducing profit growth targets with a two-year compound growth rate of 35%, which is expected to enhance employee motivation and corporate competitiveness [5][6] Financial Performance - H1 2024 revenue was 9.60 billion yuan, down 10.69% YoY, mainly due to a significant decline in COVID-related business, while net profit attributable to the parent company increased by 22.25% YoY to 1.73 billion yuan [3] - Q2 2024 revenue grew by 27.41% YoY to 5.29 billion yuan, with net profit attributable to the parent company surging by 77.45% YoY to 1.07 billion yuan [3] - The company's net profit margin increased by 5.64 percentage points YoY to 16.19% [4] Business Highlights - The company's self-produced chemiluminescence business achieved revenue of 7.17 billion yuan, up 48.46% YoY [4] - In H1 2024, the company installed 1,170 new chemiluminescence instruments, bringing the total installed base to 9,430 units, with 39.53% of the installed pipeline systems in top-tier hospitals [5] - The company's self-immunity diagnostic business grew by 37.24% YoY, with chemiluminescence-based self-immunity diagnostic revenue increasing by 46.23% YoY [5] R&D and Innovation - The company invested 155 million yuan in R&D in H1 2024, up 8.79% YoY, with 39.60% of the R&D expenditure allocated to microfluidics, gene sequencing, and other advanced technologies [5] - The company obtained 13 new domestic and international registration certificates for chemiluminescence diagnostic reagents in H1 2024, bringing the total number of registered chemiluminescence diagnostic projects to 176 [6] Market Expansion - The company's products are sold in over 110 countries and regions, with coverage of more than 5,600 domestic terminal medical institutions, including over 1,590 tertiary hospitals and 1,200 top-tier hospitals [4] - Overseas chemiluminescence instrument installations reached 532 units in H1 2024, with a 275% YoY increase in the installation of 300-speed instruments [5] Financial Forecasts - The report forecasts 2024-2026 revenue of 22.68/29.10/36.85 billion yuan, with net profit attributable to the parent company of 4.82/6.54/8.47 billion yuan, and EPS of 0.85/1.15/1.49 yuan [6] - The company's ROE is expected to increase from 16.79% in 2024 to 21.85% in 2026, with a projected PE ratio of 24.19 in 2024, decreasing to 13.77 by 2026 [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company's performance in the first half of 2024 was impacted by reduced hospital procurement and increased strategic investments, but a recovery is expected in the second half of the year as procurement activities normalize [2][6]. - The company reported a revenue of 1.013 billion yuan in H1 2024, a decrease of 2.94% year-on-year, and a net profit attributable to shareholders of 171 million yuan, down 37.53% year-on-year [2]. - The company continues to invest heavily in research and development, with R&D expenses reaching 212 million yuan in H1 2024, a 24.71% increase year-on-year [5]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 1.013 billion yuan, with a net profit of 171 million yuan, reflecting a decline of 37.53% year-on-year [2]. - The second quarter of 2024 saw a revenue of 533 million yuan, down 6.48% year-on-year, and a net profit of 70 million yuan, down 47.70% year-on-year [2]. Cost and Profitability - The company's expense ratios increased, with a sales expense ratio of 28.37%, up 6.18 percentage points year-on-year, and a management expense ratio of 27.16%, up 5.57 percentage points year-on-year [3]. - The gross margin for H1 2024 was 67.43%, a decrease of 1.55 percentage points compared to the previous year [3]. Business Segments - The ultrasound segment reported a revenue decline of 5.94% year-on-year, while the endoscope business saw a revenue increase of 2.84% year-on-year [4]. - The company is focusing on high-end ultrasound products, anticipating a recovery in sales as the macro environment improves [4]. Market Presence and R&D - The company operates in nearly 170 countries, with domestic revenue of 545 million yuan and overseas revenue of 468 million yuan, accounting for 46.19% of total revenue [5]. - R&D investment has been significant, with R&D expenses constituting 20.95% of revenue in H1 2024 [5].

证券研究报告 2024 年 09 月 04 日 湘财证券研究所 行业研究 医疗耗材行业周报 板块行情迎来上行，关注业绩稳健向好的耗材企业 | --- | --- | |--------------|------------------------------| | | | | | | | 相关研究： | | | 1. | 《医疗反腐持续发力，耗材板块 | | | | | 行情波动》 | 2024.08.21 | | 2. | 《主动脉支架集体降价，高值耗 | | 材行情承压》 | 2024.08.27 | 行业评级：增持（维持） 近十二个月行业表现 10.00% | --- | --- | --- | --- | |----------|--------------------|----------|------------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | 0 | -3 | -4 | | 绝对收益 | -3 | -11 | -19 | | | 注：相对收益与沪深 | | 300 相比 | 分析师：聂孟依 证书编号：S0500524040001 Tel：(8621) ...