Investment Rating - The report assigns a "Hold" rating for the company [6] Core Insights - The company achieved a revenue growth of 12.20% year-on-year in H1 2024, with a net profit growth of 5.27% [2] - The company is expected to inject high-quality external hospital assets in the future, which could enhance its operational capacity and market position [6] Financial Performance - In H1 2024, the company reported revenue of 1.82 billion yuan, a 12.20% increase year-on-year, and a net profit of 60 million yuan, up 5.27% [2] - The second quarter of 2024 saw revenue of 957 million yuan, reflecting a 14.41% year-on-year growth, while net profit was 36 million yuan, a 1.02% increase [2] - The company's gross margin for H1 2024 was 29.06%, down 3.71 percentage points from the previous year, and the net margin was 3.42%, down 0.34 percentage points [3] Cost Management - The company's management expense ratio decreased significantly to 14.46%, down 2.94 percentage points year-on-year, attributed mainly to reduced equity incentive costs [3] - The financial expense ratio increased to 3.41%, up 0.18 percentage points year-on-year [3] Healthcare Services - The healthcare services segment generated revenue of 1.45 billion yuan in H1 2024, a 2.98% increase year-on-year [4] - The company plans to expand its bed capacity, with several new hospital projects underway, including a new oncology specialty building and a new hospital district [4] Pharmaceutical Business - The pharmaceutical and medical products segment achieved revenue of 371 million yuan in H1 2024, a remarkable 72.63% increase year-on-year [5] - The company is leveraging its well-known "Duyiwei" brand to develop a line of oral care products, entering the fast-moving consumer goods market [5] Future Projections - Revenue projections for 2024-2026 are estimated at 3.993 billion yuan, 4.400 billion yuan, and 4.835 billion yuan, respectively, with net profits expected to be 128.2 million yuan, 184.1 million yuan, and 237.7 million yuan [6][7]

证券研究报告 2024 年 08 月 26 日 湘财证券研究所 行业研究 国防军工行业周报 京津冀低空经济产业联盟成立，关注相关产业链发展 ——国防军工行业周报（08.19~08.23） 相关研究： 1.《20240625湘财证券-国防军工 行业-亿航智能与温州市文成县 政府达成合作，看好低空经济长 期发展》2024.06.25 2.《20240805湘财证券-国防军工 行业-宁德时代战略投资峰飞航 空数亿美元，关注相关产业链发 展》2024.08.05 行业评级：增持 近十二个月行业表现 国防军工(申万) 沪深300 -40% -30% -20% -10% 0% 10% 23/08 23/10 23/12 24/02 24/04 24/06 | --- | --- | --- | --- | |----------|--------|--------|---------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | | | | | 绝对收益 | | | | | | | | | 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621)50295321 Emai ...

证券研究报告 2024 年 8 月 26 日 湘财证券研究所 公司研究 金石资源（603505.SH） "资源+技术"两翼驱动的萤石行业龙头，包头"选化一体"项目 贡献半年度业绩增长 公司评级：买入（首次覆盖） 近十二个月公司表现 分析师：顾华昊 证书编号：S0500523080001 Tel：(8621)50293561 Email：ghh07400@xcsc.com 自 2001 年成立以来，公司专注于从事国家战略性矿产资源萤石矿的投资和 开发，以及萤石产品的生产和销售。2021 年以来，公司业务逐步拓展至下 游氟化工、含氟锂电材料等领域，并在资源综合循环利用如伴共生萤石资 源的开发利用、含锂细（尾）泥提取锂云母精矿等方面取得较大突破。 公司主要产品为酸级萤石精粉（主要用于制备氢氟酸）、高品位萤石块矿 （氟化钙含量≥65%的块状萤石原矿，主要用于钢铁等金属的冶炼助熔 剂）、锂云母精矿（主要用于碳酸锂的制取及玻璃、陶瓷工业等领域）， 无水氟化氢（氟化工的基本化工原料）。 公司是萤石资源储量、开采及加工规模领先的行业龙头企业 公司的生产经营模式主要涉及单一萤石矿山、资源综合利用。 单一萤石矿山方面，公司自有单 ...

Investment Rating - The industry rating is "Overweight" [7] Core Insights - The public utility sector (Shenwan) declined by 1.85% this week, underperforming the CSI 300 index by 1.3 percentage points, ranking 8th among Shenwan's primary industries [2][10] - The average inflow of the Three Gorges Reservoir decreased to 13,571.43 cubic meters per second, a week-on-week decline of 22.76% and a year-on-year decline of 31.16% [4][22] - The national carbon market CEA transaction volume surged to 2.21 million tons, a week-on-week increase of 197.31%, while the average transaction price fell to 83.13 yuan per ton, a week-on-week decrease of 9.77% [3][17] Summary by Sections 1. Industry Market Trends - As of August 23, 2024, the public utility sector (Shenwan) fell by 1.85%, with sub-sectors such as thermal power down by 2.98%, hydropower down by 0.26%, and photovoltaic power down by 5.3% [2][10][15] 2. Carbon Market Dynamics - The total transaction volume in the national carbon market reached 4.71 billion tons, with a cumulative transaction value of 27.535 billion yuan [3][17] 3. Water Resource Management - The average outflow from the Three Gorges Reservoir was 14,014.29 cubic meters per second, reflecting a week-on-week decrease of 9% [4][22] 4. Natural Gas Market Overview - The national LNG ex-factory price index was 4,949 yuan per ton, a week-on-week decrease of 0.14% [5][25] 5. Investment Recommendations - The report suggests focusing on hydropower improvements and fire power valuation recovery, with a long-term positive outlook on green electricity consumption and environmental value realization [8][40]

证券研究报告 2024 年 08 月 26 日 湘财证券研究所 行业研究 机械行业周报 7 月我国新增光伏装机约 21.0GW，同比增长 12.3% ——机械行业周报（08.19~08.25） 相关研究： 1..《20240812湘财证券-机械行业：7 月我国挖掘机销量约1.37万台，同比 增长8.6%》 2.《20240819湘财证券-机械行业： 7月我国金切机床产量约5.4万台， 同比增长8.0%》 行业评级：增持 近十二个月行业表现 机械设备(申万) 沪深300 -30% -20% -10% 0% 10% 23/08 23/10 23/12 24/02 24/04 24/06 | --- | --- | --- | --- | |----------|--------|--------|----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | | | | | 绝对收益 | | | | | | | | 300 相比 | 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621) 50295321 Email：xuanpc@xcsc.com 地址：上 ...

证券研究报告 2024 年 08 月 20 日 湘财证券研究所 行业研究 国防军工行业周报 上海发布低空经济发展行动方案，关注相关产业链发展 ——国防军工行业周报（08.12~08.16） 相关研究： 1.《20240625湘财证券-国防军工 行业-亿航智能与温州市文成县 政府达成合作，看好低空经济长 期发展》2024.06.25 2.《20240805湘财证券-国防军工 行业-宁德时代战略投资峰飞航 空数亿美元，关注相关产业链发 展》2024.08.05 行业评级：增持 近十二个月行业表现 国防军工(申万) 沪深300 -40% -30% -20% -10% 0% 10% 23/08 23/10 23/12 24/02 24/04 24/06 | --- | --- | --- | --- | |----------|--------|--------|----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | | | | | 绝对收益 | | | | | | | | 300 相比 | 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621)5029 ...

证券研究报告 2024 年 08 月 20 日 湘财证券研究所 行业研究 银行业周报 信贷增长放缓，支农支小再贷款额度增加 相关研究： 1.《2024年度策略：量质均衡，进 而致远》 2023.12.23 2.《地产融资支持加强，助力缓释 资产风险》 2024.01.31 价值延续》 2024.06.21 预期》 2024.07.22 5.《行业监管指标发布，上半年业 绩保持稳定》 2024.08.12 近十二个月行业表现 % 1 个月 3 个月 12 个月 注：相对收益与沪深 300 相比 相对收益 2.06 7.18 22.69 绝对收益 -1.69 -0.56 9.67 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 国人寿金融中心10楼 核心要点： 市场回顾：银行指数上涨 2.66%，大型银行和股份行表现居前 3.《中期策略：预期渐收敛，配置 4.《LPR全面下调，降息幅度符合 本周（截至 2024.08.18）银行(申万) 指数上涨 2.66%，行业排名 1/31，市场 表现强于沪深 300 指数 2.24 个 ...

证券研究报告 2024 年 08 月 21 日 湘财证券研究所 公司研究 沪农商行（601825） 业绩保持正增，中期分红率提高 相关研究： 1.《沪农商行：资产稳健扩张，资 本水平充足》 2024.05.10 % 1 个月 3 个月 12 个月 相对收益 7.88 4.61 38.78 绝对收益 2.05 -4.78 26.85 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 核心要点： 营收增长放缓，非息收益贡献减弱 公司评级：增持 近十二个月公司表现 注：相对收益与沪深 300 相比 2024H1 与 2024Q1，沪农商行营业收入同比增长 0.23%/3.69%，归母净利润 同比增长 0.62%/1.48%，利息净收入同比下降 2.61%/1.95%,非息净收入同比 增长 8.86%/20.98%。营收增速较一季度放缓，主要是资产增速趋缓导致利 息收入增速下降，而费率下调、投资收益增速放缓压低非息收入贡献。与 一季度相比，拨备计提力度有所降低，归母净利润维 ...

证券研究报告 2024 年 08 月 21 日 湘财证券研究所 行业研究 医疗耗材行业周报 医疗反腐持续发力，耗材板块行情波动 相关研究： 1.《近期医疗行业政策频发，板块 行情迎来回升》 2024.08.06 2.《财报披露密集期，关注创新高 值耗材企业业绩表现》 2024.08.13 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 | -1 | -6 | -8 | | 绝对收益 | -4 | -14 | -18 | | | | | 300 相比 | 分析师：聂孟依 证书编号：S0500524040001 Tel：(8621) 50299667 Email：nmy06967@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： ❑ 医疗耗材板块震荡下行，上周下跌 0.54% 上周，医药生物报收 6653.23 点，上涨 0. ...

Investment Rating - The investment rating for the company is "Buy" [2][7]. Core Insights - The company's core products are maintaining steady growth, with significant revenue contributions from the unique Wuling series products [3][4]. - The company achieved a revenue of 1.428 billion yuan in H1 2024, representing a year-on-year growth of 41.21%, and a net profit of 296 million yuan, up 49.78% year-on-year [3]. - The rapid growth of traditional Chinese medicine (TCM) decoction pieces has become a new growth driver for the company, with H1 2024 revenue growth of 57.11% [5][6]. Financial Performance - In H1 2024, the Wuling series products generated 836 million yuan in revenue, accounting for 58.56% of total revenue and 81.14% of gross profit [3]. - The company expects revenues of 2.388 billion yuan, 2.926 billion yuan, and 3.503 billion yuan for the years 2024, 2025, and 2026, respectively, with net profits projected at 498 million yuan, 643 million yuan, and 794 million yuan [7][9]. - The gross margin is expected to improve from 68.4% in 2023 to 71.3% by 2026 [9]. Product Analysis - The Wuling series products, including Wuling capsules, are unique and have shown a consistent average growth rate of 26% from 2020 to 2023 [3]. - The Bailing series products are recovering, with H1 2024 revenue of 82 million yuan, a decrease of 16.59%, but the decline is narrowing [4]. - The company has over 1,000 varieties of TCM decoction pieces and has established more than 100 cooperative TCM material planting bases [5][6]. Market Strategy - The company is adopting a comprehensive sales model combining self-operated and commissioned sales across hospital, OTC, and online channels [4]. - The marketing strategy upgrade has shown significant effects, leading to increased sales in OTC and online markets [7].