Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is undergoing a transformation and entering a new phase of internationalization in high-end formulations [3] - The company achieved a revenue of 2.14 billion yuan in the first half of 2024, a year-on-year decrease of 6.99%, with a net profit of 405 million yuan, down 35.15% [3] - The second quarter of 2024 showed signs of recovery with a revenue of 1.14 billion yuan, a year-on-year increase of 14.3% [4] - The overseas formulation segment continues to grow rapidly, accounting for 53.60% of total revenue in the first half of 2024 [5] - The company is focusing on developing a pipeline of biosimilars and high-end complex formulations, which are expected to drive new growth [6] Financial Summary - The company forecasts EPS of 0.54 yuan, 0.70 yuan, and 0.91 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 24.27, 18.76, and 14.40 [7][8] - Revenue projections for 2024, 2025, and 2026 are 4.245 billion yuan, 5.096 billion yuan, and 6.310 billion yuan, representing year-on-year growth rates of 8.0%, 20.1%, and 23.8% respectively [8] - The net profit is expected to recover significantly in 2024 with a forecast of 875 million yuan, a year-on-year increase of 561.7% [8]

证券研究报告 2024 年 09 月 20 日 湘财证券研究所 公司研究 中信银行（601998.SH） 战略路径清晰，经营保持稳健 核心要点： 公司特色：股东实力雄厚，战略路径清晰 公司评级：增持（首次覆盖） % 1 个月 3 个月 12 个月 相对收益 -5.36 4.25 22.37 绝对收益 -9.83 -5.61 8.11 注：相对收益与沪深 300 相比 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 中信银行背靠中信集团，集团"金融+实业"多元布局，具有业务协同优 势。中信银行从对公业务起家，逐步走向零售业务与对公业务并行发展， 再到对公、零售、金融市场业务"三驾齐驱"。中信银行在 2024 年开启的 新三年规划中提出实施"五个领先"银行战略，致力于打造差异化的中信 金融服务模式。 业务发展：打造"五个领先"银行，提升价值创造能力 财富管理方面，中信银行通过全量客户数字化经营平台，加强了客户、产 品与各渠道之间的精准适配和协同效能，构建覆盖客户全生命周期的专业 服务。2021 年以来，中信银行财富管理业务规模实现稳健增长。截至 2024 年中期末，零售管理资产规模达到达 4.42 万亿 ...

相关研究： 1《. 业绩分化明显，关注旺季催化》 2024.08.27 2.《需求承压，关注结构性机会》 2024.09.03 3.《需求偏弱，关注旺季动销情况》 2024.09.10 证券研究报告 2024 年 9 月 18 日 湘财证券研究所 行业研究 食品饮料行业周报 中秋需求平淡，白酒表现承压 核心要点： ❑ 9 月 9 日-9 月 13 日，食品饮料行业下跌 5.54% 上周，上证指数下跌 2.23%，深证成指下跌 1.81%，沪深 300 指数下跌 2.23%， 创业板指下跌 0.19%。申万食品饮料行业下跌 5.54%，涨跌幅排名 31/31， 跑输沪深300指数3.31pct，食饮子板块涨跌不一，其中其他酒类上涨0.46%， 调味发酵品下跌 0.99%，保健品下跌 1.34%。 猪价方面，9 月 5 日，全国仔猪平均价为 43.24 元/千克，活猪平均价为 20.23 元/千克，猪肉平均价为 31.77 元/千克，均较前一周有所下降。9 月 14 日， 豆粕现货价为 3117.14 元/吨，较 9 月 9 日下跌 0.80%；玉米现货价为 2335.59 元/吨，较 9 月 9 日下降 1.7 ...

行业研究 中药行业周报 相关研究： 1. 《中药业绩继续显现承压， OTC及品牌中药表现较好》 20240911 2. 《安徽省中成药集采征求意 见稿发布，规则细化、涵盖面较 广》 20240913 % 1 个月 3 个月 12 个月 相对收益 -5 -3 -5 绝对收益 -11 -13 -20 注：相对收益与沪深 300 相比 证券研究报告 2024 年 09 月 18 日 湘财证券研究所 中医药管理局再发多项通知，助力中药行业高质量发展 核心要点： ❑ 市场表现：上周中药Ⅱ下跌 5.83%，医药板块持续走弱 上周（2024.09.09-2024.09.13）医药生物报收 6155.55 点，下跌 2.55%；中药Ⅱ报 收 5525.35 点，下跌 5.83%；化学制药报收 8913.9 点，下跌 1.44%；生物制品报 收 5113.23 点，下跌 2.89%；医药商业报收 4152.74 点，下跌 6.72%；医疗器械 报收 5359.33 点，下跌 2.52%；医疗服务报收 3839.71 点，上涨 0.96%。医药板 块持续走弱，受安徽省发布中成药集采征求意见稿等因素影响，中药板块跌幅 较大。 从公 ...

《上周板块略涨，磷酸铁锂供应有所放量， 负极材料价格下调》 20240911 《上周板块大幅反弹，三元材料9月排产稳中 略缩，铜箔价格下调》 20240904 % 1 个月 3 个月 12 个月 相对收益 0 -10 -29 绝对收益 -5 -21 -45 注：相对收益与沪深 300 相比 证券研究报告 2024 年 09 月 18 日 湘财证券研究所 行业研究 锂电材料行业周报 上周锂价大幅反弹，磷酸铁锂有量无价，负极材料产量持续收缩 相关研究： 行业评级：增持（维持） 近十二个月行业表现 -30% -15% 0% 15% 30% -50% -30% -10% 10% 30% 锂电材料行业涨跌幅 对比基准:沪深300累计涨跌幅-右 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@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楼湘财证券研 究所 核心要点： ❑ 市场行情：上周锂电材料行业下跌 3.83%，跑输基准指数 1.6pct 上周锂电材料行业下跌 3.83%，跑输基准（沪深 300）1.6pct。行业估 ...

Investment Rating - The industry rating is "Overweight" [2][5][23] Core Insights - The semiconductor industry is experiencing a mixed performance, with the semiconductor index declining by 2.16% from September 9 to September 13, 2024, while the broader market indices also saw declines [3][7][10] - Recent product launches from Huawei and Apple are expected to drive demand recovery, with Apple's iPhone 16 series featuring the new A18 chip and Huawei's Mate XT being the world's first mass-produced foldable smartphone [3][14][17] - AI demand remains strong, as evidenced by TSMC's August revenue reaching 250.9 billion NTD (approximately 7.8 billion USD), marking a 33% year-on-year increase, despite a 2.4% month-on-month decline [9][17] Summary by Sections 1. Semiconductor Industry Performance Review - The semiconductor index has seen a decline of 27.51% year-to-date, with a recent drop of 2.16% in the last week [8][10] - The performance of various semiconductor sub-sectors has been negative, with declines ranging from 1.09% to 3.07% [10] 2. Market Trends and New Products - Huawei launched the Mate XT, a foldable smartphone priced from 19,999 CNY, with over 4 million pre-orders [14][16] - Apple's iPhone 16 series, designed for AI applications, is expected to have a pre-order volume of approximately 37 million units, a decrease of 12.7% compared to the previous series [16][17] 3. AI and Storage Market Dynamics - The global NAND Flash market saw a significant year-on-year growth of 108.7% in Q2 2024, with a market size of 41.42 billion USD [19] - However, the consumer storage market faces challenges, with a 40% year-on-year decline in NAND Flash shipments, indicating a potential slowdown in demand [19] 4. Investment Recommendations - The report suggests maintaining an "Overweight" rating for the semiconductor industry, highlighting the recovery in traditional consumer electronics and the ongoing demand for AI infrastructure [5][23]

证券研究报告 2024 年 09 月 18 日 湘财证券研究所 行业研究 银行业周报 信贷增长放缓，增量政策可期 相关研究： 核心要点： 市场回顾：银行指数下跌 2.94%，大型银行和股份行市场表现居前 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 3.《中期策略：预期渐收敛，配置 价值延续》 2024.06.21 4.《银行业：高股息配置有提升空 间》 2024.09.08 5.《板块延续调整，关注下一步利 率政策》 2024.09.10 行业评级：增持（维持） % 1 个月 3 个月 12 个月 相对收益 0.17 4.51 18.18 绝对收益 -4.84 -6.35 2.19 注：相对收益与沪深 300 相比 本周（截至 2024.09.13）银行(申万) 指数下跌 2.94%，市场表现弱于沪深 300 指数 0.71 个百分点。大型银行和股份行市场表现居前。 资金市场：短期资金收紧，存单净融资额较高 本周，央行公开市场操作净投放 8130 亿元。短期资金利率上行，当前资金 利率位于政策利率之上。国有大行/股份 ...

证券研究报告 2024 年 9 月 19 日 湘财证券研究所 行业研究 石油石化行业动态分析 近期原油价格总体下跌，OPEC+延长自愿减产时间 分析师：顾华昊 证书编号：S0500523080001 Tel：(8621)50293561 Email：ghh07400@xcsc.com 近一个月原油价格整体呈现下跌态势。截至 2024 年 9 月 17 日，布伦特原 油期货结算价为 73.70 美元/桶，相较于一个月前下降了 5.98 美元/桶；WTI 原油期货结算价为 71.19 美元/桶，相较于一个月前下降了 5.46 美元/桶；俄 罗斯 ESPO 原油现货价格为 67.12 美元/桶，相较于一个月前下降了 6.25 美 元/桶。近期原油价格的下跌，主要是由于经济数据疲软，导致市场对原油 需求前景担忧。8 月份美国制造业采购经理人指数（PMI）不及预期。8 月 份美国 ISM 制造业 PMI 为 47.2，较 7 月的 46.8 上升了 0.4 点，但仍不及市 场原先预期的 47.5。美国 PMI 已经连续第五个月位于 50 下方，这意味着， 制造业的经济活动已经连续五个月降温。美国 8 月新增非农就业人数 ...

Investment Rating - The report initiates coverage on the company with a "Buy" rating, indicating a projected investment return exceeding the market benchmark by 15% over the next 6-12 months [9]. Core Insights - The company reported a slight revenue increase in the first half of 2024, achieving approximately 172 million yuan, a year-on-year growth of 0.49%. However, the net profit attributable to shareholders decreased by 27.69% to about 37 million yuan [5][25]. - The company is positioned as a leader in the harmonic reducer industry, with expectations for growth driven by the rising demand for humanoid robots and related technologies [7][25]. - Despite short-term performance pressures due to increased competition and rising costs, the long-term outlook remains positive, with anticipated revenue growth of 8.6%, 18.5%, and 23.2% for the years 2024, 2025, and 2026, respectively [9][25]. Financial Performance Summary - In the first half of 2024, the company experienced a decline in net profit margins, with a gross margin of 40.39%, down 1.93 percentage points year-on-year, and a net profit margin of 21.68%, down 8.30 percentage points [6]. - The company’s operating cash flow was approximately 356,500 yuan, a significant decrease of 98.86% year-on-year, primarily due to an increase in bank acceptance bills received [5]. - The company’s R&D investments continue to grow, with 23 invention patents and 14 utility model patents obtained in the first half of 2024, reinforcing its technological advantage in the harmonic reducer sector [7]. Market Outlook - The humanoid robot market is expected to grow rapidly, with companies like Tesla planning to deploy their Optimus robot by 2025, which will drive demand for harmonic reducers as a key component [7]. - The company plans to expand its production capacity significantly, with a project approved to increase annual production of harmonic reducers and mechatronic products, aligning with market growth opportunities [7]. Valuation Metrics - The projected earnings per share (EPS) for 2024, 2025, and 2026 are estimated at 0.50, 0.51, and 0.58 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 121.78, 118.34, and 104.62 [10][25].

% 1 个月 3 个月 12 个月 相对收益 4 6 -2 绝对收益 -1 -4 -17 注：相对收益与沪深 300 相比 证券研究报告 2024 年 09 月 19 日 湘财证券研究所 行业研究 证券行业事件点评 权益基金规模下降，债券类基金贡献增量 行业评级：增持（维持） 近十二个月行业表现 -20% -10% 0% 10% -30% 分析师：张智珑 证书编号：S0500521120002 Tel：(8621) 50295363 Email：zzl6599@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： ❑ 权益基金保有规模和占比下降，债券类基金贡献主要增量 基金业协会发布 2024 年上半年度公募基金保有规模前 100 名公司榜单，与 此前相比主要有两个变化：一是发布频率从季度变为半年度；二是将"股 票+混合基金"类型更改为"权益基金"，并且首次增加"股票型指数基金" 类别。整体来看，2024H1 前 100 代销机构非货币基金保有规模为 8.86 万 亿元（较 23Q4 环比+3.7%）；权益基金保有规模为 4.73 万亿元（较 23Q4 环比-5.8%），其中 ...