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) ...

证券研究报告 2024 年 09 月 04 日 湘财证券研究所 行业研究 稀土永磁行业周报 上周稀土价格分化，钕铁硼价格跟随上调，向下传导逐步承压 相关研究： 《上周产业链价格整体维持回升，2024年第 二批稀土配额下达》 20240828 《上周产业链价格坚挺上行，磁材季节性需 求有所释放》 20240820 行业评级：增持（维持） 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 | -1 | -6 | -17 | | 绝对收益 | -2 | -14 | -29 | | | 注：相对收益与沪深 | | 300 相比 | 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Em ...

证券研究报告 2024 年 09 月 02 日 湘财证券研究所 行业研究 银行业周报 逆周期调节有望加强，银行股高股息价值延续 相关研究： 1.《2024年度策略：量质均衡，进 市场回顾：银行指数下跌 5.75%，大型银行市场表现居后 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 3.《中期策略：预期渐收敛，配置 4.《LPR全面下调，降息幅度符合 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 行业评级：增持（维持） 本周（截至 2024.09.01）银行(申万) 指数下跌 5.75%，市场表现弱于沪深 300 指数 5.57 个百分点。大型银行市场表现居后。 资金市场：资金环境明显宽松，存单净融资额较低 本周，央行公开市场操作净投放 5040 亿元。短期资金利率下行，跨月后资 金环境明显转松，周内资金利率下行至政策利率以下。国有大行/股份行/ 城商行/农商行 1 年期同业存单利率分别为 1.97%/1.98%/2.09%/2.04%，较 前值变化 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2][6][19] Core Insights - New home sales in August showed a decline both year-on-year and month-on-month, with expectations for policy support during the "Golden September and Silver October" period [2][6] - The sales area of new homes in 30 major cities decreased by 27% year-on-year and 13% month-on-month in August, with the year-on-year decline widening by 10 percentage points [4][8] - Cumulatively, from January to August, the sales area of new homes fell by 34% year-on-year, with a slight narrowing of the decline compared to the previous month [4][8] - The performance of the top 100 real estate companies in August showed a year-on-year sales amount decline of 22% and a month-on-month decrease of 2.4% [5][17] - The report highlights that the inventory in core cities has slightly decreased, with a faster absorption rate in first-tier cities [13] Summary by Sections Sales Performance - In August, the sales area of new homes in first-tier, second-tier, and third-tier cities showed year-on-year changes of +6%, -43%, and -15% respectively, with month-on-month changes of -13%, -5%, and -18% [4][8] - The total sales area in August remained at the lowest level since 2020, indicating a gradual decline in the effectiveness of previous policies [4][8] Market Trends - The top 100 real estate companies reported a cumulative sales amount of 26,832 billion yuan from January to August, reflecting a year-on-year decline of 38.5% [5][17] - The market concentration is increasing during the downturn, with leading companies showing less decline compared to others [5][17] Investment Recommendations - The report suggests focusing on high-quality leading real estate companies with strong financing capabilities, land acquisition abilities, and reasonable land reserves [6][19]

证券研究报告 2024 年 09 月 04 日 湘财证券研究所 行业研究 锂电材料行业周报 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 相关研究： | --- | --- | |----------------------------------------|----------| | | | | 《上周碳酸锂价格反弹，正极价跌量平，负 | | | 极材料优先去库》 | 20240828 | | 《上周锂源价格再启大跌，产业链价格普遍 | | | 维持弱势》 20240820 | | 行业评级：增持（维持） 近十二个月行业表现 -60% -40% -20% 0% 20% 锂电材料行业涨跌幅 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 | 0 | -14 | -34 | | 绝对收益 | -2 | -21 | ...

证券研究报告 2024 年 09 月 03 日 湘财证券研究所 行业研究 医疗服务行业周报 H1 业绩略承压，下半年有望逐季改善 --医疗服务行业周报 8.26-8.30 | --- | --- | |---------------------------------|------------| | | | | | | | 相关研究： | | | 1. 《医药外包业绩承压，投融资情 | | | 况有望改善》 | | | | 2024.08.20 | | 2. 《中报密集披露， | ADC CDMO | | 业绩表现靓丽》 | 2024.08.27 | 行业评级：增持 近十二个月行业表现 -60.00% -40.00% -20.00% 0.00% 20.00% 23/9 23/10 23/11 23/12 24/1 24/2 24/3 24/4 24/5 24/6 24/7 24/8 沪深300 医疗服务II | --- | --- | --- | --- | |----------|--------------------|------------|------------| | % | 1 个月 | 3 个 ...

证券研究报告 （增持，维持） / 17 | --- | --- | --- | |-------|--------------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 分析师：顾华昊 | | | | 登记编号：S0500523080001 | | | | 2024年9月3日 | | 基础化工行业 化工周期或已见底，建议关注供需格局改善的 细分领域 核心要点 2 n 化工周期或已见底 中国化工产品价格指数（CCPI）从2021年10月达到高点后，2022年上半年由于俄乌冲突，随着原油价格出现反弹，此后总体呈现下 行的态势，2023年6月触底，此后整体呈现震荡运行。CCPI与原油的价差仍然处于历史底部区间。2024H1，基础化工行业盈利能力有所 提升，销售毛利率18.0%，销售净利率6.5%。2024Q2，销售毛利率18.1%，销售净利率6.6%，环比2024Q1分别提升了0.3、0.2pct，同比 2023Q2分 ...