硅 请参阅最后一页的股票投资评级说明和法律声明 1 / 18 年 月 日 证券研究报告行业研究 | --- | --- | --- | |----------------------------------------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 电新行业双周报 2024 年第 19 期总第 41 期 | | 行业周报 | | 海陆风电市场活跃 项目进展或成业绩关键 | | | | 行情回顾： | | 行业评级： | | 报告期内电力设备行业指数跌幅为 1.75% ，跑赢沪深 300 指数 3.13Pct 。 | | 报告期： 2024.9.2-2024.9.17 | | | | 投资评级 | 看好 | 电力设备申万 ...

行业评级： 报告期：2024.9.2-2024.9.13 投资评级 看好 2024 年 9 月 18 日 证券研究报告 行业周报 huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 ◆商务部/国家卫健委/NMPA：在医疗领域开展扩大开放试点工作 ◆国家医保局/财政部：稳妥有序扩大跨省直接结算门诊慢特病病种 范围 weiyuqi@gwgsc.com 执业证书编号：S0200123060002 联系电话：010-68099389 ◆康诺亚：IL-4Rα抗体药物"司普奇拜单抗注射液（康悦达®）" 研究助理 魏钰琪 获 NMPA 批准上市，用于成人中重度特异性皮炎，为国内首款、全 球第二款 公司地址：北京市丰台区凤凰嘴街 2 号院 1 号楼中国长城资产大厦 16 层 ◆Candid Therapeutics：完成 3.7 亿美元融资，为今年规模最大的生物 医药融资 医药生物行业双周报 2024 年第 19 期总第 117 期 医疗领域开展扩大开放试点工作 多家药企临床数据亮相权威学术会议 行业回顾 评级变动 维持评级 本报告期医药生物行业指数跌幅为 4 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company maintains a leading position in the communication power grid sector, aligning with the development requirements of AI computing and communication. Its broadband products rank first in several procurement projects for major clients like China Mobile and China Tower [1][4] - The company has a robust order backlog of approximately 28.2 billion yuan, with significant contributions from various business lines, including marine, power grid construction, and renewable energy [2][4] - The company has achieved a notable increase in revenue and net profit in Q2 2024 compared to Q1 2024, indicating improved profitability despite a slight increase in expense ratios [1][4] Summary by Sections Financial Performance - For H1 2024, the company reported revenue of 21.416 billion yuan, a year-on-year increase of 6.32%, and a net profit attributable to shareholders of 1.460 billion yuan, a decrease of 25.31% [1] - In Q2 2024, the company achieved revenue of 13.174 billion yuan, a year-on-year increase of 11.00% and a quarter-on-quarter increase of 59.83%, with a net profit of 0.824 billion yuan, a quarter-on-quarter increase of 29.50% [1] Order Backlog and Business Development - As of August 27, 2024, the company has an order backlog of approximately 28.2 billion yuan, with marine projects accounting for about 12.3 billion yuan, power grid construction for about 13.1 billion yuan, and renewable energy for about 2.8 billion yuan [2][4] - The company has successfully delivered significant projects, including the first 330kV submarine cable project in China, and has made progress in international markets [4] Profitability and Expense Management - The company reported a gross profit margin of 16.68% and a net profit margin of 6.81% for H1 2024, with slight decreases compared to H1 2023 [1] - The expense ratio for H1 2024 was 9.09%, showing a manageable increase from the end of 2023, with specific expense ratios for sales, management, R&D, and financial expenses [1]

硅 产品价格下降盈利承压 全球化战略布局稳步推进 基础数据： 截至 2024 年 9 月 5 日 事件：公司发布2024年半年度报告。2024H1，公司实现营业收入70.38 当前股价 15.00 元 亿元，同比下降47.57%；归母净利润4.93亿元，同比下降41.84%；扣 投资评级 买入 非归母净利润5.34亿元，同比下降24.76%；实现整体毛利率21.26%， 评级变动 维持 总股本 11.17 亿股 较2023年上升了0.27Pct，较2023H1上升了3.60Pct。 流通股本 10.99 亿股 总市值 168 亿元 事件点评： 流动市值 165 亿元 相对市场表现： ◆负极材料量增价减利升，全球化战略布局稳步推进。2024H1，公司 实现负极收入51.79亿元，出货量超过20万吨，同比增长18.96%，产品 均价在2.50万元/吨左右，较2023年产品均价下降超20%；负极材料毛 利率为26.17%，较2023H1增加了4.99Pct。负极材料毛利率改善主要系 公司持续推动降本提效、精益管理；公司云南贝特瑞石墨化产线、山 西瑞君石墨化产线正式投产，公司石墨化自有率提升至50%。截至6月 分析师 ...

硅 基础数据： 鼎胜新材 603876.SH 2024 年 9 月 4 日 证券研究报告/公司研究 铝/工业金属/有色金属 电池箔盈利短期承压 有望受益海外市场高增长 截至 2024 年 9 月 4 日 事件：公司发布2024年半年度报告。2024年上半年，公司实现营业收 当前股价 8.96 元 入114.84亿元，同比增加24.57%；实现归母净利润1.84亿元，同比下降 投资评级 买入 47.60%；实现扣非归母净利润1.75亿元，同比下降42.52%；实现整体 评级变动 维持 总股本 8.90 亿股 毛利率9.88%，较2023H1下降了3.42Pct；实现整体净利率1.6%，较 流通股本 8.86 亿股 2023H1下降了2.20Pct。 总市值 79.72 亿元 流动市值 79.38 亿元 事件点评： 相对市场表现： zhangyetong@gwgsc.com 执业证书编号：S0200524050001 联系电话：010-68099390 ◆公司期间费用保持合理区间。2024H1，公司期间费用率为6.60%， 较2023H1下降了1.08Pct；其中销售费用为0.90亿元，同比下降12.60%； 管 ...

硅 事件点评： 基础数据： 截至 2024 年 9 月 4 日 事件：公司发布2024年半年度报告，2024H1公司实现营收52.80亿元， 当前股价 23.80 元 同比增长34.88%；实现归母净利润4.34亿元，同比下降46.92%；实现 投资评级 买入 扣非归母净利润3.88亿元，同比下降43.23%；实现整体毛利率16.59%， 评级变动 维持 总股本 12.26 亿股 环比2023H2提升了4.82Pct，较2023年年末下降了1.02Pct，较2023H1下 流通股本 1.88 亿股 降了8.02Pct。 总市值 292 亿元 流动市值 45 亿元 相对市场表现： 2024 年 9 月 4 日 证券研究报告/公司研究 风电整机/风电设备/电力设备 三一重能 688349.SH 风机交付创历史同期新高 ◆风机交付创历史同期新高，盈利能力环比改善明显。2024H1，公司 国内陆上风机交付容量3.3GW，同比增加121%，创造历史同期最好交 付业绩。公司上半年风机及配件实现收入49.17亿元，同比增长68.07%， 占总营收93.97%，其中，5MW及以上机组实现收入42.09亿元，同比增 长173. ...

硅 基础数据： 华宝新能 301327.SZ 相对市场表现： 分析师 张烨童 zhangyetong@gwgsc.com 执业证书编号：S0200524050001 联系电话：010-68099390 ◆公司不断深化全球品牌战略，加强全球渠道布局。2024H1，公司海 外销售实现营业收入10.73 亿元，占总营收93.89%，同比增长30.10%。 其中，公司坚定美国、日本市场持续开发投入和品牌构建，在美国市 场实现营收同比增长38.17%，日本市场实现营收同比增长51.13%，北 美市场实现销售6.45亿元，同比增长33.94%；亚洲（不含中国市场） 实现销售3.53亿元，同比增长52.57%。此外，为了进一步加强全球市 场的渗透，公司积极加强全球渠道的布局，通过官网独立站、第三方 电商平台和线下零售三位一体的渠道结合，公司产品累计热销超400万 台，全球销量领先。目前公司已在全球建立了21个官网独立站，业务 覆盖了全球50多个国家和地区。 zhugaotian@gwgsc.com 执业证书编号：S0200123030001 联系电话：010-68099392 2024 年 9 月 4 日 证券研究报告/公 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [4] Core Insights - The industry shows significant differentiation, with a focus on chemical preparations, raw materials, and CXO sectors [3] - In the first half of 2024, the total revenue of listed pharmaceutical and biotechnology companies in A-shares was 1.27 trillion yuan, a year-on-year decline of 0.28%, while the net profit attributable to shareholders was 104.32 billion yuan, a year-on-year decline of 2.11% [2][4] Summary by Sections Industry Review - The pharmaceutical and biotechnology industry index declined by 3.07% during the reporting period, ranking 27th among 31 primary industries, underperforming the CSI 300 index, which fell by 0.72% [4][12] - The PE ratio (TTM) for the industry as of August 30, 2024, was 23.12x, down from 23.99x, indicating a downward valuation trend [4][16] Performance Overview - In the first half of 2024, 455 tracked listed companies in the pharmaceutical and biotechnology sector reported their performance, with 48 companies achieving a net profit growth rate of 100% or more [2] - The chemical pharmaceutical, medical device, and traditional Chinese medicine sectors showed strong performance, with 88, 57, and 28 companies, respectively, reporting positive net profit growth [2][5] Investment Recommendations - The report suggests focusing on investment opportunities in innovative drugs, raw materials, and the CXO sector, as these areas have shown significant performance improvements [7]

Investment Rating - The investment rating for the company is "Buy" [2][5][6] Core Views - The company's revenue for H1 2024 reached 23.918 billion yuan, a year-on-year increase of 7.57%, while the net profit attributable to shareholders was 0.824 billion yuan, up 87.89% year-on-year [2][3] - The company's gross profit margin improved to 16.59% [2] - The significant increase in the company's power battery shipment volume, which reached 8.33 GWh, represents a year-on-year growth of 66.93% [3] - The company has made notable advancements in new product development, including the launch of the "Flash Charge" battery series and the development of next-generation batteries [3][5] Financial Performance Summary - For H1 2024, the company achieved a revenue of 239.18 billion yuan and a net profit of 8.24 billion yuan, with a gross profit margin of 16.59% [2][3] - The company’s total share capital is 1.862 billion shares, with a total market value of 30.4 billion yuan [2] - The forecast for net profit attributable to shareholders for 2024-2026 is 1.781 billion, 2.194 billion, and 2.349 billion yuan respectively, with corresponding EPS of 0.96, 1.18, and 1.26 yuan [5][6]

Investment Rating - The investment rating for the company is "Buy" and the rating has been maintained [3][5]. Core Views - The company reported a revenue of 394 million yuan for the first half of 2024, representing a year-on-year growth of 13.16%. However, the net profit attributable to shareholders was 55 million yuan, down 11.33% year-on-year, primarily due to a significant decrease in government subsidies [3][5]. - The gross margin has shown a quarter-on-quarter recovery, with a gross margin of 26.40% for the first half of the year, which is a decline of 4.01 percentage points compared to 2023 but an increase of 1.07 percentage points from Q1 2024 [3][5]. - New orders have significantly improved quarter-on-quarter, with a new contract amount of 429 million yuan, although this represents a year-on-year decline of 31.89% due to structural and cyclical changes in the biopharmaceutical industry [3][5]. Financial Summary - The company achieved a revenue of 760.04 million yuan in 2023, with projected revenues of 912.05 million yuan in 2024, 1,076.22 million yuan in 2025, and 1,237.65 million yuan in 2026, reflecting growth rates of 29.65%, 20.00%, 18.00%, and 15.00% respectively [5][7]. - The net profit attributable to shareholders is expected to be 134.73 million yuan in 2023, with projections of 138.36 million yuan in 2024, 167.62 million yuan in 2025, and 202.99 million yuan in 2026, indicating growth rates of 86.06%, 2.70%, 21.14%, and 21.10% respectively [5][7]. - The earnings per share (EPS) are projected to be 1.69 yuan in 2023, increasing to 2.26 yuan in 2024, 2.74 yuan in 2025, and 3.32 yuan in 2026 [5][7].