Investment Rating - The investment rating for the power equipment industry is optimistic [3] Core Insights - The power equipment industry index increased by 1.61% during the reporting period, outperforming the CSI 300 index by 2.33 percentage points [3] - The overall performance of the power equipment industry has been poor, with a cumulative decline of 18.32% from the beginning of 2024 to the end of the reporting period, significantly underperforming the CSI 300 index [3][12] - The industry faced intense competition, leading to continued pressure on profitability, with a significant drop in net profit margins [5][64] Summary by Sections Industry Performance - In H1 2024, the total revenue of the power equipment industry reached 15,746.33 billion, a year-on-year decrease of 10.07%, while the net profit attributable to shareholders was 646.16 billion, down 55.90% [5][64] - The overall sales gross margin for the industry was 17.50% [5][64] Sub-industry Analysis Battery Sector - The battery sector, comprising 105 listed companies, achieved a revenue of 5,152.59 billion in H1 2024, a year-on-year decline of 12.83%, with a net profit of 343.23 billion, down 13.24% [5][65] - The overall sales gross margin for the battery sector was 19.54% [5][65] - The lithium carbonate price has been declining, leading to compressed profit margins across the battery supply chain [5][65] Wind Power Equipment Sector - The wind power equipment sector, consisting of 25 listed companies, generated a revenue of 696.10 billion in H1 2024, a decrease of 2.38%, with a net profit of 35.71 billion, down 30.73% [5][66] - The overall sales gross margin for the wind power equipment sector was 17.89% [5][66] - Companies in this sector are optimistic about future market growth despite current profitability pressures [5][66] Valuation Metrics - As of August 30, 2024, the price-to-earnings (PE) ratio for the power equipment industry was 20.47 times, ranking 14th among the Shenwan first-level industries [3][29] - The PE ratios for the battery and wind power equipment sectors were 20.92 times and 27.34 times, respectively [3][29]

2024 年 8 月 28 日 证券研究报告/公司研究 九洲药业 603456.SH CDMO 新增项目数可观，多肽与偶联业务进展顺利 医疗研发外包/医疗服务/医药生物 基础数据： 事件： 截至 2024 年 8 月 27 日 公司发布2024年半年报：2024年上半年公司实现营收27.64亿元，同比 当前股价 12.26 元 下降15.07%；归母净利润4.75亿元，同比下降23.62%；扣非归母净利润 投资评级 买入 评级变动 维持 为4.68亿元，同比下降23.66%。 总股本 8.99 亿股 事件点评： 流通股本 8.98 亿股 总市值 110.27 亿元 ◆API业务略有增长，CDMO业务承压。2024年上半年公司实现营收 流动市值 110.11 亿元 27.64亿元，同比下降15.07%。其中公司API及中间体业务销售收入7.32 相对市场表现： 亿元，同比增长6%；CDMO业务销售收入19.71亿元，同比下降21%。 公司营业收入的下滑主要系CDMO业务下滑所致。 分分析析师师：XXX huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085 ...

Investment Rating - The report maintains an "Overweight" rating for the company [1][5] Core Views - The company's revenue for the first half of 2024 was RMB 930 million, a year-on-year decrease of 3.83% [1] - Net profit attributable to the parent company was RMB 272 million, a year-on-year decrease of 21.48% [1] - The color sorter segment remained stable, contributing 69.30% of total revenue, while the medical equipment segment faced pressure, with revenue declining by 32.27% [1][3] Business Segment Analysis Color Sorter Segment - Revenue from the color sorter segment reached RMB 645 million, a year-on-year increase of 14.40% [3] - Gross margin for this segment was 49.03%, a slight decrease of 1.41 percentage points compared to the previous year [3] - The company launched several innovative products, including the UHD2.0 high-definition deep learning system and the new KR color sorter with intelligent panoramic imaging technology [3] Medical Equipment Segment - Revenue from the medical equipment segment was RMB 205 million, a year-on-year decrease of 32.27% [3] - Gross margin for this segment was 51.04%, a decrease of 4.23 percentage points compared to the previous year [3] - The company is actively expanding into non-dental medical imaging fields, with products such as spinal surgical navigation equipment and mobile head CTs [3] Industrial Inspection Segment - Revenue from the industrial inspection segment was RMB 63.66 million, a year-on-year decrease of 21.77% [4] - The company continues to optimize its product line, focusing on engineering design and intelligent production to enhance product reliability [4] Financial Forecast - The report revised down the company's net profit forecast for 2024-2026 to RMB 744 million, RMB 849 million, and RMB 937 million, respectively [5] - EPS for 2024-2026 is expected to be RMB 0.84, RMB 0.96, and RMB 1.06, respectively [5] - The current stock price corresponds to a PE ratio of 16x, 14x, and 13x for 2024-2026 [5] Key Financial Data - Revenue growth for 2024-2026 is projected at 2.75%, 13.72%, and 10.32%, respectively [6] - Net profit growth for 2024-2026 is expected to be -0.16%, 14.20%, and 10.28%, respectively [6] - The company's ROE is forecasted to increase from 27.00% in 2023 to 38.79% in 2026 [9]

总股本 17.63 亿股 诺诚健华 688428.SH 2024 年 08 月 22 日 证券研究报告/公司研究 化学制剂/化学制药/医药生物 奥布替尼增长强劲，亏损进一步收窄 基础数据： 事件：公司发布2024年半年报：2024年上半年公司实现营收4.20亿元， 截至 2024 年 8 月 21 日 同比增长11.17%；其中，产品销售收入4.18亿元，较去年同比增加29.97% 当前股价 9.74 元 归属于上市公司股东的净利润-2.62亿元，归属于上市公司股东的扣除非 投资评级 买入 评级变动 维持 经常性损益的净利润-2.53亿元。 事件点评： 流通股本 2.58 亿股 分分析析师师：XXX huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 ◆公司亏损收窄，毛利率提升近6个百分点。2024年上半年公司亏损同 比缩窄37.6%，减少至2.7亿元，主要因为奥布替尼销售收入增加、销售 分析师： 费用使用效率提升及股权激励支付减少带来的销售费用减少，以及汇兑 损失减少的结果。今年上半年公司综合毛利率达到85.67%，同比提升 5.82个百分点 ...

硅 行业周报 行业评级： 报告期：2024.8.5-2024.8.18 zhangyetong@gwgsc.com 执业证书编号：S0200524050001 联系电话：010-68099390 zhugaotian@gwgsc.com 执业证书编号：S0200123030001 联系电话：010-68099392 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 2024 年 8 月 19 日 证券研究报告/行业研究 电新行业双周报 2024 年第 17 期总第 39 期 海风再得政策推动 下半年有望迎来交付旺季 行情回顾： 报告期内电力设备行业指数跌幅为 2.43%，跑输沪深 300 指数 1.29Pct。 电力设备申万二级子行业中光伏设备、电网设备、电池、其他电源设 投资评级 看好 评级变动 维持 备Ⅱ、电机Ⅱ、风电设备分别变动-0.51%、-1.26%、-3.42%、-4.66%、 -4.77%、-6.23%。重点跟踪的三级子行业锂电池、电池化学品、风电 零部件分别变动-2.58%、-5.40%、-7.17%。 2024 年初至本报告期末，电力设备行业累计下跌 19.61%，沪深 ...

华东医药 000963 基础数据： 分分析析师师：XXX huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 2024 年 8 月 16 日 证券研究报告/公司研究 化学制剂/化学制药/医药生物 创新步入收获期，BD 合作持续推进 事件：公司发布2024年半年报：2024年上半年公司实现营收209.65亿元， 截至 2024 年 8 月 16 日 当前股价 30.25 元 投资评级 买入 评级变动 维持 总股本 17.54 亿股 流通股本 17.50 亿股 总市值 530.59 亿元 流动市值 529.65 亿元 事件点评： 同比增长2.84%；归母净利润16.96亿元，同比增长18.29%；扣非归母净 利润16.25亿元，同比增长13.85%。其中第二季度公司实现营业收入 105.54亿元，同比增长2.76%；归母净利润 8.34亿元，同比增长 22.85%; 扣非归母净利润7.87亿元，同比增长17.46%。如扣除股权激励费用及参 控股研发机构等损益影响，实现归属于上市公司股东的扣除非经常性损 益净利润18.02亿元，相比2023年上半年度 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [4]. Core Insights - The pharmaceutical and biotechnology industry index experienced a decline of 0.36%, ranking 6th among 31 primary industries, outperforming the CSI 300 index which fell by 1.15% [4]. - As of August 16, 2024, the industry PE (TTM, excluding negative values) is 23.99x, down from 24.14x in the previous period, indicating a downward trend in valuation [15]. - A total of 68 out of 455 tracked companies in the industry disclosed their performance for the first half of 2024, with 8 companies reporting a net profit growth of 100% or more, and 7 companies showing growth between 30% and 100% [6][20]. Summary by Sections Industry Review - The industry index's performance was led by in vitro diagnostics and traditional Chinese medicine, with increases of 3.86% and 1.67% respectively, while medical research outsourcing and offline pharmacies saw declines of 5.88% and 4.30% [12]. - The industry saw a net reduction of 533 million yuan in shareholder holdings across 17 listed companies, with 5 companies increasing holdings by 47 million yuan and 12 companies decreasing by 580 million yuan [4]. Important Industry News - The National Healthcare Security Administration reported that the total income for basic medical insurance (including maternity insurance) was 1,388.43 billion yuan for the first half of 2024, with total expenditures at 1,173.58 billion yuan [20]. - The market regulator is seeking public opinion on the draft "Antitrust Guidelines in the Pharmaceutical Sector" to prevent monopolistic practices and promote fair competition [21]. - Recursion announced a $688 million all-stock acquisition of Exscientia, marking the largest merger in the AI pharmaceutical sector [33]. Company Dynamics - Key companies in the industry include: - Jiuzhou Pharmaceutical (603456) with a "Buy" rating, projected net profits of 1.26 billion yuan for 2024 [36]. - East China Pharmaceutical (000963) also rated "Buy," with expected net profits of 3.21 billion yuan for 2024 [36]. - Betta Pharmaceuticals (300558) rated "Buy," with projected net profits of 420 million yuan for 2024 [36]. - Notable announcements include the approval of various drugs, such as the first IDH1/2 inhibitor by Servier and the first generics of certain drugs by domestic companies [25][32].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 1.501 billion yuan for the first half of 2024, representing a year-on-year growth of 14.22%. The net profit attributable to shareholders was 224 million yuan, up 51.00% year-on-year, while the net profit excluding non-recurring items reached 217 million yuan, marking a significant increase of 144.98% year-on-year [1] - The company has maintained a rapid growth in profits and improved operational efficiency, with the ratio of period expenses to operating income decreasing from 77.14% to 67.25%, a decline of 9.89 percentage points [1] - The market performance of Beimeina and Saimeina has shown significant growth, with Beimeina's clinical application potential being continuously explored and its market accessibility greatly improved after being included in medical insurance [1][2] - The company has a robust pipeline with over 40 projects under development, including the self-developed CDK4/6 inhibitor BPI-16350, which has received NDA acceptance from NMPA [2][4] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 1.501 billion yuan, with a year-on-year growth of 14.22%. The net profit attributable to shareholders was 224 million yuan, reflecting a 51.00% increase year-on-year. The net profit excluding non-recurring items was 217 million yuan, up 144.98% year-on-year [1] - The operating cash flow for the first half of 2024 was 522 million yuan, a year-on-year increase of 44.77% [1] Product Development - The company is focusing on the commercialization of its products, with Beimeina and Saimeina showing strong market growth. Beimeina's postoperative adjuvant therapy is progressing well in clinical trials, and its market space is expected to expand further [1][2] - The self-developed CDK4/6 inhibitor BPI-16350 has received NDA acceptance, and the company is actively pursuing multiple clinical trials for various indications [2][4] Future Outlook - The company is expected to achieve net profits of 420 million yuan, 547 million yuan, and 665 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.00 yuan, 1.31 yuan, and 1.59 yuan [5] - The current stock price corresponds to a P/E ratio of 36, 28, and 23 for the years 2024, 2025, and 2026, indicating a favorable valuation [5]

硅 行业周报 2024 年 8 月 5 日 证券研究报告/行业研究 电新行业双周报 2024 年第 16 期总第 38 期 多个重要海风项目获批 海风建设或将提速 行情回顾： 行业评级： 报告期内电力设备行业指数跌幅为 2.32%，跑赢沪深 300 指数 2.05Pct。 报告期：2024.7.22-2024.8.4 电力设备申万二级子行业中风电设备、电机Ⅱ、电网设备、其他电源 投资评级 看好 评级变动 维持 设备Ⅱ、光伏设备、电池分别变动 7.61%、6.12%、0.01%、-0.23%、-3.74%、 -4.60%。重点跟踪的三级子行业风电零部件、电池化学品、锂电池分 别变动 6.99%、-2.40%、-5.86%。 2024 年初至本报告期末，电力设备行业累计下跌 17.60%，沪深 300 指 行业走势： 数累计下跌 1.36%，电力设备行业累计跑输 16.24Pct。电力设备的六个 申万二级子行业全部下跌，其中光伏设备累计跌幅最大，为-30.16%。 重点跟踪的三个三级子行业电池化学品、风电零部件、锂电池变动分 别为-33.63%、-29.07%、-1.01%。电力设备行业整体表现较差。 本报告期内 ...

2024 年 8 月 5 日 证券研究报告 行业周报 行业评级： 报告期：2024.7.22-2024.8.2 投资评级 看好 评级变动 维持评级 行业回顾 huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 研究助理 魏钰琪 weiyuqi@gwgsc.com 执业证书编号：S0200123060002 联系电话：010-68099389 公司地址：北京市丰台区凤凰嘴街 医药生物行业双周报 2024 年第 16 期总第 114 期 多项行业支持政策发布 坚定看好创新药板块 本报告期医药生物行业指数跌幅为 0.93%，在申万 31 个一级行业中 行业走势： 位居第 14，跑赢沪深 300 指数（-4.37%）。从子行业来看，医疗研 发外包、医院涨幅居前，涨幅分别为 7.14%、2.57%；线下药店、医 疗设备跌幅居前，跌幅分别为 7.32%、5.23%。 估值方面，截至 2024 年 8 月 2 日，医药生物行业 PE（TTM 整体法， 剔除负值）为 24.14x（上期末为 24.42x），估值下行，低于负一倍标 准差。医药生物申万三级行业 P ...