、 评级：增持（维持） 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师：李雪峰 执业证书编号：S0740522080004 Email：lixf05@zts.com.cn 分析师：游凡 执业证书编号：S0740522120002 Email：youfan@zts.com.cn 分析师：张琼 执业证书编号：S0740523070004 Email：zhangqiong@zts.com.cn 分析师：刘博文 执业证书编号：S0740524030001 Email：liubw@zts.com.cn | --- | --- | |-------------------------|-----------| | | | | 基本状况 | | | 上市公司数 | 454 | | 行业总市值 ( 百万元 ) | 5,667,278 | | 行业流通市值 ( 百万元 ) | 2,826,950 | [Table_QuotePic] 行业-市场走 ...

、 医疗器械板块 2024H1 总结：低耗板块表现亮眼，看好下半年院内诊疗边际改善+设备更新陆续 落地 医疗器械 证券研究报告/专题研究报告 2024 年 9 月 6 日 [Table_Title] 评级：增持（ 维持 ） 分析师：祝嘉琦 执业证书编号：S0740519040001 电话：021-20315150 Email：zhujq@zts.com.cn 分析师：谢木青 执业证书编号：S0740518010004 电话：021-20315895 Email：xiemq@zts.com.cn 分析师：于佳喜 执业证书编号：S0740523080002 Email：yujx03@zts.com.cn | --- | --- | |-----------------------|-------| | | | | 上市公司数 | 510 | | 行业总市值 ( 亿元 ) | 54413 | | 行业流通市值 ( 亿元 ) | 45150 | [Table_QuotePic] 行业-市场走势对比 -35.00% -30.00% -25.00% -20.00% -15.00% -10.00% -5.00% 0.00% ...

黄金 ETF 增持及央行购金支撑下，贵金属上行趋势不变 行业-市场走势对比 行业评级：增持（维持） 投资要点 分析师：郭中伟 执业证书编号：S0740521110004 Email：guozw@zts.com.cn 分析师：谢鸿鹤 执业证书编号：S0740517080003 Email：xiehh@zts.com.cn 分析师：刘耀齐 执业证书编号：S0740523080004 Email：liuyq@zts.com.cn 分析师：陈沁一 执业证书编号：S0740523090001 Email：chenqy01@zts.com.cn 基本状况 | --- | --- | |-----------------------|-----------| | | | | 上市公司数 | 131 | | 行业总市值 ( 亿元 ) | 23,603.05 | | 行业流通市值 ( 亿元 ) | 20,900.94 | -25% -20% -15% -10% -5% 0% 5% 10% 15% 有色金属（申万） 沪深300 2023-092023-102023-112023-122024-012024-022024-0320 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next 6 to 12 months compared to the benchmark index [1][6]. Core Insights - The company is positioned as a leader in the global memory interface chip market, with significant growth opportunities driven by the accelerated penetration of DDR5 technology and the introduction of new products such as MRCD, MDB, CKD, PCIe 5.0 Retimer, and MXC chips [3][4]. - The forecasted net profits for the company from 2024 to 2026 are projected to be 1.5 billion, 2.5 billion, and 3.1 billion yuan respectively, with corresponding P/E ratios of 41, 24, and 19 [3][4]. Financial Summary - **Revenue Forecast**: The company's revenue is expected to grow from 2,286 million yuan in 2023 to 8,097 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 42% [1][4]. - **Net Profit Forecast**: Net profit is projected to increase from 451 million yuan in 2023 to 3,113 million yuan in 2026, indicating a significant recovery and growth trajectory [1][4]. - **Earnings Per Share (EPS)**: The EPS is expected to rise from 0.39 yuan in 2023 to 2.72 yuan in 2026, showcasing strong profitability growth [1][4]. - **Return on Equity (ROE)**: The ROE is anticipated to improve from 4% in 2023 to 19% in 2026, reflecting enhanced efficiency in generating profits from shareholders' equity [1][4]. Product and Market Dynamics - **DDR5 Penetration**: The report anticipates that by mid-2024, the penetration rate of DDR5 products will exceed 50%, driven by demand from AI servers and PCs [2][3]. - **New Product Launches**: The company is set to benefit from the launch of new products, including MRCD, MDB, and CKD, which are expected to significantly contribute to revenue growth in the coming years [3][4]. - **Market Position**: The company is recognized as a key supplier in the memory interface chip sector, with a competitive edge in product offerings and technology [3][4].

'()%*+ ,-./01%S0740522020001 Email%zengbiao@zts.com.cn [Table_Title] !"#$%&'() !"#$%17.68 & '()%23 ,-./01%S0740522040004 Email%wupeng@zts.com.cn [Table_Profit] *+,- 456(785) 2,343 9:56(785) 1,900 !#(&) 17.68 !;(78&) 41,425 9:!;(78&) 33,593 [Table_QuotePic] ./012-345678 2023-092023-102023-112023-122024-012024-022024-032024-042024-052024-062024-072024-082024-09 !"# $%300 -60% -50% -40% -30% -20% -10% 0% <=>?@5ABC 9:;< 1 DEFGHIJKL%MN#$? OPQR<=STUV?OW'XY Z[\]^ 2 DEFG`IJKLabFcd% -efghiRZ[jkil^ 3 DEFGaIJKLmncd%o ...

[Table_Industry] [Table_Title] !"#$%&'%( !"#$%23.77 & '()%*+ ,-./01%S0740522020001 Email%zengbiao@zts.com.cn '()%23 ,-./01%S0740522040004 Email%wupeng@zts.com.cn [Table_Profit] )*+, 456(785) 1,226 9:56(785) 188 !#(&) 23.77 !;(78&) 29,152 9:!;(78&) 4,476 -35% -30% -25% -20% -15% -10% -5% 0% 5% 2023-092023-102023-112023-122024-012024-022024-032024-042024-052024-062024-072024-082024-09 !"#$ %&300 [Table_QuotePic] -./01-234567 <=>?@5ABC 89:; 1 DEFGHIJKLMNOPQR S6TU+VWXYZ[\]^ n ]JãK6+,LM˛ˇNNOìPNQRSBTUÓÍP IJKL 24 ...

通富微电(002156.SZ)/电子 证券研究报告/公司点评 2024 年 9 月 6 日 [Table_Title] 评级：买入（维持） 市场价格：19.06 元/股 [Table_Industry] 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师：游凡 执业证书编号：S0740522120002 Email：youfan@zts.com.cn | --- | --- | |---------------------------|--------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 1,518 | | 流通股本 ( 百万股 ) | 1,517 | | 市价 ( 元 ) | 19.06 | | 市值 ( 百万元 ) | 28,925 | | 流通市值 ( 百万元 ) | 28,922 | [Table_QuotePic] 股价与行业-市场走势对比 通富微电 沪深300 ...

[Table_Industry] 南方传媒：收入端稳健，教育业态逐步构建 南方传媒(601900.SH)/传媒 证券研究报告/公司点评 2024 年 09 月 06 日 | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------|-----------------------------------------------|------------------------------|-------|--------|--------|--------| | [Table_Industry] [Table_ 评级：买入 Invest （ ] 维持） \n市场价格： 12.59 元： 14.74 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022 | 2023 | 2024E | 2025E | 2026E | | | 营业收入（百万元） | 9,055 | ...

Investment Rating - The report assigns an "Invest Buy" rating for the company, marking its first coverage [2]. Core Insights - Yuntianhua is a leading integrated player in the phosphate industry, backed by state-owned assets, with a focus on continuous growth through asset injections from the group [4][21]. - The company has significantly reduced its debt ratio from a peak of 92.5% in 2016 to 56.5% by mid-2024, enhancing its financial stability [4]. - The company is expected to benefit from a stable demand for phosphate rock and fertilizers, with projected revenue growth rates of 1.7%, 2.2%, and 3.4% from 2024 to 2026 [5][21]. Summary by Sections 1. Company Overview - Yuntianhua, controlled by the Yunnan Provincial State-owned Assets Supervision and Administration Commission, has evolved from a nitrogen fertilizer manufacturer to a major player in the phosphate chemical sector through strategic asset restructuring [4][21]. - The company has a phosphate ore reserve of nearly 800 million tons and an annual production capacity of 14.5 million tons, making it one of the largest fertilizer producers in China [17][21]. 2. Phosphate Industry Dynamics - The phosphate rock market is expected to maintain a tight balance, with demand projected to grow at rates of approximately 3.4%, 2.3%, and 2.0% from 2024 to 2026 [4][21]. - The report highlights that the domestic phosphate fertilizer market is stabilizing, with a focus on ensuring food security leading to controlled production capacities [4][21]. 3. Competitive Advantages - Yuntianhua's competitive edge lies in its resource ownership, scale, brand strength, and integrated operations, which enhance profitability and market positioning [4][21]. - The company has a strong cash flow, with a net operating cash flow of 4.62 billion yuan in the first half of 2024, indicating robust financial health [5][21]. 4. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are 70.22 billion yuan, 71.73 billion yuan, and 74.20 billion yuan, respectively, with net profits expected to be 5.02 billion yuan, 5.02 billion yuan, and 5.09 billion yuan [5][21]. - The report anticipates an increase in cash dividends, with a historical payout ratio of around 30.5% to 40.3% in recent years, reflecting the company's commitment to returning value to shareholders [5][21].

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company reported a revenue of 609 million yuan in the first half of 2024, representing a year-on-year increase of 12%. However, the net profit attributable to the parent company was 29 million yuan, down 6.73% year-on-year [2]. - The gross margin for the first half of 2024 was 44.77%, a slight increase of 0.59 percentage points year-on-year. Research and development expenses amounted to 55 million yuan, accounting for 9.04% of revenue, which is a 7.06% increase year-on-year [2]. - The enzyme preparation business continued its strong performance, with revenue growth of 20.42% year-on-year. The company has developed four efficient protein expression systems and established a leading high-throughput screening workstation [2]. - The company follows a "technology-driven development" strategy, focusing on independent research and development while also engaging in collaborative research. As of the report date, the company holds 419 domestic authorized invention patents and 10 U.S. patents [2]. - The company has completed its capacity layout across various business segments, with several projects now in operation. The production line for refined enzyme products is expected to commence operations by December 2024 [2]. - The company’s enzyme products have contributed to a reduction of approximately 1.2548 million tons of CO2 emissions in downstream applications during the first half of 2024 [2]. Financial Summary - The company’s revenue forecast for 2024-2026 is projected at 12.73 billion yuan, 13.99 billion yuan, and 15.58 billion yuan respectively, with net profits of 1.00 billion yuan, 1.18 billion yuan, and 1.38 billion yuan for the same period [3]. - The current price-to-earnings (P/E) ratio is 26.3 for 2024, decreasing to 19.0 by 2026, indicating a positive trend in valuation [3]. - The return on equity (ROE) is expected to increase from 4.4% in 2023 to 6.5% in 2026, reflecting improved profitability [3].