Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index in the next six months [3]. Core Insights - The report highlights that Johnson & Johnson's Amivantamab injection has been accepted for market registration in China, showcasing its dual specificity as an EGFR/MET antibody with multiple anti-cancer mechanisms [2][3]. - The pharmaceutical sector experienced a rise of 1.34% on September 25, 2024, underperforming the CSI 300 index by 0.14 percentage points, ranking 13th among 31 sub-industries [2]. - Among sub-industries, vaccines (+2.13%), hospitals (+1.69%), and pharmaceutical distribution (+1.46%) performed well, while offline pharmacies (+0.10%), medical consumables (+0.41%), and blood products (+0.86%) lagged [2]. Summary by Sections Industry Rating - The pharmaceutical industry is rated as "Positive," with expectations of returns above the CSI 300 index by more than 5% in the next six months [3]. Company News - Heng Rui Medicine (600276) announced that its subsidiary received approval for clinical trials of Fluorine-18 Metaflone injection from the National Medical Products Administration [2]. - Novartis is seeking priority review for its radioactive therapy in China, while its Ipratropium Bromide is also under priority review [2]. - Shengxiang Biology (688289) received approval for its HPV nucleic acid detection kit, expanding its usage for cervical cancer screening [2].

Investment Rating - The report assigns a "Buy" rating for Kevin Education (002659) with a target price based on the last closing price of 4.41 [1][8]. Core Views - The restructuring of the equity structure is expected to benefit the company's long-term development [1][3]. - The transfer of shares from Baidaochu Holdings to Haiguotou is aimed at enhancing the support for the company, as Haiguotou will hold 16% of the equity and 30% of the voting rights after the transfer [2][3]. - The company is expected to benefit from Haiguotou's clear goals for state-owned enterprise reform, which includes significant revenue and asset injection targets [3][5]. - Kevin Education is expanding its student base through its international schools and is also venturing into domestic high school education, which is anticipated to improve its operational performance [3][5]. Financial Summary - Revenue projections for Kevin Education are as follows: - 2024: 319.42 million - 2025: 389.82 million - 2026: 463.99 million - Growth rates are expected to be 25.81%, 22.04%, and 19.03% respectively [5][6]. - Net profit forecasts are: - 2024: 6.31 million - 2025: 27.41 million - 2026: 51.02 million - Growth rates are projected at 112.69%, 334.22%, and 86.13% respectively [5][6]. - Earnings per share (EPS) are expected to be: - 2024: 0.01 - 2025: 0.05 - 2026: 0.09 [5][6].

Investment Rating - The report assigns an "Accumulate" rating to Lianhua Holdings with a target price of 3.6, compared to the last closing price of 3.22 [1][4]. Core Views - Lianhua Holdings has shown stable growth in its monosodium glutamate (MSG) business, with a significant increase in market share and successful new product development. The company is also expanding its computing power services [1][2]. - In H1 2024, the company achieved a revenue of 1.222 billion yuan, representing a year-on-year increase of 25.46%, and a net profit of 101 million yuan, up 101.03% year-on-year [2]. - The company has launched a stock option incentive plan aimed at promoting the development of its computing power services business, indicating a strong commitment to this area [2][4]. Financial Summary - For H1 2024, the company reported a gross margin increase of 6.96 percentage points to 23.37%, driven by product structure optimization and declining raw material prices [2]. - The company’s revenue is projected to grow from 2.569 billion yuan in 2024 to 3.877 billion yuan in 2026, with corresponding net profits expected to rise from 209 million yuan to 336 million yuan during the same period [5][6]. - The earnings per share (EPS) forecast for 2024-2026 is 0.12, 0.15, and 0.19 yuan, respectively, with current price-to-earnings (PE) ratios of 27, 21, and 17 times [2][5].

证券研究报告 声明：非正式报告、仅供内部研究使用， 请勿外传；投资建议以正式报告为主 | --- | --- | --- | --- | |------------|----------------------------------------------------------------------------------|---------------------------------------------------------------|----------------| | | | | | | 传音控股（ | 688036 ）：新兴市场基本盘稳固，横 纵业务拓展再度腾飞 | | | | | 2024年9月20 日 | | | | | 证券分析师：张世杰 E-MAIL ： zhangsj@tpyzq.com 执业资格证书编码： S1190523020001 | 证券分析师：罗平 E-MAIL：luoping@tpyzq.com 执业资格证书编码： | S1190524030001 | 摘要： • 公司概览：公司定位于科技品牌出海，以非洲为根本不断向新兴市场拓展业务。公司主要从事以手机为核心的 ...

行 业 研 究 2024 年 09 月 23 日 行业周报 看好/维持 电力设备及新能源 电力设备及新能源 【太平洋新能源】新能源周报（第 104 期：20240910-20240920） 硅、锂到达关键点，中下游分化加大 | --- | --- | --- | --- | |-------------|------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

行 业 研 究 2024 年 09 月 24 日 行业周报 看好/维持 医药 医药 诺华放射性疗法在华拟纳入优先审评 | --- | --- | --- | --- | |----------------|--------------------------------------------------------------------------------------------------------------------|----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

行 业 研 究 2024 年 09 月 24 日 行业周报 看好/维持 医药 医药 诺华放射性疗法在华拟纳入优先审评 | --- | --- | --- | --- | |----------------|--------------------------------------------------------------------------------------------------------------------|----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for Zijin Mining [1][2]. Core Insights - The company has demonstrated significant cost reduction and incremental growth, which supports long-term high-quality development [1][2]. - In H1 2024, the company achieved a revenue of 1504.2 billion yuan, a slight increase of 0.1% year-on-year, and a net profit attributable to shareholders of 150.8 billion yuan, up 46.4% year-on-year [10][12]. - The company has a strong exploration advantage with abundant resources on hand, and it has effectively controlled production costs and expenses [2][4]. Summary by Sections Performance Overview - In H1 2024, the company achieved copper production of 51.9 million tons, a year-on-year increase of 5.3%, and gold production of 35.4 tons, up 9.5% year-on-year [16][30]. - The company’s zinc (lead) production was 22.2 million tons, down 7.6% year-on-year, while silver production was 210.3 tons, up 1.3% year-on-year [16][38]. Cost and Profitability Analysis - The company has effectively reduced production costs, with significant improvements in gross margins for gold and copper production [8][19]. - The gross profit margin for H1 2024 was reported at 19%, with a net profit margin of 10% [12][19]. Financial Metrics - The company’s total liabilities to assets ratio decreased to 56.7% by the end of H1 2024, down 2.3 percentage points year-on-year [2][4]. - The forecast for net profit attributable to shareholders for 2024-2026 is 314 billion, 360 billion, and 410 billion yuan respectively [2][3].

Investment Rating - The industry is rated as Neutral for the first time [2][30]. Core Insights - Sales decline has narrowed in the first eight months of 2024, influenced by seasonal factors, with July and August being traditional off-peak months for real estate sales [2][5]. - The cumulative sales area of commercial housing in China from January to August 2024 was 60,602 million square meters, a year-on-year decrease of 18%, with August's sales area at 6,453 million square meters, down 12.6% year-on-year [2][5]. - The cumulative sales amount for the same period was 59,723 billion, down 23.6% year-on-year, with August's sales amount at 6,393 billion, a decline of 17.2% year-on-year [2][5]. - New and second-hand housing prices continue to weaken, with the price index for new homes in 70 major cities decreasing by 0.7% month-on-month in August [2][14]. - Real estate development investment remains under pressure, with cumulative investment from January to August 2024 at 69,284 billion, down 10.2% year-on-year [2][20]. - New construction area has also faced pressure, with a cumulative area of 49,465 million square meters from January to August, down 22.5% year-on-year [2][22]. Summary by Sections Sales - The sales area and amount for commercial housing in the first eight months of 2024 showed a narrowing decline compared to the previous month, with cumulative sales area down 18% and sales amount down 23.6% [5][12]. Prices - The price index for new homes in 70 major cities decreased by 0.7% month-on-month in August, with year-on-year declines of 5.7% [14][17]. Development Investment - Development investment remains under pressure, with cumulative investment down 10.2% year-on-year, and new construction area also facing a decline of 22.5% year-on-year [20][22]. Investment Recommendations - Despite the seasonal sales decline, there is an expectation for a slight improvement in sales during the traditional peak season of September and October, with potential promotional efforts from real estate companies [2][28].

Investment Rating - The report does not provide specific ratings for the computer equipment, IT services, cloud services, and industrial internet sectors, while it maintains a neutral rating for computer software [1]. Core Insights - The report highlights that the recent bombing incident in Lebanon underscores the necessity for IT self-sufficiency and security, potentially accelerating the pace of domestic production [5][9]. - The Chinese "Xinchuang" (信创) initiative is entering a phase of deepening implementation, with expectations for accelerated industry development due to new policies and funding support [5][13]. - The issuance of special government bonds is anticipated to provide significant financial backing for the Xinchuang initiative, with a planned issuance of 1 trillion yuan in 2024 [5][26]. Summary by Sections Policy Catalysts and Financial Support - The report discusses the increasing frequency of global information security incidents, emphasizing the urgent need for self-controllable IT systems [9]. - It notes that various policies have been introduced in 2024 to enhance procurement standards and promote the use of domestic products in government agencies [15][16]. - The issuance of special bonds is expected to support the Xinchuang initiative, with a focus on achieving high-level technological self-reliance [25][26]. Performance Recovery and Product Innovation - The report indicates that many Xinchuang companies are experiencing a recovery in performance, with significant revenue growth observed in the first half of 2024 compared to 2023 [20]. - It highlights that recent large-scale procurement projects in the Xinchuang sector are becoming more active, indicating a positive trend in market demand [21][23]. Investment Recommendations - The report recommends specific companies for investment, including Haiguang Information, China Great Wall, Jingjia Micro, and Taiji Co., as well as companies within Huawei's self-sufficient supply chain [28].