Investment Ratings - The report does not provide specific ratings for the chemical pharmaceuticals and traditional Chinese medicine sectors, while the biopharmaceutical sector is rated as neutral [1][3]. Core Insights - The pharmaceutical sector experienced a slight decline of -0.02% on August 28, 2024, outperforming the CSI 300 index by 0.55 percentage points, ranking 19th among 31 sub-industries [3]. - Notable performers within the pharmaceutical sub-industries include hospitals (+1.43%), medical research outsourcing (+0.89%), and medical consumables (+0.60%), while blood products (-1.93%), medical devices (-1.31%), and other biological products (-0.68%) lagged behind [3]. - Key individual stock performances included LeXin Medical (+19.96%), Sai Lun Bio (+12.14%), and Xi Shan Technology (+7.48%) leading the gains, while Hehua Co. (-9.32%), Jindike (-7.89%), and Qidi Pharmaceutical (-7.45%) faced significant declines [3]. Industry News - On August 28, Roche announced that the European Commission approved its next-generation C5 monoclonal antibody, Piasky (Crovalimab), for treating paroxysmal nocturnal hemoglobinuria (PNH) in adults and adolescents aged 12 and older, weighing at least 40 kg. This therapy is the first monthly subcutaneous injection for PNH in the EU, potentially reducing the burden on patients and caregivers [4]. Company News - **Norse Group (301333)**: Reported a revenue of 379 million yuan for the first half of 2024, a year-on-year increase of 4.71%, with a net profit of 59 million yuan, down 31.94% [5]. - **Tigermed (300347)**: Reported a revenue of 3.358 billion yuan for the first half of 2024, a year-on-year decrease of 9.50%, with a net profit of 493 million yuan, down 64.50% [5]. - **Kailai Ying (002821)**: Reported a revenue of 2.697 billion yuan for the first half of 2024, a year-on-year decrease of 41.63%, with a net profit of 499 million yuan, down 70.40% [5]. - **Xingqi Eye Medicine (300573)**: Reported a revenue of 892 million yuan for the first half of 2024, a year-on-year increase of 30.10%, with a net profit of 169 million yuan, up 92.95% [5].

Investment Ratings - The report does not provide specific ratings for the chemical pharmaceuticals and traditional Chinese medicine sectors, while the biopharmaceutical sector is rated as Neutral [1][2]. Core Insights - The report maintains a positive outlook on the pharmaceutical industry, expecting it to outperform the CSI 300 index by more than 5% over the next six months [7]. - The FDA has granted priority review status to SpringWorks' investigational MEK inhibitor, Mirdametinib, which is aimed at treating neurofibromatosis type 1-related plexiform neurofibromas [5][6]. Sub-industry Summary - The pharmaceutical sector showed a gain of 1.37% on August 29, 2024, outperforming the CSI 300 index by 1.64 percentage points, ranking 11th among 31 sub-industries [4]. - Among sub-industries, offline pharmacies (+2.76%), medical consumables (+2.26%), and medical research outsourcing (+2.24%) performed well, while pharmaceutical distribution (+0.76%), vaccines (+1.36%), and in vitro diagnostics (+1.40%) lagged [4]. - Notable stock performances included Lexin Medical (+20.00%), Haoyuan Pharmaceutical (+16.42%), and Changshan Pharmaceutical (+10.03%), while Xinqi Eye Medicine (-12.40%), Puli Pharmaceutical (-8.23%), and Mayinglong (-7.48%) saw significant declines [4]. Company Performance - Puris reported a revenue of 394 million yuan for the first half of 2024, a year-on-year increase of 13.16%, but a net profit decline of 11.33% [6]. - Laobaixing achieved a revenue of 10.94 billion yuan, a 1.19% increase, with a net profit decrease of 2.05% [6]. - Yifeng Pharmacy reported a revenue of 11.76 billion yuan, a 9.86% increase, and a net profit growth of 15.77% [6]. - Xinhua Medical recorded a revenue of 5.29 billion yuan, a 2.24% increase, and a net profit growth of 5.57% [6].

Investment Rating - The industry investment rating is "Positive," with expectations that the overall return will exceed the CSI 300 Index by more than 5% in the next six months [4]. Core Insights - The recent adjustment in the duty-free policy has led to a significant increase in the number of city duty-free shops, which will rise to 27 by the end of 2024. This includes the transformation of existing shops to cater to outbound travelers [1][3]. - The new policy allows all travelers who are departing within 60 days, including Chinese nationals, to shop at city duty-free stores, which is expected to stimulate domestic consumption and enhance sales performance [1][3]. - The policy encourages the sale of domestic products and aims to promote Chinese cultural heritage through the inclusion of unique local products in the duty-free offerings [1]. Summary by Sections Industry Overview - The Ministry of Finance, Ministry of Commerce, Ministry of Culture and Tourism, General Administration of Customs, and State Taxation Administration have issued a notice to standardize the management of city duty-free shops starting from October 1, 2024 [1]. - The number of city duty-free shops will increase significantly, with new licenses expected to be issued in eight cities, enhancing the competitive landscape for duty-free retail [1]. Shopping Demographics and Pickup Methods - Previously, city duty-free shops were only accessible to outbound foreign travelers. The new policy broadens access to all travelers departing within 60 days, allowing for unlimited shopping without storage or pickup points [1]. - Duty-free products will include a variety of consumer goods such as food, clothing, accessories, and electronics, while tobacco products will not be sold in city duty-free shops [1]. Recommendations - The report recommends investing in China Duty Free Group, anticipating significant benefits from the new city duty-free policy and increased sales as the shops open [1].

公 司 研 究 2024 年 08 月 27 日 公司深度研究 买入/维持 国邦医药(605507) 昨收盘:16.61 医药生物 医药业务回暖，动保业务弹性可期 | --- | --- | --- | --- | --- | |-------|------------------------------------------------------------|-----------------|-----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024 年 08 月 27 日 公司点评 增持/维持 三七互娱(002555) 昨收盘:13.67 传媒互联网 24Q2 业绩企稳，连续分红回馈投资者 事件： | --- | |---------------------------------------------------------------| | 公司 2024H1 实现营收 92.32 亿元，同比增长 18.96%；归母净利润 | | 亿元，同比增长 3.15%；归母扣非净利润 12.75 亿元，同比增长 | | 其中，2024Q2 实现营收 44.82 亿元，同比增长 12.16%；归母净利润 | | 亿元，同比增长 43.63%；归母扣非净利润 6.59 亿元，同比增长 | | --- | |----------------------------------------------------------------------| | ➢ 2024H1 营收同增 18.96%，Q2 营收环比下降-5.65% | | 2024H1 公司营收同比增长 18.96%，主要系 2023 下半年上线的小游戏《寻 | | 道大千》、《灵魂序章》、《 ...

公 司 研 究 2024 年 08 月 26 日 公司点评 买入/维持 南华期货(603093) 目标价: 昨收盘:9.35 非银金融 多元金融 南华期货 2024 年半年报业绩点评：境外业务驱动增长 ◼ 走势比较 (40%) (30%) (20%) (10%) 0% 10% 23/8/2123/11/224/1/1424/3/2724/6/824/8/20 南华期货 沪深300 ◼ 股票数据 总股本/流通(亿股) 6.1/6.1 总市值/流通(亿元) 54.97/54.97 12 个月内最高/最低价 (元) 14.58/8.24 相关研究报告 <<南华期货 2023 年报点评：依旧受 益全球布局，境外业务驱动持续高 增>>--2024-03-19 <<南华期货：高成长空间的期货国际 业务龙头>>--2023-12-25 <<南华期货 Q3 点评：行业位置逐步 攀升，境外业务稳健增长>>--2023- 11-01 事件：南华期货发布 2024 年半年报。公司 2024H1 实现营业收入 26.38 亿元，同比-16.14%；实现归母净利润 2.30 亿元，同比+36.73%。加权平 均 ROE 为 6.03% ...

Investment Rating - The report assigns a "Buy" rating for Sichuan Changhong, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [3][7]. Core Views - Sichuan Changhong reported a robust performance in Q2 2024, with a non-recurring net profit of 0.56 billion yuan, reflecting a year-on-year increase of 5.27% [2]. - The company achieved a total revenue of 51.42 billion yuan in H1 2024, marking a growth of 10.24% year-on-year, with a net profit of 0.28 billion yuan, up 38.71% [2]. - The company plans to distribute a high cash dividend of 0.50 yuan per 10 shares, totaling 0.231 billion yuan, which represents 82.30% of the net profit for H1 2024, aimed at boosting investor confidence [2][3]. Financial Summary - For H1 2024, the company’s revenue from home appliances, ICT products and services, and general equipment manufacturing were 22.376 billion yuan (+17.69%), 17.723 billion yuan (+16.31%), and 5.517 billion yuan (+11.25%) respectively [2]. - The domestic and overseas revenues for H1 2024 were 38.168 billion yuan (+9.01%) and 12.766 billion yuan (+14.66%) respectively, with overseas performance being particularly strong [2]. - The company’s gross margin for Q2 2024 was 9.70%, a decrease of 2.14 percentage points year-on-year, attributed to rising costs of key components and shipping [2][5]. - The projected revenue for 2024 is 105.057 billion yuan, with a net profit of 0.875 billion yuan, and an expected EPS of 0.19 yuan [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [9]. Core Insights - The company achieved a revenue of 2.771 billion yuan in the first half of 2024, representing a year-on-year increase of 22.93%. The net profit attributable to shareholders was 216 million yuan, up 1.84% year-on-year, while the non-recurring net profit was 197 million yuan, an increase of 2.83% year-on-year [2][3]. - The company has maintained its leading position in the vehicle power supply market, with a market share of 19.4% domestically and 32.4% among third-party suppliers, marking its fourth consecutive year at the top [3]. - High R&D investment has been a key driver for the company's technological leadership, with R&D expenses reaching 179 million yuan in the first half of 2024, a 62.43% increase year-on-year, and an R&D expense ratio of 6.45% [3]. - The company is expanding its production capacity with a new factory planned in Thailand, aiming for an annual capacity of 300,000 units [3]. - The company has secured ongoing contracts with both domestic and international clients, with significant growth in its fourth-generation products [3]. Financial Summary - The company forecasts net profits of 640 million yuan, 810 million yuan, and 1.02 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.52 yuan, 1.93 yuan, and 2.42 yuan [3][4]. - Revenue is projected to grow from 5.523 billion yuan in 2023 to 11.436 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 25.46% [4]. - The net profit growth rate is expected to be 27.77% in 2024, 26.63% in 2025, and 25.07% in 2026 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][7]. Core Views - The company achieved a revenue of 11.692 billion yuan in H1 2024, representing a year-on-year increase of 34.02%, with a net profit attributable to shareholders of 838 million yuan, up 38.11% year-on-year [2]. - The company is focused on becoming an international Tier 1 supplier in the smart automotive sector, emphasizing smart cockpits, intelligent driving, and connected services [2][3]. - The report projects revenues of 28.2 billion yuan, 35.3 billion yuan, and 43.5 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 2.178 billion yuan, 2.704 billion yuan, and 3.469 billion yuan [4][5]. Financial Performance - In Q2 2024, the company reported revenue of 6.045 billion yuan, a year-on-year increase of 27.5%, and a net profit of 454 million yuan, up 64.05% year-on-year [2]. - The gross margin reached 21.25%, an increase of 0.96 percentage points year-on-year, while the net margin was 7.5%, up 1.67 percentage points year-on-year [2]. - The company’s sales, management, and R&D expense ratios for Q2 2024 were 0.91%, 1.96%, and 8.66%, respectively, showing a decrease compared to the previous year [2]. Business Segments - Revenue from smart cockpits, intelligent driving, and connected services for H1 2024 was 7.965 billion yuan, 2.667 billion yuan, and 1.060 billion yuan, respectively, with year-on-year growth rates of 27.43%, 45.05%, and 66.90% [2]. - The company has successfully scaled production of its third-generation smart cockpit domain controller and has secured new project orders with annual sales exceeding 15 billion yuan [2][3]. Market Expansion - The company is increasing its investment in overseas markets, with new projects in Europe, including a technology park and a smart factory [2][3]. - Strategic partnerships have been established with major automotive manufacturers to meet the demand for advanced autonomous driving systems [2].

2024 年 08 月 26 日 公司点评 买入/维持 恒立液压(601100) 目标价: 60.08 昨收盘:46.48 毛利率显著提升，继续看好公司多元化、国际化战略 ◼ 走势比较 (40%) (30%) (20%) (10%) 0% 10% 23/8/2823/11/824/1/1924/3/3124/6/1124/8/22 恒立液压 沪深300 ◼ 股票数据 总股本/流通(亿股) 13.41/13.41 总市值/流通(亿元) 623.21/623.21 12 个月内最高/最低价 (元) 68.11/41.55 相关研究报告 <<多元化战略平滑挖机业务下滑，国 际化布局强化公司竞争力>>--2023- 05-04 <>--2022-10-26 <<短期业绩承压不改长期向好趋势， 坚定看好公司多元化、国际化战 略>>--2022-08-30 公 司 研 究 事件：公司发布 2024 半年报，上半年实现收入 48.33 亿元，同比增长 8.56%，实现归母净利润 12.88 亿元，同比增长 0.71%。其中 Q2 单季 度实现收入 24.71 亿元，同比增长 22.05%，实现归母净利润 6.86 亿 元， ...