医药 2024 年 08 月 27 日 行业周报 看好/维持 医药 强生小分子疗法 Balversa 获欧盟批准 ◼ 走势比较 报告摘要 (20%) (12%) (4%) 4% 12% 20% 23/8/2823/11/824/1/1924/3/3124/6/1124/8/22 医药 沪深300 ◼ 子行业评级 化学制药 无评级 中药生产 无评级 生物医药Ⅱ 中性 其 他 医 药 医 疗 中性 ◼ 推荐公司及评级 相关研究报告 <<丽珠集团：2024H1 业绩符合预期， 降本增效成效明显>>--2024-08-26 <<胰腺癌攻坚战号角已吹响 国产 ADC 有望破局>>--2024-08-26 <>--2024-08-25 证券分析师：周豫 E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：张崴 E-MAIL：zhangwei@tpyzq.com 分析师登记编号：S1190524060001 市场表现： 2024 年 8 月 26 日，医药板块涨跌幅-0.42%，跑输沪深 300 指数 0.33pct，涨跌幅居申万 31 个子行业第 27 名。各医药子 ...

2024 年 08 月 25 日 行业周报 看好/维持 基础化工 基础化工 维 A 价格持续上行，聚合 MDI 价格小幅上涨 ◼ 走势比较 (40%) (30%) (20%) (10%) 0% 10% 23/6/2623/9/6 23/11/1724/1/2824/4/924/6/20 基础化工 沪深300 相关研究报告 <<西南水电建设提升民爆行业关注 度，供应偏紧纯 MDI 价格上涨>>-- 2024-08-18 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 研究助理：周冰莹 E-MAIL：zhoubingying@tpyzq.com 一般证券业务登记编号：S1190123020025 报告摘要 1.重点行业和产品情况跟踪 维生素：预计巴斯夫维生素产品投产时间不早于 2025 年 1 月， 维 A 价格持续上涨。8 月 21 日，巴斯夫最新通报，部分香原料产品不 会早于 2024 年 10 月之前生产，其余产品不会早于 2024 ...

2024 年 08 月 26 日 行业周报 看好/维持 汽车 汽车 华为车 BU，自主新引望（二） ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 23/8/2523/11/524/1/1624/3/2824/6/824/8/19 汽车 沪深300 报告摘要 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 ◼ 子行业评级 ◼ 推荐公司及评级 相关研究报告 证券分析师：刘虹辰 电话：010-88321818 E-MAIL：liuhc@tpyzq.com 分析师登记编号：S1190524010002 | --- | |---------------------------------------------------------------------| | 华为车 BU，自主新引望。近日，赛力斯汽车以支付现金的方式购买华为 | | 技术有限公司持有的引望 10%股权，交易金额为人民币 115 亿元，与华为及 | | 其他战略合作伙伴共同支持该公司未来发展。稍早前，阿维塔科技购买华为 | | 持有的引望 10%股权，自由现金出资交易金额为人民币 115 亿元。根据装载 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [11]. Core Views - The company achieved a revenue of 198 million yuan in the first half of 2024, representing a year-on-year growth of 39.57%, primarily due to the expansion of its business scale and increased product sales [2][3]. - The net profit attributable to shareholders reached 17 million yuan, a significant increase of 689.30% year-on-year, indicating strong financial performance [2][3]. - New products such as the TrueForce® pressure catheter and IceMagic® cryoablation products saw a remarkable growth of 475% year-on-year, contributing to the overall revenue increase [3]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 109 million yuan, up 21.36% year-on-year, with a net profit of 13 million yuan, reflecting an 11.86% increase [2][3]. - The overall gross margin decreased by 8.54 percentage points to 59.10% due to the impact of domestic procurement policies and the early commercialization stage of new products [7]. Market Expansion - The company is actively pursuing a global marketing strategy, achieving rapid growth in overseas markets, now covering 36 countries and regions [3]. - The TrueForce® pressure catheter has become the top-selling product, significantly contributing to the company's revenue [3]. Product Development - The company is advancing its product development projects, including the PFA project and the FlashPoint® renal artery RF ablation system, which is currently under special review for registration [4][6]. - Continuous upgrades to the Columbus® 3D cardiac electrophysiology mapping system are enhancing measurement efficiency [4]. Future Projections - Revenue forecasts for 2024-2026 are 477 million, 671 million, and 903 million yuan, with expected growth rates of 45%, 41%, and 35% respectively [7][8]. - The net profit projections for the same period are 49 million, 90 million, and 158 million yuan, with growth rates of 761%, 84%, and 75% respectively [7][8].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [11]. Core Views - The company achieved a revenue of 198 million yuan in the first half of 2024, representing a year-on-year growth of 39.57%, driven by an expanding business scale and increased product sales [2][3]. - The net profit attributable to shareholders reached 17 million yuan, a significant increase of 689.30% year-on-year, indicating strong profitability improvements [2][3]. - New products such as the TrueForce® pressure catheter and IceMagic® cryoablation products saw a remarkable growth of 475% year-on-year, contributing to the overall revenue increase [3]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 109 million yuan, up 21.36% year-on-year, with a net profit of 13 million yuan, reflecting an 11.86% increase [2][3]. - The overall gross margin decreased by 8.54 percentage points to 59.10% due to the impact of domestic centralized procurement and early-stage commercialization of new products [7]. - The company expects revenues of 477 million yuan, 671 million yuan, and 903 million yuan for 2024, 2025, and 2026 respectively, with growth rates of 45%, 41%, and 35% [7][8]. Market Expansion - The company is actively pursuing a global marketing strategy, achieving significant market penetration in 36 countries and regions [3]. - The TrueForce® pressure catheter has become the top-selling product, significantly contributing to the company's revenue [3]. Product Development - The company is advancing its product development projects, including the PFA project and the FlashPoint® renal artery RF ablation system, which is currently under special review for registration [4][6]. - Continuous upgrades to the Columbus® 3D cardiac electrophysiology mapping system are enhancing measurement efficiency [4]. Cost Management - The company has effectively controlled its operating expenses, leading to an overall net profit margin increase of 7.06 percentage points to 8.58% [7].

2024 年 08 月 27 日 公司点评 买入/维持 浪潮信息(000977) 目标价: 昨收盘:31.60 业绩高速增长，行业地位持续领先 ◼ 走势比较 (30%) (18%) (6%) 6% 18% 30% 23/8/2823/11/824/1/1924/3/3124/6/1124/8/22 浪潮信息 沪深300 ◼ 股票数据 总股本/流通(亿股) 14.72/14.72 总市值/流通(亿元) 465.19/465.19 12 个月内最高/最低价 (元) 44.79/26.62 相关研究报告 <>--2024-05-07 <<业绩稳步增长，充分受益人工智能 算力需求>>--2023-04-13 <>--2023-02-15 证券分析师：曹佩 电话： E-MAIL：caopeisz@tpyzq.com 分析师登记编号：S1190520080001 事件：公司发布 2024 年中报，收入 420.64 亿元，同比增长 68.71%； 归母净利润 5.97 亿元，同比增长 90.56%。 服务器需求增长迅速，费用率进一步降低。2024 年上半年，公司 毛利率为 7.74%，相对于去年同期下降了 3.66pct ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [5][14]. Core Views - The company reported a revenue of 3.805 billion yuan for the first half of 2024, representing a year-on-year increase of 12.9%. However, the net profit attributable to shareholders was a loss of 794 million yuan [4]. - Cloud revenue is growing rapidly, with significant performance from medium-sized clients. The cloud revenue reached 1.765 billion yuan, up 16.8% year-on-year, while the cloud subscription revenue was 309 million yuan, increasing by 35.3% [4]. - The company is focusing on integrating AI into its products, particularly through its YonSuite platform, which has accelerated AI applications in various business areas [4]. - The company's subscription-related contract liabilities grew by 33.8% year-on-year to 1.95 billion yuan, indicating a strong demand for cloud services [4]. Financial Performance - The company's projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.06 yuan, 0.13 yuan, and 0.24 yuan, respectively [5][7]. - Revenue is expected to grow significantly, with projections of 11.755 billion yuan in 2024, 14.106 billion yuan in 2025, and 17.351 billion yuan in 2026, reflecting growth rates of 20% and 23% in subsequent years [6][10]. - The net profit is projected to turn positive by 2025, with estimates of 453.8 million yuan and 829.1 million yuan in 2026 [6][10]. Market Position - The company is positioned to benefit from the ongoing cloud transformation, with a strong emphasis on high-quality development and large client bases [5][4]. - The report highlights the company's competitive edge in the cloud services market, particularly through its innovative product offerings and AI integration [4].

2024 年 08 月 25 日 行业周报 看好/维持 基础化工 基础化工 维 A 价格持续上行，聚合 MDI 价格小幅上涨 ◼ 走势比较 (40%) (30%) (20%) (10%) 0% 10% 23/6/2623/9/6 23/11/1724/1/2824/4/924/6/20 基础化工 沪深300 相关研究报告 <<西南水电建设提升民爆行业关注 度，供应偏紧纯 MDI 价格上涨>>-- 2024-08-18 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 研究助理：周冰莹 E-MAIL：zhoubingying@tpyzq.com 一般证券业务登记编号：S1190123020025 报告摘要 1.重点行业和产品情况跟踪 维生素：预计巴斯夫维生素产品投产时间不早于 2025 年 1 月， 维 A 价格持续上涨。8 月 21 日，巴斯夫最新通报，部分香原料产品不 会早于 2024 年 10 月之前生产，其余产品不会早于 2024 ...

2024 年 08 月 26 日 行业周报 看好/维持 汽车 汽车 华为车 BU，自主新引望（二） ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 23/8/2523/11/524/1/1624/3/2824/6/824/8/19 汽车 沪深300 报告摘要 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 ◼ 子行业评级 ◼ 推荐公司及评级 相关研究报告 证券分析师：刘虹辰 电话：010-88321818 E-MAIL：liuhc@tpyzq.com 分析师登记编号：S1190524010002 | --- | |---------------------------------------------------------------------| | 华为车 BU，自主新引望。近日，赛力斯汽车以支付现金的方式购买华为 | | 技术有限公司持有的引望 10%股权，交易金额为人民币 115 亿元，与华为及 | | 其他战略合作伙伴共同支持该公司未来发展。稍早前，阿维塔科技购买华为 | | 持有的引望 10%股权，自由现金出资交易金额为人民币 115 亿元。根据装载 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 238.7 HKD, compared to the last closing price of 169.9 HKD [1][3]. Core Insights - The commercialization of the company is imminent, with steady progress in collaboration with Merck. The core product, sac-TMT, is expected to be the first domestic TROP2 ADC approved for treating triple-negative breast cancer [1][2][3]. - The company reported a revenue of 1.38 billion RMB for the first half of 2024, representing a year-on-year growth of 32.2%. Gross profit reached 1.08 billion RMB, up 59.4% year-on-year, while R&D expenses increased by 33.0% to 650 million RMB. Adjusted net profit surged to 390 million RMB, reflecting a remarkable growth of 1086.0% [2][3]. - The company plans to establish a mature commercialization team in China, aiming to expand to 400-500 personnel by the end of 2024, focusing on the local market [2][3]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are estimated at 1.58 billion RMB, 1.62 billion RMB, and 2.29 billion RMB, respectively, with a forecasted net profit turning positive by 2027 [3][4]. - The company’s total assets as of 2023 are 3.51 billion RMB, with current assets of 2.81 billion RMB and cash reserves of 1.53 billion RMB [6][7]. - The report indicates a significant increase in cash flow from financing activities, amounting to 2.38 billion RMB in 2023, which is crucial for supporting ongoing operations and development [6][7].