2024 年 08 月 22 日 行业周报 看好/维持 医药 医药 强生双抗 Rybrevant 联合疗法获 FDA 批准 ◼ 走势比较 报告摘要 (20%) (12%) (4%) 4% 12% 20% 23/8/2123/11/224/1/1424/3/2724/6/824/8/20 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 <<百时美施贵宝 CAR-T疗法监管申请 获欧盟接受>>--2024-08-21 <<进入中报季，Q2 制剂销售有望持续 超预期（附 ADC 药物技术发展方向研 究）>>--2024-08-19 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：张崴 电话： E-MAIL：zhangwei@tpyzq.com 分析师登记编号：S1190524060001 市场表现： 2024 年 8 月 21 日，医药板块涨跌幅-0.97%，跑输沪深 300 指数 0.64pct，涨跌幅居申万 31 个子行业第 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 32.71 [1][3]. Core Insights - The company reported a steady growth in its 2024 H1 performance, with revenue reaching 29.16 billion, a year-on-year increase of 0.79%. The net profit attributable to shareholders was 2.22 billion, up 16.43% year-on-year, while the non-recurring net profit was 2.12 billion, reflecting a 13.28% increase [2][3]. - The overseas revenue showed significant growth, with H1 overseas income at 7.91 billion, accounting for 27% of total revenue, marking a 9 percentage point increase year-on-year [2][3]. - The company’s gross profit margin for H1 was 23.36%, an increase of 1.60 percentage points year-on-year, while the net profit margin was 7.55%, up 0.95 percentage points year-on-year [2][3]. Summary by Sections Financial Performance - In 2024 H1, the company achieved a revenue of 29.16 billion, with a net profit of 2.22 billion, and a non-recurring net profit of 2.12 billion. The Q2 revenue was 16.11 billion, showing a 0.94% year-on-year increase and a 23.50% quarter-on-quarter increase [2][3]. - The gross profit margin for Q2 was 21.71%, down 3.67 percentage points quarter-on-quarter, while the net profit margin was 7.87%, reflecting a year-on-year increase of 1.37 percentage points [2][3]. Business Segments - The company’s revenue from the power transmission and transformation business was 25.45 billion in H1, down 9.23% year-on-year, primarily due to a decline in revenue from the new energy sector. However, the energy storage revenue surged by 287.15% year-on-year, with a gross margin of 12.08% [2][3]. - The digital solutions segment generated 0.71 billion in revenue, with a gross margin of 16.18%, indicating a positive trend in non-new energy sectors [2][3]. Order Backlog - As of June 30, 2024, the company had an order backlog of 65.6 billion (excluding tax), a year-on-year increase of 29.88%. The domestic order backlog was 37.1 billion, while the foreign order backlog was 28.5 billion, reflecting a substantial year-on-year increase of 180.16% [2][3]. Future Projections - The company’s revenue projections for 2024-2026 are 75.90 billion, 95.19 billion, and 115.17 billion, with year-on-year growth rates of 13.83%, 25.43%, and 20.98% respectively. The net profit projections for the same period are 6.67 billion, 9.02 billion, and 11.40 billion, with growth rates of 32.19%, 35.26%, and 26.36% respectively [4][3].

2024 年 08 月 20 日 公司点评 买入/维持 来凯医药-B(02105) 目标价: 15.97 昨收盘:4.68 AKT 抑制剂进入乳腺癌 3 期，持续关注增肌减脂单抗全球进展 走势比较 (80%) (48%) (16%) 16% 48% 80% 23/8/2123/11/124/1/1224/3/2424/6/424/8/15 来凯医药-B 恒生指数 股票数据 总股本/流通(亿股) 3.9/3.9 总市值/流通(亿港元) 18.26/18.26 12 个月内最高/最低价 (港元) 26.45/3.15 相关研究报告 《AKT 抑制剂启动乳腺癌 3 期，推荐 关 注 增 肌 减 脂 单 抗 全 球 进 展 （2024.04.03）》 《PROFECTA-II 未 达主要终点 ， Biomarker 阳性亚组具有显著差异 （2024.01.29）》 《来凯医药（2105.HK）：聚焦肿瘤和 代谢领域的创新先锋（2024.01.13）》 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：霍亮 E-MAIL：huoliang@tp ...

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 [4][11]. Core Views - The company reported a revenue of 9.325 billion yuan for the first half of 2024, representing a year-on-year growth of 18.91% [3] - The company experienced rapid growth across various business segments, with notable increases in education (25.14%), open platform (47.92%), smart hardware (56.61%), and automotive (65.49%) [3] - The overall gross margin for the first half of 2024 was 40.19%, remaining stable compared to the same period last year [3] - The company is recognized as a "national team" in AI technology, having launched the Spark V4.0 model, which aligns with GPT-4 Turbo capabilities [3] - The company has established partnerships with leading enterprises in various sectors to develop industry-specific AI applications [3] Financial Summary - Revenue projections for the company are as follows: 22.99 billion yuan in 2024, 27.13 billion yuan in 2025, and 32.28 billion yuan in 2026, with growth rates of 17.00%, 18.00%, and 19.00% respectively [5][7] - The expected diluted earnings per share (EPS) are projected to be 0.32 yuan in 2024, 0.45 yuan in 2025, and 0.62 yuan in 2026 [5][7] - The net profit for 2024 is forecasted to be 735.90 million yuan, with a growth rate of 11.96% [5][7] - The company’s price-to-earnings (PE) ratio is expected to decrease from 116 in 2024 to 53 in 2026, indicating improving valuation [5][7] Industry Outlook - The report expresses optimism about the company's positioning in the AI sector, anticipating significant growth potential as AI applications continue to expand [4][10]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 32.71 [1][3]. Core Insights - The company reported a steady growth in its 2024 H1 performance, with revenue reaching 29.16 billion, a year-on-year increase of 0.79%. The net profit attributable to shareholders was 2.22 billion, up 16.43% year-on-year, while the non-recurring net profit was 2.12 billion, reflecting a 13.28% increase [2][3]. - The overseas revenue showed significant growth, contributing to the overall performance, while domestic revenue experienced a slight decline due to the impact of the new energy sector [2][3]. - The company has a robust order backlog of 65.6 billion as of June 30, 2024, representing a year-on-year increase of 29.88%, with a notable rise in overseas orders [2][3]. Financial Summary - For 2024, the company expects revenues of 75.90 billion, 95.19 billion, and 115.17 billion for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 13.83%, 25.43%, and 20.98% [4][5]. - The net profit for the same years is projected to be 6.67 billion, 9.02 billion, and 11.40 billion, with growth rates of 32.19%, 35.26%, and 26.36% [4][5]. - The earnings per share (EPS) are expected to be 1.46, 1.97, and 2.50 for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 22, 16, and 13 [3][4].

2024 年 08 月 20 日 行业周报 看好/维持 医药 医药 猴痘疫苗向欧盟递交扩充适应症申请 ◼ 走势比较 报告摘要 (20%) (12%) (4%) 4% 12% 20% 23/8/2123/11/124/1/1224/3/2424/6/424/8/15 市场表现： 2024 年 8 月 19 日，医药板块涨跌幅-1.10%，跑输沪深 300 指数 1.44pct，涨跌幅居申万 31 个子行业第 30 名。各医药子行业中，医疗耗 材(-0.39%)、医疗设备(-0.65%)、医药流通（-0.86%）表现居前，医院(- 2.20%)、血液制品(-1.63%)、医疗研发外包(-1.51%)表现居后。个股方面， 日涨幅榜前 3 位分别为普利制药(+10.92%)、亚太药业(+10.13%)、合富中 国(+9.97%)；跌幅榜前 3 位为凯普生物(-17.53%)、金城医药(-16.90%)、 广生堂（-14.18%）。 行业要闻： 近日，Bavarian Nordic 宣布，公司已向欧洲药品管理局（EMA）提交 临床数据，以支持将 Imvanex（MVA-BN）天花和猴痘（mpox）疫苗的适应 症扩大至 ...

2024 年 08 月 20 日 行业周报 看好/维持 医药 医药 猴痘疫苗向欧盟递交扩充适应症申请 ◼ 走势比较 报告摘要 (20%) (12%) (4%) 4% 12% 20% 23/8/2123/11/124/1/1224/3/2424/6/424/8/15 市场表现： 2024 年 8 月 19 日，医药板块涨跌幅-1.10%，跑输沪深 300 指数 1.44pct，涨跌幅居申万 31 个子行业第 30 名。各医药子行业中，医疗耗 材(-0.39%)、医疗设备(-0.65%)、医药流通（-0.86%）表现居前，医院(- 2.20%)、血液制品(-1.63%)、医疗研发外包(-1.51%)表现居后。个股方面， 日涨幅榜前 3 位分别为普利制药(+10.92%)、亚太药业(+10.13%)、合富中 国(+9.97%)；跌幅榜前 3 位为凯普生物(-17.53%)、金城医药(-16.90%)、 广生堂（-14.18%）。 行业要闻： 近日，Bavarian Nordic 宣布，公司已向欧洲药品管理局（EMA）提交 临床数据，以支持将 Imvanex（MVA-BN）天花和猴痘（mpox）疫苗的适应 症扩大至 ...

2024 年 08 月 23 日 行业周报 看好/维持 医药 医药 GSK 多塔利单抗在华启动 2 期临床 ◼ 走势比较 报告摘要 (20%) (12%) (4%) 4% 12% 20% 23/8/2223/11/324/1/1524/3/2824/6/924/8/21 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 <<受托研发有所承压，自研转化开始 提速>>--2024-08-22 <<百时美施贵宝 CAR-T疗法监管申请 获欧盟接受>>--2024-08-21 <<苑东生物中报点评：国内制剂贡献 增量，驱动收入快速增长>>--2024- 08-21 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 22 日，医药板块涨跌幅-0.74%，跑输沪深 300 指数 0.48pct，涨跌幅居申万 3 ...

医药 吉利德 Livdelzi 获 FDA 加速批准，用于治疗 PBC ◼ 走势比较 报告摘要 (30%) (22%) (14%) (6%) 2% 10% 23/8/15 23/10/2724/1/824/3/2124/6/224/8/14 市场表现： 2024 年 8 月 15 日，医药板块涨跌幅+0.49%，跑输沪深 300 指数 0.50pct，涨跌幅居申万 31 个子行业第 22 名。各医药子行业中，疫苗 (+1.41%)、医院(+1.10%)、血液制品（+0.93%）表现居前，线下药店(- 0.17%)、医疗设备(+0.10%)、其他生物制品(+0.18%)表现居后。个股方面， 日涨幅榜前 3 位分别为海辰药业(+20.00%)、广生堂(+12.750%)、圣诺生 物(+10.03%)；跌幅榜前 3 位为康为世纪(-12.49%)、艾迪药业(-7.77%)、 百诚医药（-7.65%）。 行业要闻： 8 月 15 日，吉利德宣布，美国 FDA 已加速批准 Livdelzi（Seladelpar） 与熊去氧胆酸（UDCA）联合用于治疗对 UDCA 应答不足的原发性胆汁性肝 硬化（PBC）成人患者，或作为 ...

2024 年 08 月 14 日 行业周报 看好/维持 医药 医药 辉瑞马塔西单抗在华申报上市，用于治疗血友病 ◼ 走势比较 报告摘要 (30%) (22%) (14%) (6%) 2% 10% 23/8/14 23/10/2624/1/724/3/2024/6/124/8/13 医药 沪深300 市场表现： 2024 年 8 月 13 日，医药板块涨跌幅-0.77%，跑输沪深 300 指数 1.03pct，涨跌幅居申万 31 个子行业第 30 名。各医药子行业中，医院 (+0.54%)、血液制品(+0.31%)、医疗研发外包（-0.05%）表现居前，线下 药店(-1.74%)、疫苗(-1.46%)、医疗设备(-1.22%)表现居后。个股方面， 日涨幅榜前 3 位分别为凯普生物(+13.36%)、海南海药(+10.16%)、河化股 份(+6.89%)；跌幅榜前 3 位为康惠制药(-10.00%)、东北制药(-10.00%)、 尔康制药（-6.95%）。 行业要闻： 8 月 13 日，中国国家药监局药品审评中心（CDE）官网公示，由辉瑞 申报的 1 类治疗用生物制品马塔西单抗注射在中国申报上市并获得受理。 马塔 ...