2024 年 08 月 20 日 公司点评 增持/维持 金徽酒(603919) 目标价: 19 昨收盘:17.10 金徽酒：业绩符合预期，省内稳健增长 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-----------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024 年 08 月 21 日 行业周报 看好/维持 医药 医药 百时美施贵宝 CAR-T 疗法监管申请获欧盟接受 ◼ 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 <<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 <>--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 20 日，医药板块涨跌幅-1.68%，跑输沪深 300 指数 0.96pct，涨跌幅居申万 31 个子行业第 19 名。各医药子行业中，医药流 通(-1.52%)、血 ...

农林牧渔 行 业 研 究 报 告 [Table_Message]2024-08-19 行业周报 看好/维持 [Table_Title] 农林牧渔 周报（第 33 期）：养殖盈利高涨，重视低估值养殖板块的投资机会 ◼ 走势对比 (20%) (14%) (8%) (2%) 3% 9% 22/12/2623/2/2623/4/2623/6/2623/8/2623/10/26 农林牧渔 沪深300 | --- | |----------------------------------| | [Table_IndustryList]◼ 子行业评级 | | 动物保健Ⅱ 看好 | | 饲料 看好 | | 养殖业 看好 | | | | --- | --- | |--------------------------------------|-------| | [Table_Company ◼ 推荐公司及评级Info] | | | 天康生物(002100) | 买入 | | 科前生物(688526) | 买入 | | 唐人神(002567) | 买入 | [Table_ReportInfo] 相关研究报告： 《周报（第 32 ...

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 [3][10]. Core Insights - The company's revenue is showing signs of recovery, particularly in the AI sector, with both revenue and profit growth maintaining a positive trend [3]. - For FY24/25E, the company is projected to achieve an EPS of $0.10, with further increases to $0.12 in FY25/26E and $0.14 in FY26/27E [3][4]. Financial Performance Summary - The company reported Q1 FY24/25 revenue of $15.447 billion, a year-on-year increase of 20%, and a net profit of $243 million, up 38% year-on-year [2]. - The gross margin for Q1 FY24/25 was 16.6%, a decrease of 0.9 percentage points from the previous year, primarily due to rapid growth in the lower-margin infrastructure solutions segment [2]. - The company’s three business segments showed varied performance: - Smart Devices segment revenue reached $11.422 billion, up 11.32% year-on-year, with an operating profit margin of 7.25% [2]. - Infrastructure Solutions segment revenue surged to $3.160 billion, a 65.11% increase year-on-year [2]. - Solutions Services segment revenue was $1.885 billion, reflecting a 10.83% year-on-year growth [2]. Strategic Developments - In May 2024, the company entered a strategic cooperation framework agreement with Alat, a subsidiary of Saudi Arabia's Public Investment Fund, to issue $2 billion in zero-coupon convertible bonds and establish a regional headquarters in Saudi Arabia [2].

农林牧渔 行 业 研 究 报 告 [Table_Message]2024-08-19 行业周报 看好/维持 [Table_Title] 农林牧渔 周报（第 33 期）：养殖盈利高涨，重视低估值养殖板块的投资机会 ◼ 走势对比 (20%) (14%) (8%) (2%) 3% 9% 22/12/2623/2/2623/4/2623/6/2623/8/2623/10/26 农林牧渔 沪深300 | --- | |----------------------------------| | [Table_IndustryList]◼ 子行业评级 | | 动物保健Ⅱ 看好 | | 饲料 看好 | | 养殖业 看好 | | | | --- | --- | |--------------------------------------|-------| | [Table_Company ◼ 推荐公司及评级Info] | | | 天康生物(002100) | 买入 | | 科前生物(688526) | 买入 | | 唐人神(002567) | 买入 | [Table_ReportInfo] 相关研究报告： 《周报（第 32 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [2][6]. Core Insights - The company reported a revenue of 670 million yuan for the first half of 2024, representing a year-on-year growth of 20.56%. The net profit attributable to shareholders was 146 million yuan, up 11.38% year-on-year [1]. - The domestic formulation business has shown rapid growth, driven by both existing products and newly approved high-end formulations, which have contributed significantly to revenue [1][2]. - The company has launched eight new high-end formulation products this year, including various injectable medications, which are expected to continue driving growth in the formulation business [1][2]. Financial Summary - Revenue projections for 2024-2026 are 1.373 billion yuan, 1.671 billion yuan, and 2.040 billion yuan, with year-on-year growth rates of 22.94%, 21.66%, and 22.09% respectively [2][3]. - The net profit attributable to shareholders is projected to be 277 million yuan, 338 million yuan, and 413 million yuan for the same period, with growth rates of 22.13%, 22.17%, and 22.11% respectively [2][3]. - The earnings per share (EPS) are expected to be 1.57 yuan, 1.92 yuan, and 2.34 yuan for 2024, 2025, and 2026, corresponding to price-to-earnings (PE) ratios of 21, 18, and 14 times [2][3]. Business Performance - The company's formulation business achieved revenue of 565 million yuan in the first half of 2024, with a year-on-year growth of 27.77%, accounting for 84.38% of total revenue [1]. - The overall gross margin decreased by 4.32 percentage points to 77.73% due to a decline in high-margin technical service income [1][4]. - The company has successfully mitigated risks associated with existing formulation products, leading to continued growth during the reporting period [1].

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][8]. Core Insights - The company reported significant improvement in revenue growth in Q2, with a year-on-year increase of 17.54%, compared to 3.84% in Q1. The total revenue for the first half of 2024 reached 308 million yuan, representing an 11.79% year-on-year growth [2][5]. - The company has seen a rapid increase in 3D product revenue, with a 30.15% year-on-year growth, contributing to the overall enhancement of product competitiveness in various sectors [2][5]. - The overseas market has shown strong performance, with revenue growth of 29.91% year-on-year, reflecting the effectiveness of the company's marketing efforts [2][5]. Financial Performance Summary - For the first half of 2024, the company achieved a net profit of 5.9762 million yuan, with a non-recurring net profit of -84 million yuan. The total orders on hand exceeded 128 million yuan, indicating a growth of over 30% year-on-year [2][5]. - The company expects to achieve revenues of 991 million yuan, 1.205 billion yuan, and 1.490 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 79 million yuan, 131 million yuan, and 181 million yuan [3][5]. - The company’s gross margin is projected to remain stable, with a slight increase from 93.67% in 2023 to 94.65% in 2026 [6]. Market Performance - The domestic commercial market revenue reached 187 million yuan, up 19.53% year-on-year, while the domestic education market saw a decline of 35.46% due to budget constraints [2][5]. - The company ranked first in the G2 Easiest To Use General-Purpose CAD Software list, showcasing its growing global brand influence and product recognition [2][5].

公 司 研 究 | --- | |-----------| | | | | | 2024 年 | | | 长虹美菱(000521) 目标价: 昨收盘:8.00 长虹美菱：2024Q2 业绩双位数增长，洗衣机收入持续高增 ◼ 走势比较 (20%) 6% 32% 58% 84% 110% 23/8/2123/11/124/1/1224/3/2424/6/424/8/15 长虹美菱 沪深300 ◼ 股票数据 总股本/流通(亿股) 10.3/10.3 总市值/流通(亿元) 82.39/82.39 12 个月内最高/最低价 (元) 12.64/5.45 相关研究报告 <<长虹美菱：2023Q4 业绩表现亮眼， 洗衣机和海外业务收入持续高增>>- -2024-04-02 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券业务登记编号：S1190124030006 研究助理：金桐羽 E-MAIL：jinty@tpyzq.com 一般证券业务登记编号：S1190124030010 事件：2 ...

2024 年 08 月 19 日 投资策略 策 略 研 究 估值与盈利周观察——8 月第三期 | --- | --- | --- | --- | --- | |-------|-------------------|------------------------------------------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | ◼ 4% 10% | 上证综合指数走势（近三年） | | 整体估值分化，红利与金融表现居前。上周宽基指数估值分化，红利 表现最优，深证 ...

策 略 研 究 2024 年 08 月 19 日 投资策略 流动性与仓位周观察——8 月第三期 | --- | --- | --- | |----------------|------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | 上证综合指数走势（近三年） | 市场流动性转弱，交投活跃度下降。上周全 A 成交额 ...