公 司 研 究 2024 年 08 月 16 日 公司点评 买入/维持 微芯生物(688321) 昨收盘:17.86 医药 微芯生物：西达本胺稳步增长，西格列他钠高速增长 走势比较 (50%) (38%) (26%) (14%) (2%) 10% 23/8/15 23/10/2724/1/824/3/2124/6/224/8/14 微芯生物 沪深300 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 股票数据 总股本/流通(亿股) 4.08/4.08 总市值/流通(亿元) 72.83/72.83 12 个月内最高/最低价 (元) 26/12.47 相关研究报告 <<微芯生物：原创新药多适应症拓 展，有望开启国际化新征程>>-- 2024-07-23 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 证券分析师：张懿 电话：021-58502206 E-MAIL：zhangyi@tpyzq.com 分析师登记编号：S1190523100002 事件：2024 年 8 月 15 日，公司发布 202 ...

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 [12]. Core Insights - The company reported Q2 results that exceeded expectations, with a revenue of 855 million yuan, a year-on-year increase of 5.20%, and a net profit of 158 million yuan, up 15.69% year-on-year [3][4]. - The improvement in profitability is attributed to the resolution of risks related to the eighth batch of centralized procurement, a decrease in sales expenses, and a continuous enhancement in profit margins [3]. - The gross margin for Q2 was 67.31%, with a net margin of 18.64%, reflecting a year-on-year increase of 1.73 percentage points [3]. - The company has increased its R&D investment, with a R&D expense ratio of 11.44%, up 3.03 percentage points year-on-year, and has received multiple drug registration approvals [3]. Financial Summary - For the first half of 2024, the company achieved a revenue of 1.656 billion yuan, a year-on-year growth of 1.58%, and a net profit of 291 million yuan, up 16.10% year-on-year [3][4]. - The projected revenues for 2024, 2025, and 2026 are 3.588 billion yuan, 3.976 billion yuan, and 4.509 billion yuan, respectively, with year-on-year growth rates of 7.45%, 10.80%, and 13.41% [4][5]. - The forecasted net profits for the same years are 531 million yuan, 621 million yuan, and 714 million yuan, with growth rates of 8.59%, 16.99%, and 15.06% [4][5].

2024 年 08 月 15 日 公司点评 买入/维持 海光信息(688041) 目标价: 昨收盘:76.60 Q2 业绩增长加速，大模型生态进一步完善 ◼ 走势比较 (20%) (2%) 16% 34% 52% 70% 23/8/15 23/10/2724/1/824/3/2124/6/224/8/14 海光信息 沪深300 ◼ 股票数据 总股本/流通(亿股) 23.24/23.24 总市值/流通(亿元) 1,780.44/1,78 0.44 12 个月内最高/最低价 (元) 90.26/49.31 相关研究报告 <<毛利率提升驱动利润增长，产品持 续更新迭代>>--2023-10-23 <<盈利能力大幅提升，深算二号发布 在即>>--2023-08-30 <>--2023-04-28 证券分析师：曹佩 电话： E-MAIL：caopeisz@tpyzq.com 分析师登记编号：S1190520080001 证券分析师：王景宜 电话： E-MAIL：wangjy@tpyzq.com 分析师登记编号：S1190523090002 事件：8 月 14 日，公司发布 2024 年半年报，2024H1 实现营业收入 ...

2024 年 08 月 15 日 行业周报 看好/维持 医药 医药 Galderma 在研单抗获 FDA 批准，用于治疗成人结节性痒疹 ◼ 走势比较 (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 报告摘要 市场表现： 2024 年 8 月 14 日，医药板块涨跌幅-1.43%，跑输沪深 300 指数 0.68pct，涨跌幅居申万 31 个子行业第 26 名。各医药子行业中，医药流 通(-0.86%)、医院(-1.03%)、血液制品（-1.15%）表现居前，线下药店(- 2.92%)、医疗研发外包(-2.91%)、疫苗(-2.52%)表现居后。个股方面，日 涨幅榜前 3 位分别为广生堂(+20.00%)、凯普生物(+7.60%)、香雪制药 (+6.59%)；跌幅榜前 3 位为康为世纪(-19.99%)、智翔金泰(-9.60%)、康 惠制药（-7.61%）。 行业要闻： 8 月 14 日，Galderma 宣布，美国 FDA 已批准其白介素-31（IL-31） 受体靶向单抗 Nemluvio（Ne ...

证券研究报告·行业深度研究报告 "两海"依然是主线，整机盈利有望反转 风电2024年中期投资策略报告 太平洋证券研究院 新能源团队 首席分析师 刘强 执业资格证书登记编号：S1190522080001 研究助理 万伟 一般证券业务登记编号：S1190122090006 2024年8月13日 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 证券研究报告·行业深度研究报告 报告摘要 国内：陆风进入平稳发展阶段，海风进入新一轮向上周期。从招标量来看，2024年上半年风机招标量已接近2023年全年水平；预计2024年招标量有望超过2022年，实现新 高。 2024H1，国内风机招标规模63.42GW（不含框架招标），同比+86.72%；其中，陆上风机招标59.16GW，同比+98.78%；海上风机招标4.27GW，同比+1.44%。根据招 标量与陆海风发展情况，预计2024-2026年国内风电新增装机分别为84.52GW、92.71GW、103.30GW，CAGR为9.18%；其中，陆风新增装机规模分别为75GW、80GW、 85GW，CAGR为6%；海风新增装机规模分别为9.5GW、12.7GW、18.3 ...

公 司 研 究 2024 年 08 月 15 日 公司点评 买入/维持 华明装备(002270) 目标价: 昨收盘:18.67 华明装备 2024 年半年报点评：变压器分接开关增长与盈利态势 较好，海外值得期待 | --- | --- | --- | --- | |----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

2024/8/9 24年银行业中期报告：对称降息下的量、价、质将如何变化？ 证券研究报告 证券分析师：夏芈卬 执业登记编号：S1190523030003 研究助理：王子钦 一般从业登记编号：S1190124010010 摘要 ➢ 业绩总览：业绩整体承压，息差收窄为主要拖累。 ✓ 1）营收方面：24Q1上市银行合计实现营业收入1.5万亿元，同比-1.7%，营收同比降幅有所扩大；24Q1国有行、股份行、城商行、农商行营收同比分别- 2.2%、-3.2%、+5.6%、+4.7%，国有行营收降幅扩大，股份行营收降幅小幅收窄，城商行和农商行增幅扩大。 ✓ 2）盈利方面：24Q1上市银行合计实现归母净利润5708.2亿元，同比-0.6%，盈利增速由正转负；24Q1国有行、股份行、城商行、农商行归母净利同比分 别-2.0%、持平、+7.0%、+1.2%，城商行盈利增速居首，股份行盈利增速边际改善最显著。 ✓ 3）业绩归因：规模、净息差、中收、投资、拨备、所得税对盈利的影响分别为+1095、-1520、-263、+310、+141、+127亿元，规模扩张依然为盈利的主 要支撑，净息差收窄为主要拖累项。 ➢ 分项拆分：收息承压 ...

Investment Rating - The industry investment rating is "Positive" with expectations of returns exceeding the CSI 300 index by more than 5% over the next six months [30]. Core Insights - The military industry sector is currently at a historically low average valuation, indicating significant long-term investment value. The demand for military products is in its early stages of explosive growth, and a new industry boom cycle is anticipated. Leading companies across the supply chain are expected to have substantial growth potential. China's defense spending has consistently outpaced GDP growth in most years, suggesting further growth potential in defense expenditure, likely to remain above GDP growth in the long term. As personnel adjustments are implemented, military product orders are expected to normalize and gradually release, leading to performance improvements and valuation increases, referred to as the "Davis Double Play." It is recommended to focus on leading companies in niche areas with favorable competitive landscapes and high technological barriers [4][9]. Summary by Sections Industry News - The successful launch of the first batch of 18 commercial networking satellites for the "Qianfan Constellation" on August 6, 2024, marks a significant milestone. This project aims to deploy 108 satellites this year and complete the first phase of 1,296 satellites by the end of 2027, providing low-latency, high-speed, and reliable satellite internet services globally. The project includes three generations of satellite systems, with the first generation expected to complete 648 satellites by the end of 2025 for regional coverage, and the second generation to complete another 648 satellites by the end of 2027 for global coverage. The future third generation aims to create a network of 14,000 satellites for multi-service integration with direct mobile connectivity [3][14]. Company Tracking - New Emerging Equipment reported a revenue of 214.26 million yuan for the first half of 2024, a year-on-year increase of 69.95%, with a net profit of 10.26 million yuan, up 47.19% [19]. - Galaxy Electronics reported a revenue of 511.10 million yuan, a decrease of 10.24%, but a net profit increase of 32.29% to 135.88 million yuan [20]. - Electric Science Chips reported a revenue of 489.99 million yuan, down 13.63%, with a net profit decrease of 28.95% to 38.38 million yuan [21]. - Mei An Sen reported a revenue of 232.32 million yuan, an increase of 15.15%, with a net profit of 32.21 million yuan, up 13.62% [22]. - Maxin Lin announced a share reduction plan, intending to reduce 2.91 million shares due to operational needs [23]. - Li Chuang Optoelectronics reported a total revenue of 154.68 million yuan, a decrease of 6.77%, but a net profit increase of 5.18% to 22.60 million yuan [24]. - Huace Navigation reported a revenue of 1.48 billion yuan, an increase of 22.86%, with a net profit of 251.24 million yuan, up 42.96% [25]. - Aerospace Intelligent Equipment reported a revenue of 475.99 million yuan, a decrease of 9.15%, with a net profit decrease of 9.04% to 20.40 million yuan [26]. - Gaode Infrared signed a significant contract worth 199.06 million yuan, which is expected to positively impact its operating performance [27]. - Guanglian Aviation signed a major sales contract worth 55.78 million yuan, which will also positively affect its annual operating performance [28].

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 [4][5]. Core Views - The company's Q2 performance slightly exceeded expectations, driven by three main factors contributing to efficient growth [2]. - For H1 2024, the company anticipates a revenue of 11.827 billion yuan, representing a year-on-year growth of 9.52%, and a net profit attributable to shareholders of 1.8 billion yuan, up 28.24% year-on-year [1]. - The company is focusing on optimizing its product structure in both infusion and non-infusion formulations, enhancing market development, and reducing production costs through energy-saving measures [1][2]. Financial Summary - The company projects revenues of 23.335 billion yuan for 2024, with a growth rate of 8.77%, and net profits of 3.152 billion yuan, reflecting a growth rate of 28.31% [2][3]. - The diluted earnings per share (EPS) are expected to be 1.97 yuan for 2024, with corresponding price-to-earnings (PE) ratios of 15.85 for the same year [2][3]. - The company has shown a significant improvement in its financial structure, with a decrease in financial expenses and a reduction in interest-bearing debt [1][2].

2024 年 08 月 15 日 公司点评 买入/维持 亿帆医药(002019) 目标价: 昨收盘:12.09 公 司 研 究 医药自有产品快速增长，期待创新药全球商业化进展 | --- | --- | --- | --- | --- | |-------|---------------------|----------------------------------------------------------------------------|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...