2024 年 08 月 05 日 公司点评 买入/维持 智微智能(001339) 目标价: 昨收盘:28.53 业绩略超预期，拟定增加大 AI 投入 ◼ 走势比较 (30%) (10%) 10% 30% 50% 70% 23/8/4 23/10/1523/12/2624/3/724/5/1824/7/29 智微智能 沪深300 ◼ 股票数据 总股本/流通(亿股) 总市值/流通(亿元) 12 个月内最高/最低价 (元) | --- | --- | --- | |-------|-------------|-------| | | | | | | | | | | | | | | | | | | | | | | 2.51/2.51 | | | | 71.55/71.55 | | | | | | | | 45.8/19.18 | | 相关研究报告 <<推出 AI 超算系列服务器，AI 产品 线再添品类>>--2024-07-23 <<业绩短期承压，布局未来发展>>-- 2024-05-05 <<布局开源鸿蒙和 AIPC>>--2023- 12-14 证券分析师：曹佩 电话： E-MAIL：caopeisz@tpyzq ...

[Table_Message] 2024-08-04 行业周报 看好/维持 传媒互联网 行 业 研 究 报 告 [Table_Title] 传媒互联网 海外巨头发力端侧模型，国内服务消费促发展 ◼ 走势对比 ◼ 子行业评级 ◼ 相关研究报告 《Llama 3.1 发布，可灵全面开放》 《24Q2 板块持仓维持低配，关注下半年 大模型成本持续下降》 ◼ 证券分析师：郑磊 E-MAIL：zhenglei@tpyzq.com 执业资格证书编码：S1190523060001 [Table_Summary] 报告摘要 ➢ 谷歌发布最小端侧模型 Gemma2 2B 谷歌发布 Gemma2 2B 模型，该模型由 Gemma2 27B 蒸馏而得，参数仅 26 亿，是开源模型 Gemma2 系列的最小参数量模型。虽然 Gemma2 2B 是轻量级模型，但其在大模型竞技场 LMSYS 测评中的得分已超过参 数是其 10 倍的 GPT-3.5-Turbo(0613)和 Mixtral-8x7b。并且，因为 参数量小，Gemma2 2B 能够在各种终端以及边缘设备上完成部署。根 据用户的测试结果，其在 iPhone 15 pro 上 ...

有色金属 衰退与降息预期提升，黄金价格再创新高 ◼ 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/8/4 23/10/1523/12/2624/3/724/5/1824/7/29 有色金属 沪深300 相关研究报告 <<【太平洋有色】有色金属行业周报 （20240728）：衰退交易趋于尾声，成 本曲线支撑价格>>--2024-07-30 <<【太平洋有色】紫金矿业深度报告： 多品种矿产齐头并进，高行业景气扬 帆起航>>--2024-07-23 <<【太平洋有色】有色金属行业周报 （20240721）：商品价格迎调整，黄金 价格创新高>>--2024-07-22 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 证券分析师：梁必果 电话： E-MAIL：liangbg@tpyzq.com 分析师登记编号：S1190524010001 研究助理：钟欣材 电话： E-MAIL：zhongxc@tpyzq.com 一般证券业务登记编号：S1190122090007 研究助理：谭甘露 电话： E-MAIL：tangl ...

2024-07-29 证券研究报告 医药行业研究报告 维生素D3历史复盘与展望： 价格持续上涨，建议关注供给侧产能变化 行业投资评级：看好 证券分析师：周豫 分析师登记编号：S1190523060002 研究助理：乔露阳 一般证券业务登记编号：：S1190123080015 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 目 录 CONTENT 一、维生素D3产业链及需求结构 二、维生素D3竞争格局 三、维生素D3历史价格复盘 四、维生素D3价格展望 五、风险提示 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 一、维生素D3产业链及需求结构 NF级 胆固醇 溴化/脱溴化氢法 氧化还原法 维生素 D3 饲料 食品 医药 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 2 图1：维生素D3产业链 图2：维生素D3生产工艺对比 图3：中国维生素D3下游需求结 构 资料来源：花园生物公告，博亚和讯，太平洋证券整理 | --- | --- | --- | |--------------------------------|---- ...

2024 年 08 月 04 日 行业周报 看好/维持 医药 受海外及国内多重因素叠加影响，医药板块放量反弹 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/8/2 23/10/1423/12/2624/3/824/5/2024/8/1 医药 沪深300 子行业评级 推荐公司及评级 | --- | --- | |-----------------|-------| | 君实生物 买入 | | | 华领医药-B 买入 | | | 加科思-B | 买入 | | 来凯医药-B | 买入 | | 奥锐特 买入 | | | 同和药业 买入 | | | 百诚医药 买入 | | | 阳光诺和 买入 | | | 泓博医药 买入 | | | 福元医药 买入 | | | 三生制药 买入 | | | 京新药业 买入 | | | 共同药业 增持 | | | 亿帆医药 买入 | | | 诺诚健华 买入 | | | 泰格医药 买入 | | | 华海药业 增持 | | | 乐普生物-B 买入 | | 相关研究报告 <>--2024-08-01 <<恩华药业：24H1 业绩符合预期，新 品放量驱动稳健增长>>-- ...

2024 年 08 月 02 日 行业周报 看好/维持 医药 医药 Umoja 在研 CART-T 细胞疗法获 FDA 批准进入临床 ◼ 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/8/1 23/10/1323/12/2524/3/724/5/1924/7/31 医药 沪深300 报告摘要 市场表现： 2024年8月1日，医药板块涨跌幅-0.67%，跑输沪深300指数0.01pct， 涨跌幅居申万 31 个子行业第 18 名。各医药子行业中，医疗研发外包(- 0.51%)、医院(-0.52%)、医药流通（-0.57%）表现居前，线下药店(-2.87%)、 医疗设备(-1.81%)、疫苗(-1.68%)表现居后。个股方面，日涨幅榜前 3 位 分别为新光药业(+20.00%)、香雪制药(+19.95%)、赛隆药业(+10.03%)； 跌幅榜前 3 位为鱼跃医疗(-10.00%)、亚辉龙(-5.62%)、三生国健（- 4.87%）。 行业要闻： 8 月 1 日，Umoja Biopharma 宣布，美国 FDA 已批准其在研 CD19 靶 向原位生成（in-situ generate ...

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 [7][8]. Core Insights - The company achieved a revenue of 166.76 billion yuan in the first half of 2024, a year-on-year decrease of 11.88%, while the net profit attributable to shareholders was 22.865 billion yuan, an increase of 10.37% year-on-year [4][5]. - The company’s battery sales reached approximately 205 GWh in the first half of 2024, with a market share increase both domestically and internationally [4][5]. - The company is accelerating capacity expansion, with a total capacity of 323 GWh and an additional 153 GWh under construction, aiming to maintain its competitive edge through product differentiation [4][5]. Financial Performance Summary - Revenue projections for 2024, 2025, and 2026 are 383.4 billion yuan, 461 billion yuan, and 611.7 billion yuan respectively, with growth rates of -4.38%, +20.25%, and +32.69% [5]. - The net profit attributable to shareholders is projected to be 50.51 billion yuan in 2024, 59.23 billion yuan in 2025, and 75.71 billion yuan in 2026, with growth rates of 14.48%, 17.26%, and 27.83% respectively [5]. - The earnings per share (EPS) are expected to be 11.48 yuan, 13.46 yuan, and 17.21 yuan for the years 2024, 2025, and 2026 respectively [5]. Market Position and Product Development - The company’s global market share for power batteries was 37.5% in the first five months of 2024, an increase of 2.3% year-on-year, with a domestic market share of 46.4%, up 3% year-on-year [4][5]. - New product launches include the Shenzhou Plus battery for passenger vehicles and the Tianxing L ultra-fast charging battery for commercial vehicles, enhancing the company's competitive advantage [4][5].

2024 年 07 月 31 日 公司深度研究 买入/首次 奥翔药业(603229) 昨收盘:6.96 公 司 研 究 原料药+CXO 业务稳健增长，制剂打造第三增长曲线 | --- | --- | --- | --- | |----------------------------------------------------------------|---------|------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024 年 08 月 04 日 行业周报 看好/维持 生物医药Ⅱ 医药 全链条支持医药创新顶层文件获批，全国多地支持政策先后落地 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/8/3 23/10/1523/12/2724/3/924/5/2124/8/2 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 无评级 其 他 医 药 医 疗 无评级 推荐公司及评级 相关研究报告 <<上海市支持生物医药全链条创新 发展政策点评：临床+资本全方位支 持，整体利好生物医药>>--2024-07- 31 <<创新支持政策多地开花，创新药械 春天正在开启>>--2024-04-28 <<创新药行业政策点评：高质量创新 化药先行，利好创新药企长期高速发 展>>--2024-02-08 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：S119052310000 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.75, compared to the last closing price of 16.21 [1]. Core Views - The company experienced short-term revenue pressure, with a focus on new product launches to drive growth. The first half of 2024 saw revenue of 1.628 billion, a year-on-year decrease of 1.38%, and a net profit attributable to shareholders of 402 million, down 8.36% year-on-year [2][4]. - The report highlights that the company's pre-mixed beverage revenue was 1.431 billion, down 1.42% year-on-year, with a significant decline in online channel revenue [2][5]. - The company is expected to see improved performance in the second half of the year as the pressure from high base effects eases, and new product launches are anticipated to contribute positively to sales [2][5]. Summary by Sections Financial Performance - For the first half of 2024, the company reported a revenue of 1.628 billion, a decrease of 1.38% year-on-year, and a net profit of 402 million, down 8.36% year-on-year. The second quarter alone saw a revenue of 826 million, down 7.25% year-on-year, but net profit increased by 7.28% [2][4]. - The gross margin for the first half of 2024 was 70.08%, an increase of 4.19 percentage points year-on-year, attributed to lower raw material costs and price increases [2][5]. Future Projections - The report projects revenues for 2024, 2025, and 2026 to be 3.386 billion, 3.732 billion, and 4.170 billion respectively, with corresponding net profits of 834 million, 927 million, and 1.044 billion [4][5]. - The expected earnings per share (EPS) for the same years are 0.79, 0.88, and 0.99, with price-to-earnings (PE) ratios of 22, 20, and 18 respectively [4][5]. Product Strategy - The company is focusing on new product launches, including a new whiskey product expected by the end of the year, which is anticipated to open up long-term growth opportunities [2][5]. - The report emphasizes the importance of the "清爽" product line in penetrating the beer market and targeting consumers aged 25 and above [2][5].