2024 年 07 月 21 日 行业周报 看好/维持 生物医药Ⅱ 医药 24Q2 医疗设备招标回暖,设备更新有望带动下半年市场复苏 ◼ 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/7/2123/10/1 23/12/1224/2/2224/5/424/7/15 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 <<康复医学存在供需缺口,上市公司 积 极布 局女 性产 后康复 市场 >>-- 2024-07-15 <>--2024- 07-07 <<国产 GLP-1RA 精彩亮相 2024 ADA>>--2024-06-30 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 报告摘要 本周我们总结 24Q2 医疗设备招标情况并跟踪设备更新最新进 展。 1、24Q2,医疗设备招标逐渐回暖,国产企业份额增加 根据众成医械招标数据,多类医疗设备招标在 24Q2 都呈现环比 改善的趋势, ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Views - The company's overseas orders are recovering, and with the expansion of channels and customers, as well as increased capacity utilization, profitability is expected to improve further. The domestic brand strategy is also performing well, with significant growth in key product categories [3][12]. - The company is projected to achieve a turnaround in profitability in the first half of 2024, driven by the recovery of overseas orders and the successful launch of new products in the domestic market [7][9]. Financial Summary - Revenue projections for the company are as follows: 2024E at 1,919 million, 2025E at 2,346 million, and 2026E at 2,754 million, with corresponding net profits of 169 million, 208 million, and 248 million respectively [4]. - The estimated revenue for Q2 2024 from overseas business is projected to be between 384 million and 408 million, with profits expected to be between 65 million and 70 million [3]. - The company is expected to achieve a net profit of 0.90 to 1.10 billion in the first half of 2024, indicating a significant recovery compared to the previous year [12].

2024 年 07 月 19 日 公司点评 买入/维持 阿特斯(688472) 昨收盘:9.94 逆境彰显龙头风范,大储打开成长空间 ◼ 走势比较 (50%) (38%) (26%) (14%) (2%) 10% 23/7/1923/9/30 23/12/1224/2/2324/5/624/7/18 阿特斯 沪深300 ◼ 股票数据 总股本/流通(亿股) 36.88/36.88 总市值/流通(亿元) 366.61/366.61 12 个月内最高/最低价 (元) 17.2/8.92 相关研究报告 <<【太平洋新能源】光伏出海系列: 阿特斯 2023 年年报及 2024 年一季报 业绩点评:海外贡献主要收入来源, 储能业务快速放量>>--2024-04-30 <<【太平洋新能源】光伏出海系列: 阿特斯深度报告:海外产能助成长, 储能业务正启航>>--2024-03-16 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 ...

2024 年 07 月 19 日 行业周报 看好 ⁄ 维持 医药 医药 罗氏潜在 BIC 口服 GLP-1 减肥药临床结果积极 大学比较 n ■ 手行业评级 化学创药无许低 中 苏生产无评级 生物區苑 II中 姓 美 他 區 苏 區平 住 方 推荐公司及评级 ■ 相关研究报告 以益善生长效新药在华再获批,用于 治疗 CPP>>—2024-07-17 くく太子洋医 药行业周报 20240714: 康 复医学存在供寄缺口,上市公司积极 布 局女性产后 康 复 市 场 >>—2024— 07–15 くく益善生以 10.3 亿美元素获潜在 FIC 的 ADC 新药>>—2024—07—14 证券分析师: 周接 E-MAIL: zhouyua@tpyzq.com 分析师登记编务:S1190523060002 证券分析师: 承减 E-MAIL: zhangwei@tpyzq.com 分析师登记编号:S1190524060001 报告摘要 市场表现: 2024 年 7 月 18 日,医药板块涨跌幅+0.95%,跑赢沪深 300 指数 0.40pct,涨跌幅居中方 31 个子行业募 6 名。各医药子行业中,医疗设备 (+1. ...

食品饮料 食品饮料 2024Q2 业绩前瞻:淡季需求偏弱,行业分化加剧 ◼ 走势比较 报告摘要 (30%) (22%) (14%) (6%) 2% 10% 23/7/1723/9/28 23/12/1024/2/2124/5/424/7/16 食品饮料 沪深300 ◼ 子行业评级 酒类 无评级 饮料 无评级 食品 无评级 ◼ 推荐公司及评级 相关研究报告 <<洽洽食品:业绩超预期,2024 年改 善可期>>--2024-05-07 <<成本改善明显,利润增长超预 期>>--2024-05-07 <<安井食品:经营持续向上,盈利水 平再创新高>>--2024-05-07 证券分析师:郭梦婕 电话: E-MAIL:guomj@tpyzq.com 分析师登记编号:S1190523080002 证券分析师:肖依琳 电话: E-MAIL:xiaoyl@tpyzq.com 分析师登记编号:S1190523100003 研究助理:林叙希 电话: E-MAIL:linxx@tpyzq.com 一般证券业务登记编号:S1190124030019 2024 年 07 月 17 日 行业周报 中性/下调 食品饮料 白酒板块:Q2 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Dongguan Holdings, indicating a positive outlook for the stock [5]. Core Views - Dongguan Holdings focuses on its core highway operations while strategically divesting from subsidiaries, particularly in urban rail transit, to enhance its main business [8][11]. - The company reported a total revenue of 4.758 billion in 2023, a year-on-year increase of 15.93%, but a net profit of 652 million, reflecting a decrease of 19.56% compared to the previous year [3][4]. - The first quarter of 2024 saw a revenue drop to 426 million, a decrease of 26.78% year-on-year, while net profit surged by 59.3% to 403 million due to non-recurring gains from exiting the Dongguan Rail Line One project [3][4]. Summary by Sections Business Segments - The company operates in four main segments: 1. **Transportation**: Management of highways with a total length of approximately 55.66 km, achieving a record traffic volume of 125 million vehicles in 2023, up 16.43% year-on-year, generating toll revenue of 1.365 billion, an increase of 15.34% [4]. 2. **Urban Rail Transit**: The company has exited the Dongguan Rail Line One project, receiving a reduction payment of 3.71 billion [4]. 3. **New Energy Vehicle Charging and Battery Swap**: As of the report period, there are 110 charging stations and 5 battery swap stations [4]. 4. **Financial Investment**: Revenue from financing leasing and commercial factoring reached 2.398 billion, with a profit of 109 million [4]. Financial Performance - For 2023, the company reported total revenue of 4.758 billion, with a projected revenue drop to 3.311 billion in 2024, reflecting a year-on-year decrease of 30.4% [9]. - The net profit for 2023 was 667 million, with an expected increase to 1.129 billion in 2024, indicating a growth of 69.3% [9]. - The diluted earnings per share for 2023 was 0.64, projected to rise to 1.09 in 2024 [9]. Investment Outlook - The company is expected to gradually utilize received funds for highway expansion projects, alleviating financial pressure [5]. - Future dividend plans are under consideration, indicating a focus on shareholder returns [5].

2024 年 07 月 19 日 行业周报 看好/维持 医药 医药 罗氏潜在 BIC 口服 GLP-1 减肥药临床结果积极 ◼ 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/7/1823/9/29 23/12/1124/2/2224/5/524/7/17 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 <<益普生长效新药在华再获批,用于 治疗 CPP>>--2024-07-17 <<太平洋医药行业周报 20240714:康 复医学存在供需缺口,上市公司积极 布局女性产后康复市场>>--2024- 07-15 <<益普生以 10.3 亿美元囊获潜在 FIC 的 ADC 新药>>--2024-07-14 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 报告摘要 市场表现: 2024 年 7 月 18 日 ...

2024 年 07 月 18 日 行业周报 看好/维持 医药 医药 艾伯维 JAK 抑制剂完成欧、美监管递交 ◼ 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/7/1723/9/28 23/12/1024/2/2124/5/424/7/16 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 <<益普生长效新药在华再获批,用于 治疗 CPP>>--2024-07-17 <<太平洋医药行业周报 20240714:康 复医学存在供需缺口,上市公司积极 布局女性产后康复市场>>--2024- 07-15 <<益普生以 10.3 亿美元囊获潜在 FIC 的 ADC 新药>>--2024-07-14 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 报告摘要 市场表现: 2024 年 7 月 17 日,医药板块涨跌 ...

Investment Rating - The report assigns 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]. Core Views - The company is expected to achieve a net profit of 6.5 to 7.3 billion yuan in the first half of 2024, representing a year-on-year increase of 377.49% to 436.26% [2]. - The company has reported a total vehicle sales of 559,669 units in the first half of 2024, a year-on-year increase of 7.79%, with overseas sales reaching a historical high of 201,500 units, up 62.59% [2]. - The company is focusing on international market strategies, with over 1,000 overseas channels established, and has seen significant sales growth in regions such as Latin America and Southeast Asia [2]. - The company is enhancing its smart driving capabilities, showcasing its latest CoffeePilot Ultra system, which can achieve full-scene navigation assistance without high-definition maps [2]. Financial Summary - Revenue projections for 2024-2026 are 219.355 billion yuan, 249.878 billion yuan, and 289.276 billion yuan, respectively, with net profits expected to be 11.565 billion yuan, 13.013 billion yuan, and 15.744 billion yuan [4]. - The diluted earnings per share (EPS) are projected to be 1.35 yuan, 1.52 yuan, and 1.84 yuan for 2024, 2025, and 2026, respectively [4]. - The price-to-earnings (PE) ratios are expected to be 19.46, 17.30, and 14.30 for the same years [4].

Investment Rating - The report assigns 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]. Core Views - The company is projected to achieve a net profit of 6.5 to 7.3 billion yuan for the first half of 2024, representing a year-on-year increase of 377.49% to 436.26% [2]. - The company has reported a record high in overseas sales, with total vehicle sales reaching 559,669 units in the first half of the year, a year-on-year increase of 7.79% [2]. - The company is focusing on international market strategies, with over 1,000 overseas channels established, and has seen significant sales growth in regions such as Latin America and Southeast Asia [2]. - The company is advancing in the smart driving sector, showcasing its latest technology and achieving successful tests for full-scene L4 autonomous driving [2]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 219.4 billion yuan, 249.9 billion yuan, and 289.3 billion yuan respectively, with growth rates of 26.64%, 13.91%, and 15.77% [4]. - The net profit for the same years is expected to be 11.57 billion yuan, 13.01 billion yuan, and 15.74 billion yuan, with growth rates of 64.59%, 12.51%, and 21.03% [4]. - The diluted earnings per share (EPS) are projected to be 1.35 yuan, 1.52 yuan, and 1.84 yuan for 2024, 2025, and 2026 respectively [4]. Market Position - The company maintains a leading position in the hard-core off-road, off-road new energy, and pickup truck segments, with significant growth in overseas markets [2]. - The company’s new energy vehicle sales reached 123,237 units in the first half of the year, marking a year-on-year increase of 41.99% [2]. - The company’s strategy includes optimizing its domestic product structure while enhancing overseas sales growth [2].