2024 年 11 月 13 日 公司点评 买入/维持 尚太科技(001301) 目标价: 昨收盘:73.83 尚太科技 2024 年三季报点评：出货量增速远超行业，盈利水平 保持领先 ◼ 走势比较 (50%) (24%) 2% 28% 54% 80% 23/11/1324/1/2524/4/724/6/1924/8/3124/11/12 尚太科技 沪深300 ◼ 股票数据 总股本/流通(亿股) 2.61/1.59 总市值/流通(亿元) 192.67/117.7 12 个月内最高/最低价 (元) 78.67/22.71 相关研究报告 <<尚太科技 2024 半年报点评：产品 具备差异化竞争优势，市占率持续提 升>>--2024-09-11 <<【太平洋新能源】尚太科技 2023 年 中报点评报告——市占率和平台能 力持续提升，引领出海和新技术发 展>>--2023-08-17 证券分析师：谭甘露 电话： E-MAIL：tangl@tpyzq.com 分析师登记编号：S1190524110001 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080 ...

Investment Rating - The report does not provide specific ratings for the chemical pharmaceuticals and traditional Chinese medicine sectors, while the biopharmaceutical sector is rated as Neutral [1][7]. Core Insights - The pharmaceutical sector experienced a decline of 1.17% on November 13, 2024, underperforming the CSI 300 index by 1.79 percentage points, ranking 30th among 31 sub-industries [3]. - Notable performers within the pharmaceutical sub-industries included medical equipment (-0.13%), blood products (-0.37%), and vaccines (-0.41%), while offline pharmacies (-3.21%), hospitals (-2.34%), and medical research outsourcing (-2.27%) lagged behind [3]. - The top three gainers in individual stocks were TuoJing Life (+20.01%), SaiLi Medical (+10.06%), and QiDi Pharmaceuticals (+8.25%), whereas the largest decliners were ChangYao Holdings (-10.32%), LuKang Pharmaceuticals (-8.91%), and SiHuan Bio (-8.19%) [3]. Industry News - On November 13, 2024, Novartis' radioligand therapy Pluvicto received acceptance for its new drug application in China. This therapy targets PSMA and is linked to the radioactive isotope 177Lu, previously approved by the FDA in March 2022 for prostate cancer treatment [4]. - SaiLong Pharmaceuticals announced that its subsidiary received approval for the registration of Pregabalin capsules from the National Medical Products Administration [4]. - BuChang Pharmaceuticals reported that its subsidiary received a clinical trial acceptance notice for Compound Sodium Sulfate Tablets, intended for bowel cleansing before colonoscopy [4]. - Prolo Pharmaceuticals announced that its subsidiary received approval for the listing of Mesylate Previr raw materials from the National Medical Products Administration [4]. - China Medical announced that its subsidiary received a supplementary approval notice for injectable Cefazolin Sodium, which passed the consistency evaluation for generic drug quality and efficacy [4].

Investment Rating - The report does not provide specific ratings for the chemical pharmaceuticals and traditional Chinese medicine sectors, while the biopharmaceutical sector is rated as neutral [1][3]. Core Viewpoints - The pharmaceutical sector is currently bottoming out, with a potential recovery on the horizon. The CXO sector has experienced a decline in revenue and profit, but there are signs of stabilization and opportunities for growth due to changes in monetary policy and investment dynamics [2][18]. Summary by Sections 1. Performance Review - In the first three quarters of 2024, the CXO sector achieved revenue of 640.01 billion yuan, a year-on-year decline of 7.74%, and a net profit of 108.34 billion yuan, down 22.51% [8][11]. - The gross margin for the CXO sector was 41.36% in the first three quarters of 2024, while the net margin was 16.97%, indicating pressure on profitability due to declining revenues [8][11]. 2. Efficiency - Revenue per capita for the CXO sector was 55.39 million yuan, a decrease of 6.19% year-on-year, while profit per capita was 9.38 million yuan, down 32.39% [11][12]. 3. Demand - The CXO sector's contract liabilities and advance receipts stood at 69.80 billion yuan, a year-on-year decrease of 1.02%, reflecting a slight decline in order growth [12][13]. 4. Supply - The construction of new capacity has slowed, with ongoing projects valued at 123.56 billion yuan, down 11.13% year-on-year. The total number of employees in the CXO sector decreased by 1.66% to 115,554 [12][14]. 5. Valuation - The current PE ratio for the CXO index is 35.26, significantly lower than the median of 54.57, indicating a potential undervaluation and attractive investment opportunities [15][16]. 6. Investment Recommendations - The report suggests focusing on the following factors: changes in the Federal Reserve's interest rate policy, marginal changes in investment and financing, gradual recovery in overseas demand, geopolitical relations, and the introduction of supportive policies for the innovative drug industry [20][21]. - Specific companies recommended for investment include: - **NuoSiGe**: Focused on clinical CRO services with a comprehensive service capability [21][22]. - **YangGuangNuoHe**: Strong growth in clinical business with an increasing proportion of innovative drugs [24][25]. - **HongBoYao**: Specializes in small molecule drug design, leveraging AI for new drug development [26][29]. - **PuRuiSi**: A leading SMO company providing clinical trial management services [30][31]. - **BaiChengYao**: A high-growth CRO with a diverse business model [33][34].

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 reported a significant revenue growth of 36.27% year-on-year for the first three quarters of 2024, achieving a total revenue of 5.507 billion yuan. However, the net profit attributable to shareholders decreased by 21.28% to 913 million yuan [1]. - In Q3 2024 alone, the company achieved a revenue of 2.059 billion yuan, marking a year-on-year increase of 35.96% and a quarter-on-quarter increase of 11.77%. The net profit for Q3 surged by 152.63% year-on-year to 396 million yuan [1]. - The company's etching equipment revenue for the first three quarters of 2024 reached 4.413 billion yuan, reflecting a year-on-year growth of 53.77% [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 5.507 billion yuan, a 36.27% increase year-on-year, and a net profit of 913 million yuan, down 21.28% year-on-year. The adjusted net profit was 813 million yuan, up 10.88% year-on-year [1]. - Q3 2024 results showed a revenue of 2.059 billion yuan, a 35.96% increase year-on-year and an 11.77% increase quarter-on-quarter. The net profit for Q3 was 396 million yuan, up 152.63% year-on-year and 48.11% quarter-on-quarter [1]. Product Development - The company is experiencing accelerated growth in its plasma etching equipment, with significant increases in new product shipments. The advanced logic and memory device manufacturing processes have seen a notable rise in production [1]. - New products, including several MOCVD devices, are entering the market, and the first sales of LPCVD equipment have been recorded, generating revenue of 28 million yuan [1]. Future Projections - The company is expected to achieve revenues of 8.260 billion yuan, 12.036 billion yuan, and 15.227 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 1.724 billion yuan, 2.611 billion yuan, and 3.264 billion yuan [2][5]. - The projected revenue growth rates are 31.87% for 2024, 45.73% for 2025, and 26.51% for 2026, while net profit growth rates are expected to be -3.47% for 2024, 51.48% for 2025, and 25.01% for 2026 [2][5].

Investment Rating - The report assigns a rating of "Accumulate" to the company with a target price of 5.28, compared to the last closing price of 4.86 [1][3]. Core Insights - The company reported strong performance in Q3 2024, with revenue reaching 1.9135 billion, a year-on-year increase of 19.84%, and a net profit of 165 million, up 74.58% year-on-year [3]. - The company is actively repurchasing shares, indicating confidence in its future growth [3]. - The growth in revenue is driven by the performance of its mushroom-flavored products and the rapid expansion in the North China market [3]. Financial Performance Summary - For Q3 2024, the company achieved revenue of 713 million, a year-on-year increase of 11.28%, and a net profit of 64 million, up 44.72% year-on-year [3]. - The gross margin for Q3 2024 was 23.77%, an increase of 6.36 percentage points year-on-year, attributed to the expansion of its computing power business [3]. - The company expects revenue growth rates of 22%, 25%, and 21% for 2024, 2025, and 2026 respectively, with net profit growth rates of 71%, 29%, and 23% for the same years [3][4]. Revenue Breakdown - The revenue from amino acid seasonings and compound seasonings for Q1-Q3 2024 was 1.418 billion and 249 million respectively, with year-on-year growth of 16% and 28% [3]. - Online sales saw a significant increase, with revenue of 1.1 billion for Q1-Q3 2024, up 159% year-on-year, while offline sales reached 1.823 billion, up 16% year-on-year [3]. - By region, revenue from North China, East China, South China, and other areas showed varied growth, with North China experiencing a 64% increase [3].

Investment Rating - The report maintains a positive outlook on the basic chemical industry [1] Core Views - Refrigerants are experiencing price increases due to tight supply and strong demand, with notable price hikes in R32, R134a, and R125 [2][4] - The price of sucralose has significantly risen, driven by limited supply and strong pricing power from producers [3][4] Summary by Sections 1. Key Chemical Product Price Tracking - The report highlights price increases in refrigerants R134a (up 5.71%), sucralose (up 14.29%), and vitamins A and E [13] - The prices of R142b and R22 have risen to 16,000 CNY/ton and 32,000 CNY/ton respectively, with R125 and R134a reaching 37,500 CNY/ton and 38,000 CNY/ton [2][32] 2. Refrigerants - The supply of refrigerants is tightening due to limited production of fluorite and strong external demand, leading to increased margins for third-generation refrigerants [4][29] - Recommended companies to watch include Juhua Co., Ltd., Sanmei Co., Ltd., and Yonghe Co., Ltd. [4] 3. Sucralose - Sucralose prices have surged to 240,000 CNY/ton, reflecting a strong pricing stance from manufacturers amid low inventory levels [3][4] 4. Polyurethane - MDI prices have seen a slight increase due to supply constraints from maintenance schedules at major production facilities [16][17] 5. Agricultural Chemicals - Glyphosate prices have decreased, with a reported price of 24,701 CNY/ton, and margins have also declined [19][20] 6. Phosphate Fertilizers - Prices for monoammonium phosphate and diammonium phosphate have decreased, with current prices at 3,059 CNY/ton and 3,643 CNY/ton respectively [23][25] 7. Urea and Potash - Urea prices have slightly increased to 1,852 CNY/ton, while potash prices have risen to 2,406 CNY/ton [26][28] 8. Fluorinated Chemicals - The report notes a general increase in margins for third-generation refrigerants, with upstream costs for fluorite and hydrofluoric acid also rising [29][32]

Investment Rating - The report does not provide specific ratings for the chemical pharmaceuticals and traditional Chinese medicine sectors, while the biopharmaceutical sector is rated as Neutral [1][7]. Core Insights - The pharmaceutical sector showed a positive performance with a gain of +0.96% on November 12, 2024, outperforming the CSI 300 index by 2.06 percentage points, ranking first among 31 sub-industries [3]. - Notable sub-industry performances include pharmaceutical distribution (+4.50%), offline pharmacies (+3.95%), and hospitals (+3.33%), while in vitro diagnostics (+0.10%), blood products (+0.37%), and medical R&D outsourcing (+0.61%) lagged behind [3]. - The top three individual stock gainers were Changyao Holdings (+20.06%), Yaoyigou (+20.01%), and Weikang Pharmaceutical (+20.00%), while the largest decliners were Shuangcheng Pharmaceutical (-10.00%), Dongfang Ocean (-10.00%), and Tianzhihang (-6.58%) [3]. Summary by Sections Market Performance - On November 12, 2024, the pharmaceutical sector's performance was +0.96%, surpassing the CSI 300 index by 2.06 percentage points, making it the best-performing sub-industry [3]. Sub-industry Ratings - The report highlights the performance of various sub-industries, with pharmaceutical distribution, offline pharmacies, and hospitals showing significant gains, while in vitro diagnostics and blood products showed minimal growth [3]. Company News - ViiV announced positive results from the DOLCE study for its dual-drug therapy Dovato for HIV treatment, demonstrating non-inferiority in maintaining viral suppression compared to a three-drug regimen [4]. - Several companies, including Fuyuan Pharmaceutical and Enhua Pharmaceutical, received approvals for new drug registrations and clinical trials from the National Medical Products Administration [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 has shown continuous growth in Q3 2024, benefiting from increased demand for computing infrastructure, with a revenue of 17.25 billion yuan, a year-on-year increase of 16.66%, and a net profit of 2.36 billion yuan, up 26.10% year-on-year [2][3]. - The company is actively expanding its market presence by developing new products and clients, particularly in the data center sector, which has led to increased demand for copper connections [2]. - The company has made significant progress in its product development across various segments, including high-speed communication cables and automotive cables, which are now being delivered in bulk [2][3]. Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 48.20 billion yuan, representing a 20.13% year-on-year growth, and a net profit of 6.55 billion yuan, which is a 36.45% increase year-on-year [2]. - The projected revenues for 2024, 2025, and 2026 are 67.67 billion yuan, 82.69 billion yuan, and 97.63 billion yuan, with respective growth rates of 18.24%, 22.18%, and 18.08% [3]. - The forecasted net profits for the same years are 9.22 billion yuan, 11.53 billion yuan, and 13.85 billion yuan, with growth rates of 31.57%, 25.12%, and 20.10% respectively [3].

Investment Rating - The report maintains a "Buy" rating for Stone Technology (688169) [1][28]. Core Views - The company continues to see growth in domestic sales, with a significant increase in online sales and market share [2][3]. - The third quarter of 2024 showed a revenue of 2.591 billion yuan, an increase of 11.91% year-on-year, but net profit decreased by 43.40% [2]. - The company is focusing on brand building and increasing expenses in research and sales to support future growth [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a total revenue of 7.007 billion yuan, a year-on-year increase of 23.17%, and a net profit of 1.472 billion yuan, up 8.22% [2]. - The third quarter alone generated a revenue of 2.591 billion yuan, with a net profit of 351 million yuan, reflecting a decline in profitability [2][3]. Market Position - The company has achieved a 25%+ market share in online sales, ranking first in the domestic market [2]. - The North American market has shown strong performance, particularly during the Prime Day sales event, while the European market is experiencing short-term disruptions due to changes in channel management [2]. Future Projections - Revenue forecasts for 2024-2026 are 10.772 billion, 13.043 billion, and 15.483 billion yuan, with year-on-year growth rates of 24.48%, 21.08%, and 18.70% respectively [3]. - Net profit projections for the same period are 2.193 billion, 2.436 billion, and 2.833 billion yuan, with growth rates of 6.89%, 11.08%, and 16.31% respectively [3].

Investment Rating - The report does not provide specific ratings for the chemical pharmaceuticals and traditional Chinese medicine industries, while the biopharmaceutical sector is rated as Neutral [1][7]. Core Insights - The pharmaceutical sector showed a performance increase of +1.32% on November 11, 2024, outperforming the CSI 300 index by 0.66 percentage points, ranking 12th among 31 sub-industries [3]. - Notable sub-industry performances include vaccines (+3.27%), medical research outsourcing (+3.16%), and medical devices (+1.79%), while offline pharmacies (-0.25%) and blood products (+0.65%) lagged behind [3]. - Teva's application for the new drug deuterated benztropine sustained-release tablets has been accepted for market entry in China, indicating potential growth in the sector [4]. Summary by Sections Market Performance - On November 11, 2024, the pharmaceutical sector's increase of +1.32% outperformed the CSI 300 index, with specific sub-industries like vaccines and medical devices showing strong growth [3]. Company News - Teva's deuterated benztropine sustained-release tablets have been accepted for market entry in China, which could enhance the company's market position [4]. - Several companies, including Xinhua Pharmaceutical and Hualu Pharmaceutical, received approval for new drug registrations, indicating ongoing innovation and regulatory compliance in the industry [4].