Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a leading player in the fluorite industry, driven by a "resource + technology" strategy, with significant contributions from the Baotou "selection and processing integration" project to its semi-annual performance growth [1][5]. - The company has expanded its business into downstream fluorochemical and lithium-containing materials sectors since 2021, achieving breakthroughs in comprehensive recycling of resources [1]. Summary by Sections Company Overview - Established in 2001, the company focuses on the investment and development of strategic mineral resources, specifically fluorite, and has diversified into downstream applications [1]. - The company holds the largest proven reserves of fluorite resources in China, with approximately 27 million tons of ore and a mining capacity of 1.12 million tons per year across eight mines [1][2]. Production and Sales Performance - In the first half of 2024, the company produced approximately 183,100 tons of fluorite concentrate, a decrease of 2,210 tons year-on-year, primarily due to the temporary shutdown of a subsidiary's mine [1][5]. - The company reported a revenue of 1.12 billion yuan in the first half of 2024, a year-on-year increase of 100.2%, with a net profit of 170 million yuan, up 32.5% [5]. Strategic Projects - The company has initiated projects for the recovery of associated fluorite resources and lithium extraction from tailings, including a partnership with Baogang Group in Inner Mongolia [2][4]. - The Baotou project is expected to significantly enhance the company's profitability, with the fluorochemical segment contributing substantially to revenue growth [5]. Financial Forecast - The company forecasts revenues of 2.94 billion yuan for 2024, with net profits projected at 472 million yuan, reflecting a growth rate of 35.2% [6]. - The report anticipates a steady increase in profitability, with net profits expected to reach 886 million yuan by 2026 [6]. Market Position and Future Outlook - The company is expanding its global footprint by investing in fluorite resources in Mongolia, aiming for a production target of 200,000 to 300,000 tons of high-grade fluorite products within 1-2 years [4][5]. - The report emphasizes the company's commitment to becoming a leading resource development and processing enterprise with scarce resource advantages and technological leadership [5].

Investment Rating - The industry rating is "Overweight" [7] Core Insights - The public utility sector (Shenwan) declined by 1.85% this week, underperforming the CSI 300 index by 1.3 percentage points, ranking 8th among Shenwan's primary industries [2][10] - The average inflow of the Three Gorges Reservoir decreased to 13,571.43 cubic meters per second, a week-on-week decline of 22.76% and a year-on-year decline of 31.16% [4][22] - The national carbon market CEA transaction volume surged to 2.21 million tons, a week-on-week increase of 197.31%, while the average transaction price fell to 83.13 yuan per ton, a week-on-week decrease of 9.77% [3][17] Summary by Sections 1. Industry Market Trends - As of August 23, 2024, the public utility sector (Shenwan) fell by 1.85%, with sub-sectors such as thermal power down by 2.98%, hydropower down by 0.26%, and photovoltaic power down by 5.3% [2][10][15] 2. Carbon Market Dynamics - The total transaction volume in the national carbon market reached 4.71 billion tons, with a cumulative transaction value of 27.535 billion yuan [3][17] 3. Water Resource Management - The average outflow from the Three Gorges Reservoir was 14,014.29 cubic meters per second, reflecting a week-on-week decrease of 9% [4][22] 4. Natural Gas Market Overview - The national LNG ex-factory price index was 4,949 yuan per ton, a week-on-week decrease of 0.14% [5][25] 5. Investment Recommendations - The report suggests focusing on hydropower improvements and fire power valuation recovery, with a long-term positive outlook on green electricity consumption and environmental value realization [8][40]

证券研究报告 2024 年 08 月 26 日 湘财证券研究所 行业研究 机械行业周报 7 月我国新增光伏装机约 21.0GW，同比增长 12.3% ——机械行业周报（08.19~08.25） 相关研究： 1..《20240812湘财证券-机械行业：7 月我国挖掘机销量约1.37万台，同比 增长8.6%》 2.《20240819湘财证券-机械行业： 7月我国金切机床产量约5.4万台， 同比增长8.0%》 行业评级：增持 近十二个月行业表现 机械设备(申万) 沪深300 -30% -20% -10% 0% 10% 23/08 23/10 23/12 24/02 24/04 24/06 | --- | --- | --- | --- | |----------|--------|--------|----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | | | | | 绝对收益 | | | | | | | | 300 相比 | 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621) 50295321 Email：xuanpc@xcsc.com 地址：上 ...

证券研究报告 2024 年 08 月 20 日 湘财证券研究所 行业研究 国防军工行业周报 上海发布低空经济发展行动方案，关注相关产业链发展 ——国防军工行业周报（08.12~08.16） 相关研究： 1.《20240625湘财证券-国防军工 行业-亿航智能与温州市文成县 政府达成合作，看好低空经济长 期发展》2024.06.25 2.《20240805湘财证券-国防军工 行业-宁德时代战略投资峰飞航 空数亿美元，关注相关产业链发 展》2024.08.05 行业评级：增持 近十二个月行业表现 国防军工(申万) 沪深300 -40% -30% -20% -10% 0% 10% 23/08 23/10 23/12 24/02 24/04 24/06 | --- | --- | --- | --- | |----------|--------|--------|----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | | | | | 绝对收益 | | | | | | | | 300 相比 | 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621)5029 ...

证券研究报告 2024 年 08 月 20 日 湘财证券研究所 行业研究 银行业周报 信贷增长放缓，支农支小再贷款额度增加 相关研究： 1.《2024年度策略：量质均衡，进 而致远》 2023.12.23 2.《地产融资支持加强，助力缓释 资产风险》 2024.01.31 价值延续》 2024.06.21 预期》 2024.07.22 5.《行业监管指标发布，上半年业 绩保持稳定》 2024.08.12 近十二个月行业表现 % 1 个月 3 个月 12 个月 注：相对收益与沪深 300 相比 相对收益 2.06 7.18 22.69 绝对收益 -1.69 -0.56 9.67 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 国人寿金融中心10楼 核心要点： 市场回顾：银行指数上涨 2.66%，大型银行和股份行表现居前 3.《中期策略：预期渐收敛，配置 4.《LPR全面下调，降息幅度符合 本周（截至 2024.08.18）银行(申万) 指数上涨 2.66%，行业排名 1/31，市场 表现强于沪深 300 指数 2.24 个 ...

证券研究报告 2024 年 08 月 21 日 湘财证券研究所 公司研究 沪农商行（601825） 业绩保持正增，中期分红率提高 相关研究： 1.《沪农商行：资产稳健扩张，资 本水平充足》 2024.05.10 % 1 个月 3 个月 12 个月 相对收益 7.88 4.61 38.78 绝对收益 2.05 -4.78 26.85 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 营收增长放缓，非息收益贡献减弱 公司评级：增持 近十二个月公司表现 注：相对收益与沪深 300 相比 2024H1 与 2024Q1，沪农商行营业收入同比增长 0.23%/3.69%，归母净利润 同比增长 0.62%/1.48%，利息净收入同比下降 2.61%/1.95%,非息净收入同比 增长 8.86%/20.98%。营收增速较一季度放缓，主要是资产增速趋缓导致利 息收入增速下降，而费率下调、投资收益增速放缓压低非息收入贡献。与 一季度相比，拨备计提力度有所降低，归母净利润维 ...

证券研究报告 2024 年 08 月 21 日 湘财证券研究所 行业研究 医疗耗材行业周报 医疗反腐持续发力，耗材板块行情波动 相关研究： 1.《近期医疗行业政策频发，板块 行情迎来回升》 2024.08.06 2.《财报披露密集期，关注创新高 值耗材企业业绩表现》 2024.08.13 行业评级：增持 近十二个月行业表现 10.00% -40.00% 沪深300 医疗耗材 | --- | --- | --- | --- | |----------|--------|--------|----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -1 | -6 | -8 | | 绝对收益 | -4 | -14 | -18 | | | | | 300 相比 | 分析师：聂孟依 证书编号：S0500524040001 Tel：(8621) 50299667 Email：nmy06967@xcsc.com 地址：上海市浦东新区银城路 88 号 中国人寿金融中心 10 楼 核心要点： ❑ 医疗耗材板块震荡下行，上周下跌 0.54% 上周，医药生物报收 6653.23 点，上涨 0. ...

Investment Rating - The investment rating for the company is "Buy" [2][7]. Core Insights - The company's core products are maintaining steady growth, with significant revenue contributions from the unique Wuling series products [3][4]. - The company achieved a revenue of 1.428 billion yuan in H1 2024, representing a year-on-year growth of 41.21%, and a net profit of 296 million yuan, up 49.78% year-on-year [3]. - The rapid growth of traditional Chinese medicine (TCM) decoction pieces has become a new growth driver for the company, with H1 2024 revenue growth of 57.11% [5][6]. Financial Performance - In H1 2024, the Wuling series products generated 836 million yuan in revenue, accounting for 58.56% of total revenue and 81.14% of gross profit [3]. - The company expects revenues of 2.388 billion yuan, 2.926 billion yuan, and 3.503 billion yuan for the years 2024, 2025, and 2026, respectively, with net profits projected at 498 million yuan, 643 million yuan, and 794 million yuan [7][9]. - The gross margin is expected to improve from 68.4% in 2023 to 71.3% by 2026 [9]. Product Analysis - The Wuling series products, including Wuling capsules, are unique and have shown a consistent average growth rate of 26% from 2020 to 2023 [3]. - The Bailing series products are recovering, with H1 2024 revenue of 82 million yuan, a decrease of 16.59%, but the decline is narrowing [4]. - The company has over 1,000 varieties of TCM decoction pieces and has established more than 100 cooperative TCM material planting bases [5][6]. Market Strategy - The company is adopting a comprehensive sales model combining self-operated and commissioned sales across hospital, OTC, and online channels [4]. - The marketing strategy upgrade has shown significant effects, leading to increased sales in OTC and online markets [7].

证券研究报告 2024 年 08 月 20 日 湘财证券研究所 行业研究 稀土永磁行业周报 上周产业链价格坚挺上行，磁材季节性需求有所释放 相关研究： | --- | --- | |----------------------------------------|----------| | 《上周稀土磁材产业链价格转弱， | 7月钕铁 | | 硼产量维持较快增速》 | 20240814 | | 《上周行业上涨且跑赢大盘，稀土价格反弹 | | | 带动钕铁硼价格回升》 | | 行业评级：增持 近十二个月行业表现 -50% -30% -10% 10% 30% 稀土永磁材料行业涨跌幅 对比基准:沪深300累计涨跌幅-右 -30% -15% 0% 15% 30% | --- | --- | --- | --- | |----------|--------|--------|----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | 0 | -7 | -17 | | 绝对收益 | -4 | -15 | -29 | | | | | 300 相比 | 分析师：王攀 证书编号：S0500 ...

证券研究报告 2024 年 08 月 20 日 湘财证券研究所 行业研究 锂电材料行业周报 上周锂源价格再启大跌，产业链价格普遍维持弱势 相关研究： | --- | --- | |----------------------------------------|----------| | 需求释放产量增长明显》 | 20240814 | | 《上周锂源价格大跌，磷酸铁锂量增价跌， | | | 负极材料开工降幅较大》 | 20240806 | 行业评级：增持 近十二个月行业表现 -60% -40% -20% 0% 20% 锂电材料行业涨跌幅 对比基准:沪深300累计涨跌幅-右 -30% -15% 0% 15% 30% | --- | --- | --- | --- | |----------|--------|--------|---------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -5 | -18 | -40 | | 绝对收益 | -9 | -26 | -53 | 注：相对收益与沪深 300 相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621 ...