公司深度分析 2024 年 09 月 09 日 绿竹生物-B(02480.HK) 证券研究报告 生物技术(HS) 投资评级 买入-A 首次评级 6 个月目标价 32.77 港元 股价 (2024-09-05) 21.50 港元 交易数据 总市值(百万港元) 4,352.65 流通市值(百万港元) 4,352.65 总股本(百万股) 202.45 流通股本(百万股) 202.45 12 个月价格区间 17.22/39.0 港元 LZ901 三期进行时，剑指百亿蓝海市场 绿竹生物：深耕行业二十余年，以创新驱动发展。绿竹生物成立于 2001 年 11 月，是一家致力于开发创新型人用疫苗和治疗性生物制剂 的生物技术公司。公司创始人孔健先生曾供职于卫生部北京生物制品 研究所，拥有 30 多年的生物制药行业经验，作为首席科学家带领公 司研究团队实现多项突破，自成立以来成功研发了 6 款疫苗产品，其 中液体 AC 流脑结合疫苗、AC-Hib 三联疫苗为全球首款，Hib 结合疫 苗（磷酸铝佐剂）、ACYW135 流脑多糖疫苗为中国首款，6 款疫苗均已 转让给智飞生物，其中 5 款疫苗已实现商业化。目前，公司共布局了 7 款在 ...

Group 1 - The report indicates that the A-share market is expected to improve in September, with a slight increase in the central-local fiscal expenditure growth rate from -5.92% to -5.86%, suggesting stabilization [1][7][17] - The report emphasizes the importance of high-dividend core assets, particularly in the public service sector, such as electricity, highways, and telecommunications, as key investment opportunities [1][7][8] - The report highlights the ongoing "high-cut low" trading strategy, with a focus on electronic and Hong Kong internet stocks on the right side, and the ChiNext Index and CSI 1000 Index on the left side [1][7][8] Group 2 - The report notes that the recent fluctuations in the A-share market are primarily influenced by external factors, including the Federal Reserve's interest rate decisions and the upcoming U.S. elections affecting Sino-U.S. relations [1][7][8] - The report identifies the banking sector as a significant player in the A-share market, with the four major banks showing notable price fluctuations, driven by passive investment trends and the inflow of funds into the CSI 300 ETF [1][7][14] - The report suggests that the current high-cut low market environment may continue, with a focus on sectors such as technology growth and small-cap stocks, particularly in the context of policy-driven trading strategies [1][7][18]

Group 1 - The report draws parallels between the current AI wave, particularly Nvidia, and the dot-com bubble of the late 1990s, emphasizing that both are experiencing a turning point in their respective cycles [2][10][11] - The analysis indicates that while Nvidia's current price-to-earnings (PE) ratio is around 60, significantly lower than Cisco's peak of over 200, Nvidia's earnings guidance is stronger, suggesting a less inflated valuation compared to Cisco during the dot-com era [2][11] - The report highlights that the essence of the comparison lies in the industry competition landscape, noting that Cisco faced strong competitors like Juniper and Huawei, which contributed to its decline post-bubble, while Nvidia's competitive position remains to be evaluated [2][11] Group 2 - The report outlines four stages of the dot-com bubble: nurturing, explosive growth, bubble formation, and bubble burst, with each stage characterized by specific market behaviors and economic conditions [12][18] - It emphasizes that the macroeconomic environment during the dot-com bubble, particularly the signs of economic recession in 1999, played a crucial role in the subsequent market crash, suggesting that current economic indicators should be closely monitored [10][11] - The report posits that the current AI technology wave is likely at a turning point, with the potential to enter a collaborative phase, which could lead to significant advancements and economic integration, similar to the post-bubble recovery seen in the early 2000s [2][10][11] Group 3 - The report suggests that the investment strategy should focus on the industry competition dynamics as the primary entry point for evaluating Nvidia's investment value, rather than solely on short-term application trends [2][11] - It proposes a decision-making framework that considers whether AI chips have barriers to entry and the competitive landscape over the next 2-3 years, which will significantly impact Nvidia's valuation [2][11] - The report concludes that the macroeconomic constraints will influence Nvidia's pricing, with scenarios of either a hard or soft landing for the U.S. economy affecting the demand for AI chips [2][11]

2024 年 09 月 08 日 环保及公用事业 行业周报 行业走势： 本周要点： 我国能源绿色转型步伐持续加快，关注绿电相关标的：国家能源局发 布 1-7 月份全国电力工业统计数据，2024 年 1-7 月全国累计发电装 机容量约 31.0 亿千瓦，同比增长 14.0%，其中，太阳能发电装机容 量约 7.4 亿千瓦，同比增长 49.8%；风电装机容量约 4.7 亿千瓦，同 比增长 19.8%，风电光伏新能源装机突破 12 亿千瓦，占比达 38.7%， 提前完成 2030 年达到 12 亿千瓦目标，我国能源绿色转型步伐持续 加快。此外，近日国家发展改革委、国家能源局印发《电力中长期交 易基本规则-绿色电力交易专章》，明确绿色电力交易是电力中长期交 易的组成部分，执行电力中长期交易规则；按照"省内为主，跨省区 为辅"的原则，明确省内绿色电力交易由各省电力交易中心开展，跨 省区绿色电力交易由北京、广州、内蒙古电力交易中心开展；鼓励发 用双方签订多年期绿色电力购买协议，通过绿电交易方式落实跨省跨 区优先发电规模计划，未来有望助推建设高效协同、有机衔接的统一 市场体系，在更大范围内提高绿色电力资源优化配置效率，大幅降 ...

| --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------| | | | | | | | | | | | | 国投证券研究报告 | 2024年9月8 日 | | | | | | | 国投证券消费 | | | | | | 2024W36 家电|食饮|医药 中成药 | 一 周 看 图 |轻工| 纺服 零 售 | | | | | | 终 端 分析师 李奕臻 S1450520020001 赵国防 S14505 ...

2023-09 2024-01 2024-05 2024-09 2024 年 09 月 08 日 电子 行业周报 华为三折叠手机开启预订，荷兰升级 DUV 光刻机出口管制 华为三折叠屏手机开启预订，超 200 万人预约 9 月 7 日，华为三折叠屏手机正式开启预订。海报还正式公布了华 为三折叠的外观，采用独特镜头纹理，以及高辨识度的小金标。据 悉，这款产品将于 9 月 10 日的华为发布会上正式推出，价格也有 待届时揭晓，将于 9 月 20 日正式开售。预订通道刚开启，人数就 迅速破万，预订开启不到 24 小时，华为商城显示该产品预约人数 已超 200 万。 荷兰扩大对先进半导体制造设备的出口管制措施 9 月 6 日，荷兰政府宣布扩大对先进半导体制造设备的出口管制措 施，即从 9 月 7 日起，更多类型的半导体制造设备将受到国家授权 要求的限制。措施规定，公司在出口此类先进制造设备时必须申请 授权，政府将根据具体情况对申请进行评估，措施适用于从荷兰出 口到欧盟以外的目的地。对于这一措施，荷兰光刻机巨头阿斯麦回 应称，根据更新的许可证要求，阿斯麦将需要向荷兰政府而不是美 国政府申请 TWINSCAN NXT:1 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 证券研究报告 咨询实施及其他服务 投资评级 买入-A 维持评级 6 个月目标价 16.99 元 股价 (2024-09-06) 12.54 元 交易数据 总市值(百万元) 5,142.97 流通市值(百万元) 4,080.29 总股本(百万股) 410.12 流通股本(百万股) 325.38 12 个月价格区间 11.53/27.05 元 升幅% 1M 3M 12M 相对收益 2.2 -3.0 -32.4 绝对收益 -1.2 -13.0 -47.6 赵阳 分析师 相关报告 Q3 毛利率显著提升，携手华 为共建大模型生态 2023-10-31 智能制造保持高增，有望受 益于 MetaERP 建设 2023-05-01 Q3 收入增速环比改善，智能 制造需求持续景气 2022-11-03 公司快报 2024 年 09 月 08 日 赛意信息(300687.SZ) 24H1 毛利率持续改善，自研产品逐步获认可 事件概述： 近日，赛意信息发布《2024 年半年度报告》。上半年，公司实现营业 收入 10.71 亿元，同比增长 1.33%；归母净利润盈利 2,970. ...

gaoyy3@essence.com.cn 2024 年 09 月 08 日 浙江鼎力(603338.SH) 公司快报 证券研究报告 高空作业车 投资评级 买入-A 维持评级 12 个月目标价 57.24 元 股价 (2024-09-06) 50.28 元 交易数据 总市值(百万元) 25,459.17 流通市值(百万元) 25,459.17 总股本(百万股) 506.35 流通股本(百万股) 506.35 12 个月价格区间 43.58/72.98 元 收入稳步增长，并表 CMEC 强化全球竞 争力 事件：浙江鼎力发布 2024 年中报，上半年，公司实现营业收入 38.59 亿元，同比+24.56%，实现归母净利润 8.24 亿元，同比0.88%；单 Q2，公司实现营业收入 24.08 亿元，同比+34%，实现 归母净利润 5.22 亿元，同比+1.95%。 行业需求结构性分化特征显著，并表 CMEC 公司收入高增。根据 中国工程机械工业协会，2024 年上半年，高空作业平台总销量 10.14 万台，同比-15.19%，其中内销 5.32 万台，同比-33.7%， 出口 4.82 万台，同比+22.5%，出 ...

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 12.38 CNY, maintaining the rating [4]. Core Views - The company reported a revenue of 2.212 billion CNY in the first half of 2024, a year-on-year decrease of 3.85%, and a net profit attributable to shareholders of 149 million CNY, down 17.05% year-on-year [1]. - The second quarter of 2024 saw a revenue of 1.392 billion CNY, a decline of 6.88% year-on-year, with a net profit of 102 million CNY, down 20.54% year-on-year [1]. - The company is focusing on multi-channel and full-category development, with high-potential categories like wardrobes and wooden doors experiencing rapid growth [7]. Revenue Performance - In H1 2024, the revenue from cabinets, custom wardrobes, and wooden doors was 966 million CNY, 928 million CNY, and 139 million CNY respectively, with year-on-year changes of -3.73%, -5.86%, and +6.88% [2]. - In Q2 2024, the revenue from these segments was 650 million CNY, 544 million CNY, and 94 million CNY, with year-on-year changes of -5.25%, -14.06%, and +4.44% [2]. Channel Performance - In H1 2024, the company achieved revenues of 1.166 billion CNY from distribution, 606 million CNY from bulk sales, 175 million CNY from direct sales, and 86 million CNY from overseas business, with year-on-year growth rates of -10.90%, +8.22%, -8.18%, and +42.69% respectively [3]. - The company has expanded its retail channels significantly, with over 4,900 stores and 2,900+ distributors across various categories [3]. Profitability Metrics - The gross margin for H1 2024 was 36.69%, a slight decrease of 0.12 percentage points year-on-year, while the net profit margin was 6.72%, down 1.07 percentage points year-on-year [7]. - The company is expected to achieve revenues of 5.923 billion CNY, 6.363 billion CNY, and 6.946 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 559 million CNY, 598 million CNY, and 670 million CNY [8].

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 10.42 CNY per share [4]. Core Views - The company is experiencing a gradual recovery in performance, with a focus on operational management and market expansion showing positive results. The revenue for the first half of 2024 reached 6.076 billion CNY, a year-on-year increase of 21.23%, while the net profit attributable to shareholders improved by 33.37% to a loss of 422 million CNY [1][2]. - The company is collaborating with Feiteng to develop a domestic computing industry, enhancing its technology and product supply capabilities. Feiteng's revenue for the first half of 2024 was 608 million CNY, reflecting a year-on-year growth of 22.58% [3][7]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 6.076 billion CNY, with quarterly growth rates of 21.13% and 21.30% for Q1 and Q2 respectively. The net profit showed improvements of 18.15% and 47.56% in the same quarters, indicating a trend of narrowing losses [2][10]. - The company has applied for a total bank credit limit of approximately 24.45 billion CNY to support its ongoing operations and projects [1]. Market Strategy - The company has established a direct sales system and a comprehensive distribution system to enhance market reach, achieving 100% coverage of domestic counties. It has also expanded its distribution network globally, covering regions such as the US, Europe, and Southeast Asia [2][7]. Collaboration and Product Development - The partnership with Feiteng is aimed at creating high-performance, low-power general-purpose computing microprocessors. The company holds a 28.04% stake in Feiteng, which has shown significant growth in revenue [3][9]. - The company is focusing on developing a complete product line for various applications, including AI PCs and secure computing products, to strengthen its position in the domestic market [7][10]. Valuation - The estimated total market value for the company in 2024 is projected to be 33.6 billion CNY, combining the valuations of its core product business and its stake in Feiteng [10].