股 票 研 究 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.10.28 政策有望持续加码，对后期需求不必悲观 [Table_Invest] 评级： | --- | --- | |------------|-----------------------| | | | | | | | | | | | [Table_Industry] 钢铁 | | | 增持 | | 上次评级 : | 增持 | | --- | --- | --- | --- | |----------|-------------------------------------|-------------------|----------------------| | | | | | | | [table_Authors] 李鹏飞 ( 分析师 ) | 魏雨迪 ( 分析师 ) | 王宏玉 ( 分析师 ) | | | 010-83939783 | 021-38674763 | 021-38038343 | | | lipengfei@gtjas.com | weiyudi@gtjas.com | wanghongyu@gtja ...

股 票 研 究 股票研究 /[Table_Date] 2024.10.27 | --- | --- | --- | --- | |----------|---------------------------------|---------------------------|--------------------------------| | | [table_Authors] 肖群稀 分析师 | 欧阳蕤 分析师 | ——机械行业周报 刘麒硕 研究助理 | | | ( ) | ( ) | ( ) | | | 0755-23976830 | 021-38676550 | 0755-23976666 | | | xiaoqunxi027589@gtjas.com | ouyangrui029285@gtjas.com | liuqishuo028693@gtjas.com | | 登记编号 | S0880522120001 | S0880523120002 | S0880123070153 | | --- | --- | --- | |-------------------------|------------ ...

股 票 研 究 股票研究 /[Table_Date] 2024.10.28 ——金卡智能 2024 年三季报点评 2024Q3 业绩短期承压，民用燃气有望恢复 金卡智能(300349) [Table_Industry] | --- | --- | --- | |----------|-------------------------------------|--------------------------| | | | | | | [table_Authors] 肖群稀 ( 分析师 ) | 张越 ( 分析师 ) | | | 0755-23976830 | 0755-23976385 | | | xiaoqunxi027589@gtjas.com | zhangyue025639@gtjas.com | | 登记编号 | S0880522120001 | S0880522090004 | 本报告导读： 公司 2024 年三季报业绩符合预期，预计公司民用燃气业务短期承压，工商业燃气与 数字水务稳健发展。 [Table_Market] 交易数据 | --- | --- | --- | |------------ ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 57.60 CNY, up from the previous target of 53.55 CNY [2][3] Core Views - The company's performance shows steady growth, with Q1-Q3 2024 revenue reaching 201.89 billion CNY, a YoY increase of 18.67%, and net profit attributable to shareholders reaching 46.20 billion CNY, a YoY increase of 32.98% [5] - The company's innovation-driven strategy is entering a harvest period, with new products such as Ruiweilu'an and Darxili contributing to revenue growth after being included in the national medical insurance catalog [5] - The company's internationalization efforts are accelerating, with key products like camrelizumab and apatinib being resubmitted for FDA approval, and generic drugs like bupivacaine liposome and albumin-bound paclitaxel approved in the US market [5] - R&D investment continues to increase, with Q1-Q3 2024 R&D expenses reaching 45.49 billion CNY, accounting for 22.53% of revenue, while sales and management expense ratios remain well-controlled [5] Financial Performance - The company's Q3 2024 revenue was 65.89 billion CNY, a YoY increase of 12.72%, with net profit attributable to shareholders at 11.88 billion CNY, a YoY increase of 1.91% [5] - The company's EPS forecasts for 2024-2026 have been revised upward to 0.96/1.10/1.30 CNY, compared to the previous forecasts of 0.90/1.08/1.27 CNY [5] - The company's ROE is expected to increase from 10.6% in 2023 to 14.3% by 2026, reflecting improved profitability [10] Market and Valuation - The company's current stock price is 48.00 CNY, with a 52-week price range of 35.95-56.01 CNY [6] - The company's market capitalization is 306.192 billion CNY, with a P/E ratio of 49.97x for 2024E, expected to decrease to 36.88x by 2026E [10] Industry and Product Development - The company's innovation pipeline is robust, with new products like Tazalizumab and Funazumab approved in the anesthesia and autoimmune fields, and the first ADC product SHR-A1811 submitted for NDA [5] - The impact of the 5th and 7th rounds of centralized drug procurement has largely been eliminated, with fewer products affected in future rounds, stabilizing the generic drug business [5]

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 ——东方财富三季报点评 [table_Authors] 刘欣琦(分析师) 孙坤(分析师) 021-38676647 liuxinqi@gtjas.com 登记编号S0880515050001 | --- | --- | --- | |------------------------|-------|-------| | | | | | | | | | 021-38038260 | | | | sunkun024098@gtjas.com | | | | S0880523030001 | | | 股票研究 /[Table_Date] 2024.10.28 利润微降符合预期，交投活跃看好增长 东方财富(300059) 计算机 [Table_Industry] /信息科技 | --- | --- | --- | --- | |--------------------------------|------------|----- ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 ——华峰化学 2024 年三季报点评 24Q3 业绩承压，看好龙头成长性 华峰化学(002064) 基础化工 [Table_Industry] /原材料 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------|-------|-------|-------|----------------|-------------------------|-------|-------|-------|----------|-------|-------------------|---------------------------------| | | | | | | | | | | | | | | | [table_Authors] | | 沈唯 | ( | 分析师 ) | | | | | 孙羲昱 ( | | 分析师 ) | 陈传双 ( ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.10.28 2024 年三季报点评 [table_Authors]徐强(分析师) 010-83939805 xuqiang@gtjas.com 登记编号S0880517040002 | --- | --- | |--------------------|-----------------------| | | | | 邵潇 ( 分析师 ) | 于歆 ( 分析师 ) | | | | | 0755-23976520 | 021-38038345 | | shaoxiao@gtjas.com | yuxin024466@gtjas.com | | S0880517070004 | S0880523050005 | 本报告导读： 济宁项目补确认电费收入，天然气业务进销价差有所改善，以及公司持续落实降本 增效，2024 前三季度归属净利润 13.85 亿元，同比增长 19%。 投资要 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——藏格矿业 2024 年三季报业绩点评 参股铜矿盈利强劲，资源扩张有序展开 藏格矿业(000408) 金属，采矿，制品 [Table_Industry] /原材料 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|---------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | [table_Authors] 于嘉懿 ( 分析师 ) | 宁紫微 ( 分析师 ) | | | | | | | | 021-38038404 | 021-38038438 | | | | | | | | yujiayi@gtjas.com | ningziwei@gtjas.com | | | | | | | 登记编号 | S0880522080001 | S0880523080002 | | | | | | 本报告导读 ...

Investment Rating - Maintains "Overweight" rating with a target price of 15.18 RMB [3][4] Core Views - Revenue for Q1-Q3 2024 was 3.237 billion RMB, a slight decrease of 0.01% YoY, while net profit attributable to shareholders increased by 12.42% to 530 million RMB [3] - Q3 2024 revenue was 1.099 billion RMB, down 1.80% YoY, with net profit attributable to shareholders rising 12.17% to 190 million RMB, meeting expectations [3] - EPS forecasts for 2024-2026 remain at 0.69/0.85/1.04 RMB [3] - Profitability improved with Q1-Q3 2024 gross margin rising to 54.63%, up 3.38 percentage points YoY, and Q3 gross margin at 54.22%, up 3.79 percentage points YoY [3] - The impact of centralized procurement on the formulation sector is gradually diminishing, with the sector growing 10.6% YoY in H1 2024 [3] - New products are expected to drive growth, with gynecological and family planning products expected to turn positive in Q3, and anesthesia and muscle relaxant products maintaining growth [3] Financial Performance - 2024E revenue is projected at 4.345 billion RMB, a 5.4% increase YoY, with net profit attributable to shareholders expected to rise 21.0% to 681 million RMB [8] - 2025E revenue is forecasted at 5.008 billion RMB, a 15.2% increase YoY, with net profit attributable to shareholders expected to grow 22.8% to 837 million RMB [8] - 2026E revenue is projected at 5.799 billion RMB, a 15.8% increase YoY, with net profit attributable to shareholders expected to rise 23.5% to 1.033 billion RMB [8] - ROE is expected to improve from 9.7% in 2023A to 14.8% in 2026E [8] Market and Valuation - Current stock price is 12.70 RMB, with a 52-week range of 8.87-13.78 RMB [5] - Market capitalization stands at 12.563 billion RMB [5] - P/E ratio for 2024E is 18.43, decreasing to 12.16 by 2026E [8] - P/B ratio is currently 2.1, with a net debt ratio of -19.73% [6] Product and Market Developments - Overseas API subsidiary Newchem faced revenue pressure due to customer destocking and exchange rate impacts, but growth is expected to resume as destocking nears completion [3] - The company has made progress in regulatory markets, with approvals from FDA, ANVISA, and PMDA, and WHO PQ certification for certain products [3] - A new innovative drug, Omecamtiv Mecarbil Sodium, was submitted to NMPA for approval in August 2024, expected to enhance the anesthesia and muscle relaxant product line [3] Industry and Growth Catalysts - The pharmaceutical industry is expected to benefit from faster drug approval processes and stronger-than-expected product sales [3] - Long-term growth is supported by the gradual resolution of centralized procurement impacts and the introduction of new products [3]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——2024 年三季报点评 股票研究 /[Table_Date] 2024.10.27 Q3 再度分红，关注存量到新品切换节奏 吉比特(603444) 传播文化业 [Table_Industry] /社会服务 | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|-------------------------|-------|-------|-------|-------| | | [table_Authors] 陈筱 ( 分析师 ) | 杨昊 ( 分析师 ) | | | | | | | | | | | | | | | | | | | | | | | 021-38675863 | 021-38032025 | | | | | | | chenxiao@gtjas.com | yanghao ...