公 司 研 究 医 药 生 物 信邦制药 沪深300 公 司 简 评 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [Table_Reportdate] 2024年09月05日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn [Table_QuotePic] -41% -34% -26% -18% -10% -3% 5% 13% 23-09 23-12 24-03 24-06 [相关研究 Table_Report] 《信邦制药（002390）：整体经营稳 健，中药饮片快速放量——公司简评 报告》 2024.04.19 | --- | --- | |--------------------------|-----------------| | | | | 收盘价 | 2024/09/05 3.13 | | 总股本 ( 万股 ) | 1 ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年09月05日 [晨会纪要 Table_NewTitle] 20240905 [证券分析师： Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn [table_main] 重点推荐 ➢ 1.工商银行（601398.SH）：规模增长进一步淡化，资产质量稳定——公司简评报告 ➢ 2.新乳业（002946）：低温业务保持增长，盈利能力加速提升——公司简评报告 财经要闻 ➢ 1.国家发展改革委多措并举，加力支持民间投资发展。 ➢ 2.加拿大央行连续第三次降息。 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 | --- | --- | --- | |-------|--------------------------------------------------------------------------|-------| | | | | | | | | | | 正文目录 | | | | 1. 重点推荐 | | ...

公 司 研 究 [Table_Reportdate] 2024年09月05日 公 司 简 评 农 林 牧 渔 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn | --- | --- | |---------------------------|-------------| | 数据日期 Table_cominfo] | 2024/09/04 | | 收盘价 | 17.63 | | 总股本 ( 万股 ) | 51,007 | | 流通 A 股 /B 股 ( 万股 ) | 51,007/0 | | 资产负债率 (%) | 62.25% | | 市净率 ( 倍 ) | 2.93 | | 净资产收益率 ( 加权 ) | -1.47 | | 12 个月内最高 / 最低价 | 39.39/16.51 | [Table_QuotePic] -51% -35% -19% -2% 14% 30% 47% 63% 23-09 23-12 24-03 24-06 巨星农牧 沪深300 [相关研究 ...

公 司 研 究 医 药 生 物 华兰生物 沪深300 [Table_profits] [Table_Reportdate] 2024年09月04日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn 联系人 付婷 futing@longone.com.cn | --- | --- | |---------------------------|-------------| | | | | | | | 数据日期 Table_cominfo] | 2024/09/04 | | 收盘价 | 15.03 | | 总股本 ( 万股 ) | 182,878 | | 流通 A 股 /B 股 ( 万股 ) | 157,391/0 | | 资产负债率 (%) | 15.55% | | 市净率 ( 倍 ) | 2.08 | | 净资产收益率 ( 加权 ) | 3.86 | | 12 个月内最高 / 最低价 | 24 ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年09月04日 [晨会纪要 Table_NewTitle] 20240904 [证券分析师： Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn [table_main] 重点推荐 ➢ 1.卓胜微（300782）：芯卓产能稳步爬坡，L-PAMiD已通过部分品牌客户验证——公司简 评报告 ➢ 2.长安汽车（000625）：二季度业绩同环比高增，新车周期强势有助盈利持续改善——公 司简评报告 财经要闻 ➢ 1.上海市印发《上海市关于进一步加大力度推进消费品以旧换新工作实施方案》。 ➢ 2.美国8月ISM制造业PMI低于预期。 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 正文目录 1. 重点推荐 1.1. 卓胜微（300782 ): 芯卓产能稳步爬坡，L-PAMiD 已通过部分品牌客户验证 ――公司简评报告 …………………………………………………………………………………………………………………………………………… ...

证券研究报告 HTTP://WWW.LONGONE.COM.CN 7/10 请务必仔细阅读正文后的所有说明和声明 公司简评 图9 工商银行对公前四大不良集中行业不良率稳中有降 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 制造业 租赁与商业服务业 房地产业 批发零售业 资料来源：工商银行定期报告，Wind，东海证券研究所 证券研究报告 HTTP://WWW.LONGONE.COM.CN 8/10 请务必仔细阅读正文后的所有说明和声明 公司简评 [附录：三大报表预测值 Table_FinchinaDetail] 证券研究报告 HTTP://WWW.LONGONE.COM.CN 9/10 请务必仔细阅读正文后的所有说明和声明 公司简评 | --- | --- | --- | |--------------|-------|-----------------------------------------------------------| | | 评级 | 说明 | | | 看多 | 未来 6 个月内上证综指上升幅度达到或超过 20% | | ...

公 司 研 究 医 药 生 物 老百姓 沪深300 [Table_Reportdate] 2024年09月04日 [Table_invest] 买入（维持） 报告原因：业绩点评 举措提升盈利能力 [老百姓（ Table_NewTitle] 603883）：收入端保持稳健，多 ——公司简评报告 公 司 简 评 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn | --- | --- | |-----------------------------|-------------| | | | | [ 数据日期 Table_cominfo] | 2024/09/03 | | 收盘价 | 13.46 | | 总股本 ( 万股 ) | 76,023 | | 流通 A 股 /B 股 ( 万股 ) | 75,792/0 | | 资产负债率 (%) | 64.36% | | 市净率 ( 倍 ) | 1.37 | | 净资产收益率 ( 加权 ) | 7.22 | | 12 ...

公 司 研 究 医 药 生 物 益丰药房 沪深300 [Table_Reportdate] 2024年09月04日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [益丰药房（ Table_NewTitle] 603939）：业绩稳健增长，门 店稳步扩张 ——公司简评报告 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn [table_main] 投资要点 | --- | --- | |---------------------------|-------------| | | | | | | | 数据日期 Table_cominfo] | 2024/09/03 | | 收盘价 | 19.13 | | 总股本 ( 万股 ) | 121,245 | | 流通 A 股 /B 股 ( 万股 ) | 120,974/0 | | 资产负债率 (%) | 58.74% | | 市净率 ( 倍 ) | 2.13 | | 净资产收益率 ( ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company's profit is under short-term pressure, with H1 2024 revenue of 299 million yuan (up 11.55% year-on-year) and a net profit of 56.7 million yuan (down 38.13% year-on-year) [6][7] - The company is actively expanding its overseas presence, with foreign revenue growth of 17.30% year-on-year in H1 2024, and conventional business revenue growth of 18.86% year-on-year [6][7] - R&D investment has increased by 29.07% year-on-year, with a focus on the CGT field, and the company has developed nearly 40 high-quality GMP-grade products [7] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 299 million yuan, with a gross margin of 91.46% and a net margin of 17.94% [6] - The company’s expenses in H1 2024 included sales, management, R&D, and financial expenses, with respective rates of 32.29%, 16.06%, 26.13%, and -8.97% [6] Business Growth - Domestic revenue in H1 2024 was 90 million yuan (up 0.07% year-on-year), while international revenue was 210 million yuan (up 17.30% year-on-year) [6] - Excluding specific acute respiratory disease-related products, conventional business revenue reached 285 million yuan, with overseas conventional business revenue growing over 20% [6] R&D and Future Outlook - R&D expenses in H1 2024 were 78 million yuan, with 260 R&D personnel, accounting for 31% of total employees [7] - The company expects revenues of 658 million yuan, 816 million yuan, and 1 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 180 million yuan, 220 million yuan, and 272 million yuan [7][8]

Investment Rating - The report maintains a standard rating for the semiconductor sector, indicating a cautious outlook due to ongoing price declines and weak demand recovery [3][4]. Core Insights - The semiconductor industry is experiencing a weak balance between supply and demand, with storage module prices showing a downward trend while AI chip demand continues to grow unexpectedly [3][4]. - In August, the semiconductor sector saw a decline of 8.95%, with the overall electronic sector down by 5.28%, underperforming the CSI 300 index, which fell by 3.51% [3][12]. - The report highlights the strong performance of AIOT-related companies and suggests that the upcoming product launches from major brands like Apple, Huawei, and Xiaomi could act as catalysts for market recovery [3][5]. Monthly Market Review - The semiconductor sector's performance in August was marked by a decline of 8.95%, with a notable increase in the inventory levels of companies, indicating a potential oversupply situation [3][12]. - Global semiconductor sales showed a year-on-year increase of 18.35% in June, suggesting a gradual recovery in the market [4]. - The report notes that the demand for smartphones and AI servers is recovering, with the third quarter expected to see a slight uptick in demand due to the consumer electronics peak season [4][5]. Semiconductor Supply and Demand Tracking - The semiconductor supply remains relatively abundant, with prices experiencing slight declines. The report anticipates that this weak balance will continue into September [4][5]. - The report cites that the global smartphone shipments in Q2 2024 increased by 7.6% year-on-year, indicating a modest recovery in the mobile sector [4][5]. - The demand for AI servers is projected to grow by over 25% annually for the next three years, driven by increasing investments in AI technologies [4][5]. Fund Holdings Distribution - As of Q2 2024, the electronic sector accounted for the largest share of public fund holdings, amounting to 352.94 billion yuan, with semiconductor stocks making up approximately 8.40% of the total public fund stock market value [3][22]. - The report highlights that public funds have consistently allocated around 60% of their investments to the semiconductor sector within the electronic industry [3][22].