[Table_Reportdate] 2024年08月28日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证Ta券b分le析_A师uthors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 陈涛 cht@longone.com.cn 事件：8月27日，公司发布2024年半年度报告。2024年上半年，公司实现营业收入24.27 亿元，同比增长17.48%；归母净利润3.08亿元，同比增长49.92%。公司2024Q2实现营 业总收入13.29亿元，同比增长14.48%；归母净利润1.6亿元，同比增长32.64%。由于2023 年上半年存在K9代理的影响，整体业绩表现亮眼。 [Table_QuotePic] [相Ta关b研le究_Report] 《乖宝宠物（301498）：业绩表现 亮眼，自有品牌持续升级——公司简 评报告》 2024.04.17 《乖宝宠物（301498）：Q3业绩持 续释放，关注自有品牌成长——公司 简评报告》 2023.10.25 盈利能力持续提升，产品结构持续升级。2024上半年公司毛利率42.05%，同比+7.84pct； 2 ...

[Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 商俭 shangjian@longone.com.cn | --- | --- | |--------------------------|-------------| | 数据日期 Table_cominfo] | 2024/08/27 | | 收盘价 | 46.50 | | 总股本(万股) | 50,635 | | 流通A股/B股(万股) | 50,635/0 | | 资产负债率(%) 市净率(倍) | 36.67%2.57 | | 净资产收益率(加权) | 3.33 | | | 74.45/42.94 | 商。2024上半年公司研发投入1.19亿元，同比增长6.98%。目前，公司获有专利280项， 其中发明专利131项，海外专利86项，计算机软件著作权5项，参与制定国家标准16项，行 业标准9项，是国家知识产权优势企业，并且非常重视知识产权保护维护研发成果。 [Table_QuotePic] -27% -15% - ...

总 量 研 究 [Table_Report] [Table_Reportdate] 2024年08月27日 宏 观 简 评 [利润增速延续回升，但仍有隐忧 Table_NewTitle] ——国内观察：2024年7月工业企业利润数据 [table_main] 投资要点 ➢ 事件：8月27日，统计局发布2024年7月工业企业利润数据。7月，规模以上工业企业利润 总额累计同比3.6%，前值3.5%。 ➢ 核心观点：7月利润增速延续回升，但从营收及利润率的角度，并未有明显的改善，5月曾 形成拖累的投资收益，7月可能在低基数下对利润增速有一定拉动。往后来看，下半年利 润增速可能面临基数抬升的压力，从当月同比看，去年下半年月均值为11.9%，后续利润 增速是否能持续性回升的关键仍在于需求侧政策发力的节奏。 ➢ 利润增速延续回升，但环比来看弱于季节性。7月工业企业利润当月及累计增速均延续回 升的趋势。但从季节性来看，利润环比-22.3%，低于近10年同期均值-17.5%，弱于季节 性。不过利用环比来考量季节性的同时，也需要考虑基数的影响，而此前6月利润环比增 速明显走强。 ➢ 利润率回落，营收增速持平前值。营收*营收利润 ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年08月28日 [晨会纪要 Table_NewTitle] 20240828 [证券分析师 Table_Authors] 张帆远 S0630524070002 zfy@longone.com.cn [table_main] 重点推荐 ➢ 1.利润增速延续回升，但仍有隐忧——国内观察：2024年7月工业企业利润数据 ➢ 2.劲仔食品（003000）：大单品稳健增长，盈利水平持续提升——公司简评报告 ➢ 3.亿纬锂能（300014）：储能出货高增，消费电池盈利亮眼——公司简评报告 财经要闻 ➢ 1.加拿大宣布对中国电动汽车加征关税 ➢ 2.上海优化本市新出让商品住房用地套型供应结构 ➢ 3.多部门联合发布《关于进一步做好金融支持长江经济带绿色低碳高质量发展的指导意 见》 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 | --- | --- | |------------------------------------------------------------- ...

公 司 研 究 [Table_Reportdate] 2024年08月27日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 商俭 shangjian@longone.com.cn | --- | --- | |-------------------------|-------------| | 数据日期 Table_cominfo] | 2024/08/26 | | 收盘价 | 46.48 | | 总股本(万股) | 134,082 | | 流通A股/B股(万股) | 130,536/0 | | 资产负债率(%) | 22.30% | | 市净率(倍) | 4.24 | | 净资产收益率(加权) | 8.87 | | 12个月内最高/最低价 | 68.11/41.55 | [Table_QuotePic] -40% -32% -24% -17% -9% -1% 7% 14% 23-08 23-11 24-02 24-05 恒立液压 沪深300 [恒立 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance remained stable with good cost control capabilities In H1 2024, the company achieved operating revenue of 6 282 billion yuan (-6 09%) and net profit attributable to the parent company of 1 171 billion yuan (+3 21%) The gross profit margin increased by 1 87pct to 65 96%, and the net profit margin increased by 4 01pct to 21 56% [3] - The chemical preparation segment faced short-term pressure, while the diagnostic reagent segment showed strong growth In H1 2024, the chemical preparation segment revenue was 3 224 billion yuan (-7 37%), with the digestive tract field revenue declining by 19 96% due to price reductions and policy impacts The diagnostic reagent and equipment segment revenue grew by 32 33% to 394 million yuan [3] - The company is steadily advancing its R&D pipeline and accelerating BD efforts Key projects include the launch of Triptorelin Microspheres for prostate cancer and the submission of supplementary materials for endometriosis The company also introduced several innovative drugs through BD, enriching its product pipeline [4] - The company is expected to achieve net profits attributable to the parent company of 2 159 billion yuan, 2 384 billion yuan, and 2 664 billion yuan in 2024-2026, with EPS of 2 33 yuan, 2 57 yuan, and 2 88 yuan respectively The current stock price corresponds to a PE ratio of 15 09x, 13 66x, and 12 23x for 2024-2026 [4] Financial Performance Summary - In H1 2024, the company's operating revenue was 6 282 billion yuan (-6 09%), with net profit attributable to the parent company of 1 171 billion yuan (+3 21%) The gross profit margin was 65 96%, and the net profit margin was 21 56% [3] - The company's total share capital is 926 4 million shares, with a market capitalization of 35 16 yuan per share The debt-to-asset ratio is 42 89%, and the ROE is 8 04% [2] - The company's revenue is expected to grow at a CAGR of 7 47% from 2024 to 2026, with net profit attributable to the parent company growing at a CAGR of 10 89% over the same period [6] R&D and BD Progress - The company is actively developing high-barrier complex preparations and specialty biologics Key projects include Triptorelin Microspheres, Aripiprazole Microspheres, and Semaglutide Injection The company has also introduced several innovative drugs through BD, such as KCNQ2/3 and DHODH inhibitors [4] Valuation and Forecast - The company's EPS is expected to be 2 33 yuan, 2 57 yuan, and 2 88 yuan in 2024-2026, with a PE ratio of 15 09x, 13 66x, and 12 23x respectively The PB ratio is expected to be 2 02x, 1 76x, and 1 54x over the same period [6] - The company's revenue is forecasted to reach 13 239 billion yuan, 14 223 billion yuan, and 15 427 billion yuan in 2024-2026, with net profit attributable to the parent company of 2 159 billion yuan, 2 384 billion yuan, and 2 664 billion yuan respectively [6]

公 司 研 究 医 药 生 物 诺泰生物 沪深300 公 司 简 评 [Table_Reportdate] 2024年08月27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] -56% -15% 26% 66% 107% 148% 189% 230% 23-08 23-11 24-02 24-05 [相关研究 Table_Report] 《诺泰生物（688076）：业绩强劲增 长，产销研齐头并进——公司简评报 告》 2024.04.02 《诺泰生物（688076）：业绩超预期， 自主产品为主要增长引擎——公司 简评报告》 2023.10.23 | --- | --- | |-----------------------------|-------------| | [ 数据日期 Table_cominfo] | 2024/08/26 | | 收盘价 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's H1 2024 total revenue reached 1.13 billion yuan, representing a year-on-year increase of 22.17%, while the net profit attributable to the parent company was 143 million yuan, up 72.41% year-on-year [1][2] - The gross margin for H1 2024 was 30.40%, an increase of 4.14 percentage points year-on-year, and the net margin was 12.84%, up 3.76 percentage points year-on-year [2][3] - The company is expected to continue improving its profitability due to the low prices of raw materials and the scale effect [2] Summary by Sections Financial Performance - In H1 2024, the company reported total revenue of 1.13 billion yuan, with a net profit of 143 million yuan and a non-recurring net profit of 122 million yuan, showing significant growth compared to the previous year [1] - The Q2 2024 revenue was 590 million yuan, with a net profit of 70 million yuan, indicating a year-on-year increase of 20.90% and 58.74% respectively [1] Product Performance - Revenue from fish products, poultry products, bean products, and vegetable products in H1 2024 was 703 million yuan, 258 million yuan, 111 million yuan, and 38 million yuan, reflecting year-on-year growth of 16.64%, 51.10%, 9.53%, and 15.61% respectively [3] - The second key product, quail eggs, performed exceptionally well, contributing to the overall growth of the company [3] Cost and Efficiency - The company’s selling, administrative, research and development, and financial expense ratios for H1 2024 were 12.58%, 3.64%, 1.94%, and -0.98% respectively, indicating a slight improvement in management efficiency [2][3] - The gross margin and net margin are expected to continue to improve due to the ongoing low prices of raw materials and the company's scale effect [2] Future Projections - The company forecasts net profits attributable to the parent company for 2024, 2025, and 2026 to be 292 million yuan, 379 million yuan, and 482 million yuan, representing year-on-year growth rates of 39.15%, 29.83%, and 27.29% respectively [2][4] - The projected P/E ratios for the next three years are 16X, 12X, and 10X, indicating a favorable valuation outlook [2]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 21.66 billion yuan in H1 2024, a year-on-year decrease of 5.73% and a quarter-on-quarter decrease of 16.07%. The net profit attributable to shareholders was 2.14 billion yuan, a year-on-year decrease of 0.64% but a quarter-on-quarter increase of 12.53% [4] - The energy storage segment showed strong performance with revenue of approximately 7.77 billion yuan in H1 2024, a year-on-year increase of 9.93%. The company ranked second globally in energy storage cell shipments in the first half of 2024 [4] - The commercial power battery segment also performed well, with revenue of approximately 8.99 billion yuan in H1 2024, despite a year-on-year decrease of 25.79%. The company launched the Omnicell large cylindrical battery, enhancing its product offerings [4] - The consumer battery segment saw significant growth, with revenue of approximately 4.85 billion yuan in H1 2024, a year-on-year increase of 29.75% and a gross margin of 28.31% [5] - The company is expected to achieve battery shipments exceeding 80 GWh in 2024, with projected revenues of 56.36 billion yuan, 75.23 billion yuan, and 95.65 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 15.53%, 33.49%, and 27.14% [5][6] Summary by Sections Financial Performance - In H1 2024, the company reported a total revenue of 21.66 billion yuan, with a net profit of 2.14 billion yuan and a non-recurring net profit of 1.50 billion yuan [4] - The company’s revenue for Q2 2024 was 12.34 billion yuan, showing a year-on-year increase of 4.68% and a quarter-on-quarter increase of 32.46% [4] Product Segments - The energy storage segment's revenue was approximately 7.77 billion yuan in H1 2024, with a shipment volume of 20.95 GWh, a year-on-year increase of 133.18% [4] - The commercial power battery segment generated approximately 8.99 billion yuan in revenue, with a shipment volume of 13.54 GWh, a year-on-year increase of 7.03% [4] - The consumer battery segment achieved approximately 4.85 billion yuan in revenue, with a gross margin of 28.31% [5] Future Projections - The company is projected to achieve revenues of 56.36 billion yuan in 2024, 75.23 billion yuan in 2025, and 95.65 billion yuan in 2026, with corresponding net profits of 4.71 billion yuan, 6.10 billion yuan, and 7.55 billion yuan [6][7]

[Table_Reportdate] 2024年08月27日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn | --- | --- | |-------------------------|-------------| | 数据日期 Table_cominfo] | 2024/08/26 | | 收盘价 | 44.66 | | 总股本(万股) | 40,389 | | 流通A股/B股(万股) | 40,239/0 | | 资产负债率(%) | 26.88% | | 市净率(倍) | 3.67 | | 净资产收益率(加权) | 7.72 | | 12个月内最高/最低价 | 81.90/44.58 | [Table_QuotePic] -49% -39% -30% -21% -11% -2% 7% 17% 23-08 23-11 24-02 24-05 [相关研究 Table_Report] 《科博达（603786）：域控产品持续 放量，加速海外基地建设扩大全球市 场业务 — ...