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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 2.742 billion yuan for H1 2024, representing a year-on-year increase of 40%, with a net profit attributable to shareholders of 372 million yuan, up 35% year-on-year [9] - Significant growth was observed in the body domain controller and chassis controller segments, with the energy management system business showing remarkable growth [9] - The company has optimized its customer structure, with new energy vehicle brands contributing over 15% to revenue, including a 158% year-on-year increase in sales from the Li Auto brand [9] - The company secured major contracts for new products, including next-generation LED headlight controllers for Audi and suspension controllers for various automotive brands, indicating progress in global market expansion [9] Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin of 29.14%, a decrease of 1.78 percentage points year-on-year, while the expense ratio was 15.38%, down 1.59 percentage points year-on-year [9] - The company’s revenue from various segments in H1 2024 included 1.378 billion yuan from lighting control systems, 439 million yuan from motor control systems, 319 million yuan from energy management systems (up 104% year-on-year), and 415 million yuan from vehicle electronics [9] Business Outlook - The company expects to achieve net profits of 844 million yuan, 1.076 billion yuan, and 1.346 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.09 yuan, 2.66 yuan, and 3.66 yuan [10] - The projected PE ratios for 2024, 2025, and 2026 are 21X, 17X, and 13X respectively, based on the closing price on August 26, 2024 [10] Market Position - The company maintains a strong market position in the lighting control sector with ample orders on hand, and the expansion of high-value new products such as domain controllers and Efuse is progressing smoothly [10]

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年08月26日 [晨会纪要 Table_NewTitle] 20240826 [证券分析师 Table_Authors] 张帆远 S0630524070002 zfy@longone.com.cn [table_main] 重点推荐 ➢ 1.从中越铁路合作看基建出海——宏观周观点（202408019-20240823） ➢ 2.巨化股份（600160）：制冷剂价格上行，公司业绩有望持续提升——公司简评报告 财经要闻 ➢ 1.中共中央政治局召开会议 审议《进一步推动西部大开发形成新格局的若干政策措施》 ➢ 2.美联储鲍威尔：政策调整的时候到了 ➢ 3.工信部：8月23日起暂停公示、公告新的钢铁产能置换方案将加快研究修订钢铁产能置 换办法 ➢ 4.央行行长潘功胜：研究储备增量政策举措，增强宏观政策协调配合 ➢ 5.商务部等4部门办公厅发布关于进一步做好家电以旧换新工作的通知 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 | --- | |-------------- ...

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