公 司 研 究 医 药 生 物 [Table_Reportdate] 2024年10月29日 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 联系人 付婷 futing@longone.com.cn | --- | --- | |--------------------------|-------------| | | | | 收盘价 | 32.36 | | 总股本 ( 万股 ) | 50,425 | | 流通 A 股 /B 股 ( 万股 ) | 42,594/0 | | 资产负债率 (%) | 7.06% | | 市净率 ( 倍 ) | 2.15 | | 净资产收益率 ( 加权 ) | 5.55 | | 12 个月内最高 / 最低价 | 41.98/22.91 | [Table_QuotePic] -32% -22% -12% -2% 8% 19% 29% 39% 23-10 24-01 24-04 24-07 博雅生物 沪深300 ...

Industry Overview - The semiconductor industry is characterized by cyclicality and growth, with the current cycle bottoming out in 2023-2024 [1] - Global semiconductor sales from Jan-Aug 2024 increased by 17.74% YoY, driven by a significant rise in memory module prices compared to 2023 [1] - Silicon wafer shipment area in H1 2024 decreased by 11.02% YoY, reflecting weak global demand [1] - Inventory levels for CPU, memory, analog, and MCU products remain historically high, with domestic companies maintaining elevated inventory for 8 consecutive quarters [1] Market Trends - Memory module prices have shown a slight downward trend, with memory chip prices fluctuating at the bottom [1] - Short-term supply is tight, while long-term supply remains ample, with a weak recovery expected in H2 2024 [1] - The semiconductor industry is driven by traditional sectors like smartphones, PCs, tablets, and servers, which account for 70% of demand [1] - Emerging technologies such as AI, smart wearables, and XR are driving structural growth in the industry [1] Investment Opportunities AI Innovation - AI servers are experiencing rapid growth, benefiting from data center construction and the shift from cloud to consumer AI products [2] - Key companies to watch include Haiguang Information, Loongson Technology, Cambricon, and Luxshare Precision [2] Consumer Electronics Recovery - The semiconductor cycle typically lasts 3-6 years, with the current cycle bottoming out in 2019 and a weak recovery expected in H1 2024 [2] - Companies like GigaDevice, Maxscend, and Will Semiconductor are well-positioned to benefit from the recovery [2] Domestic Supply Chain - The urgency for domestic supply chain development has increased due to overseas restrictions on advanced logic and memory industries [2] - Companies such as AMEC, Naura, and Huahai Qingke are making breakthroughs in equipment and materials, with potential for significant growth [2] Automotive and Industrial - The electrification of new energy vehicles is driving high growth in power devices and MCUs [3] - Companies like MacroMicro, StarPower, and Yangjie Technology are expected to benefit from the increasing demand for automotive and industrial chips [3] Global Semiconductor Market - Global semiconductor sales in 2023 were dominated by integrated circuits, accounting for 81% of total sales [45] - Memory circuits, particularly DRAM and NAND, are highly sensitive to demand fluctuations and exhibit significant price volatility [46][47] - Silicon wafer shipments in H1 2024 decreased by 11.02% YoY, indicating a slowdown in global demand [49] Regional Insights - China's semiconductor industry faces challenges in advanced technologies like 7nm chips and 18nm DRAM, but progress is being made in mid-to-low-end markets [1] - The domestic semiconductor market is expected to benefit from long-term localization efforts, with a focus on upstream equipment, materials, and high-end chips for industrial and automotive applications [1] Future Outlook - The semiconductor industry is expected to maintain a weak recovery trend in H2 2024, with potential improvement in 2025 as global and domestic economies recover [1] - Key drivers for future growth include AI, new energy vehicles, and smart wearables, which are expected to drive both volume and structural growth in the industry [1]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 4.424 billion yuan in the first three quarters of 2024, representing a year-over-year increase of 9.48%. The net profit attributable to shareholders was 669 million yuan, up 8.28% year-over-year [7] - The automotive electronics business saw significant growth, with revenue increasing by 60% year-over-year in the first three quarters of 2024. The demand for automotive electronics remains strong domestically, supported by the company's investments in automotive-grade silicon carbide modules and ongoing construction of related facilities [8] - The company is maintaining a high production capacity utilization rate and is expanding its production lines, particularly in automotive electronics. The overseas factory in Vietnam is expected to start production by the end of the year, enhancing the company's capacity and market reach [9] - The gross profit margin improved due to cost control measures and an increased proportion of high-margin automotive electronics in the product mix. The company anticipates further improvements in gross margin [9] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 1.558 billion yuan, a year-over-year increase of 10.06% and a quarter-over-quarter increase of 1.38%. The net profit attributable to shareholders was 244 million yuan, up 17.91% year-over-year [7] - The comprehensive gross profit margin for Q3 was 33.59%, reflecting a year-over-year increase of 1.31 percentage points and a quarter-over-quarter increase of 2.27 percentage points [7] Business Segments - The automotive electronics segment is a key growth area, with a 60% year-over-year revenue increase in the first three quarters of 2024. The consumer and industrial sectors also showed robust recovery, with revenue growth exceeding 20% year-over-year [8] - The photovoltaic segment is currently undergoing cyclical adjustments, with expectations for a rebound next year [8] Production and Capacity - The company is expanding its production capacity, particularly in automotive electronics, and is operating at near-full capacity across most production lines. The subsidiary in Hunan has expanded its capacity to 35,000 wafers per month, with ongoing plans for further expansion [9] - The overseas production facility in Vietnam is progressing well and is expected to enhance the company's competitive advantage in supply chain security and cost considerations [9] Future Outlook - The revenue forecasts for 2024, 2025, and 2026 are adjusted to 60.51 billion yuan, 71.29 billion yuan, and 86.19 billion yuan, respectively. The net profit forecasts for the same years are 9.29 billion yuan, 11.28 billion yuan, and 16.63 billion yuan, respectively [10]

行 业 研 究 食 品 饮 料 [Table_Reportdate] 2024年10月28日 行 业 周 报 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn 联系人 陈涛 cht@longone.com.cn [相关研究 table_product] 1.消费复苏预期持续，重视三季报业 绩表现 — — 食 品 饮 料 行 业 周 报 （2024/10/14-2024/10/20） 2.政策预期向好，关注内需改善—— 食 品 饮 料 行 业 周 报 （ 2024/10/7- 2024/10/13） 3.政策刺激助力信心回暖，行业板块 展现强劲韧性——食品饮料行业简 评 [table_invest] 超配 [Table_NewTitle 茅台三季报稳健 ] ，大众品利润弹性显现 ——食品饮料行业周报（2024/10/21-2024/10/27） [table_main] 投资要点： ➢ 二级市场表现：上周食品饮料板块上涨2.19%，跑盈沪深300指数1.40个百分点，食品饮料 板块在31个 ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年10月28日 [晨会纪要 Table_NewTitle] 20241028 [证券分析师： Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn 联系人： 陈芯楠 cxn@longone.com.cn [table_main] 重点推荐 ➢ 1.乖宝宠物（301498）：自有品牌快速增长，产品高端化趋势显著——公司简评报告 ➢ 2.丽珠集团（000513）：业绩符合预期，研发顺利推进——公司简评报告 ➢ 3.常熟银行（601128）：规模增长随行业放缓，息差优势保持——公司简评报告 ➢ 4.匠心铸就国重器，自主创新赢未来——机械行业研究框架专题报告 ➢ 5.构建定制化方案，国产自动化品牌夯实竞争力——机械设备行业周报（20241021- 202401025） ➢ 6.关注进一步政策措施和行业趋势——宏观双周报（20241014-20241025） 财经要闻 ➢ 1.财政部公布1-9月财政收支情况 ➢ 2.十四届全国人大常委会第十二次会议11月4日至8日在京举行 ➢ ...

行 业 研 究 基 础 化 工 [Table_Reportdate] 2024年10月28日 [证券分析师 Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 张晶磊 S0630524090001 zjlei@longone.com.cn 联系人 马小萱 mxxuan@longone.com.cn [table_stockTrend] -34% -23% -12% -1% 10% 21% 33% 23-10 24-01 24-04 24-07 申万行业指数:基础化工(0722) 沪深300 [table_invest] 标配 [Table_NewTitle 重视当前化工并购重组相关机会 ] ——基础化工行业深度报告 [table_main] 投资要点： ➢ 全球化工并购的活跃程度一定上反映了整体经济和地缘政治环境的影响趋势。由于2023 年交易融资成本居高不下，极具挑战性的收入和盈利环境使许多化工企业在加大投资并购 交易方面更加谨慎。据德勤数据，2023 ...

公 司 研 究 医 药 生 物 盈利预测与估值简表 [Table_Reportdate] 2024年10月28日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 持续向好 [国际医学 Table_NewTitle]（000516）：经营稳健，利润端 ——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 收盘价 | 2024/10/25 5.43 | | 总股本 ( 万股 ) | | | | 226,038 | | 流通 A 股 /B 股 ( 万股 ) | 221,315/0 | | 资产负债率 (%) | 67.04% | | 市净率 ( 倍 ) | 3.53 | | 净资产收益率 ( 加权 ) | -5.60 | | 12 个 ...

行 业 研 究 [Table_Reportdate] 2024年10月28日 行 业 周 报 电 力 设 备 与 新 能 源 [table_stockTrend] -34% -23% -12% -1% 10% 21% 33% 23-10 24-01 24-04 24-07 申万行业指数:电力设备(0763) 沪深300 [相关研究 table_product] 1.宁德时代（300750）：盈利能力持 续提升，新产品推进顺利——公司简 评报告 2.铁锂装机占比提升，全国电力现货 市场建设加速——电池及储能行业 周报（2024/10/14-2024/10/20） 3.光伏组件交付高峰将至，风电项目 建设持续推进——新能源电力行业 周报（2024/10/14-2024/10/20） 中向好 [table_invest] 标配 [Table_NewTitle 光伏组件试探性涨价 ]，陆风中标价格稳 ——新能源电力行业周报（2024/10/21-2024/10/27） [table_main] 投资要点： ➢ 市场表现： 本周（10/21-10/25）申万光伏设备板块上涨17.06%，跑赢沪深300指数16.27个百 ...

行 业 研 究 [Table_Reportdate] 2024年10月28日 行 业 周 报 电 力 设 备 与 新 能 源 [table_stockTrend] -34% -23% -12% -1% 10% 21% 33% 23-10 24-01 24-04 24-07 申万行业指数:电力设备(0763) 沪深300 [相关研究 table_product] 1.宁德时代（300750）：盈利能力持 续提升，新产品推进顺利——公司简 评报告 2.光伏新技术产业化加快，电动车需 求恢复——电力设备新能源行业周 报（2023/6/26-2023/7/02） [table_invest] 标配 [Table_NewTitle 宁德骁遥电池助力增混市场 ]，9月逆变器 出口环比下降 ——电池及储能行业周报（2024/10/21-2024/10/27） [table_main] 投资要点： ➢ 市场表现：本周（10/21-10/27）申万电池板块整体上涨6.17%，跑赢沪深300指数5.37个 百分点。主力净流入前五为宁德时代、阳光电源、天赐材料、上海电气、中科电气；净流 出前五为南都电源、许继电气、天奈科技、鹏辉能 ...

行 业 研 究 医 药 生 物 [Table_Reportdate] 2024年10月28日 [table_invest] 超配 [Table_NewTitle 新一轮国谈] 启动，关注创新药链 ——医药生物行业周报（2024/10/18-2024/10/27） [table_main] 投资要点： ➢ 市场表现： 上周（10月18日至10月25日）医药生物板块整体上涨3.11%，在申万31个行业中排第 16位，跑赢沪深300指数2.32个百分点。年初至今，医药生物板块整体下跌9.11%，在申万 31个行业中排第29位，跑输沪深300指数24.42个百分点。当前，医药生物板块PE估值为 27.2倍，处于历史低位水平，相对于沪深300的估值溢价为122%。上周子板块均上涨，涨 幅前三的医疗服务、医疗器械、中药，涨幅分别为5.21%、4.05%、3.39%。个股方面，上 周上涨的个股为413只（占比87.1%）；涨幅前五的个股分别为科源制药（107.4%），长 药控股（38.8%），常山药业（32.1%），双成药业（31.8%），奥浦迈（30.4%）。 市值方面，10月25日，A股申万医药生物板块总市值为6.35 ...