Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [1] Core Insights - The pharmaceutical sector has faced continuous pressure since the beginning of the year, with the Shenwan Pharmaceutical Index declining by 11.19% from January 1, 2024, to October 31, 2024, underperforming the CSI 300 Index by 24.60 percentage points [4][6] - The Hang Seng Healthcare Index also fell by 13.66%, lagging behind the Hang Seng Index by 34.68 percentage points [6] - The report highlights significant stock performance variations within the sector, with top gainers including Shuangcheng Pharmaceutical (+397.74%) and Xiangxue Pharmaceutical (+191.26%), while major losers included Jianzhijia (-56.01%) and Puli Pharmaceutical (-54.24%) [7][9] Summary by Sections 1. Pharmaceutical Market Performance Analysis - The pharmaceutical industry ranked 31st among 31 Shenwan first-level industries in terms of performance, with sub-sectors such as chemical pharmaceuticals and medical devices experiencing declines of 0.75% and 11.71%, respectively [4][5] 2. Public Fund Pharmaceutical Holdings Analysis - As of Q3 2024, the pharmaceutical sector's fund holding ratio was 10.18%, a decrease of 0.61 percentage points from the previous quarter [10][11] - The top ten stocks by fund holding ratio included Heng Rui Pharmaceutical (10.83%) and Mai Rui Medical (10.34%), with significant increases in market value for Heng Rui Pharmaceutical (+3.7 billion) and Ai Er Eye Hospital (+2.2 billion) [12][13]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [17]. Core Views - The company's performance in Q3 2024 shows significant year-on-year improvement, driven by the ramp-up of new production capacity for sebacic acid, leading to enhanced profitability [2][4]. - The overall sales gross margin for the first three quarters of 2024 was 32.20%, an increase of 3.72 percentage points compared to the same period in 2023 [2]. - The company is expanding its biomanufacturing capabilities, with a focus on new bio-based materials, positioning itself as a global leader in the production of long-chain dicarboxylic acids [4][6]. Financial Summary - For the first three quarters of 2024, the company reported operating revenue of 2.215 billion yuan, a year-on-year increase of 41.49%, and a net profit attributable to shareholders of 345 million yuan, up 9.97% year-on-year [1]. - The revenue for Q3 2024 was 771 million yuan, reflecting a year-on-year growth of 44.06% [1]. - The net profit for Q3 2024 was 98 million yuan, showing a year-on-year increase of 35.69% [1]. - The company’s cash flow from operating activities for the first three quarters of 2024 was 676 million yuan, a year-on-year increase of 27.48% [3]. - The company’s total assets amounted to 17.827 billion yuan as of 2022, with a total liability of 2.789 billion yuan [9]. Production Capacity and Market Position - The company has a production capacity of 115,000 tons per year for its series of biotechnological long-chain dicarboxylic acids, with significant production of sebacic acid contributing to revenue growth [4]. - The company is collaborating with China Merchants Group to develop projects for the production of bio-based materials, which is expected to enhance its market share and profitability [6][7]. Future Projections - The company is projected to achieve operating revenues of 3.126 billion yuan, 5.265 billion yuan, and 7.130 billion yuan for the years 2024, 2025, and 2026, respectively [7]. - The expected net profits for the same years are 483 million yuan, 698 million yuan, and 914 million yuan, respectively [7].

证券研究报告 | 公司动态点评 2024 年 11 月 07 日 新宙邦（300037.SZ） | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|--------|--------|------------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 9,661 | 7,484 | 8,228 | 10,334 | 12,704 | 股票信息 | | | 增长率 yoy （ % ） | 39.0 | -22.5 | 9.9 | 25.6 | 22.9 | | | | 归母净利润（百万元） | 1,758 | 1,011 | 1,099 | 1,509 | 2,011 | 行业 | 基础化工 | | 增长率 yoy （ % ） | 34.6 | -42.5 | 8.7 | 37 ...

证券研究报告 | 公司动态点评 2024 年 11 月 5 日 三生制药（1530.HK） 国内生物制药先驱，在研产品储备丰富 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|--------------------------------------|-------|-------|---------------|--------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（首次覆盖） | | | 营业收入（百万元） | | 6859.4 7815.9 9090.0 10251.4 11711.1 | | | | 股票信息 | | | 增长率 yoy （ % ） | 7.5 | 13.9 | 16.3 | 12.8 | 14.2 | | | | 归母净利润（百万元） | | 1914.9 1549.2 2173.2 | | | 2443.3 2726. ...

证券研究报告 | 公司动态点评 2024 年 11 月 06 日 华纳药厂（688799.SH） 业绩短期承压，新药临床稳步推进 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 1,293 | 1,433 | 1,527 | 1,709 | 1,873 | 股票信息 | | | 增长率 yoy （ % ） | 12.7 | 10.8 | 6.6 | 11.9 | 9.6 | | | | 归母净利润（百万元） | 183 | 211 | 221 | 248 | 279 | 行业 | 医药 | | 增长率 yoy （ % ） | 13.7 | 15.6 | 4.5 | 12.4 ...

证券研究报告 | 公司动态点评 2024 年 11 月 03 日 福斯特（603806.SH） Q3 盈利短期承压，新业务持续扩张 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------|------------------------------------------|------------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 18,877 | 22,589 | 20,734 | 25,994 | 29,904 | 股票信息 | | | 增长率 yoy （ % ） | 46.8 | 19.7 | -8.2 | 25.4 | 15.0 | | | | 归母净利润（百万元） | 1,579 | 1,850 | 1,786 | 2,495 | 2,979 | 行业 | 电力设备及新能源 | | 增长率 ...

证券研究报告 | 公司动态点评 2024 年 11 月 04 日 振江股份（603507.SH） 国际布局逐步完善，回购彰显企业发展信心 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------|-------|-------|-------|-------|------------------------------------------|------------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 2,904 | 3,842 | 4,430 | 5,948 | 7,372 | 股票信息 | | | 增长率 yoy （ % ） | 19.77 | 32.28 | 15.3 | 34.3 | 23.9 | | | | 归母净利润（百万元） | 95 | 184 | 275 | 396 | 527 | 行业 | 电力设备及新能源 | | 增长率 yoy （ % ） | -47 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5][14] Core Views - The company has shown a slowdown in revenue and profit growth in Q3, attributed to industry disturbances affecting specific products [2][3] - Despite the short-term challenges, the long-term outlook remains positive due to the company's strong brand value and product line, particularly in the orthopedic medication market driven by an aging population [3][5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 2.759 billion yuan, a year-on-year increase of 10.07%, and a net profit attributable to shareholders of 574 million yuan, up 23.10% year-on-year [2][3] - Q3 2024 revenue was 853 million yuan, reflecting a year-on-year growth of 5.83%, while net profit for the same period was 161 million yuan, up 7.80% year-on-year [2][3] - The gross margin for Q3 was 72.68%, with a net profit margin of 18.85%, both showing a decline compared to the previous quarter [2] Financial Metrics - The company is projected to achieve revenues of 3.672 billion yuan, 4.153 billion yuan, and 4.660 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 10.9%, 13.1%, and 12.2% [1][5] - Net profit forecasts for the same years are 693 million yuan, 837 million yuan, and 990 million yuan, with growth rates of 22%, 21%, and 18% respectively [1][5] - The report indicates a continuous improvement in financial metrics, with a return on equity (ROE) projected to reach 22.8% in 2024 and 24.1% in 2025 [1][3][8]

机械 证券研究报告 | 行业动态点评 2024 年 11 月 05 日 人形机器人板块催化不断，研发+政策齐促商业化进程加速推进 近期，机器人板块迎来多重催化： 强于大市（维持评级） 行业走势 产品端：海内外多个产品实现新进展，我国首台超轻量级人形机器人发布。 例如：1）特斯拉 Optimus 实现自主导航新突破：10 月 17 日，特斯拉 Optimus 展示了擎天柱人形机器人在自主能力上的重大提升。擎天柱的行走变得更加 自信，可自主探索看不见的空间，并使用运行在其计算机上的神经网络，避 开人群和障碍物，同时捕捉特定于其环境的视觉线索，还能准确定位并导航 至最近的充电站；2）波士顿动力 Atlas 进驻工厂：继 4 月宣布人形机器人 Atlas 全面电动化之后，波士顿动力 10 月 30 日宣布 Atlas 已进驻工厂，在一 个工厂区域，人形机器人 Atlas 能自主搬运汽车发动机部件，并调整放置位置。 波士顿动力声称 Atlas 完全依赖于机器学习算法，没有任何预设或远程操作的 行为，即实现完全自动化；3）众擎发布全新通用人形机器人 SE01：众擎首 款全尺寸通用人形机器人 SE01 于 10 月 24 ...

代码 名称 评级 2024E 2025E 2024E 2025E 300782.SZ 卓胜微 增持 2.23 2.81 44.85 35.59 301308.SZ 江波龙 增持 1.8 3.1 48.92 28.41 603501.SH 韦尔股份 增持 2.46 3.54 44.97 31.25 688008.SH 澜起科技 增持 1.16 1.72 59.48 40.12 688052.SH 纳芯微 增持 -3.05 0.23 -40.39 535.61 资料来源：长城证券产业金融研究院 证券研究报告 | 行业专题报告 2024 年 11 月 06 日 电子 24Q3 板块营收环比+6.1%增长，静待 AI 端侧落地引领需求复苏 ——A 股半导体行业 24Q3 财报总结 强于大市（维持评级） 股票 股票 投资 EPS （元） PE 半导体景气度弱复苏，24Q3 板块营收同环比均增长，净利润环比-2.2%。 24Q3 半导体板块(除中芯国际、华虹公司外)营收 1372.84 亿元，同比 +20.9%，环比+6.1%；归母净利润 97.35 亿元，同比+46.2%，环比-2.2%。 24Q3 季度营收环比增速排 ...