证券研究报告 | 公司动态点评 2024 年 09 月 08 日 佐力药业（300181.SZ） 前三季度利润端符合预期，积极回购彰显经营信心 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|------------|-----------|------------|------------|----------|-----------------------------------|----------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | | | | | | | | | | 1,805 | 1,942 | 2,466 | 3,024 | 3,653 | 股票信息 | | | 增长率 yoy （ % ） 归母净利润（百万元） | 23.9 273 | 7.6 383 | 26.9 ...

证券研究报告 强大于市 政策叠加高基数行业短期承压，降本增效显著 长城证券产业金融研究院 分析师：刘鹏 执业证书编号：S1070520030002 邮箱：liupeng@cgws.com 联系人：袁紫馨 执业证书编号：S1070122080041 邮箱：yuanzixin@cgws.com ——中药行业8月月报和9月观点 2024年9月1日 9月中药板块投资策略 www.cgws.com 中报总结：H1行业整体受高基数影响承压，全年业绩有望修复 中药板块2024H1实现营收1819亿元（yoy-3.32%），实现归母净利润221亿元（yoy-8.96%），高基数下板块整体有所 承压。2023H1营收和归母净利润占全年比重均有不同程度提升，我们假设2024H1营收和归母净利润比重分别为50%和 60%，预测2024年营收和归母净利润分别同比增长1.56%和1.43%，全年业绩有望逐步修复。 2017-2024H1中药板块营业收入及增速 2017-2024H1中药板块归母净利润及增速 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 40% 3,162 3,070 3 ...

证券研究报告|行业周报 2024 年 09 月 10 日 电力及公用事业 行业周报（9.2-9.6）：绿证核发和交易规则出台，板块指数表现持 续回落 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|----------------------------------|---------------|---------------|------------------|------------|-------|-------|---------------------------------------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | PE \n2024E | 2025E | | 强于大市（维持评级） | | 600163.SH | 中闽能源 | 增持 | 0.41 | 0.42 | 10.59 | 10.33 | | 行业走势 | | 600674.SH | 川投能源 | 增持 | 1.03 | 1.1 | 17.22 | ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][5]. Core Views - The company's short-term performance is under pressure, but the future outlook remains promising due to the growth potential in the wind power industry [2][5]. - The company reported a significant decline in net profit for H1 2024, but there are expectations for a recovery in profitability in the second half of the year [2][5]. Financial Summary - **Revenue (Million CNY)**: - 2022A: 1,812 - 2023A: 1,946 - 2024E: 2,191 - 2025E: 2,931 - 2026E: 3,782 - Growth Rate (YoY %): 2024E: 12.6%, 2025E: 33.8%, 2026E: 29.0% [1][6][8] - **Net Profit (Million CNY)**: - 2022A: 352 - 2023A: 412 - 2024E: 363 - 2025E: 564 - 2026E: 731 - Growth Rate (YoY %): 2024E: -12.0%, 2025E: 55.6%, 2026E: 29.6% [1][6][8] - **EPS (CNY)**: - 2022A: 1.10 - 2023A: 1.29 - 2024E: 1.13 - 2025E: 1.76 - 2026E: 2.28 [1][6][8] Industry Insights - The wind power industry is expected to see significant growth, with a projected increase of 791 GW in global wind power capacity over the next five years [2]. - The company is strategically positioned to benefit from this growth, particularly in its forging and casting segments, which are expected to see increased demand [2][5]. Business Development - The company has successfully developed new clients and achieved a revenue increase of over 40% in precision shaft products, indicating a potential second growth curve [5]. - The company is expanding its capabilities in both forging and casting, with significant orders from major players in the wind power sector [2][5]. Future Projections - Revenue projections for 2024-2026 are as follows: - 2024: 2,191 million CNY - 2025: 2,931 million CNY - 2026: 3,782 million CNY - Net profit projections for the same period are: - 2024: 363 million CNY - 2025: 564 million CNY - 2026: 731 million CNY [5][6].

证券研究报告 | 公司动态点评 2024 年 09 月 10 日 华鲁恒升（600426.SH） 荆州一期贡献增量，收入利润双增，看好荆州二期项目建设 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|--------|--------|--------|--------|--------|-----------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 30,245 | 27,260 | 34,184 | 38,418 | 42,353 | 股票信息 | | | 增长率 yoy （ % ） | 13.1 | -9.9 | 25.4 | 12.4 | 10.2 | | | | 归母净利润（百万元） | 6,289 | 3,576 | 4,629 | 5,657 | 6,730 ...

证券研究报告 | 公司动态点评 2024 年 09 月 09 日 巨化股份（600160.SH） 持续看好制冷剂进入景气周期，看好公司含氟精细化学品方面布局 | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 21,489 | 20,655 | 24,192 | 27,257 | 30,195 | | 增长率 yoy （ % ） | 19.5 | -3.9 | 17.1 | 12.7 | 10.8 | | 归母净利润（百万元） | 2,381 | 944 | 2,518 | 3,467 | 4,532 | | 增长率 yoy （ % ） | 114.7 | -60.4 | 166.8 | 37.7 | 30.7 | | ROE （ % ） | 15.2 | 5.9 | 13.8 | 16.2 | 17.7 | | EPS 最 ...

Investment Rating - The report maintains a "Buy" rating for Lanxiao Technology (300487 SZ) [1] Core Views - Lanxiao Technology achieved significant growth in revenue and net profit in 1H24, with revenue reaching 1 295 billion yuan, a year-on-year increase of 28 50%, and net profit attributable to the parent company reaching 404 million yuan, a year-on-year increase of 16 79% [1] - The company's adsorption materials business remains the core growth driver, contributing 82% of total revenue with a gross margin of 51 00% in 1H24 [2] - Lanxiao Technology continues to lead in the salt lake lithium extraction market, with over 15 completed and ongoing projects, totaling nearly 100,000 tons of lithium carbonate/lithium hydroxide capacity [5] - The company's international strategy is progressing well, with overseas revenue reaching 352 million yuan in 1H24, a year-on-year increase of 56% [5] Financial Performance - The company's revenue is expected to grow from 3 149 billion yuan in 2024E to 4 726 billion yuan in 2026E, with a compound annual growth rate of 21 3% [1] - Net profit attributable to the parent company is projected to increase from 951 million yuan in 2024E to 1 463 billion yuan in 2026E, with a compound annual growth rate of 23 8% [1] - ROE is expected to improve from 22 9% in 2024E to 23 3% in 2026E, reflecting the company's strong profitability [1] Business Segments - The adsorption materials business achieved revenue of 974 million yuan in 1H24, with significant growth in life sciences (33%), metal resources (45%), and water treatment and purification (30%) [2] - The salt lake lithium extraction system equipment generated revenue of 99 million yuan in 1H24, a year-on-year increase of 8% [5] Capacity Expansion - The company's adsorption material production reached 31,600 tons in 1H24, a year-on-year increase of 27%, with sales reaching 30,800 tons, a year-on-year increase of 35% [4] - Lanxiao Technology plans to build 20,000 tons of high-end material capacity to meet the growing demand in high-end application markets [4] International Strategy - The company has established a South American R&D center in Argentina, serving as a strategic pivot for the "Lithium Triangle" region [5] - Lanxiao Technology actively engages in technical exchanges and customized solutions with clients in South and North America to promote project implementation [5] Valuation - The company's current P/E ratio is 23 7X for 2024E, expected to decrease to 15 4X by 2026E, indicating attractive valuation levels [6] - The P/B ratio is projected to decline from 5 7X in 2024E to 3 7X in 2026E, reflecting the company's strong asset base [1]

证券研究报告|公司动态点评 2024 年 09 月 09 日 阿科力（603722.SH） 聚醚胺行业景气度处于低位，看好 COC 产品产业化进程 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|-----------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 713 | 537 | 568 | 972 | 1,184 | 股票信息 | | | 增长率 yoy （ % ） | -19.0 | -24.7 | 5.9 | 70.9 | 21.8 | | | | 归母净利润（百万元） | 120 | 24 | 35 | 126 | 195 | 行业 | 基础化工 | | 增长率 yoy （ % ） | 19.7 | -80.1 | 48.2 | ...

证券研究报告|行业周报 2024 年 09 月 10 日 电力及公用事业 行业周报（9.2-9.6）：绿证核发和交易规则出台，板块指数表现持 续回落 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|----------------------------------|---------------|---------------|------------------|------------|-------|-------|---------------------------------------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | PE \n2024E | 2025E | | 强于大市（维持评级） | | 600163.SH | 中闽能源 | 增持 | 0.41 | 0.42 | 10.59 | 10.33 | | 行业走势 | | 600674.SH | 川投能源 | 增持 | 1.03 | 1.1 | 17.22 | ...

证券研究报告| 公司动态点评 2024 年 09 月 10 日 合盛硅业（603260.SH） 工业硅长期发展趋势向上，关注行业供需格局的变化 | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------| | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 23,657 | 26,584 | 29,975 | 36,695 | 41,942 | | 增长率 yoy （ % ） | 10.6 | 12.4 | 12.8 | 22.4 | 14.3 | | 归母净利润（百万元） | 5,148 | 2,623 | 2,348 | 3,262 | 4,275 | | 增长率 yoy （ % ） | -37.4 | -49.1 | -10.5 | 39.0 | 31.1 | | ROE （ % ） | 21.4 | 8.0 | 6.9 | 9.0 | 10.8 | ...