Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4][75]. Core Insights - The impact of centralized procurement has largely cleared, with a performance turning point observed in H1 2024, as the generic drug segment begins to recover [3][17]. - The company is focusing on innovative drugs, with several potential high-value products nearing market entry, including ASK120067 for lung cancer and ASKB589 for gastric cancer [3][46]. - The company is expected to achieve profitability in 2024, with projected revenue growth rates of 18.8%, 15.1%, and 21.2% for 2024, 2025, and 2026, respectively [4][72]. Summary by Sections Market Data - Closing price: 10.20 CNY - Market capitalization: 9,467 million CNY - One-year high/low: 12.28/6.50 CNY [2]. Financial Forecasts - Expected revenues for 2024-2026 are 1.716 billion, 1.974 billion, and 2.393 billion CNY, respectively, with net profits projected at 81 million, 134 million, and 203 million CNY [4][72]. - The company anticipates a return to profitability in 2024, with significant growth in net profit expected in the following years [4][75]. Business Segments - The company’s main business segments include: - **Digestive Drugs**: Revenue expected to stabilize in 2024, with growth anticipated in subsequent years due to new product launches [70][71]. - **Oncology**: Revenue growth is expected to be stable in 2024, with a potential decline in 2025 due to procurement impacts, followed by recovery in 2026 [70][71]. - **Anti-infection**: Rapid growth is expected, with revenues projected to increase significantly in the coming years [70][71]. - **Chronic Diseases**: This segment is expected to see substantial growth, particularly with the introduction of new products [70][71]. Innovation Pipeline - The company has developed several innovative drugs, including ASK120067 and ASKB589, which are in advanced clinical stages and expected to contribute significantly to future revenues [3][46][62]. - The SmartKine® platform is being utilized to enhance the development of cytokine-based therapies, addressing previous challenges in this area [62][63]. Valuation - The company is valued using a price-to-sales (P/S) ratio, with a target market capitalization of 12.82 billion CNY, indicating a potential upside of 35% from current levels [4][75].

行 业 及 产 业 钢铁 证 券 研 究 报 告 2024 年 09 月 20 日行业底部震荡，内部分化加剧 看好 ——钢铁行业 2024 中报回顾 本期投资提示： ⚫ 2024 年上半年，申万钢铁板块指数下跌 10.57%，同期上证综指下跌 0.25%，创业板指 数下跌 10.99%。2024 年初以来，受地产下行影响，市场对于钢铁需求预期较为悲观， 钢铁指数与上证综指相比下跌幅度更大。 ⚫ 2024H1 钢铁板块企业利润整体同比回落，但二季度环比有所改善。2024H1 钢铁板块 上市公司实现归母净利润同比减少 48.32%至 49 亿元，主要因普钢板块归母净利润同 比大幅下降 118.68%。单二季度来看，除铁矿石外，2024Q2 普钢和特钢板块环比均 有一定改善：24Q2 普钢板块实现归母净利润 9 亿元，同比减少 62.1%，环比则扭亏为 盈；特钢板块实现归母净利润 23 亿元，同比减少 11.00%，环比增长 14.61%。 ⚫ 2024H1 钢铁行业期间费用率整体同比上升。2024H1 钢铁板块平均期间费用率为 8.73%，较 2023 年同期的 7.61%增长 1.07 个百分点，主要系管理费用 ...

证 券 研 究 报 告 8月价格出现拐点，关注旺季涨价行情 快递行业月度报告 | --- | --- | --- | |-------------------------|-------|-------| | | | | | 证券分析师： | | | | 闫海 A0230519010004 | | | | 研究支持： | | | | 王易 A0230123050001 | | | | 范晨轩 A0230123070006 | | | | 联系人： | | | | 王易 A0230123050001 | | | | 2024.09.20 | | | 投资案件 ◼ 国家邮政局发布8月月度数据。8月行业快递业务量完成143.8亿件，同比增长19.5%； 快递业务收入完成1141.2亿元，同比增长12.9%。快递单票收入7.94元/票，同比下降 10.8%，环比上涨2.2%，金额环比增幅达到0.17元。今年1-8月快递业务量累计完成 1088.0亿件，同比增长22.5%。 ◼ 需求延续较高增速：8月延续接近20%增速态势，上游角度网上社零基本盘稳固，线上 化率持续提升，客单价下行、逆向物流等因素继续推动快递件量增长， ...

上 市 公 司 轻工制造 2024 年 09 月 20 日 欧派家居 (603833) —— 发布未来三年分红规划，稳定分红金额，重视股东 回报 证 券 研 究 报 告 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 19 日 | | 收盘价（元） | 44.42 | | 一年内最高/最低（元） | 100.75/40.03 | | 市净率 | 1.6 | | 息率（分红/股价） | 6.21 | | 流通 A 股市值（百万元） | 27,059 | | 上证指数/深证成指 | 2,736.02/8,087.60 | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 27.85 | | 资产负债率 % | 51.68 | | 总股本/流通 A 股 ...

Investment Rating - The report indicates a positive outlook for the cloud computing industry, suggesting it is at a turning point for profitability and growth [2][25][48]. Core Insights - The cloud model demonstrates significant resilience, with profitability potentially reaching a turning point as cloud revenue growth outpaces overall revenue growth [2][19][48]. - Cloud computing serves as the foundational platform for AI applications, addressing high computational requirements and enabling effective deployment [3][29][48]. - Major companies in the cloud sector are currently valued at historically low levels, presenting unique growth opportunities [4][48]. Summary by Sections Performance Review - In H1 2024, the cloud software industry experienced a revenue growth rate of 5%, while the cloud hardware sector saw a 17% increase in revenue [2][9]. - The computer industry reported a revenue and net profit change of 7% and -21% year-on-year, respectively, with cloud software maintaining a similar growth trajectory [2][7]. Profitability Turning Point - The report highlights that the cloud computing transformation is nearing the end of its "growing pains," with major companies achieving high year-on-year growth in cloud revenue [2][16][48]. - Many companies have cloud revenue exceeding 80% of their total revenue, indicating a successful transition to cloud services [16][48]. AI-Driven Growth - Cloud computing is identified as the optimal environment for AI deployment, effectively bridging the gap between high computational demands and limited edge device capabilities [3][29]. - The report emphasizes that AI applications are likely to emerge first in sectors where cloud development is already advanced [3][29]. Key Companies - The report lists several key players in the cloud software and hardware sectors, including Kingsoft Office, Kingdee International, and Inspur Information, noting their unique business models and growth potential [4][48]. - Valuations of these companies are currently low, suggesting potential for significant upside as the market recovers [4][48]. Revenue and Profitability Trends - Cloud software revenue growth is expected to continue outpacing overall revenue growth, with many companies reporting cloud revenue as a significant portion of their total income [16][18]. - The report indicates that profitability metrics, such as gross margins, are stabilizing, reflecting the resilience of cloud business models [19][21]. Market Dynamics - The global server market is entering a new growth phase, transitioning from general cloud computing to AI server demands, benefiting foundational suppliers [26][29]. - The report notes that while global capital expenditures are recovering, domestic players like BAT are lagging due to supply chain constraints [26][29]. Company-Specific Updates - Kingsoft Office reported a revenue increase of 11% in H1 2024, with a significant rise in personal subscription services [49][50]. - Kingdee International's annual recurring revenue (ARR) grew by 24.2%, indicating strong performance in cloud subscription services [56][58]. - Foxit Software achieved an 18% revenue increase, with subscription services showing robust growth [63][64]. Valuation Insights - The report provides a valuation table for key companies, indicating their market capitalization and projected earnings, highlighting potential investment opportunities [80].

证 券 研 究 报 告 内外需共振，布局正当时 ——工程机械中报总结与投资展望 | --- | --- | --- | --- | --- | --- | --- | |-------------------|-------------------------|-------|-------|-------|-------|-------| | | | | | | | | | 证券分析师：王珂 | A0230521120002 | | | | | | | | | | | | | | | | 刘建伟 A0230521100003 | | | | | | | | | | | | | | | 研究支持： 刘建伟 | A0230521100003 | | | | | | | 联系人： .. | 刘建伟 A0230521100003 | | | | | | 核心观点 ◼ 行情回顾：工程机械板块超额收益明显。 • 年初至今（截至9月11日），工程机械（申万）3.31%涨幅跑赢机械设备（申万）24.36%，跑赢上证 指数11.82%，跑赢深证成指18.21%；工程机械整机（申万）6.01%涨幅位居机械设备子版块第一； 从结 ...

行 业 及 产 业 证 券 研 究 报 告 交通运输/ 航空机场 2024 年 09 月 19 日 8 月民航旅客运输量创历史最高水 平 看好 ——航空行业 8 月数据点评 行 业 研 究/ 行 业 点 评 相关研究 《暑运航空客流高峰后移，出行需求仍具 韧性——航空行业 7 月数据点评》 2024/08/16 证券分析师 闫海 A0230519010004 yanhai@swsresearch.com 研究支持 罗石 A0230524080012 luoshi@swsresearch.com 郑逸欢 A0230124010001 zhengyh@swsresearch.com 刘衣云 A0230122100009 liuyy@swsresearch.com 联系人 郑逸欢 (8621)23297818× zhengyh@swsresearch.com 本期投资提示： ⚫ 8 月国内各航司把握暑运市场机会，全力投入旺季生产经营，运力运量继续增长，总量 上创历史新高。根据航班管家数据，8 月民航旅客运输量约为 7276 万人次，同比 23 年增长 13.8%，同比 19 年增长 18.8%;民航国内运力同比 2 ...

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- 行 业 及 产 业 农林牧渔 2024 年 09 月 19 日 生猪养殖盈利反转，宠物食品景气延续 看好 ——农林牧渔行业 2024 年中报回顾 本期投资提示： ⚫ 24Q2 生猪养殖盈利反转，宠物食品延续较高景气，带动 24H1 农业板块整体业绩大幅好转。①2024 年 上半年，根据申万农业重点跟踪的 37 家农林牧渔上市公司统计，2024H1 累计实现归母净利润 95.6 亿 元，同比+224.6%。②2024 年二季度，根据申万农业重点跟踪的 37 家农林牧渔上市公司统计， 2024Q2 累计实现归母净利润 115.1 亿元，同比+346.1%，环比+1101.6%。 ⚫ 生猪养殖：营收小幅下滑，得益于养殖成本下行以及 Q2 猪价反转，板块业绩大幅扭亏。经优化样本后， 24H1 生猪养殖板块上市公司合计实现营业收入 1714.5 亿元，同比-4.9%。受益于 Q2 猪价的反转 （24H1 生猪销售均价同比+6%，24Q2 为 16.4 元/kg，环比+13%）以及养殖成本的下行（24H1 全国 玉米与豆粕均价同比-14.1%、-18.7%），猪企业绩大幅扭亏为盈， 2024H1 合计实现归母净利润 ...