Tabl e_First|Tabl e_Summary 华福证券 工业企业利润数据点评 1-11月份，全国规模以上工业企业实现利润66674.8亿元，同比下降4.7%。 从11月当月数据来看，利润降幅同比有所收窄。 1-11月，企业盈利出现边际好转。从营收端看，2024年1-11月份规模以上 工业企业实现营业收入123.5万亿元。同比增长1.8%，增速有所回落。量价 方面，2024年前11个月工业增加值累计同比增速为5.8%，与前10个月持 平。价格指数来看，11月份PPI累计同比增速为-2.1%,跌幅与前10个月持 平。成本端，2024年1-11月规模以上工业企业发生营业成本105.4万亿元， 同比增长2.3%，增速与前10个月持平。2024年1-11月规模以上工业企业营 业收入利润率为5.4%，较前10个月出现回升；规上工业企业营业收入毛利 率为14.7%，较前10个月出现回升。当月来看，11月份，全国规模以上工 业企业营业收入同比增长0.5%，较10月份回升0.7个百分点。 消费品制造业对利润增速的拉动扩大。前11个月，资源品制造业实现利润 48525亿元，对利润累计增速的拖累为3.8个百分点。装备制造 ...

图表 2:18家猪企销售量及环比变动情况 | --- | --- | --- | --- | --- | --- | --- | |-------|-------|--------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | 1600 | | 20% | | 300 | | 20% | | 1400 | | 15% | | 250 | | 15% | | 1200 | | 10% | | 200 | | 10% | | 1000 | | 5% | | 150 | | 5% | | 800 | | 0% -5% | | 100 | | 0% | | 600 | | -10% | | 50 | | -5% | | 400 | | -15% | | 0 | | -10% | | | | | | | | | 来源：各公司公告， 年福证券研究所(注:18家猪企分别为较原股份、 温氏股份、正邦科技、新希望、大北农、ST 天邦、唐人神、金新农、罗 牛山、正虹科技、东瑞殿份、神农集团、京基督农、立年股份、天康生物、 中粮家住康、年统股份 ...

团队成员 分析师： 俞能飞(S0210524040008) ynf30520@hfzq.com.cn 分析师： 唐保威(S0210524050012) tbw30562@hfzq.com.cn 相关报告 1、渝厦高铁重庆东至黔江段全线轨道贯通，盘兴 铁路全线进入铺轨阶段——2024.12.22 2、1—11 月份全国铁路客货运量稳步增长 有效推 动经济持续回升向好——2024.12.14 3、铁路累计发送旅客超 40 亿人次创新高，京 滇 · 澜 湄 线 国 际 货 运 开 启 常 态 化 运 行 — — 2024.12.07 投资要点： 2022 年国务院印发《"十四五"现代综合交通运输体系发展规划》， 明确提出到 2025 年，铁路营业里程达到 16.5 万公里，其中高速铁路营 业里程达到 5 万公里；2020 年国铁集团出台《新时代交通强国铁路先 行规划纲要》，2021 年国务院印发《国家综合立体交通网规划纲要》， 两个文件均对 2035 年我国铁路网规模提出了一致要求：到 2035 年， 全国铁路网达 20 万公里左右，其中高铁 7 万公里左右。结合"十四五" 铁路网规模，若想达到 2035 年的目标 ...

Investment Rating - The industry investment rating is "Outperform the Market" [3] Core Viewpoints - The report highlights the construction of the world's first grid-scale fusion power plant by Commonwealth Fusion Systems in Virginia, expected to be operational in the early 2030s [7] - The innovative fast neutron reactor BREST-OD-300's nuclear fuel production facility in Russia has commenced trial operations, marking a significant advancement in the global nuclear industry [2] - Nuclear power is recognized as a clean, safe, and efficient energy source, with a crucial role in promoting green energy transition and ensuring energy security [8] Company Summaries - Jiadeng Co., Ltd.: The main helium fan is the only power device for the first loop of the fourth-generation high-temperature gas-cooled reactor, and its subsidiary, Harbin Electric Machinery Co., Ltd., leads in nuclear main pump products [2] - Guoguang Electric: The company's filter and cladding systems are key components of the ITER project [2] - Lanshi Heavy Industry: Covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel reprocessing [2] - Kexin Electromechanical: Produced high-temperature gas-cooled reactor nuclear power products, achieving import substitution for new fuel transport containers [2] - Haili Heavy Industry: Services include third-generation, fourth-generation reactors, and thermonuclear fusion reactors (ITER) [2] - Jiangsu Shentong: Secured over 90% of orders for nuclear-grade butterfly valves and nuclear-grade ball valves in new nuclear power projects in China [2] - Xianheng International: The company's products are applied in the operation and maintenance of nuclear energy and nuclear power [2]

诚信专业 发现价值 9 请务必阅读报告末页的声明 周废开工负荷 81.13% 148 合计 行业定期报告 | 基础化工 本周,化工板块涨幅前五的子行业分别为合成树脂(2.3%)、涤纶(1.88%)、轮胎 (1.3%)、橡胶助剂(0.42%)、复合肥(0.39%);化工板块跌幅前五的子行业分别为其他 塑料制品(-7.1%)、膜材料(-5.25%)、涂料油墨颜料(-4.95%)、有机硅(-4.39%)、粘胶 (-4.3%)。 图表 2:化工各子行业板块本周行情 5% 0% -5% -10% 农药 复合肥 钟殿 胶制品 缔约 近些塑料 钛白步 七学制品II 胶财煮 染化学。 非居 有机 化学原* 饲料添加 子化学。 f 油墨顏s 滕林 肥及磷化. 塑料制, 来源: Wind,华福证券研究所 1.2 化工板块个股表现 本周,化工板块涨幅前十的公司分别为:川环科技(28.47%)、华西股份(15.63%)、 吉华集团(13.5%)、润禾材料(13.27%)、锦鸡股份(10.68%)、科隆股份(9.51%)、黑猫 股份(8.88%)、正丹股份(7.84%)、安迪苏(7.56%)、瑞丰新材(6.97%)。 5 请务必阅读报 ...

Investment Rating - Buy (Maintained Rating) [8][15] Core Views - The company's second-generation CGM (Continuous Glucose Monitoring) product has been approved domestically and is under FDA review, with catalysts both domestically and internationally expected to drive growth [5] - The second-generation CGM product features improved performance and user experience, utilizing third-generation direct electron transfer technology, which offers advantages such as low potential, oxygen independence, fewer interferences, better stability, and higher accuracy [5] - The product is designed for integration with Automated Insulin Delivery (AID) systems and targets the US market, which is the largest CGM market globally, with significant growth potential post-registration [4][14] - The company has secured a 7-year distribution agreement with a major European distributor, and both semi-automated and fully automated production lines are operational, positioning the company to capitalize on the global CGM market [6] Financial Performance and Projections - Revenue is projected to grow from 4,059 million RMB in 2023 to 5,928 million RMB in 2026, with a CAGR of 19% [7][10] - Net profit attributable to the parent company is expected to increase from 284 million RMB in 2023 to 635 million RMB in 2026, with a CAGR of 24% [7][10] - EPS is forecasted to rise from 0.50 RMB in 2023 to 1.13 RMB in 2026 [7][10] - The company's gross margin is expected to remain stable at around 54%, with net profit margin improving from 4.8% in 2023 to 11.0% in 2026 [10] Market and Industry Insights - The US CGM market is projected to grow from 2.7 billion USD in 2020 to 15.4 billion USD in 2030, with a CAGR of 19% [4] - The European CGM market is expected to expand from 1.2 billion USD in 2020 to 7.8 billion USD in 2030 [4] - The company's CGM product has received regulatory approval in China and is under FDA review in the US, with significant commercialization potential in the US market [13][14] Operational and Strategic Developments - The company has received regulatory approval for its CGM system in China, including an 8-day version for medical institutions and a 15-day version for home use [13] - The FDA has accepted the company's CGM product for substantive review, marking a key milestone in its US market entry [13] - The company has established both semi-automated and fully automated production lines, enhancing its capacity to meet global demand [6]

Investment Rating - The report maintains a rating of "Follow the Market" for the steel industry [40]. Core Insights - In November, domestic iron ore production decreased by 6.1% month-on-month and 9.3% year-on-year, while cumulative production from January to November increased by 1.9% year-on-year [39]. - Iron ore imports in November were 10.186 million tons, down 1.9% month-on-month and 0.9% year-on-year, with cumulative imports from January to November rising by 4.3% year-on-year [39]. - The report indicates a contraction in iron ore supply, with both domestic production and imports declining, while coal production has increased, maintaining a loose supply of coking coal [51]. - Steel production has slowed, with crude steel output decreasing by 4.3% month-on-month but increasing by 2.5% year-on-year [56]. - The report anticipates that while short-term demand may weaken entering the off-season, inventory levels remain reasonable, providing support for steel prices [51]. Summary by Sections 1. Investment Recommendations - The steel sector shows potential for upward rebound due to non-existent supply-demand conflicts and supportive incremental policies [52]. - Five main investment lines are suggested, focusing on companies with strong dividend yields, technical barriers, and those positioned for recovery [52]. 2. Raw Materials 2.1 Iron Ore - November iron ore production was 8.115 million tons, with a cumulative total of 95.226 million tons from January to November [39]. - Port inventories of iron ore stood at 14.974 million tons as of December 20, with a daily discharge rate of 3.24 million tons [39]. 2.2 Coking Coal - November coking coal imports reached 1.2295 million tons, a year-on-year increase of 24.02%, with cumulative imports from January to November rising by 23.32% [39]. 3. Steel 3.1 Crude Steel - Crude steel production in November was 7.84 million tons, with a cumulative total of 92.919 million tons from January to November, reflecting a year-on-year decrease of 2.7% [56]. 3.2 Steel Products - Steel production in November was 11.881 million tons, with a cumulative total of 128.304 million tons from January to November, showing a year-on-year increase of 0.9% [69]. - Steel exports in November were 928 thousand tons, down 17.0% month-on-month but up 15.9% year-on-year, with cumulative exports from January to November increasing by 22.6% [80]. 4. Demand 4.1 Construction Industry - As of the end of November, cumulative funds for real estate development were 9.66 trillion yuan, down 18.0% year-on-year [88]. 4.2 Manufacturing Industry - The report highlights the manufacturing sector's performance, including automotive and machinery production, indicating a mixed outlook [112]. 4.3 Indirect Exports - The report discusses the impact of trade dynamics on steel exports, emphasizing the need to monitor potential trade friction [51].

司 研 华福证券 普洛药业（000739.SZ） 原料药-CDMO-制剂三维共振，业绩有望提速 投资要点： 原料药行业周期底部向上，多重催化下长期成长空间有望开启 2023 年国内原料药产业受 22 年疫情相关订单导致的高基数以及 下游制剂厂商消化疫情期间的库存影响，包括公司在内的多家原料药 企业业绩出现短期波动。当前原料药产量单月同比增长明显，24H1 国 内原料药产量同比回正，出口量持续增长，或意味着原料药去库存已 接近尾声，需求端有望提振。同时考虑到海外专利悬崖下仿制药原料 药及制剂出海空间巨大，原料药-制剂一体化企业有望充分受益。 原料药业务为基石，人用及兽用药双轮驱动 公司深耕原料药领域 30 余载，原料药、中间体业务近年来产销率 水平高，表现出良好的经营韧性。2024H1 公司该业务营收入达 47.0 亿元，同比增长 11.9%。公司产品品类丰富，领域涵盖人用、兽用药 物原料药和中间体，并陆续推出原料药新品种，2024H1 有 2 个 API 品种注册获批，20 个原料药品种新递交国内外 DMF。公司原料药产 品目前获美国DMF认证的原料药25个品种，目前处于有效期内的 CEP 证书 10 个，有 ...

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Investment Rating - The report assigns a "Hold" rating for the company, indicating a neutral outlook for the stock over the next 6 to 12 months [3][106]. Core Insights - The company has established itself as a leader in the smart display industry over nearly 30 years, with a focus on smart TVs and interactive display products [14][42]. - The report highlights the potential for growth in the overseas education interactive flat panel market, which remains significantly underpenetrated compared to domestic markets [65][71]. - The company is expected to achieve net profits of 860 million, 1.125 billion, and 1.351 billion yuan for the years 2024, 2025, and 2026, respectively, reflecting a projected growth trajectory despite a decline in 2024 [103][106]. Summary by Sections Company Overview - The company has evolved from producing CRT displays to becoming a prominent player in smart TVs and interactive displays, with a commitment to innovation in AR, VR, and AI technologies [14][35]. - The main business segments include smart interactive display products, innovative display products, and smart TVs, with a focus on customized solutions for international brands [15][44]. Financial Performance - The company's revenue has shown a consistent upward trend, growing from 6.85 billion yuan in 2018 to 13.45 billion yuan in 2023, with a notable increase of 33% year-on-year in the first three quarters of 2024 [46][103]. - The net profit has experienced fluctuations, with a decline expected in 2024, followed by recovery in subsequent years [46][103]. Business Segments - Smart TVs remain the largest revenue contributor, accounting for 58% of total revenue, followed by smart interactive display products at 28% and innovative display products at 10% [23][46]. - The company has developed a strong manufacturing capability, enabling it to serve small-batch, multi-model orders effectively, particularly in emerging markets [7][60]. Market Outlook - The report anticipates that the smart TV market in emerging regions will continue to grow, driven by increasing penetration rates and consumer demand for larger screens [54][56]. - The education interactive flat panel market is viewed as a long-term growth opportunity, with significant potential for expansion in overseas markets [65][71]. Profitability and Valuation - The company is projected to maintain a gross margin of 14.3% in 2024, with expectations for gradual improvement in subsequent years as cost pressures ease [103][106]. - The report utilizes a comparable company valuation method, indicating a potential valuation premium for the company due to its growth prospects in smart TVs and interactive displays [106].