Investment Rating - The report maintains a "Buy" rating for Qianjin Pharmaceutical, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [2][10]. Core Views - Qianjin Pharmaceutical's H1 2024 performance is stable, with a slight pressure in Q2. The company achieved a revenue of 1.924 billion yuan, a year-on-year increase of 0.6%, and a net profit of 118 million yuan, up 0.87% year-on-year [1]. - The company plans to acquire Qianjin Xiangjiang and Qianjin Xieli to achieve resource integration, focusing on its strengths in the pharmaceutical industry [1]. - The strategic plan for 2024-2031 aims to establish Qianjin Pharmaceutical as a leading brand in women's health, targeting a revenue of 8 billion yuan by the end of 2031 [1]. Financial Performance Summary - For H1 2024, the Chinese medicine segment generated 484 million yuan in revenue, a 1.46% increase, while the chemical medicine segment saw revenue of 451 million yuan, an 8.37% increase [1]. - The revenue forecast for 2024, 2025, and 2026 is projected at 4.069 billion yuan, 4.368 billion yuan, and 4.700 billion yuan, respectively, with growth rates of 7%, 7%, and 8% [2][6][7]. - Net profit estimates for the same years are 340 million yuan, 360 million yuan, and 386 million yuan, with growth rates of 6%, 6%, and 7% [2][6][7]. Strategic Planning - The strategic outline released on May 20, 2024, emphasizes the goal of entering the top 100 pharmaceutical companies in China, with a focus on high-quality development in pharmaceutical commerce and establishing a strong regional brand in health products [1]. - The company aims to leverage the "Qianjin" brand's influence and enhance its marketing and operational advantages to achieve significant growth [1].

华福证券 当前价格： 3.47 元 目标价格： 4.22 元 基本数据 总股本/流通股本(百万股) 7,083.54/5,652.24 流通 A 股市值(百万元) 19,613.26 每股净资产(元) 3.80 资产负债率(%) 28.36 一年内最高/最低价(元) 3.80/2.45 广深铁路（601333.SH） 业绩兑现亮眼，直通车具备弹性 投资要点： 事件： 广深铁路发布 2024 半年报。2024H1 公司实现营收 129.2 亿元，同 比+4.4%；归母净利润 9.1 亿元，同比+34.7%。其中，24Q2 实现营收 63.2 亿元，同比+1.4%；归母净利润 3.7 亿元，同比+34.1%。 24H1 归母净利润提升显著，高基数下 24H2 业绩预计环比走弱 24H1 公司总营收 129.2 亿元，同比+4.4%，其中：1）客运业务收 入 54.6 亿元，同比+2.7%，占总营收比 42%。2）路网清算业务收入 60.3 亿元，同比+9.7%，占总营收比 47%。3）货运业务收入 7.9 亿元，同 比-15.1%，占总营收比 6%。 成本费用管控良好下（营业成本同比+1.5%，管理费用率/财务费 ...

华福证券 投资要点： 24H1 汇兑收益同比减少约 2 亿，财务费用率同比增加 高空作业平台 7 月出口增长 46.6%，1-7 月累计出口增长 26.16% 据中国工程机械工业协会对升降工作平台主要制造企业统计： 2024 年 7 月当月销售各类升降工作平台 17264 台，同比增长 6.75%； 其中国内 7024 台，同比下降 23.6%；出口 10240 台，同比增长 46.6%。 2024年1-7月累计销售各类升降工作平台118713台，同比下降12.57%； 其中国内 60238 台，同比下降 32.65%；出口 58475 台，同比增长 26.16% 华福证券 盈利预测与投资建议 我们预计公司 2023-2026 年收入 CAGR 为 20%，归母净利润 CAGR 为 18%，2024-2026 年归母净利润分别为 21.34、25.35、30.35 亿元（前 值为 22.51、25.73、30.38 亿元，中报汇兑收益低于预期，因此调高了 全年财务费用），EPS 分别为 4.2 元、5.0 元、6.0 元，对应 PE 11、9、 8 倍，浙江鼎力经过多年发展，已经成为全球高空作业平台领先制造商 ...

Investment Rating - The report maintains a "Hold" rating for the company [4][15]. Core Insights - The company reported a significant improvement in Q2 2024 performance, with revenue of 1.265 billion yuan, a slight decrease of 3.14% year-on-year, and a net profit of 40 million yuan, down 24.88% year-on-year. However, Q2 2024 saw a revenue of 656 million yuan, a marginal increase of 0.02% year-on-year, and a net profit of 34 million yuan, up 61.28% year-on-year [1]. - The company is focusing on emerging sectors, with traditional automation demand showing weakness, while new sectors like semiconductor and lithium battery storage are growing rapidly, with revenue increases of 70% and 210% respectively [1][2]. - The company is increasing its R&D investment, maintaining a research expense ratio of 9.4%, which supports the development of high-value-added areas [1]. Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 37.50%, an increase of 0.8 percentage points year-on-year, with the core business maintaining a gross margin of 39.0% [1]. - The company’s net profit margin for the first half of 2024 was 3.19%, with Q2 showing a net profit margin of 5.17%, reflecting a 4.11 percentage point increase from Q1 [1]. - The company’s overseas revenue for the first half of 2024 was 584 million yuan, accounting for 46% of total revenue, down 12.50% year-on-year, but showing a 10.99% increase compared to the second half of 2023 [2]. Earnings Forecast - The company’s projected net profits for 2024-2026 are 130 million yuan, 176 million yuan, and 238 million yuan respectively, with corresponding PE ratios of 99, 73, and 54 times [2].

epyTtropeR_elbaT|tsriF_elbaT Tabl e_First|Tabl e_Summary 华福证券 策 略 研 究 从盈利视角看欧美股市新动向 投资要点： 24Q2美股盈利继续提升，总量维持稳健，结构上AI贡献下降：（1）收 入：24Q2标普500收入增速5.3%，较Q1（4.3%）继续提升；（2）EPS： Q2标普500EPS增速11.1%，较24Q1（6.1%）继续提升；分行业看，公用 事业、信息技术和金融的Q2EPS增速领先，材料、工业和必选消费相对靠 后；按贡献度看，24Q2美股盈利主要靠信息技术、金融、医疗健康带 动，AI板块的贡献边际回落；（3）ROE：Q2标普500的ROE（TTM） 18.7%，较前值（18.3%）边际提升，且净利润率仍然稳健；（4）市场预 期：与Q1相比，Q2标普500盈利超预期家数占比由80.4%降至79.1%，但整 体仍高于过去10年均值，Q2美股盈利总体好于市场预期。 基数效应+上半年基本面修复偏慢，24Q2欧股盈利探底：（1）收入： Q2Stoxx Europe 600的收入增速为0.2%，较24Q1（-3%）继续改善；（2） 盈利：Q2Sto ...

Group 1: Liquidity and Market Dynamics - Macro liquidity does not always accurately depict stock market liquidity, with effective transmission typically occurring only at the end of economic downturns[1] - Micro liquidity in the stock market is a crucial variable affecting market trends and valuations, with active trading periods correlating with higher market valuations[1] - Historical data shows that overall liquidity conditions do not directly determine the rotation between large-cap and small-cap stocks[1] Group 2: Investor Structure and Market Performance - Changes in the structure of market investors, particularly the proportion of institutional investors, significantly explain style rotation and sector performance[1] - An increase in institutional investor market share tends to favor large-cap stocks, while a decrease favors small-cap stocks[1] - The recent influx of capital from central financial institutions has notably impacted the performance of core asset sectors, particularly banks[1]

Tabl e_First|Tabl e_Summary 华福证券 公 司 报 告 福莱特（601865.SH） 基本符合预期，龙头优势显著 公 司 财 报 点 评 华福证券 副标题 投资要点： ➢ 事件：2024年8月27日，福莱特发布2024年中报，2024H1公司实现营收 106.96亿元，同比+10.5%，实现归母净利润14.99亿元，同比+38.1%，毛利 率23.78%，同比+4.7pct。其中二季度公司营收49.7亿元，同比+15.2%，归母 净利润7.39亿元，同比+28.8%，毛利率26.45%，同比+6.52pct，环比+5pct。 ➢ 毛利率改善明显，资产减值影响净利：受益于原材料纯碱及天然气价 格回落，以及4月下游排产增加，玻璃供给刚性带来的4-5月阶段性涨价，公 司Q2毛利率修复至26.45%，为近年较高水平。同时或因产能冷修等考虑， 公司计提8090万元固定资产减值损失，对净利有所影响，据我们测算， 2024H1公司单平净利约为2.38元/平米。 ➢ 产能理性扩张，大窑炉巩固盈利优势：由于光伏产能过剩供需错配， 产业链价格非理性下跌，光伏玻璃价格自6月以来急转直下，目前2.0mm玻 ...

华福证券 司 宏华数科（688789.SH） 业绩增长符合预期，设备收入加速提升 投资要点： 2024H1 公司实现归母净利润 2 亿元，同比+35.45% 公司披露 2024 年中报：1）2024H1 公司实现营业收入为 8.16 亿元， 同比+45.8%，归母净利润为 2.00 亿元，同比+35.45%。2）2024Q2 单 季度，营业收入为 4.47 亿元，同比+61.71%，归母净利润为 1.14 亿元， 同比+35.83%。 24Q2 毛利率与净利率同比有所下滑，环比提升 2024H1 公司销售毛利率和销售净利率分别为 45.84%/25.44%，同 比 变 动 -1.68/-2.33pct ； 2024Q2 单 季 度 毛 利 率 / 净 利 率 分 别 为 46.01%/26.32%，同比-1.47pct/-5.41pct，环比+0.38pct/+1.94pct。 费用率控制良好，除财务费用外，其他费用率都同比下降 2024H1 期间费用率为 16.59%，同比变动+2.65pct。其中，销售/ 管理/研发/财务费用率分别为 6.67%/5.43%/6.05%/-1.56%，同比变动 -1.77 ...

Group 1: Profit and Revenue Insights - From January to July 2024, industrial enterprises achieved a total profit of CNY 40,991.7 billion, a year-on-year increase of 3.6%, with growth accelerating by 0.1 percentage points compared to the first half of the year[10] - The total revenue for industrial enterprises in the same period reached CNY 75.9 trillion, reflecting a year-on-year growth of 2.9%, consistent with the growth rate from the previous six months[3] - The profit margin for industrial enterprises was 5.4%, remaining stable compared to the first half of the year, while the gross profit margin slightly decreased to 14.7%[3] Group 2: Sector Performance - In the mining sector, total profits amounted to CNY 7,179.2 billion, showing a year-on-year decline of 9.5%, although the decline was narrower by 1.3 percentage points compared to the first half of 2024[10] - The manufacturing sector reported total profits of CNY 29,045.4 billion, with a year-on-year increase of 5%, maintaining the growth rate from the previous six months[10] - The electricity and water sector achieved a profit of CNY 4,767.1 billion, with a year-on-year growth of 20.1%, despite a slowdown of 3 percentage points compared to the first half of the year[10] Group 3: Contribution to Profit Growth - Resource manufacturing contributed to a 0.8 percentage point decline in overall profit growth, with the decline narrowing compared to the previous six months[17] - Consumer goods manufacturing contributed 2 percentage points to profit growth, remaining stable compared to the first half of the year[17] - Equipment manufacturing contributed 2.1 percentage points to profit growth, showing a reduction compared to the previous six months[17] Group 4: Financial Ratios - As of the end of July 2024, the asset-liability ratio for industrial enterprises was 57.6%, unchanged from the end of June[24] - The asset-liability ratio for manufacturing enterprises increased to 57.1%, up 0.1 percentage points from June, while the mining and electricity/water sectors saw declines in their ratios[24]

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong brand and product capabilities, as well as its accelerated expansion in overseas markets [5][7] Core Views - The company's overseas case volume exceeded expectations, with 57,600 cases in H1 2024, a 512.8% YoY increase, surpassing the total of 33,000 cases in 2023 [2] - Overseas revenue reached RMB 223 million, accounting for 26.5% of total revenue, with a significant improvement in adjusted net profit margin [2] - Domestic case volume grew steadily by 10.8% YoY to 95,000 cases, with revenue increasing by 10.1% to RMB 630 million [3] - The company's overall gross margin improved to 62.4%, up 3.1 percentage points YoY, while the adjusted net profit margin increased to 8.3%, up 2.4 percentage points [4] Financial Analysis - The company reported H1 2024 revenue of RMB 860 million, a 39.8% YoY increase, with a net profit of RMB 22 million, down 30% YoY [1] - Adjusted net profit surged by 95.8% YoY to RMB 72 million, driven by strong overseas growth [1] - Sales expense ratio increased by 6.7 percentage points to 39.8%, while R&D expense ratio decreased by 5.3 percentage points to 8.7% [4] Market Expansion - The company has expanded its presence to over 50 countries and regions, up from 30+ at the end of 2023, with a focus on strategic markets in Europe, North America, Asia-Pacific, and Brazil [2] - The domestic market remains the company's stronghold, with a leading market share and a high-quality development strategy [3] Valuation and Forecast - The report revised revenue forecasts for 2024-2026 to RMB 1.83 billion, RMB 2.13 billion, and RMB 2.46 billion, respectively [5] - Net profit forecasts for 2024-2026 were adjusted to RMB 60 million, RMB 152 million, and RMB 267 million, respectively [5] - The company's current P/E ratios for 2024-2026 are 147x, 58x, and 33x, respectively, with P/S ratios of 5x, 4x, and 4x [5] Financial Ratios - The company's revenue growth rate is expected to be 23.7% in 2024, 16.5% in 2025, and 15.5% in 2026 [12] - Net profit growth rates are projected at 12.9% in 2024, 152.6% in 2025, and 75.2% in 2026 [12] - Gross margin is expected to remain stable at around 62.4%-63.0% over the forecast period [12]