Investment Rating - The report assigns an investment rating of AA-/AA- to the company and its convertible bond issuance [9][11]. Core Viewpoints - The company is a leading integrated enterprise in the research and production of small molecule drugs, focusing on providing comprehensive services from drug discovery to commercial production [15][16]. - The issuance of the convertible bond is aimed at raising funds for various projects, including high-end pharmaceutical intermediates and raw materials, which are expected to yield significant economic benefits [59][60][61]. Summary by Sections Convertible Bond Analysis - The total issuance size of the convertible bond is 822 million yuan, with a term of 6 years and a conversion price set at 40.73 yuan per share [9][10]. - The bond features a high compensation interest rate of 11%, and the dilution rates for total and circulating shares are 8.74% and 8.92%, respectively, indicating minimal dilution pressure [10][11]. Stock Analysis - The company is primarily focused on providing CRO and CDMO services for the global pharmaceutical and biopharmaceutical industries, with a strong emphasis on small molecule and new molecular drug development [15][16]. - As of November 2024, the company has a net asset return (ROE) of 5.49%, which is higher than the average of comparable companies [53]. Financial Analysis - For the first nine months of 2024, the company achieved an operating income of 1.619 billion yuan, a year-on-year increase of 17.65%, and a net profit of 143 million yuan, up 21.31% year-on-year [39][43]. - The company maintains a reasonable level of liquidity, with current and quick ratios indicating strong short-term debt repayment capabilities [44]. Valuation Performance - As of November 26, 2024, the company's price-to-earnings ratio (PE) is 52.44, which is below the average of comparable companies, indicating high valuation elasticity [53]. - The company's stock price has increased by 2.69% year-to-date, outperforming the industry index, which has decreased by 11.46% [53]. Fundraising Project Analysis - The funds raised will be allocated to several projects, including the construction of production facilities for high-end pharmaceutical intermediates and raw materials, which are projected to have a significant internal rate of return [59][60][61].

营收改善幅度弱于利润，价格或是主要拖累 事件点评 工业企业利润点评（2024.10） 投资要点 风险提示：消费投资内需改善幅度弱于预期风险。 分析师 秦泰 SAC 执业证书编号：S0910523080002 qintai@huajinsc.cn 报告联系人 周欣然 zhouxinran@huajinsc.cn 10 月工业企业利润同比跌幅受费用压降和投资收益拉动而明显收窄；尽管消费显 著回升带动营收改善，但 PPI 跌幅再度加深大幅限制了改善幅度。10 月工业企业 利润累计同比-4.3%，尽管单月同比跌幅骄傲 9 月大幅收窄 17.1 个百分点至 -10.0%，但仍处于深度下跌区间，凸显三点结构性特征：1）尽管 10 月消费在本 轮财政加码补贴的拉动下有明显改善，但企业营收受 PPI 跌幅再度扩大的拖累而改 善幅度相对有限，10 月工业企业营收同比仅小幅回升 0.2 个百分点至 0.2%。2） 10 月 LPR 下调 25BP 带动企业费用大幅下行，1-10 月累计费用率较 9 月大幅下行 0.04 个百分点至 8.42%，营业费用由此前连续两个月深度拖累利润增速大幅逆转 为拉动 2.6 个百分点；此外，自 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------|-------------------------------------------|----------------------------------|----------------------------------|----------------| | 2024 年 11 月 27 日 \n传媒 | | | 行业研究●证券研究报告 \n行业快报 | | | | | | | | | IP 衍生品供需两端共助生态 | 投资评级 | | 领先大市(维持) | | | | 首选股票 | | | 评级 | | 投资要点 | | | | | | 衍生品顺应当前消费者注重商品情绪价值的需求。根据中国新闻周刊发布的 | | | | | | IP 《 2024 有意思生活方式报告》显示，随着物质条件的日益丰富，当代年轻人对 | 一年行业表现 | | | | ...

| --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------|---------------------|------------------------------------------|----------------------------------|----------------| | 2024 年 11 月 26 日 \n通信 \n需求复苏景气提升， 5G RedCap 和智能模组预 | 投资评级 | 领先大市（维持） | 行业研究●证券研究报告 \n行业快报 | | | 期加强 | 首选股票 | | | 评级 | | | 002881.SZ | 美格智能 | 增持 | -B | | | 300638.SZ | 广和通 | 增持 | -B | | 投资要点 | 603236.SH | 移远通信 | 增持 | -B | | | | | | | | 事件：近期，根据 Counterpoint 对 AI 模组的跟踪和预测 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has received its first customer order for temporary bonding adhesive, marking a significant step in its strategic transformation [8][9] - The annual production capacity for temporary bonding adhesive exceeds 100 tons, which is expected to meet ongoing customer demand [9] - The company has successfully developed key technologies for high-temperature resistance and low volatility in its products, reducing reliance on imports [9] - The company aims to establish itself as a platform for innovative materials that can replace imports, particularly in the semiconductor advanced packaging materials sector [10][16] Financial Performance - Revenue projections for 2024 to 2026 are estimated at 32.18 billion, 38.19 billion, and 44.61 billion yuan, with growth rates of 20.7%, 18.7%, and 16.8% respectively [11] - Net profit for the same period is projected to be 481 million, 662 million, and 821 million yuan, with growth rates of 116.8%, 37.5%, and 24.1% respectively [11] - The company has shown a significant year-on-year increase in net profit, with a 82.7% increase in 2022 and a forecasted 116.8% increase in 2024 [17] Market Position - The company has established itself as a primary supplier of CMP polishing pads to several core domestic wafer manufacturers, indicating a deepening market penetration [16] - The company is actively developing a range of semiconductor materials, including CMP polishing liquids and advanced packaging materials, which are expected to drive future growth [9][10]

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http://www.huajinsc.cn/ 1 / 10 请务必阅读正文之后的免责条款部分 | --- | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------|----------------------|--------------------------------------| | 2024 | 年 11 月 22 日 \n先锋精科（ 688605.SH ） | | 公司研究●证券研究报告 \n新股覆盖研究 | | | 下周三（11 月 27 日）有一家科创板上市公司"先锋精科"询价。 | 交易数据 | | | | 先锋精科（ 688605 ）：公司是国内半导体刻蚀和薄膜沉积设备细分领域关键零部 | 总市值（百万元） | | | | 件的制造厂商。公司 2021-2023 年分别实现营业收入 4.24 亿元 /4.70 亿元 /5.58 亿 | 流通市值（百万元） | | | 元， | YOY 依次为 110 ...

电力设备及新能源 行业周报 宁德时代首次实现动力锂电池铁路运输, 福建 启动 2.4GW 海风竞配【第 44 期】 投资要点 新能源汽车：本周，沈阳亿纬锂能储能与动力电池项目一期工程——圆柱电池项 目顺利封顶。宁德时代第二代钠离子电池已经研发完成，有望于 2025 年推向市 场。宁德时代动力锂电池铁路运输首发仪式在贵阳、宜宾两地同时举行，中国动 力锂电池铁路运输实现"零的突破"。亿纬锂能计划于 2026 年推出高功率、高 环境内耐受性和绝对安全的全固态电池，于 2028 年推出 400Wh/Kg 高比能全固 态电池。星源材质与 Sepion Technologies, Inc 签订《备忘录》，双方拟合作并 商业化用于锂电池隔膜的新型涂层。龙蟠科技磷酸铁锂从 2024 年二季度起一直 处于较高的产能利用率状态，2024 年前三季度磷酸铁锂销量同比去年增长 77.6%。星源材质子公司英诺威有与亿纬锂能签订《全球战略合作框架协议》， 协议约定 2025-2030 年期间，亿纬锂能将向英诺威下达电池隔膜采购订单不少 于 20 亿平方米。我们预计锂电行业排产有望逐步向好，叠加行业估值已处于历 史低位，我们认为锂电行业有 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained outlook, indicating expected relative performance exceeding 15% over the next 6-12 months [2][3]. Core Insights - The completion of the new base for Tongfu Microelectronics (通富微电) in Suzhou focuses on advanced packaging and testing for high-end processors, particularly FCBGA technology, which is expected to achieve mass production by January 2025 [2]. - The company is the fourth largest packaging and testing enterprise globally and has a significant partnership with AMD, enhancing its position in the xPU market [3]. - The cloud computing market in China is projected to grow significantly, with a total market size of 616.5 billion in 2023, reflecting a 35.5% increase from 2021, and is expected to exceed 2.1 trillion by 2027 [2][3]. - The integration of AI and cloud computing is anticipated to drive demand for high-performance computing chips, with the global AI chip market expected to grow by 33% in 2024 [2][3]. Financial Projections - Revenue forecasts for 2024 to 2026 are 23.806 billion, 28.231 billion, and 32.813 billion respectively, with growth rates of 6.9%, 18.6%, and 16.2% [3][4]. - The net profit attributable to shareholders is projected to be 804 million, 1.205 billion, and 1.567 billion for the same years, with growth rates of 374.4%, 50.0%, and 30.0% respectively [3][4]. - The company maintains a gross margin of approximately 13.7% in 2024, improving to 14.4% and 14.7% in the following years [4]. Market Position and Strategy - The company is enhancing its advanced packaging capabilities, with over 70% of its revenue coming from this segment, and is investing in R&D for new technologies [2][3]. - The introduction of new packaging technologies, such as Cornerfill and CPB, aims to improve chip reliability and performance, catering to the growing demand in sectors like AI and cloud computing [2][3]. - The company is also focusing on expanding its product offerings in high-performance computing and advanced packaging platforms to meet the evolving needs of its clients [2][3].

Investment Rating - The report suggests maintaining a cautious and patient approach towards new stocks as the current active cycle may be nearing its end [1][12][34] Core Insights - The new stock market has shown a weak performance for the second consecutive week, with an average weekly decline of approximately 1.5% and only 25.7% of new stocks achieving positive returns [1][12][28] - The report highlights the need to monitor subtle emotional indicators as the market may be entering a correction phase, suggesting a potential shift in the active cycle of new stocks [1][12][34] - The average issuance price-to-earnings ratio for new stocks has increased significantly, with the average for November being 58.9X, influenced by high-growth stocks like Lianyun Technology [1][12][34] Summary by Sections New Stock Insights - The new stock market has experienced a significant emotional shift, with the structural buying momentum still present despite recent cooling [1][12] - The report indicates that the current emotional and pricing indicators are at relatively high levels, which may face downward adjustments soon [1][12][34] Recent New Stock Performance - Last week, three new stocks were available for online subscription, with an average issuance P/E ratio of 68.3X and a subscription success rate of 0.0444% [1][19][20] - The average first-day gain for newly listed stocks was 252%, while the average return for the first week was 226.3% [1][23][26] Upcoming New Stock Subscriptions - Four new stocks are set to be listed this week, with one each from the Sci-Tech Innovation Board, the Growth Enterprise Market, the Main Board, and the North Exchange [1][34][35] - The report recommends continued attention to new stock subscriptions due to the unchanged profit-making effect [1][34]