Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a stable performance with a slight decrease in revenue of 0.46% to 4.372 billion yuan and a net profit decline of 6.33% to 662 million yuan for the first half of 2024. However, the net profit after excluding non-recurring items increased by 6.31% to 735 million yuan [5] - The traditional Chinese medicine segment showed steady performance, while the negative impact from the centralized procurement of chemical drugs has been fully reflected. The approval of new indications for biological drugs is expected to bring a turning point [5] - The company’s modern Chinese medicine R&D pipeline is rich, with two products in the production application stage and 19 products in clinical II and III phases, which are expected to become new growth points for revenue [5] - The revenue forecasts for 2024 to 2026 are 8.78 billion yuan, 9.43 billion yuan, and 10.11 billion yuan, with year-on-year growth rates of 1.2%, 7.4%, and 7.3% respectively. The net profit forecasts are 1.14 billion yuan, 1.36 billion yuan, and 1.64 billion yuan, with growth rates of 6.4%, 19.5%, and 20.2% respectively [5] Summary by Sections Company Basic Data - Latest closing price: 13.76 yuan - One-year high/low price: 17.67/12.24 yuan - Current P/E ratio: 20.03 - Current P/B ratio: 1.64 - Total shares: 1.494 billion - Total market value: 20.557 billion yuan [3] Performance Analysis - The company achieved a revenue of 4.372 billion yuan in H1 2024, with a slight decline of 0.46%. The net profit attributable to shareholders was 662 million yuan, down 6.33%, while the net profit after excluding non-recurring items was 735 million yuan, up 6.31% [5] - Traditional Chinese medicine revenue was 3.121 billion yuan, an increase of 3.53%. Chemical drug revenue was 631 million yuan, up 12.57%, while biological drug revenue was 107 million yuan, down 7.75% [5] Profit Forecast - The company’s revenue and net profit forecasts for 2024 to 2026 are as follows: - Revenue: 87.80 billion yuan (2024), 94.26 billion yuan (2025), 101.10 billion yuan (2026) - Net profit: 11.40 billion yuan (2024), 13.62 billion yuan (2025), 16.37 billion yuan (2026) [7]

[Table_Rank] 评级： 看好 [Table_Authors] 李田 分析师 SAC 执证编号：S0110522090002 litian11@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 商贸零售 沪深300 28-Aug 8-Nov19-Jan 31-Mar 11-Jun 22-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 商社周报：7 月社零有所恢复，阿里 京东业绩、指引靓丽 商社周报：食品带动 7 月 CPI 上行， 资生堂业绩受核污水拖累 周报： 亚马逊财报显示海外需求回 落，餐饮盈利多承压 [Table_Title] 商社周报：中报密集发布，关注结构性机会 [Table_ReportDate] 商贸零售 | 行业简评报告 | 2024.08.27 核心观点 [Table_Summary] ⚫ 周度行情：本周（2024.8.19-2024.8.25）主要宽基指数下跌。上证综 指数下跌 0.87%，深证成指下跌 2.01%，创业板指下跌 2.80%。商贸 零售子板块方面， 细分行业均下跌。其中专 ...

[Table_Rank] 评级： 看好 [Table_Authors] 翟绪丽 首席分析师 SAC 执证编号：S0110522010001 zhaixuli@sczq.com.cn 电话：010- 81152683 甄理 行业分析师 SAC 执证编号：S0110524070001 zhenli@sczq.com.cn 电话：021-58820301 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 基础化工 沪深300 28-Aug 8-Nov19-Jan 31-Mar 11-Jun 22-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 液氯涨幅居前，凯赛生物上半年利润 同比增长 维生素 A 涨幅居前，金石资源半年利 润同比增长 维生素继续领涨，龙佰集团与四川资 源集团签订合作协议 【首创化工】2023 年策略报告——周 期起伏中寻求确定性，关注龙头股、 磷化工、氟化工三条主线 [Table_Title] 维生素 A 涨幅居前，华鲁恒升上半年利润同比增长 [Table_ReportDate] 基础化工 | 行业简评报告 | 2024.08. ...

[Table_Rank] 评级： 买入 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn [Table_Summary] [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 燕京啤酒 沪深300 28-Aug 8-Nov19-Jan 31-Mar 11-Jun 22-Aug 资料来源：聚源数据 [Table_BaseData] 公司基本数据 | --- | --- | |-------------------------|------------| | 最新收盘价（元） | 9.46 | | 一年内最高/最低价（元） | 10.67/7.49 | | 市盈率（当前） | 29.99 | | 市净率（当前） | 1.83 | | 总股本（亿股） | 28.19 | | 总市值（亿元） | 266.63 | 资料来源：聚源数据 相关研究 [Table_OtherReport] 高端化稳步推进，经营效率持续提升 [Table_Title] 产品结构升级持续，利润弹性有望释放 [Table_Rep ...

[Table_Summary] [Table_Title] 盈利能力持续提升，产品梯队日益完善 [Table_ReportDate] 九典制药(300705)公司简评报告 | 2024.08.27 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：86-10-81152644 ⚫ 事件：公司发布 2024 年半年报，实现营业收入为 13.66 亿元（+12.19%）， 归属于上市公司股东的净利润为 2.84 亿元（+43.77%），扣非后归属于 上市公司股东的净利润为 2.55 亿元（+43.24%）。 ⚫ 盈利能力持续提升，洛索洛芬钠凝胶贴膏有望继续保持平稳增长。2024 年上半年公司收入增速慢于利润增速，我们认为主要是由于各省集采结 果陆续执行，洛索洛芬钠凝胶贴膏单价有所下降。公司经营效率持续优 化，盈利能力持续提升，2024 年上半年公司销售费用率为 39.98%，同 比下降 8.74pct，主要由于集采推进和半自营模式的推广，我们认为洛索 洛芬钠凝胶贴膏的品 ...

[Table_Rank] 评级： 看好 [Table_Authors] 何立中 电子行业首席分析师 SAC 执证编号：S0110522110002 helizhong@sczq.com.cn 电话：010-81152682 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 电子 沪深300 28-Aug 8-Nov19-Jan 31-Mar 11-Jun 22-Aug [Table_Summary] 资料来源：聚源数据 相关研究 [Table_OtherReport] 电子周报：智能眼镜解决用户的痛点 电子周报：高算力自动驾驶芯片登陆 资本市场 电子：新型芯片绝缘材料有望突破国 际半导体技术制裁 [Table_Title] 思瑞浦收购创芯微过审 [Table_ReportDate] 电子 | 行业简评报告 | 2024.08.27 核心观点 ⚫ 思瑞浦收购创芯微过审 8 月 24 日，思瑞浦发布公告，上海证券交易所并购重组审核委员会 2024 年 8 月 23 日召开 2024 年第 5 次并购重组审核委员会审议会议， 通过了关于思瑞浦拟以发行可转换公司债券及支付现金的 ...

[Table_Title] Q2 利润环比大幅增长 核级海绵锆或成未来增长点 [Table_ReportDate] 三祥新材(603663)公司简评报告 | 2024.08.27 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 吴轩 有色行业首席分析师 SAC 执证编号：S0110521120001 wuxuan123@sczq.com.cn 电话：021-58820297 [Table_Chart] 市场指数走势（最近 1 年） -1 0 1 2 28-Aug 8-Nov19-Jan 31-Mar 11-Jun 22-Aug 三祥新材 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 14.88 | | 一年内最高 / 最低价（元） | 22.18/7.58 | | 市盈率（当前） | 100.66 | | 市净率（当前） | 4.75 | | 总股本（亿股） | 4.23 | | ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a revenue of 917 million yuan for H1 2024, a year-on-year decrease of 5.58%, and a net profit attributable to shareholders of 103 million yuan, down 24.35% year-on-year [2] - The decline in revenue is attributed to fluctuations in downstream demand, with the testing equipment revenue dropping by 14.57% to 291 million yuan, and environmental and reliability testing service revenue decreasing by 1.72% to 461 million yuan [3] - The integrated circuit verification and analysis service revenue increased by 18.22% to 128 million yuan, driven by enhanced testing capabilities and promotional efforts [3] - The net profit margin slightly decreased, with a sales net profit margin of 13.24%, down 2.91 percentage points year-on-year [3] - The company expects a recovery in downstream demand for testing equipment and environmental testing services, with projected net profits for 2024-2026 being 336 million yuan, 413 million yuan, and 518 million yuan respectively, corresponding to PE ratios of 17.5, 14.2, and 11.3 [3] Summary by Sections Financial Performance - H1 2024 revenue was 917 million yuan, down 5.58% year-on-year, with a net profit of 103 million yuan, down 24.35% year-on-year [2] - Q2 2024 revenue was 474 million yuan, a decrease of 11.01% year-on-year, with a net profit of 61 million yuan, down 33.80% year-on-year [2] Revenue Breakdown - Testing equipment revenue was 291 million yuan, down 14.57% year-on-year [3] - Environmental and reliability testing service revenue was 461 million yuan, down 1.72% year-on-year [3] - Integrated circuit verification and analysis service revenue was 128 million yuan, up 18.22% year-on-year [3] Profitability Metrics - H1 2024 gross profit margin was 45.04%, up 0.35 percentage points year-on-year [3] - The sales net profit margin was 13.24%, down 2.91 percentage points year-on-year [3] - The company’s projected net profits for 2024-2026 are 336 million yuan, 413 million yuan, and 518 million yuan respectively [3] Future Outlook - The company anticipates a gradual recovery in downstream demand for testing equipment and environmental testing services [3] - The projected revenue growth rates for 2024-2026 are 6.8%, 16.2%, and 18.9% respectively [4]

[Table_Title] 受益于新兴业务增长，2024H1 收入表现亮眼 [Table_ReportDate] 鼎泰高科(301377)公司简评报告 | 2024.08.26 [Table_Rank] 评级： 增持 核心观点 [Table_Authors] 曲小溪 首席分析师 SAC 执证编号：S0110521080001 quxiaoxi@sczq.com.cn 电话：010-8115 2676 [Table_Summary] ⚫ 事件：公司发布 2024 年半年报，2024H1 公司实现营收 7.13 亿元，同比 增加 22.30%，归母净利润 0.89 亿元，同比下降 16.06%；扣非归母净利 润 0.75 亿元，同比增加 1.00%。2024Q2 单季度，公司实现营收 3.80 亿 元，同比增加 23.96%，归母净利润 0.48 亿元，同比增加 28.20%，扣非 归母净利润 0.40 亿元，同比增加 20.93%。 ⚫ 刀具产品稳健增长，新兴业务亮点纷呈。 （1）刀具产品：随着下游 PCB 行业需求回暖以及 AI 需求拉动，2024H1 公司刀具产品实现营收 5.41 亿元，同比增长 12.1 ...

[Table_Rank] 评级： 看好 [Table_Authors] 吴轩 有色行业首席分析师 SAC 执证编号：S0110521120001 wuxuan123@sczq.com.cn 电话：021-58820297 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 有色金属 沪深300 28-Aug 8-Nov19-Jan 31-Mar 11-Jun 22-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 有色行业周报：金价再创历史新高 工 业金属价格底部反弹 有色行业周报：流动性危机导致贵金 属价格波动增加 工业金属价格继续调 整 有色行业周报：有色金属板块继续下 跌 静待商品价格企稳 [Table_Title] 有色行业周报：降息情绪升温 金属价格有望走强 [Table_ReportDate] 有色金属 | 行业简评报告 | 2024.08.26 核心观点 [Table_Summary] ⚫ 铜价逐步企稳，电解铝反弹明显 1）铜：本周 SHFE 铜下跌 0.58%，收于 73500 元/吨；LME 铜上 涨 1.31%，收于 929 ...