Investment Rating - The investment rating for the company is "Buy" [1][3] Core Views - The company reported a revenue of 8.046 billion yuan for the first half of 2024, representing a year-on-year increase of 5.52%. The net profit attributable to shareholders was 758 million yuan, up 47.54% year-on-year [3] - The trend of product premiumization continues, with the U8 flagship product showing steady growth. In H1 2024, revenue from mid-to-high-end products was 5.064 billion yuan, up 10.61% year-on-year, while revenue from regular products was 2.324 billion yuan, down 6.41% year-on-year [3] - The company's gross margin improved to 43.36%, an increase of 1.81 percentage points year-on-year, driven by a higher proportion of high-margin mid-to-high-end products and continued raw material cost benefits [3] - The company is advancing its flagship product strategy and optimizing its product structure and pricing system, which is expected to further enhance profit elasticity in the future [3] - The profit forecast for the company has been adjusted, with net profits expected to be 970 million yuan, 1.27 billion yuan, and 1.54 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth of 50%, 31%, and 21% [3][4] Financial Summary - For H1 2024, the company achieved a revenue of 8.046 billion yuan and a net profit of 758 million yuan, with a net profit margin of 9.42%, an increase of 2.68 percentage points year-on-year [3] - The company's total assets are projected to grow from 212.31 billion yuan in 2023 to 249.47 billion yuan in 2026 [5] - The company's earnings per share (EPS) is expected to increase from 0.23 yuan in 2024 to 0.55 yuan in 2026 [4][5]

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a revenue of 1.366 billion yuan in the first half of 2024, representing a year-on-year increase of 12.19%. The net profit attributable to shareholders was 284 million yuan, up 43.77%, while the net profit after deducting non-recurring items was 255 million yuan, an increase of 43.24% [3][4] - The profitability of the company continues to improve, with the sales expense ratio decreasing to 39.98%, down 8.74 percentage points year-on-year, attributed to the implementation of centralized procurement and the promotion of a semi-self-operated model. The net profit margin increased to 20.80%, up 4.57 percentage points year-on-year [4] - The company has successfully developed a target chain of 350 stores, covering nearly 80,000 outlets, indicating strong growth potential in the outpatient market [4] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 1.366 billion yuan, a 12.19% increase year-on-year, and a net profit of 284 million yuan, a 43.77% increase [3] - The company expects revenue for 2024 to reach 3.116 billion yuan, with a year-on-year growth rate of 15.7%. The net profit is projected to be 508 million yuan, reflecting a growth rate of 37.9% [5] Product Development - The company’s product lineup is expanding, with the ketoprofen gel patch expected to maintain rapid growth after being included in the National Medical Insurance Directory for 2023. This product differentiates itself from the existing product, losartan sodium gel patch, in terms of indications and pricing [4] - Several other topical formulations are in the application stage, which will complete the product lineup in the transdermal drug delivery field, ensuring sustained performance growth [4] Profitability Forecast - The company’s revenue forecasts for 2024 to 2026 are 3.116 billion yuan, 3.886 billion yuan, and 4.771 billion yuan, with corresponding year-on-year growth rates of 15.7%, 24.7%, and 22.8% respectively. The net profit forecasts for the same period are 508 million yuan, 657 million yuan, and 805 million yuan, with growth rates of 37.9%, 29.3%, and 22.5% respectively [5]

Investment Rating - The report assigns an investment rating of "Positive" for the industry [1]. Core Viewpoints - The acquisition of Chuangxinwei by Suyipu has been approved, with the Shanghai Stock Exchange's M&A Review Committee approving the acquisition plan on August 23, 2024 [2]. - Suyipu plans to acquire 100% equity of Shenzhen Chuangxinwei Microelectronics Co., Ltd. for a total valuation of 1.06 billion yuan, with differentiated pricing schemes for Chuangxinwei's shareholders [3]. - After six consecutive quarters of negative revenue growth, Suyipu's revenue growth returned to positive in Q2 2024, with an upward trend in gross margin [1]. - The electronic sector has slightly outperformed the broader market, with the CSI Electronic Index declining by 2.89% from August 19 to August 23, 2024, compared to a 0.87% decline in the Shanghai Composite Index [7]. - The report recommends focusing on semiconductor and smart glasses markets, particularly in computing power, storage, and PCB sectors [18]. Summary by Sections M&A Approval - On August 24, Suyipu announced the approval of its acquisition plan for Chuangxinwei by the Shanghai Stock Exchange's M&A Review Committee [2]. Differentiated Pricing - Suyipu's acquisition involves a total price of 1.06 billion yuan, with three differentiated pricing options for Chuangxinwei's shareholders, valuing the equity at 872 million yuan, 1.15 billion yuan, and 1.62 billion yuan respectively [3]. Revenue Growth - Suyipu's revenue growth turned positive in Q2 2024 after six quarters of decline, indicating a recovery in performance [1]. Market Performance - From August 19 to August 23, 2024, the CSI Electronic Index fell by 2.89%, while the Shanghai Composite Index decreased by 0.87% [7]. - Year-to-date, the Shanghai Composite Index is down 4.05%, and the CSI Electronic Index has declined by 15.88% [7]. Sector Recommendations - The report suggests investors pay attention to the semiconductor and smart glasses sectors, focusing on computing power, storage, and PCB [18].

[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 ...

Investment Rating - The report assigns a "Buy" rating to Jingxin Pharmaceutical (002020) [1] Core Views - Jingxin Pharmaceutical achieved revenue of 2.15 billion yuan (+11.02% YoY) and net profit attributable to shareholders of 402 million yuan (+27.28% YoY) in H1 2024 [2] - Finished drugs returned to growth trajectory, with revenue reaching 1.301 billion yuan (+17.13% YoY) in H1 2024 [2] - Domestic sales of finished drugs grew approximately 16% YoY, while revenue from out-of-hospital markets surged over 80% YoY [2] - The company's new sales system is expected to drive further growth in generic drugs in primary and out-of-hospital markets [2] - Didaxinib capsules, launched in March 2024, have been introduced in over 200 hospitals and are expected to contribute to performance from H2 2024 [2] - Operating efficiency continues to improve, with sales expenses decreasing by 3.63% YoY to 384 million yuan in H1 2024 [2] - New production capacity expansions in Xinchang Daming and Shandong chemical bases have been completed and put into operation [2] Financial Projections - Revenue is projected to reach 4.417 billion yuan (+10.5% YoY) in 2024, 4.948 billion yuan (+12.0% YoY) in 2025, and 5.505 billion yuan (+11.3% YoY) in 2026 [2] - Net profit attributable to shareholders is forecasted at 730 million yuan (+17.9% YoY) in 2024, 798 million yuan (+9.4% YoY) in 2025, and 917 million yuan (+14.8% YoY) in 2026 [2] - EPS is expected to be 0.85 yuan in 2024, 0.93 yuan in 2025, and 1.06 yuan in 2026 [2] - Current PE ratios are 13.4x for 2024, 12.3x for 2025, and 10.7x for 2026 [2] Company Fundamentals - Latest closing price: 11.37 yuan [5] - 52-week high/low: 14.95 yuan/7.98 yuan [5] - Current PE ratio: 13.88x [5] - Current PB ratio: 1.73x [5] - Total shares outstanding: 861 million [5] - Market capitalization: 9.79 billion yuan [5] Financial Ratios - Gross margin: 50.6% in 2023, projected to increase to 53.4% by 2026 [5] - Net margin: 15.6% in 2023, expected to reach 16.8% by 2026 [5] - ROE: 11.2% in 2023, forecasted to remain stable around 11.5% by 2026 [5] - ROIC: 14.0% in 2023, projected to reach 16.5% by 2024 and maintain through 2026 [5] - Debt-to-asset ratio: 30.6% in 2023, expected to decrease to 26.0% by 2026 [5]

[Table_Title] 商社周报：7 月社零有所恢复，阿里京东业绩、指引靓 丽 [Table_ReportDate] 商贸零售 | 行业简评报告 | 2024.08.23 核心观点 [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 22-Aug 3-Nov15-Jan 28-Mar 9-Jun21-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 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 周报： 行业估值进一步下修，董宇辉 离职东方甄选 [Table_Summary] ⚫ 周度行情：本周（2024.8.12-2024.8.18）主要宽基指数涨跌互现。上 证综指数上涨 0.6%，深证成指下跌 0.52%，创业板指下跌 0.26%。商 贸零售子板块方面， 细分行业多数上 ...

[Table_Title] 2024Q2 利润承压，半导体设备布局不断完善 [Table_ReportDate] 晶盛机电(300316)公司简评报告 | 2024.08.22 [Table_Rank] 评级： 买入 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，2024 上半年实现营收 101.47 亿元，同 比+20.71%，归母净利润 20.96 亿元，同比-4.97%，扣非归母净利润 20.94 亿元，同比+1.02%。 ⚫ 营收保持增长，Q2 利润端承压。2024Q2 单季度营收 56.38 亿元，同比 +17.29%，归母净利润 10.27 亿元，同比-22.19%，扣非归母净利润 9.92 亿元，同比-17.20%，Q2 利润端承压。 ⚫ 毛利率有所下滑，期间费用率管控良好。2024年上半年公司销售毛利率 37%，同比-5.66pct，净利率23.54%，同比-6.66pct。其中设备和 ...