Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company demonstrates strong operational resilience amid a challenging macroeconomic environment, with steady progress in both domestic and international development strategies [1][4] - In the first half of 2024, the company achieved revenue of 10.5 billion (up 2.86% year-on-year) and a net profit attributable to shareholders of 2.05 billion (up 19.71%) [3][4] - The company is expanding its network of eye care centers and has completed the acquisition of 52 medical institutions in the first half of 2024, enhancing its service capacity [4][5] Financial Performance - The company reported an outpatient volume of 7.94 million (up 9.2%) and a surgical volume of 650,000 (up 6.9%) in the first half of 2024 [4] - Revenue breakdown includes: - Refractive income: 4.155 billion (up 3.2%), gross margin 57.19% (down 0.53 percentage points) - Vision service income: 2.371 billion (up 3.1%), gross margin 55.95% (up 0.71 percentage points) - Cataract project income: 1.735 billion (up 3.6%), gross margin 37.50% (up 0.02 percentage points) - Other project income: 622 million (down 7.5%), gross margin 39.63% (down 0.04 percentage points) [4][5] Future Earnings Forecast - The company’s revenue is projected to reach 22.1 billion, 25.1 billion, and 28.4 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 9%, 13%, and 13% [5][7] - Net profit attributable to shareholders is expected to be 3.98 billion, 4.78 billion, and 5.75 billion for the same years, with growth rates of 19%, 20%, and 20% respectively [5][7] International Expansion - The company is steadily implementing its international strategy, with European revenue reaching 1.017 billion (up 16%), accounting for 9.6% of total revenue in the first half of 2024 [5][6] - The number of medical institutions in Europe has expanded from over 70 in 2017 to 108 by the end of 2023, with the acquisition of Optimax Group marking entry into the UK ophthalmology market [5][6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue for 2024H1 reached 1,928 million yuan, a year-on-year increase of 17.52%, with net profit attributable to the parent company of 312 million yuan, up 10.85% year-on-year [3] - The company's non-GAAP net profit was 309 million yuan, a significant increase of 38.32% year-on-year [3] - The company's operating cash flow for 2024H1 was 225 million yuan, returning to normal levels [4] - The company's parent company revenue for 2024H1 was 1,001 million yuan, a year-on-year increase of 17.52%, with hemorrhoid product revenue growing by 22.02% [4] - The company's health business revenue grew by 33.27% year-on-year in 2024H1, driven by the rapid growth of eye care products and hygiene wipes [4] Financial Forecasts - Revenue forecasts for 2024-2026 are adjusted to 3,665/4,202/4,865 million yuan, with net profit attributable to the parent company forecasted at 562/647/747 million yuan [2] - The corresponding PE ratios for the current stock price are 20/17/15 times for 2024-2026 [2] - The company's ROE is expected to be 12%/13%/14%/14% for 2023A-2026E [5] - The company's gross margin is expected to increase from 42% in 2023A to 45% in 2026E [5] - The company's revenue growth rate is forecasted to be 17%/15%/16% for 2024E-2026E [5] Business Performance - The company has deepened its channel marketing reform, strengthening retail channel terminal sales and exploring the potential of third- and fourth-tier markets [4] - The company has accelerated the construction of its medical service network, adding 9 new anorectal diagnosis and treatment centers, bringing the total to 89 [4] - The company has organized large-scale巡回义诊 (mobile medical services) and双术交流 (surgical exchange) activities to empower its hemorrhoid drug business [4] Market Data - The company's current stock price is 25.91 yuan, with a total market capitalization of 11,168.61 million yuan and a circulating market capitalization of 11,149.25 million yuan [4] - The company's total share capital is 431.05 million shares, with a circulating share capital of 430.31 million shares [4] - The company's average daily trading volume is 79.44 million yuan [1]

研究所： 证券分析师： 张艺露 S0350523110003 zhangyl01@ghzq.com.cn [Table_Title] 2024Q2 业绩保持增长， "两翼"开拓掷地有声 ——北新建材（000786）2024 中报点评 最近一年走势 事件: 2024 年 8 月 22 日，北新建材发布 2024 年半年报：2024H1，公司实现 收入/归母净利润/扣非归母净利润 136.0/22.1/21.6 亿元，分别同比 +19.3%/+16.8%/17.0%；2024Q2，公司实现收入/归母净利润/扣非归母 净利润 76.5/13.9/13.7 亿元，分别同比+15.4%/+7.0%/8.0%。 投资要点: 相对沪深 300 表现 2024/08/23 表现 1M 3M 12M 北新建材 -6.3% -23.8% -9.2% 沪深 300 -3.3% -8.6% -10.0% 市场数据 2024/08/23 当前价格（元） 25.39 52 周价格区间（元） 21.77-36.50 总市值（百万） 42,896.60 流通市值（百万） 41,447.88 总股本（万股） 168,950.78 流通股本（万 ...

2024 年 08 月 26 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 姚健 S0350522030001 yaoj@ghzq.com.cn 证券分析师： 杜先康 S0350523080003 duxk01@ghzq.com.cn [Table_Title] 2024Q2 业绩稳增长，毛利率环比显著提升 ——汉钟精机（002158）2024 年中报点评 最近一年走势 事件: 汉钟精机 8 月 24 日发布 2024 年中报：2024H1 公司实现收入 18.35 亿 元，同比增长 3.72%；实现归母净利润 4.51 亿元，同比增长 23.30%； 实现扣非归母净利润 4.25 亿元，同比增长 20.84%。 投资要点: 2024Q2 业绩稳增长。分产品，2024H1 公司压缩机组实现收入 9.60 亿元，同比增长 6.96%；真空产品实现收入 6.93 亿元，同比减少 7.11%；零件及维修实现收入 1.61 亿元，同比增长 65.79%；铸件产 品实现收入 0.21 亿元，同比减少 25.99%。2024Q2 公司实现收入 10.85 亿元，同比增长 0.60%，环比增长 44.84%；实 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][7] Core Views - The company reported a strong performance in H1 2024, with revenue of 4.418 billion yuan, a year-on-year increase of 75.48%, and a net profit attributable to shareholders of 769 million yuan, up 47.19% year-on-year [2][3] - The company secured significant orders, including a large procurement order for over 10GW of high-speed 0BB string welding equipment, indicating accelerated platform layout [3][4] - The company is increasing its R&D investment, with R&D expenses rising by 37.01% year-on-year in H1 2024 [3] Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 2.453 billion yuan, a year-on-year increase of 65.94% and a quarter-on-quarter increase of 24.89% [3] - The gross margin for H1 2024 was 33.81%, a decrease of 2.83 percentage points year-on-year, while the net margin was 18.19%, down 2.27 percentage points year-on-year [3] - The company signed new orders worth 6.285 billion yuan (including tax) in H1 2024, a year-on-year increase of 8.74%, with total orders on hand reaching 14.341 billion yuan, up 41.11% year-on-year [3] Market Position and Orders - The company holds over 60% market share in string welding machines, serving more than 600 production bases globally [3] - The company has received orders from major clients in the module PACK production line and semiconductor equipment, indicating a strong demand for its products [3] Earnings Forecast - The company is expected to achieve revenues of 9.503 billion yuan, 12.516 billion yuan, and 14.626 billion yuan for the years 2024, 2025, and 2026, respectively [4][6] - The projected net profit attributable to shareholders for the same years is 1.835 billion yuan, 2.407 billion yuan, and 2.894 billion yuan, respectively [4][6] - The current price corresponds to a PE ratio of 6, 4, and 4 times for the years 2024, 2025, and 2026, respectively [4][6]

| --- | --- | |--------------|--------------------------------------| | 2024 | 年 08 月 26 日 | | 研究所： | | | 证券分析师： | 姚健 S0350522030001 yaoj@ghzq.com.cn | | 联系人 ： | 梅朔 S0350123070010 meis@ghzq.com.cn | 评级：买入(维持) 最近一年走势 | --- | --- | --- | --- | --- | --- | |----------------|--------------------|-------|-------|--------|-------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 相对沪深 | 300 表现 | | | | 2024/08/26 | | 表现 | 1M | | | 3M | 12M | | 优利德 | -3.5% | | | -29.5% | -34.7% | | 沪深 30 ...

Investment Rating - The report assigns a "Buy" rating for the company, Peakai Technology (688279.SH), marking its first coverage in the sector [1]. Core Insights - The company is positioned as a high-performance motor drive control chip provider, with growth driven by terminal penetration and domestic substitution. It has established a strong market presence in the BLDC motor sector and is expanding into new applications [4][6]. Summary by Sections Company Fundamentals - Peakai Technology, founded in 2010, specializes in the design of high-performance BLDC motor drive control chips and has evolved into a system-level service provider. Its product range includes all key chips for motor drive control, providing specialized chip products, compatible architecture algorithms, and motor structure design solutions [8][10]. - The company has a healthy financial status with steady performance improvements, supported by high-performance products that ensure high profitability. The ownership structure is relatively stable, emphasizing technology and shared growth through equity incentives [15][19]. Industry Trends - The BLDC drive control chip market is experiencing steady growth, driven by energy efficiency trends and expanding applications. The market is expected to grow at a compound annual growth rate (CAGR) of approximately 6.6% from 2024 to 2030, with a projected market size of $30.86 billion by 2030 [37][41]. - Key application areas include small appliances, white goods, electric tools, and automotive electronics, with significant growth potential in emerging fields such as humanoid robots and automotive electronics [32][41]. Competitive Advantages - The company possesses core advantages in chip technology, motor drive architecture, and motor technology, which support its long-term development. The increasing penetration rate of BLDC motors and domestic substitution trends are expected to enhance market share in traditional application areas [4][19]. - The company maintains a high gross margin across its product lines, with the motor control chip (MCU) being the primary profit contributor, accounting for approximately 64% of gross profit in the first half of 2024 [19][22]. Financial Performance - The company reported a revenue of 2.82 billion yuan in the first half of 2024, representing a year-on-year growth of 58%. The net profit attributable to shareholders for the same period was 1.2 billion yuan, up 47% year-on-year [15][17]. - The overall gross margin has improved from 44.66% in 2018 to 53.47% in the first half of 2024, reflecting effective cost control and increased sales scale [22][24]. Management and Governance - The company's ownership structure is stable, with key management holding significant shares, ensuring efficient decision-making. The management team has extensive technical expertise, with a focus on innovation and long-term growth [26][30].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in Q2 2024, with a revenue increase of 36.41% quarter-on-quarter, driven by the expansion of organic fluorochemical products [5][6] - The overall performance in the first half of 2024 was impacted by a slowdown in the new energy sector, increased competition in lithium battery materials, and declining product prices [4][5] Financial Performance Summary - In H1 2024, the company achieved a total revenue of 3.582 billion yuan, a year-on-year increase of 4.35%, but the net profit attributable to shareholders decreased by 19.54% to 416 million yuan [3][4] - Q2 2024 results showed a revenue of 2.067 billion yuan, up 15.75% year-on-year and 36.41% quarter-on-quarter, with a net profit of 251 million yuan, reflecting a year-on-year decrease of 7.54% but a quarter-on-quarter increase of 51.97% [3][5] Segment Performance Summary - Battery chemicals generated revenue of 2.293 billion yuan, up 4.44% year-on-year, with a gross margin of 13.65% [4] - Organic fluorochemicals reported revenue of 712 million yuan, down 4.72% year-on-year, with a gross margin of 62.22% [4] - Capacitor chemicals saw revenue of 365 million yuan, an increase of 20.07% year-on-year, with a gross margin of 40.48% [4] - Semiconductor chemicals achieved revenue of 177 million yuan, up 15.98% year-on-year, with a gross margin of 44.86% [4] Future Outlook - The company is expected to benefit from the exit of 3M from PFAS production, which may create opportunities in the organic fluorochemical market [6] - Revenue projections for 2024-2026 are estimated at 8.216 billion, 10.114 billion, and 12.911 billion yuan respectively, with net profits of 1.094 billion, 1.527 billion, and 2.014 billion yuan [7][16]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][6]. Core Insights - The company has maintained stable revenue growth with a focus on optimizing its product matrix, achieving a revenue of 862 million yuan in H1 2024, a year-on-year increase of 0.03%, and a net profit attributable to shareholders of 123 million yuan, a year-on-year decrease of 4.43% [3][4]. - The company is positioned as a leader in the bathroom heater and integrated ceiling market, with a strong market share in key categories, and is expanding into the low-penetration smart home market [6][9]. - The company continues to enhance its product offerings to meet changing market demands, with electrical products generating 663 million yuan in revenue, accounting for 76.91% of total revenue, and a gross margin of 53.24% [4][6]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 862 million yuan, with a net profit of 123 million yuan and a non-recurring net profit of 113 million yuan, reflecting a decrease of 4.43% and 8.63% year-on-year, respectively [3][4]. - The Q2 2024 results showed a revenue of 481 million yuan, a year-on-year decrease of 6.71%, and a net profit of 71 million yuan, down 12.71% year-on-year [3]. Market Position and Strategy - The company adopts a dual development path of "appliances + home," focusing on both home appliances and home products, which has helped maintain revenue stability amid changing consumer preferences [4]. - The company is actively optimizing its product matrix and enhancing product iterations to align with market demand, which has effectively broadened its product categories and strengthened its market position [4][6]. Future Projections - The company is expected to achieve revenues of 2.029 billion yuan, 2.110 billion yuan, and 2.194 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 314 million yuan, 328 million yuan, and 341 million yuan [6][7]. - The projected P/E ratios for the next three years are 13, 12, and 12 times, indicating a stable valuation outlook [6][9].

2024 年 08 月 23 日 公司研究 评级：买入(维持) 证券分析师： 李航 S0350521120006 lih11@ghzq.com.cn 证券分析师： 王刚 S0350524020001 wangg06@ghzq.com.cn 研究所： [Table_Title] 配用电和医疗双轮驱动，海外配电持续获得突破 ——三星医疗（601567）2024 年半年报点评 最近一年走势 事件: 三星医疗 2024 年 8 月 23 日发布 2024 年半年度报告：2024H1，公司实 现营收 70 亿元，同比+26%；归母净利润 11.5 亿元，同比+32%；扣非 归母净利润 10.8 亿元，同比+32%；销售毛利率 34.6%，同比+3.5pct； 销售净利率 16.5%，同比+0.8pct。 其中，2024Q2，营收 40 亿元，环比+31%，同比+20%；归母净利润 7.9 亿元，环比+116%，同比+31%；扣非归母净利润 7.0 亿元，环比+87%， 同比+28%；销售毛利率 37.2%，环比+6.0pct，同比+5.6pct；销售净利 率 19.9%，环比+7.8pct，同比+1.7pct。 投资要 ...