公用事业 | 证券研究报告 — 调整盈利预测 2024 年 8 月 22 日 601222.SH 买入 原评级：买入 市场价格:人民币 6.37 板块评级:强于大市 股价表现 (26%) (20%) (13%) (6%) 1% 8% Aug-23Sep-23Oct-23Nov-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 | --- | --- | --- | --- | --- | |--------------------------------------------|---------------------------|----------------------------------|------------------------|-------------------------| | 林洋能源 \n(%) \n绝对 \n相对上证综指 | 今年 至今 \n(0.2) \n3.4 | 上证综指 \n1 个月 \n6.0 \n10.2 | 3 个月 \n(5.5) \n4.1 | 12 个月 \n(8.9) \n(1.2) | | 发行股数 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company achieved impressive growth in H1 2024, with operating revenue of RMB 13.601 billion, a year-on-year increase of 21.78%, and a net profit attributable to shareholders of RMB 3.432 billion, up 48.67% year-on-year [2] - The company is expanding its R&D pipeline and enhancing its international market presence, with multiple innovative drugs entering clinical stages [2] - The company has established a mature platform for various drug types and has 13 self-developed innovative molecules in clinical stages, indicating a diversified product layout [2] Summary by Sections Financial Performance - In H1 2024, the company reported operating revenue of RMB 13.601 billion, a 21.78% increase year-on-year, and a net profit of RMB 3.432 billion, reflecting a 48.67% growth [2] - R&D investment reached RMB 3.860 billion in H1 2024, with a R&D expense ratio of 22.34% [2] - The revenue from innovative drugs was RMB 6.612 billion, marking a 33% year-on-year increase [2] International Expansion - The company recognized EUR 160 million from Merck Healthcare as revenue, contributing to performance growth [2] - The licensing of GLP-1 products to Hercules in the U.S. is expected to further enhance revenue [2] - The company has applied for 2,527 invention patents globally, indicating a strong focus on innovation [2] Product Development - The company has developed 12 differentiated new ADC molecules, with three products entering Phase III clinical trials [2] - The innovative product pipeline is expected to generate significant revenue growth in the future [2] Valuation - The profit forecast for 2024-2026 is adjusted, with expected net profits of RMB 5.593 billion, RMB 6.704 billion, and RMB 7.975 billion respectively [3] - The EPS for the same period is projected to be RMB 0.88, RMB 1.05, and RMB 1.25, with corresponding P/E ratios of 48.3x, 40.3x, and 33.8x [3]

计算机 | 证券研究报告 — 调整盈利预测 2024 年 8 月 22 日 002230.SZ 买入 原评级：买入 市场价格:人民币 34.00 板块评级:强于大市 股价表现 (41%) (32%) (23%) (15%) (6%) 2% Aug-23Sep-23Oct-23Nov-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 科大讯飞 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (24.6) (13.5) (21.6) (39.2) 相对深圳成指 (12.1) (5.9) (6.6) (18.9) | --- | |-----------| | 2,311.73 | | 2,184.49 | | 78,598.96 | | 1,035.30 | | | | 10.03 | | | 以 2024 年 8 月 21 日收市价为标准 相关研究报告 《科大讯飞》20240711 《科大讯飞》20240425 《科大讯飞》20231020 中银国际证券股份有限公司 具备证券投资咨询业务资格 计算机：软件开发 证券分析师：杨思睿 (8610 ...

| --- | --- | --- | --- | |--------------------------------------|------------------------------------------------------|--------------------------|---------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 \n8 月金股组合 股票代码 | —— 晨会聚焦 \n | 股票名称 | 2024 年 8 月 22 日 \n中银晨会聚焦 -20240822 | | 1519.HK | | 极兔速递 -W | | | 002001.SZ | | 新和成 | ■ 重点关注 | | 002409.SZ | | 雅克科技 | | | 002340.SZ | | 格林美 | 【基础化工】化工行业 年中期策略 余嫄嫄 徐中良。行业景气度略有 | ...

策略点评 策略研究 | 证券研究报告 — 总量点评 2024 年 8 月 21 日 AI 端侧具备高性价比，行情可期 AI 端侧产品或将在 Q3 加速落地，产业链有望获得密集催化，具备较高配置 性价比。 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：高天然 tianran.gao@bocichina.com 证券投资咨询业务证书编号：S1300522100001 ◼ 事件：8 月 21 日，电子（申万）行业上涨 0.14%，优于上证指数的-0.31%， 在所有申万行业中涨幅居于第三，其中无线充电、电子元器件、消费电子 代工等涨幅较优，分别上涨 2.41%，0.86%，0.90%。 ◼ 消费电子新机上市旺季即将到来，苹果产业链需求热度已有所显现。9、 10 月份是消费电子新产品上市的旺季，特别是 9 月 10 日苹果发布会即将 召开，iPhone16 系列 AI 手机将会推出。新款 iPhone 将全面采用新款 A18 系列芯片进而应对 ...

基础化工 | 证券研究报告 — 行业策略报告 2024 年 8 月 21 日 强于大市 化工行业 2024 年中期策略 供需略改善，关注油气油服、新材料与景气上行 子行业 行业景气度略有改善，展望 2024 年下半年，国内外需求有望持续复苏。当前行业估值处 于低位。维持行业强于大市评级，推荐三条投资主线。 支撑评级的要点 全球经济增速放缓，化工各子行业、各产品表现分化。2024 年 1-5 月，化学原料与化 学制品制造业、化学纤维制造业、橡胶和塑料制品业累计营收分别同比增长 5.20%、 16.20%、6.60%；利润总额同比分别下降 4.04%、提升 156.23%、提升 20.90%。从具 体产品价格来看，截至 2024 年 7 月 7 日，重点跟踪的化工产品中有 46.53%的产品年 内均价较 2023 年均价有所上涨。从库存来看，截至 5 月，化学原料及化学制品产成品 库存金额同比下降 4.00%，下降幅度略高于 PPI；化学纤维制造业、橡胶和塑料制品 业产成品库存分别同比增长 22.10%、4.50%，库存有所累积。 需求端来看，当前下游需求缓慢复苏，未来有望持续恢复。上半年我国汽车、家 电等领域增 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company reported a net profit attributable to shareholders of RMB 648 million for the first half of 2024, representing a year-on-year growth of 27.38% [3]. - Revenue for the first half of 2024 reached RMB 5.45 billion, an increase of 10.75% compared to the same period last year [3]. - The company is focused on cost reduction and efficiency improvement, with a gross profit margin of 23.06% and a net profit margin of 11.87% for the first half of 2024 [3][5]. - The company is expanding its production capacity with new projects in Shenzhen and the United States, which will enhance its future growth potential [3][4]. - The company is also diversifying into humanoid robot components, which is expected to become a new growth driver [3]. Financial Summary - For the first half of 2024, the company achieved a gross profit of RMB 1.26 billion, with a gross profit margin of 23.06% [5]. - The net profit for the second quarter of 2024 was RMB 339 million, showing a year-on-year increase of 27.03% and a quarter-on-quarter increase of 10.02% [3][5]. - The company’s projected earnings per share (EPS) for 2024-2026 are RMB 5.19, RMB 6.34, and RMB 7.86, respectively, with corresponding price-to-earnings (P/E) ratios of 13.5, 11.1, and 8.9 [4][6]. - The company’s total revenue is expected to grow from RMB 12.8 billion in 2024 to RMB 19.6 billion in 2026, with a compound annual growth rate (CAGR) of approximately 22% [4][6].

计算机 | 证券研究报告 — 调整盈利预测 2024 年 8 月 21 日 688111.SH 金山办公 买入 原评级：买入 市场价格:人民币 191.15 板块评级:强于大市 股价表现 (49%) (38%) (27%) (16%) (5%) 6% Aug-23Sep-23Oct-23Nov-23Dec-23Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 金山办公 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (37.0) (6.1) (34.8) (48.1) 相对上证综指 (33.8) (2.2) (25.2) (39.6) | --- | |-----------| | 462.53 | | 462.53 | | 88,411.78 | | 798.17 | | | | 51.59 | | | 以 2024 年 8 月 20 日收市价为标准 相关研究报告 《金山办公》20240321 《金山办公》20231026 《金山办公》20230823 中银国际证券股份有限公司 具备证券投资咨询业务资格 计算机：软件开发 证券分析师：杨思睿 (8610 ...

| --- | --- | --- | --- | |----------------------------------------|------------------------------------------------------|-----------------------------------|-------------------------------------------------------------------------------------| | 证券研究报告 \n8 月金股组合 股票代码 | —— | 晨会聚焦 \n股票名称 | 2024 年 8 月 21 日 \n中银晨会聚焦 -20240821 | | 1519.HK | | 极兔速递 -W | | | 002001.SZ | | 新和成 | | | | | | ■ 重点关注 | | 002409.SZ | | 雅克科技 | | | 002340.SZ | | 格林美 佰仁医疗 | 【电力设备】东方电缆 * 陶波 曹鸿生。公司公布 2024 年半年报， 2024 年上 | | 688198.SH 688085. ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected outperformance of 10%-20% relative to the benchmark index over the next 6-12 months [1][3] Core Views - The company's Q2 2024 net profit attributable to the parent company increased by 19.4% YoY and 39.83% QoQ, reaching RMB 208 million, demonstrating strong profit resilience [1] - The company's negative electrode material sales volume grew by 59.34% YoY in H1 2024, reaching 83,800 tons, despite facing pricing pressure due to industry competition [1] - The company is actively pursuing an internationalization strategy, with plans to establish wholly-owned subsidiaries in Singapore and Spain, aiming to expand its overseas market presence [1] - The company is increasing R&D investment in silicon-carbon negative electrode materials, with a mature technical team and pilot production line in place, expecting to achieve batch supply in the future [1] Financial Performance - H1 2024 revenue reached RMB 2.093 billion, a 6.45% YoY increase, while net profit attributable to the parent company declined by 11.86% YoY to RMB 357 million [1][4] - The gross profit margin for negative electrode materials decreased by 7.79 percentage points YoY to 23.32% in H1 2024, reflecting pricing pressure in the industry [1] - The company's EPS for 2024-2026 is forecasted to be RMB 2.80, RMB 3.46, and RMB 4.39, respectively, with corresponding P/E ratios of 13.0x, 10.5x, and 8.3x [1][2] Operational Highlights - The company expects to maintain full production capacity in Q3 2024, with a focus on differentiated products such as fast-charging and ultra-fast-charging negative electrode materials to enhance competitiveness [1] - The company's operating cash flow is projected to improve significantly, from RMB -416 million in 2023 to RMB 367 million in 2024E, reflecting better working capital management [5] Valuation and Projections - The company's revenue is expected to grow at a CAGR of 24.1% from 2024E to 2026E, reaching RMB 8.389 billion by 2026E [2][6] - The company's ROE is projected to recover from 12.8% in 2023 to 14.6% in 2026E, driven by improved profitability and operational efficiency [6]