| --- | --- | --- | --- | --- | |----------------------------------------|------------------------------------------------------|-------------------------------------|-------|-----------------------------------------------------------------------------------| | 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 23 日 \n中银晨会聚焦 -20240823 | | 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 | | 【公用事业】林洋能源 * 武佳雄 许怡然。公司发布 2024 年半年报， 20 ...

Investment Rating - The report maintains an **Overweight** rating for the company, with a target price of RMB 19.20 [1] - The sector rating is **Outperform** [1] Core Views - The company's performance in the first half of 2024 showed significant year-on-year growth, with Q2 2024 polishing pad revenue reaching a historical high [1] - The company's semiconductor business layout and new product development progress are key drivers for maintaining the Overweight rating [1] - The company's 2024 H1 revenue reached RMB 1.519 billion, a 31.01% YoY increase, with net profit attributable to shareholders of RMB 218 million, a 127.22% YoY increase [4] - Q2 2024 revenue was RMB 811 million, a 32.25% YoY increase, with net profit attributable to shareholders of RMB 136 million, a 122.88% YoY increase [4] Financial Performance - The company's gross margin in H1 2024 was 45.19%, an increase of 11.35 percentage points YoY, while the net margin was 18.85%, up 8.75 percentage points YoY [4] - Operating cash flow in H1 2024 was RMB 341 million, indicating strong cash flow support for business development [4] - R&D investment in H1 2024 was RMB 219 million, accounting for 14.42% of revenue, supporting rapid layout of new products [4] Semiconductor Business - Semiconductor business revenue in H1 2024 was RMB 634 million, a 106.56% YoY increase, accounting for 42% of total revenue [4] - CMP polishing pad revenue in H1 2024 was RMB 298 million, a 99.79% YoY increase, with Q2 revenue reaching RMB 163 million, a 92.03% YoY increase [4] - Polishing liquid and cleaning liquid revenue in H1 2024 was RMB 76.41 million, a 189.71% YoY increase, entering a phase of order volume expansion [4] Display Materials and Advanced Packaging - Display materials revenue in H1 2024 was RMB 167 million, a 232.27% YoY increase, with Q2 revenue of RMB 97.07 million, a 160.53% YoY increase [4] - The company has developed 20 photoresist products, with 9 already sent for testing and 5 entering the gallon sample verification stage [4] - The company has laid out 7 semiconductor packaging PI products, with 5 already sent for testing and some products verified and imported in H1 2024 [4] Valuation and Forecast - The report slightly raises the profit forecast, expecting net profit attributable to shareholders of RMB 448 million, RMB 667 million, and RMB 871 million for 2024-2026, with EPS of RMB 0.48, RMB 0.71, and RMB 0.93 respectively [4] - The PE ratios for 2024-2026 are expected to be 40.2x, 27.0x, and 20.7x respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company achieved stable revenue growth in H1 2024, with a revenue of RMB 191 million, representing a year-on-year increase of 13.74% [2] - Significant increase in R&D expenses, reaching RMB 75.22 million in H1 2024, a 110.75% increase year-on-year, accounting for 39.45% of revenue [2] - The company’s three main business segments exceeded sales targets, with notable growth in valve replacement and repair business (up 18.79%), congenital heart disease intervention (up 10.98%), and soft tissue repair (up 10.29%) [2] - Core product sales, particularly for surgical biological valves, increased by 20.57%, maintaining a leading market share among domestic brands [2] - Accelerated R&D progress is expected to drive future revenue growth, with several key products nearing registration and clinical trials showing promising results [2] Financial Summary - Revenue projections for 2024-2026 are RMB 492 million, RMB 644 million, and RMB 855 million, with growth rates of 32.7%, 30.9%, and 32.7% respectively [3][4] - Net profit forecasts for the same period are RMB 164 million, RMB 229 million, and RMB 322 million, with growth rates of 42.6%, 39.5%, and 40.7% respectively [3][4] - The latest diluted EPS estimates are RMB 1.20, RMB 1.67, and RMB 2.35 for 2024, 2025, and 2026 respectively [3][4] - The company’s P/E ratios are projected to be 78.6, 56.4, and 40.1 for the years 2024, 2025, and 2026 respectively [3][4] Market Position - The company is positioned to leverage its brand advantages and expand into untapped markets while solidifying its competitive edge in core markets [2] - The report highlights the company's focus on optimizing product layout and expediting the R&D and registration processes for its key products [2]

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].