电力设备 | 证券研究报告 — 行业策略报告 2024 年 8 月 16 日 强于大市 新能源汽车行业 2024 年中 期策略 底部信号愈发清晰，行业格局有望重塑 2024 上半年，全球新能源汽车依然保持高速增长，奠定全年销量高景气增长，有 望创历史新高，带动产业链需求高增长。今年以来，产业链价格持续下跌，但跌 幅有所放缓，部分环节出现了小幅触底回升态势。虽供需拐点仍未到来，但行业 产能出清有加速之势，电池和材料环节盈利有望修复。固态电池等为代表的新技 术产业化落地加速，有望带动产业链技术升级，维持行业强于大市评级。 支撑评级的要点 | --- | |-------------------------------------------------------------------| | 新能源汽车：预计 2024 年新能源汽车需求将保持高增长：2024 年上半年 | | 全球新能源汽车销量基本呈现稳步上升态势，渗透率持续提升，市场空 | | 间不断扩大。上半年国内销量表现亮眼，下半年随着需求复苏、新车型 | | 持续推出、智能化、网联化以及快充等新技术带来的产品力提升，叠加 | | 政策端以旧换新的政策支 ...

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1][4]. Core Views - The company achieved a revenue of RMB 20.965 billion in the first half of 2024, representing a year-on-year growth of 2.84%, and a net profit attributable to shareholders of RMB 1.696 billion, which is an increase of 18.29% [4][5]. - In the second quarter of 2024, the company reported a revenue of RMB 10.554 billion, up 2.76% year-on-year, and a net profit of RMB 0.834 billion, reflecting a growth of 22.85% [4][5]. - The pharmaceutical industrial business continues to grow steadily, with the core subsidiary achieving a revenue of RMB 6.698 billion in the first half of 2024, a year-on-year increase of 10.63% [5]. - The domestic medical beauty business also showed robust growth, with revenue reaching RMB 1.348 billion in the first half of 2024, up 10.14% [5]. Summary by Sections Financial Performance - The company reported a total revenue of RMB 20.965 billion in H1 2024, with a net profit of RMB 1.696 billion, marking a 2.84% and 18.29% increase respectively [4][5]. - For Q2 2024, revenue was RMB 10.554 billion, and net profit was RMB 0.834 billion, reflecting a growth of 2.76% and 22.85% respectively [4][5]. Business Segments - The pharmaceutical industrial segment saw a revenue of RMB 6.698 billion in H1 2024, with a net profit of RMB 1.385 billion, indicating a growth of 10.63% and 11.48% respectively [5]. - The medical beauty segment generated RMB 1.348 billion in revenue, with a notable 10.14% growth, and the subsidiary achieved RMB 0.618 billion, up 19.78% [5]. Future Outlook - The company maintains its profit forecast for 2024, 2025, and 2026, expecting net profits of RMB 3.447 billion, RMB 4.113 billion, and RMB 4.975 billion respectively, with corresponding EPS of RMB 1.96, RMB 2.34, and RMB 2.84 [5][6]. - The price-to-earnings ratio is projected to be 15.4 times, 12.9 times, and 10.7 times for the years 2024, 2025, and 2026 respectively [5][6].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company experienced a slight decline in performance in H1 2024, with revenue of RMB 385 million, down 1.93% year-on-year, and a net profit of RMB 112 million, down 7.22% year-on-year. However, the domestic tourism market remains vibrant, and the performance during peak seasons is expected to improve, supported by new project contributions [3][4] - The company’s major attractions, including the cable car services, saw a total of 3.2367 million visitors in H1 2024, an increase of 7.65% year-on-year, despite some operational disruptions due to weather conditions [3] - The company is optimistic about the upcoming peak season, with significant increases in flight operations and passenger throughput at Lijiang Airport in July 2024, indicating sustained tourism interest [3] Summary by Sections Financial Performance - In H1 2024, the company reported revenue of RMB 385 million, a decrease of 1.93% year-on-year, and a net profit of RMB 112 million, down 7.22% year-on-year. In Q2 2024, revenue was RMB 205 million, down 3.52% year-on-year, and net profit was RMB 56 million, down 14.20% year-on-year [3] - The cable car business generated revenue of RMB 198 million, up 1.46% year-on-year, with a gross margin of 83.82% [3] Visitor Statistics - The company’s three cable cars received a total of 3.2367 million visitors in H1 2024, with the Glacier Park cable car receiving 1.5019 million visitors (down 8.14%), while the Yunsongping cable car and Yangniu Ping cable car saw increases of 19.97% and 79.39% respectively [3] Future Outlook - The company is set to benefit from new projects, including the trial operation of the Indigo Hotel at Lugu Lake, which is expected to generate annual revenue of approximately RMB 50 million [3] - The company forecasts EPS of RMB 0.43, 0.47, and 0.52 for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 19.5, 17.8, and 16.3 [4][5]

计算机 | 证券研究报告 — 行业深度 2024 年 8 月 16 日 强于大市 智能驾驶专题之三 Robotaxi 元年已至，端到端有望加速商业闭环 近期，四部门发布《进入智能网联汽车准入和上路通行试点联合体基本信 息》，此次试点落地标志着自动驾驶将走通生产、销售和上路的全流程，使 L3/L4 的量产得到国家层面的认可和允许。在《试点》发布以前，政府、车 企、自动驾驶公司推动 Robotaxi 意愿不一，制约了产业整体进程，而《试 点》发布后，三方联合形成参与主体，利益和责任得到平衡。未来 Robotaxi 有望进入量产阶段，整车成本的下降有望推动 Robotaxi 盈利进程 的加快。但目前 Robotaxi 仍处于点对点运营模式，而 Robotaxi 若要实现商 业闭环需要更大规模的车辆部署，端到端望成为 Robotaxi 大规模部署的关 键。 支撑评级的要点 政策出台，L3/L4 自动驾驶量产迎来国家层面推动。2024 年，《进入智 能网联汽车准入和上路通行试点联合体基本信息》发布（简称"《试 点》"）。此次《试点》确定蔚来、长安等汽车生产企业和使用主体组成 的 9 个联合体，将在北京、上海、广州等 7 ...

强于大市 房地产 | 证券研究报告 — 行业点评 2024 年 8 月 16 日 传统淡季+政策效果减弱，销售降幅扩大；开工 与投资仍然低迷 国家统计局发布 2024 年 1-7 月份全国房地产开发投资和销售情况。7 月销售面积 6233 万平，同比增速-15.4%（前值： -14.5%）；开发投资金额 8348 亿元，同比增速-10.8%（前值：-10.1%）；新开工面积 5710 万平，同比增速-19.7%（前 值：-21.7%）。 统计局披露同比增速说明：投资、销售等指标的增速均按可比口径计算。报告期数据与上年已公布的同期数据之间存 在不可比因素，不能直接相比计算增速。1）自 2023 年 3 月开始，统计局销售与投资等指标口径调整，剔除退房、非 房地产开发性质的项目投资以及具有抵押性质的销售数据。2）自 2024 年 1-2 月开始，统计局进一步明确房地产开发 统计界定标准，将符合房地产开发统计标准的项目纳入统计范围，剔除单纯一级土地开发等非房地产开发项目。以下 报告中销售与投资相关数值均使用本次统计局直接公布的同比增速。 核心观点 1. 商品房销售： 单月销售同比降幅扩大，从绝对值来看，处于 201 ...

房地产 | 证券研究报告 — 行业点评 2024 年 8 月 16 日 房地产行业 2024 年 7 月 70 个大中城市房价数据点评 70 城新房二手房房价环比跌幅收窄，但环比下跌 城市数量增加 相关研究报告 《70 城房价环比跌幅持续扩大；一线城市二手房房价 下行压力较大——房地产行业 2024 年 5 月 70 个大中 城市房价数据点评》（2024/06/18） 《房地产 2024 年 5 月统计局数据点评：多项需求端 政策落地带动 5 月销售降幅边际改善，开工与投资降 幅仍在扩大》（2024/06/17） 《房地产行业 2024 年 5 月月报：5 月新房成交改善， 二手房成交走弱；预计 6 月新政加持+年中冲刺，成 交或有修复》（2024/06/12） 《这轮地产政策能刺激多少需求？》（2024/05/21） 《为什么是 3000 亿？》（2024/05/21） 《房地产行业 2023 年年报&2024 年一季报综述：房 企销售与投融资均缩量，业绩与利润率持续探底》 （2024/05/20） 《这次地产不一样？》（2024/05/13） 《房地产行业 2024年度策略——行业寒冬尚在延续， 房企能否 ...

建筑材料 | 证券研究报告 — 行业深度 2024 年 8 月 16 日 强于大市 建材行业 2024 年中期策略 长风破浪会有时 2024 年建材指数处于总体承压阶段，下游需求疲软导致一季度多数建材企业 业绩下行。水泥板块，短期竞合格局优化有望推动价格中枢上行，增厚盈利 能力；长期视角下关注行业节能降碳以及供给端格局优化。消费建材企业板 块，当前多数企业处于估值低位，报表端风险陆续出清，地产政策频出有望 拉动需求。供需两侧均有边际向好动力，业绩有望持续修复。玻纤板块，24Q1 末开启涨价后各厂商盈利能力得到修复，参考行业头部企业及新进入者扩产 动作，我们对玻纤行业长期需求保持乐观。 支撑评级的要点 2024 年以来，建材指数处于总体承压阶段。上半年地产行业积极政策带 动产业链上行，但该波行情未能持续。2024Q1 建材行业需求较为疲软， 多数企业一季度业绩同比下行。 水泥：短期看竞合优化，长期看供给改革。2023 年及 2024 年上半年水 泥企业亏损面较大，我们认为主要系价格中枢下行导致行业盈利下滑。 短期来看，在需求疲软的背景下，落实地区内错峰减产、推动价格中枢 抬升是增厚水泥企业盈利的有力措施。二季度 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 17.66, maintaining the previous rating of "Buy" [1]. Core Views - The report highlights the acquisition of Shuimu Tianpeng, which is expected to enhance the company's growth potential. The acquisition will allow the company to hold 100% of Shuimu Tianpeng, a leader in ultrasonic energy bone power systems, which is anticipated to provide new revenue growth opportunities [3][4]. - The valuation of Shuimu Tianpeng is considered low, with a total valuation of RMB 863 million and a projected PE ratio of 21X for 2023. The performance commitment for the acquisition is set at net profits of no less than RMB 40.13 million, RMB 47.73 million, and RMB 55.18 million for the years 2024 to 2026 [4]. - The company is making progress in international markets and expects a turning point in its traditional business due to the gradual implementation of orthopedic centralized procurement policies [4]. Summary by Sections Financial Performance - The company’s revenue is projected to recover from RMB 460 million in 2023 to RMB 597 million in 2024, with a growth rate of 29.6%. By 2026, revenue is expected to reach RMB 1.234 billion, reflecting a growth rate of 37.7% [5][6]. - The net profit is forecasted to increase from RMB 96 million in 2023 to RMB 119 million in 2024, and further to RMB 331 million by 2026, with a significant growth rate of 107.2% in 2025 [5][6]. Valuation Metrics - The report anticipates earnings per share (EPS) to rise from RMB 0.38 in 2023 to RMB 0.48 in 2024, and to RMB 1.33 by 2026. The price-to-earnings (PE) ratio is expected to decrease from 45.9 in 2023 to 13.3 by 2026 [5][6]. - The company’s EBITDA is projected to grow from RMB 154 million in 2023 to RMB 360 million in 2026, indicating a strong recovery and growth trajectory [5][6]. Market Position and Strategy - The acquisition of Shuimu Tianpeng is expected to strengthen the company's control over its core business and enhance strategic synergies, thereby improving overall profitability [4]. - The company is actively pursuing international market opportunities, with recent FDA certifications for its products, which are expected to accelerate overseas expansion [4].

Investment Rating - The report maintains a "Buy" rating for the company [3][4] Core Views - The company reported a strong profit growth in Q2 2024, with a net profit of 231 million RMB, representing a year-on-year increase of 40.18% [3] - The company's revenue for H1 2024 reached 2.15 billion RMB, a year-on-year growth of 11.02% [3] - The marketing model adjustments have shown effectiveness, leading to rapid growth in both hospital and retail markets [3] - The company is entering a new development phase characterized by a combination of innovative and generic drug strategies [3] Summary by Sections Financial Performance - H1 2024 revenue: 2.15 billion RMB, up 11.02% YoY - H1 2024 net profit: 402 million RMB, up 27.28% YoY - Q2 2024 net profit: 231 million RMB, up 40.18% YoY [3][4] Revenue Breakdown - Finished drug revenue for H1 2024: 1.30 billion RMB, up 17.13% YoY - API revenue: 501 million RMB, up 5.66% YoY - Medical device revenue: 312 million RMB, up 0.46% YoY [3] Future Projections - Expected net profits for 2024-2026: 740 million RMB, 843 million RMB, and 965 million RMB respectively - EPS projections for 2024-2026: 0.86 RMB, 0.98 RMB, and 1.12 RMB respectively - PE ratios for 2024-2026: 12.5x, 11.0x, and 9.6x respectively [4][3] Market Strategy - The company is expanding its market presence by targeting both high-tier hospitals and grassroots healthcare markets - Strategic partnerships with chain pharmacies are being deepened to enhance market penetration [3] R&D and Capacity Expansion - The company is actively investing in capacity expansion and R&D, focusing on the integration of intermediates, APIs, and formulations - The first innovative drug, Jinnoning® (Dazatinib capsules), has been successfully commercialized [3]

机械设备 | 证券研究报告 — 调整盈利预测 2024 年 8 月 15 日 603283.SH 买入 原评级：买入 市场价格:人民币 55.92 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (15%) 13% 41% 69% 96% 124% Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Apr-24May-24Jun-24Jul-24Aug-24 赛腾股份 上证综指 至今 个月 个月 个月 绝对 (20.3) (22.8) (16.0) 38.6 相对上证综指 (16.6) (18.7) (6.6) 48.9 | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 200.32 | | 流通股 ( 百万 ) | | 190.09 | | 总市值 ( 人民币 百万 ) | | 11,201.68 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 514.45 | | 主要股东 | | | | 孙丰 ...