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 ...

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电子 | 证券研究报告 — 调整盈利预测 2024 年 8 月 15 日 002938.SZ 买入 原评级：买入 市场价格:人民币 33.90 板块评级:强于大市 股价表现 (25%) (1%) 23% 47% 71% 95% Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Apr-24May-24Jun-24Jul-24Aug-24 鹏鼎控股 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 52.9 (14.9) 21.4 49.7 相对深圳成指 64.5 (8.8) 35.4 72.4 | --- | |-----------| | 2,318.56 | | 2,315.11 | | 78,599.21 | | 812.48 | | | | 66.17 | | | 以 2024 年 8 月 14 日收市价为标准 相关研究报告 《鹏鼎控股》20240425 《鹏鼎控股》20240403 《鹏鼎控股》20230810 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子：元件 证券分析师：苏凌瑶 lingyao.su@bocichina.com 证券 ...

基础化工 | 证券研究报告 — 调整盈利预测 2024 年 8 月 15 日 600309.SH 买入 原评级：买入 市场价格:人民币 70.80 板块评级:强于大市 股价表现 (28%) (22%) (16%) (9%) (3%) 4% Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Apr-24May-24Jun-24Jul-24Aug-24 万华化学 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (6.4) (15.0) (21.0) (25.0) 相对上证综指 (2.7) (11.0) (11.7) (14.7) | --- | --- | |------------------------------------|------------| | 发行股数 (百万) | 3,139.75 | | 流通股 (百万) | 3,139.75 | | 总市值 (人民币 百万) | 222,294.06 | | 个月日均交易额 (人民币 百万) | 956.37 | | 主要股东 | | | 烟台国丰投资控股集团有限公司 | 21.59 | | 资料来源 ...

电子 | 证券研究报告 — 业绩评论 2024 年 8 月 15 日 688249.SH 买入 原评级：买入 市场价格:人民币 14.44 板块评级:强于大市 股价表现 (36%) (29%) (21%) (14%) (6%) 1% Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Apr-24May-24Jun-24Jul-24Aug-24 晶合集成 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (16.4) (6.5) (1.0) (23.2) 相对上证综指 (12.7) (2.5) 8.4 (12.9) | --- | |-----------| | 2,006.14 | | 1,176.73 | | 28,968.59 | | 125.13 | | | | 23.35 | | | 以 2024 年 8 月 14 日收市价为标准 相关研究报告 《晶合集成》20240715 《晶合集成》20240506 《晶合集成》20240303 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子：半导体 证券分析师：苏凌瑶 lingyao.su@bocic ...

电子 | 证券研究报告 — 调整盈利预测 2024 年 8 月 15 日 601138.SH 买入 原评级：买入 市场价格:人民币 21.38 板块评级:强于大市 股价表现 (41%) (25%) (10%) 5% 20% 36% Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Apr-24May-24Jun-24Jul-24Aug-24 工业富联 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 50.6 (21.6) (10.2) (0.1) 相对上证综指 54.3 (17.5) (0.8) 10.2 | --- | --- | |------------------------------------|------------| | 发行股数 (百万) | 19,867.88 | | 流通股 (百万) | 19,862.39 | | 总市值 (人民币 百万) | 424,775.24 | | 3 个月日均交易额 (人民币 百万) | 3,434.22 | | 主要股东 | | | China Galaxy Enterprise Limited | 3 ...