证券研究报告 公司点评 华泰证券(601688.SH) 非银金融｜ 证券Ⅱ 降杠杆收缩资产负债表，自营、投行、经纪拖累业绩 2024 年 09 月 02 日 评级 买入 | --- | --- | |-----------------------|-------------| | 当前价格（元） | 12.43 | | 52 周价格区间（元） | 11.88-16.80 | | 总市值（百万） | 104318.57 | | 流通市值（百万） | 90668.54 | | 总股本（万股） | 902938.50 | | 流通股（万股） | 901337.70 | 涨跌幅比较 华泰证券 证券Ⅱ -27% -17% -7% 3% 13% 2023-09 2023-12 2024-03 2024-06 2024-09 | --- | --- | --- | --- | |----------|-------|-------|--------| | % | 1M | 3M | 12M | | 华泰证券 | -3.27 | -5.48 | -20.98 | | 证券Ⅱ | -5.86 | -6.71 | -19.14 ...

证券研究报告 2024 年 09 月 02 日 评级 增持 | --- | --- | |-----------------------|-------------| | 评级变动 交易数据 | 维持 | | 当前价格（元） | 20.93 | | 52 周价格区间（元） | 17.74-34.66 | | 总市值（百万） | 9348.34 | | 流通市值（百万） | 9253.30 | | 总股本（万股） | 44664.80 | | 流通股（万股） | 44210.80 | | | | 涨跌幅比较 -34% -14% 6% 26% 46% 2023-09 2023-12 2024-03 2024-06 博众精工 自动化设备 | --- | --- | --- | --- | |------------|-------|--------|--------| | % | 1M | 3M | 12M | | 博众精工 | -1.88 | 6.62 | -22.02 | | 自动化设备 | 0.33 | -15.01 | -27.13 | 袁玮志 分析师 执业证书编号:S0530522050002 yuanw ...

2024 年 09 月 02 日 评级 买入 | --- | --- | |------------------------------------|--------------| | 评级变动 交易数据 \n当前价格（元） | 维持 \n10.26 | | 52 周价格区间（元） | 10.22-47.44 | | 总市值（百万） | 5609.60 | | 流通市值（百万） | 5310.62 | | 总股本（万股） | 54674.40 | | 流通股（万股） | 51760.40 | 涨跌幅比较 | --- | --- | --- | --- | |-------------------------------------|-----------------|----------|---------| | | | | | | | | | | | 16% | 高测股份 | 光伏设备 | | | -4% -24% -44% | | | | | -64% 2023-09 2023-12 | 2024-03 | 2024-06 | 2024-09 | | % | 1M | 3M | 12M | | 高测股份 ...

Investment Rating - The report assigns a "Buy" rating to Tigermed Consulting (300347 SZ) with a target price range of 49 10-57 33 yuan per share [1][8] Core Views - Tigermed's Q2 2024 performance showed sequential improvement with revenue of 1 698 billion yuan (-10 92% YoY +2 28% QoQ) and adjusted net profit of 337 million yuan (-18 19% YoY +11 29% QoQ) [5] - The company's new order intake in H1 2024 grew well benefiting from increased demand from multinational pharmaceutical companies in China and overseas clinical needs from Chinese pharmaceutical and biotech companies [8] - Tigermed's global clinical service capabilities continue to strengthen with 263 overseas projects ongoing as of June 2024 including 55 multi-regional clinical trials (MRCT) [7] Business Performance - In H1 2024 Tigermed achieved revenue of 3 358 billion yuan (-9 50% YoY) and adjusted net profit of 640 million yuan (-19 30% YoY) [5] - Clinical trial technical services revenue declined 22 17% YoY to 1 637 billion yuan due to reduced average order prices and the absence of certain vaccine project revenues from the previous year [6] - Clinical trial related services and laboratory services revenue grew 5 84% YoY to 1 659 billion yuan driven by strong demand and improved efficiency in site management services [6] International Expansion - Overseas revenue in H1 2024 was 1 474 billion yuan (-8 58% YoY) but showed growth after excluding specific vaccine project revenues from the previous year [6] - The company's overseas workforce reached 1 722 employees as of June 2024 with significant growth in North America (+10 45% YoY) and EMEA (+23 68% YoY) [6] - Tigermed completed the acquisition of Japan's Medical Edge Co Ltd in July 2024 strengthening its data management and clinical data information system services in Japan and the Asia-Pacific region [7] Financial Projections - Revenue is forecasted to grow from 7 298 billion yuan in 2024E to 9 881 billion yuan in 2026E [4] - Net profit attributable to shareholders is expected to increase from 1 248 billion yuan in 2024E to 2 542 billion yuan in 2026E [4] - EPS is projected to rise from 1 44 yuan in 2024E to 2 94 yuan in 2026E [4] Valuation - The report values Tigermed's investment business at 14 015 billion yuan based on the book value of its financial assets [8] - The clinical CRO business is valued at 28 460-35 575 billion yuan based on a 2024E PE multiple of 20-25x [8] - The combined valuation suggests a fair market capitalization range of 42 475-49 590 billion yuan for 2024 [8]

公司点评 新坐标（603040.SH） 证券研究报告 2024 年 09 月 02 日 评级 买入 | --- | --- | |-----------------------|-------------------| | 评级变动 交易数据 | 维持 | | 当前价格（元） | 19 . 03 | | 52 周价格区间（元） | 16 . 71 - 28 . 55 | | 总市值（百万） | 2571 . 11 | | 流通市值（百万） | 2559 . 37 | | 总股本（万股） | 13510 . 80 | | 流通股（万股） | 13449 . 20 | | | | 涨跌幅比较 | --- | --- | --- | --- | |------------------------|---------|------------|---------| | | | | | | 29% | 新坐标 | 汽车零部件 | | | 9% | | | | | -11% | | | | | | | | | | -31% 2023-09 2023-12 | 2024-03 | 2024-06 | 2024-09 | | ...

公司点评 捷佳伟创(300724.SZ) 证券研究报告 电力设备｜ 光伏设备 业绩稳步增长，平台化策略构建新成长引擎 2024 年 08 月 29 日 评级 买入 | --- | --- | |-----------------------|-------------| | 交易数据 | | | 当前价格（元） | 45.79 | | 52 周价格区间（元） | 42.95-88.92 | | 总市值（百万） | 15942.94 | | 流通市值（百万） | 12552.79 | | 总股本（万股） | 34817.60 | | 流通股（万股） | 27413.90 | 涨跌幅比较 捷佳伟创 光伏设备 -50% -30% -10% 10% 2023-08 2023-11 2024-02 2024-05 袁玮志 分析师 执业证书编号:S0530522050002 yuanweizhi@hnchasing.com 贺剑虹 研究助理 hejianhong@hnchasing.com 相关报告 | --- | --- | --- | --- | |----------|--------|--------|----- ...

2024 年 08 月 29 日 评级 买入 | --- | --- | |-----------------------|-------------| | 当前价格（元） | 13.65 | | 52 周价格区间（元） | 13.58-33.36 | | 总市值（百万） | 26192.00 | | 流通市值（百万） | 18905.47 | | 总股本（万股） | 191882.40 | | 流通股（万股） | 138501.60 | 涨跌幅比较 天赐材料 电池 -58% -38% -18% 2% 22% 2023-08 2023-11 2024-02 2024-05 % 1M 3M 12M 杨鑫 分析师 执业证书编号:S0530524050001 yangxin13@hnchasing.com 相关报告 天赐材料 -11.59 -30.57 -57.61 电池 -5.80 -15.33 -32.44 1 天赐材料（002709.SZ）公司点评：与电池龙 头签订供货协议，市占率有望进一步提升 2024-06-18 证券研究报告 公司点评 天赐材料(002709.SZ) 电力设备｜ 电池 电解液出货量持续增 ...

证券研究报告 2024 年 09 月 02 日 评级 买入 | --- | --- | |-----------------------|---------------| | 当前价格（元） | 250.80 | | 52 周价格区间（元） | 226.52-313.16 | | 总市值（百万） | 304080.40 | | 流通市值（百万） | 304080.10 | | 总股本（万股） | 121244.20 | | 流通股（万股） | 121244.10 | 涨跌幅比较 迈瑞医疗 医疗器械 -19% -9% 1% 11% 21% 2023-09 2023-12 2024-03 2024-06 2024-09 % 1M 3M 12M 龙靖宁 分析师 执业证书编号:S0530523120001 longjingning@hnchasing.com 相关报告 迈瑞医疗 -2.49 -16.22 -5.64 医疗器械 -0.63 -13.41 -15.32 1 迈瑞医疗（300760.SZ）深度报告：三问三答， 从出海角度看迈瑞医疗 2024-07-11 2 迈瑞医疗（300760.SZ）2023 年报及 2 ...

证券研究报告 2024 年 08 月 30 日 评级 增持 | --- | --- | |------------------------------------|--------------| | 评级变动 交易数据 \n当前价格（元） | 首次 \n16.56 | | 52 周价格区间（元） | 16.49-34.68 | | 总市值（百万） | 3444.50 | | 流通市值（百万） | 3444.50 | | 总股本（万股） | 20800.00 | | 流通股（万股） | 20800.00 | | | | 涨跌幅比较 -47% -27% -7% 13% 33% 2023-08 2023-11 2024-02 2024-05 道森股份 专用设备 | --- | --- | --- | --- | |----------|--------|--------|--------| | % | 1M | 3M | 12M | | 道森股份 | -11.77 | -27.37 | -44.76 | | 专用设备 | -3.51 | -16.94 | -19.62 | 袁玮志 分析师 执业证书编号:S05305 ...

Investment Rating - The report assigns a "Buy" rating for the company [1][9]. Core Views - The company has shown steady revenue growth with a 3.0% year-on-year increase in revenue for the first half of 2024, reaching 135.62 billion yuan, and a 16.3% increase in net profit attributable to shareholders, totaling 10.42 billion yuan [5]. - The company is focusing on enhancing operational efficiency and cost control, leading to continuous improvement in profitability [4][6]. - The company is expanding its presence in overseas markets, with a 3.7% increase in overseas revenue, while emerging markets are showing faster growth compared to Europe and the Americas [6][7]. Financial Performance - The company’s revenue for 2022 was 243.514 billion yuan, with projections of 261.428 billion yuan for 2023 and 272.421 billion yuan for 2024, indicating a steady growth trajectory [8]. - The net profit attributable to shareholders is expected to grow from 16.597 billion yuan in 2023 to 18.272 billion yuan in 2024, with corresponding EPS increasing from 1.76 yuan to 1.94 yuan [8]. - The gross margin for Q2 2024 improved by 0.2 percentage points to 32.3%, while the net margin increased by 1.0 percentage point to 8.5% [7]. Market Position - The company has maintained a strong market position, ranking second in retail volume in the Americas with a market share of 15.8%, and leading in Australia and New Zealand with a market share of 14.6% [6]. - The high-end brand, Casarte, has seen significant growth, with a 145% increase in sales revenue in the first half of 2024 [7]. Future Outlook - The company is projected to achieve revenues of 272.421 billion yuan in 2024, 287.120 billion yuan in 2025, and 304.203 billion yuan in 2026, with net profits expected to reach 18.272 billion yuan, 20.236 billion yuan, and 22.291 billion yuan respectively [8]. - The current stock price corresponds to a PE ratio of 12.20 for 2024, suggesting a valuation range of 25.22 to 29.10 yuan based on a target PE of 13-15 times [7].