2024 年 09 月 01 日 评级 买入 | --- | --- | |-----------------------|-------------| | 当前价格（元） | 27.51 | | 52 周价格区间（元） | 25.01-68.64 | | 总市值（百万） | 12895.90 | | 流通市值（百万） | 12809.97 | | 总股本（万股） | 46877.20 | | 流通股（万股） | 46564.80 | | | | 涨跌幅比较 金域医学 医疗服务 -57% -37% -17% 3% 23% | --- | --- | --- | --- | |-------------------|---------|---------|--------| | 2023-09 2023-12 | 2024-03 | 2024-06 | | | % | 1M | 3M | 12M | | 金域医学 | 3.89 | -18.78 | -55.46 | | | | | | 医疗服务 -1.60 -12.71 -45.43 吴号 分析师 执业证书编号: S0530522050003 wuhao58@ ...

证券研究报告 2024 年 09 月 02 日 评级 增持 | --- | --- | |-----------------------|------------| | 当前价格（元） | 9.66 | | 52 周价格区间（元） | 9.38-12.66 | | 总市值（百万） | 24229.82 | | 流通市值（百万） | 23079.03 | | 总股本（万股） | 283177.40 | | 流通股（万股） | 283177.40 | 涨跌幅比较 国联证券 证券Ⅱ -23% -13% -3% 7% 17% 27% 2023-09 2023-12 2024-03 2024-06 2024-09 | --- | --- | --- | --- | |----------|-------|--------|--------| | % | 1M | 3M | 12M | | 国联证券 | 0.75 | -11.60 | -11.52 | | 证券Ⅱ | 1.59 | -4.68 | -20.77 | 刘敏 分析师 执业证书编号:S0530520010001 liumin83@hnchasing.com 刘 ...

证券研究报告 量化组合报告 三维情绪雷达监测及行业轮动配置 金工月度展望（2024 年 9 月） 2024 年 09 月 02 日 上证指数-沪深 300 走势图 -11% -6% -1% 4% 上证指数 沪深300 % 1M 3M 12M 上证指数 -4.14 -8.93 -10.28 沪深 300 -4.51 -8.80 -13.89 -16% 刘飞彤 分析师 执业证书编号:S0530522070001 liufeitong@hnchasing.com 相关报告 1 金工月度展望（2024 年 8 月）：三维情绪雷达 监测及三视角下的行业轮动配置 2024-08-02 2 金融工程 2024 年度策略（一）：兵无常势，水 无常形 2023-12-27 3 金融工程 2024 年度策略（二）：行业主题指数 成分分析手册 2023-12-25 投资要点 此报告 考 请务必阅读正文之后的免责条款部分 三维情绪雷达监测：中高频维度：情绪预期：指标意义：期货升贴水 率和期权成交额PCR能反映市场对未来短期的预期。沪深300股指期 货升贴水率和50ETF期权成交额PCR的倒数具有一定同步性，我们通 过取均值和主成分分 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4][7] Core Views - The company has shown stable growth in its profitability, with a notable increase in net profit for the first half of 2024 [2][3] - The automotive components business is experiencing significant growth, and there is optimism regarding the potential orders for pre-plated nickel [2][3] - The company is expected to benefit from the increasing demand for large cylindrical batteries, with plans to secure mass production orders by the end of the year [3][4] Financial Summary - The company achieved a revenue of 20.59 billion yuan in the first half of 2024, a year-on-year increase of 0.63%, and a net profit of 2.13 billion yuan, up 10.61% year-on-year [2][3] - For the second quarter, revenue reached 11.83 billion yuan, representing a 3.88% year-on-year increase and a 35.13% quarter-on-quarter increase [2][3] - The projected net profits for 2024, 2025, and 2026 are 4.39 billion yuan, 4.57 billion yuan, and 4.77 billion yuan respectively, with corresponding P/E ratios of 12.39, 11.90, and 11.41 [2][4][5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 2.264 billion yuan in the first half of 2024, representing a year-on-year growth of 1.32%, and a net profit attributable to shareholders of 69 million yuan, up 155.44% year-on-year [2][4] - The lithium battery anode segment saw a significant increase in shipment volume, with a growth rate exceeding 50% [2] - The company is actively expanding its magnetic and electric equipment business, focusing on high-end electromagnetic metallurgy equipment and international steel markets [2] Financial Summary - The company’s main revenue projections are as follows: 5.373 billion yuan for 2024, 6.889 billion yuan for 2025, and 8.859 billion yuan for 2026 [4] - The projected net profit attributable to shareholders is 262 million yuan for 2024, 424 million yuan for 2025, and 622 million yuan for 2026 [4] - The earnings per share (EPS) are expected to be 0.38 yuan for 2024, 0.62 yuan for 2025, and 0.91 yuan for 2026 [4] - The company’s price-to-earnings (P/E) ratio is projected to be 20.77 for 2024, 12.86 for 2025, and 8.76 for 2026 [4] Operational Highlights - In Q2 2024, the company achieved a revenue of 1.198 billion yuan, a year-on-year increase of 0.39% and a quarter-on-quarter increase of 12.40% [2] - The gross margin and net margin for Q2 were reported at 19.78% and 6.85%, respectively, showing significant improvement [2] - The company has obtained 12 invention patents and has 103 patents under application [2]

| --- | --- | |-------------------------------|-----------------| | | | | 2024 年 09 月 02 日 | | | 评级 | 买入 | | 交易数据 | 评级变动 首次 | | 当前价格（元） | 5.30 | | 52 周价格区间（元） | 3.43-8.07 | | 总市值（百万） | 3115.20 | | 流通市值（百万） | 2441.90 | | 总股本（万股） | 58777.10 | | 流通股（万股） | 46073.60 | 涨跌幅比较 | --- | --- | --- | --- | |------------------------|----------|---------|---------| | | | | | | 60% 40% 20% 0% -20% | 九洲集团 | 电力 | | | -40% 2023/09 2023/12 | 2024/03 | 2024/06 | 2024/09 | | % | 1M | 3M | 12M | | 九洲集团 | 8.38 | -28.28 | -5.19 | ...

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]