[Table_Main] 证券研究报告 | 行业点评 计算机 2024 年 09 月 13 日 | --- | --- | |------------------|------------------| | | | | | | | 计算机 OpenAI o1 | 大模型推理的划时 | | 优于大市（维持） | 代革命 | 证券分析师 陈涵泊 资格编号：S0120524040004 邮箱：chenhb3＠tebon.com.cn 李佩京 资格编号：S0120524090004 邮箱：lipj＠tebon.com.cn 研究助理 王思 邮箱：wangsi＠tebon.com.cn 市场表现 -44% -37% -29% -22% -15% -7% 0% 7% 2023-09 2024-01 2024-05 计算机 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《朗新集团（300682.SZ）：互联网 电视收缩致利润下滑，能源数字化+ 互联网业务快速发展》，2024.9.10 2.《金融信创进一步加速》，2024.9.8 3.《2024 半年报总结：盈利待反转， 算 力 工 业 软 件 信 创 高 景 ...

Investment Rating - The report maintains a "Buy" rating for Guizhou Sanli (603439.SH) [2] Core Views - The report highlights the commitment of the controlling shareholder not to reduce their stake for 18 months, a three-year high dividend plan, and a significant share buyback program, indicating strong confidence in the company's long-term development and commitment to shareholder returns [3][4] - The company has shown strong operational performance, with a 77% year-on-year revenue growth and a 33% increase in net profit for Q2 2024, reflecting successful integration of acquisitions and a diversified product portfolio [4] - The report projects net profits for 2024-2026 to be CNY 3.5 billion, CNY 4.3 billion, and CNY 5.2 billion respectively, with corresponding P/E ratios of 15, 12, and 10, suggesting the current market valuation is significantly undervalued [4] Summary by Sections Market Performance - The stock has shown a relative performance of +15.93% in September 2023 compared to the CSI 300 index [2] Financial Data - The company reported a total revenue of CNY 1.635 billion in 2023, with projections of CNY 2.593 billion in 2024, CNY 3.140 billion in 2025, and CNY 3.684 billion in 2026 [5][6] - The net profit for 2023 was CNY 293 million, expected to grow to CNY 350 million in 2024, CNY 430 million in 2025, and CNY 520 million in 2026 [5][6] - The gross margin is projected to remain stable around 72.4% to 72.8% over the next few years [6] Operational Highlights - The company has diversified its product offerings across multiple medical fields, including respiratory, gynecology, and cardiovascular departments, reducing reliance on a single product [4] - The integration of subsidiaries has shown positive results, with Dechangxiang achieving a revenue of CNY 97.03 million in H1 2024, a 67.1% increase year-on-year [4] Shareholder Returns - The controlling shareholder has committed to not selling shares for 18 months, and the company plans to distribute at least 50% of its distributable profits as dividends over the next three years [3][4] - A share buyback plan is in place, with an expected buyback amount of CNY 80-120 million, representing 1.09%-1.64% of the total share capital [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a global leader in LCD display main control boards and interactive smart panels, with strong cash flow and a commitment to shareholder returns through dividends [2][4]. - The board card business is expected to recover, and smart controllers are anticipated to provide new growth points [2][4]. - The overseas market for interactive flat panel displays (IFPD) shows significant growth potential, driven by low penetration rates and increasing demand for educational digitalization [3][4]. - Domestic education policies are expected to boost demand for educational tablets, with AI models enhancing the company's competitive edge in the education sector [3][4]. Summary by Sections Company Overview - The company, established in December 2005, specializes in the design, research, and sales of LCD display main control boards and interactive smart panels, with notable brands like Seewo and MAXHUB [10][11]. Business Expansion - The company has diversified its operations into five main business lines, including components, education, enterprise services, and overseas markets, with a strong focus on innovation and digital transformation [12][13]. Financial Performance - The company reported a revenue of 20.17 billion yuan in 2023, a decline of 3.9% year-on-year, with a net profit of 1.37 billion yuan, down 33.9% [15][17]. - For 2024-2026, projected revenues are 22.81 billion, 25.52 billion, and 28.44 billion yuan, with net profits expected to grow to 1.40 billion, 1.68 billion, and 1.98 billion yuan respectively [4][5]. Market Trends - The global TV market is expected to recover in 2024, driven by major sporting events and domestic policies promoting appliance upgrades, which will benefit the company's board card business [22][24]. - The interactive smart panel market is projected to grow significantly, with the company leveraging its leading position to capture market share in emerging regions [3][31]. Innovation and R&D - The company maintains a strong focus on R&D, with over 9,000 patents and a commitment to technological innovation, which is crucial for product upgrades and market competitiveness [19][20]. Dividend Policy - The company has a consistent dividend payout ratio above 30%, with a total dividend of 5.92 billion yuan in 2023, reflecting its strong cash flow management [21][20].

[Table_Main] 证券研究报告|公司首次覆盖 博瑞医药(688166.SH) 2024 年 09 月 11 日 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 陈进 资格编号：S0120521110001 邮箱：chenjing3＠tebon.com.cn 李霁阳 资格编号：S0120523080003 邮箱：lijy7＠tebon.com.cn 研究助理 市场表现 -26% 0% 26% 51% 77% 103% 129% 154% 博瑞医药 沪深300 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|--------| | 2023-09 \n沪深 300 对比 | 2024-01 \n1M | 2024-05 \n2M | 3M | | 绝对涨幅 (%) | -7.86 | -22.86 | -31.10 | | 相对涨幅 (%) | -3.78 | -16.06 | -20.52 | | 资料来源：德邦 ...

[Table_Main] 证券研究报告 | 行业点评 电子 2024 年 09 月 11 日 | --- | --- | --- | |------------------|--------------|----------------------------| | | | | | 电子 | | | | | PCB 板块： | 淡季不淡， 24Q3 | | 优于大市（维持） | | 关注增长确定性强的细分赛道 | 证券分析师 陈蓉芳 资格编号：S0120522060001 邮箱：chenrf＠tebon.com.cn 刘琦 资格编号：S0120524090003 邮箱：liuqi3＠tebon.com.cn 研究助理 市场表现 电子 沪深300 -31% -24% -18% -12% -6% 0% 6% 12% 2023-09 2024-01 2024-05 资料来源：德邦研究所，聚源数据 相关研究 1.《先进封装助力芯片性能突破， AI 浪潮催化产业链成长》，2024.9.6 2.《IC 设计公司中报总结：业绩开始 改善，周期拐点已至》，2024.9.5 3.《中科飞测(688361.SH)：业绩短期 承压 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company's performance in H1 2024 is stable, with a revenue of 2.689 billion yuan, a year-on-year increase of 6.21%, and a net profit attributable to the parent company of 152 million yuan, up 1.14% year-on-year [3] - The medical beauty business shows robust growth, with revenue reaching 1.194 billion yuan in H1 2024, a year-on-year increase of 6.02% [3] - The women's clothing segment continues to grow, with revenue of 1.012 billion yuan in H1 2024, a year-on-year increase of 11.41% [3] - The company is actively expanding its national footprint through acquisitions and partnerships in the medical beauty sector [3] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 2.689 billion yuan, with a year-on-year growth of 6.21%. The net profit attributable to the parent company was 152 million yuan, reflecting a 1.14% increase year-on-year. The net profit after deducting non-recurring items was 140 million yuan, up 11.49% year-on-year [3] - For Q2 2024, the revenue was 1.289 billion yuan, a year-on-year increase of 1.07%, while the net profit was 70 million yuan, down 12.03% year-on-year [3] Medical Beauty Business - The medical beauty segment generated 1.194 billion yuan in revenue in H1 2024, with a year-on-year increase of 6.02%. The segment's gross margin was 54.23%, a decrease of 0.70 percentage points year-on-year [3] - The company has established 38 medical beauty institutions and completed the acquisition of Zhengzhou Jimei, contributing 57 million yuan to the medical beauty revenue in H1 2024 [3] - The company has set up seven medical beauty acquisition funds with a total scale of 2.837 billion yuan [3] Clothing Business - The women's clothing segment achieved a revenue of 1.012 billion yuan in H1 2024, with a year-on-year increase of 11.41%. The online sales channel contributed 385 million yuan, a year-on-year increase of 13.41% [3] - The children's clothing segment reported a revenue of 450 million yuan in H1 2024, a year-on-year decrease of 4.13% [3] Investment Outlook - The company is expected to see revenue growth from 5.988 billion yuan in 2024 to 7.238 billion yuan in 2026, with net profit projected to increase from 302 million yuan to 445 million yuan during the same period [3][5] - The report anticipates a compound annual growth rate (CAGR) of 34.3% for net profit from 2024 to 2026 [3]

资料来源：聚源数据，德邦研究所 [Table_Main] 证券研究报告 | 行业中期策略 环保 2024 年 09 月 10 日 环保 优于大市（维持） 证券分析师 郭雪 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 卢璇 资格编号：S0120524050004 邮箱：luxuan＠tebon.com.cn 研究助理 市场表现 环保 沪深300 -31% -24% -18% -12% -6% 0% 6% 2023-09 2024-01 2024-05 相关研究 1.《国林科技（300786.SZ）：乙醛 酸逐步实现规模化、稳定性生产，半 导 体 清 洗 国 产 替 代 持 续 推 进 》， 2024.9.8 2.《中原环保（000544.SZ）：业务 结构优化，污水处理产能持续提升》， 2024.9.1 3.《旺能环境（002034.SZ）：垃圾 焚烧发电项目稳定运营，积极推动调 价和绿证交易》，2024.9.1 4.《皖仪科技（688600.SH）：需求 减弱业绩短期承压，研发储备充足》， 2024.8.29 5.《华宏科技（002645.SZ）：稀土 价格企稳， 2 ...

Investment Rating - The report maintains a "Buy" rating for Haichuang Pharmaceutical (688302.SH) [3][5] Core Views - The commercialization of HC-1119 (Deunzalutamide) is imminent, with the company actively preparing for market launch and establishing a commercial channel network [5][6] - The company has a robust pipeline with several drugs in clinical trials, including HP518, which is the first oral AR PROTAC drug in clinical trials in China, and HP501, which is advancing in clinical trials for hyperuricemia/gout [6][7] - Revenue projections for 2025 and 2026 are estimated at 163 million and 363 million yuan respectively, driven by the anticipated launch of core products [6][11] Financial Summary - As of June 30, 2024, the company reported a cash balance of 492 million yuan [5] - The company is expected to have no drug sales revenue in 2024, with operating expenses projected to be 57.69 million yuan, a 280% increase year-on-year [5][11] - The net profit for 2024 is projected to be a loss of 234 million yuan, improving to a loss of 167 million yuan by 2026 [11] Pipeline Progress - HC-1119 has completed the necessary reviews for drug registration and is preparing for commercialization [5] - HP518 is currently enrolling patients for clinical trials targeting advanced prostate cancer, with data expected to be presented at major conferences [6] - Other projects include HP501 for hyperuricemia, HP537 for hematological tumors, and HP560 for myelofibrosis, all of which are in various stages of clinical development [6][7]

Investment Rating - Buy (First Coverage) [1] Core Views - Yanzhou Coal Mining is a global energy leader with an integrated coal-based layout, focusing on coal production, deep processing, and comprehensive utilization [3] - The company has a dual-drive strategy for its coal business, with new capacity releases and existing capacity recovery, aiming for a long-term production target of 300 million tons [3] - Yanzhou Coal Mining has significant price elasticity in its coal business, benefiting from both volume and price increases during upward cycles [3] - The company is extending its industrial chain into high-end chemical new materials, with a target of producing over 20 million tons of chemical products in 5-10 years [3] - Yanzhou Coal Mining has optimized its asset structure and demonstrated strong shareholder value through its dividend policy, with a 60% payout ratio of net profit after statutory reserves [3] Market Performance - Yanzhou Coal Mining's stock price has underperformed the CSI 300 index over the past three months, with an absolute decline of 23.70% and a relative decline of 13.04% [2] Financial Highlights - In H1 2024, Yanzhou Coal Mining reported revenue of 72.3 billion yuan, a year-on-year decrease of 24.07%, and net profit attributable to shareholders of 7.6 billion yuan, a year-on-year decrease of 31.64% [3] - The company's revenue in 2023 was 150 billion yuan, a year-on-year decrease of 33.3%, and net profit attributable to shareholders was 20.1 billion yuan, a year-on-year decrease of 39.6% [5] - Yanzhou Coal Mining's EPS for 2024-2026 is forecasted to be 1.49, 1.66, and 1.72 yuan, respectively [4] Coal Business - Yanzhou Coal Mining's coal production capacity is approximately 245 million tons, with new projects like Wanfu Mine and Wucaiwan No. 4 Open-pit Mine expected to contribute additional capacity [3] - The company's coal sales structure is highly elastic, with coal prices increasing by 69% and 36% in 2021 and 2022, respectively [3] - Yanzhou Coal Mining's coal production is expected to reach 140 million tons in 2024, with a long-term target of 300 million tons [3] Chemical Business - Yanzhou Coal Mining has established five high-end chemical parks, with chemical product output reaching 8.59 million tons in 2023 [3] - The company aims to produce over 20 million tons of chemical products annually in the next 5-10 years [3] - Yanzhou Coal Mining is the only company in China with both low-temperature and high-temperature Fischer-Tropsch synthesis technologies, leading in methanol and acetic acid production [37] Dividend Policy - Yanzhou Coal Mining has committed to a dividend payout ratio of approximately 60% of net profit after statutory reserves for 2023-2025 [3] - In 2023, the company distributed a cash dividend of 11.5 billion yuan, with a dividend yield of 10% for A-shares and 16% for H-shares [3] Valuation - Yanzhou Coal Mining's PE ratio for 2024-2026 is forecasted to be 8.83, 7.91, and 7.63 times, respectively [50] - The company's valuation is lower than peers like Shaanxi Coal Industry, China Shenhua, and China Coal Energy [51]

[Table_Main] 证券研究报告 | 公司点评 开立医疗(300633.SZ) 2024 年 09 月 09 日 买入（维持） 所属行业：医药生物/医疗器械 当前价格(元)：29.02 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 市场表现 开立医疗 沪深300 -43% -34% -26% -17% -9% 0% 9% 17% 26% 2023-09 2024-01 2024-05 | --- | --- | --- | --- | |--------------------------------|--------|--------|--------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | -19.52 | -13.53 | -28.89 | | 相对涨幅 (%) | -15.04 | -7.39 | -18.23 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《——开立医疗 23 年三季报点评-开 立医疗（300633.SZ）：Q3 受同期高基 数影响，实际经营质量持续 ...