[Table_Main] 证券研究报告 | 行业周报 轻工制造 毕先磊 资格编号：S0120524030001 邮箱：bixl3＠tebon.com.cn 宋姝旺 资格编号：S0120524060004 邮箱：songsw＠tebon.com.cn 研究助理 李陌凡 邮箱：limf3＠tebon.com.cn 市场表现 -37% -29% -22% -15% -7% 0% 7% 2023-09 2024-01 2024-05 轻工制造 沪深300 资料来源：聚源数据、德邦研究所 相关研究 1.《匠心家居(301061.SZ)：营收、 净 利 双 增 ， 店 中 店 模 式 稳 步 推 进》，2024.8.29 2.《裕同科技(002831.SZ)：营利实 现双增，中期分红回馈股东》， 2024.8.27 3.《恒林股份(603661.SH)：营收快 速增长，自主品牌加速出海》， 2024.8.23 4.《致欧科技（301376.SZ）：Q2 收入延续高增，海运费扰动利润端 承压》，2024.8.22 | --- | --- | --- | |------------------|--------------- ...

baao[Table_Main] 证券研究报告 | 行业月报 传媒 | --- | --- | |------------------|---------------------------------------------------------------| | 传媒 | 2024 年 09 月 08 传媒互联网行业 8 月报： OpenAI | | 优于大市（维持） | 或将发布"草莓"大模型；《黑神 | | 证券分析师 | | | | | [Table_Summary] 投资要点： 话：悟空》点燃国产 3A 游戏热度 马笑 资格编号：S0120522100002 邮箱：maxiao＠tebon.com.cn 研究助理 王梅卿 邮箱：wangmq＠tebon.com.cn 市场表现 传媒 沪深300 -37% -29% -22% -15% -7% 0% 7% 15% 2023-09 2024-01 2024-05 资料来源：聚源数据，德邦研究所 相关研究 1.《上海电影（601595.SH）24H1 业绩点评：上影元商业化逻辑逐步 验 证 ，25 年 或 为 内 容 大 年 》 ， 2024.9.7 ...

Investment Rating - The report maintains a "Buy" rating for Kelun-Botai Biopharmaceutical (06990.HK) [2] Core Insights - The company is expected to launch several core products in the Chinese market by the second half of 2024 or the first half of 2025, including sac-TMT, A166, A167, and A140 [6] - The company has established a strong pipeline with over ten clinical-stage candidates, four of which are in the NDA application stage, indicating significant growth potential [6] - The revenue forecast for 2024-2026 is projected at 17.44 billion, 16.20 billion, and 26.88 billion RMB respectively, reflecting a robust growth trajectory [6] Financial Performance - In the first half of 2024, the company reported revenue of 1.383 billion RMB, a year-on-year increase of 32.2%, primarily driven by milestone payments and collaboration income from a partnership with Merck [4] - Gross profit for the same period reached 1.077 billion RMB, up 59.4% year-on-year, with a net profit of 310 million RMB, compared to a loss of 31.13 million RMB in the previous year [4] - R&D expenses increased by 33% year-on-year to 652 million RMB [4] Clinical Development - The NDA application for Trop2 ADC has been accepted, and the HER2 ADC has also submitted an NDA application to the CDE [4] - Merck has initiated 10 global Phase III clinical trials for SKB264 (MK-2870)-trop2 ADC, targeting various cancer types including triple-negative breast cancer and non-small cell lung cancer [5] - The company has a rich pipeline of innovative products, including SKB315 (MK-1200) and SKB410 (MK-3120), currently in clinical trials [6] Market Position - The company has formed a mature commercialization team to prepare for the marketing and commercialization of strategic products [6] - The ADC overseas value is gradually becoming apparent, indicating a strong market position [6]

Investment Rating - The report initiates coverage on Haige Communication (002465.SZ) with a "Buy" rating [2][6]. Core Views - The investment highlights include a significant partnership with China Mobile, which is expected to enhance collaboration in the "Beidou+" industry applications, low-altitude infrastructure, and integrated development of air and space [4][13]. - The company has shown robust growth in the Beidou navigation sector, achieving a revenue of 414 million yuan in 2024H1, representing a year-on-year increase of 275% [4][29]. - Haige Communication is actively participating in major satellite internet projects, establishing a satellite company to expand its business in the southwestern region of China [4][42]. Summary by Sections 1. Business Overview - Haige Communication is a member of the Guangzhou Digital Technology Group, focusing on four main business areas: wireless communication, Beidou navigation, aerospace, and digital ecology [13]. - The company has seen continuous revenue and profit growth from 2018 to 2023, with a focus on emerging sectors such as Beidou, satellite, and low-altitude industries [13][20]. 2. Business Growth Drivers - The company has a comprehensive product range in wireless communication, covering various technologies and achieving significant breakthroughs in the market [22][24]. - The Beidou navigation segment has established a full industry chain layout, leading to rapid growth driven by the transition from Beidou II to Beidou III systems [26][29]. - In the aerospace sector, Haige Communication is a leader in simulation systems and is expanding into unmanned platforms and civil aviation navigation [31][33]. 3. Financial Performance and Dividends - The company has maintained a high dividend payout ratio, averaging 53% since its listing, reflecting its commitment to returning value to shareholders [40]. - The financial forecast for 2024-2026 anticipates revenues of 6.65 billion, 8.42 billion, and 10.11 billion yuan, with corresponding net profits of 734 million, 998 million, and 1.22 billion yuan [4][7]. 4. Strategic Initiatives - Haige Communication is deepening its involvement in national satellite internet projects, aiming to complete a full industry chain from chip development to terminal manufacturing [42][44]. - The company is also focusing on low-altitude economic development, supported by favorable national and local policies [50].

Investment Rating - The investment rating for Sanofi Bio is "Buy" (maintained) [1] Core Views - The report highlights steady growth in the core business of blood glucose monitoring, with expectations for significant market potential in both domestic and European markets for continuous glucose monitoring (CGM) products [2][3] - The company achieved a revenue of 2.133 billion yuan in the first half of 2024, representing a year-on-year increase of 6.26%, and a net profit of 197 million yuan, up 12.61% [2] - The CGM business is expected to see rapid growth domestically, with ongoing progress in overseas certifications [3] Financial Performance Summary - For the first half of 2024, the company reported a revenue of 2.133 billion yuan, with a net profit of 197 million yuan and a non-recurring net profit of 178 million yuan [2] - The blood glucose monitoring system generated revenue of 1.552 billion yuan, up 12.74%, while the iPOCT system brought in 88 million yuan, up 5.89% [2] - The company forecasts net profits of 434 million yuan, 531 million yuan, and 643 million yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 32, 26, and 22 times [3][4] Market and Product Development - The CGM product "Sanofi Aikan" has received regulatory approvals in multiple countries, including China and various regions in Europe, indicating strong market entry potential [3] - The second-generation CGM product is expected to enhance user experience and expand the product line, contributing to future revenue growth [3] Valuation Metrics - The report provides projected revenue growth rates of 12.6% for 2024, 12.4% for 2025, and 13.6% for 2026 [5] - The gross margin is expected to improve from 54.1% in 2023 to 56.6% by 2026 [5] - The company's total market capitalization is approximately 13.98 billion yuan [4]

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company achieved a revenue of 5.333 billion yuan in the first half of 2024, reflecting a year-on-year growth of 1.18%, with a net profit attributable to shareholders of 950 million yuan, up 1.33% year-on-year [6] - Domestic performance is under pressure due to a decrease in bidding activities, while overseas markets are experiencing rapid growth, with international revenue reaching 933 million yuan, a year-on-year increase of 29.94% [6][7] - The company maintains a leading position in its core product lines, with significant market shares in various CT and MR segments [7] - Continuous investment in R&D, with 1.017 billion yuan spent in the first half of 2024, represents an 11.11% increase year-on-year, supporting the launch of over 120 innovative products [7] Financial Performance and Forecast - The company is projected to achieve net profits of 2.318 billion yuan, 2.816 billion yuan, and 3.402 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 30, 25, and 22 [8][10] - Revenue is expected to grow from 11.411 billion yuan in 2024 to 15.525 billion yuan in 2026, indicating a robust growth trajectory [10] - The gross margin is forecasted to improve from 48.5% in 2023 to 50.6% in 2026, reflecting operational efficiency [10]

Investment Rating - The report maintains an "Accumulate" rating for 恒实科技 (300513.SZ) [2] Core Views - The company experienced a revenue decline of 5.56% year-on-year in H1 2024, with total revenue reaching 565 million yuan. The net profit attributable to shareholders was -51 million yuan, a significant drop of 254.97% year-on-year [4] - Despite the overall decline, Q2 2024 showed a revenue increase of 8.14% year-on-year, amounting to 453 million yuan, although the net profit still fell by 444.90% year-on-year [4] - The company is focusing on R&D to strengthen its long-term competitive advantage, with R&D expenses increasing by 9.69% year-on-year [4] Summary by Sections Financial Performance - In H1 2024, the company reported revenues of 565 million yuan, down 5.56% year-on-year, and a net profit of -51 million yuan, down 254.97% year-on-year. The adjusted net profit also saw a decline of 262.39% [4] - The revenue breakdown for H1 2024 includes system integration at 305 million yuan (up 6.27% year-on-year), design services at 106 million yuan (down 19.13%), and technical services at 70 million yuan (up 6.06%) [4] - The overall gross margin for H1 2024 was 17.62%, a decrease of 2.11 percentage points year-on-year [4] R&D and Competitive Position - The company is committed to a technology-leading strategy, with a focus on developing proprietary products in the energy IoT sector. It has developed several new platforms and applications, enhancing its core competitiveness in the digital energy business [4] - As of H1 2024, the company holds 68 invention patents, 130 utility model patents, and 535 software copyrights [4] Business Development - The company has made progress in various business areas, including digital energy projects with State Grid and communication technology services with provincial operators [5] - Specific projects include the development of a new power load management system and digital transformation projects for power supply systems [5] Investment Projections - The report adjusts the profit forecast, estimating revenues of 1.297 billion yuan, 1.385 billion yuan, and 1.479 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of -3.7%, 6.8%, and 6.8% [5] - The projected net profits for the same years are -6 million yuan, 20 million yuan, and 38 million yuan, with growth rates of -113.9%, 442.4%, and 93.4% [5]

Investment Rating - The report initiates coverage on Weimais (688612.SH) with a "Buy" rating, highlighting its position as a leader in the automotive power supply sector [1]. Core Views - The report emphasizes the strong growth potential of Weimais, driven by the increasing demand for high-voltage fast charging in electric vehicles (EVs). The company is well-positioned to benefit from this trend as a core player in the midstream of the supply chain [1][2]. - The report forecasts significant revenue growth for Weimais, projecting revenues of 6.933 billion, 8.223 billion, and 9.656 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 611 million, 808 million, and 903 million yuan [2]. Summary by Sections 1. Company Overview - Weimais started in 2005, initially focusing on industrial power supplies and has since expanded into the EV sector, becoming a supplier for major automotive brands [13]. - The company has a concentrated and stable shareholding structure, with a strong technical team that enhances its R&D capabilities [14][15]. - Weimais focuses on power electronics products for EVs, including onboard chargers and DC/DC converters, and has a significant presence in overseas markets [17][18]. 2. Market Trends - The report notes that the penetration rate of EVs in China reached 31.4% in 2023, with significant growth potential driven by improvements in fast charging technology [25]. - High-voltage fast charging is identified as a key factor in accelerating EV adoption, with ongoing efforts to overcome current cost and technology barriers [25][26]. 3. Financial Performance - Weimais has shown impressive revenue and profit growth, with revenues increasing from 657 million yuan in 2020 to an expected 6.933 billion yuan in 2024 [18][19]. - The company's gross margin has stabilized, and net profit margins have improved significantly, reflecting operational efficiencies and scale [19][20]. 4. Product and Technology Development - The company has developed a robust technology platform, with 16 proprietary technologies that enhance its competitive edge in the market [21][23]. - Weimais is focusing on integrated power supply solutions, which are expected to contribute significantly to its revenue growth [2][21]. 5. Future Growth Prospects - The report anticipates that Weimais will continue to expand its product offerings, particularly in the areas of electric drive systems and liquid-cooled charging modules, which are expected to drive future revenue growth [2][4]. - The company is well-positioned to capitalize on the growing demand for high-margin products in the fast-charging segment [2][4].

Investment Rating - The report maintains a "Buy" rating for Yixintang (002727.SZ) [2][3] Core Views - The company reported a revenue of 9.305 billion yuan for the first half of 2024, a year-on-year increase of 7.26%, but a net profit of 282 million yuan, down 44.13% year-on-year [3] - The company has increased its store count by 10.10%, reaching a total of 11,291 stores, with significant growth in provinces such as Sichuan and Henan [3] - Diversification efforts are yielding results, with new retail sales growing by 69.31% year-on-year, and health product sales increasing by 19.80% [3] - The gross profit margin for the first half of 2024 was 31.44%, a decrease of 2.12 percentage points year-on-year, while the net profit margin was 3.15%, down 2.71 percentage points year-on-year [3] - The report forecasts EPS for 2024, 2025, and 2026 to be 0.93, 1.26, and 1.48 respectively, with a CAGR of 26.1% [3] Financial Summary - The company achieved a total revenue of 20.665 billion yuan in 2023E, with a projected growth rate of 18.5% [4][7] - The net profit for 2023E is estimated at 1.248 billion yuan, reflecting a year-on-year growth of 23.5% [4][7] - The gross margin is expected to be 34.5% in 2023E, slightly decreasing to 34.3% in 2024E and remaining stable thereafter [4][7] - The total assets are projected to reach 20.441 billion yuan in 2023E, with total liabilities of 11.672 billion yuan [4][7] - The cash flow from operating activities is expected to be 3.363 billion yuan in 2023E, increasing to 3.574 billion yuan in 2024E [6]

Investment Rating - The report maintains an "Outperform" rating for the IC semiconductor design sector, indicating a positive outlook for the industry [3]. Core Insights - The IC design sector showed significant improvement in H1 2024, with total revenue reaching 89.8 billion yuan, a year-on-year increase of 33%. Digital chip design companies contributed 68.15 billion yuan (up 36%), while analog chip design companies generated 21.65 billion yuan (up 24%) [3][8]. - The net profit for the IC design sector surged to 6.65 billion yuan, marking a year-on-year increase of 265%. Digital chip companies accounted for 6.52 billion yuan (up 174%), and analog chip companies turned a loss of 560 million yuan into a profit of 130 million yuan [3][8]. - The second quarter of 2024 saw a notable improvement in performance, with digital chip companies achieving a total revenue of 37.33 billion yuan (up 21% quarter-on-quarter) and a net profit of 3.88 billion yuan (up 47% quarter-on-quarter) [3][8]. Summary by Sections 1. Industry Performance - The IC design sector's revenue for H1 2024 was 89.8 billion yuan, with a year-on-year growth of 33%. Digital chip design companies generated 68.15 billion yuan (up 36%), while analog chip design companies reached 21.65 billion yuan (up 24%) [3][8]. - The net profit for the sector was 6.65 billion yuan, a year-on-year increase of 265%, with digital chip companies contributing 6.52 billion yuan (up 174%) and analog chip companies recovering from a loss to a profit of 130 million yuan [3][8]. 2. Inventory Management - Inventory levels for IC design companies showed a high single-digit quarter-on-quarter increase in Q2 2024. Digital chip companies had total inventory of 58.5 billion yuan (up 7.4% quarter-on-quarter), while analog chip companies had 14.1 billion yuan (up 6.4% quarter-on-quarter) [3][15]. - The inventory turnover days for digital chip companies increased to 377 days (up 23 days quarter-on-quarter), influenced by some large-cap companies. Analog chip companies saw a decrease in inventory turnover days [4][15]. 3. Market Recovery - The semiconductor industry began a long inventory destocking cycle in 2023, and after over a year, downstream inventory has returned to normal levels. Some markets are experiencing or are about to experience demand recovery, particularly in consumer electronics [4][54]. - Key upcoming events in the electronics industry, such as product launches from major companies like Apple and Huawei, are expected to catalyze market trends [4][55]. 4. Segment Tracking - The IoT chip sector showed a clear recovery trend, with companies like Jingchen and Hanguang experiencing significant revenue growth in Q2 2024. Their net profits also saw substantial increases [25][26]. - The storage chip segment showed overall revenue improvement in Q2 2024, with companies like Zhaoyi Innovation and Puran achieving notable revenue growth, although profit margins remain under pressure [35][36]. - The analog chip sector demonstrated a clear upward trend in revenue, with companies like Shengbang and Naxin experiencing revenue growth, although profit margins are still recovering [42][51]. 5. Power Chips - The power chip sector saw significant revenue growth in Q2 2024, with companies like Silan Micro and New Clean Energy reporting substantial increases in revenue and stable profit margins [50][51]. 6. Future Outlook - The semiconductor industry is expected to continue its recovery, with a focus on key sectors such as automotive and industrial control, as well as monitoring the impact of significant industry events on market trends [54][55].