Investment Rating - Buy (Maintained) [1] Core Views - The company reported revenue of RMB 464 million in H1 2024, a YoY increase of 26.91%, but net profit attributable to the parent company was -RMB 68 million, turning from profit to loss [4] - Gross margin declined to 46.23% in H1 2024 from 52.62% in 2023, mainly due to changes in accounting standards and product mix [4] - R&D expenses increased by 114.22% YoY to RMB 210 million in H1 2024, putting pressure on short-term profitability [4] - The company is continuously iterating existing products and expanding new product lines, with strong market share growth in key areas [5] - Revenue is expected to grow to RMB 1.363 billion in 2024, RMB 2.021 billion in 2025, and RMB 3.105 billion in 2026, with net profit reaching RMB 162 million, RMB 324 million, and RMB 559 million respectively [5] Financial Performance - Revenue in 2023 was RMB 891 million, a YoY increase of 74.9%, with net profit of RMB 140 million [6] - Gross margin in 2023 was 52.6%, with R&D expenses accounting for 25.6% of revenue [6] - Revenue is forecasted to grow by 53.0% in 2024 and 48.3% in 2025 [6] - Net profit margin is expected to be 11.9% in 2024 and 16.0% in 2025 [7] - ROE is projected to increase from 5.8% in 2023 to 11.4% in 2025 [7] Product Development - The company is advancing its product portfolio in wafer defect detection and metrology equipment, with strong market share growth [5] - New products in bright/dark field nano-pattern defect detection and overlay accuracy metrology are progressing well, with increasing customer orders [5] - The company is expanding its capabilities in advanced packaging technologies, including HBM and 2.5D/3D packaging [5] Valuation - The company's PE ratio is 100x for 2024, 50x for 2025, and 29x for 2026 based on the market cap as of September 2 [5] - PB ratio is expected to decline from 9.88x in 2023 to 5.71x in 2025 [7] - PS ratio is forecasted to decrease from 18.17x in 2023 to 8.01x in 2025 [7] Industry Context - The company operates in the semiconductor equipment sector, focusing on metrology and inspection equipment [1] - Domestic wafer fabs are expanding production, providing growth opportunities for the company's platform-based equipment solutions [5]

[Table_Main] 证券研究报告 | 公司点评 正帆科技(688596.SH) 2024 年 09 月 03 日 买入（维持） 所属行业：机械设备/专用设备 当前价格(元)：26.03 证券分析师 陈蓉芳 资格编号：S0120522060001 邮箱：chenrf＠tebon.com.cn 陈瑜熙 资格编号：S0120524010003 邮箱：chenyx5＠tebon.com.cn 市场表现 -43% -34% -26% -17% -9% 0% 9% 17% 26% 2023-09 2024-01 2024-05 正帆科技 沪深300 | --- | --- | --- | --- | |--------------------------------|-------|--------|--------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | -6.96 | -20.37 | -22.32 | | 相对涨幅 (%) | -3.43 | -14.42 | -13.53 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《正帆科技(6885 ...

[Table_Main] 证券研究报告 | 行业点评 汽车 2024 年 09 月 03 日 汽车 优于大市（维持） 证券分析师 邓健全 资格编号：S0120523100001 邮箱：dengjq＠tebon.com.cn 赵悦媛 资格编号：S0120523100002 邮箱：zhaoyy5＠tebon.com.cn 赵启政 资格编号：S0120523120002 邮箱：zhaoqz＠tebon.com.cn 研究助理 秦梓月 邮箱：qinzy＠tebon.com.cn 市场表现 汽车 沪深300 -29% -24% -20% -15% -10% -5% 0% 5% 10% 2023-09 2024-01 2024-05 资料来源：聚源数据，德邦研究所 相关研究 1.《汽车报废更新补贴申请超 70 万， 小鹏 MONA M03 上市 1 小时大定破 1 万》，2024.8.31 2.《保隆科技（ 603197.SH）：Q2 业绩有所承压，空悬及传感器持续放 量》，2024.8.30 3.《伯特利（603596.SH）：业绩稳 健 增 长 ， 新 项 目 持 续 放 量 》， 2024.8.30 4.《立中集团 ...

[Table_Main] 证券研究报告 | 公司点评 迈瑞医疗(300760.SZ) 2024 年 09 月 03 日 | --- | --- | |---------------------------------------------------------|------------------------------| | 买入（维持） 迈瑞医疗 | 中报点评： IVD 表 | | 所属行业：医药生物 / 医疗器械 当前价格 ( 元 ) ： 247.49 | 现亮眼，影像高端市场不断突破 | | | | 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 市场表现 迈瑞医疗 沪深300 -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 (%) | -4. ...

Investment Rating - The report maintains a "Buy" rating for Yongxin Optical (603297.SH) [2] Core Views - The company achieved a revenue of 428 million yuan in H1 2024, representing a year-on-year growth of 9.62%, while the net profit attributable to shareholders was 100 million yuan, a decrease of 14.07% compared to the same period last year [3][4] - The optical component business showed significant growth, compensating for the decline in the optical microscope segment, leading to an overall revenue increase [3] - The company is implementing a "dual-engine" strategy focusing on high-end microscopes and optical components, with new high-end microscope products being developed and launched [4] - The barcode scanning and LiDAR businesses are expanding, with the barcode scanning module business expected to begin mass shipments in the second half of 2024 [4] Financial Summary - In H1 2024, the optical microscope business generated revenue of 163 million yuan, down 12.78% year-on-year, while the optical component business achieved revenue of 254 million yuan, up 30.95% year-on-year [3] - The gross profit margin for H1 2024 was 38.93%, a decrease of 1.36 percentage points year-on-year, while the net profit margin was 23.25%, down 6.41 percentage points year-on-year [3] - The company expects revenues of 1.026 billion yuan, 1.350 billion yuan, and 1.799 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 260 million yuan, 344 million yuan, and 479 million yuan for the same years [5][9]

Investment Rating - The report maintains a "Buy" rating for the company Aojie Technology (688220.SH) as of September 3, 2024 [1]. Core Views - The company achieved significant revenue growth in the first half of 2024, with approximately CNY 1.655 billion in revenue, representing a year-on-year increase of about 56.62%. The net profit attributable to the parent company was approximately -CNY 265 million, a reduction in losses by about 21.21% [2][3]. - The company is focusing on the development of its cellular baseband and non-cellular IoT chip sectors, with sales of cellular baseband main chips and non-cellular IoT chips increasing by over 80% and 70% year-on-year, respectively [3]. - Aojie Technology's first smartphone chip, ASR8601, has debuted in the Latin American market, marking a significant step in the company's globalization strategy [4]. Summary by Sections Financial Performance - In 2024H1, the company reported a revenue of approximately CNY 1.655 billion, a 56.62% increase year-on-year. The gross profit margin for 2024H1 was 24.27%, a decrease of 0.35 percentage points year-on-year, while the net profit margin was -15.99%, an improvement of 15.8 percentage points year-on-year [3][5]. - For 2024Q2, the company achieved revenue of CNY 825 million, a year-on-year increase of 27.21%, with a slight quarter-on-quarter decrease of 0.61% [3]. Growth Drivers - The company is expected to benefit from the mass production of its 5G Redcap chip in the second half of 2024, having completed laboratory interoperability and certification tests with major equipment manufacturers [3]. - The company maintains substantial R&D investments, which are crucial for its growth in a high-tech industry characterized by significant barriers to entry [3][4]. Future Projections - The report forecasts revenues of CNY 3.315 billion, CNY 4.433 billion, and CNY 6.277 billion for 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is projected to be -CNY 498 million in 2024, improving to a profit of CNY 247 million by 2026 [4][6].

[Table_Main] 证券研究报告 | 公司点评 申能股份(600642.SH) 2024 年 09 月 03 日 买入（维持） 所属行业：公用事业/电力 当前价格(元)：7.85 证券分析师 郭雪 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 联系人 刘正 邮箱：liuzheng3＠tebon.com.cn 市场表现 申能股份 沪深300 -40% -20% 0% 20% 40% 60% 2023-09 2024-01 2024-05 | --- | --- | --- | --- | |--------------------------------|-------|--------|-------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | -4.62 | -12.58 | -6.05 | | 相对涨幅 (%) | -0.11 | -6.45 | 2.75 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《申能股份（600642.SH）：上海电 力 龙 头 ， 盈 利 稳 健 分 红 可 观 》， ...

[Table_Main] 证券研究报告 | 公司点评 长江电力(600900.SH) 2024 年 09 月 03 日 增持（维持） 所属行业：公用事业/电力 当前价格(元)：29.71 证券分析师 郭雪 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 联系人 刘正 邮箱：liuzheng3＠tebon.com.cn 市场表现 长江电力 沪深300 -29% -14% 0% 14% 29% 43% 57% 2023-09 2024-01 2024-05 沪深300对比 1M 2M 3M 绝对涨幅(%) -1.36 3.49 14.65 相对涨幅(%) 3.15 9.61 23.44 资料来源：德邦研究所，聚源数据 相关研究 1.《长江电力（600900.SH）：业绩符 合预期，24Q1 财务费用下降明显》， 2024.5.6 2.《长江电力（600900.SH）：Q4 业绩 同比高增，乌白增发效益有望体现》， 2024.1.21 3.《长江电力（600900.SH）：Q3 来水 转好，业绩显著提升》，2023.11.6 4.《长江电力（600900.SH）：来水偏 枯影响 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in the first half of 2024 is slightly under pressure, with revenue of 8.197 billion (+1.52%) and net profit of 600 million (-18.71%). The gross margin improved due to rising gold prices, but increased expenses have negatively impacted profit performance [6] - The company is focusing on enhancing the quality and efficiency of its stores, with a strategic emphasis on building retail benchmark stores and strengthening weak regions [6] - The company plans to optimize the quality of franchisees and store openings while leveraging themed stores to achieve growth against the trend [6] Financial Performance Summary - For the first half of 2024, the company reported a revenue of 81.97 billion, with a net profit of 6.01 billion, and a gross margin of 18.4% [6] - The total expenses for the period were 6.05 billion, an increase of 35.04%, primarily due to higher sales and advertising expenses [6] - The company expects revenues of 177 billion, 198 billion, and 213 billion for 2024, 2025, and 2026 respectively, with net profits of 13.7 billion, 15.1 billion, and 16.5 billion [6][8] Channel Performance Summary - Offline store expansion is stable, but single-store revenue is under pressure, limiting overall performance growth [6] - Franchise stores generated revenue of 59.3 billion (-0.74%), while self-operated stores achieved 9.63 billion (+16.35%) [6] - Online sales reached 11.91 billion (+3.09%), with significant contributions from platforms like Tmall and JD [6] Product Category Performance Summary - The revenue from gold jewelry was 69.6 billion (+3%), while embedded jewelry saw a decline in revenue to 3.7 billion (-29%) [6] - Other jewelry categories, including fashion silver jewelry, experienced significant growth, with revenue of 2.9 billion (+66%) [6] Dividend Policy - The company announced a semi-annual dividend plan, distributing a total of 326 million in cash dividends, which accounts for 54.14% of the net profit [6]

Investment Rating - The report initiates coverage with a "Buy" rating for the company Tian Tan Biological [4] Core Views - The blood products industry has high barriers to entry and increasing concentration, which is favorable for leading companies like Tian Tan Biological. The company is expected to see steady growth in revenue and profits due to its leading plasma collection scale and station numbers [6][7][25] - The company has a complete range of product approvals, with significant potential for profit improvement as it expands into high-margin products [7][23] - The company is positioned to benefit from its first-mover advantage in the market for chromatographic immunoglobulin, which is expected to contribute to long-term revenue growth [7][23] Summary by Sections Company Overview - Tian Tan Biological specializes in the research, production, and sales of blood products, holding a leading position in the industry with 15 product varieties [13][15] - The company has 102 plasma collection stations across 16 provinces, with 80 operational stations, capturing approximately 20% of the national plasma collection volume [17][18] Industry Analysis - The blood products industry is characterized by high entry barriers and steady demand growth, with significant market share held by top players [25][26] - The industry has seen a concentration of market share, with the top four listed companies in China accounting for over 50% of the total plasma collection volume [6][25] Growth Potential - The company has been increasing its plasma collection capacity, with a notable rise in the number of operational stations and plasma collection volume, which is expected to drive revenue and profit growth [17][18] - Revenue forecasts for 2024-2026 are projected at 60.11 billion, 69.37 billion, and 80.53 billion yuan, with net profits of 13.94 billion, 17.05 billion, and 20.74 billion yuan respectively [7][8] Financial Performance - The company reported a revenue of 5.18 billion yuan in 2023, with a year-on-year growth of 21.6%, and a net profit of 1.11 billion yuan, reflecting a 26.0% increase [19][23] - The gross margin is expected to improve, with projections of 55.6% in 2024 and 57.9% by 2026 [8][23]