Investment Rating - The report maintains a "Buy" rating for Xinhua Medical [1] Core Views - In H1 2024, Xinhua Medical achieved operating revenue of 5.187 billion yuan (+2.24%) and a net profit attributable to shareholders of 484 million yuan (+5.57%), with a net profit margin of 9.6% (+0.19 percentage points) [1] - The company faced a decline in bidding for infection control products due to slow policy implementation, but expects recovery in H2 2024 as equipment update policies take effect [2] - The internationalization of pharmaceutical equipment is progressing, with significant growth in international trade contracts [2] - Cost control measures have significantly improved, with a reduction in sales and management expenses [2] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 5.187 billion yuan, with a net profit of 484 million yuan and a non-recurring net profit of 474 million yuan [1] - For Q2 2024, revenue was 2.658 billion yuan (+0.91%) and net profit was 273 million yuan (+4.21%) [1] - The medical device segment generated revenue of 1.887 billion yuan (-2.55%) with a gross margin of 43.29% (+2.28 percentage points) [2] - The pharmaceutical equipment segment achieved revenue of 1.092 billion yuan (+4.38%) [2] Market Strategy - The company is focusing on major hospitals in the infection control sector and has achieved record high revenue in infection control consumables [2] - Continuous product upgrades and improvements in traditional surgical instruments have helped maintain market leadership [2] Cost Management - Sales expenses decreased by 6.94% to 409 million yuan, while management expenses fell by 17.41% to 198 million yuan [2] - R&D expenses increased by 3.75% to 18.53 million yuan, with several new products recognized for innovation [2] Profit Forecast - The report forecasts net profits of 818 million yuan, 950 million yuan, and 1.174 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 13, 11, and 9 times [2]

[Table_Main] 证券研究报告 | 海外市场专题 2024 年 09 月 02 日 | --- | --- | --- | --- | --- | |--------------|-------|------------------------|-------|-------| | | | | | | | 海外市场专题 | | | | | | | | 谷歌反垄断案冲击几何？ | | | | | | | | | | 证券分析师 | | ——精卫填"海"系列（十） | | | | | | | | | 薛威 资格编号：S0120523080002 邮箱：xuewei＠tebon.com.cn 谭诗吟 资格编号：S0120523070007 邮箱：tansy＠tebon.com.cn [Table_Summary] 投资要点： 近期谷歌反垄断案开始引发关注，市场或担忧此次反垄断调查对谷歌乃至整个科 技板块的影响。本文对美国历史反垄断周期进行总结，并对三个反垄断经典案例进 行回顾剖析，进而对谷歌以及美国数字科技行业面临的后续可能情景进行推演。 美国反垄断历史：反垄断周期的本质是效率与公平的博弈。美国反垄断大致经 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the terminal demand is weak, leading to pressure on performance in Q2 2024, with inventory continuing to be a concern [1][3] - The company reported a revenue of 317 million yuan in the first half of 2024, a year-on-year decrease of 21.48%, and a net profit attributable to shareholders of -122 million yuan, an increase in loss of 41.81 million yuan compared to the same period last year [2][3] - The report anticipates a gradual improvement in performance in the second half of the year as inventory levels decrease and downstream demand recovers [4] Summary by Sections Market Performance - The company's stock has seen a significant decline, with absolute and relative performance metrics indicating a drop of -15.09% and -11.58% respectively over the past year [2] Financial Performance - In Q2 2024, the company achieved a revenue of 175 million yuan, a year-on-year decrease of 19.06%, but a quarter-on-quarter increase of 23.58% [3] - The gross profit margin for the first half of 2024 was 33.21%, with a net profit margin of -38.48% [3] - The company’s R&D expenses accounted for 60.56% of revenue in the first half of 2024, reflecting a strong commitment to innovation [4] Business Segments - The company has made progress in developing new FPGA and FPSoC chips, with several models now in mass production and application in various fields [3][4] - The inventory level has decreased from 763 million yuan at the end of 2023 to 607 million yuan, indicating a gradual reduction in inventory pressure [4] Earnings Forecast and Investment Advice - The company is expected to achieve revenues of 763 million yuan, 1.063 billion yuan, and 1.549 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits projected at -239 million yuan, -160 million yuan, and -52 million yuan [5][6] - The report maintains a "Buy" rating based on the expectation of a recovery in performance as inventory issues are resolved and demand improves [4][6]

证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 李霁阳 资格编号：S0120523080003 邮箱：lijy7＠tebon.com.cn 市场表现 -29% -14% 0% 14% 29% 43% 57% 康方生物 恒生指数 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|-------| | 2023-09 \n恒 生 指 数 对 比 | 2024-01 \n1M | 2024-05 \n2M | 3M | | 绝对涨幅 (%) | 16.08 | 30.07 | 11.59 | | 相对涨幅 (%) | 12.36 | 28.54 | 12.09 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《康方生物(9926.HK)：AK112 获批 +击败 K 药，创新药龙头价值当被重 估》，2024.7.19 2.《康方生物(9926.HK)：管线矩阵丰 富，多个产品将获批，收入有望继续高 增》， ...

Market Overview - The U.S. PCE data for July showed a year-on-year increase of 2.6%, slightly below the expected 2.7%, indicating a moderate inflation trend[2] - Nvidia's Q2 revenue grew by 122% year-on-year, exceeding expectations, but its Q3 guidance suggested a slowdown to double-digit growth, leading to a post-earnings drop of over 8%[2] - The Chicago PMI for August was reported at 46.1, above the expected 45.5, while the Conference Board Consumer Confidence Index was at 103.3, significantly higher than the expected 100.7[2] Economic Outlook - The market is entering a phase of heightened uncertainty in September, with key events such as non-farm payroll data and the FOMC meeting approaching[3] - The probability of a 25 basis point rate cut in September is estimated at 70% according to the CME model, reflecting expectations of a smooth transition towards easing monetary policy[3][7] - Historical trends suggest that candidate debates in the lead-up to the U.S. presidential election can significantly influence polling data, warranting close monitoring[3] Investment Strategy - In light of increasing uncertainty, the technology sector, represented by the Nasdaq index, is expected to face challenges in breaking previous highs, suggesting a range-bound market[3] - Small-cap U.S. stocks, benefiting from potential rate cuts, along with value sectors such as consumer and cyclical stocks, are recommended for better portfolio performance[3] Risk Factors - Potential risks include unexpected rebounds in overseas inflation, which could lead to tighter monetary policies in the U.S. and Europe, impacting equity market valuations[24] - A downturn in global economic conditions could negatively affect market sentiment and performance[24] - Escalation of geopolitical tensions, such as the Israel-Palestine or Russia-Ukraine conflicts, may trigger increased market volatility[24]

Investment Rating - The report rates the food and beverage industry as "Outperforming the Market" [2] Core Views - The report emphasizes the importance of establishing a comprehensive view of food and beverage, focusing on favorable policies that may benefit the industry [2] - The report suggests that various sub-sectors within the food and beverage industry maintain their long-term logic, recommending attention to companies with resilient performance [4][10] Summary by Sections 1. Weekly Insights - The report notes a general slowdown in revenue growth for the liquor sector, with high-end and real estate liquor leaders showing stable performance, while some mid-tier and small liquor companies face pressure [10] - The beer sector is expected to see improved sales due to seasonal demand and cost reductions, with a focus on high-end product development [10] - The condiment sector is undergoing reforms, with major companies adapting to market changes and improving their operations [10][12] - The dairy sector is recovering, with a long-term trend towards premiumization and diversification [11] - The restaurant supply chain is expected to benefit from improved consumer policies and financial conditions, with a focus on resilient leading companies [12] 2. Market Performance - The food and beverage sector outperformed the CSI 300 index by 1.79 percentage points during the week of August 26 to August 30, with a sector increase of 1.62% [13] - Among sub-sectors, pre-processed foods saw the highest increase at 6.41%, while dairy products and soft drinks experienced declines [15] 3. Key Data Tracking - The report tracks various price data, including liquor prices, with notable figures such as the price of Feitian Moutai remaining stable at 2,780 RMB per case [23] - The average price of fresh milk was reported at 3.20 RMB per kilogram, showing a slight decrease [34] - The report highlights the profitability of pig farming, with self-bred pigs yielding a profit of 542.76 RMB per head [41] 4. Company Announcements - Several companies reported their half-year results, with notable performances including a 621.87% increase in net profit for Shunxin Agriculture, despite a revenue decline [49]

Investment Rating - The report maintains an "Outperform" rating for the electrical equipment industry [3] Core Insights - The price of polysilicon remains stable, with the domestic photovoltaic installed capacity maintaining growth in the first seven months of the year [3][12] - The report highlights several investment recommendations across different segments of the renewable energy sector, including solar, wind, and electric vehicles [6][25][40] Summary by Sections 1. Polysilicon Price Stability and Photovoltaic Installed Capacity Growth - Polysilicon prices are stable, with n-type rod silicon trading between 39,000-44,000 CNY/ton, averaging 41,000 CNY/ton; single crystal dense material ranges from 33,000-36,000 CNY/ton, averaging 34,300 CNY/ton; n-type granular silicon is priced between 36,000-37,000 CNY/ton, averaging 36,700 CNY/ton [12][13] - In the first seven months of 2024, China's newly installed photovoltaic capacity reached 123.53 GW, a year-on-year increase of 27.1%, with July alone contributing 21.05 GW, up 12.3% year-on-year [14] 2. Investment Recommendations in New Energy Generation - Suggested focus areas include integrated component companies with new battery technologies such as JinkoSolar, LONGi Green Energy, JA Solar, and Trina Solar; emerging technologies in the battery segment like Tongwei Co., Aiko Solar, and Junda Co.; silicon wafer companies with efficiency or volume growth logic like TCL Zhonghuan and Shuangliang Eco-Energy; leading inverter companies benefiting from overall growth such as Ginlong Technologies, Sungrow Power Supply, and Dewei Co.; and energy storage battery suppliers like CATL, EVE Energy, and Pylon Technologies [6][17] 3. Investment Recommendations in Electric Vehicles - Recommended companies include leading firms with global competitiveness in various segments such as CATL, Enjie, BTR, Tianneng Battery, and others; second-tier lithium battery companies focusing on power and energy storage like EVE Energy and Guoxuan High-Tech; quality companies in lithium battery materials like Zhongke Electric, Dangsheng Technology, and others; leading component manufacturers benefiting from global electrification like Inovance Technology and others; and innovative new forces in smart products like Tesla, NIO, Xpeng Motors, and Li Auto [25][36] 4. Investment Recommendations in Industrial Control and Power Equipment - Emphasis on the energy storage segment, with recommended companies including New Fengguang, Jinpan Technology, Sifang Co., and Guodian NARI Technology [40]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [3]. Core Insights - The pharmaceutical manufacturing industry is showing a clear upward trend, recovering from the negative impacts of the pandemic. In the first half of 2024, the cumulative revenue reached 1.24 trillion yuan, a year-on-year decline of 0.9%, which is a significant improvement compared to 2023. The cumulative profit was 180.59 billion yuan, reflecting a year-on-year growth of 0.7% [5][12][14]. Summary by Sections 1. Industry Overview - The pharmaceutical manufacturing sector has clearly escaped the negative impacts of the pandemic, with a defined upward trend. The revenue and profit are expected to recover to positive growth in 2024, with a quarterly upward trend anticipated [5][12][14]. 2. Subsector Performance - Blood products continue to show high demand and profitability, with revenue and profit growth in the first half of 2024. The market remains in a state of high demand, with supply constraints primarily due to plasma collection volume [5][28]. - The chemical preparation sector is showing signs of recovery, with revenue in the first half of 2024 reaching 210.99 billion yuan, maintaining a year-on-year growth of 0%. The net profit increased by 13% to 23.05 billion yuan, indicating a reversal in profitability due to the clearance of the impact from generic drug procurement policies [15][20]. - The raw material drug sector reported revenue of 42.93 billion yuan, a year-on-year increase of 1.9%, although net profit decreased by 9.7% due to intensified competition [21][22]. - The CXO sector experienced a revenue decline of 11.1% in the first half of 2024, totaling 43.1 billion yuan, with net profit down by 37.1% [24][26]. 3. Market Performance - The pharmaceutical and biotechnology sector index increased by 2.0% during the week of August 26 to August 30, 2024, outperforming the CSI 300 index by 2.2%. However, year-to-date, the sector index has decreased by 23.5%, underperforming the CSI 300 index by 20.3% [6][69]. 4. Investment Strategy - The report suggests a structural market outlook for the pharmaceutical industry, focusing on two main lines: products with increasing proportions in total medical insurance expenditures and companies with global competitiveness in the export chain. Key areas include innovative drugs, traditional Chinese medicine, raw materials, and certain medical devices [6][69]. 5. Monthly Investment Portfolio - Recommended stocks include: Hehuang Pharmaceutical, Kangfang Biotech, Zhejiang Pharmaceutical, Palin Biotech, Renfu Pharmaceutical, Xinhua Medical, Yuyue Medical, and Guizhou Sanli [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in its main business, with expected performance improvements in the future [4] - The company reported a revenue of 25.225 billion, a year-on-year increase of 20.92%, but a net profit of 112 million, a year-on-year decrease of 84.37% [4] - The company is transitioning from a production-oriented leader to a service-oriented manufacturing model through operational management [4][5] Summary by Sections Market Performance - The company's stock has underperformed compared to the Hang Seng Index, with a relative decline of 23% [2] Financial Performance - In H1 2024, the company achieved a coke production of 4.7939 million tons, a year-on-year increase of 49.55%, with revenue from the coke business reaching 9.81 billion, up 29.2% [4] - The average coke price in H1 2024 was 2046.6 per ton, a decrease of 13.6% year-on-year [4] - The chemical business generated revenue of 10.403 billion, a year-on-year increase of 20%, with a gross profit of 883 million, up 31% [4] Business Segments - The coke business is supported by ongoing projects, including a 1.8 million ton coking project in Jiangxi and a 4.8 million ton project in Indonesia, which has already started production [4] - The chemical segment is expected to become the core growth driver, with plans to increase caprolactam production capacity to 1.5 million tons by 2028 [4] Hydrogen Energy - The company is leveraging its coking capacity to expand into hydrogen energy, becoming the largest hydrogen producer in the Beijing-Tianjin-Hebei region [5] - The company has received clean hydrogen certification and is expected to benefit from new hydrogen policies [5] Earnings Forecast - Projected revenues for 2024-2026 are 52.8 billion, 59 billion, and 62.7 billion respectively, with net profits of 600 million, 700 million, and 800 million [5]

证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 张崇欣 资格编号：S0120522100003 邮箱：zhangcx＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 康宇豪 资格编号：S0120524050001 邮箱：kangyh＠tebon.com.cn 谷瑜 资格编号：S0120524080002 邮箱：guyu5＠tebon.com.cn 研究助理 市场表现 -29% -22% -15% -7% 0% 7% 15% 22% 2023-08 2023-12 2024-04 有色金属 沪深300 资料来源：聚源数据，德邦研究所 相关研究 1.《悦安新材（688786.SH）：增收 未增利，持续推进新产能落地》， 2024.8.30 2.《驰宏锌锗（600497.SH）：铅锌 加工费下行致 24H1 归母承压，资产 注入持续贡献量增》，2024.8.30 3.《中金黄金（600489.SH）：矿产 金产量有所波动，金铜价格上涨拉动 业绩》，2024.8.30 4.《云铝股份（000 ...