Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 2.47 billion yuan, a year-on-year increase of 10.65%, and net profit attributable to shareholders of 304 million yuan, up 40.25% [6] - The second quarter of 2024 saw revenue of 1.34 billion yuan, a 9.00% year-on-year increase, and net profit of 168 million yuan, which is a 46.69% increase compared to the same period last year [6] - The company has successfully optimized its product structure, leading to positive revenue growth across different price segments and brands [6] - The company expects revenue growth to continue, projecting revenues of 5.97 billion yuan, 6.91 billion yuan, and 8.02 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 13.5%, 15.9%, and 16.0% [7] Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 68.48% and a net margin of 12.55%, with a notable decrease in sales and management expense ratios [7] - The operating cash flow for the first half of 2024 was 220 million yuan, a 32.2% increase year-on-year, indicating strong cash flow performance [7] - The company’s total assets were reported at 9.43 billion yuan, with a total market capitalization of approximately 16.52 billion yuan [8] Brand and Regional Performance - Revenue from different brands showed positive growth, with notable increases for brands such as Laobai Gan and Wuling, achieving year-on-year growth rates of 19.1% and 20.2% respectively [6] - Regional performance varied, with Shandong showing a 33.4% increase in revenue, while overseas revenue experienced a slight decline of 9.8% [6] Future Projections - The report forecasts net profit attributable to shareholders to reach 870 million yuan, 1.12 billion yuan, and 1.44 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 30.9%, 28.4%, and 28.7% [7][9] - The company is expected to maintain a strong return on equity, projected to be 17.2% in 2024 and increasing to 24.9% by 2026 [9]

Investment Rating - The report maintains an "Accumulate" rating for Lianmei Holdings (600167.SH) [2] Core Views - The company's performance is under short-term pressure due to rising costs and the impact of the real estate cycle, but the long-term operational trend remains stable [2] - For the first half of 2024, the company achieved revenue of 1.95 billion yuan, a year-on-year increase of 5.2%, while net profit attributable to shareholders decreased by 19.67% to 477 million yuan [4][5] - The revenue growth is primarily driven by increases in heating and advertising revenues, with the heating segment generating 1.387 billion yuan [4] - The overall gross margin has decreased by 8.52 percentage points to 35.46%, mainly due to high coal prices and increased costs in media resources [4][5] Financial Performance Summary - For H1 2024, the company reported a revenue of 1.95 billion yuan, with a net profit of 477 million yuan, reflecting a decline in profitability [4] - The company’s cash on hand is 7.724 billion yuan, accounting for 44% of total assets, indicating a strong liquidity position [4] - The forecast for 2024-2026 projects revenues of 3.519 billion yuan, 3.713 billion yuan, and 3.883 billion yuan, with corresponding net profits of 932 million yuan, 1.050 billion yuan, and 1.101 billion yuan [5][6] Business Segments - The heating and steam/power/engineering/advertising segments generated revenues of 1.387 billion yuan, 75 million yuan, 46 million yuan, and 321 million yuan respectively, with varying gross margins [4] - The company’s subsidiaries in clean heating reported stable revenue growth, with specific figures for H1 2024 being 655 million yuan, 500 million yuan, and 550 million yuan for different subsidiaries [4] Technical Advantages and Future Outlook - The company possesses leading technical advantages in clean heating, with proprietary technologies and a significant number of patents [5] - Strategic investments in hydrogen energy and collaborations in distributed energy services are expected to drive future growth [5]

Investment Rating - The report maintains a "Buy" rating for Shunxin Agriculture (000860.SZ) [2] Core Views - The company reported a revenue of 5.687 billion yuan for H1 2024, a year-on-year decrease of 8.45%, but achieved a net profit of 423 million yuan, compared to a loss of 81 million yuan in the same period last year [4] - The white liquor segment showed positive growth, with H1 revenue of 4.7 billion yuan, a year-on-year increase of 3.17%, while the slaughtering segment saw a revenue decline of 36.64% [4] - The report forecasts revenue for 2024-2026 to be 10.86 billion yuan, 11.92 billion yuan, and 13.01 billion yuan respectively, with year-on-year growth rates of 2.5%, 9.8%, and 9.1% [5] Financial Performance Summary - H1 2024 net profit was 423 million yuan, significantly better than the forecasted median of 405 million yuan [4] - The company’s high-end liquor, mid-range liquor, and low-end liquor revenues changed by +5.94%, -7.29%, and +4.87% respectively in H1 2024 [4] - The gross profit margins for high-end, mid-range, and low-end liquors decreased by 2.84, 5.26, and 3.36 percentage points respectively compared to the previous year [5] Future Projections - The report projects net profits for 2024, 2025, and 2026 to be 630 million yuan, 800 million yuan, and 968 million yuan, with year-on-year growth rates of 311.8%, 27.8%, and 20.9% respectively [5] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.84 yuan, 1.08 yuan, and 1.30 yuan respectively [6]

Investment Rating - The report maintains an "Outperform" rating for the power equipment industry, specifically highlighting the growth potential of inverters alongside photovoltaic and energy storage technologies [2]. Core Insights - Photovoltaic inverters are essential for solar power systems, converting direct current (DC) generated by solar panels into alternating current (AC) for grid integration or load use. Their reliability and efficiency directly impact the overall performance and investment returns of solar power projects [4][14]. - The market for string inverters is expected to grow significantly, driven by their increasing penetration in large-scale power plants and suitability for distributed photovoltaic systems. In 2023, large ground-mounted power plants accounted for 55.6% of new photovoltaic installations, while distributed systems made up 44.4% [4][42]. Summary by Sections 1. Inverters: The Heart of Photovoltaic Power Systems - Inverters play a crucial role in the photovoltaic industry chain, connecting solar panels to the grid and ensuring efficient energy conversion [12][14]. - The inverter market is characterized by various types, with string inverters projected to dominate due to their advantages in both large and distributed systems [42][43]. 2. Technical, Supply Chain, and Cost Barriers - Long-term technological accumulation is essential for enhancing product reliability and stability, creating significant barriers for new entrants [5][46]. - Supply chain barriers are evident, with low localization rates for power modules and control chips, which are critical for inverter production. As of 2023, localization rates for centralized inverters were around 30% [48][50]. - Cost advantages are crucial for maintaining profitability, with the investment cost for inverter equipment decreasing from 47,000 yuan/MW in 2022 to 45,000 yuan/MW in 2023, and projected to further decline to 41,000 yuan/MW by 2030 [55]. 3. Growth Driven by Energy Storage and International Expansion - The demand for photovoltaic inverters is driven by new installations and replacement needs, with the average lifespan of inverters being approximately 10 years [58][60]. - The integration of energy storage solutions is expected to drive growth in inverter companies, as the market for energy storage continues to expand [68][70]. - Chinese companies are increasingly entering overseas markets, benefiting from a complete domestic photovoltaic supply chain and competitive pricing [6][58].

证券分析师 [Table_Main] 证券研究报告 | 行业中期策略 煤炭开采 2024 年 08 月 29 日 煤炭开采 优于大市（上调） 复苏打破供需双弱格局，新时代煤炭 估值体系渐成 煤炭行业 2024 年中期策略 [Table_Summary] 投资要点： 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 薛磊 资格编号：S0120524020001 邮箱：xuelei＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 -22% -11% 0% 11% 22% 33% 44% 55% 2023-08 2023-12 2024-04 煤炭开采 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《永泰能源（600157.SH）：业绩同 比增长，成长空间广阔》，2024.8.28 2.《昊华能源（601101.SH）：产能逐 步释放，业绩表现优异》，2024.8.27 3.《煤炭周报：板块底部渐明，重视 底部布局》，2024.8.25 4.《中煤能源：Q2 业绩同比增长，中 期分红凸显投资价值》，2024.8 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant growth in revenue and net profit, with a year-on-year increase of 27.67% in revenue and 41.81% in net profit for the first half of 2024 [3] - The company is successfully implementing a "store-in-store" model, which is contributing to customer growth and new client acquisition [3] - The company has a strong presence in the U.S. market, with 90.05% of its products sold there, and has established over 100 small-scale store-in-store setups in U.S. retail locations [3] Financial Performance - For the first half of 2024, the company reported revenue of 1.207 billion yuan and a net profit of 285 million yuan, with respective year-on-year growth rates of 27.67% and 41.81% [3] - The gross margin for the first half of 2024 was 33.22%, an increase of 1.75 percentage points compared to the previous year [4] - The company expects revenue to grow to 2.401 billion yuan in 2024, with an estimated EPS of 3.04 yuan per share [5][6] Customer and Market Expansion - The company has successfully increased its customer base, adding 49 new retail clients in the first half of 2024, including six from the top 100 furniture retailers in the U.S. [3] - The company’s core products, such as smart electric sofas and beds, have seen double-digit growth, with smart electric beds showing particularly strong performance [3] Profitability and Cost Management - The net profit margin improved to 23.64% in the first half of 2024, up 2.36 percentage points year-on-year, indicating effective cost management [4] - The company’s sales and management expense ratios have slightly increased, attributed to higher share-based payment expenses and marketing efforts [4] Future Outlook - The company is expected to continue its growth trajectory, with revenue projections of 3.024 billion yuan in 2025 and 3.834 billion yuan in 2026, alongside an EPS forecast of 4.76 yuan per share in 2026 [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has successfully transformed through innovation, achieving significant revenue and profit growth. In the first half of 2024, the company reported revenue of 6.506 billion RMB, a year-on-year increase of 44.2%, and a net profit of 2.726 billion RMB, up 111.5% [4] - The company has established a leading position in major unmet medical needs, particularly in the oncology sector, with product revenue reaching approximately 4.475 billion RMB, accounting for 68.8% of total revenue [4][5] - The company is actively pursuing international expansion and has enriched its pipeline through business development (BD) collaborations, including a significant agreement with GSK [6][7] Summary by Sections Market Performance - The company's stock has shown a relative increase of 18.38% over one month and 30.97% over three months compared to the market [2] Financial Performance - For the first half of 2024, the company achieved a revenue of 6.506 billion RMB, with a gross margin of 89.80% and a net profit margin of 32.44% [4][15] - The projected revenue for 2024-2026 is 12.25 billion, 12.64 billion, and 14.885 billion RMB, with year-on-year growth rates of 21.24%, 3.21%, and 17.73% respectively [7][15] Product Development - The company has over 50 ongoing clinical trials for more than 30 innovative drug products, with several products already included in the national medical insurance directory [4] - The company’s innovative drugs, particularly in the oncology and metabolic disease sectors, are showing promising results in clinical trials [5][6] Business Development - As of June 30, 2024, the company has introduced 11 collaborative projects, with 9 in clinical stages and 2 in commercialization [6] - The company has signed multiple BD agreements, including a notable one with GSK that includes an upfront payment of 185 million USD [6][7]

Investment Rating - The report maintains a "Buy" rating for Dongfang Yuhong (002271.SZ) [2][7] Core Views - The company is focusing on channel transformation and strengthening its retail foundation despite challenges in the real estate sector [2][6] - The company reported a revenue of approximately 15.218 billion yuan for the first half of 2024, a year-on-year decrease of 9.69%, and a net profit of about 943 million yuan, down 29.31% year-on-year [4][5] - The retail business showed resilience with a revenue of approximately 5.438 billion yuan, up 7.66% year-on-year, accounting for 35.74% of total revenue [4][5] Summary by Sections Market Performance - The company's stock has underperformed compared to the CSI 300 index, with a significant decline of 71% as of August 2023 [3] Financial Performance - In H1 2024, the company achieved a gross margin of 29.22%, a slight increase of 0.32 percentage points year-on-year, attributed to an improved revenue structure [4][5] - The company's operating cash flow showed a significant improvement, with a net cash outflow of 1.328 billion yuan, a 66.33% reduction compared to the previous year [5] Business Strategy - The company is accelerating its global expansion, with new production bases established in Houston, Saudi Arabia, and Malaysia, aiming to enhance its competitive edge in international markets [5][6] - The company is committed to channel reform and diversification to mitigate risks associated with reliance on a single product category [6][7] Financial Projections - The report projects net profits for 2024, 2025, and 2026 to be 2.364 billion yuan, 2.658 billion yuan, and 3.102 billion yuan respectively, with corresponding EPS of 0.97, 1.09, and 1.27 yuan [7][10]

[Table_Main] 证券研究报告 | 公司点评 泽璟制药(688266.SH) 2024 年 08 月 29 日 | --- | --- | |--------------------------------------------------------|------------------------------| | 泽璟制药（ 买入（维持） | 688266.SH ）：重磅 | | 所属行业：医药生物 / 化学制药 当前价格 ( 元 ) ： 56.30 | 产品将提供增长新动能，创新双 | | | | | 证券分析师 | 三抗进展顺利 | | 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 -11% 0% 11% 23% 34% 46% 泽璟制药 沪深300 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|- ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 2.805 billion yuan in H1 2024, representing an 18.45% increase year-on-year, with a net profit of 484 million yuan, up 7.50% [5] - The company is focusing on a multi-brand strategy and expanding its global presence, with significant growth in both online and offline sales channels [6] - The projected revenue for 2024-2026 is 6.754 billion yuan, 7.990 billion yuan, and 8.923 billion yuan respectively, with net profits expected to be 1.008 billion yuan, 1.367 billion yuan, and 1.610 billion yuan [6] Financial Performance - In H1 2024, the company reported a gross margin of 72.59%, a slight decrease of 2.79 percentage points due to the consolidation of a lower-margin investment [5] - R&D expenses reached 114 million yuan, reflecting a 4.97% increase, while the sales expense ratio was 45.54%, down 0.8 percentage points [5] - The company’s online sales in H1 2024 amounted to 1.852 billion yuan, a 16.83% increase, with significant contributions from platforms like Douyin and JD [5] Strategic Developments - The company is enhancing its brand matrix by focusing on its main brand while expanding sub-brands, and it has established a Southeast Asia headquarters in Bangkok [6] - The launch of new products under the Winona brand marks the beginning of its 2.0 era, with a focus on skincare and sun protection [6] - The company plans to continue its global expansion with R&D centers being established in key international markets [6]