硅 基础数据： 华宝新能 301327.SZ 相对市场表现： 分析师 张烨童 zhangyetong@gwgsc.com 执业证书编号：S0200524050001 联系电话：010-68099390 ◆公司不断深化全球品牌战略，加强全球渠道布局。2024H1，公司海 外销售实现营业收入10.73 亿元，占总营收93.89%，同比增长30.10%。 其中，公司坚定美国、日本市场持续开发投入和品牌构建，在美国市 场实现营收同比增长38.17%，日本市场实现营收同比增长51.13%，北 美市场实现销售6.45亿元，同比增长33.94%；亚洲（不含中国市场） 实现销售3.53亿元，同比增长52.57%。此外，为了进一步加强全球市 场的渗透，公司积极加强全球渠道的布局，通过官网独立站、第三方 电商平台和线下零售三位一体的渠道结合，公司产品累计热销超400万 台，全球销量领先。目前公司已在全球建立了21个官网独立站，业务 覆盖了全球50多个国家和地区。 zhugaotian@gwgsc.com 执业证书编号：S0200123030001 联系电话：010-68099392 2024 年 9 月 4 日 证券研究报告/公 ...

2024 年 9 月 3 日 证券研究报告 行业周报 行业评级： 报告期：2024.8.19-2024.8.30 huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 截至 2024 年 8 月 31 日，我们跟踪的 455 家医药生物行业上市公司已 全部披露了 2024 年上半年业绩情况。其中，归母净利润增速超过或 等于 100%的有 48 家，增速超过或等于 30%但小于 100%的有 58 家； 2024 年上半年归母净利润增速超过或等于 30%且 2023 年上半年归母 净利润为正的公司有 67 家。 weiyuqi@gwgsc.com 执业证书编号：S0200123060002 联系电话：010-68099389 从申万二级子行业看，化学制药、医疗器械和中药表现较为亮眼，实 现归母净利润正增长的公司分别为 88/57/28 家，这三个子行业中归母 净利润增速大于 100%的公司分别为 21/13/5 家。从申万三级子行业 看，化学制剂、医疗耗材板块表现突出，实现归母净利润增速大于等 于 30%的公司最多，分别为 39 家、13 家。 公 ...

Investment Rating - The investment rating for the company is "Buy" [2][5][6] Core Views - The company's revenue for H1 2024 reached 23.918 billion yuan, a year-on-year increase of 7.57%, while the net profit attributable to shareholders was 0.824 billion yuan, up 87.89% year-on-year [2][3] - The company's gross profit margin improved to 16.59% [2] - The significant increase in the company's power battery shipment volume, which reached 8.33 GWh, represents a year-on-year growth of 66.93% [3] - The company has made notable advancements in new product development, including the launch of the "Flash Charge" battery series and the development of next-generation batteries [3][5] Financial Performance Summary - For H1 2024, the company achieved a revenue of 239.18 billion yuan and a net profit of 8.24 billion yuan, with a gross profit margin of 16.59% [2][3] - The company’s total share capital is 1.862 billion shares, with a total market value of 30.4 billion yuan [2] - The forecast for net profit attributable to shareholders for 2024-2026 is 1.781 billion, 2.194 billion, and 2.349 billion yuan respectively, with corresponding EPS of 0.96, 1.18, and 1.26 yuan [5][6]

Investment Rating - The investment rating for the company is "Buy" and the rating has been maintained [3][5]. Core Views - The company reported a revenue of 394 million yuan for the first half of 2024, representing a year-on-year growth of 13.16%. However, the net profit attributable to shareholders was 55 million yuan, down 11.33% year-on-year, primarily due to a significant decrease in government subsidies [3][5]. - The gross margin has shown a quarter-on-quarter recovery, with a gross margin of 26.40% for the first half of the year, which is a decline of 4.01 percentage points compared to 2023 but an increase of 1.07 percentage points from Q1 2024 [3][5]. - New orders have significantly improved quarter-on-quarter, with a new contract amount of 429 million yuan, although this represents a year-on-year decline of 31.89% due to structural and cyclical changes in the biopharmaceutical industry [3][5]. Financial Summary - The company achieved a revenue of 760.04 million yuan in 2023, with projected revenues of 912.05 million yuan in 2024, 1,076.22 million yuan in 2025, and 1,237.65 million yuan in 2026, reflecting growth rates of 29.65%, 20.00%, 18.00%, and 15.00% respectively [5][7]. - The net profit attributable to shareholders is expected to be 134.73 million yuan in 2023, with projections of 138.36 million yuan in 2024, 167.62 million yuan in 2025, and 202.99 million yuan in 2026, indicating growth rates of 86.06%, 2.70%, 21.14%, and 21.10% respectively [5][7]. - The earnings per share (EPS) are projected to be 1.69 yuan in 2023, increasing to 2.26 yuan in 2024, 2.74 yuan in 2025, and 3.32 yuan in 2026 [5][7].

2024 年 9 月 2 日 证券研究报告/公司研究 总股本 1.08 亿股 泓博医药 301230.SZ 医疗研发外包/医疗服务/医药生物 新签订单快速增长，盈利能力持续修复 基础数据： 事件： 截至 2024 年 9 月 2 日 公司发布2024年半年报：2024上半年公司实现营收2.66亿元，同比增长 当前股价 19.98 元 11.83%；归母净利润0.16亿元，同比下滑51.42%；扣非归母净利润0.09 投资评级 增持 评级变动 维持 亿元，同比下滑71.70%。 事件点评： 流通股本 0.77 亿股 huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 ◆药物发现保持增长态势，商业化板块重回增长。截至 2024 年上半年 公司药物发现/工艺研究与开发/商业化生产板块分别实现营收 1.58/0.22/0.79 亿元，占总营收比例分别为 59.54%/8.27%/29.80%，同比 研究助理 魏钰琪 增速分别为 14.75%/-51.47%/72.31%，药物发现作为公司当前核心业务 板块，保持增长态势，商业化板块受替格瑞洛放量重回增长 ...

Investment Rating - The investment rating for the power equipment industry is optimistic [3] Core Insights - The power equipment industry index increased by 1.61% during the reporting period, outperforming the CSI 300 index by 2.33 percentage points [3] - The overall performance of the power equipment industry has been poor, with a cumulative decline of 18.32% from the beginning of 2024 to the end of the reporting period, significantly underperforming the CSI 300 index [3][12] - The industry faced intense competition, leading to continued pressure on profitability, with a significant drop in net profit margins [5][64] Summary by Sections Industry Performance - In H1 2024, the total revenue of the power equipment industry reached 15,746.33 billion, a year-on-year decrease of 10.07%, while the net profit attributable to shareholders was 646.16 billion, down 55.90% [5][64] - The overall sales gross margin for the industry was 17.50% [5][64] Sub-industry Analysis Battery Sector - The battery sector, comprising 105 listed companies, achieved a revenue of 5,152.59 billion in H1 2024, a year-on-year decline of 12.83%, with a net profit of 343.23 billion, down 13.24% [5][65] - The overall sales gross margin for the battery sector was 19.54% [5][65] - The lithium carbonate price has been declining, leading to compressed profit margins across the battery supply chain [5][65] Wind Power Equipment Sector - The wind power equipment sector, consisting of 25 listed companies, generated a revenue of 696.10 billion in H1 2024, a decrease of 2.38%, with a net profit of 35.71 billion, down 30.73% [5][66] - The overall sales gross margin for the wind power equipment sector was 17.89% [5][66] - Companies in this sector are optimistic about future market growth despite current profitability pressures [5][66] Valuation Metrics - As of August 30, 2024, the price-to-earnings (PE) ratio for the power equipment industry was 20.47 times, ranking 14th among the Shenwan first-level industries [3][29] - The PE ratios for the battery and wind power equipment sectors were 20.92 times and 27.34 times, respectively [3][29]

2024 年 8 月 28 日 证券研究报告/公司研究 九洲药业 603456.SH CDMO 新增项目数可观，多肽与偶联业务进展顺利 医疗研发外包/医疗服务/医药生物 基础数据： 事件： 截至 2024 年 8 月 27 日 公司发布2024年半年报：2024年上半年公司实现营收27.64亿元，同比 当前股价 12.26 元 下降15.07%；归母净利润4.75亿元，同比下降23.62%；扣非归母净利润 投资评级 买入 评级变动 维持 为4.68亿元，同比下降23.66%。 总股本 8.99 亿股 事件点评： 流通股本 8.98 亿股 总市值 110.27 亿元 ◆API业务略有增长，CDMO业务承压。2024年上半年公司实现营收 流动市值 110.11 亿元 27.64亿元，同比下降15.07%。其中公司API及中间体业务销售收入7.32 相对市场表现： 亿元，同比增长6%；CDMO业务销售收入19.71亿元，同比下降21%。 公司营业收入的下滑主要系CDMO业务下滑所致。 分分析析师师：XXX huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085 ...

Investment Rating - The report maintains an "Overweight" rating for the company [1][5] Core Views - The company's revenue for the first half of 2024 was RMB 930 million, a year-on-year decrease of 3.83% [1] - Net profit attributable to the parent company was RMB 272 million, a year-on-year decrease of 21.48% [1] - The color sorter segment remained stable, contributing 69.30% of total revenue, while the medical equipment segment faced pressure, with revenue declining by 32.27% [1][3] Business Segment Analysis Color Sorter Segment - Revenue from the color sorter segment reached RMB 645 million, a year-on-year increase of 14.40% [3] - Gross margin for this segment was 49.03%, a slight decrease of 1.41 percentage points compared to the previous year [3] - The company launched several innovative products, including the UHD2.0 high-definition deep learning system and the new KR color sorter with intelligent panoramic imaging technology [3] Medical Equipment Segment - Revenue from the medical equipment segment was RMB 205 million, a year-on-year decrease of 32.27% [3] - Gross margin for this segment was 51.04%, a decrease of 4.23 percentage points compared to the previous year [3] - The company is actively expanding into non-dental medical imaging fields, with products such as spinal surgical navigation equipment and mobile head CTs [3] Industrial Inspection Segment - Revenue from the industrial inspection segment was RMB 63.66 million, a year-on-year decrease of 21.77% [4] - The company continues to optimize its product line, focusing on engineering design and intelligent production to enhance product reliability [4] Financial Forecast - The report revised down the company's net profit forecast for 2024-2026 to RMB 744 million, RMB 849 million, and RMB 937 million, respectively [5] - EPS for 2024-2026 is expected to be RMB 0.84, RMB 0.96, and RMB 1.06, respectively [5] - The current stock price corresponds to a PE ratio of 16x, 14x, and 13x for 2024-2026 [5] Key Financial Data - Revenue growth for 2024-2026 is projected at 2.75%, 13.72%, and 10.32%, respectively [6] - Net profit growth for 2024-2026 is expected to be -0.16%, 14.20%, and 10.28%, respectively [6] - The company's ROE is forecasted to increase from 27.00% in 2023 to 38.79% in 2026 [9]

总股本 17.63 亿股 诺诚健华 688428.SH 2024 年 08 月 22 日 证券研究报告/公司研究 化学制剂/化学制药/医药生物 奥布替尼增长强劲，亏损进一步收窄 基础数据： 事件：公司发布2024年半年报：2024年上半年公司实现营收4.20亿元， 截至 2024 年 8 月 21 日 同比增长11.17%；其中，产品销售收入4.18亿元，较去年同比增加29.97% 当前股价 9.74 元 归属于上市公司股东的净利润-2.62亿元，归属于上市公司股东的扣除非 投资评级 买入 评级变动 维持 经常性损益的净利润-2.53亿元。 事件点评： 流通股本 2.58 亿股 分分析析师师：XXX huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 ◆公司亏损收窄，毛利率提升近6个百分点。2024年上半年公司亏损同 比缩窄37.6%，减少至2.7亿元，主要因为奥布替尼销售收入增加、销售 分析师： 费用使用效率提升及股权激励支付减少带来的销售费用减少，以及汇兑 损失减少的结果。今年上半年公司综合毛利率达到85.67%，同比提升 5.82个百分点 ...

硅 行业周报 行业评级： 报告期：2024.8.5-2024.8.18 zhangyetong@gwgsc.com 执业证书编号：S0200524050001 联系电话：010-68099390 zhugaotian@gwgsc.com 执业证书编号：S0200123030001 联系电话：010-68099392 北京市丰台区凤凰嘴街 2 号院 1 号 楼中国长城资产大厦 16 层 2024 年 8 月 19 日 证券研究报告/行业研究 电新行业双周报 2024 年第 17 期总第 39 期 海风再得政策推动 下半年有望迎来交付旺季 行情回顾： 报告期内电力设备行业指数跌幅为 2.43%，跑输沪深 300 指数 1.29Pct。 电力设备申万二级子行业中光伏设备、电网设备、电池、其他电源设 投资评级 看好 评级变动 维持 备Ⅱ、电机Ⅱ、风电设备分别变动-0.51%、-1.26%、-3.42%、-4.66%、 -4.77%、-6.23%。重点跟踪的三级子行业锂电池、电池化学品、风电 零部件分别变动-2.58%、-5.40%、-7.17%。 2024 年初至本报告期末，电力设备行业累计下跌 19.61%，沪深 ...