Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 7.038 billion yuan, down 47.57% year-on-year, and net profit at 493 million yuan, down 41.84% year-on-year [2] - The company is making steady progress in its global strategic layout, with a focus on increasing production capacity and expanding into overseas markets [2][3] - The negative electrode materials segment showed growth in shipment volume, with revenue reaching 5.179 billion yuan, an increase of 18.96% year-on-year, despite a decline in product prices [2] - The positive electrode materials segment faced challenges, with revenue of 1.587 billion yuan, a decrease of 50.30% year-on-year, primarily due to weaker overseas customer demand [3] - The company is actively pursuing product research and technological innovation, achieving a market share of approximately 70% in silicon-based negative electrode materials [3] Summary by Sections Financial Performance - For H1 2024, the company achieved a total revenue of 7.038 billion yuan, a decrease of 47.57% year-on-year, and a net profit of 493 million yuan, down 41.84% year-on-year [2] - The overall gross margin was reported at 21.26%, an increase of 0.27 percentage points compared to 2023 [2] Product Segments - Negative electrode materials generated revenue of 5.179 billion yuan, with a shipment volume exceeding 200,000 tons, reflecting an 18.96% year-on-year increase, although the average product price fell by over 20% [2] - Positive electrode materials saw revenue of 1.587 billion yuan, with a shipment volume of over 9,000 tons, down 50.30% year-on-year, and a gross margin of 5.98%, a decrease of 2.56 percentage points [3] Strategic Initiatives - The company has increased its production capacity for negative electrode materials to 495,000 tons per year and has launched new projects in Indonesia and Morocco to enhance its overseas presence [2][3] - The company is focusing on continuous product development and technological innovation, with successful large-scale industrialization of silicon-based negative electrode materials [3]

硅 基础数据： 鼎胜新材 603876.SH 2024 年 9 月 4 日 证券研究报告/公司研究 铝/工业金属/有色金属 电池箔盈利短期承压 有望受益海外市场高增长 截至 2024 年 9 月 4 日 事件：公司发布2024年半年度报告。2024年上半年，公司实现营业收 当前股价 8.96 元 入114.84亿元，同比增加24.57%；实现归母净利润1.84亿元，同比下降 投资评级 买入 47.60%；实现扣非归母净利润1.75亿元，同比下降42.52%；实现整体 评级变动 维持 总股本 8.90 亿股 毛利率9.88%，较2023H1下降了3.42Pct；实现整体净利率1.6%，较 流通股本 8.86 亿股 2023H1下降了2.20Pct。 总市值 79.72 亿元 流动市值 79.38 亿元 事件点评： 相对市场表现： zhangyetong@gwgsc.com 执业证书编号：S0200524050001 联系电话：010-68099390 ◆公司期间费用保持合理区间。2024H1，公司期间费用率为6.60%， 较2023H1下降了1.08Pct；其中销售费用为0.90亿元，同比下降12.60%； 管 ...

硅 事件点评： 基础数据： 截至 2024 年 9 月 4 日 事件：公司发布2024年半年度报告，2024H1公司实现营收52.80亿元， 当前股价 23.80 元 同比增长34.88%；实现归母净利润4.34亿元，同比下降46.92%；实现 投资评级 买入 扣非归母净利润3.88亿元，同比下降43.23%；实现整体毛利率16.59%， 评级变动 维持 总股本 12.26 亿股 环比2023H2提升了4.82Pct，较2023年年末下降了1.02Pct，较2023H1下 流通股本 1.88 亿股 降了8.02Pct。 总市值 292 亿元 流动市值 45 亿元 相对市场表现： 2024 年 9 月 4 日 证券研究报告/公司研究 风电整机/风电设备/电力设备 三一重能 688349.SH 风机交付创历史同期新高 ◆风机交付创历史同期新高，盈利能力环比改善明显。2024H1，公司 国内陆上风机交付容量3.3GW，同比增加121%，创造历史同期最好交 付业绩。公司上半年风机及配件实现收入49.17亿元，同比增长68.07%， 占总营收93.97%，其中，5MW及以上机组实现收入42.09亿元，同比增 长173. ...

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 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [4] Core Insights - The industry shows significant differentiation, with a focus on chemical preparations, raw materials, and CXO sectors [3] - In the first half of 2024, the total revenue of listed pharmaceutical and biotechnology companies in A-shares was 1.27 trillion yuan, a year-on-year decline of 0.28%, while the net profit attributable to shareholders was 104.32 billion yuan, a year-on-year decline of 2.11% [2][4] Summary by Sections Industry Review - The pharmaceutical and biotechnology industry index declined by 3.07% during the reporting period, ranking 27th among 31 primary industries, underperforming the CSI 300 index, which fell by 0.72% [4][12] - The PE ratio (TTM) for the industry as of August 30, 2024, was 23.12x, down from 23.99x, indicating a downward valuation trend [4][16] Performance Overview - In the first half of 2024, 455 tracked listed companies in the pharmaceutical and biotechnology sector reported their performance, with 48 companies achieving a net profit growth rate of 100% or more [2] - The chemical pharmaceutical, medical device, and traditional Chinese medicine sectors showed strong performance, with 88, 57, and 28 companies, respectively, reporting positive net profit growth [2][5] Investment Recommendations - The report suggests focusing on investment opportunities in innovative drugs, raw materials, and the CXO sector, as these areas have shown significant performance improvements [7]

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].

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]