[Table_StockInfo] 2024 年 08 月 26 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：46.48 元 恒立液压（601100）机械设备 目标价：——元（6 个月） 多元化布局稳步推进，24Q2 业绩超预期 [Table_Summary] 事件：公司发布 2024年半年报，24H1实现营收 48.3亿元，同比+8.6%；归母 净利润 12.9 亿元，同比+0.7%；单 24Q2 实现营收 24.7 亿元，同比+22.1%， 环比+4.7%，实现归母净利润 6.9 亿元，同比+5.0%，环比+14.0%。多元化布 局稳步推进，24Q2 业绩超预期。 受汇兑收益波动影响，公司净利率承压小幅下滑。24H1,公司综合毛利率为 41.6%，同比+2.6pp，主要系原材料成本下降、业务结构优化等影响；净利率为 26.7%，同比-2.1pp；期间费用率为 11.5%，同比+5.2pp，其中，销售、管理、 研发和财务费用率分别同比+0.38pp、+0.85pp、-0.64pp、+4.56pp，财务费用 率提升主要系汇兑收益较上年同期大幅减少。单 24Q2，公司综合毛利率为 43.1 ...

Investment Rating - The report maintains a "Buy" rating for China National Heavy Duty Truck Group Co., Ltd. (3808.HK) [1] Core Views - The company reported a revenue of 48.82 billion yuan for the first half of 2024, representing an 18.0% year-on-year increase, and a net profit attributable to shareholders of 3.29 billion yuan, up 39.7% year-on-year [2] - The company announced an interim dividend plan, proposing a dividend of 0.66 yuan per share, with a payout ratio of 55%, totaling approximately 1.82 billion yuan [2] - The company has solidified its leading position in the heavy-duty truck market, with a significant increase in natural gas truck sales, achieving a volume of 28,000 units, a 273% increase year-on-year, and a market share of 25.6% [2] - The export of heavy-duty trucks has also seen growth, with the company exporting 68,000 units in the first half of 2024, capturing over 40% of the export market [2] - The company is focusing on new energy vehicles, with a 309% increase in sales of new energy heavy-duty trucks and a 186.1% increase in new energy light trucks [3] Summary by Sections Financial Performance - Revenue for FY2024 is projected to reach 85.50 billion yuan, with a growth rate of 44.20% [4] - Net profit attributable to shareholders is expected to be 5.32 billion yuan, reflecting a growth rate of 196.01% [4] - Earnings per share (EPS) is forecasted to increase from 1.93 yuan in FY2023 to 2.97 yuan in FY2026 [4] Market Position - The company has achieved a market share of 40.2% in AMT models and 42.0% in high-end specialized vehicles, both ranking first in the industry [2] - The heavy-duty truck sales volume reached 125,000 units in the first half of 2024, with a market share of 24.8%, an increase of 2.5 percentage points year-on-year [2] Future Outlook - The company expects net profits for 2024, 2025, and 2026 to be 6.50 billion, 7.19 billion, and 8.20 billion yuan respectively, with corresponding price-to-earnings (PE) ratios of 8, 7, and 6 [3]

[ T able_StockInfo] 2024 年 08 月 23 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：20.12 元 伟创电气（688698）电力设备 目标价：——元（6 个月） 伺服毛利率持续上行，市占率进一步提升 [Table_Summary 事件：公司 202]4H1实现营业收入 7.7亿元，同比增长 23.5%；实现归母净利润 1.3亿元，同比增长 25.8%；扣非归母净利润 1.3亿元，同比增长 30.6%。2024 年第二季度公司实现营收 4.4亿元，同比增长 30.4%；实现归母净利润 0.8亿元， 同比增长 26.1%；扣非归母净利润0.8 亿元，同比增长 28.9%。 盈利能力进一步提升，研发投入持续加大。盈利端：2024H1 公司销售毛利率/ 净利率分别为 39.5%/17.2%，同比+1.1pp/+0.4pp；单 Q2毛利率/净利率分别为 39%/17.7%，分别环比-1.1pp/+1.3pp。费用端：公司 2024H1销售/管理（不含 研发）/财务费用率分别为 7.4%/4.6%/-1.9%，分别同比+1pp/+1pp/-1.4pp。公 司研发费用率为 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 19.20 CNY over the next six months [1]. Core Views - The company has shown impressive revenue growth, with a 47.3% year-on-year increase in revenue for the first half of 2024, reaching 270 million CNY, although net profit decreased by 7.6% to 30 million CNY [1][12]. - The company is focusing on expanding its product matrix and enhancing its market share, particularly in the automotive sector, with significant investments in research and development [1][8]. - The report anticipates continued revenue growth driven by new product introductions and a recovery in consumer electronics demand, projecting revenues of 600 million CNY, 700 million CNY, and 900 million CNY for 2024, 2025, and 2026, respectively [17]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 270 million CNY, a 47.3% increase year-on-year, while net profit was 30 million CNY, down 7.6% [1][12]. - The revenue breakdown shows that signal chain products generated 140 million CNY (52.8% of total revenue) with a 59.1% increase, while power management products contributed 130 million CNY (47.2% of total revenue) with a 35.5% increase [10][12]. - The gross margin for H1 2024 was 45.8%, down 3.5 percentage points year-on-year, and the net margin was 10.1%, down 6.0 percentage points [1][12]. Product Development and Market Position - The company has launched several new products in both signal chain and power management categories, including automotive-grade components, which are expected to enhance its competitive edge in the automotive electronics market [1][7]. - The establishment of the automotive chip research institute is aimed at strengthening the company's capabilities in automotive electronics [1][8]. - The company has maintained stable partnerships with major clients such as OPPO, Xiaomi, and BYD, which is expected to drive future revenue growth [1][8]. Future Outlook - The report forecasts significant revenue growth for the company, with expected revenues of 600 million CNY in 2024, 700 million CNY in 2025, and 900 million CNY in 2026, alongside net profits of 70 million CNY, 120 million CNY, and 170 million CNY for the respective years [17]. - The anticipated recovery in consumer electronics demand and the growth of automotive products are key drivers for this expected growth [17].

X·[Table_StockInfo] 2024 年 08 月 26 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：5.41 元 华电国际（600027）公用事业 目标价：——元（6 个月） 电量短期承压，优质资产拟注入 [Table_Summary 事件：公司发布] 2024年半年报，实现营收 531.8亿元，同比下降 10.5%；实现 归母净利润 32.2 亿元，同比增长 24.8%；24Q2 公司实现营收 222.3 亿元，环 比下降 28.2%；实现归母净利润 13.6 亿元，环比下降26.9%。 上网电量/电价同比-5.97%/-3.25%，煤价下滑驱动业绩增长。报告期内完成发 电量 1013 亿千瓦时，同比下降约 5.85%；完成上网电量 947 亿千瓦时，同比 下降约 5.97%；发电机组的平均利用小时为 1741 小时，同比下降 192 小时； 其中燃煤发电机组的利用小时为 1926 小时，同比下降 225 小时；上网电价为 509.9 元/兆瓦时，同比下降约 3.25%；入炉标煤单价为 970.9元/吨，同比降低 11.2%。 优质资产注入，公司盈利有望大幅提升。公司发布 ...

[Table_StockInfo] 2024 年 08 月 24 日 证券研究报告•2024 年半年报点评 当前价：56.47 元 泽璟制药（688266）医药生物 目标价：——元（6 个月） 抗体平台优势凸显，吉卡昔替尼上市在即 [Table_Summary 事件：公司发布] 2024半年度报告，报告期内实现营业收入 2.4亿元（+9.4%）， 归属于上市公司的亏损收窄 0.5 亿元。 两款上市品种商业化稳步推进。多纳非尼和重组人凝血酶商业化稳步推进。截 至 2024年 6月 30日多纳非尼已进入医院 1081家、覆盖医院 1844家、覆盖药 房 934家。重组人凝血酶于 2024年 4月实现发货销售，至 2024年公司已收到 合作方支付的独家市场推广权许可费 3.4亿元。 两款产品处于 NDA阶段，循证医学证据充分。吉卡昔替尼的中、高危骨髓纤维 化 NDA 申请已于 2022 年 10月 16 号获得受理，我们预计将于 2024 年下半年 上市。吉卡昔替尼被纳入了原发性骨髓纤维化（PMF）一线分层治疗的 I级推荐， 尤其是在骨髓纤维化（MF）相关贫血患者的一线治疗中，被列为 I 级推荐的首 选。吉卡昔替尼 ...

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company achieved its first profit with a revenue of 250 million RMB and a net profit of 15.7 million RMB in the first half of 2024, alongside cash reserves of 810 million RMB [2]. - CS5001, a ROR1 ADC, is expected to initiate a phase Ib trial with registration potential in 2024, aiming for global business development partnerships by 2024 or 2025 [2]. - The approval of Shugli monoclonal antibody in the EU and a commercialization partnership with Ewopharma is a significant milestone, with potential upfront payments of up to 51.3 million USD [2]. - The company is transitioning to Pipeline 2.0, with multiple innovative products expected to submit IND applications in 2024 or 2025 [2]. Revenue Forecast - The company is focused on R&D and is projected to have revenues of 480 million RMB, 590 million RMB, and 740 million RMB for the years 2024, 2025, and 2026 respectively [3][9]. - The expected revenue from commercialized products includes 230 million RMB from Pralsetinib and 50 million RMB from Avapritinib in 2024 [8][9]. - The report anticipates a gradual increase in revenue from Shugli monoclonal antibody, with projections of 200 million RMB, 250 million RMB, and 300 million RMB for 2024, 2025, and 2026 respectively [8].

202X`4[Table_ReportInfo] 年 08 月 24 日 证券研究报告•市场周评 北交所周报（8.19-8.23） 太湖远大上市首日涨 36.1%，天工股份上会在即 摘要 西南证券研究发展中心 [Table_Summary] 周观点：本周，北交所整体表现较弱，北证 50指数较周一开盘市值下降 4.1%。 流动性小幅下滑，周成交额约为 154.6亿元，略低于上周水平。本周，共 70 家公司发布半年报公告，截至 8 月 23 日，已有 100 家公司发布半年报公 告。其中，48 家归母净利润实现正向增长，8 家公司归母净利润同比增长 率超 100%，整体表现亮眼。北交所上市 IPO 审理进度较上月有明显提速， 太湖远大于本周上市，发行价 17.0元/股，成电光信于本周申购，科拜尔于本 周过会；天工股份也将于下周上会。我们预计随着半年报披露以及北交所公司 股权激励方案发布增加，北交所投资者信心将进一步提振，板块流动性将逐步 改善。我们仍长期持续看好北交所发展前景，建议把握板块配置窗口，关注 高成长性低估值个股、具备估值优势的细分领域龙头企业及优质、低价新股， 尤其是专精特新企业和科技成长型中小盘股， ...

X·[Table_StockInfo] 2024 年 08 月 26 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：5.41 元 华电国际（600027）公用事业 目标价：——元（6 个月） 电量短期承压，优质资产拟注入 [Table_Summary 事件：公司发布] 2024年半年报，实现营收 531.8亿元，同比下降 10.5%；实现 归母净利润 32.2 亿元，同比增长 24.8%；24Q2 公司实现营收 222.3 亿元，环 比下降 28.2%；实现归母净利润 13.6 亿元，环比下降26.9%。 上网电量/电价同比-5.97%/-3.25%，煤价下滑驱动业绩增长。报告期内完成发 电量 1013 亿千瓦时，同比下降约 5.85%；完成上网电量 947 亿千瓦时，同比 下降约 5.97%；发电机组的平均利用小时为 1741 小时，同比下降 192 小时； 其中燃煤发电机组的利用小时为 1926 小时，同比下降 225 小时；上网电价为 509.9 元/兆瓦时，同比下降约 3.25%；入炉标煤单价为 970.9元/吨，同比降低 11.2%。 优质资产注入，公司盈利有望大幅提升。公司发布 ...

[Table_StockInfo] 2024 年 08 月 26 日 证券研究报告•2024 年半年报点评 当前价：5.56 元 有友食品（603697）食品饮料 目标价：——元（6 个月） Q2 主业增速稳健，期待后续省外扩张 [Table_Summary 事件：公司发布] 2024年半年报，上半年实现营收 5.3亿元，同比增长 10.3%； 实现归母净利润 0.76亿元，同比下降 5.2%；实现扣非归母净利润 0.61亿元， 同比下降 11.4%。其中 24Q2实现营收 2.5亿元，同比增长 3%；实现归母净利 润 0.33亿元，同比下降-0.1%；实现扣非归母净利润 0.26亿元，同比下降 12.7%。 此外，公司拟向全体股东每 10 股派发现金红利1.6 元（含税）。 消费大环境疲软下，Q2 凤爪主业仍稳健增长。分业务看，24Q2 凤爪/猪皮晶/ 鸡翅分别实现收入 1.88/0.22/0.14 亿元，同比分别+6.8%/-7.2%/+10.9%。单二 季度在整体消费需求疲软的不利大环境下，公司通过积极拓展新渠道等手段， 凤爪主业实现中高单位数增长已属难能可贵。分渠道看，24Q2 公司线上/线下 渠道收 ...