[Table_StockInfo] 2024 年 08 月 16 日 证券研究报告•2024 年半年报点评 持有 （首次） 当前价：12.93 元 戈 碧 迦（835438）电子 目标价：——元（6 个月） 短期业绩有所承压，新客户开拓及技术研发持续推进 [Table_Summary 事件：公司发布] 2024年半年报，上半年实现收入 3.2亿元，同比-13.2%，实现 归母净利润 4788.6万元，同比-0.6%，实现扣非归母净利润 4752.1万元，同比 +2.6%；其中单 Q2实现收入 1.4亿元，同比-36.7%，环比-27.1%，实现归母净 利润 1510.8万元，同比-53.5%，环比-53.9%，实现扣非归母净利润 1306.6万 元，同比-57.7%，环比-62.1%。因与纳米微晶玻璃产品重要客户重庆鑫景的订 单于四月履行完毕，Q2公司业绩明显下滑。公司 5月已披露 2023年鑫景相关 订单已完成并未收到新订单的公告，因此 H1 业绩符合市场预期。 大客户订单履约结束导致业绩短期承压，公司积极推动新客户认证。纳米微晶 玻璃产品重要客户重庆鑫景的订单于四月履行完毕，因此鑫景相关收入下降 54.7 ...

[ T able_StockInfo] 2024 年 08 月 20 日 证券研究报告•2024年半年报点评 买入 （维持） 当前价：30.23 元 华东医药（000963）医药生物 目标价：——元（6 个月） Q2 业绩超预期，创新转型持续兑现 [Table_Summary 事件：公司发布] 2024 年半年报，2024 年上半年公司实现营收 209.7 亿元，同 比增长 2.8%；归母净利润 17亿元，同比增长 18.3%；扣非归母净利润 16.3亿 元，同比增长 13.9%；24Q2 公司实现收入 105.5 亿元，同比增长 2.8%；归母 净利润 8.3亿元，同比增长 22.9%；扣非归母净利润 7.9亿元，同比增长 17.5%。 医药工业：保持稳健增长，产品管线持续丰富。2023年核心子公司中美华东实 现营收 67亿元（含 CSO业务，+10.6%）；归母净利润 13.9亿元（+11.5%）； 净资产收益率 12.3%。工业微生物板块实现销售收入 2.9亿元（+27.4%）。公 司专注于内分泌、自免和肿瘤三大领域，实行"自研+引进"战略，加速创新项 目和外部并购，扩充产品管线。截至 2024H1公司 ...

[Table_StockInfo] 2024 年 08 月 20 日 证券研究报告•2024 年半年报点评 持有 （维持） 当前价：5.23 元 雪天盐业（600929）基础化工 目标价：——元（6 个月） Q2 业绩同比增长，海内外市场同步拓展 [Table_Summary 事件：公司发布] 2024年半年报，24年 H1实现营业收入 30.18亿元，同比增长 2.71%；归属于上市公司股东的净利润 3.29 亿元，同比下降 1.30%；其中 Q2 实现营业收入 14.62 亿元，同比增长 1.75%，实现归属于上市公司股东的净利 润 1.42 亿元，同比增长 12.16%。 产业结构优化，未来盈利中枢有望持续上移。从业绩来看，24 年上半年同比有 所改善。分产品来看，公司各类盐实现营收 11.6亿元，同比+0.78%；烧碱类营 收 2.8亿元，同比+6.74%；纯碱营收 7.4亿元，同比-11.45%；氯化铵营收 5.1 亿元，同比 73.67%。单 Q2 看，营收同比持续改善。Q2 分产品看，各类盐实 现营收 5.6 亿元，同比-4.9%；烧碱类营收 1.4 亿元，同比+6.03%；纯碱营收 3.9亿元 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 18.46 CNY over the next six months [1][19]. Core Views - The company has successfully entered the new energy vehicle sector, optimizing its customer structure and increasing sales in this area. It is expected that sales from new energy vehicles will exceed 50% of total sales in 2024 [1][12]. - The electroplating business has shown significant growth, with revenue increasing by 52.1% year-on-year in the first half of 2024, and is expected to continue contributing positively to the company's performance [1][15]. - The company has effectively controlled costs, achieving a net profit margin of 14.2% in the first half of 2024, which is an increase of 4.8 percentage points year-on-year [2]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 1.12 billion CNY, a year-on-year increase of 15.3%, and a net profit of 160 million CNY, up 74.9% year-on-year. The second quarter alone saw revenue of 630 million CNY, a 14.9% increase year-on-year and a 27.9% increase quarter-on-quarter [1][7]. - The company's revenue from stamping parts remains stable, contributing 54.2% of total revenue in the first half of 2024, with a year-on-year growth of 13.8% [9][13]. Business Segments - The stamping parts business is the core segment, with a consistent revenue contribution of over 50% from 2016 to 2023. The company has also expanded into the electroplating business, which is expected to drive new growth [9][12]. - The company has established stable partnerships with major automotive manufacturers, including SAIC Volkswagen and Tesla, enhancing its competitive position in the market [6][12]. Growth Prospects - The company anticipates a compound annual growth rate (CAGR) of 24.2% for net profit over the next three years, supported by the expansion of its new energy vehicle segment and the growth of its electroplating business [2][19]. - The recent government policies promoting vehicle replacement and upgrades are expected to stimulate demand in the automotive sector, providing further growth opportunities for the company [13][12].

Investment Rating - The investment rating for Poly Property (6049.HK) is "Buy" with a current price of HKD 25.25 [1]. Core Views - The company achieved a revenue of RMB 7.87 billion in the first half of 2024, representing a year-on-year growth of 10.2%, and a net profit attributable to shareholders of RMB 850 million, up 10.8% year-on-year [2]. - The gross profit margin is approximately 20.5%, a slight decrease of 0.71 percentage points year-on-year, while the net profit margin remains stable at 10.9% [2]. - The company is optimizing its business layout, with a focus on enhancing both the quantity and quality of its property management services [2]. - The compound annual growth rate (CAGR) for net profit attributable to shareholders is projected to be 10.5% from 2024 to 2026, supported by the company's large property management system and state-owned enterprise advantages [3]. Summary by Sections Financial Performance - In H1 2024, Poly Property's property management services generated revenue of RMB 5.59 billion, a 16.1% increase year-on-year, with third-party revenue contributing approximately RMB 2.32 billion, accounting for 41.4% of total revenue [2]. - The company expanded its managed area to 950 million square meters, with 760 million square meters under management, where third-party projects represent 63.2% and 64.9% respectively [2]. - New third-party project contracts amounted to RMB 1.2 billion, with new signed contracts totaling RMB 1.07 billion, indicating a focus on quality expansion [2]. Business Development - The company is accelerating its expansion into non-residential sectors, with new contracts in commercial and office properties amounting to RMB 430 million and RMB 620 million respectively [2]. - The non-residential sector now accounts for 60.6% of the total managed area, with revenue growth rates of 15.4%, 16.8%, and 25.7% for residential, commercial, and public properties respectively [2]. Value-Added Services - Revenue from non-owner value-added services decreased by 2.1% year-on-year to RMB 1.03 billion, representing 13.1% of total revenue, primarily due to a decline in project numbers [2]. - Community value-added services generated RMB 1.25 billion, down 1.8% year-on-year, accounting for 15.9% of total revenue [2].

[ T able_StockInfo] 2024 年 08 月 19 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：35.98 元 西藏药业（600211）医药生物 目标价：——元（6 个月） 业绩符合预期，全年增长可期 [Table_Summary 事件：公司发布] 2024 半年报，24H1 实现收入 16 亿元，同比-11.3%，实现归 母净利润 6.2 亿元，同比+4.6%，扣非归母净利润 5.2 亿元，同比-9.9%。 2023年一过性高基数，新活素销售收入符合预期。2024年 Q1/Q2分别实现收 入 7/9.1 亿元，分别同比-22.4%/-0.3%。24H1 新活素销售收入 14.5 亿元,同比 下降 13.9%。新活素收入略下降主要系 1）去年受益于疫情后遗症销量基数高， 2）2024 年医保续约降价 4.5%。依姆多本期销售收入 5091 万元，同比下降 15.2%；其余产品本期销售收入 1.1 亿元，同比增长 50.93%。 盈利能力稳中有升。上半年公司毛利率 95.7%（-0.1pp），其中 Q1/Q2毛利率分 别为 94.8%/96.4%，预计 Q2 环比上升主要 ...

Investment Rating - The report maintains a "Buy" rating for Jianghan New Materials (603281) with a target price of 32.55 CNY over the next six months [1][2]. Core Insights - The company reported a revenue of 1.17 billion CNY for the first half of 2024, a slight decrease of 0.3% year-on-year, and a net profit attributable to shareholders of 310 million CNY, down 16.7% from the previous year [1]. - Despite a decline in revenue, the company experienced significant growth in production and sales volumes, particularly in functional silanes, which saw a year-on-year sales increase of 21.6% [1][2]. - The decline in revenue is attributed to weak downstream demand and a general decrease in industrial product prices, with functional silane prices reaching historical lows [1][2]. - The company is expanding its production capacity and enhancing its supply chain, aiming to increase the functional silane green circular industry chain scale to 182,000 tons per year by the end of 2026 [2][5]. Financial Summary - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.67 CNY, 2.17 CNY, and 2.81 CNY, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 14x, 11x, and 8x [2][7]. - Revenue forecasts for 2024, 2025, and 2026 are 2.487 billion CNY (+9.18%), 3.063 billion CNY (+23.19%), and 3.699 billion CNY (+20.75%) [7][10]. - The company’s net profit is expected to be 623 million CNY (-4.90%), 810 million CNY (+30.15%), and 1.049 billion CNY (+29.41%) for the same years [7][10]. Production and Capacity Expansion - As of the end of 2023, the company has established an annual production capacity of 15,000 tons for functional silane and 30,000 tons for functional silane intermediates [2]. - The company is also working on a project to produce 60,000 tons of trichlorosilane and 6,000 tons of silicon tetrachloride, which will help alleviate current supply constraints [2][5].

Investment Rating - The report maintains a "Buy" rating for Sailun Tire (601058) with a target price of 20.15 CNY over the next six months [1]. Core Views - The tire industry has a significant market potential of approximately 190 billion USD, with domestic brands expected to increase their market share due to improved performance and cost advantages. Sailun, as a leading domestic tire manufacturer, is well-positioned to benefit from this trend [2]. - The company's "Liquid Gold" tire products have shown exceptional performance and high added value, with production expected to ramp up in 2023. The company has also planned substantial production capacity expansions for various tire types [2][3]. - Sailun's ongoing global expansion includes the establishment of production bases in Mexico, Cambodia, and Indonesia, which will enhance its ability to meet international demand and mitigate trade barriers [3][12]. Summary by Sections Company Overview - Sailun Tire is recognized as a leading player in the domestic tire industry, with a stable shareholding structure and effective management practices. The company has been expanding its production capacity and global footprint steadily since its inception in 2002 [18][34]. Market Potential - The global tire market is projected to be around 190 billion USD, with China accounting for over 20% of this market. The demand for tires is recovering, particularly in the semi-steel and all-steel segments, driven by the resurgence of economic activities [2][11]. Product Development - The "Liquid Gold" tire series, which addresses the industry's challenges, has been successfully launched and is expected to become a key growth driver for the company. The company has also been expanding its non-road tire production capabilities [3][28]. International Expansion - Sailun has established a strong international presence with production facilities in Vietnam, Cambodia, and Mexico, which are strategically located to serve key markets and reduce exposure to tariffs. The company plans to further increase its production capacity in these regions [11][12][24]. Financial Projections - The report forecasts significant growth in revenue and net profit for the years 2024 to 2026, with expected earnings per share (EPS) of 1.35 CNY, 1.55 CNY, and 1.85 CNY respectively. The company is projected to maintain a favorable price-to-earnings (PE) ratio [9][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 16.98 CNY [1]. Core Insights - The company reported a revenue of 8.55 billion CNY for the first half of 2024, representing a year-on-year growth of 3.7%, and a net profit attributable to shareholders of 1.01 billion CNY, which is a 29.3% increase year-on-year [2]. - The gross profit margin for the first half of 2024 was 21.4%, an increase of 2.3 percentage points year-on-year, while the net profit margin was 12.5%, up by 2.5 percentage points year-on-year [2]. - The company has significantly increased its R&D investment, with a research and development expense ratio reaching a historical high of 4.9% in the first half of 2024 [2]. - The trend towards electrification in forklifts is evident, with the company having a first-mover advantage in the market [2]. - The company is expanding its international presence, with a 20% increase in exports from January to July 2024, and has established ten overseas subsidiaries [2]. Summary by Sections Financial Performance - In the second quarter of 2024, the company achieved a revenue of 4.38 billion CNY, a year-on-year increase of 1.5% and a quarter-on-quarter increase of 5.0% [2]. - The net profit for the second quarter was 630 million CNY, reflecting a year-on-year growth of 28.2% and a quarter-on-quarter growth of 65.8% [2]. - The company expects net profits for 2024, 2025, and 2026 to be 2.03 billion CNY, 2.34 billion CNY, and 2.70 billion CNY respectively, with a compound annual growth rate of 16.3% [3]. Market Trends - The domestic demand for forklifts is steadily increasing, with a 9.3% growth in domestic sales from January to July 2024 [2]. - The overall electrification rate of forklifts in the industry reached 70.8%, an increase of 2.9 percentage points from the end of 2023 [2]. - The company has launched a full range of high-pressure lithium battery models, marking a significant transition from internal combustion to electric [2]. Future Outlook - The company is projected to maintain a strong growth trajectory, with expected revenue growth rates of 10.3%, 12.3%, and 14.5% for the years 2024, 2025, and 2026 respectively [4]. - The gross profit margin is anticipated to be 21.64%, 21.54%, and 21.44% for the years 2024, 2025, and 2026 respectively [8].

[Table_StockInfo] 2024 年 08 月 14 日 证券研究报告•新股分析报告 成光电信（920008）计算机 军用网络总线与特种显示"小巨人"， 军机换代驱动业绩稳增 [Table_Summary 推荐逻辑：1）我国战机更新换代需求强烈，新战机中航电系统价值占比提高至 ] 40%以上，FC网络总线增长动力充足；2）我国军用飞行模拟器存量+存量替换 市场规模在 58台左右，LED球幕视景系统有望替代投影视景显示系统，随飞行 模拟器增长而快速增长；3）公司坚持研发为核心驱动力，开创性地将 LED 显 示技术应用于军用模拟仿真训练领域，行业地位领先，网络总线和特种显示双 轮驱动带动公司业绩快速增长。 网络总线和特种显示双轮驱动，产品批产带动营收快速增长。公司主要为军工 客户提供网络总线产品和特种显示产品，目前产品主要应用在机载领域，并向 船舶等领域进行推广。2020-2023 年，公司营业收入由 4052.6 万元增长至 2.2 亿元，年化复合增长率达 59.7%。2024H1 营收和归母分别同比增长 89.9%和 40.3%，营收与净利润规模均呈快速增长态势。2023年两大产品"LED球幕视 ...