2024 年 08 月 03 日 证券研究报告·2024 财年三季度财报点评 苹 果 (AAPL.O) 消费电子 买入 (##) 当前价: 219.86 关元 目标价：——美元 业绩持续超预期，iPhone 即将迎来 Al 新时代 投资买点 ● 事件: 苹果发布 2024 第三财李财报（即 2024 自然年二季度）,公司 FY2024Q3 实现营业收入 857.7 亿美元,同比增长 4.9%。净利润 214.5 亿美元,同比增长 7.9%。签体毛利率 46.3%，同比提升 1.7个百分点。公司当季业绩超市场预期。 ● 按固定汇率 iPhone 实现增长，付费订阅量创历史新高。分产品线看，iPhone 实现销售收入 393 亿美元，同比减少 0.9%; 按固定汇率计算, iPhone 实现同 比增长。据 IDC 统计，iPhone 本季度在全球市场的出货量为 4520 万台，同比 增长 1.5%,市占率为 15.8%。本季度 iPhone 在英国、西班牙、印尼、菲律宾 等市场创销售纪录。Mac 收入 70 亿美元, 同比增长 2.5%。根据 IDC 数据, Mac 本季度在全球市场的出货量为 570万台，同比增 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company reported a revenue of 1.04 billion yuan for H1 2024, representing a year-on-year growth of 26.1%, and a net profit attributable to shareholders of 170 million yuan, up 39.3% year-on-year [1]. - In Q2 2024, the company achieved a revenue of 460 million yuan, with a growth of 4.9%, and a net profit of 80 million yuan, reflecting a 16.9% increase year-on-year [1]. - The growth in revenue is driven by strong performance in the mixed nuts and bean products categories, with significant increases in sales across various channels, including both online and offline [1]. - The company's gross margin for H1 2024 was 34.9%, a slight decrease of 0.7 percentage points year-on-year, primarily due to changes in product mix [1]. - The company has demonstrated strong confidence in its future by repurchasing 1.6 million shares, accounting for 1.72% of its total share capital [1]. Financial Summary - The company forecasts net profits of 400 million yuan, 500 million yuan, and 590 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 4.30 yuan, 5.31 yuan, and 6.34 yuan [2]. - The projected dynamic PE ratios for the years 2024, 2025, and 2026 are 13 times, 10 times, and 9 times respectively [2]. - Revenue is expected to grow from 1.85 billion yuan in 2023 to 2.27 billion yuan in 2024, with a growth rate of 22.83% [3]. - The net profit attributable to shareholders is projected to increase from 329 million yuan in 2023 to 401 million yuan in 2024, reflecting a growth rate of 21.89% [3].

2024 年 08月 06 日 证券研究报告.2024 财年三季度财报点评 高通 (QCOM.O) 半导体 买入 (##) 当前价:157.95 美元 目标价：——美元 手机业务增长好于预期，PC 芯片开启销售 投资买点 ● 事件：公司 FY2024Q3（即自然年 2024Q2）实现营收 93.9亿美元，同比增长 11.3%;毛利率 55.6%,同比提升 0.37个百分点：GAAP 净利润 21.3亿美元, 同比增长 18%；Non-GAAP 净利润 26.5 亿美元，同比增长 25.8%。 ● 手机业务增速显著提升,PC 业务表现超内部目标。公司 FY24Q3 QCT(半导 体）分部收入 80.7 亿美元，同比增长 12.5%; EBT为 21.8 亿美元, 税前利润 率 27%, 同比提升 2.7pp。其中: 1)手机业务收入 59亿美元, 同比增长 12.3%, 增速相比上个李度显著提升（上个季度同比增速仅 1.2%）。公司预计今年智能 手机市场将稍微趋平。2）IoT 业务本季度收入 13.6 亿美元，同比下滑 8.5%, 跌幅继续收窄。公司表示，本李度 PC 业务表现超过内部目标, Meta的 Ray ...

Investment Rating - The report maintains a "Buy" rating for Qualcomm (QCOM.O) [1][3] Core Insights - Qualcomm's FY2024 Q3 revenue reached $9.39 billion, a year-over-year increase of 11.3%, with a gross margin of 55.6%, up 0.37 percentage points from the previous year. GAAP net profit was $2.13 billion, up 18% year-over-year, while Non-GAAP net profit was $2.65 billion, reflecting a 25.8% increase [2][3] - The mobile business showed significant growth, and the PC chip sales have commenced. The QCT (semiconductor) segment generated $8.07 billion in revenue, a 12.5% year-over-year increase, with an EBT of $2.18 billion and a pre-tax profit margin of 27%, up 2.7 percentage points year-over-year [2] - The automotive segment saw remarkable growth, with revenue of $810 million, a year-over-year increase of 86.9%. Qualcomm secured over 10 new design wins with global automotive manufacturers [2] Summary by Sections Financial Performance - FY2024 Q3 revenue: $9.39 billion, up 11.3% YoY - Gross margin: 55.6%, up 0.37 percentage points YoY - GAAP net profit: $2.13 billion, up 18% YoY - Non-GAAP net profit: $2.65 billion, up 25.8% YoY [2] Business Segments - QCT revenue: $8.07 billion, up 12.5% YoY - Mobile business revenue: $5.9 billion, up 12.3% YoY - IoT revenue: $1.36 billion, down 8.5% YoY - Automotive revenue: $810 million, up 86.9% YoY [2] Future Guidance - For FY24Q4, Qualcomm expects overall revenue to be between $9.5 billion and $10.3 billion, with a midpoint growth of 14.6% YoY. QCT revenue is projected to be between $8.1 billion and $8.7 billion, with a midpoint growth of 13.9% YoY [3] - Adjusted EPS for FY24Q4 is expected to be between $2.45 and $2.65 [3] Profitability Forecast - Projected GAAP/Non-GAAP net profit CAGR over the next three years is 25.4% and 16.8%, respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 134.05 CNY over the next six months [1][2]. Core Insights - The company reported a record high in single-quarter performance, with revenue of 9.2 billion CNY in the first half of 2024, representing a year-on-year growth of 38%, and a net profit of 1.5 billion CNY, up 134.9% year-on-year [1]. - In Q2 alone, the company achieved revenue of 5.3 billion CNY, a quarter-on-quarter increase of 37.7%, and a net profit of 0.98 billion CNY, up 81.3% quarter-on-quarter [1]. - The significant improvement in profitability is attributed to increased penetration in the digital intelligence sector and an improving competitive landscape [1]. - The company’s gross margin improved by 2.2 percentage points to 44.11% in Q2, while the net margin increased by 4.6 percentage points to 18.5% [1]. - New product launches, particularly the ESP32-S3, C2, and C3, have driven revenue growth, with the company’s WiFi chip sales ranking fifth globally [1]. Financial Forecast and Valuation - The company is expected to achieve net profits of 3.5 billion CNY, 4.3 billion CNY, and 5.2 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 3.13 CNY, 3.83 CNY, and 4.59 CNY [2][6]. - The projected dynamic PE ratios for the same years are 33x, 27x, and 22x [2][6]. - The report anticipates a compound annual growth rate (CAGR) of 55.8% for net profit over the next three years, outperforming the industry average [8].

Investment Rating - The report maintains a "Hold" rating for the company [1] Core Views - The company reported a strong performance in the first half of 2024, with revenue of 1.5 billion yuan, representing a 14.2% increase year-on-year, and a net profit of 220 million yuan, up 51% [2] - The significant profit growth is attributed to improved management of operating expenses and a focus on cost reduction and efficiency [2] - The company is advancing its innovative drug pipeline, with potential FDA approval for Ensatinib expected by the end of the year and ongoing applications for other products [2] - The company has a robust clinical trial pipeline, with several promising candidates progressing through the approval process [2] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a net profit of 220 million yuan, a 145% increase in net profit after deducting non-recurring items [2] - The proportion of operating expenses to revenue decreased from 77.14% to 67.25%, a reduction of 9.89 percentage points [2] - The net cash flow from operating activities reached 521.69 million yuan, a year-on-year increase of 44.77% [2] Product Development - Ensatinib is expected to receive FDA approval by the end of 2024, and the company is progressing with the application for recombinant human serum albumin [2] - The company has received IND approvals for several new drug candidates, including EYP-1901 and pan-EGFR inhibitors [2] Earnings Forecast - The forecast for net profit for 2024-2026 is 450 million yuan, 580 million yuan, and 740 million yuan, respectively, with corresponding PE ratios of 32, 25, and 20 [3] - The core product, Alectinib, is expected to maintain stable performance, while new products like Ensatinib are anticipated to contribute to revenue growth [3] Market Position - The company has a total market capitalization of 14.41 billion yuan and a total asset value of 9.14 billion yuan [6] - The stock price has fluctuated between 30.78 yuan and 61.65 yuan over the past 52 weeks [6]

Group 1 - The overall performance of the North Exchange was strong during the week, with the North Certificate 50 Index outperforming the ChiNext Index by approximately 1.6 percentage points and the CSI 300 by about 1.0 percentage points [2][13] - The North Exchange had a total market capitalization of 3118.68 billion yuan, with an average market capitalization of 12.52 billion yuan for its constituent stocks [3][9] - The trading volume for the North Exchange during the week was 217.43 billion yuan, with an average weekly trading amount of 0.87 billion yuan and a turnover rate of 18.95% [3][10] Group 2 - The North Exchange has resumed its IPO process, with Chengdian Light Communication registering successfully on August 2, and Keli Co., Ltd. scheduled for a meeting on August 9 [2][12] - The report highlighted the strong performance of the "low-altitude economy" concept, which saw significant gains in related stocks following remarks from President Xi Jinping [2][12] - The report noted that as of August 2, 2024, there were 249 companies listed on the North Exchange, with 128 of them classified as "specialized, refined, distinctive, and innovative" enterprises, accounting for 52% of the total [3][12] Group 3 - The report indicated that the half-year results for companies such as Guangsha Huaneng showed a 31.6% year-on-year growth in net profit for the first half of 2024, while Huayang Racing projected a growth of 44.6% to 50.2% [2][25] - The average price-to-earnings (PE) ratio for the North Exchange was reported at 19.1 times, remaining stable compared to the previous week [3][9] - The report emphasized the potential for increased attention from "patient capital" towards high-growth companies on the North Exchange as more half-year reports are disclosed [2][3] Group 4 - The report detailed the performance of specific stocks, with Hengtuo Kaiyuan and Oukang Medicine being among the top gainers, while Zicheng Electronics and Youji Co., Ltd. faced significant declines [16][18] - The report also highlighted the performance of various sectors, noting that the beauty and personal care sector had a median increase of 6.3%, while the home appliance sector saw a median decrease of -5.2% [21][22] - The North Exchange's thematic funds showed mixed performance, with the Jia Shi North Exchange Selected Fund performing relatively well, while other funds lagged behind [22][24]

Investment Rating - The report indicates a positive outlook for the medical device sector, driven by government policies supporting equipment upgrades and replacements, with an expected compound annual growth rate (CAGR) of at least 6% from 2023 to 2027 [2][15][19]. Core Insights - The medical device replacement initiative is part of a broader national policy aimed at promoting equipment upgrades, with a total of approximately 300 billion yuan allocated for various sectors, including healthcare [4][9]. - The policy aims for a 25% increase in medical equipment investment by 2027 compared to 2023, reflecting a strong growth trajectory supported by government initiatives [6][15]. - The demand for medical devices is expected to be stimulated significantly starting in the second half of 2024, with a projected demand exceeding 1.3 trillion yuan [15][20]. Summary by Sections Policy Framework - The central government has issued multiple directives to support large-scale equipment upgrades, emphasizing the importance of high-quality development and the need for modernized medical facilities [4][21]. - Specific measures include optimizing project support methods, increasing financial incentives for equipment upgrades, and simplifying approval processes for hospitals [5][9]. Market Demand - The report anticipates a robust demand for medical imaging equipment, which is expected to show early signs of market growth due to the replacement policy [20][25]. - The overall medical device market is projected to grow at a CAGR of 6-10% from 2023 to 2027, with the lower end of this range being policy-driven [15][19]. Financial Support - The government has allocated approximately 1.48 trillion yuan specifically for medical equipment upgrades, with a significant portion of this funding expected to be utilized in the coming years [4][9]. - Financial support mechanisms include increased fiscal subsidies for equipment loans, with the interest subsidy rate raised from 1% to 1.5% [5][9]. Implementation Timeline - The rollout of the replacement policy is expected to begin in Q4 2024, with substantial impacts on the financial performance of companies in the medical device sector anticipated in 2025 [20][25]. - Local governments have begun to respond to central policies, with over 30 provinces and municipalities issuing specific action plans for equipment upgrades [22][24].

2024 ￥ 08 A 04 A 证 美好充袱 个 什么好充 • 區 美生物 區 苏什业创新跨周报 (7.29-8.4) 發手大市(維持) 2024 年 8 月 第 一 周 创 新 药 周 报 ( 附 小 孝 題 IL-4R 研 发 概 况 ) A 股 卡港股创新范长头及 XBI 格敦本周大学 2024 年 8 月 茅 一 周，陆港两地创新药板块并 42个股上涨，17 个股下跌。共中 涨幅前三为水息生物-B(+10.7%)、百利天恒-B(+10.12%)、猴芯生物(+8.38%)。块 检 前三为北海底底-B(-12.68%)、软礼划药-B(-10.92%)、药明丘诺-B(-6.67%)。 本周 A 股创新药板块上涨 275%，跑高沪深 300 指数 3.48pp，生物质 药上涨 4.12%。连 6个月 A 股创新跨累计上涨 7.01%，跑赢沪深 300 指数 3.08pp，生物 医 药 系 计 下头 1.06%. 本周港殷创新药板块下块 0.09%，吃高担生格救 0.36pp，担生医疗保健上涨 0.56%。近６个月港股创新跨累计上涨 0.11%，吃棉恒生落款 5.07pp，恒生医疗 择 徙 系 计 下 头 0 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 1.43 billion yuan in H1 2024, representing a year-on-year increase of 41.2%. The net profit attributable to shareholders reached 300 million yuan, up 49.8%, while the net profit excluding non-recurring items was 290 million yuan, an increase of 50.8% [2] - The second quarter of 2024 showed steady growth, with significant increases in the sales of traditional Chinese medicine products, particularly the Wuling capsule and Lingze tablets. The sales revenue of the Wuling series grew by 29.15%, with the Wuling capsule alone increasing by 28.86%. The revenue from traditional Chinese medicine formula granules surged by 256.73% due to an increase in registered varieties [2] - The company's gross margin for H1 2024 was 62.6%, a decrease of 6.7 percentage points, while the net profit margin improved by 1 percentage point to 21%. The sales expense ratio decreased by 7.4 percentage points to 34.2%, and the R&D expense ratio fell by 1.3 percentage points to 2.74% [2] - The core products are expected to continue their positive development trends, with the Wuling series benefiting from its inclusion in the national essential medicines list and provincial bulk purchasing programs. The Bailing series is also anticipated to grow, with Bailing capsules already listed in 28 provinces as of June 2024 [2] - The company forecasts net profits attributable to shareholders of 520 million yuan, 630 million yuan, and 770 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 37%, 21%, and 21% [2] Summary by Sections Financial Performance - H1 2024 revenue: 1.43 billion yuan (+41.2%) - H1 2024 net profit: 300 million yuan (+49.8%) - H1 2024 net profit excluding non-recurring items: 290 million yuan (+50.8%) [2] Product Performance - Wuling series revenue growth: 29.15% - Wuling capsule revenue growth: 28.86% - Traditional Chinese medicine formula granules revenue growth: 256.73% - Traditional Chinese medicine slices revenue growth: 57.11% [2] Profitability Metrics - H1 2024 gross margin: 62.6% (-6.7pp) - H1 2024 net profit margin: 21% (+1pp) - H1 2024 sales expense ratio: 34.2% (-7.4pp) - H1 2024 R&D expense ratio: 2.74% (-1.3pp) [2] Future Projections - Expected net profits for 2024-2026: 520 million yuan, 630 million yuan, 770 million yuan - Year-on-year growth rates for net profits: 37%, 21%, 21% [2]