Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 7.30, based on a current price of HKD 4.82 [1]. Core Insights - The company is experiencing a gradual improvement in commercialization, with projected revenue growth from HKD 738.54 million in 2023 to HKD 872.42 million in 2024, driven by the renewal of medical insurance for Obinutuzumab and the expansion of the MZL indication [2][3]. - The company has a strong pipeline with multiple drugs in critical clinical stages, including Obinutuzumab for various cancer indications and autoimmune diseases, and TYK2 inhibitors leading in domestic research and development [2][3]. - The company reported a significant increase in revenue from HKD 6.3 billion in 2022 to HKD 7.4 billion in 2023, with a notable rise in Obinutuzumab sales [14]. Summary by Sections 1. Commercialization and Clinical Development - The company has one drug approved for market, Obinutuzumab, and has submitted a market application for Tafasitamab, indicating strong R&D capabilities [12]. - Revenue from Obinutuzumab reached HKD 6.7 billion in 2023, reflecting an 18.5% year-on-year growth [16]. 2. Obinutuzumab's Market Position - Obinutuzumab is the third BTK inhibitor approved in China, with a growing market presence amidst competition from other BTK inhibitors [16][17]. - The drug has been included in medical insurance since the end of 2021, which is expected to enhance its market penetration [17]. 3. TYK2 Inhibitors - The company is at the forefront of TYK2 inhibitor development in China, with two candidates in clinical trials, ICP-332 and ICP-448, showing promising results [2][3]. - The global market for TYK2 inhibitors is expanding, with peak sales estimates for the first approved TYK2 inhibitor reaching USD 4 billion [2]. 4. Financial Projections - Revenue forecasts for the company are optimistic, with expected revenues of HKD 8.7 billion in 2024, HKD 12.8 billion in 2025, and HKD 18.3 billion in 2026 [3][4]. - The company maintains a strong cash position, with cash reserves reaching HKD 82 billion as of Q1 2024 [14].

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 27.17 CNY and a target price of 33.30 CNY over the next six months [1]. Core Views - The report emphasizes that the company is a leading player in high-performance carbon fiber, driven by both demand growth and capacity expansion. Key factors include the anticipated increase in military aviation composite material penetration, the ramp-up in commercial aircraft production (specifically the C919), and the release of new production capacities in both military and civilian sectors [2][3]. Summary by Sections 1. Company Overview - The company is recognized as a leader in high-performance carbon fiber in China, with a comprehensive industry chain that supports long-term development. It has established a dominant position in high-end fields such as aerospace [2][15]. 2. Market Demand and Growth Drivers - The report highlights a significant upcoming growth period for military carbon fiber demand, particularly with the introduction of new models like T800H, which will enhance the application of carbon fiber in military aircraft [2][8]. - The commercial aviation sector is also expected to see substantial demand growth, with the C919 aircraft projected to require over 400 tons of carbon fiber annually as production ramps up [2][3]. 3. Production Capacity and Expansion - The company is actively expanding its production capacity, with a new 4000-ton civil production line in Baotou that began operations in June 2024. Additionally, the T800H production line is undergoing equivalency verification, which will significantly increase output once completed [2][3][19]. 4. Financial Performance and Projections - The report forecasts earnings per share (EPS) of 1.11 CNY, 1.34 CNY, and 1.75 CNY for 2024, 2025, and 2026, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 24, 20, and 15 [3][4]. - Revenue is expected to grow from 2,518 million CNY in 2023 to 3,011 million CNY in 2024, reflecting a growth rate of 19.61% [4][19]. 5. Competitive Landscape - The report notes that while there are concerns about the growth rate of high-end carbon fiber demand, the transition to new military aircraft and the increasing share of carbon fiber in commercial aviation will provide significant growth opportunities [8][9]. 6. Investment Risks - The report does not include specific risk factors but emphasizes the potential for accelerated growth in the company's performance due to favorable market conditions and production capacity expansions [3][9].

Q2 业绩超预期，环比持续提升 主要客户销量增长，业绩环比持续提升：本期业绩变化的主要原因包括：（1） 客户订单明显放量：新能源汽车的快速发展带动了汽车线束行业市场规模增长， 公司凭借高标准、严要求，长期配套优质客户等竞争优势，积极拓展新客户并 取得了持续稳定的订单，公司量产项目放量及新项目量产推动了营业收入迅速 增长。24H1公司主要客户销量均实现大幅增长，其中赛力斯同比+637%，理想 +34%。（2）期间费用率下降：一方面公司持续推进智能制造与数字化转型，降 本增效；另一方面受益于新能源客户项目的持续放量，销量增长促使公司规模 效应更加显著。公司的折旧/摊销和销售、管理、研发、财务等费用率大幅下降， 盈利能力大幅提升。 行业规模增长，市占率有望提升：与传统燃油车相比，新能源汽车需要采用高 压线束连接各电路单元，带动新能源汽车线束单车价值达到 5000元以上，显著 高于燃油车 3000元，自动驾驶功能提升对于高速传输数据线提出了新的要求， 行业规模不断增长。随着国际汽车厂商越发重视成本控制，汽车零部件的本土 化采购日益加强，公司有望实现规模扩张及国产替代。 风险提示：竞争加剧风险；客户开拓不及预期的风险； ...

点评：从供给端来看，尽管俄罗斯在 6 月份明显减产原油，但俄罗斯、伊拉克、哈萨克 斯坦这三个 OPEC+的主要成员国每天的原油供应量仍比今年初设定的配额高出十几万桶， 也没有如早先承诺那样进行额外减产，以弥补之前多出来的产量。比如，俄罗斯 6 月将日产 量削减了 11.4 万桶，至 913.9 万桶，仍然比其指定配额高出 16.1 万桶；伊拉克的日产量仅 减少了 2.5 万桶，至 418.9 万桶，仍比其限额高出 18.9 万桶。IEA 表示，二季度因美国原因， 全球原油供应环比增长 91 万桶/日，因非 OPEC+预计三季度全球原油产出将增长 77 万桶/ 日；从需求端来看，OPEC 认为，今年上半年主要经济体的经济增长势头保持强劲，还将今 年全球经济增长预测从 2.8%上调至 2.9%，并表示这一数字还有上行潜力，因为 OECD 发 达国家以外的增长势头强劲。IEA 则在月报中表示，全球石油需求增长在上个季度放缓至一 年多以来的最低水平，第二季度全球石油日均消费量仅增加 71 万桶/天，2024 年和 2025 年 全球需求仍有望各增长不到 100 万桶/天；从库存端来看，美国能源信息署（EIA）公布数据 ...

机械行业2024年中期投资策略 布局确定性,聚焦新经济 西南证券研究发展中心 机械研究邰桂龙团队 2024年7月 核心观点 1 轨交装备:2024年轨交投资维持高位且具有持续性,下半年是铁路投资加速窗口期,叠加新一轮大规模设 备更新政策影响,2024年下半年铁路装备将有望迎来订单与估值双升。2024年1-5月全国铁路固定资产投 资2285亿元,同比增长11%,预计全年投资增速维持10%左右。重点推荐思维列控、中国通号、中国中车。 油服行业:油价高位,油服资本开支维持相对高位,行业高景气,油服产业链受益。2021年以来,布伦特 原油维持在80美元/桶上下,高油价助推油企收入利润增长,在利润驱动下油企资本开支扩大,油服与装备 类企业受益。重点推荐杰瑞股份、中海油服、海油工程。 工程机械:短期国内数据边际改善,海外出口数据超预期,中长期国内需求筑底,国际化战略稳步推进。 全球工程机械万亿市场,2024年国内筑底企稳,龙头企业海外战略进入收获期,电动化趋势加强。中长期 维度,2024年是工程机械布局最佳窗口期,国内挖机销持续超预期。重点推荐核心主机厂和零部件公司。 出口链:海外需求韧性强,出口链相关企业受益。中国对外 ...

[ T able_StockInfo] 2024 年 07 月 10 日 证券研究报告•公司动态跟踪报告 买入 (维持) 当前价:27.00 港元 和黄医药(0013.HK)医疗保健 目标价:34.30 港元 商业化表现靓眼,管线持续释放创新潜力 [Table_Summary 事件:7 月 9 日,] 和黄医药举办研发日交流,管理团队分享和黄医药丰富且创新 的候选药物管线中的部分项目的最新进展,包括索乐匹尼布用于治疗免疫性血小板 减少症的 ESLIM-01 III 期研究,以及用于治疗温抗体型自身免疫性溶血性贫血的 ESLIM-02 II/III 期研究;索凡替尼用于治疗胰腺导管腺癌的 II/III 期研究;以及 HMPL-306 用于治疗急性髓系白血病的 RAPHAEL III 期研究。 呋喹替尼美国商业化推进顺利,获 EMA批准上市。呋喹替尼于 2023年 11 月 9 日获 FDA 批准上市,上市以来到 3 月底美国销售额达 101 亿日元(约合美元 6500 万)。呋喹替尼于 2024年 6月在欧盟获得经治转移性结直肠癌的批准,有 望于 2024年年底前在日本获得经治转移性结直肠癌的批准。呋喹替尼二线 ...

[Table_StockInfo] 2024 年 07 月 09 日 证券研究报告•2024 年半年度业绩预告点评 买入 (维持) 当前价:14.25 元 赛轮轮胎(601058)汽车 目标价:20.25 元(6 个月) 业绩快速增长,出海持续发力 [Table_Summary 事件:2024 年] 7 月 9 日,公司发布 2024 年半年度业绩预增公告,预计 2024 年半年度实现归属于上市公司股东的净利润 21.20 亿元到 21.80 亿元,与上年 同期(法定披露数据)相比,将增加 10.74亿元到 11.34亿元,同比增加 102.68% 到 108.41%。 国内外同步发力,净利润大幅增长。2024年上半年,轮胎行业原材料成本承压, 其中天然橡胶上半年均价 14338 元/吨,同比上涨 17%;顺丁橡胶均价 13278 元/吨,丁苯橡胶 13258 元/吨,均处于三年历史百分位 90%以上。公司全球化 战略、科技创新及品牌建设等工作效果持续显现,产品受到越来越多国内外客 户的认可:全钢、半钢和非公路三类轮胎产品的产销量均创历史同期最好水平; 公司产品在国内及国外的销量同比增长均超过 30%,其中毛 ...

-12 -8 -4 0 4 8 12 16 20 2017-062017-102018-022018-062018-102019-022019-062019-102020-022020-062020-102021-022021-062021-102022-022022-062022-102023-022023-062023-102024-022024-06 PPI:全部工业品:当月同比 PPI:生产资料:当月同比 PPI:生活资料:当月同比 % 图 5：生产资料价格降幅收敛，生活资料价格持平 图 6：石油相关行业价格同比走势 -80 -40 0 40 80 120 2017-062017-092017-122018-032018-062018-092018-122019-032019-062019-092019-122020-032020-062020-092020-122021-032021-062021-092021-122022-032022-062022-092022-122023-032023-062023-092023-122024-032024-06 % 数据来源：wind、西南证券整理 数据来 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 34.35 CNY over the next six months [1][12]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 10-12 billion CNY in H1 2024, representing a year-on-year increase of 64.95%-97.94% [2]. - The strong demand for semi-steel tires and export markets is anticipated to continue, with domestic tire production and consumption remaining robust [2][3]. - The company's Moroccan project is projected to alleviate capacity constraints and enhance growth potential, with production expected to commence in Q4 2024 [3]. Financial Performance - For Q2 2024, the company expects a net profit of 4.96-6.96 billion CNY, a year-on-year increase of 39.33%-95.51% [2]. - The average price index for tire raw materials increased by 6.5% from Q1 to Q2 2024, indicating manageable cost pressures [2]. - The company’s revenue is projected to grow from 95.18 billion CNY in 2024 to 145.05 billion CNY in 2026, with a compound annual growth rate of 34% for net profit from 2024 to 2026 [3][11]. Production Capacity and Market Demand - The company currently has a semi-steel tire production capacity of 28 million units per year and is expanding with a new facility in Morocco [3]. - The operating rate for semi-steel tires was reported at 79.4%, indicating strong demand, while the operating rate for all-steel tires was lower at 62.2% [2]. Valuation Metrics - The report suggests a price-to-earnings (PE) ratio of 15 for 2024, which is favorable compared to the average PE of 10 for comparable companies in the tire industry [12][13]. - The expected earnings per share (EPS) for 2024 is projected at 2.29 CNY, increasing to 3.20 CNY by 2026 [11].

银行业2024年中期投资策略 高确定、高分红标的占优,步步为营 www.swsc.com.cn 西南证券研究发展中心 金融研究团队 2024年7月 摘 要 经济回升向好,内需仍需改善。5月份,规模以上工业增加值同比增长5.6%,其中装备制造业、高技术制造 业分别增长7.5%、10.0%,增速分别快于整体工业1.9pp和4.4pp。服务业生产指数增长4.8%,比上月加快 1.3pp,服务业商务活动指数为50.5%,比上月提高0.2pp。随着超长期特别国债发行、消费品以旧换新和 提振房地产市场政策"组合拳"落地生效,经济回升向好势头将持续巩固。外需较好,内需仍需改善:1) 外贸增速持续加快;2)反映企业预期的6月PMI再度走弱,表现弱于季节性,消费者预期方面,消费者信心 指数低位震荡。 行情复盘:板块跷跷板效应和增量资金推动银行股跑赢大盘。今年来银行股走势受红利防御和基本面预期共 同推动:1月 初-4月25日行情主要由2023年 12月 底调降存款挂牌利率和权益市场其他板块调整共同催化, 叠加1月降低存款准备金,1季度保险增量资金、金融数据较好等因素共同影响,国有大行防御性较强。4月 26日-5月27日,则主要由 ...