证 券 研 究 报 告 行 业 周 报 眼科抗 VEGF 药物赛道火热，信达生物 IBI302 高剂量临床 II 期数据亮眼 ——医药生物行业周报（20241021-1025） [行业Table_Industry] : 医药生物 日期: shzqdatemark 2024年10月26日 [Table_Author] 分析师: 王真真 Tel: 021 -53686246 E-mail: wangzhenzhen@shzq.co m SAC 编号: S0870524030001 分析师: 尤靖宜 Tel: 021-53686160 E-mail: youjingyi@shzq.com SAC 编号: S0870524090004 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -24% -18% -13% -7% -1% 4% 10% 16% 21% 10/23 01/24 03/24 05/24 08/24 10/24 医药生物 沪深300 [Table_ReportInfo] 相关报告： 《《肥胖症诊疗指南（2024 年版）》发布， 博瑞医药 BGM0504 II 期减重数据达预期》 ...

Investment Rating - The investment rating for Great Wall Motors is "Buy" (maintained) [7][14]. Core Views - The company reported a steady revenue growth in Q3 2024, achieving an operating income of 142.25 billion yuan, a year-on-year increase of 19.04%, and a net profit attributable to shareholders of 10.43 billion yuan, up 108.78% year-on-year [6][7]. - The Q3 single-quarter revenue reached 50.83 billion yuan, with a gross margin maintained at 20.80% [6]. - The overseas sales for Q3 accounted for over 40% of total sales, with 122,700 vehicles sold internationally, marking a year-on-year increase of 16.28 percentage points [6]. - The launch of the new Blue Mountain model, featuring advanced intelligent driving systems, is expected to contribute significantly to sales growth [6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved an operating income of 142.25 billion yuan, a year-on-year increase of 19.04%, and a net profit of 10.43 billion yuan, up 108.78% year-on-year [6]. - Q3 revenue was 50.83 billion yuan, with a gross margin of 20.80% [6]. - The company expects net profits for 2024, 2025, and 2026 to be 12.93 billion yuan, 15.05 billion yuan, and 17.65 billion yuan, respectively, with year-on-year growth rates of 84.08%, 16.41%, and 17.33% [7]. Market Position and Strategy - The company has been focusing on expanding its overseas market presence, with significant projects in Malaysia, Indonesia, and Pakistan [6]. - The introduction of the Blue Mountain model, equipped with the third-generation intelligent driving system, is anticipated to enhance the company's competitive edge in the SUV market [6]. Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 18.02X, 15.48X, and 13.19X, respectively [7].

Investment Rating - The industry investment rating is maintained at "Overweight" [4][12]. Core Viewpoints - The acceleration of mergers and acquisitions in the power sector is supported by the new "National Nine Articles," which encourages leading companies to enhance integration within the industry chain [4][5]. - Recent mergers include Gansu Energy's acquisition of a 66% stake in Gansu Electric Power Investment Group, Huadian International's planned acquisition of eight companies from its controlling shareholder, and Longyuan Power's cash acquisition of eight renewable energy companies from its parent [4][5]. - The restructuring in the power sector is expected to optimize resource allocation and accelerate industry chain layout, particularly through coal-electricity integration and expansion into the renewable energy sector [5]. Summary by Sections Industry Overview - The report highlights the ongoing reforms in the electricity market and the transition towards clean and low-carbon energy, suggesting a focus on leading hydropower companies like Yangtze Power and growing nuclear power companies such as China Nuclear Power and China General Nuclear Power [6]. Investment Strategy - Two main investment lines are recommended: 1. Focus on hydropower leaders and expanding nuclear power companies due to ongoing market reforms and clean energy transitions [6]. 2. Pay attention to mergers and acquisitions in the power sector supported by the new "National Nine Articles" [6].

Industry Investment Rating - Overweight (maintained) [4] Core Views - The computer industry underperformed the Shanghai Composite Index by 1.25 percentage points, the ChiNext Index by 2.08 percentage points, and the CSI 300 Index by 0.88 percentage points, ranking 29th among all industries [4] - Huawei's HarmonyOS NEXT, the first domestic mobile operating system, has surpassed 1 billion devices and is expected to release a PC version in Q4 2024 [5] - Data element policies are entering a period of intensive implementation, with 7 policy documents expected to be issued [6] - The AI Agent era is accelerating, with domestic and international model innovations driving sustained demand for AI computing power [7] Market Review - The Shanghai Composite Index rose 1.17%, the ChiNext Index rose 2.00%, and the CSI 300 Index rose 0.79% over the past week (10.21-10.25) [4] Huawei - HarmonyOS NEXT has over 15,000 native applications and services, covering 99.9% of the market's commonly used applications [5] - OpenHarmony 5.0 Release version was pre-released on October 12, aligning with HarmonyOS and expected to achieve ecosystem integration [5] Data Elements - The "Opinions on Accelerating the Development and Utilization of Public Data Resources" was issued on October 9, marking the introduction of a top-level plan for public data [6] - The National Data Bureau plans to issue 7 policy documents on enterprise data development, high-quality development of the data industry, and public data resource registration [6] AI - Microsoft integrated 10 autonomous AI Agents into Dynamics 365, supporting OpenAI's latest model o1 with self-learning capabilities [7] - Anthropic launched the upgraded Claude 3.5 Sonnet and the new Claude 3.5 Haiku, with the former boasting industry-leading coding capabilities [7] - Domestic AI Agent applications are accelerating, with iFlytek and Zhipu launching AI assistants for various scenarios [7] Investment Recommendations - Focus on Huawei-related companies such as SoftBank, ChinaSoft, and Runhe Software [8] - Pay attention to data element-related companies like Yihua, Guoxin Health, and Yunsai Zhilian [8] - Consider companies in the domestic computing power sector, including Hygon, Cambricon, and Sugon [8]

Investment Rating - The industry investment rating is maintained at "Overweight" [4][30]. Core Viewpoints - The basic chemical index outperformed the CSI 300 index by 0.67 percentage points, with a weekly increase of 1.65% compared to 0.98% for the CSI 300 [4][14]. - Key sectors within the basic chemical industry showing significant gains include coatings and inks (9.32%), other rubber products (8.33%), and membrane materials (7.06%) [4][14]. - The report highlights the price increases in key chemical products, with caustic soda rising by 9.09% and natural rubber by 7.74% [5][18]. Market Trends - The basic chemical index has shown a weekly increase of 1.65%, ranking 16th among all sectors [4][14]. - The top-performing stocks in the basic chemical sector include Tianma New Materials (180.45%), Jiaxian Co., Ltd. (97.08%), and Kexin Innovation Source (43.80%) [14][15]. Chemical Price Trends - The top five products with the highest weekly price increases are caustic soda (9.09%), natural rubber (7.74%), PVA (7.08%), epoxy chloropropane (4.62%), and BDO (4.17%) [5][18]. - Conversely, the products with the largest weekly price declines include domestic vitamin A (-27.91%) and WTI crude oil (-8.39%) [5][20]. Key Industry Developments - BASF has delayed the resumption of vitamin production at its Ludwigshafen plant until April 2025, affecting global supply significantly [6]. - Brazil has announced preliminary anti-dumping duties on Chinese titanium dioxide, which could impact exports [6]. Investment Recommendations - The report suggests focusing on several key sectors: refrigerants, chemical fibers, tire manufacturing, and agricultural chemicals, with specific companies highlighted for potential investment [7][30]. - Recommended companies include Jinshi Resources, Juhua Co., Ltd., Wanhu Chemical, and Sailun Tire [7][30].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 17.313 billion yuan, a year-on-year increase of 146.26%, and net profit attributable to shareholders of 3.753 billion yuan, up 189.59% [2][3] - In Q3 alone, the company achieved revenue of 6.514 billion yuan, growing 115.25% year-on-year, and net profit of 1.394 billion yuan, an increase of 104.40% [2][3] - The company faces challenges from foreign exchange losses impacting profit growth, primarily due to the depreciation of the US dollar against the Chinese yuan, which has affected profits since over 80% of its revenue comes from overseas [3] - The company has improved its cost control, with a decrease in the expense ratios for sales, management, and R&D compared to the previous quarter, while still experiencing high absolute growth in these expenses [3] - The company is expected to benefit from advancements in silicon photonics technology and increased demand for computing power, particularly in the context of large-scale AI model applications [3] Financial Summary - The company forecasts revenue growth from 25.942 billion yuan in 2024 to 53.514 billion yuan in 2026, with corresponding net profits expected to rise from 5.105 billion yuan to 10.664 billion yuan during the same period [4][6] - The projected revenue growth rates are 142.04% for 2024, 70.92% for 2025, and 20.69% for 2026, while net profit growth rates are expected to be 134.89%, 64.40%, and 27.06% respectively [4][6] - The company's earnings per share are projected to increase from 4.55 yuan in 2024 to 9.51 yuan in 2026, with corresponding price-to-earnings ratios of 34, 21, and 16 times [6][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][4][5] Core Views - The company reported a revenue of 2.328 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 15.31%, and a net profit attributable to shareholders of 333 million yuan, up 22.17% year-on-year [3][4] - The growth is driven by high-end products, with revenue from products priced above 300 yuan increasing by 43.80%, while the proportion of these products in total revenue rose by 4.27 percentage points to 20.81% [4][5] - The company is expanding its market presence both domestically and internationally, with revenue growth of 13.89% in the domestic market and 15.68% in the external market [4][5] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 574 million yuan, a year-on-year increase of 15.77%, and a net profit of 38 million yuan, up 108.84% year-on-year [3][4] - The gross margin and net margin improved by 0.65 and 0.80 percentage points, reaching 64.14% and 14.12% respectively [5] - The company’s operating cash flow for the first three quarters was 349 million yuan, a year-on-year increase of 42.45% [5] Future Projections - Revenue projections for 2024-2026 are 2.986 billion yuan, 3.496 billion yuan, and 4.080 billion yuan, with growth rates of 17.20%, 17.10%, and 16.70% respectively [5][8] - Net profit projections for the same period are 398 million yuan, 486 million yuan, and 577 million yuan, with growth rates of 21.03%, 22.02%, and 18.71% respectively [5][8] Market Strategy - The company is focusing on optimizing its marketing strategies and enhancing brand influence, with a strategic focus on national layout and deepening in the northwest region [4][5] - The company aims for high-quality growth through refined processes and management, indicating a strong potential for future performance [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][5]. Core Insights - The company reported a revenue of 1.688 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 26.57%, and a net profit attributable to shareholders of 243 million yuan, which is a year-on-year increase of 62.64% [3]. - In Q3 2024, the company achieved a net profit of 81 million yuan, with a year-on-year increase of 34.51% and a quarter-on-quarter decrease of 1.11% [4]. - The gross margin for Q3 2024 was 34.60%, which is an increase of 4.86 percentage points year-on-year and 2.58 percentage points quarter-on-quarter [4]. - The company is expanding its transmission system business, focusing on differential products, which are crucial for the electric vehicle sector, and is also investing in projects for motor shafts, stators, rotors, and planetary gear reducers [4]. - The company has increased its investment in Luzhou Haoneng to accelerate the construction of differential production capacity, with a planned annual output of 10 million sets of differential assemblies [4]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 552 million yuan, a year-on-year increase of 8.38% and a quarter-on-quarter decrease of 6.42% [4]. - The projected net profits for 2024-2026 are 299 million yuan, 372 million yuan, and 448 million yuan, representing year-on-year growth rates of 64.39%, 24.27%, and 20.52% respectively [5]. Business Development - The company is focusing on the electric vehicle market, with significant investments in differential products and related components [4]. - The investment in the motor shaft project amounts to 550 million yuan, with a production capacity of 2 million units per year [4]. Valuation Metrics - The projected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 17.07X, 13.74X, and 11.40X respectively [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a revenue of 1.129 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 21.72%. The net profit attributable to shareholders was 172 million yuan, up 1.75% year-on-year [2] - The third quarter revenue reached 416 million yuan, showing a year-on-year growth of 20.74% and a quarter-on-quarter increase of 9.53%. The net profit for Q3 was 83 million yuan, reflecting a year-on-year increase of 31.49% and a quarter-on-quarter increase of 72.93% [2][3] - The company is a leading player in the PCB needle industry, focusing on product high-endization and capacity expansion, with a positive outlook for its functional film products, CNC tools, and automation equipment [5] Summary by Sections Financial Performance - For Q3, the gross margin was 37.17%, a decrease of 3.02 percentage points year-on-year but an increase of 1.73 percentage points quarter-on-quarter. The company achieved a net profit margin of 20.08%, the highest for the same period since its listing [4] - The company’s total revenue for 2024 is projected to be 1.583 billion yuan, with expected year-on-year growth rates of 19.89%, 32.74%, and 17.76% for 2024, 2025, and 2026 respectively [5][7] Business Development - The company is expanding its overseas market presence, having established production bases in Thailand and subsidiaries in Vietnam, while actively exploring markets in Japan, South Korea, Southeast Asia, and Europe and the United States [4] - Emerging business segments, such as film products and smart CNC equipment, are expected to continue their growth trajectory, with significant increases in production and new customer acquisition [3][5] Future Outlook - The company anticipates continued positive factors driving growth, including a gradual recovery in industry demand and structural optimization within the industry, particularly due to the deepening application of AI [3] - The projected earnings per share for 2024, 2025, and 2026 are 0.61 yuan, 0.84 yuan, and 1.06 yuan respectively, with corresponding price-to-earnings ratios of 33.15, 24.05, and 19.08 [5][7]

Investment Rating - The industry investment rating is "Increase" (maintained) [4] Core Views - Pop Mart's performance exceeded expectations, with a strong momentum in the overseas market for trendy toys. In Q3 2024, Pop Mart's overall revenue (unaudited) grew by 120%-125% year-on-year, with mainland China revenue increasing by 55%-60% and revenue from Hong Kong, Macau, Taiwan, and overseas markets soaring by 440%-445% [4] - The trend of elderly people traveling to warmer southern regions is significant, with a 2.86 times increase in bookings for winter travel products among the elderly (aged 50 and above) compared to the National Day holiday period. Destinations in southern China saw a notable increase in bookings from this demographic [5][6] Summary by Sections Trendy Toy Industry - Pop Mart's revenue growth in Q3 2024 includes: - Retail stores: 30%-35% increase - Robot stores: 20%-25% increase - Pop Mart box machines: 55%-60% increase - E-commerce platforms: 135%-140% increase, with Douyin and Tmall flagship stores growing by 115%-120% and 155%-160% respectively - Wholesale and other channels: 45%-50% increase [4] Elderly Travel Market - The elderly demographic's travel bookings surged post-National Day, with a 45% increase in bookings to southern destinations. Specific increases include: - Haikou: 36% - Sanya: 27% - Fuzhou and Xishuangbanna: 30% [5] - Predictions indicate that by the end of the "14th Five-Year Plan," the number of low-age healthy elderly travelers in China will exceed 100 million, with tourism revenue expected to surpass one trillion yuan [6] Investment Recommendations - Suggested stocks to focus on include: - Hotel sector: Huazhu Group-S - Restaurant sector: Haidilao - Travel and scenic spots: China Youth Travel Service, Changbai Mountain - Duty-free sector: China Duty Free Group - Professional services: Miao Exhibition, Core International - Trendy retail: Miniso [7]