证 券 研 究 报 告 行 业 周 报 [行业: Table_Industry] 美容护理 日期: shzqdatemark 2024年08月24日 [Table_Author] 分析师: 梁瑞 Tel: 021-53686409 E-mail: liangrui@shzq.com SAC 编号: S0870523110001 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -37% -32% -26% -20% -14% -9% -3% 3% 9% 08/23 11/23 01/24 03/24 06/24 08/24 美容护理 沪深300 | --- | --- | |-------------------------------|---------------------------------------------------------| | | | | [Table_ReportInfo] 相关报告： | 《业绩密集披露，关注超预期标的》 | | 《江苏吴中布局 | ——2024 年 08 月 17 日 PDRN" 婴儿针 " ，水羊发 | | 布 24H1 业绩》 | ...

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 医药生物 日期: shzqdatemark 2024年08月24日 [Table_Author] 分析师: 王真真 Tel: 021 -53686246 E-mail: wangzhenzhen@shzq.co m SAC 编号: S0870524030001 联系人: 尤靖宜 Tel: 021-53686160 E-mail: youjingyi@shzq.com SAC 编号: S0870122080015 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 医药生物 沪深300 -19% -15% -11% -7% -3% 1% 5% 9% 13% 08/23 11/23 01/24 03/24 06/24 08/24 [Table_ReportInfo] 相关报告： 《猴痘疫情构成"国际关注的突发公共卫生 事件",关注相关标的》 ——2024 年 08 月 17 日 《关注医美新品进展，聚焦细分赛道增 长》 ——2024 年 08 月 10 日 《创新药支持政策持续加码，利好全产业 链》 ——2024 ...

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 纺织服饰 日期: shzqdatemark 2024年08月25日 [Table_Author] 分析师: 杜洋 Tel: 021-53686169 E-mail: duyang@shzq.com SAC 编号: S0870523090002 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 08/23 11/23 01/24 03/24 06/24 08/24 纺织服饰 沪深300 -25% -21% -17% -14% -10% -6% -3% 1% 5% [Table_ReportInfo] 相关报告： 《7 月纺服社零略微承压，奥运提振体育用 品销售增长》 ——2024 年 08 月 18 日 《纺服出口平稳增长，关注下半年纺织制 造及泛家居出口》 ——2024 年 08 月 11 日 《美联储降息预期升温，重点关注泛家居 出口链逻辑》 ——2024 年 08 月 04 日 纺织制造 24H1 业绩稳健，关注中报超 预期龙头 ——轻工纺服行业周报 20240819-0823 [Table_Ratin ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3]. Core Insights - The company reported a revenue of 713 million yuan for H1 2024, representing a year-on-year increase of 22.30%. However, the net profit attributable to the parent company was 89 million yuan, down 16.06% year-on-year [3]. - The company has shown strong growth in emerging business lines, with significant revenue increases in various product categories, including a 265.50% increase in smart CNC equipment and a 146.34% increase in functional film materials [3]. - The company is focusing on product innovation and R&D, with R&D expenses increasing by 20.95% year-on-year, accounting for 7.8% of revenue [3]. - The company is expanding its overseas market presence, achieving a 195.91% increase in overseas revenue, and is in the process of establishing a factory in Thailand [3]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 713 million yuan, with a year-on-year growth of 22.30%. The net profit attributable to the parent company was 89 million yuan, down 16.06% year-on-year. In Q2 2024, revenue reached 380 million yuan, up 23.96% year-on-year and 14.14% quarter-on-quarter [3]. - The company expects revenues of 1.703 billion yuan in 2024, 2.107 billion yuan in 2025, and 2.592 billion yuan in 2026, with respective year-on-year growth rates of 29.0%, 23.8%, and 23.0% [4]. Product Lines - The company’s product lines showed robust growth, with the tool segment generating 541 million yuan in revenue, a 12.10% increase year-on-year. The grinding and polishing materials segment saw a revenue of 70 million yuan, up 28.58% year-on-year [3]. - The smart CNC equipment segment achieved a remarkable revenue increase of 265.50%, while functional film materials revenue grew by 146.34% [3]. R&D and Innovation - The company emphasizes R&D, with a 20.95% increase in R&D spending, which is 7.8% of total revenue. Significant advancements were made in vehicle-mounted optical control film technology and smart CNC equipment [3]. Market Expansion - The company is actively expanding into international markets, with overseas revenue reaching 35 million yuan, a 195.91% increase year-on-year. The establishment of a factory in Thailand is underway, with expectations for mass production in Q4 2024 [3].

证 券 研 究 报 告 行 业 周 报 国际油价震荡运行，碳酸锂价格大幅下 跌 [行业Table_Industry] : 基础化工 日期: shzqdatemark 2024年08月21日 [Table_Author] 分析师: 于庭泽 SAC 编号: S0870523040001 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -27% -24% -20% -16% -12% -9% -5% -1% 3% 08/23 10/23 01/24 03/24 06/24 08/24 基础化工 沪深300 [Table_ReportInfo] 相关报告： 《三部委发文禁止新建受控 HFCs产能，维 生素、烟酰胺涨幅居前 ——基础化工行业 周报（2024.8.5-2024.8.11）》 ——2024 年 08 月 15 日 《海外维生素装置出现不可抗力，VA、VE 价格进一步上涨 ——基础化工行业周报 （2024.7.29-2024.8.4）》 ——2024 年 08 月 08 日 《设备更新和消费品以旧换新政策再加 码，重点关注轮胎、制冷剂、MDI 等行业 投 资 机 会 ——基 础 化 工 ...

证 券 研 究 报 告 行 业 周 报 第二轮"以旧换新"细则出台，欧盟对华电动 车新关税或追溯至 3 月 ——汽车与零部件行业周报（2024.8.12-2024.8.16） [Table_Rating] 增持（维持） [Table_Summary] ◼ 行情回顾 [行业Table_Industry] : 汽车 日期: shzqdatemark 2024年08月22日 [Table_Author] 分析师: 仇百良 E-mail: qiubailiang@shzq.com SAC 编号: S0870523100003 联系人: 刘昊楠 E-mail: liuhaonan@shzq.com SAC 编号: S0870122080001 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 汽车 沪深300 -20% -16% -12% -9% -5% -1% 3% 7% 11% 08/23 11/23 01/24 03/24 06/24 08/24 [Table_ReportInfo] 相关报告： 《7 月车市淡季销量表现较弱，享界 S9 正 式上市》 ——2024 年 08 月 13 日 《 ...

证 券 研 究 报 告 ◼ 行 业 周 报 [行业Table_Industry] : 电力设备 日期: shzqdatemark 2024年08月22日 | --- | --- | |-----------------------|-----------------| | [Table_Author]分析师: | 丁亚 | | Tel: | 021-53686149 | | E-mail: | dingya@shzq.com | | SAC 编号: | S0870521110002 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -33% -29% -24% -20% -15% -11% -6% -2% 2% 08-23 11-23 01-24 03-24 06-24 08-24 电力设备 沪深300 [Table_ReportInfo] 相关报告： 《首条城际航线即将开通，低空应用端场 景不断落地》 ——2024 年 08 月 15 日 《电网投资额保持高增，宁德独家战投峰 飞》 ——2024 年 08 月 08 日 《国网加码电网投资，亿航 OC 申请获受 理》 ——2024 ...

[Table_Stock] 巨子生物（02367） 证 券 研 究 报 告 港 股 研 究（ 公 司 点 评 ） [行业Table_Industry] : 美容护理 日期: shzqdatemark 2024年08月20日 | --- | --- | |-----------------------|-------------------| | [Table_Author]分析师: | 梁瑞 | | Tel: | 021-53686409 | | E-mail: | liangrui@shzq.com | | SAC 编号: | S0870523110001 | [Table_BaseInfo] 基本数据 | --- | --- | |----------------------------|-------------| | 最新收盘价（港元） | 49.35 | | 12mth 港股价格区间（港元） | 29.30-53.15 | | 总股本（百万股） | 1,028.22 | | 流通股/总股本 | 0.00% | | 流通市值（亿港元） | 507.43 | [Table_QuotePic] 最近一年股 ...

证 券 研 究 报 告 行 业 动 态 周观点：消费电子复苏带动 PCB 行业回 暖，持续带动板块业绩增长 [行业Table_Industry] : 计算机 日期: shzqdatemark 2024年08月21日 [Table_Author] 分析师: 刘京昭 E-mail: liujingzhao@shzq.com SAC 编号: S0870523040005 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -35% -31% -26% -21% -16% -11% -6% -2% 3% 08/23 11/23 01/24 03/24 06/24 08/24 计算机 沪深300 [Table_ReportInfo] 相关报告： 《周观点：苹果计划推出全新设计 Mac Mini，海外科技公司持续布局 AI 发展》 ——2024 年 08 月 15 日 《政策高度关注，自主可控加速》 ——2024 年 08 月 12 日 《周观点：海外大厂发布 Q2 财报，AI 驱动 业绩发展》 ——2024 年 08 月 08 日 ——先进科技主题周报 20240812-20240818 [Tabl ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 6.429 billion yuan for H1 2024, representing a year-on-year growth of 7.96%, and a net profit attributable to shareholders of 625 million yuan, up 3.96% year-on-year [2][3] - The raw material drug intermediate business shows signs of recovery, with revenue of 4.704 billion yuan in H1 2024, a year-on-year increase of 11.89% [3] - The CDMO segment's revenue was 1.028 billion yuan in H1 2024, a decrease of 9.82% year-on-year, but the number of projects and clients continues to grow significantly [3] - The formulation business achieved revenue of 680 million yuan in H1 2024, with a year-on-year growth of 18.37% and a gross margin of 60.30%, an increase of nearly 10 percentage points [3] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 6.429 billion yuan, with a quarterly revenue of 3.231 billion yuan in Q2, reflecting a 12.61% year-on-year growth [2][3] - The net profit for H1 2024 was 625 million yuan, with Q2 net profit at 381 million yuan, showing a 5.35% increase year-on-year [2][3] Business Segments - The raw material drug intermediate segment's revenue was 4.704 billion yuan, with a gross margin of 16.22%, a decrease of 2.30 percentage points year-on-year [3] - The CDMO segment reported a revenue of 1.028 billion yuan, with a gross margin of 40.09%, down 4.68 percentage points year-on-year [3] - The formulation segment's revenue was 680 million yuan, with a gross margin of 60.30%, reflecting a significant improvement [3] Future Projections - The company is expected to achieve net profits of 1.191 billion yuan, 1.356 billion yuan, and 1.571 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 12.84%, 13.86%, and 15.88% [4] - The projected PE ratios for 2024, 2025, and 2026 are 15, 13, and 11 times respectively [4]