D [Table_IndNameRptType] 基础化工 行业周报 合成生物学周报：华灏化学、源天生物布局全球首个千 吨级生物 PTT，安徽首支生物制造子基金设立 [Table_IndRank] 行业评级：增持 报告日期： 2024-09-09 [Table_Chart] 行业指数与沪深 300 走势比较 -38% -28% -19% -9% 0% 10% 9/23 12/23 3/24 6/24 基础化工 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：17321190296 邮箱：liutq@hazq.com 主要观点： [Table_Summary] 华安证券化工团队发表的《合成生物学周报》是一份面向一级市场、 二级市场，汇总国内外合成生物学相关领域企业信息的行业周报。 目前生命科学基础前沿研究持续活跃，生物技术革命浪潮席卷全球并 加速融入经济社会发展，为人类应对生命健康、气候变化、资源能源 安全、粮食安全等重大挑战提供 ...

[Table_IndNameRptType] 基础化工 行业周报 万华化学匈牙利装置复产，制冷剂 R143a 价格上涨 [Table_IndRank] 行业评级：增持 报告日期： 2024-09-06 [Table_Chart] 行业指数与沪深 300 走势比较 -39% -29% -19% -10% 0% 10% 8/23 11/23 2/24 5/24 基础化工 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 联系人：刘旭升 执业证书号：S0010122070055 电话：17610267257 邮箱：liuxs@hazq.com [Table_Report] 相关报告 1、万华化学 1H24 营收同比增长 10.8%， 原油、天然气价格上涨 20240818 2、巴斯夫部分 VA、VE 产品遭遇不可抗 力，TDI、纯 MDI 价格 20240813 3、巴斯夫路德维希港发生爆炸事故，纯 MDI 价格价差双增 20240809 主要观点： ⚫[Table_Summary] 行业周观点 本 ...

[Table_IndNameRptType] 机械设备 行业周报 持续推荐政策线，关注设备更新 IndRank] 行业评级：增持 报告日期： 2024-09-08 [Table_Chart] 行业指数与沪深 300 走势比较 -30% -20% -10% 0% 10% 沪深300 机械设备（申万） | --- | |--------------------------------| | | | [ 分析师：张帆 Table_Author] | | 执业证书号： S0010522070003 | | 邮箱： zhangfan@hazq.com | | 分析师：徒月婷 | | 执业证书号： S0010522110003 | | 邮箱： tuyueting@hazq.com | 相关报告 1、《汇川技术：工控领军企业，市 场覆盖持续外拓》2024-09-02 2、《海天精工：业务业绩符合预 期，全球市场布局加快》2024-09-01 3、《柳工：利润持续高增，海外市 场加速拓展》2024-09-02 4、《康斯特：全球均衡式高质量发 展，经营能力持续提升》2024-09-03 主要观点： [Table_Summar ...

[Table_IndNameRptType] 基础化工 行业周报 万华化学匈牙利装置复产，制冷剂 R143a 价格上涨 [Table_IndRank] 行业评级：增持 报告日期： 2024-09-06 [Table_Chart] 行业指数与沪深 300 走势比较 -39% -29% -19% -10% 0% 10% 8/23 11/23 2/24 5/24 基础化工 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 联系人：刘旭升 执业证书号：S0010122070055 电话：17610267257 邮箱：liuxs@hazq.com [Table_Report] 相关报告 1、万华化学 1H24 营收同比增长 10.8%， 原油、天然气价格上涨 20240818 2、巴斯夫部分 VA、VE 产品遭遇不可抗 力，TDI、纯 MDI 价格 20240813 3、巴斯夫路德维希港发生爆炸事故，纯 MDI 价格价差双增 20240809 主要观点： ⚫[Table_Summary] 行业周观点 本 ...

赵老师 e_IndNa电me力Rpt设Typ备e] 行业周报 8 月储能招标高景气，硅料价格第三次探涨 [Tabl行e_业In评dR级an：k]增持 报告日期： 2024-9-8 [Table_Summary] 储能：储能 8 月招标高景气，关注 PCS 环节。8 月储能招标同比高增 129%，夯实大 储高增预期，同时 2h 储能系统报价自 5 月以来首次上涨，底部区间涨价或为关键边 际信号，我们认为当前报价或已处于底部区间，后续大幅降价的可能性不大，国内 大储公司盈利有望修复。关注量增价稳，盈利有支撑的 PCS 环节。 [分Ta析bl师e_：Au张th志or邦] 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：刘千琳 执业证书号：S0010524050002 分析师：牛义杰 执业证书号：S0010524050005 分析师：洪慧 执业证书号：S0010524050001 电动车：碳酸锂价格跌幅明显，建议关注高盈利底公司。本周碳酸锂现货价格跌幅 明显，从实际供需来看，碳酸锂过剩局面短期难以扭转。目前锂电持仓低位，行业 景气度提升，关注高盈利底电池龙头。 [相 ...

D [Table_IndNameRptType] 基础化工 行业周报 合成生物学周报：华灏化学、源天生物布局全球首个千 吨级生物 PTT，安徽首支生物制造子基金设立 [Table_IndRank] 行业评级：增持 报告日期： 2024-09-09 [Table_Chart] 行业指数与沪深 300 走势比较 -38% -28% -19% -9% 0% 10% 9/23 12/23 3/24 6/24 基础化工 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：17321190296 邮箱：liutq@hazq.com 主要观点： [Table_Summary] 华安证券化工团队发表的《合成生物学周报》是一份面向一级市场、 二级市场，汇总国内外合成生物学相关领域企业信息的行业周报。 目前生命科学基础前沿研究持续活跃，生物技术革命浪潮席卷全球并 加速融入经济社会发展，为人类应对生命健康、气候变化、资源能源 安全、粮食安全等重大挑战提供 ...

[Table_IndNameRptType] 机械设备 行业周报 持续推荐政策线，关注设备更新 IndRank] 行业评级：增持 报告日期： 2024-09-08 [Table_Chart] 行业指数与沪深 300 走势比较 -30% -20% -10% 0% 10% 沪深300 机械设备（申万） | --- | |--------------------------------| | | | [ 分析师：张帆 Table_Author] | | 执业证书号： S0010522070003 | | 邮箱： zhangfan@hazq.com | | 分析师：徒月婷 | | 执业证书号： S0010522110003 | | 邮箱： tuyueting@hazq.com | 相关报告 1、《汇川技术：工控领军企业，市 场覆盖持续外拓》2024-09-02 2、《海天精工：业务业绩符合预 期，全球市场布局加快》2024-09-01 3、《柳工：利润持续高增，海外市 场加速拓展》2024-09-02 4、《康斯特：全球均衡式高质量发 展，经营能力持续提升》2024-09-03 主要观点： [Table_Summar ...

Investment Rating - The investment rating for Salesforce (CRM) is "Buy" (maintained) [1] Core Views - The company reported stable revenue growth in Q2, with a revenue of $9.33 billion, representing a year-over-year increase of 8.4%, exceeding consensus expectations by 1.0% [2] - Subscription revenue reached $8.76 billion, up 9.5% year-over-year, also surpassing consensus expectations by 0.8% [2] - Non-GAAP operating margin was 33.7%, a year-over-year increase of 2.1 percentage points, marking a historical high [2] - Operating cash flow for Q2 was $889 million, a 10% increase year-over-year, while free cash flow was $760 million, up 20% year-over-year [2] - The company's remaining performance obligations (RPO) grew to $53.5 billion, a 14.8% year-over-year increase, exceeding expectations by 1.5% [2] - The current remaining performance obligations (cRPO) reached $26.5 billion, a 10% year-over-year increase, also surpassing expectations by 0.7% [2] - The company maintains its full-year guidance while raising Q3 revenue expectations to $9.31-9.36 billion, a 7% year-over-year growth [2] - The company expects full-year revenue for FY25 to be $37.7-38 billion, representing an 8%-9% year-over-year growth [2] - The introduction of the new product, Agent Force, is expected to enhance sales and service capabilities, increasing user engagement and driving revenue growth [2] Financial Summary - For FY2025, the company forecasts revenue of $37.524 billion, with a year-over-year growth of 7.7% [3] - Non-GAAP net profit is projected to be $10.421 billion for FY2025, reflecting a year-over-year increase of 28.9% [3] - The gross margin is expected to be 76.8% in FY2025, with a return on equity (ROE) of 17% [3] - The price-to-earnings (P/E) ratio is projected to be 22.6 for FY2025, decreasing to 18.2 by FY2027 [3] - The company anticipates a cash flow growth rate of 23%-25% for FY25 [2]

Investment Rating - Buy rating maintained for Smoore International (6969 HK) [1] Core Views - Smoore International's 2024H1 results were largely in line with expectations, with revenue of RMB 5 037 million (-1 7% YoY) and net profit of RMB 683 million (-4 8% YoY) [1] - The company's self-branded business showed strong growth, with revenue increasing by 71 9% YoY to RMB 1 116 million, driven by new product launches and market share gains [1] - Smoore's gross margin improved by 1 8 percentage points to 38 0% in 2024H1, mainly due to the expansion of higher-margin self-branded business and cost optimization efforts [1] - The company is expected to benefit from industry consolidation amid tightening global regulations, leveraging its compliance capabilities, technological advantages, and flexible business model [1] Business Performance - Self-branded business revenue grew significantly in Europe (88% YoY) and the US (20 6% YoY) in 2024H1 [1] - Enterprise client business revenue declined by 12 3% YoY, with mixed performance across regions: US (-9 8%), Mainland China (+41 4%), Europe (-16 0%) [1] - Smoore increased its R&D investment, particularly in medical vaporization and heat-not-burn products, with R&D expense ratio rising by 3 08 percentage points to 15 09% [1] Financial Projections - Revenue is forecasted to grow 6% in 2024, 15% in 2025, and 11% in 2026, reaching RMB 11 811 million, RMB 13 583 million, and RMB 15 033 million respectively [1][2] - Net profit is expected to be RMB 1 632 million (-1% YoY) in 2024, RMB 1 915 million (+17% YoY) in 2025, and RMB 2 134 million (+11% YoY) in 2026 [1][2] - EPS projections are RMB 0 27 (2024), RMB 0 31 (2025), and RMB 0 35 (2026), with corresponding P/E ratios of 31 38x, 26 75x, and 23 99x [1][2] Financial Ratios - ROE is expected to remain stable at around 7 08%-7 88% from 2024 to 2026 [2] - Gross margin is projected to maintain at approximately 38 0%-38 4% over the next three years [5] - The company's net debt ratio is expected to stay negative, indicating a strong financial position [5]

[Table_IndNameRptType] !" !"#$ [Table_Title] !"#$%&'()*+,-./01FPGA 2$34567)8 [Table_IndRank] !"#$%&' !"#$%2024-09-08 [Table_Chart] !"%&'() 300 *+,- -30% -20% -10% 0% 10% 20% 30% 9/23 12/23 3/24 6/24 电⼦(申万) 沪深300 [Table_Author] ./01234 &'()*%S0010523060001 +,%chenyaobo@hazq.com [Table_Author] ./01567 &'()*%S0010524020002 +,%limeixian@hazq.com [Table_Author] ./0189: &'()*%S0010523120005 +,%liuzhilai@hazq.com [Table_Author] ./015;< &'()*%S0010524070001 +,%liyc@hazq.com ()*+% l[Table_Summary] =#!>?@ A%&BC:DE=#F ...