点击蓝字 关注我们 招商银行全资附属机构 原料药和制剂业务稳定增长。公司贯彻执行原料药与制剂一体，仿制药与创新药结合的策略，聚焦于首仿、难 仿、特色原料药、复杂制剂和原创性新药。公司以特色原料药及医药中间体为起点，并不断向下游制剂领域延 伸。随着原料药和制剂产品数量的增加，公司的收入体量呈现快速增长趋势。2023年，公司实现营业收入 11.80亿元，同比增长15.9%。2024年前三季度，收入同比增长6.8%至9.77亿元。公司的制剂产品持续丰 富。截至2024年9月公司累计有16款制剂获批上市。2024年上半年，公司实现制剂产品收入1.10亿元，同比 增长30.4%；制剂产品收入占产品销售收入的比例进一步提升至17.9%。 未来公司重点布局复杂制剂和创新药。公司重视产品研发，随着业务的增长，公司持续加大研发投入。2023 年公司的研发费用为 2.49亿元，同比增长 20.1%，研发费用占营业收入的 21.1%。公司未来业务的重点将投 向吸入剂、GLP-1类药物等复杂制剂及原创性新药。2024年上半年，创新药及吸入制剂合计研发投入占公司研 发费用的53.0%，同比增长105.3%。公司自主研发的多肽类降糖和减 ...

5 Nov 2024 CMB International Global Markets | Equity Research | Company Update | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

5 Nov 2024 CMB International Global Markets | Equity Research | Company Update Innovent Biologics (1801 HK) Strong fundamentals enriched by a wealth of R&D catalysts To cancel the related-party transaction to protect the interests of investors. Innovent previously announced its wholly-owned subsidiary Fortvita would sell 20.39% of shares for a transaction price of US$20.5mn, with the subscribing party being Lostrancos. Dr. Yu Dechao, the Chairman and Executive Director, will hold 82.93% of Lostrancos. Fortv ...

2024 年 11 月 4 日 招银国际环球市场 | 宏观研究 | 宏观视角 美国经济 就业显示放缓迹象 | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

1 Nov 2024 CMB International Global Markets | Equity Research | Company Update United Imaging (688271 CH) Anticipating a rapid rebound in domestic business United Imaging's 9M24 revenue declined by 6.4% YoY to RMB6,954mn, with 3Q24 revenue down by 25.0% YoY to RMB1.6bn. This downturn was primarily due to a challenging domestic market environment, marked by stringent industry regulations and delays in equipment renewal projects. Attributable net profit in 9M24 decreased by 36.9% YoY to RMB671mn, with net pro ...

4 Nov 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update Maxscend (300782 CH) LT growth intact; D/G to HOLD as the company goes through business model transformation Maxscend released its 3Q24 results. Revenue declined by 23% YoY/1% QoQ to RMB1.1bn, driven by a weaker seasonality as smartphone demand is not showing strong recovery. NP declined by 84% YoY/55% QoQ to RMB71mn, mainly due to GPM erosion (down 4.3ppts sequentially to 37.1%) on 1) fab ramp-up, 2) an unfavora ...

4 Nov 2024 CMB International Global Markets | Equity Research | Company Update Amazon (AMZN US) | --- | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024 年 11 月 4 日 招银国际环球市场 | 睿智投资 | 公司更新 固生堂 (2273 HK) 民营中医龙头逆势起航 固生堂更新了 3Q24 经营数据， 3Q24 就诊人次约为 148.5 万，同比增长约 25.0%，环比增长 13.5%，其中在 23 年 10 月 1 日至 24 年 9 月 30 日期间新成 立的门店（包括自建和收购门店）3Q24 就诊人次约为 7.7 万，贡献总就诊人次 增长率中的 6.5%。管理层表示老店就诊人次增长达 20%，显示出强劲的内生增 长趋势。同时，客单价同比提升 2%-3%。截至 9 月底，固生堂在 2024 年新增 19 家门店，包括 4 家自建门店和 15 家并购门店。 前三季度门店扩张已达成全年目标。截至 24 年 9 月底，固生堂在 2024 年新 增 19 家门店，包括 4 家自建门店和 15 家并购门店，扩张速度相比于 23 年 全年的 9 家新增门店大幅度提速。固生堂于 10 月 18 日在郑州开设第二家中 医门诊，目前公司已在国内外 20 个城市拥有 74 家线下中医医疗机构，相比 23 年底的 56 家显著增加。24 年新增的门店主要集中在长三 ...

Investment Rating - Maintain BUY rating with a target price of US$218.0 based on 24x FY25E PE [1][6] Core Viewpoints - Alphabet's 3Q24 results beat expectations with total revenue up 15% YoY to US$88.3bn and net income growing 34% YoY to US$26.3bn [1] - Google Cloud revenue surged 35% YoY to US$11.4bn, driven by GenAI adoption and improved efficiency [1] - AI integration in search and shopping ads is unlocking new monetization opportunities, with AI Overviews serving over 1bn users monthly [1] - Alphabet's operating margin expanded by 4.5ppts YoY to 32.3% in 3Q24, supported by effective cost management [1] Financial Performance - FY24E revenue is projected at US$349.7bn, with YoY growth of 13.8%, and FY26E revenue is expected to reach US$437.6bn [2][4] - Net profit for FY24E is forecasted at US$99.2bn, with a YoY increase of 34.4%, and FY26E net profit is estimated at US$126.1bn [4][10] - Gross margin is expected to improve from 58.0% in FY24E to 59.1% in FY26E, while operating margin is projected to rise from 31.4% to 33.1% over the same period [4][13] Google Cloud Performance - Google Cloud's operating profit margin (OPM) reached a record high of 17% in 3Q24, up 14ppts YoY and 6ppts QoQ [1] - Vertex AI, the enterprise AI platform, saw a 14x growth in Gemini API calls over a six-month period [1] AI and Search Integration - Google Search & other revenue grew 12% YoY to US$49.4bn in 3Q24, driven by AI-enhanced search experiences [1] - Circle to Search is now available on over 150mn Android devices, further enhancing user engagement [1] Capital Expenditure - Total capex in 3Q24 increased 62% YoY to US$13.1bn, primarily focused on servers and data centers [1] - Management expects capex to remain stable QoQ in 4Q24E and increase YoY in 2025E, albeit at a slower rate [1] Valuation - Alphabet is valued at US$218.0 per share based on 24x 2025E P/E, reflecting its leadership in the global advertising market and AI potential [6][7] - The target P/E multiple represents a premium to the sector average of 23x [6]

1 Nov 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update Li Auto Inc. (LI US) Solid earnings, thorough preparation pave way for FY25 Maintain BUY. We view Li Auto's 3Q24 earnings as strong from average selling price, gross margin and operating cost control aspects. The drag mainly came from share-based payment and fair value loss from its investee's share price decline. Although the information about its new BEVs in 2025 is very limited, we believe that the company has ...