Investment Rating - Buy (首次覆盖) [2] Core Views - The company's revenue in H1 2024 reached 1.69 billion yuan, a year-on-year increase of 23.1%, with net profit attributable to the parent company of 160 million yuan, a year-on-year increase of 119.4% [2] - In Q2 2024, the company achieved revenue of 930 million yuan, a year-on-year increase of 25.3%, and net profit attributable to the parent company of 70 million yuan, a year-on-year increase of 57.1%, meeting market expectations [2] - The rapid growth of the anesthetic drug ciprofol drove overall revenue growth, with the anesthetic product line contributing 520 million yuan in H1 2024, a year-on-year increase of 50.9% [2] - The company's gross margin in H1 2024 was 71.9%, slightly higher than the 71.3% in the same period last year [2] - The net profit margin in H1 2024 reached 9.7%, compared to 5.2% in the same period last year [2] Business Segments - Anesthetic products: Revenue of 520 million yuan in H1 2024, up 50.9% year-on-year [2] - API business: Revenue of 320 million yuan in H1 2024, up 33.4% year-on-year [2] - Parenteral nutrition products: Revenue of 260 million yuan in H1 2024, down 7.5% year-on-year [2] - Other indications: Revenue of 280 million yuan in H1 2024, down 6.7% year-on-year [2] Innovation Pipeline - Ciprofol, a self-developed Class 1 intravenous anesthetic, has been included in the National Reimbursement Drug List (2023 edition) and covers over 2,500 hospitals as of H1 2024 [2] - Ciprofol's market share in intravenous anesthesia reached 21.51% as of May 2024, surpassing competitors like propofol and midazolam [2] - Two Phase III clinical trials for HSK3486 (ciprofol injection) in the US have been completed, with plans to submit an NDA [2] - In 2024, the company launched two new Class 1 drugs: clecigabalin (for diabetic peripheral neuropathic pain and postherpetic neuralgia) and cogligliptin (for diabetes) [3] - As of H1 2024, the company has 16 Class 1 innovative drugs in clinical stages, including ciprofol for pediatric indications and HSK21542 for chronic pruritus [3] Financial Projections - Expected net profit attributable to the parent company for 2024-2026: 420 million yuan, 580 million yuan, and 790 million yuan, with year-on-year growth rates of 42.1%, 37.3%, and 37.5%, respectively [3] - Current PE ratios for 2024-2026: 87x, 64x, and 46x [3] - Revenue growth rates for 2024-2026: 20.3%, 21.1%, and 21.1% [4] - Gross margin for 2024-2026: 71.2%, 71.4%, and 72.0% [4] - ROE for 2024-2026: 9.4%, 12.0%, and 15.0% [4] Financial Performance - H1 2024 sales, management, and R&D expense ratios: 35.0%, 11.2%, and 12.7%, respectively, compared to 35.5%, 13.0%, and 15.3% in the same period last year [2] - Total assets as of 2024E: 6.802 billion yuan, with total liabilities of 2.357 billion yuan [6] - Net cash flow from operating activities in 2024E: 424 million yuan [7]

证券研究报告 公用事业|电力 行业点评报告 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 S1350524070004 zoupeixuan01@huayuanstock.com 邓思平 S1350524070003 dengsiping@huayuanstock.com 板块表现： 2024 年 09 月 13 日 水泥钢铁电解铝纳入碳市场 考核范围大幅扩容 看好（维持） ——生态环境部全国碳市场扩容文件点评 投资要点： ➢ 事件：生态环境部 9 月 9 日对外公布《全国碳排放权交易市场覆盖水泥、钢铁、电解铝行业工作方案（征 求意见稿）》（以下简称《方案》），向社会公开征求意见。 ➢ 碳市场首次正式扩容，纳入水泥钢铁电解铝。我国全国性碳市场于 2021 年 7 月上线交易，最终覆盖发电、 石化、化工、建材、钢铁、有色金属、造纸和国内民用航空等八大行业，但是启动初期仅纳入了发电行业， 目前已经顺利完成两个履约周期（2019-2020 年度，2021-2022 ...

证券研究报告 公用事业|电力 行业点评报告 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 S1350524070004 zoupeixuan01@huayuanstock.com 邓思平 S1350524070003 dengsiping@huayuanstock.com 板块表现： 2024 年 09 月 13 日 水泥钢铁电解铝纳入碳市场 考核范围大幅扩容 看好（维持） ——生态环境部全国碳市场扩容文件点评 投资要点： ➢ 事件：生态环境部 9 月 9 日对外公布《全国碳排放权交易市场覆盖水泥、钢铁、电解铝行业工作方案（征 求意见稿）》（以下简称《方案》），向社会公开征求意见。 ➢ 碳市场首次正式扩容，纳入水泥钢铁电解铝。我国全国性碳市场于 2021 年 7 月上线交易，最终覆盖发电、 石化、化工、建材、钢铁、有色金属、造纸和国内民用航空等八大行业，但是启动初期仅纳入了发电行业， 目前已经顺利完成两个履约周期（2019-2020 年度，2021-2022 ...

Investment Rating - The report assigns a "Buy" rating for Guizhou Sanli (603439.SH) as it anticipates enhanced shareholder returns through both organic growth and acquisitions [5]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 920 million yuan, a year-on-year growth of 45.91%, and net profit of 117 million yuan, up 15.96% [5]. - The integration of Hanfang Pharmaceutical has contributed to revenue growth, with a 46% increase in revenue attributed to this acquisition [5]. - The company has a robust dividend plan, committing to distribute at least 50% of its distributable profits as cash dividends annually from 2024 to 2026 [5]. Financial Performance Summary - For the first half of 2024, the company achieved a quarterly revenue of 498 million yuan, marking a 76.87% year-on-year increase, and a net profit of 61 million yuan, up 32.60% [5]. - The revenue from subsidiaries for the first half of 2024 was as follows: Sanli 573 million yuan, Hanfang 205 million yuan, Dechangxiang 97 million yuan, and Haosit 23 million yuan, all demonstrating strong profitability [5]. - The projected net profits for 2024, 2025, and 2026 are 327 million yuan, 393 million yuan, and 482 million yuan, respectively, with corresponding year-on-year growth rates of 11.8%, 20.0%, and 22.7% [7]. Market Position and Growth Potential - The core product, the "Kaitoujian" spray, is experiencing strong market demand, with expected revenue growth exceeding 20% in Q2 2024 [6]. - The company has expanded its OTC market presence significantly, covering over 335 cities and 2,376 counties, with a total of approximately 198,000 terminals [6]. - The strategic acquisitions of Dechangxiang and Hanfang Pharmaceutical are expected to enhance the product portfolio across various therapeutic areas, contributing to future growth [6].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][9][36] Core Views - The company is actively pursuing acquisitions to establish itself as China's "Glencore," transitioning from a domestic molybdenum and tungsten leader to a global mining giant through strategic overseas acquisitions [4][15][20] - The report is optimistic about metal prices in a declining interest rate environment, predicting a sustained increase in copper prices due to supply constraints and potential strikes in South America [5][24][27][28] - The company's profitability is expected to significantly improve with the production ramp-up of its TFM and KFM projects, forecasting net profits of 111 billion, 132 billion, and 146 billion yuan for 2024-2026, respectively [6][9][33] Summary by Sections 1. Continuous Acquisitions to Build China's "Glencore" - The company has transformed from a domestic leader in molybdenum and tungsten to a global mining powerhouse through acquisitions, including Northparkes copper mine and Tenke copper-cobalt mine [4][15][16] - It currently holds three world-class assets: TFM and KFM copper-cobalt mines in the Democratic Republic of Congo, with copper reserves of 9.208 million tons and cobalt reserves of 1.441 million tons; a niobium-phosphate asset in Brazil; and molybdenum-tungsten assets in China [4][16] 2. Bullish on Metal Prices in a Rate Cut Cycle - The report highlights an increasing probability of interest rate cuts in 2024, which is expected to support metal prices, particularly copper [5][24][27] - The copper supply is nearing its peak, with minimal new supply expected post-mid-2024, leading to a potential price increase as demand outstrips supply [28][29] 3. Profit Forecast and Valuation - The company is projected to achieve net profits of 111 billion, 132 billion, and 146 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 13, 11, and 10 times [6][9][33] - The report compares the company to its peers in the A-share copper-cobalt sector, indicating a potential valuation premium due to its global mining stature and production growth [9][36]

Investment Rating - The report maintains a "Buy" rating for China Resources Power (0836.HK) based on its strong performance and governance capabilities [4][5]. Core Views - The company reported a profit attributable to equity holders of HKD 9.363 billion for the first half of 2024, representing a year-on-year increase of 38.91%. The core profit attributable to equity holders was HKD 8.271 billion, up 23.81% year-on-year [4]. - Despite slightly adverse wind conditions affecting renewable energy performance, the stability of renewable energy prices exceeded expectations. The company added 0.50GW of wind power and 1.56GW of photovoltaic capacity in the first half of 2024, with total operational wind power capacity reaching 19.12GW and photovoltaic capacity at 5GW by the end of June 2024 [4][5]. - The coal price decline improved the performance of the coal power segment, with core profit from coal power reaching HKD 2.715 billion, a significant increase of 274% year-on-year, benefiting from the geographical layout of existing coal power units [4][5]. Summary by Sections Financial Performance - The company achieved a total revenue of HKD 103.334 billion in 2024E, with a projected growth rate of 8.87% [7]. - The net profit attributable to equity holders is forecasted to be HKD 14.223 billion in 2024E, reflecting a year-on-year growth of 29.27% [7]. - The average price of wind power (excluding tax) decreased by 1.9% year-on-year, but the price stability was better than the industry average [4]. Capital Expenditure and Growth Plans - The company plans to invest HKD 59.9 billion in capital expenditures in 2024, with HKD 44.6 billion allocated for wind and photovoltaic power station construction, aiming to add a total of 10GW of new renewable energy capacity [5]. Valuation Metrics - The projected price-to-earnings (PE) ratios for 2024-2026 are 7, 6, and 5 times, respectively, indicating a favorable valuation based on the company's strong performance and transition towards cleaner energy [5][7].

Investment Rating - The investment rating for China Resources Power (0836.HK) is "Buy" (maintained) [2] Core Views - The company reported a mid-year profit attributable to equity holders of HKD 9.363 billion, a year-on-year increase of 38.91%, and a core profit of HKD 8.271 billion, up 23.81% year-on-year [2] - Despite slightly adverse wind conditions affecting renewable energy performance, the stability of renewable energy prices exceeded expectations [2] - The company plans to add 10GW of new renewable energy capacity in 2024, with a total capital expenditure of HKD 59.9 billion, of which HKD 44.6 billion is allocated for wind and solar power station construction [3] - The coal power segment's performance improved due to declining coal prices, with core profit for coal power reaching HKD 2.715 billion, a significant increase of 274% year-on-year [2] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a profit attributable to equity holders of HKD 9.363 billion, a 38.91% increase year-on-year, and a core profit of HKD 8.271 billion, up 23.81% year-on-year [2] - The average on-grid electricity price for wind power decreased by 1.9% year-on-year, but the price stability was better than the industry average [2] - The company’s coal power generation increased by 3.4% year-on-year, with the benchmark coal price down by 10.6% [2] Capacity Expansion and Strategy - The company aims to add 10GW of new renewable energy capacity in 2024, continuing its commitment to a cleaner energy transition [3] - The company’s renewable energy segment achieved a core profit of HKD 5.556 billion in the first half of 2024, a decrease of 6.68% year-on-year, but still better than the average performance in the green energy sector [2][3] Earnings Forecast and Valuation - The forecast for net profit attributable to equity holders for 2024-2026 is HKD 14.223 billion, HKD 16.055 billion, and HKD 18.283 billion respectively, with corresponding PE ratios of 7, 6, and 5 times [3][5] - The company’s revenue for 2024 is projected to be HKD 103.334 billion, with a year-on-year growth rate of 8.87% [5]

证券研究报告 公用事业|电力 行业定期报告 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 S1350524070004 zoupeixuan01@huayuanstock.com 戴映炘 S1350524080002 daiyingxin@huayuanstock.com 邓思平 S1350524070003 dengsiping@huayuanstock.com 板块表现： 相关研究 2024 年 09 月 10 日 电力公用以及电力设备行业 2024 年中报回顾 看好（维持） ——公用事业 2024 年第 36 周周报（20240908） 投资要点： ➢ 1）低协方差资产组合：长江电力、华能水电、国投电力、川投能源、中国核电、中国广核；2）低协方差扩散组 合：上海电力、黔源电力、湖北能源、皖天然气；3）绿电组合：龙源电力、大唐新能源、中广核新能源、中国 电力；4）电力设备组合：东方电气、理工能科、云路股份。 ➢ 部分推荐组合回顾（等权）：本周四水两核组合 ...

Investment Rating - Buy (Maintained) [2] Core Views - The company's performance was impacted by poor wind conditions and a decline in on-grid electricity prices [2] - The company plans to divest thermal power assets to focus on its core new energy business [2] - The company is accelerating new energy construction, with a planned annual production capacity of 7.5GW [2] - The green power sector faces concerns over the profitability of new projects, but long-term demand remains strong due to the dual-carbon strategy [3] - The company is expected to see a recovery in profitability, with projected net profits of 59.51, 68.73, and 73.15 billion RMB for 2024-2026 [3] Financial Performance and Valuation - Revenue for 2024E is projected at 406.62 billion RMB, with a year-on-year growth of 8.02% [1] - Net profit attributable to the parent company for 2024E is expected to be 59.51 billion RMB, a decrease of 4.77% year-on-year [1] - EPS for 2024E is forecasted at 0.71 RMB per share [1] - The company's PE ratio for 2024E is 7x [1] - The company's PB ratio is 0.65, with a market capitalization of 48.7 billion HKD [1] Operational Highlights - The company added 595MW of wind power capacity in the first half of 2024, but wind power generation decreased by 4.60% due to poor wind conditions [2] - The average on-grid electricity price for wind power decreased by 6.35% to 441 RMB/MWh [2] - The company plans to divest 1.215GW of thermal power capacity, with the transaction expected to generate 1.319 billion RMB [2] - The company has signed development agreements for 7.59GW of new energy projects and obtained development indicators for 6.09GW, a 51.87% increase year-on-year [2] - The company has already put 2.29GW of new energy capacity into operation, including 1.69GW of photovoltaic and 0.60GW of wind power [2] Industry Outlook - The green power sector is expected to see a recovery in investment rationality, with operational returns potentially aligning with stable utility yields [3] - Policy-driven benefits are likely to act as catalysts for the company's trend-driven performance [3] - The dual-carbon strategy remains a strong driver for long-term demand in the new energy sector [3]

证券研究报告 海外科技 行业定期报告 证券分析师 郑嘉伟 S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 S1350524060002 yubinglin@huayuanstock.com 联系人 郑冰倩 S1350124050014 zhengbingqian@huayuanstock.com 相关研究 2024 年 09 月 10 日 美宏观数据重燃衰退担忧，科技与加密双双回调 ——海外科技周报（24/09/02-24/09/06） 投资要点： ➢ 海外 AI：针对 AI 的监管规则正在加速出台，本周 9 月 5 日，美国、欧盟和英国签署了欧洲委员会关于 人工智能的公约，该公约在监管公共和私营部门系统方面强调人权和民主价值观。该公约由 50 多个国家 历时两年起草，其中还包括加拿大、以色列、日本和澳大利亚。它要求签署国对人工智能系统的任何有害 和歧视性后果负责，还要求此类系统的输出尊重平等和隐私权，并且人工智能相关权利侵犯的受害者有法 律追索权。 ➢ 板块行情回顾：本周（2024/9/2 至 2024/9/6）美股科技股大幅下跌。本周恒生科技收于 3487. ...