证券研究报告 医药生物 证券分析师 刘闯 S1350524030002 liuchuang@huayuanstock.com 李强 S1350524040001 Liqiang01@huayuanstock.com 市场表现： -17.00% -7.00% 3.00% 13.00% 23.00% 苑东生物 沪深300 相关研究 首次覆盖报告 2024 年 09 月 05 日 苑东生物 (688513.SH ) 买入（首次覆盖） ——收入稳健增长，麻醉药管线持续丰富 投资要点： ➢ 公司事件：公司发布 2024 年半年报，2024 上半年实现营业收入 6.7 亿元，同比增长 20.6%，实现归母 净利润 1.5 亿元（同比增长 11.4%）；24Q2，实现营业收入 3.6 亿元，同比增长 27.7%，实现归母净利 润 0.7 亿元（同比增长 1.3%），符合市场预期。 ➢ 制剂表现较为亮眼，技术服务短期波动影响毛利率。分业务来看，24H1 公司制剂销售收入约 5.7 亿元， 同比增长约 27.8%，制剂端收入增长较为强劲；原料药销售收入约 0.6 亿元，同比增长约 36.1%； CMO/CDMO 销售收入约 0 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance [3][4] Core Views - The company's overall performance is under pressure, but its distribution business remains relatively stable [3] - The retail segment is facing challenges due to industry policy changes, increased competition, and internal adjustments, leading to a significant decline in profitability [3] - The company's distribution business shows steady revenue growth, but profits have slightly declined due to delayed receivables and increased funding costs [3] - The retail segment, represented by "Guoda Pharmacy," experienced a 9.3% YoY decline in revenue and a 104.8% YoY drop in net profit in H1 2024 [3] - The company has maintained a steady pace of store expansion, with 18,602 stores as of June 30, 2024, and a net increase of 186 stores in H1 2024 [3] Financial Performance - In H1 2024, the company reported revenue of 37.79 billion yuan, a 1.6% YoY decrease, and a net profit of 740 million yuan, a 10.5% YoY decline [3] - The distribution business generated 27.08 billion yuan in revenue, a 2.1% YoY increase, but net profit fell by 1.5% to 520 million yuan [3] - The retail segment reported a net loss of 14 million yuan, a 107.5% YoY decline in net profit attributable to the parent company [3] - The company's gross margin decreased by 0.6 percentage points YoY to 11.0%, with the retail segment's gross margin dropping by 2.1 percentage points to 22.7% [4] Profit Forecast and Valuation - The report forecasts net profits of 1.78 billion yuan, 2.01 billion yuan, and 2.28 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 11%, 13.1%, and 13.8% [4] - The current stock price corresponds to a PE ratio of 8X, 7X, and 6X for 2024, 2025, and 2026, respectively [4] - The company's ROE is expected to improve slightly, from 9.2% in 2023 to 9.7% in 2026 [5] Market Performance - The company's stock price closed at 24.79 yuan on September 3, 2024, with a year-to-date high of 40.79 yuan and a low of 24.69 yuan [5] - The company's total market capitalization stands at 13 billion yuan [5]

Investment Rating - The industry investment rating is optimistic (first-time) [1] Core Viewpoints - The report systematically updates the existing research framework for the education sector under the new regulatory environment, emphasizing a short-term focus on policy and a medium to long-term focus on supply and demand [2][4] - The report highlights the significant recovery potential of core companies in the education sector, suggesting that performance is expected to return to high growth levels [2][3] Summary by Relevant Sections Policy and Demand - The report outlines favorable policies for the education sector, particularly in quality education training, and notes that non-subject training is becoming a beneficial supplement to school education [4][25] - The average per capita consumption expenditure of residents reached 13,601 yuan in the first half of this year, with education and cultural entertainment spending growing by 11.2%, indicating strong current demand for education [4][15] - The number of students in regular high schools and the number of college entrance examination applicants are expected to peak around 2030/2035, confirming strong medium-term demand for education [4][15] Supply Side - The report indicates a significant reduction in supply due to policy impacts, with a 96% reduction in offline subject training institutions by October 2022 [11][4] - The education sector is experiencing a shift towards quality education, with the market for quality education expected to reach 606 billion yuan by 2027, doubling from 2022 [5][28] Sector Allocation Strategy - The report recommends a sector allocation strategy prioritizing quality education training, followed by high school education, vocational education, and higher education [5] - Specific companies to watch include New Oriental, TAL Education, and others in the quality education sector, as they are expected to benefit from favorable policies and market conditions [5][6] Company Performance - New Oriental is projected to achieve revenue of 4.314 billion USD and a Non-GAAP net profit of 381 million USD in FY2024, indicating a strong recovery post-regulatory changes [116] - TAL Education is actively transitioning to quality education, with significant growth in its non-academic courses, reflecting a robust demand for quality education [121][123] - The report notes that the overall market for quality education is expected to surpass that of subject education by 2027, highlighting the growth potential in this segment [114]

证券研究报告 相关研究 医药生物 证券分析师 刘闯 S1350524030002 liuchuang@huayuanstock.com 林海霖 S1350524050002 linhailin@huayuanstock.com 市场表现： -40% -20% 0% 20% 40% 60% 亚辉龙 沪深300 | --- | --- | |-----------------------------------|-------------| | | | | 收盘价（元） | 20.54 | | 一 年 内 最 高 / 最 低 （元） | 26.26/15.12 | | 总市值（亿元） | 117 | 公司点评 2024 年 09 月 04 日 亚辉龙 (688575.SH) 买入（维持） —— 发光核心业务高速增长，盈利水平稳步向上 投资要点： ➢ 事件：公司发布 2024 年中报，上半年实现营收 9.60 亿元（yoy-10.69%，下同），实现归母净 利润 1.73 亿元（yoy+22.25%），实现扣非归母净利润 1.61 亿元（yoy+25.85%）。2024 年 Q2 实现营业收入 5.29 亿元（yo ...

证券研究报告 公用事业|燃气 证券分析师 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 查浩 S1350524060004 zhahao@huayuanstock.com 邹佩轩 S1350524070004 zoupeixuan01@huayuanstock.com 研究支持 联系人 市场表现： -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 2023-01-032023-02-012023-02-232023-03-172023-04-112023-05-082023-05-302023-06-212023-07-172023-08-082023-08-302023-09-212023-10-232023-11-142023-12-062023-12-282024-01-222024-02-212024-03-142024-04-092024-05-062024-05-222024-06-142024-07-082024-07-312024-08-22 相关研究 2024 年 09 月 04 日 深圳燃气（601 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company's performance in the first half of 2024 met expectations, with a revenue of 624 million yuan, a year-on-year decline of 14.3%, and a net profit attributable to shareholders of 131 million yuan, down 15.58% year-on-year. However, the net profit after deducting non-recurring items increased by 9.62% year-on-year [5]. - The decline in performance was primarily due to adverse wind conditions, while the second quarter showed positive growth in net profit after deducting non-recurring items, mainly due to the impact of an acquisition project [5]. - The company has a total installed capacity of 1.9168 million kilowatts, with wind power accounting for 1.6068 million kilowatts and solar power 310,000 kilowatts, with no new installations in the first half of the year [5]. - The company is positioned to benefit from the "large replaces small" initiative, which is expected to drive performance growth as older projects are continuously upgraded [5]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 624 million yuan, a decrease of 14.3% year-on-year, and a net profit of 131 million yuan, down 15.58% year-on-year. The net profit after deducting non-recurring items was 116 million yuan, an increase of 9.62% year-on-year [5]. - The average on-grid electricity price for the first half of the year was 0.5400 yuan per kilowatt-hour, an increase from the 2023 annual price of 0.5144 yuan per kilowatt-hour [5]. Installed Capacity and Projects - As of June 30, 2024, the company had a total installed capacity of 1.9168 million kilowatts, with wind power at 1.6068 million kilowatts and solar power at 310,000 kilowatts. There were no new installations in the first half of the year [5]. - The company has completed the upgrade of old wind turbines at the Helanshan Wind Farm, contributing over 29 million yuan in profit [5]. Future Outlook - The company is expected to see performance improvement as it continues to implement the "large replaces small" strategy, which accounts for approximately 70% of its existing wind power capacity [5]. - The company is the only green electricity listed platform under the Aluminum Corporation of China and is expected to benefit from the group's green low-carbon strategy, with ongoing projects in distributed solar power [5]. - Profit forecasts for the company are set at 251 million yuan, 312 million yuan, and 388 million yuan for 2024-2026, with corresponding PE ratios of 16, 13, and 10 times [6].

证券研究报告 相关研究 公用事业|电力 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 蔡思 S1350524070005 caisi@huayuanstock.com 联系人 蔡思 S1350524070005 caisi@huayuanstock.com 市场表现： -20% 0% 20% 40% 60% 80% 中国核电 沪深300 | --- | --- | |---------------------|------------------------------| | 股价数据： 2024 | 年 9 月 3 日 | | 收盘价（元） | 10.42 | | 年内最高/最低（元） | 12.3/6.8 | | 总市值（亿元） | 1968 | | 市净率 PB | 2.13 | | 基础数据： | 2024 年 6 月 30 日 | | 总股本 (亿股) | 189 | | 总资产（亿元） | 6000 | | 净资产（亿元） | 1727 | | 每股净资 ...

Investment Rating - The report maintains a "Buy" rating for Guotou Electric Power (600886.SH) [2] Core Views - The company reported a stable performance in the first half of 2024, with operating revenue of 27.102 billion yuan, a year-on-year increase of 2.79%, and a net profit attributable to shareholders of 3.744 billion yuan, up 12.19% year-on-year, which is in line with expectations [2] - The Yalong River hydropower's performance was stable due to improved water inflow in the second quarter, although electricity prices declined, leading to a net profit of 4.405 billion yuan, a year-on-year increase of 2.56% [2] - The Dazhaoshan power station saw both volume and price increases, with a 13.58% year-on-year growth in electricity generation in the first half of 2024 and a net profit of 360 million yuan, up 21% year-on-year [2] - The thermal power segment showed significant improvement, with all thermal power plants turning profitable, contributing a net profit increase of 767 million yuan, which was the main source of the company's performance improvement [2] Financial Summary - As of June 30, 2024, the total liabilities of the company increased by 11.6 billion yuan year-on-year to 182.1 billion yuan, while financial expenses decreased by 181 million yuan due to lower loan interest rates, providing additional growth momentum [3] - The report forecasts net profits for 2024, 2025, and 2026 to be 7.542 billion yuan, 8.503 billion yuan, and 9.088 billion yuan respectively, with corresponding PE ratios of 16, 14, and 13 times [3][5] - The company’s total revenue is projected to grow from 56.712 billion yuan in 2023 to 60.370 billion yuan in 2024, with a year-on-year growth rate of 6.45% [5][6]

证券研究报告 公用事业|电力 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 蔡思 S1350524070005 caisi@huayuanstock.com 联系人 蔡思 S1350524070005 caisi@huayuanstock.com 市场表现： -20% -15% -10% -5% 0% 5% 相关研究 2024 年 09 月 04 日 三峡能源 (600905.SH ) 增持（维持） ——业绩符合预期，期待绿电价值回归 投资要点： ➢ 事件：2024 年上半年公司实现营业收入 150.6 亿元，同比增长 9.89%，实现归母净利润 40.4 亿元，同比下滑 10.6%，对应 2024 年二季度实现归母净利润 16.2 亿元，同比下滑 22.91%， 符合我们的预期。 ➢ 受利用小时数和电价双重下滑影响，上半年公司利润有所下滑。2024 年上半年公司实现上网 电量 351.1 亿千瓦时，同比增长 28.6%，其中风电/光伏分别实现上网电量 223.3/ ...

证券研究报告 医药生物 证券分析师 刘闯 S1350524030002 liuchuang@huayuanstock.com 市场表现： 康方生物 恒生指数 -19% -6% 8% 21% 34% 47% 23-0823-1023-1123-1224-0124-0224-0324-0424-0524-0624-0724-08 相关研究 1.《康方生物（9926.HK）：打造新 一代 I/O 创新药旗舰，强势出海未来 可期》，2024.07.29 | --- | --- | |-----------------------|----------------------| | 股价数据： 2024 | 年 9 月 3 日 | | 收盘价（港元） | 49.05 | | 年内最高/最低（港元） | 60.00/26.45 | | 总市值（亿港元） | 424.70 | 公司点评 2024 年 9 月 4 日 康方生物 (9926.HK) 买入（维持） ——业绩符合预期，产品销售持续高增，重磅临床加速推进 投资要点： ➢ 公司事件：康方生物发布 2024 年中期业绩公告，产品收入为 9.4 亿元，同比+24%(去年同 ...