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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [2]. Core Insights - The company reported a revenue of 34.808 billion yuan for the first half of 2024, a year-on-year increase of 12.38%, and a net profit attributable to shareholders of 11.362 billion yuan, up 27.92%, aligning with expectations [2]. - Improved water inflow and a slight decline in electricity prices are expected to influence the company's performance, with total electricity generation reaching 120.618 billion kWh, a 16.86% increase year-on-year [2]. - Financial expenses decreased more than anticipated, contributing significantly to profit growth, with interest expenses dropping to 5.704 billion yuan, a reduction of 777 million yuan compared to the same period in 2023 [2]. - The report emphasizes the continued attractiveness of hydropower assets, suggesting that the market is re-evaluating the low correlation of hydropower assets, which could lead to a structural bull market for this sector [2]. Summary by Sections Financial Performance - The company achieved a total revenue of 34.808 billion yuan in H1 2024, with a net profit of 11.362 billion yuan, reflecting strong growth [2]. - The financial expenses saw a significant decline, with interest expenses at 5.704 billion yuan, down from the previous year [2]. - Investment income rose to 2.56 billion yuan, marking a 20.55% increase year-on-year [2]. Market Analysis - The report highlights a favorable shift in the discount rate for equity assets, with the implied discount rate for the company decreasing from approximately 10% in 2020 to 7.1% by mid-2024 [2]. - The narrowing of the risk-free rate and credit spread is seen as beneficial for equity assets, particularly in the hydropower sector, which is less affected by macroeconomic fluctuations [2]. Earnings Forecast - The report projects net profits for 2024, 2025, and 2026 to be 33.994 billion yuan, 35.742 billion yuan, and 37.423 billion yuan respectively, with corresponding price-to-earnings ratios of 21, 20, and 19 [4][5].

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： -30% -20% -10% 0% 10% 20% 30% 40% 2023-092023-102023-112023-122024-012024-022024-032024-042024-052024-062024-072024-08 三诺生物 沪深300 相关研究 1.《三诺生物 (300298.SZ)：CGM 海 外发力在即，掘金百亿美元市场》， 2024.04.18 公司点评 2024 年 9 月 4 日 三诺生物（300298.SZ） 买入（维持） ——业绩表现稳健，CGM 潜力可期 投资要点： ➢ 公司事件：三诺生物发布 2024 年中期业绩公告，合并报表口径下 24H1 实现收入 21.3 亿元 （同比+6.26%），归母净利润 2.0 亿元（同比+12.61%），扣非归母 1.8 亿元（同比-10.38%）； 24Q2 实现收入 11.2 亿元（同比-0.53%），归母净利润 1.2 亿元（同比+0.78%），扣非归 母 1.0 亿元（同比-25.42%）。 ...

Investment Rating - The report maintains a "Buy" rating for China Shipbuilding (600150.SH) [3] Core Views - The company achieved a net profit attributable to shareholders of 1.412 billion yuan in the first half of 2024, representing a year-on-year increase of approximately 155.33% [3] - High-value orders are gradually being delivered, accelerating performance realization, with the Clarkson newbuilding index showing a growth of 22.3%, 5.3%, and 10.2% from 2021 to 2023 [3] - The company is expected to deliver a significant portion of its orders from 2021 in 2024, with a higher proportion of high-value ship types being delivered compared to previous years [3][4] - The report forecasts revenue for China Shipbuilding to be 90.89 billion yuan in 2024, with net profit expected to reach 5.112 billion yuan, corresponding to a PE ratio of 33.57 [5] Summary by Sections Financial Performance - In Q2 2024, the company reported a net profit of 1.011 billion yuan, with a non-recurring net profit of 860 million yuan [3] - The company’s revenue for 2024 is projected to be 90.89 billion yuan, with a growth rate of 21.45% [5] - The net profit for 2024 is expected to be 5.112 billion yuan, reflecting a growth rate of 72.86% [5] Market Dynamics - The newbuilding price growth has shifted from market-driven to green renewal demand since Q4 2022, maintaining high order coverage despite a decline in the shipping market [4] - The report indicates that the order backlog extends to 2027-2028, with significant profit realization expected in 2024 [4] Valuation Metrics - The projected PE ratios for 2024, 2025, and 2026 are 33.57, 18.47, and 12.88 respectively, indicating a favorable valuation outlook [5] - The report anticipates a steady increase in return on equity (ROE) from 6.12% in 2024 to 19.40% in 2026 [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company reported a revenue of 14 billion yuan in the first half of 2024, representing a year-on-year growth of 14.42%, and a net profit attributable to shareholders of 1.071 billion yuan, which is an increase of 83.06% year-on-year [1] - The strong performance is attributed to the decline in coal prices and robust electricity demand in Anhui province, with a significant increase in installed capacity and ongoing construction of renewable energy projects [1][2] - The company is expected to benefit from a tight power supply in the province, with projections indicating a power gap exceeding 20 million kilowatts by 2025 [2] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 7.016 billion yuan, a year-on-year increase of 16.46%, and a net profit of 618 million yuan, up 44.46% year-on-year [1] - The company’s operational capacity as of June 30, 2024, was 12.28 million kilowatts, with an increase of 900,000 kilowatts compared to the end of the previous year [1] Market Dynamics - The electricity demand in Anhui province grew by 13.3% in the first half of 2024, which is expected to drive the company's power generation significantly [1] - The company is strategically positioned to take advantage of the tight supply-demand balance in the electricity market, with expectations of additional revenue from the spot market [2] Future Projections - The company forecasts net profits of 1.886 billion yuan, 2.350 billion yuan, and 2.521 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 10, 8, and 8 [2][4] - The company plans to complete an additional 4 million kilowatts of renewable energy capacity during the 14th Five-Year Plan period, although progress has been slower than anticipated [2]

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 03 日 AI 中报中规中矩，市场预计进入降息首月提防短期波动 ——海外科技周报（24/08/26-24/08/30） 投资要点： ➢ 海外 AI：英伟达 FY2Q25 收入利润再创新高，均超过公司此前业绩指引，但是毛利率开始下滑，收入与 利润同环比增速较上一季度明显下滑。FY25Q2 公司实现 300.4 亿美元营收（yoy+122%，qoq+15%）， GAAP 净利润 166.0 亿美元（yoy+168%，qoq+12%），毛利率为 75.1%，环比下降 3.3pct。根据公 司 3Q25 业绩指引，公司营收指引为 325 亿美元（1±2%），GAAP 口径下毛利率为 74.4%（±50 个基 点），全年毛利率预计在 75%左右， ...

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： -10% 0% 10% 20% 2023-12-…2024-01-…2024-02-…2024-03-…2024-03-…2024-04-…2024-05-…2024-05-…2024-06-…2024-07-…2024-07-…2024-08-… 沪深300 电力 相关研究 2024 年 09 月 03 日 中长期绿电交易基本规则发布 成都再次限电 看好（维持） ——公用事业 2024 年第 35 周周报（20240831） 投资要点： ➢ 1）低协方差资产组合：长江电力、华能水电、 ...

行业评级：看好（维持） 证券研究报告|行业专题 医药生物 2024年9月3日 | --- | --- | --- | |------------------------------|----------------------------------------|-----------------------------------------------------------------------------------| | | | | | Pharma | 半年报总结：业绩亮眼，盈利拐点信号显著 | | | | | 证券分析师 姓名：刘闯 资格编号： S1350524030002 邮箱： liuchuang@huayuanstock.com | | 请务必阅读报告末页的重要声明 | | 证券分析师 姓名：李强 资格编号： S1350524040001 邮箱： liqiang@huayuanstock.com | 投资要点 ◼ 创新药进入收获阶段，国内商业化+国际化合作推动行业高质量发展：经过近10年的快速发展，中国创新药已进入商业化快速兑现阶段，海外合作/销售 加速，新药研发质量也显著提升，已具备在 ...