Investment Rating - Buy (Maintained) [2] Core Views - The company's 2024 interim results exceeded expectations, driven by significant growth in innovative drug revenue and successful transformation into an innovation-driven growth cycle [2] - The company's revenue and profit surged due to the recognition of a USD 185 million upfront payment from GSK in the first half of the year [2] - Innovative drug revenue grew rapidly, accounting for 77.4% of total revenue in H1 2024, with a year-on-year increase of 80.6% [2] - The company's R&D pipeline is robust, with global strategic布局 and accelerated international BD collaborations, providing long-term support for innovation transformation [2] Financial Performance - H1 2024 total revenue reached RMB 6.506 billion, a year-on-year increase of 44.2%, with net profit of RMB 2.726 billion, up 111.5% year-on-year [2] - Operating income, excluding milestone payments, was RMB 5.103 billion, up 13.83% year-on-year [2] - Revenue breakdown: Oncology (68.8%), CNS (11.3%), Anti-infectives (10.8%), Metabolism & Others (9.1%) [2] R&D and Innovation - Seven approved innovative drugs and nine indications have been included in the national医保目录 [2] - Core product Ameile (阿美替尼) has seen its third and fourth indications for NSCLC NDA accepted in July and August 2024, respectively [2] - The company's R&D pipeline includes领先 global progress in dual-target GLP-1, B7-H4 ADC, and B7-H3 ADC, with total授权金额 exceeding USD 1.7 billion [2] Profit Forecast and Valuation - Forecasted total revenue for 2024-2026: RMB 11.874 billion, RMB 12.714 billion, and RMB 14.827 billion, respectively [2][3] - Forecasted net profit for 2024-2026: RMB 3.524 billion, RMB 3.704 billion, and RMB 4.103 billion, respectively [2][3] - ROE for 2024-2026 is projected at 12.1%, 11.3%, and 11.2%, respectively [3] Stock Data - Closing price on August 28, 2024: HKD 20.60 [4] - Year-to-date high/low: HKD 20.75/HKD 9.43 [4] - Total market capitalization: HKD 122.274 billion [4]

公用事业|电力 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 邓思平 S1350524070003 dengsiping@huayuanstock.com 研究支持 联系人 市场表现： 相关研究 股票数据： 2024 年 8 月 28 日 收盘价（元） 8.42 一年内最高/最低（元） 10.44/7.06 总市值（百万元） 23717 市净率 PB 1.26 基础数据： 2024 年 6 月 30 日 总股本（百万股） 2817 总资产（百万元） 174759 净资产（百万元） 52319 每股净资产（元） 6.71 资料来源：公司公告，wind 请务必仔细阅读正文之后的免责声明 盈利预测与估值 2022 2023 2024E 2025E 2026E 营业总收入（百万元人民币） 39249 42402 43243 44262 50459 同比增长率（%） 8.0% 2.0% 2.4% 14.0% 归母净利润（百万元人民币） 334 1593 2505 2904 3 ...

Investment Rating - The report assigns an "Outperform" rating for the company, indicating a positive outlook compared to the market [4]. Core Insights - The company achieved revenue of 1.983 billion RMB in H1 2024, a year-on-year increase of 1.6%, and a net profit attributable to shareholders of 272 million RMB, up 33.2% year-on-year [4]. - The company has optimized its school structure, closing down long-term loss-making institutions, resulting in a total of 234 schools as of H1 2024, a decrease of 11 from the end of 2023 [4]. - The focus on high-value-added programs has improved profitability, with a gross margin of 53% in H1 2024, an increase of 1.9 percentage points year-on-year [4]. - The report forecasts revenues for 2024-2026 to be 4.174 billion RMB, 4.606 billion RMB, and 5.050 billion RMB respectively, with adjusted net profits of 427 million RMB, 525 million RMB, and 625 million RMB, corresponding to PE ratios of 11X, 9X, and 8X [4][5]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 1.983 billion RMB, with a year-on-year growth of 1.6% and an adjusted net profit of 278 million RMB, reflecting a significant increase of 57.9% [4]. - The company’s gross margin improved to 53% in H1 2024, up from the previous year [4]. School Structure and Cost Management - The company has reduced the number of schools to 234, optimizing its brand structure and significantly improving cost efficiency, with sales and management expense ratios decreasing to 23.4% and 12.9% respectively [4]. - The focus on high-value programs has led to a shift in enrollment, with a notable increase in long-term course registrations [4]. Market Segments - The culinary segment remains the most significant, contributing approximately 54% of total revenue, while the beauty industry is showing strong growth [4]. - The internet training segment is under pressure due to increased competition, with a decline in both revenue and new enrollments [4]. Profitability Forecast - The report projects a steady increase in revenue and adjusted net profit over the next three years, with a significant improvement in profitability metrics [5][6].

证券研究报告 公用事业|电力 公司点评 2024 年 08 月 28 日 华电国际 (600027.SH) 增持（维持） ——上半年盈利符合预期 关注区域中长期用电需求变化 投资要点： ➢ 事件：公司发布 2024 年中报。上半年实现归属于母公司股东的净利润 32.23 亿元，同比增加 24.84%， 扣除非经常性损益后的归母净利润为 33.10 亿元，同比增长 43.31%。 ➢ 受新能源及水电冲击，火电发电量下滑，电价小幅下降符合预期，煤价下行带动盈利提升。公司今年上半 年实现发电量 1013 亿千瓦时，同比下降 5.85%，实现上网电量 947 亿千瓦时，同比下降 5.97%，中报 解释是"受水电资源丰富区域来水情况较好、新能源装机容量持续增加的共同影响"。结合公司现有装机 构成来看，截至 2023 年底，公司第一大装机分布地山东占比达到 43.65%，第二大装机分布地湖北占比 为 15.38%，安徽、湖南、河南三个中部省份合计占比达到 25%，预计来水偏丰主要冲击湖北、湖南两省， 而山东、安徽等地主要受新能源装机增长冲击。相比来水丰枯，新能源装机的冲击具有长期性，或对公司 盈利能力乃至资产定位产生深远 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1][2] Core Views - The company's net profit for the first half of 2024 reached 3.223 billion yuan, a year-on-year increase of 24.84%, while the net profit attributable to the parent company, excluding non-recurring gains and losses, was 3.310 billion yuan, up 43.31% year-on-year [1] - The decline in thermal power generation and slight decrease in electricity prices were expected, while the drop in coal prices contributed to profit improvement [1] - The company plans to acquire approximately 16GW of thermal power capacity, which will help expand its business footprint and diversify its operational regions [2] Summary by Sections Financial Performance - The company achieved a total power generation of 101.3 billion kWh in the first half of 2024, a decrease of 5.85% year-on-year, and total electricity sales of 94.7 billion kWh, down 5.97% year-on-year [1] - The average on-grid electricity price, including capacity fees, was 509.94 yuan per MWh, a year-on-year decrease of 3.25% [1] - Total fuel costs decreased by 15.43% year-on-year, leading to a unit fuel cost reduction of approximately 10% [1] Investment Income - The company reported investment income of 2.219 billion yuan in the first half of 2024, slightly down from 2.284 billion yuan in the same period of 2023, primarily due to a significant decline in the performance of coal mine investments [1] - Investment income from Huadian New Energy increased to 1.934 billion yuan, up 1.23 billion yuan year-on-year, aligning with expectations [1] Future Outlook - The report forecasts the company's net profit attributable to the parent company for 2024-2026 to be 5.877 billion, 6.890 billion, and 7.382 billion yuan respectively [2] - The current stock price corresponds to a PE ratio of 11, 9, and 9 for the years 2024, 2025, and 2026, indicating potential for stable earnings growth [2]

证券研究报告 建筑材料 行业定期报告 证券分析师 戴铭余 S1350524060003 daimingyu@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com -40% -30% -20% -10% 0% 10% 2023-082023-092023-102023-112023-122024-012024-022024-032024-042024-052024-062024-07 建材 沪深300 2024 年 08 月 27 日西部基建投资预期升温，主题性机会值得关注 中性（维持） ——建筑材料行业周报（24/8/19-24/8/25） 投资要点： ➢ 热点点评：西部基建投资预期升温，主题性机会值得关注。近期，西部基建投资预期不断升温， 8 月 11 日，中共中央、国务院印发《关于加快经济社会发展全面绿色转型的意见》，明确提 出加快西北风电光伏、西南水电、海上风电、沿海核电等清洁能源基地建设。8 月 23 日，中 共中央政治局召开会议，审议《进一步推动西部大开发形成新格局的若干政策措施》。我们认 为，目前，我国正处经济发展新旧动能 ...

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 邹佩轩 S1350524070004 zoupeixuan01@huayuanstock.com 邓思平 S1350524070003 dengsiping@huayuanstock.com 市场表现： 2024 年 08 月 27 日 桂冠电力 (600236.SH) 买入（维持） ——来水改善提升业绩 继续实行年中分红 投资要点： ➢ 事件：公司发布 2024 年中报，上半年实现营业收入 48.3 亿元，同比增长 16.25%，实现归母 净利润 14.37 亿元，同比增长 57.4%，符合预期。 ➢ 二季度来水大幅改善，新能源发电量实现高增。受拉尼娜现象影响，红水河流域 2023 年降雨 持续偏少，公司 2023 年水电发电量同比减少 41.50%，为今年提供低基数，2024 年一季度 继续偏枯，水电发电量同比减少 7.38%。进入二季度后，我国南方地区降雨普遍改善，公司 上半年累计实现 ...

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： -15% -4% 8% 19% 31% 43% 23-0823-0923-1023-1224-0124-0224-0324-0424-0524-0624-0724-08 泽璟制药 上证指数 相关研究 1.《泽璟制药-U(688266.SH)：差异 化管线催化不断，销售将迈入高速增 长期》，2024.05.22 公司点评 2024 年 8 月 27 日 泽璟制药-U (688266.SH) 买入（维持） ——收入恢复高增长态势，早研管线稳步推进 投资要点： ➢ 公司事件：泽璟制药发布 2024 年中期业绩公告，24Q2 产品收入恢复高增长态势，亏损大幅 收窄，早期管线积极推进。以下为公司中报业绩要点： ➢ 二季度产品收入恢复高增长，亏损大度收窄： 1）2024 上半年：24H1 收入 2.41 亿元，同比+9.44%。24H1 归母净利润-0.67 亿元，同比 收窄 41.75%。24H1 研发费用 1.81 亿元，同比减少 17.78%。24H1 销售费用 1.20 亿元， ...

Investment Rating - The report maintains a "Buy" rating for Inner Mongolia Huadian (600863.SH) [3] Core Views - The company's performance slightly exceeded expectations, with a 19.2% year-on-year increase in net profit for the first half of 2024, reaching 1.77 billion yuan, despite a 2.97% decline in revenue [3] - The profit growth was primarily driven by dividends from subsidiaries and a reduction in financial expenses [3] - The company has a strong focus on renewable energy, with 2GW of approved new energy capacity, and favorable policies are expected to stabilize return rates [3] - The company has committed to a 70% dividend payout ratio from 2022 to 2024, with an estimated dividend yield of 5.7% for 2024 [3] - The current valuation remains low, with a projected PE ratio of 11 for 2024, indicating potential for price appreciation [3] Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 10.77 billion yuan, a decrease of 2.97% year-on-year, while net profit attributable to shareholders was 1.77 billion yuan, up 19.2% [3] - The company generated 28.48 billion kWh of electricity, a slight decrease of 0.28% year-on-year, with coal production at 6.829 million tons and a sales price of 416.8 yuan/ton, up 0.37% year-on-year [3] Profitability and Forecast - The report forecasts net profits of 2.476 billion yuan, 2.812 billion yuan, and 3.010 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 23.5%, 13.5%, and 7.1% [4] - The projected earnings per share for 2024 is 0.38 yuan, with a return on equity (ROE) of 12.8% [4] Dividend Policy - The company has committed to a minimum dividend payout ratio of 70% for the years 2022-2024, with expected dividend yields of 5.7%, 6.6%, and 7.2% for 2024-2026 [3][4]

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： -20% -10% 0% 10% 20% 30% 鱼跃医疗 沪深300 相关研究 1.《鱼跃医疗（002223.SZ）：创新 重塑成长，家用器械平台龙头焕发新 活力》，2024.05.13 股价数据： 2024 年 8 月 25 日 收盘价（元） 34.09 年内最高/最低（元） 41.8/31.69 总市值（亿元） 342 公司点评 2024 年 8 月 27 日 鱼跃医疗（002223.SZ） 买入（维持） ——血糖等常规品种表现较好，海外显著提速 投资要点： ➢ 公司事件：鱼跃医疗发布 2024 年中期业绩公告，2024 上半年实现营收 43.1 亿元（同比 -13.5%）；归母净利润 11.2 亿元（同比-25.0%），扣非归母净利润 9.6 亿元（同比-23.2%）； 24Q2 单季度实现营收 20.8 亿元（同比-8.8%）；归母净利润 4.6 亿元（同比-41.0%），扣 非归母净利润 4.1 亿元（同比-25.1%）。 ➢ 高基数下业绩承压，血糖等常规品种表 ...