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 ...

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 08 月 27 日 微软和英伟达发布最新小模型，加密核心资产价格上涨 ——海外科技周报（24/08/19-24/08/23） 投资要点： ➢ 海外 AI：本周微软和英伟达相继发布最新小语言模型。本周 8 月 21 日，微软发布最新的 Phi-3.5 系列模 型 ，三 个新 的 Phi 3.5 模 型包 括 38.2 亿 个参数 的 Phi-3.5-mini-instruct 、 419 亿 个参数的 Phi-3.5-MoE-instruct 和 41.5 亿个参数的 Phi-3.5-vision-instruct，分别用于基本/快速推理、更强大 的推理和视觉（图像和视频分析）任务。其中 Phi-3.5 Mini Instruct 模型是一个轻量级 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Views - The company reported a significant increase in revenue and profit for the first half of 2024, driven by improved water inflow and lower coal prices [5] - The company is positioned as a flagship platform for the State Power Investment Corporation, benefiting from the group's high-quality asset support [6] - Current valuation is considered to be in a deep value range, with institutional investors showing increased interest in the company's shares [6] Summary by Sections Financial Performance - For the first half of 2024, the company achieved revenue of 26.472 billion RMB, a year-on-year increase of 24.18%, and a profit attributable to equity holders of 2.802 billion RMB, up 51.5% [5] - The company announced a special dividend of 0.05 RMB per share, reflecting its strong financial performance [5] Operational Highlights - The company’s installed capacity reached 48.33 million kW by June 2024, with a 77.07% share of clean energy [5] - The company sold 64.3 billion kWh in the first half of 2024, with significant year-on-year increases in hydropower, wind, and solar energy sales [5] Valuation and Forecast - The report adjusts the company's net profit forecasts for 2024-2026 to 4.81 billion, 5.66 billion, and 6.41 billion RMB respectively, with corresponding PE ratios of 8, 7, and 6 [6] - The company commits to a dividend payout ratio of no less than 50% of net profit, resulting in a combined dividend yield of 7.7% when including the special dividend [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% 0% 20% 40% 60% 福能股份 沪深300 相关研究 2024 年 08 月 23 日 福能股份 (600483.SH ) 买入（维持） ——业绩略超预期，期待福建海风开启新成长 投资要点： ➢ 事件：公司发布 2024 年半年报，2024 年上半年公司实现营业收入 66.65 亿元，同比增长 4.57%，实现 归母净利润 11.88 亿元，同比增长 27.12%，对应 2024 年二季度实现归母净利润 6.62 亿元，同比增长 64.51%，超出我们预期。 ➢ 替代电量结算提前+煤电盈利改善+收到分红，上半年公司盈利亮眼。2024H1 公司实现发电量 111.6 亿 千瓦时，同比增长 2.8 ...

证券研究报告 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% 10% 60% 新产业 沪深300 相关研究 公司点评 2024 年 08 月 23 日 新产业 (300832.SZ) 买入（维持） —— 业绩符合预期，国内外装机结构持续优化 投资要点： ➢ 事件：公司发布 2024 年中报，上半年实现营收 22.11 亿元（yoy+18.54%，下同），实现归 母净利润 9.03 亿元（yoy+20.42%），实现扣非归母净利润 8.68 亿元（yoy+26.36%）。 2024 年 Q2 实现营业收入 11.90 亿元（yoy+20.23%），实现归母净利润 4.77 亿元 （yoy+20.76%），实现扣非归母净利润 4.68 亿元（yoy+27.11%），业绩符合预期。 ➢ 国内外稳定增长，装机机构持续优化。2024 年上半年，公司实现试剂类收入 15.91 亿元 （ yoy+21.13% ） ， 中 大 型 机 占 比 提 升 ...

Investment Rating - Buy (Maintained) [3] Core Views - Strategic transformation has shown significant results, with both quality and efficiency improving notably, leading to a substantial increase in profitability [3] - Channel expansion has yielded initial results, with a significant increase in cargo volume: H1 2024 cargo volume reached 6.42 million tons, up 20.5% YoY, with Q2 cargo volume at 3.55 million tons, up 19.5% YoY and 23.3% QoQ [3] - Cost optimization has been effective, with H1 2024 cost per ton decreasing by 8% YoY to 687 yuan, and Q2 cost per ton at 681 yuan, down 6% YoY and 2% QoQ [4] - The company is expected to achieve adjusted net profits of 848 million yuan, 1.027 billion yuan, and 1.179 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 9.3x, 7.7x, and 6.7x [4] Financial Performance - H1 2024 revenue reached 5.289 billion yuan, up 16.2% YoY, with adjusted net profit of 430 million yuan, up 82.4% YoY [3] - Q2 2024 revenue was 2.911 billion yuan, up 17.1% YoY and 22.4% QoQ, with adjusted net profit of 221 million yuan, up 38.6% YoY and 5.8% QoQ [3] - Revenue growth is expected to be 17.4% in 2024, 10.7% in 2025, and 8.7% in 2026, with gross margins of 16%, 16%, and 17%, respectively [5] - Adjusted EPS is forecasted to be 0.63 yuan, 0.77 yuan, and 0.89 yuan for 2024, 2025, and 2026, respectively [5] Operational Highlights - The company has over 31,000 freight partners and agents as of June 2024, up from over 28,000 in June 2023 [3] - LTL (Less Than Truckload) revenue per ton was 824 yuan in H1 2024, down 4% YoY, with Q2 LTL revenue per ton at 821 yuan, down 2% YoY and 1% QoQ [3] - The company has implemented cost-oriented pricing strategies and the "3300 Product Policy," which waives special area surcharges for goods weighing between 3 kg and 300 kg [3] Cost Optimization - H1 2024 cost per ton was 687 yuan, down 8% YoY, with Q2 cost per ton at 681 yuan, down 6% YoY and 2% QoQ [4] - Line-haul transportation cost in Q2 was 303 yuan per ton, down 2% QoQ, and distribution center cost was 139 yuan per ton, down 20% YoY and 8% QoQ [4] - Cost improvements are expected to continue due to scale growth and base effects [4] Valuation and Forecast - The company is expected to achieve adjusted net profits of 848 million yuan, 1.027 billion yuan, and 1.179 billion yuan for 2024, 2025, and 2026, respectively [4] - ROE is forecasted to be 23%, 22%, and 20% for 2024, 2025, and 2026, respectively [5] - Adjusted P/E ratios are expected to be 9.3x, 7.7x, and 6.7x for 2024, 2025, and 2026, respectively [5]