海外业务高增，产品线日益完备 普门科技(688389) / 医疗器械 / 公司点评 / 2024.09.03 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-09-02 | | 收盘价 ( 元 ) | 12.82 | | 流通股本 ( 亿股 ) | 4.28 | | 每股净资产 ( 元 ) | 4.34 | | 总股本 ( 亿股 ) | 4.28 | | 最近 12 月市场表现 | | -32% -20% -8% 4% 16% 28% 普门科技 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 联系人 李天阳 lity02@ctsec.com | --- | --- | |-----------|----------------------------| | | | | 相关报告 | | | 1. 《 Q1 | 利润好于预期，海外业务保持 | | 高增》 | 2024-04-30 | 2. 《研发&销售双轮驱动，23 年利润增 ...

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-09-02 | | 收盘价 ( 元 ) | 67.80 | | 流通股本 ( 亿股 ) | 1.40 | | 每股净资产 ( 元 ) | 2.54 | | 总股本 ( 亿股 ) | 1.40 | | 最近 12 月市场表现 | | -17% 4% 25% 46% 67% 88% 华图山鼎 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 联系人 李天阳 lity02@ctsec.com 2. 《积极探索经营转型，有序推进非学 历培训业务》 2023-12-23 | --- | --- | |-------------------|--------------------------------------| | | | | 相关报告 | | | 1. | 《非学历培训业务开展顺利， 24Q1 收 | | 现 9.8 亿元》 | 2024-04-27 | 华图山鼎(300492) ...

Investment Rating - The investment rating for the defense and military industry is "Positive" (maintained) [1]. Core Viewpoints - The report emphasizes the importance of building a low-altitude economy by connecting policies to the industrial chain, highlighting the role of local industrial clusters in developing low-altitude economic cities. It identifies key players in various segments, including airspace planning, air traffic management, 5G infrastructure, eVTOL aircraft, emergency rescue equipment, drones, and low-altitude air defense [1][4]. Summary by Sections 1. East China Region - The report outlines the development of low-altitude economy in East China, particularly in provinces like Anhui, Jiangsu, and Guangdong, which have established policies and infrastructure to support this growth [6][13]. 1.1 Anhui Province - Anhui aims to achieve a low-altitude economy scale of 60 billion yuan by 2025 and 80 billion yuan by 2027, with specific targets for general airport numbers and infrastructure development [13][14]. 1.2 Jiangsu Province - Jiangsu has initiated several policies to promote low-altitude economy, including the establishment of a drone test base and various support measures for technology and infrastructure development [33][34]. 1.3 Key Companies - Companies such as Yingliu Co., Ltd. and Zero Gravity Aircraft Industry are highlighted for their leadership in high-end casting and electric aircraft technology, respectively. Yingliu has shown consistent revenue growth, with 2023 revenue reaching 2.41 billion yuan [25][29]. 1.4 Policy Support - Local governments are actively formulating strategies to support low-altitude economy, with Guangdong, Anhui, Jiangsu, and other provinces leading the way in creating regional models and policies [4][6]. 1.5 Investment Opportunities - The report suggests focusing on companies involved in airspace planning, air traffic management, 5G infrastructure, eVTOL manufacturing, and drone technology as potential investment opportunities [1][4].

Investment Rating - The report suggests a positive outlook on the low-altitude economy, indicating significant growth potential supported by government policies and local initiatives [4]. Core Insights - The low-altitude economy is rapidly developing under policy support, with continuous improvements in regulations and infrastructure [4]. - Local governments are actively formulating development strategies tailored to their regional characteristics, with provinces like Guangdong, Anhui, Jiangsu, and others leading the way [4]. - The establishment of industrial clusters is crucial for the development of the low-altitude economy, with various regions leveraging their unique resources and historical advantages [4]. - Investment opportunities are highlighted in areas such as airspace planning, air traffic management, 5G infrastructure, eVTOL manufacturing, and emergency rescue equipment [4]. Summary by Sections East China Region - Anhui Province aims for a low-altitude economy scale of 600 billion yuan by 2025 and 800 billion yuan by 2027, with specific targets for infrastructure and enterprise growth [53][54]. - Hefei City has implemented a low-altitude economic development action plan focusing on space assurance, industrial clustering, and facility construction, aiming to establish a comprehensive low-altitude economic industry chain by 2025 [55][56]. - Wuhu City targets over 300 low-altitude economy-related enterprises by 2025, with a focus on establishing a competitive manufacturing base for general aviation [60][61]. Key Companies - Yingliu Co., Ltd. (603308.SH) is a leader in high-end casting for aerospace, with continuous revenue growth from 1.375 billion yuan in 2017 to 2.412 billion yuan in 2023, despite a profit decline in 2023 due to rising costs [62][64][65]. - Zero Gravity Aircraft Industry focuses on developing eVTOL aircraft and aims to promote green aviation, with significant growth potential in the electric aircraft sector [69][71][73]. - Lais Information (688631.SH) is a key player in air traffic management systems, with a focus on low-altitude aviation infrastructure and a revenue increase of 6.35% in 2023 [80][81][83]. - AVIC High-Tech (600862.SH) specializes in aerospace new materials and high-end intelligent equipment, with a strong focus on innovation and market expansion [84].

房地产开发 / 行业投资策略周报 / 2024.09.02 房地产行业周报（2024 年第 35 周） 投资评级:看好(维持) | --- | --- | |-------------|------------| | | | | | 月市场表现 | | | 沪深 300 | | -16% -8% 0% | | 分析师 欧阳之光 SAC 证书编号：S0160524070001 oyzg@ctsec.com 分析师 吴梦茹 SAC 证书编号：S0160524060001 wumr@ctsec.com 相关报告 1. 《房地产行业周报（2024 年第 34 周）》 2024-08-25 2. 《探索第四代住宅》 2024-08-20 3. 《房地产行业周报（2024 年第 33 周）》 2024-08-19 ❖ 风险提示：基本面不及预期，行业政策收紧，资金面收紧，个别企业出现信 用风险等 住建部研究建立房屋体检、房屋养老金、房 屋保险制度 核心观点 证券研究报告 ❖ 本周板块回顾：本周申万房地产指数上涨 2.55%，沪深 300 指数较上周下 跌 0.17%，板块跑赢沪深 300 指数 2.72pct，在 31 个 ...

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Viewpoints - The C-end building materials show resilience in H1 2024, with the release of existing demand expected to continue [2][6] - The B-end building materials are under pressure due to the real estate market, but companies are adapting by expanding retail and rural market strategies [2][6] - The cement market is gradually recovering as weather impacts diminish, with prices expected to stabilize and rise [17][18] - The glass market is facing challenges with weak prices and rising inventories, while photovoltaic glass remains stable but cautious [18][17] Summary by Sections Consumer Building Materials - In H1 2024, C-end building materials demonstrated resilience despite weak downstream demand influenced by real estate fluctuations. B-end companies like Dongfang Yuhong and Keshun experienced revenue declines of -10% to -30% [2][6] - C-end companies such as Beixin Building Materials and Weixing New Materials reported revenue growth of +19% and +5% respectively, indicating stronger performance compared to B-end [6][8] - The overall C-end market is expected to remain robust due to increased renovation demand from the second-hand housing market [7][8] Cyclical Materials - The cement market is seeing a slight improvement in demand as high temperatures and rain decrease, with average shipment rates at 49.7% [17] - Companies are actively raising prices to improve profitability, with expectations for prices to maintain an upward trend [17] - The float glass market is experiencing weak price adjustments and rising inventories, with prices down by 1-5 yuan per weight box in various regions [18] New Materials - The fiberglass market is stable with slight price increases for certain products, while carbon fiber remains weak with prices holding steady at 91.25 yuan per kilogram [22][24] - The demand for electronic yarn is limited, with prices remaining stable but sales slowing down due to insufficient orders from the PCB market [22][24]

Investment Rating - The report recommends leading custom home furnishing companies such as Oppein Home (603833.SH) and Kuka Home (603816.SH), while suggesting to pay attention to high-end mattress leader Mousse (001323.SZ) and home furnishing giant Juran Home (000785.SZ) [2] Core Insights - The light industry index rose by 2.89% during the week of August 26 to August 30, 2024, outperforming the CSI 300 index by 3.06 percentage points, ranking 8th among 31 sectors [3][7] - The report highlights the ongoing implementation of "trade-in" subsidies across various regions, which is expected to benefit soft and smart home furnishing sectors [3][12] - The report notes a continuous reduction in inventory levels in the U.S. home furnishing sector, indicating a potential recovery in orders for overseas companies [3][12] Summary by Sections Weekly Market Overview - The light industry index closed at 1605.84 points, with a weekly increase of 2.89%, outperforming the CSI 300 index by 3.06 percentage points [7] - The light manufacturing sub-sectors experienced broad gains, with entertainment products, paper, packaging, and home goods increasing by 4.80%, 3.75%, 3.34%, and 1.53% respectively [7] Key Industry Data Tracking - In June 2024, U.S. home furnishing wholesale inventory was $16.716 billion, down 8.6% year-on-year, while retail inventory was $30.062 billion, down 6.4% year-on-year [3][12] - The report indicates that the home furnishing inventory reduction is nearing completion, suggesting a potential replenishment cycle [3][12] Key Company Announcements - Harls reported a 48.68% increase in revenue for the first half of 2024, reaching 1.393 billion yuan, with a net profit increase of 182.41% [34] - Bull Group achieved a revenue of 8.386 billion yuan in the first half of 2024, marking a 10.45% increase, with a net profit growth of 22.88% [34] Industry News - The report mentions that the configuration rate of smart home systems in newly opened hotels in first-tier and new first-tier cities reached 27.6%, reflecting a 47.9% year-on-year growth [36] - The "trade-in" initiative in Chengdu has led to an increase in second-hand housing listings, with over 260,000 units now available [37]

Investment Rating - The report assigns an "Accumulate" rating for the company [1][3][25]. Core Views - The company is a leading player in the power management chip sector, with a strong foundation and a diversified product line that includes LED lighting driver chips, AC/DC power management chips, DC/DC power management chips, and motor control chips [2][10]. - The company has achieved significant revenue growth, with 2023 revenue reaching 1.303 billion yuan, and is expected to continue growing with projected revenues of 1.662 billion yuan in 2024, 2.027 billion yuan in 2025, and 2.526 billion yuan in 2026 [3][21]. - The company is focusing on expanding its product lines through both organic growth and acquisitions, such as the acquisition of Nanjing Lingou Chuangxin, which enhances its capabilities in motor control chips [2][16]. Summary by Sections Company Overview - Established in 2008, the company specializes in power management and control driver chips, with a comprehensive product range and a strong market presence in LED lighting, home appliances, and industrial control [10][19]. Growth Drivers - The company is leveraging both internal development and external acquisitions to drive growth, particularly in the AC/DC and motor control chip markets [2][14]. - The AC/DC product line is expanding rapidly, with a 58.21% year-on-year revenue increase in 2023, driven by demand in home appliances and fast charging markets [15][21]. - The DC/DC product line is also seeing significant development, with 21 new products launched in 2023 aimed at the CPU/GPU power supply market [18][21]. Financial Projections - The company forecasts revenues of 1.662 billion yuan in 2024, with a net profit of -50 million yuan, and expects to achieve profitability by 2025 with a projected net profit of 560 million yuan [3][21]. - The LED lighting driver chip segment is expected to maintain strong growth, with projected revenues of 1.001 billion yuan in 2024 [21][22]. Competitive Position - The company holds a leading market share in the LED lighting driver chip sector, with a significant volume of shipments compared to competitors [19][20]. - The acquisition of Lingou Chuangxin is expected to enhance the company's product offerings and market reach in the motor control segment [16][17]. Valuation - The report suggests that the company's valuation is competitive compared to peers, with projected PE ratios of 81.47 for 2025 and 30.49 for 2026 [3][25].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue decline of 1.15% year-on-year for H1 2024, with a net profit decrease of 76.65% [2] - Despite the revenue decline, the core business showed resilience with a 1.72% increase in biological products revenue and an 8.34% increase in chemical drug revenue in H1 2024 [2] - The company is expected to achieve revenues of 56.72 billion, 61.51 billion, and 67.14 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 3.81 billion, 4.92 billion, and 6.22 billion yuan [3] Financial Performance - For H1 2024, the company achieved a revenue of 2.479 billion yuan and a net profit of 63 million yuan [2] - The gross margin for H1 2024 decreased by 3.14 percentage points to 17.84%, with a net margin of 2.35% [2] - The company’s R&D expenses for H1 2024 were 57 million yuan, representing a 2.3% R&D expense ratio [3] Future Projections - The company is projected to have a PE ratio of 16.4, 12.7, and 10.1 for the years 2024, 2025, and 2026 respectively [3] - The expected revenue growth rates for the upcoming years are 4.92% for 2024, 8.45% for 2025, and 9.14% for 2026 [4] Business Segments - The company’s vaccine sales for pigs showed manageable pressure, with a year-on-year decline of 13.3% for foot-and-mouth disease vaccine and 15.1% for swine fever vaccine in H1 2024 [2] - The chemical drug segment remains competitive, with a net profit increase of 4.1% for the subsidiary Shengli Biological in H1 2024 [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing steady growth in engineering, with improvements in gross profit margins in the real estate sector [1][6] - The revenue for H1 2024 reached 1,144.6 billion yuan, a year-on-year increase of 2.8%, while the net profit attributable to shareholders was 29.45 billion yuan, up 1.6% year-on-year [8] - The company has optimized its engineering business structure, with significant growth in new contracts in various sectors such as construction, energy, and water management [5][8] Financial Performance Summary - For H1 2024, the company reported revenues of 1,144.6 billion yuan, with a gross profit margin of 9.44%, a slight decrease of 0.13 percentage points year-on-year [5][11] - The net profit attributable to shareholders for H1 2024 was 29.45 billion yuan, with a net profit margin of 2.57%, down 0.03 percentage points year-on-year [5][11] - The company’s operating cash flow showed a significant net outflow of 108.77 billion yuan, which is an increase in outflow of 98.21 billion yuan compared to the previous year [5][11] Business Segment Performance - In H1 2024, the company achieved revenues of 7,493.4 billion yuan from housing construction, 2,694.7 billion yuan from infrastructure, and 1,163.8 billion yuan from real estate development, with respective year-on-year growth rates of 1.7%, 11.7%, and -8.7% [5][8] - The new contracts signed in H1 2024 totaled 22,882 billion yuan, representing a year-on-year increase of 13.7%, with notable growth in industrial buildings and municipal construction [5][8] - The company’s overseas marketing quality continues to improve, with new contracts signed domestically and internationally amounting to 21,651 billion yuan and 1,231 billion yuan, respectively, reflecting year-on-year growth of 10.9% and 105.4% [8]