Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The prevalence of chronic heart failure (CHF) is increasing due to global population aging, making it a significant public health issue. The National Medical Products Administration (NMPA) has released technical guidelines for clinical trials of CHF drugs, which are crucial for related pharmaceutical companies [1] - The market for CHF treatment drugs is substantial and continues to grow, with a prevalence rate of 1.38% among individuals aged 35 and above in China, indicating a promising market for drug development [1] - Various CHF treatment drugs, including angiotensin-converting enzyme inhibitors and beta-blockers, are widely used in clinical settings. New drug classes, such as sodium-glucose co-transporter 2 inhibitors and soluble guanylate cyclase stimulators, are emerging, providing more treatment options for patients [1] - The release of the clinical trial guidelines will enhance the efficiency and success rate of drug development, particularly for exploratory and confirmatory clinical trials, facilitating faster market entry for new drugs [1] Summary by Relevant Sections Market Overview - The CHF treatment drug market is large and growing, with a prevalence rate of 1.38% among the population aged 35 and above in China, which increases with age [1] R&D Dynamics - The guidelines mention various CHF treatment drugs that are already in clinical use and highlight the emergence of new drug classes, expanding treatment options for patients [1] Impact of Clinical Trial Guidelines - The guidelines provide clear standards for clinical trial design and evaluation, which will improve the development efficiency and success rates of new drugs [1] Investment Highlights - Focus on innovative pharmaceutical companies with strong R&D capabilities and rich pipelines, especially those already engaged in CHF drug development [1] - Attention to high-quality medical service institutions as clinical trials progress [1] - Recommended companies include innovative pharmaceutical firms like Zesheng Technology, Xinlitai, and Puluo Pharmaceutical, as well as established companies like Heng Rui Medicine and Shiyao Group, and contract research organizations (CROs) such as Tigermed and WuXi AppTec [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 36.19 CNY and a target price of 42.80 CNY over a 6-month period [1]. Core Views - The company reported a revenue of 797 million CNY for the first half of 2024, representing a year-on-year growth of 23.88%, with a net profit attributable to the parent company of 178 million CNY, up 9.17% year-on-year [2][3]. - The semiconductor and electronic materials segment saw a significant revenue increase of 122.55%, contributing 23.24% to total revenue, while the photovoltaic segment grew by 13.79% [2][3]. - The gross margin improved to 42.43%, up 3.68 percentage points year-on-year, primarily due to the rapid growth of the higher-margin semiconductor business [3]. - The company is actively expanding into overseas markets and new segments within the photovoltaic industry, despite facing a decline in new orders from the traditional single-crystal and multi-crystal sectors [3]. - The semiconductor business is gaining traction, with new orders increasing by over 30% in the first half of 2024, now accounting for 22% of total orders, an increase of 8 percentage points [3]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 2.147 billion CNY, 2.607 billion CNY, and 3.053 billion CNY, respectively, with year-on-year growth rates of 21.29%, 21.45%, and 17.10% [4][5]. - The net profit attributable to the parent company is expected to be 473 million CNY, 701 million CNY, and 846 million CNY for the same years, with growth rates of 9.60%, 48.32%, and 20.59% [4][5]. - The earnings per share (EPS) are projected to be 2.14 CNY, 3.18 CNY, and 3.83 CNY for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 16.89X, 11.39X, and 9.45X [4][5].

Investment Rating - The report maintains an "Overweight" rating for the photovoltaic equipment industry [2] Core Insights - The photovoltaic power generation system is a core area of the renewable energy sector, consisting mainly of photovoltaic modules, inverters, and distribution equipment. Inverters are crucial for converting direct current generated by solar panels into alternating current for grid and user consumption [1][6] - The global energy transition is accelerating, with photovoltaic power generation continuing to grow as a key driver of renewable energy development. In 2023, global photovoltaic installations reached a record high of 390 GW, and it is expected to reach a cumulative installed capacity of 1,721 GW by 2030 [1][14] - The demand for energy storage technology is increasing due to the intermittent nature of photovoltaic power generation, making storage inverters essential for optimizing energy management [1][17] - China dominates the global photovoltaic market, accounting for 40% of the global market share, with a significant increase in solar photovoltaic capacity in 2023, reaching 253 GW, a year-on-year growth of 167% [1][15] - The report recommends focusing on leading domestic companies in the photovoltaic inverter sector, such as Sungrow Power Supply, GoodWe, and DEYE [1][2] Summary by Sections Inverter Overview - Photovoltaic inverters are the core components driving renewable energy systems, responsible for converting direct current to alternating current [6] - Inverters are categorized into centralized, string, and micro inverters, each suited for different applications [7][10] From Photovoltaics to Energy Storage - The photovoltaic industry has a broad outlook, with significant growth expected in energy storage demand, which will drive inverter demand [14][17] - The new energy storage market saw substantial growth in 2023, with an expected increase in global and Chinese installations by 2025 [1][17] Global Photovoltaic Market Expansion - The European market is recovering from high inventory levels, while India is experiencing explosive growth in solar installations [19][20] - Pakistan's photovoltaic market is expanding due to rising electricity prices and significant solar potential [22][23] - Brazil's photovoltaic demand is driven by rising electricity prices and favorable economic conditions [26] - South Africa's photovoltaic market is being propelled by power shortages and regulatory reforms [27] Domestic Inverter Companies' Competitive Edge - China leads the global photovoltaic market with rapid capacity growth, particularly in centralized and string inverters [1][15] - Leading domestic companies hold significant market shares and competitive advantages in cost and supply chain [1][2]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][55]. Core Insights - The company, JinHao Medical, has established itself as a leading domestic hearing aid manufacturer since its inception in 2011, achieving significant milestones including multiple high-tech honors and successful listings on the Beijing Stock Exchange in 2021 [2][8]. - Despite facing short-term performance pressures, the company is expected to see results from its self-branded products and channel development in the second half of 2024 [2][29]. - The company has a clear and stable shareholding structure, with the actual controller holding over 60% of the shares, which enhances management stability and investor confidence [2][15]. - JinHao Medical's core business is hearing aids, accounting for over 80% of its revenue, with strong international sales and partnerships with major global retailers [2][17]. - The global hearing aid market is projected to reach USD 8.33 billion by 2025, with a compound annual growth rate (CAGR) of 5.18%, driven by increasing demand due to aging populations [2][45]. - The company aims to strengthen its position in the ODM and self-branded hearing aid markets, focusing on research and development to enhance competitiveness [2][29]. Summary by Sections Company Overview - JinHao Medical focuses on the research, production, and sales of hearing aids, with a significant portion of its revenue derived from this segment [2][17]. - The company has developed its own chip technology, which is expected to reduce costs and improve product competitiveness [2][9]. Industry Overview - The hearing aid industry is experiencing steady growth, driven by an aging population and increasing awareness of hearing health [2][40]. - The domestic market for hearing aids is still developing, with significant potential for growth as local companies like JinHao Medical expand their market share [2][46]. Financial Forecast and Valuation - The company is projected to generate revenues of CNY 141.46 million, CNY 159.88 million, and CNY 181.42 million for the years 2024, 2025, and 2026, respectively, with expected growth rates of -19.11%, 13.02%, and 13.47% [2][51]. - The forecasted net profit for the same period is CNY 2.24 million, CNY 15.52 million, and CNY 17.09 million, reflecting a significant recovery in profitability by 2025 [2][51]. - The current market valuation corresponds to a price-to-earnings (P/E) ratio of 468, 68, and 61 for the years 2024, 2025, and 2026, respectively [2][55].

Investment Rating - The investment rating for the company is "Buy (Maintain)" with a current price of 11.28 CNY and a target price of 19.04 CNY over a 6-month period [1]. Core Views - The company achieved record-high revenue and net profit in Q2 2024, with revenue of 7.90 billion CNY, up 19.82% year-on-year and 19.47% quarter-on-quarter, and net profit of 1.67 billion CNY, up 33.41% year-on-year and 58.2% quarter-on-quarter [3]. - The company is progressing well with its projects, including the intelligent factory for calcium carbide and humanoid robots, which are expected to drive future growth [3]. - The company has launched an employee stock ownership plan to enhance management quality and incentivize employees for long-term sustainable development [3]. - Future revenue projections for 2024-2026 are 31.55 billion CNY, 39.54 billion CNY, and 48.99 billion CNY, with net profits of 6.93 billion CNY, 9.09 billion CNY, and 10.70 billion CNY respectively, indicating a strong growth trajectory [4][5]. Financial Summary - The company reported a revenue of 14.52 billion CNY for the first half of 2024, a year-on-year increase of 4.51%, while the net profit attributable to shareholders was 2.73 billion CNY, down 18.71% year-on-year [2]. - The revenue breakdown shows that intelligent manufacturing equipment revenue was 9.04 billion CNY (down 9.38% year-on-year), industrial services revenue was 3.59 billion CNY (up 9.97% year-on-year), and environmental technology and equipment revenue was 1.89 billion CNY (up 188.06% year-on-year) [2]. - The company’s financial forecasts indicate a revenue growth rate of 19.11% for 2023, 23.00% for 2024, 25.30% for 2025, and 23.92% for 2026 [4][5].

S1410523110001 联系人：吴雁宇 执业证书编号： S1410124010015 相对收益 4.34 3.59 4.62 绝对收益 -0.91 -6.81 -10.83 % 1 个月 3 个月 12 个月 数据来源：iFinD，截至 2024 年 9 月 13 日 注：相对收益与沪深 300 相比 相关研究报告 1. 江海证券-行业点评报告-通信行业：大 模型持续迭代，算力产业链深度受益 – 20240517 2. 江海证券-行业点评报告-通信行业：AI 产业持续发展，算力产业链深度受益 -20240605 3. 江海证券-行业点评报告-通信行业：AI 产业标准建设提速，算力产业链持续受益 -20240703 通信行业事件点评报告 受益 证券研究报告·行业点评报告 2024 年 9 月 18 日 江海证券研究发展部 分析师：周彪 大模型进化重要一步，算力产业链持续 执业证书编号： 事件： ◆2024 年 9 月 12 日，Open AI 推出全新大模型 o1；对于复杂推理任务而言，其是 重大进步，代表 AI 能力新水平。 投资要点： ◆ o1 的亮点是在解决复杂推理问题方面，展现出明显进步。 在解决 ...

证券研究报告·行业点评报告 2024 年 9 月 13 日 江海证券研究发展部 执业证书编号： S1410524050001 行业评级：增持（维持） 相对收益 -2.70 -3.48 -7.91 绝对收益 -7.95 -13.88 -23.90 近十二个月行业表现 % 1 个月 3 个月 12 个月 数据来源：同花顺 iFinD，截至 2024 年 9 注：相对收益与沪深 300 相比 1、创新是医药行业永恒主题和核心驱动力 -20240912 ◆近期，国务院新闻办公室举行了"推动高质量发展"系列主题新闻发布会，国 家药品监督管理局局长李利及多位副局长详细阐述了药品监管领域的最新改 革进展和未来规划，本次发布会揭示了药品监管领域的深刻变革。 投资要点： ◆政策环境：1、严格监管促进产业合规发展：国家药品监督管理局坚持"四个最 严"要求，强化药品全生命周期的动态监管，确保药品安全形势总体稳定。这 一政策背景有助于提升医药行业的整体合规水平，减少监管风险，为优质医药 企业提供更稳定的发展环境；2、支持创新药品和医疗器械研发上市：国家药 品监督管理局通过深化审评审批制度改革，加速创新药品和医疗器械的上市进 程。这一 ...

S1410523110001 联系人：吴雁宇 执业证书编号： S1410124010015 % 1 个月 3 个月 12 个月 相对收益 3.50 4.26 2.65 绝对收益 -0.70 -5.81 -12.78 数据来源：iFinD，截至 2024 年 9 月 11 日 注：相对收益与沪深 300 相比 相关研究报告 1. 江海证券-行业点评报告-通信行业：卫 星互联网事件催化不断，重视板块投资机 会-20240604 2. 江海证券-行业点评报告-通信行业：千 帆星座发射成功，政策暖风频频吹来 -20240807 通信行业事件点评报告 证券研究报告·行业点评报告 2024 年 9 月 12 日 江海证券研究发展部 分析师：周彪 执业证书编号： 朱雀三号发射成功，技术取得重大突破 事件： 行业评级：增持（维持） ◆2024 年 9 月 11 日，由蓝箭航天空间科技股份有限公司自主研发的朱雀三号 VTVL-1 可重复使用垂直起降回收试验箭，在我国酒泉卫星发射中心·蓝箭航 天液氧甲烷火箭发射工位，圆满完成十公里级垂直起降返回飞行试验。 投资要点： ◆朱雀三号 VTVL-1 试验箭为单级液氧甲烷火箭，本次试验空 ...

证券研究报告·行业点评报告 2024 年 9 月 12 日 江海证券研究发展部 医药行业点评报告 创新是医药行业永恒主题和核心驱动 力 事件： 行业评级：增持（维持） ◆2024 年 9 月 13 日至 17 日(欧洲当地时间)ESMO 大会在西班牙巴塞罗那以 线上结合线下的形式举行。 ◆2024 年 9 月 10 日，国家药监局药品审评中心（CDE）官网公示，百济神州申 报的 1 类新药 BGB-58067 片临床试验申请获得受理。根据百济神州公开资料， BGB-58067 是一款 PRMT5 抑制剂，为百济神州实体瘤在研产品，预计于 2024 年进入临床研究阶段。根据 CDE 官网查询，这是该产品首次在中国申报临床。 投资要点： ◆ESMO 大会与中国创新药企亮相：ESMO（欧洲肿瘤内科学会）年会作为全球 最具影响力的肿瘤学盛会之一，每年都能吸引来自世界各地的顶尖专家、学者 和从业者。它不仅是一个展示最新科研成果、交流临床经验的平台，也是推动 全球肿瘤学发展的重要力量。2024 年 ESMO 年会在西班牙巴塞罗那的举办，特 别是采用线上结合线下的形式，是展示肿瘤领域最新研究成果和创新药物的重 要平台，将进 ...

Investment Rating - The industry rating is maintained at "Overweight" [2] Core Insights - The textile and apparel industry is facing challenges such as slowing demand in major markets, increasing trade barriers, and declining export prices, leading to a low growth rate of 1% in textile and apparel exports for the first eight months of 2024 [2] - Despite these challenges, Chinese export companies are successfully diversifying their international markets, particularly in emerging economies in Southeast Asia, Africa, Latin America, and Central Asia, with a notable 8.9% year-on-year increase in exports to ASEAN countries [2] - The textile and apparel sector saw a double-digit revenue growth in the first half of the year, but net profit was under pressure, with key apparel brands experiencing a revenue decline of 4.52% while textile manufacturing companies showed a revenue growth of 23.12% [2] - The report suggests focusing on export-oriented textile manufacturing companies such as Weixing Co., Huali Group, and Kairun Co. due to their better performance compared to apparel brands [2] Summary by Sections Recent Industry Performance - From January to August 2024, textile and apparel exports totaled $197.77 billion, with textile exports at $93.07 billion (up 3.5%) and apparel exports at $104.71 billion (down 1%) [2] - Vietnam's textile exports reached $24.32 billion in the same period, with a growth rate of 7.94% [2] Investment Highlights - The domestic retail sales for clothing showed a slight increase of 0.1% year-on-year, indicating a weak consumer confidence index and overall consumption market [2] - The report emphasizes the importance of focusing on textile manufacturing companies that are benefiting from international brand replenishment demand and increased order concentration towards leading enterprises [2]