Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company is a leading player in the recombinant collagen market, with significant growth potential as the market is expected to expand from 39.7 billion yuan in 2022 to 173.8 billion yuan by 2027, reflecting a CAGR of 33% [2]. - The company has established a comprehensive industrial chain, from the production of key functional protein raw materials to the development and application of medical devices and functional skincare products [2][10]. - The primary revenue source is recombinant collagen medical device products, which accounted for 87.14% of total revenue in 2023, while functional skincare products contributed 9.73% [2][10]. - The company has successfully completed key foundational research on various types of recombinant human collagen and is actively exploring applications in multiple medical fields [2][14]. Summary by Sections Company Overview - The company was founded in 2008 and has focused on functional proteins for many years, launching its first recombinant type III collagen product in 2014 [8]. - It has built a full industrial chain and received the first Class III medical device approval in China for its recombinant type III human collagen lyophilized fiber product in 2021 [8][10]. Industry Overview - The collagen market in China is projected to grow significantly, with the recombinant collagen segment expected to reach 108.3 billion yuan by 2027, capturing 62.3% of the overall collagen market [2]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are 1.35 billion yuan, 2.11 billion yuan, and 2.93 billion yuan, respectively, with corresponding net profits of 564 million yuan, 870 million yuan, and 1.19 billion yuan [2][3]. - The current market valuation corresponds to a PE ratio of 25, 16, and 12 for the years 2024-2026, respectively, compared to an average of 26.3 for comparable companies [2][3]. Management Team - The company is led by founder Yang Xia, who holds 58.89% of the shares, and the management team has extensive medical backgrounds and long tenures, which enhances operational stability [24][26].

证券研究报告·行业点评报告 2024 年 8 月 2 日 江海证券研究发展部 医药行业点评报告 医保收支增速促进医药行业政策积累 分析师：吴春红 效应正在呈现 事件： 执业证书编号： S1410524050001 行业评级：增持（维持） % 1 个月 3 个月 12 个月 相对收益 0.54 -7.84 -7.18 绝对收益 -0.49 -12.34 -21.44 数据来源：同花顺 iFinD，截至 2024 年 7 近十二个月行业表现 ◆国家医保局 7 月 25 日发布《2023 年全国医疗保障事业发展统计公报》。公报显 示，2023 年，中国特色医疗保障制度持续完善，管理服务提质增效，医保制度 运行总体平稳，群众待遇巩固完善，基金运行安全可持续。 投资要点： ◆医保整体运行节奏稳定，收支稳定增长，医药行业的长期需求增长确定性突出， 促进医药行业政策积累效应正在呈现。截至 2023 年底，全国基本医疗保险（以 下简称基本医保）参保 133389 万人。2023 年，全国基本医疗保险（含生育保险） 基金总收入33501.36亿元，全国基本医疗保险（含生育保险）基金总支出28208.38 亿元，2023 年统筹 ...

证券研究报告·行业点评报告 2024 年 8 月 2 日 江海证券研究发展部 医药行业点评报告 审评审批流程的优化加速创新药供给 分析师：吴春红 端改革和上市速度 事件： ◆2024 年 7 月 31 日为落实党中央、国务院关于加快发展新质生产力的工作部署， 持续深化药品审评审批制度改革，提升药品审评审批效能，支持创新药研发， 国家药监局制定了《优化创新药临床试验审评审批试点工作方案》。 投资要点： ◆审评审批流程的优化，加速创新药供给端改革和上市速度。优化创新药临床试 验审评审批流程，强化申请人责任，提升风险识别和管理能力，实现 30 个工作 日内完成审评审批，缩短临床试验启动时间，缩短创新药从研发到上市的时间。 持续深化药品审评审批制度改革，提升药品审评审批效能，支持创新药研发， 国家药监局决定开展优化创新药临床试验审评审批改革试点，特制定本工作方 案。通知实施步骤从试点申请（区域、机构、项目）到审评审批最后启动实施 药物临床试验。（1）试点项目范围为 1 类创新药（细胞和基因治疗产品、疫苗 产品等除外）临床试验申请。（2）药审中心在受理临床试验申请后 30 个工作 日内完成审评审批。获批后 12 周内启 ...

Investment Rating - The industry rating is Neutral (maintained) [2] Core Viewpoints - The global forklift industry has entered a mature phase, with a steady growth trend observed. The market sales volume increased from 988,800 units in 2013 to 2,006,300 units in 2022, achieving a compound annual growth rate (CAGR) of 8.18% [1][25]. - China dominates the global forklift market, accounting for 34.31% of the global market share and 73.90% of the Asian market share in 2022. The domestic forklift industry reached a scale of 662,100 units in the first half of 2024, representing a year-on-year growth of 13.09% [1][32][37]. - The competition in the domestic forklift market remains relatively stable and concentrated, with three companies—Anhui Heli, Hangcha Group, and Zhongli—holding approximately 63% of the market share. The market dynamics differ between internal combustion and electric forklifts [1][45]. Summary by Sections 1. Forklift Overview - Forklifts are a crucial part of industrial vehicles, designed for tasks such as loading, unloading, short-distance transportation, and stacking, contributing to improved logistics efficiency and reduced labor intensity [1][15]. - The forklift's characteristics include strong versatility, high mobility, and a large operational radius, making them essential in various applications, including factories, warehouses, and ports [1][15]. 2. Electricization Driving Development - The global forklift industry is experiencing a significant shift towards electric models, with electric forklift sales growing from 534,700 units in 2013 to 1,415,800 units in 2022, achieving a CAGR of 11.43%. In contrast, internal combustion forklifts only grew at a CAGR of 2.96% during the same period [27]. - The market share of electric forklifts has increased from 54.08% in 2013 to 70.57% in 2022, indicating a clear trend towards electrification in the industry [27]. 3. Industry Chain and Investment Suggestions - The investment suggestion emphasizes focusing on companies with strong competitive capabilities and scale advantages in the electric forklift and forklift robotics sectors, as the future trend leans towards electrification and automation [1].

证券研究报告·行业点评报告 2024 年 8 月 1 日 江海证券研究发展部 电力设备行业事件点评报告 高层定调促进低空经济发展，关注产业 分析师：张诗瑶 链投资机会 事件： 执业证书编号： % 1 个月 3 个月 12 个月 相对收益 1.91 -6.58 -20.10 绝对收益 0.87 -12.48 -33.84 数据来源：iFind 截止日期：2024 年 7 月 31 日 执业证书编号： S1410524040001 联系人：王金帅 S1410123090009 行业评级：增持（维持） 近十二个月行业表现 ◆中共中央政治局 7 月 30 日下午就推进现代边海空防建设进行第十六次集体学 习。中共中央总书记习近平在主持学习时发表重要讲话，强调要做好国家空中 交通管理工作，促进低空经济健康发展。要优化人民防空建设模式，构建现代 人民防空体系。 投资要点： ◆低空经济是低空飞行活动与产业融合的新型经济形态。低空经济是以各种有人 驾驶和无人驾驶航空器的各类低空飞行活动为牵引，辐射带动相关领域融合发 展的综合性经济形态，具有产业链条长、辐射面广、成长性和带动性强等特点。 中国低空经济产业链上游为原材料与核心零部 ...

执业证书编号： S1410523110001 联系人：吴雁宇 执业证书编号： S1410124010015 当前价格: 9.42 元 目标价格: 20.80 元 目标期限: 12 个月 市场数据 总股本(百万股) 2152.52 A 股股本(百万股) 2152.52 B/H 股股本(百万股) 0.00 A 股流通比例(%) 88.62 12 个月最高/最低(元) 12.98/8.33 第一大股东 金锋 第一大股东持股比 例(%) 14.38 上证综指/沪深 300 2938.75/3442.08 数据来源：iFinD,截至 2024 年 7 月 31 日 近十二个月股价表现 % 1 个月 3 个月 12 个月 相对收益 -0.80 -8.77 -22.09 绝对收益 -1.36 -12.62 -36.35 数据来源：iFinD,截至 2024 年 7 月 31 日 证券研究报告·公司点评报告 2024 年 8 月 1 日 江海证券研究发展部 恺英网络 002517 传媒行业 分析师：周彪 形意大模型升级，核心管理层增持 事件： 投资评级: 买入（维持） ◆2024 年 7 月 26 日，恺英网络投资者关系微信 ...

Investment Rating - The industry investment rating is upgraded to "Overweight" [2] Core Insights - The delivery of the C919 aircraft is accelerating, with Eastern Airlines receiving its 7th unit, indicating a stable operation of the domestic large aircraft [2] - Eastern Airlines has expanded its C919 fleet to 7 units, with plans for 3 more deliveries this year, leading to a projected total of 9 deliveries, a significant increase from 3 in 2023 [2] - Other domestic airlines are set to receive their first C919 aircraft in the second half of the year, further enhancing the commercial rollout of the aircraft [2] - Commercial routes for the C919 have been established, with Eastern Airlines operating 366 flights and transporting over 49,000 passengers at an average load factor of 86% [2] - COMAC is actively participating in international airshows to promote its aircraft models, laying the groundwork for expanding its overseas market presence [2] - The acceleration in C919 deliveries is expected to positively impact related companies in the supply chain, suggesting potential investment opportunities [2] Summary by Sections Industry Performance - As of July 30, 2024, the relative returns over 1 month, 3 months, and 12 months are 6.61%, 7.13%, and 1.59% respectively, while absolute returns are 3.94%, 0.11%, and -14.02% [2] Delivery and Operations - Eastern Airlines has received 3 C919 aircraft this year, with a total of 7 in operation, and plans for additional deliveries [2] - The C919's operational stability is evidenced by its performance metrics, including flight frequency and passenger load [2] Market Expansion - COMAC's participation in international exhibitions is aimed at enhancing its global market outreach and establishing partnerships [2] - The report suggests monitoring specific companies that may benefit from the C919's delivery acceleration [2]

证券研究报告·行业点评报告 2024 年 7 月 31 日 江海证券研究发展部 电力设备行业事件点评报告 两网投资额持续提升，重视电网设备更 分析师：张诗瑶 执业证书编号： 新带来的投资机会 事件： 执业证书编号： 近十二个月行业表现 % 1 个月 3 个月 12 个月 ◆近日，根据新华网与国家电网信息，为加快构建新型电力系统，促进新能源高 质量发展，推动大规模设备更新改造，国家电网公司 2024 年电网投资将完成 6000 亿元，首次突破 6000 亿元大关，同比增速达 13.4%。 ◆据报道，南方电网正全面推进电网设备大规模更新，预计 2024 年至 2027 年， 大规模设备更新投资规模将达到 1953 亿元。其中，2024 年年中将增加投资 40 亿元，全年投资规模达到 404 亿元，力争到 2027 年实现电网设备更新投资规模 较 2023 年增长 52%。 投资要点： ◆两网资本支出持续提升，推进电网设备大规模更新。国家电网投资首次突破 6000 亿元，同比新增投资 711 亿元，新增投资主要用于特高压交直流工程建设、加 强县域电网与大电网联系、电网数字化智能化升级，更好保障电力供应、促进 西部地 ...

证券研究报告·行业点评报告 2024 年 7 月 30 日 江海证券研究发展部 传媒行业事件点评报告 分析师：周彪 S1410523110001 7 月国产游戏版号发放，继续提示投资 执业证书编号： 机会 联系人：吴雁宇 执业证书编号： S1410124010015 事件： ◆2024 年 7 月 25 日，伽马数据发布《2024 年 1-6 月中国游戏产业报告》。 ◆2024 年 7 月 22 日，国家新闻出版署发放 2024 年 7 月国产网络游戏版号。 投资要点： ◆2024 年 1-6 月中国游戏市场收入平稳，小程序游戏成为亮点。 据伽马数据，2024 年 1-6 月，中国游戏市场实际销售收入 1472.67 亿元，同比增 长 2.08%；中国游戏用户规模为 6.74 亿人，同比增长 0.88%，再创新高。分区 域来看，2024 年 1-6 月，我国自主研发游戏国内市场实际销售收入 1177.36 亿元， 同比减少 3.32%，主因是部分头部产品收入下降较为明显；中国自主研发游戏 海外市场实际销售收入为 85.54 亿美元，同比增长 4.24%，主因是部分新上线产 品出现爆款，带来明显增量。分品类来看 ...

证券研究报告·行业点评报告 2024 年 7 月 30 日 江海证券研究发展部 机械设备行业事件点评报告 加力支持大规模设备更新和消费品以 旧换新点评 分析师：任沐昕 事件： 执业证书编号： S1410524050002 行业评级：中性（维持） 近十二个月行业表现 ◆2024 年 7 月 25 日，国家发展和改革委员会与财政部联合发布《关于加力支持大 规模设备更新和消费品以旧换新的若干措施》（以下简称《加力措施》）。 投资要点： ◆持续推进"两新"工作的重要举措。作为"两新"工作（即大规模设备更新和 消费品以旧换新）的落实性政策，自从《推动大规模设备更新和消费品以旧换 新行动方案》（以下简称《方案》）发布的 4 个多月以来，"两新"工作取得 突出成效：2024 年上半年，我国设备工器具购置投资规模同比增长 17.3%，为 全部投资增量的贡献率高达 54.8%，拉动全部投资提升 2.1 个百分点；新增 3160 个智能化社区废旧物资回收设施；机动车回收规模增长 24.8%至 307.4 万辆。为 满足当前人民群众的持续推进"两新"工作的呼声，本次对"两新"工作继续 加码，提出将约 3,000 亿元的超长期特别国 ...