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 医疗器械行业报告 集采新政激活康复市场，人工耳蜗迎发 展机遇 事件： 行业评级：增持（首次） 近十二个月行业表现 ◆近期，国家医疗保障局将人工耳蜗等高值医用耗材纳入集采范围的决策，为康 复医疗市场注入了新的活力。 ◆政策背景：2024 年 9 月 10 日，国家医疗保障局副局长颜清辉在国新办新闻发布 会上宣布，医保部门将开展新批次国家组织药品和高值医用耗材集采，明确将 人工耳蜗等高值医用耗材纳入集采范围。此前，国家医保局党组成员、副局长 施子海带队赴天津调研，实地考察高值医用耗材集中采购工作，并强调加快推 进新批次集采，确保中选产品及时进院使用。这一系列举措旨在通过集采降低 患者医疗负担，提升医疗服务质量和可及性，同时推动医药行业健康发展。 投资要点： ◆市场需求变化：（1）老年康复需求激增：随着我国人口老龄化加速，老年康复 医疗服务需求持续增长。据数据显示，我国 60 岁以上老年人口中，耳聋发病率 较高，而许多老年人因经济原因未能植入人工耳蜗。集采政策实施后，人工耳 蜗费用将大幅降低，有望激发老年群体的井喷式需求；（2）认知健康 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage with a current price of 27.44 yuan [1]. Core Insights - The company, Shuguang Data Infrastructure Innovation Technology (Beijing) Co., Ltd., focuses on liquid cooling data center products and has seen significant growth in its cold plate liquid cooling segment, with a revenue increase of 430.66% year-on-year in 2023 [1]. - The liquid cooling technology is becoming a mainstream solution in the industry, with the Chinese liquid cooling data center market projected to grow from 26.09 billion yuan in 2019 to 128.32 billion yuan by 2025, representing a CAGR of 30.41% [1][29]. - The company is actively expanding into overseas markets, having established a wholly-owned subsidiary in Singapore and winning contracts for data center projects in Malaysia [1]. Company Overview - The company was established in January 2002 and is headquartered in Beijing, focusing on the research, development, production, and sales of liquid cooling data center products [5]. - As of August 30, 2024, the controlling shareholder is Shuguang Information Industry (Beijing) Co., Ltd., holding a 62.07% stake, with the actual controller being the Institute of Computing Technology, Chinese Academy of Sciences [1][8]. Industry Analysis - The data center infrastructure industry is regulated by several national authorities, and there is a strong push from government policies to adopt energy-efficient liquid cooling technologies [13]. - The cooling technology landscape includes both air cooling and liquid cooling, with liquid cooling expected to replace traditional air cooling due to increasing power density in data centers [18]. - The report highlights that the liquid cooling market is expected to see substantial growth, with the infrastructure market projected to expand from 6.47 billion yuan in 2019 to 24.53 billion yuan by 2025, reflecting a CAGR of 24.87% [29].

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" with a current price of 63.99 CNY and a target price of 67.50 CNY over a 6-month period [1]. Core Insights - The company reported a total revenue of 172 million CNY for the first half of 2024, reflecting a year-on-year increase of 0.49%, while the net profit attributable to shareholders decreased by 27.69% to 37 million CNY, primarily due to increased operating expenses [3][5]. - The second quarter of 2024 saw revenue growth both year-on-year (+8.96%) and quarter-on-quarter (+10.44%), although net profit faced a decline due to rising sales and management expenses [3]. - The company is increasing its R&D investments to strengthen its market position, with R&D expenses rising by 16.79% year-on-year in the first half of 2024 [3]. - The company is actively expanding into overseas markets, with the commercialization of humanoid robots expected to create significant growth opportunities [3]. Financial Summary - For 2024, the company is projected to achieve revenues of 410 million CNY, with a year-on-year growth of 15.2%, and a net profit of 76 million CNY, reflecting a decline of 10% [5]. - The company’s financial ratios indicate a return on equity (ROE) of 3.7% for 2024, with earnings per share (EPS) expected to be 0.45 CNY [5][7]. - The estimated price-to-earnings (P/E) ratio for 2024 is 142.6 times, which is expected to decrease to 84.7 times by 2026 [5][7].

社会服务行业点评报告 证券研究报告·行业点评报告 2024 年 9 月 11 日 江海证券研究发展部 暑运收官，中秋假期旅游预定起势明显 分析师：吴春红 执业证书编号： S1410524050001 事件： 联系人：黄燕芝 执业证书编号： S1410123120005 近十二个月行业表现 注：相对收益与沪深 300 相比 数据来源：同花顺 iFinD，截至 2024 年 9 月 10 日数据 ◆暑运期间（7 月 1 日至 8 月 31 日），全国铁路累计发送旅客 8.87 亿人次，日均 发送旅客 1431.2 万人次，创暑运旅客发送量历史新高；民航暑运旅客运输量同 样创出历史新高，达 1.4 亿人次，日均 228.9 万人次，较 2019 年、2023 年分别 增长 17.7％和 12.3％。 ◆9 月 4 日，飞猪发布《2024 中秋假期出游风向标》显示中秋假期旅游的预定起 势明显，截至当日，国内酒店、国内租车、国内门票等预定量较 2019 年同期增 长双位数以上，和端午假期相比，中秋假期的预定量也明显加大。 投资要点： ◆暑期出入境游高增，其中入境游订单同比增长约七成，出境游订单同比增长超 四成。境外游客 ...

Investment Rating - The investment rating for the company is "Buy" [3]. Core Insights - The company, Beijing Kaide Quartz Co., Ltd., has achieved breakthroughs in domestic substitution for high-end quartz products, particularly in the semiconductor industry, and is recognized as a national "specialized and innovative" small giant enterprise [3][8]. - The company's revenue has shown robust growth, with a five-year CAGR of 18.56%, and a significant increase of 39.16% year-on-year in the first half of 2024 [3][14]. - The semiconductor industry is experiencing a recovery, which is expected to positively impact the demand for quartz products [3][23]. - The company has successfully developed key quartz components for 8-inch wafers, addressing the critical issue of domestic substitution for quartz components in integrated circuit processes [3][8]. Summary by Sections 1. Company Overview - Beijing Kaide Quartz was established in 1997 and has over 20 years of experience in providing customized quartz products for military semiconductor integrated circuit production lines [3][8]. - The company has a concentrated shareholding structure, with the largest shareholder holding 19.83% of the shares [3][11]. 2. Financial Performance - The total revenue of Kaide Quartz increased from 111 million yuan in 2018 to 260 million yuan in 2023, with a strong growth momentum [3][14]. - The company's gross margin has remained relatively stable, with figures ranging from 38.90% to 48.08% from 2018 to 2023 [3][17]. - In the first half of 2024, the company reported a revenue of 157 million yuan, a year-on-year increase of 39.16%, primarily driven by sales of semiconductor quartz products [3][14]. 3. Industry Dynamics - The semiconductor industry is recovering, which is expected to enhance the demand for quartz products used in semiconductor manufacturing [3][23]. - The company has achieved a breakthrough in domestic substitution for high-end quartz products, particularly in the 8-inch and 12-inch quartz products, which have long been dominated by foreign companies [3][8]. 4. Product Lines and Applications - The main products of Kaide Quartz include quartz instruments, quartz pipelines, and quartz boats, which are widely used in semiconductor integrated circuit manufacturing and the photovoltaic solar industry [3][23]. - The company's semiconductor quartz glass products accounted for 76.97% of its revenue in the first half of 2024, indicating a strong focus on this segment [3][18]. 5. Profitability Forecast and Valuation - The company is expected to achieve revenues of 353 million yuan, 471 million yuan, and 617 million yuan in 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 36.07%, 33.16%, and 31.19% [3][4]. - The average PE ratios for comparable companies are projected to be 16.03, 12.08, and 9.74 for 2024, 2025, and 2026, respectively [3][4].

证券研究报告·行业点评报告 2024 年 9 月 11 日 江海证券研究发展部 医药行业点评报告 儿童药品清单出炉，激发兼具品牌影响 力和研发实力的企业崭露头角 分析师：吴春红 事件： 行业评级：增持（维持） % 1 个月 3 个月 12 个月 ◆2024 年 9 月 9 日国家卫生健康委网站发布了国家卫生健康委、工业和信息化部 和国家药监局联合制定了《第五批鼓励研发申报儿童药品清单》。 投资要点： ◆我国儿童药品清单的历次发布和实施，儿童用药的研发进展显著加速，市场供 应状况得到改善。前四批的实施情况取得不错的进展，从 2016 年以来，国家卫 生健康委会同有关部门，先后制定并发布了四批含 129 种药品的《鼓励研发申 报儿童药品清单》。其中的 30 个药品已获批上市，覆盖神经系统用药、消化道 和新陈代谢用药、心血管系统用药等 8 个治疗领域，其中有 15 个是罕见病用药。 主要有以下成效：一是填补国内用药空白。前四批清单 30 个已上市药品中，27 个为清单发布后首次获批上市，且其中 12 个为国内新通用名药品，如国内首个 治疗儿童痉挛症罕见病的氨己烯酸散剂，国内首个治疗新生儿低氧性呼吸衰竭 和肺动脉高压 ...

电子行业事件点评报告 证券研究报告·行业点评报告 2024 年 9 月 11 日 江海证券研究发展部 苹果举办 2024 年秋季发布会，发布一 系列新产品 分析师：周彪 执业证书编号： S1410523110001 相对收益 0.24 5.00 -1.15 % 1 个月 3 个月 12 个月 绝对收益 -3.84 -5.58 -15.70 数据来源：iFinD，截至 2024 年 9 月 10 日 注：相对收益与沪深 300 相比 相关研究报告 1. 手机二季度出货量保持增长，行业景气 度持续复苏中 - 2024.08.05 2. 5 月国内市场手机出货量同比增长，关 注相关产业链公司 - 2024.07.12 3. 苹果举办 2024 年度 WWDC 全球开发 者 大 会 ， " 苹 果 智 能 " 为 最 大 看 点 - 2024.06.12 事件： ◆苹果举办 2024 年秋季新品发布会。2024 年 9 月 10 日，苹果举办 2024 年秋季新 品发布会，并发布了一系列新产品。 投资要点： ◆苹果发布 iPhone 16 系列手机。2024 年 9 月 10 日，苹果举办 2024 年秋季新品发 布 ...

证券研究报告·行业点评报告 2024 年 9 月 10 日 江海证券研究发展部 医药行业点评报告 医疗领域政策开放带动相关产业链的 完善和发展，快速布局抓住先机 分析师：吴春红 事件： 执业证书编号： S1410524050001 行业评级：增持（维持） ◆商务部、国家卫生健康委、国家药监局 2024 年 9 月 7 日发布关于在医疗领域开 展扩大开放试点工作的通知。 投资要点： ◆中国医疗领域的改革与外商投资政策的开放趋势愈发显著，特别是在生物技术 和医疗服务领域。本次开放试点工作的通知不仅明确了试点范围、开放领域及 具体措施，还展现了国家在推动医疗高质量发展、满足民众健康需求方面的坚 定决心。本次通知核心关键点有以下二个方面：第一人体干细胞、基因诊断与 治疗技术开发与应用：自通知印发之日起，在中国（北京）自由贸易试验区、 中国（上海）自由贸易试验区、中国（广东）自由贸易试验区和海南自由贸易 港，允许外商投资企业从事人体干细胞、基因诊断与治疗技术的开发和技术应 用，以用于产品的注册上市和生产。所有经过注册上市和批准生产的产品，可 在全国范围内使用。第二外商独资医院的设立：拟允许在北京、天津、上海、 南京、苏 ...

证券研究报告·行业点评报告 2024 年 9 月 10 日 江海证券研究发展部 钢铁行业点评报告 执业证书编号： ◆实施重点排放单位名录管理以及配额管理。《方案》指出，水泥、钢铁、电解 铝行业管控化石燃料燃烧、工业过程等产生的直接排放。水泥、钢铁行业管控 温室气体种类为二氧化碳，电解铝行业管控温室气体种类为二氧化碳、四氟化 碳和六氟化二碳。水泥、钢铁、电解铝行业中年度温室气体直接排放达到 2.6 万 钢铁等行业将纳入全国碳市场，优质企 分析师：周彪 业或将受益 事件： S1410523110001 ◆9 月 9 日，为加快推进扩大全国碳排放权交易市场覆盖范围工作，生态环境部 办公厅发布关于公开征求《全国碳排放权交易市场覆盖水泥、钢铁、电解铝行 业工作方案（征求意见稿）》（以下简称《方案》）意见的函。 投资要点： ◆方案提出分两阶段推进碳交易市场覆盖范围。启动实施阶段（2024—2026 年）。 以夯实碳排放管理基础、推动企业熟悉市场规则为主要目标，培育市场主体， 完善市场监管，提升各类主体参与能力和管理水平。2024 年作为水泥、钢铁、 电解铝行业首个管控年度，2025 年底前完成首次履约工作。深化完善阶段（ ...

证券研究报告·公司点评报告 相关研究报告 1、伊之密（300415）： 2024 年一季报 超 预 期 ， 注 塑 机 下 游 需 求 持 续 复 苏 2024.04.22 2、伊之密（300415）：注塑机行业迎来 周期底部反转，注塑机+压铸机双赛道发 展正当时 2024.01.25 | --- | --- | |-------------------------|-----------------------| | | | | | | | 执业证书编号： | S1410524040001 | | 投资评级 : | 买入（维持） | | 当前价格 : | 17.23 元 | | 目标价格 : | 25.56 元 | | 目标期限 : | 6 个月 | | 市场数据 | | | 总股本(百万股 ) | 468.56 | | A 股股本(百万股 ) | 468.56 | | B/H 股股本(百万股 ) | | | A 股流通比例 (%) | 96.11 | | 12 个月最高/最低(元 ) | 25.90/12.50 | | 第一大股东 | 佳卓控股有限公司 | | 第一大股东持股比 例 (%) | 29.32 ...