中银证券：中银晨会聚焦-20240831

Key Insights - The report highlights a recovery in the electronic sector, particularly for the company 普冉股份, which reported a significant revenue increase of 91.22% year-on-year for the first half of 2024, reaching 896 million yuan, and achieved a net profit of 136 million yuan, marking a turnaround from losses [2][3] - The construction materials sector, represented by 垒知集团, experienced a decline in revenue by 21.06% year-on-year, totaling 1.179 billion yuan, with a net profit decrease of 42.02% to 72 million yuan [5][6] - In the pharmaceutical and biotechnology sector, 三友医疗 reported a revenue drop of 24.86% in the first half of 2024, amounting to 212 million yuan, but showed signs of recovery with a 3.51% year-on-year increase in Q2 revenue [8][9] Electronic Sector - The company 普冉股份 benefited from a recovery in demand from downstream consumer electronics, leading to a notable increase in shipment volumes and a return to profitability [2] - The storage business segment achieved a revenue of 724 million yuan in the first half of 2024, reflecting a year-on-year growth of 70.81%, with a gross margin of 34.81% [3][4] - The "storage+" strategy is being effectively implemented, with revenue from this segment reaching 172 million yuan, a year-on-year increase of 284.61% [4] Construction Materials Sector - 垒知集团's revenue for the first half of 2024 was 1.179 billion yuan, down 21.06% from the previous year, with a significant drop in net profit [5][6] - The company faced challenges with cash flow, reporting a negative operating cash flow of 74 million yuan in the first half of 2024, a shift from positive to negative [6] Pharmaceutical and Biotechnology Sector - 三友医疗's Q2 results showed a revenue increase of 45.38% quarter-on-quarter, indicating a potential turning point for the company after a challenging period [8][9] - The company is focusing on enhancing its R&D capabilities, with R&D expenses increasing by 47.09% year-on-year, reflecting a commitment to innovation and market competitiveness [9]