山西证券：研究早观点-20241014

Group 1: Market Overview - The report highlights a significant decline in major indices, with the Shanghai Composite Index closing at 3,217.74, down 2.55% [1] - The overall market sentiment appears negative, with declines across various indices including the Shenzhen Component Index and the ChiNext Index [1][2] Group 2: Power Industry Analysis - The power industry showed a stable supply-demand balance in the first half of 2024, with electricity consumption reaching 46,575 billion kWh, a year-on-year increase of 8.1% [3][4] - Hydropower revenue grew significantly, with a 15.8% increase in the second quarter, while thermal power revenue declined by 9.5% [3][4] - The overall profit margin for the power sector improved, with a gross margin of 23.4% in the first half of 2024, up 2.8 percentage points year-on-year [3][4] Group 3: Thermal Power Sector - The thermal power sector faced revenue challenges, with a 3.0% year-on-year decline in the first half of 2024, and a more pronounced 9.5% drop in the second quarter [4] - Despite revenue pressures, the gross margin for thermal power improved to 15.0%, reflecting a 3.2 percentage point increase year-on-year [4] - The net profit for the thermal power sector surged by 48.3% year-on-year in the first half of 2024, driven by cost improvements [4] Group 4: Hydropower Sector - The hydropower sector experienced a robust recovery, with revenue growth of 10.9% in the first half and 15.8% in the second quarter of 2024 [5] - The gross margin for hydropower reached 47.9%, an increase of 3.6 percentage points year-on-year, with net profit rising by 26.3% [5] - The sector's debt repayment capacity showed improvement, with several companies reporting positive revenue growth [5] Group 5: Green Power Sector - The green power sector's revenue remained stable, with a slight increase of 0.1% in the first half of 2024, but a decline of 2.3% in the second quarter [5] - The gross margin for green power decreased to 43.5%, down 2.1 percentage points year-on-year, with net profit declining by 6.2% [5] - Despite challenges, some companies within the green power sector reported improved performance [5] Group 6: Investment Strategy - The report suggests that electricity demand growth is expected to outpace GDP growth, driven by new energy industries and high energy consumption sectors [5] - The thermal power sector may see a recovery as fuel prices stabilize, while hydropower is expected to benefit from improved water conditions [5] - Long-term prospects for hydropower remain positive, with potential for increased market prices and improved dividend ratios [5] Group 7: Longi Technology Overview - Longi Technology is positioned as a leading player in the semiconductor packaging industry, focusing on high-value applications [10][11] - The company has a strong patent portfolio and positive cash flow, indicating robust self-sustaining capabilities [10][11] - The acquisition of Shendi Semiconductor enhances Longi's storage packaging capabilities and market share in the NAND sector [12] Group 8: Auto Electronics and Future Growth - Longi Technology is expanding its automotive electronics segment, which is a strategic move to tap into high-value applications [11][12] - The company is also investing in advanced packaging technologies to meet the growing demand for high-performance chips [11][12] - The partnership with Western Digital through the acquisition is expected to strengthen Longi's market position in the storage sector [12] Group 9: Autoimmune Drug Market - The global autoimmune drug market is rapidly growing, with a market size of $132.3 billion in 2022 projected to reach $176.7 billion by 2030 [13][14] - The report notes a significant increase in the commercialization of domestic IL-17 and IL-4R monoclonal antibodies [13][14] - The penetration of biological agents in autoimmune diseases is expected to increase, with new drug breakthroughs anticipated [13][14] Group 10: Key Companies in Autoimmune Drugs - Key players in the autoimmune drug market include Heng Rui Medicine, Innovent Biologics, and Changchun High-tech [14] - The report emphasizes the importance of drug efficacy and safety for long-term treatment in autoimmune diseases [14]