全年增长有望前低后高，估值底部守望柳暗花明 [Table_Industry] 医药生物行业-2024 年中期策略报告 [Tab2l0e_2Re4po年rtDa0t7e]月 09 日 [Table_Title] 证券研究报告 全年增长有望前低后高，估值底部守望柳暗花明 行业研究 [Table_ReportDate] 2024年07月09日 本期内容提要: [Table_ReportType] 行业投资策略 [Ta[Tb复laeb_盘lSeu_m2S0um2m3amr年ya]r 及y] 2024下半年展望：因新冠高基数及院内医疗整顿扰乱销售 [医Ta药bl生e_物Sto ckAndRank] 节奏、院外医疗消费复苏较弱、美国“生物安全法案”等不利的国际环境影 响下，sw生物医药上市公司总收入规模在2024Q1同比仅增长0.7%，利润总 投资评级 看好 额同比增0.5%。医药板块二级市场表现跌幅显著，2023年年初至2024年06 月15日板块跌15.33%，相对沪深300收益率-19.50%，板块当期估值PE(ttm) 上次评级 看好 为 25.86 倍，低于 8 年历史平均值 33.84 倍。我们认为国内集采降 ...

证券研究报告 行业报告：行 业深度研究 2024年07月09日 有色金属 有色资源品的投资逻辑发生了哪些变化？ 作者： 分析师 刘奕町 SAC执业证书编号：S1110523050001 ...

证券研究报告·策略报告·策略深度报告 策略深度报告 20240706 极致分化——2024 年上半年 A 股深度复盘 2024年 07月 06日 [ [T Ta ab bl le e_ _T Sa ug m] mary] ◼ 2024上半年全球大类资产表现：股票市场：全球股市普涨，A股市场表 证券分析师 陈刚 现靠后，红利板块涨幅靠前。债券市场：中美利差走扩，海外主要国家 进入降息周期。外汇：“强美元”格局延续，人民币汇率波动性降低。大 执业证书：S0600523040001 宗商品：全球定价品种上涨，黑色系商品下跌 cheng@dwzq.com.cn 证券分析师 陈李 ◼ 2024 上半年 A 股市场整体走势：2024 上半年大盘深 V 反弹至关键点 执业证书：S0600518120001 位，指数阶段性盘整后再度上行至阶段高点，但此后向上动能稍显不足， 021-60197988 指数开启回调，6月末市场呈现出企稳特征。年初市场延续去年下跌走 yjs_chenl@dwzq.com.cn 势，期间尝试修复但均未果，指数于2月初来到低点后变盘向上，场内 流动性和风险偏好改善，板块轮动补涨，主题充分演绎。指数反弹 ...

Financial Data and Key Metrics Changes - The company expects a revenue growth of 17% to 27% year-on-year for Q2 2024, with net profit growth anticipated between 12% to 27% [2] - The non-deductible net profit growth is expected to be weaker compared to revenue growth, with a decline in net profit margin noted [3][4] - The second quarter's stock option incentive costs were approximately 25.1 million, compared to over 7 million in the same period last year, impacting net profit growth [5] Business Line Data and Key Metrics Changes - Sales expenses increased by over 10 million quarter-on-quarter, attributed to promotional activities and events [7][8] - The company has implemented a total cost leadership strategy, which is expected to offset any price declines in certain channels [10] Market Data and Key Metrics Changes - The company has adjusted the retail price of certain products, such as quail eggs, by approximately 12% to 15% to remain competitive [24][25] - The company is focusing on both mid-range and high-end market segments to capture different consumer demographics [24] Company Strategy and Development Direction - The company is committed to a total cost leadership strategy, aiming to provide consumers with safe, delicious, and healthy snacks at competitive prices [24] - The company is enhancing its brand building efforts while maintaining a focus on cost efficiency and market competitiveness [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain stable growth in the e-commerce sector, particularly on platforms like Douyin [76][77] - The company plans to continue investing in brand building and marketing to prepare for future growth [91] Other Important Information - The company announced a mid-term dividend plan and a share buyback plan to boost investor confidence [2] - The company has a robust cash flow and plans to maintain a high dividend payout ratio in the future [80][82] Q&A Session All Questions and Answers Question: Can you elaborate on the weaker growth in non-deductible net profit compared to revenue? - Management explained that the increase in stock option incentive costs significantly impacted the net profit growth, but adjusting for this would show a healthier growth rate [5][51] Question: What are the plans for brand building and marketing expenses in the second half of the year? - Management indicated that brand investment will continue, with potential increases in spending if performance exceeds expectations [91] Question: How does the company plan to maintain its competitive edge in the market? - Management emphasized the importance of organizational efficiency and continuous talent acquisition to enhance operational capabilities [86][89]

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 江苏金租 原文 20240712_ 2024年07月14日11:40 发言人 00:00 出现了一些重要的点。我们在这个因为是深入的汇报，然后我们分别在一种框架性，从行业到 这个公司的一些基本面，然后再再到优势等等，做了一个比较系统的深入的汇报。这个也是在 七月份，给大家我们做了一个系列，就是各个系列的工作汇报，然后希望大家能够支持。 发言人 00:30 首先，这家公司，从今年以来的业绩表现来看，在首先是一季度的业绩，首先较去年的高低数 据下，其实增速是略有放缓。这个其实是一个，非常正常的现象。因为在整体银行业信用下沉 以及实体经济恢复可能较慢的一个背景之下，这个公司这个业绩的增速有一定的放缓，这个是 比较正常。但是公司也是一个维持稳定的一个态度。因为整体上像我们这种类银行的这样一个 商业模式，其实本质上就是一个放贷款，只不过租赁行业的这个贷款物抵押物，它是这个设备。 整体上这个公司今年以来的这个状态维持一个谨慎的这样一个原则。整体上这个资产投放就是 相较于以往的工作有所下行，其实反映了公司管理层对这个投放的一个谨慎的一个态度。 发言人 01:38 ...

Financial Data and Key Metrics Changes - In Q2, the smartphone shipment volume was 8 million units per month, totaling 24 million units for the quarter, slightly below the previous expectation of 25 million units and down 11% from Q1's 27 million units [1] - The annual smartphone shipment forecast has been revised down to 110 million units, compared to a more optimistic market expectation of 120 million units [1] Business Line Data and Key Metrics Changes - The gross margin in Q2 decreased compared to Q1, primarily due to rising upstream storage costs, which account for approximately 17% of operating costs and about 12% of revenue [1] - The impact of Qualcomm's patent fees is relatively minor compared to raw material price increases and currency exchange, with expected liabilities of 3.323 billion yuan [1] Market Data and Key Metrics Changes - Market share in emerging markets is stabilizing, with Africa at over 40%, Pakistan at over 40%, and Bangladesh at around 30%. India has a growth potential of 7-8%, while South America is still in the early stages of market development [1] - The gross margin in Africa is the highest at 27%-30%, while margins in South Asia (Bangladesh and Pakistan) have improved to around 25% [2] Company Strategy and Development Direction - The company is focusing on expanding its product categories, with a strategic emphasis on household storage solutions in Africa, leveraging local conditions such as abundant sunlight and low electricity coverage [3] - The company is also exploring partnerships for overseas factory setups while maintaining a relatively asset-light model [3] Management Comments on Operating Environment and Future Outlook - Management noted that the overall operating environment remains challenging, with potential price wars in H2 if competitors like Samsung and Xiaomi do not lower prices [1] - The company is maintaining a stable dividend payout ratio of around 80% due to the absence of major capital expenditure plans [2] Other Important Information - The company has maintained a healthy level of raw material inventory, with inventory turnover days increasing from 63 days in Q4 2023 to 73 days in Q1 2024 due to stockpiling in response to rising raw material prices [2] - The company plans to keep R&D expenses at around 3% of revenue while managing sales and administrative expenses effectively [2] Q&A Session Summary Question: Current raw material inventory levels? - The company maintains normal levels of raw material inventory, with a slight increase in turnover days due to stockpiling [2] Question: Progress on AI initiatives? - The company is likely to adopt a hybrid model for AI, focusing on localized applications rather than significant hardware upgrades [2] Question: What is the expected dividend payout ratio? - The company aims to maintain the dividend payout ratio at around 80% [2] Question: Outlook for expense growth? - Sales expenses are expected to remain stable, while management expenses will benefit from scale advantages [2] Question: Gross margin by market? - The gross margin in Africa is the highest, while margins in South Asia are improving [2] Question: Channel inventory levels? - Channel inventory levels are normal, with a slight increase expected due to new product launches [3] Question: Status of expanding product categories? - The company is prioritizing the expansion of product categories and has hired professionals for this initiative [3] Question: Sales personnel count? - The company has a total of 16,000 employees, with half in overseas sales roles [3] Question: Competitors' channel strategies in Africa? - The company has a strong presence in lower-tier cities, which is a competitive advantage over Samsung and others [3]

Financial Data and Key Metrics Changes - In 2023, the company achieved revenue of 6.1 billion RMB, representing a year-on-year growth of 17%, while net profit reached 1.26 billion RMB, showing a significant increase of 59% [3][9][16] - The overall profit margin has steadily improved from 2019 to 2023, with net profit margin experiencing a more substantial increase [4][10] Business Line Data and Key Metrics Changes - The company has developed a series of CPU products, including the 3000, 5000, and 7000 series, with the high-end 7000 series showing the highest gross margin [4][10] - The DCU product line has reached its third generation, with commercial applications already in place for the first two generations [2][9] Market Data and Key Metrics Changes - The company has successfully captured a significant market share in the domestic trust and innovation market, benefiting from rapid development in this sector [4][7] - The DCU products are compatible with major international software and have been applied in various projects, showcasing their adaptability and performance [5][6] Company Strategy and Development Direction - The company aims to expand its market share in the server market and CPU application fields, particularly in mobile workstations and DCU areas, which show strong growth potential [1][7][16] - The company maintains a high level of R&D investment to address supply chain challenges and enhance its innovation capabilities [4][11] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about maintaining good revenue growth and improving net profit margins due to scale effects [7][16] - The company is well-positioned to leverage its technological advancements and market opportunities in the deep computing and mobile workstation sectors [15][16] Other Important Information - The company has established a solid shareholder structure, including significant stakes from the Chinese Academy of Sciences and Chengdu State-owned Assets [3][9] - The company has engaged in 2.2 billion RMB of related party transactions, which are expected to positively impact annual revenue [7][16] Q&A Session Summary Question: In which areas does the company have product iteration capabilities and market share? - The company has obtained AMD authorization in the server sector and has launched corresponding CPU products in the workstation market, achieving a notable market share [8] Question: What is the development history of the company's CPU products? - The CPU development began in 2016-2017, with each generation taking about 2 to 3 years to develop, categorized into high-end (7000 series), mid-range (5000 series), and entry-level (3000 series) applications [8][9] Question: What is the current status of the company's DCU product line? - The DCU product line has three generations, with the first two already commercialized, and the third generation is currently under development [9]

Financial Data and Key Metrics Changes - The company expects a net profit of 400 to 450 million yuan for the first half of 2024, representing a year-on-year growth rate of 125.45% to 153.64% [2] - The expected non-net profit is projected to be 380 to 420 million yuan, with a year-on-year growth rate of 240% to 279.62% [2] - Basic earnings per share are anticipated to be between 0.29 to 0.32 yuan, an increase of 0.16 to 0.19 yuan per share compared to the previous year [2] Business Line Data and Key Metrics Changes - The core growth drivers are identified as the gentle lens and film optical panel, contributing approximately 70% to the revenue increase in the second quarter [4] - The company has seen a significant increase in non-net profit growth compared to net profit growth, indicating improved internal competitiveness and cost management [10] Market Data and Key Metrics Changes - The company has established a strong presence in the North American market, with a market share of about 10% in the IRCF segment [24] - The company has maintained over 50% market share in the high-end camera market in Japan [24] Company Strategy and Development Direction - The company's strategy focuses on globalization, technology-driven development, and open cooperation, aiming to serve top-tier international clients [23][24] - The company is transitioning from a diversified strategy to a focused strategy, concentrating on semiconductor optics and metaverse optics [48] Management's Comments on Operating Environment and Future Outlook - Management emphasized that the recent investigation into a major shareholder will not affect the company's normal operations [7] - The management expressed confidence in maintaining steady growth and highlighted the importance of internal efficiency improvements and product competitiveness [10][49] Other Important Information - The company has invested approximately 1.5 billion yuan in R&D over the past five years, with R&D expenses accounting for about 6% of revenue [28] - The management team has undergone significant restructuring to enhance operational efficiency and governance [16][49] Q&A Session All Questions and Answers Question: Future upgrades with North American major clients - The company anticipates continued upgrades in products with North American clients, particularly in traditional filters and reflective prisms, which are expected to contribute to revenue growth [54] Question: AI and AR market developments - Management acknowledged the potential of AI to drive demand for optical products and emphasized the company's commitment to capturing opportunities in the AR market [62][64] Question: Automotive business and overseas market positioning - The company is optimistic about its automotive business growth, particularly with upcoming orders from overseas clients like Jaguar Land Rover [78]

Financial Data and Key Indicators Changes - In the first half of 2024, the company achieved a coal production of 163.2 million tons, a year-on-year increase of 1.6% [5] - The sales volume reached 229.7 million tons, up 5.4% year-on-year [5] - Total power generation was 104 billion kWh, reflecting a year-on-year growth of 3.8% [6] - The net profit attributable to shareholders is estimated to be between 28.6 billion to 30.6 billion yuan, a year-on-year decrease of 8.1% to 14.1% [6] - Under international financial reporting standards, the expected net profit is between 31.8 billion to 33.8 billion yuan, a decline of 8.4% to 13.8% [6] Business Line Data and Key Indicators Changes - The coal production and sales have shown stable growth, with production increasing by 1.6% and sales by 5.4% [5] - The power generation segment saw a slight increase in output, with a year-on-year growth of approximately 1.9% [16] - The average selling price of electricity has decreased, with a preliminary estimate of a decline of about 0.01 yuan [19] Market Data and Key Indicators Changes - The national electricity consumption increased by approximately 8% in the first half of the year, but the growth in thermal power generation was lower, around 2% to 3% [17] - The average selling price of coal in the first half of the year showed a downward trend, with prices fluctuating around 70 yuan per ton [26] Company Strategy and Development Direction and Industry Competition - The company aims to maintain a high level of shareholder returns and has committed to a dividend payout ratio of no less than 60% of distributable profits [13] - The management emphasized the importance of integrated operations to enhance resilience against market fluctuations and to improve profitability [23] - The company is focusing on optimizing its coal and power generation operations to adapt to changing market conditions and regulatory environments [41] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenges posed by fluctuating coal prices and the impact of renewable energy on thermal power generation [20] - There is an expectation of a continued decline in electricity prices due to increased competition and changes in supply-demand dynamics [20] - The management remains optimistic about the company's ability to navigate market changes and maintain stable performance [39] Other Important Information - The company has been recognized for its ESG performance, ranking 13th among the top 100 ESG companies in China [52] - The company is committed to sustainable development and aims to enhance its operational efficiency through technological advancements [23] Q&A Session All Questions and Answers Question: Regarding shareholder returns and dividend policy - The management confirmed that the company has consistently maintained a high level of dividends, with a recent payout exceeding 5.5% in A-shares [11] - Future dividend strategies will continue to align with the company's sustainable high return policy, taking into account operational performance and capital expenditures [12][14] Question: Inquiry about electricity prices in the second quarter - The management indicated that the average selling price of electricity has decreased, and they expect this trend to continue in the coming quarters [19][20] - The overall power generation and sales outlook for the second half of the year is cautiously optimistic, with expectations of some recovery compared to the first half [20] Question: Inquiry about coal prices and market trends - The management noted that coal prices have shown a downward trend in the first half of the year but expect a more stable outlook in the second half due to economic recovery and demand growth [27][28] - The company anticipates that coal prices will stabilize within a range of 700 to 900 yuan in the medium to long term, influenced by various market factors [46][47]

第31个方面的话,我们来看的话,其实我们还有一个在在我们说窗口上面的一个业务的布局。中国天津 有一个专门的团队是从事外事的团队，有机会我们投资者假如来到北京的话,去到亮马桥外交公寓 的B区可能会看到亮马桥外交公寓这个B区它是一个别墅区,里面是各国国家的一个实不管其中在这个里 面就有一栋小别墅,是我们中国天银的北京办事处。那您这个门牌上面也会看得到,就是整个一圈都是 各国的使馆，然后中间有个牌子叫中国电影北京办事处。那我们这个办事处的团队主要从事外事业 务，主要跟使馆进行打交道。一个方面是外国驻中国的使馆,还有一个方面是中国驻这些国家的使馆。 我们这个团队的主要的人员,应该说不是主要人员,除了有一个服务人员,其他都是来自于外交部,其 他都来自于外交部。所以我想这一块也是一个很好的一个基础在里面。懂。 你比如说我们在宁夏的固原,我们有这个垃圾发电厂,同时也有我们的这个环卫项目,包括像陕西也是 一样的，包括在延吉也是一样的，都是类似的情况。就是相对来说基本上是跟我们的产业配套来进行捆 发言人3 38:43 新能源的进展。 大家好,如需提问电话端的参会者,请向话机上的星号键再按数字一,网络端的参会者,您可以在直播 间 ...