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电力设备 | 证券研究报告 — 行业点评 2024 年 12 月 7 日 强于大市 光伏行业动态点评 光伏进一步强化自律，"反内卷"共识加强 2024 年 12 月 5 日，中国光伏行业协会召开关于促进光伏产业高质量可持续 发展专题座谈会，行业"反内卷"共识进一步加强；此外，CPIA 发布光伏主产 业链产品成本分析，组件底价环比上升，光伏行业底部有望确立；维持行业 强于大市评级。 支撑评级的要点 ◼ 光伏行业就"强化行业自律，防止'内卷式'恶性竞争"达成共识：中国光伏 行业协会于 2024 年 10 月 14 日在上海举行防止行业"内卷式"恶性竞争专 题座谈会。各位企业家及代表就"强化行业自律，防止'内卷式'恶性竞争， 强化市场优胜劣汰机制，畅通落后低效产能退出渠道"及行业健康可持续 发展进行了充分沟通交流，并达成共识。 ◼ 中国光伏行业协会召开关于促进光伏产业高质量可持续发展专题座谈 会：中国光伏行业协会于 2024 年 12 月 5 日在四川宜宾举行关于促进光 伏产业高质量可持续发展专题座谈会。与会企业代表就如何防止"内卷式" 恶性竞争进行了充分探讨，并在上一轮会议基础上，就下一步工作进行了 安排，坚决致 ...

市场指数 指数名称 收盘价 涨跌% 上证综指 3368.86 0.12 深证成指 10634.49 0.29 沪深 300 3921.59 (0.23) 中小 100 6474.51 (0.00) 创业板指 2221.46 0.36 行业表现（申万一级） 指数名称 涨跌% 指数名称 涨跌% 传媒 4.30 石油石化 (0.90) 社会服务 2.48 综合 (0.58) 计算机 2.03 食品饮料 (0.57) 国防军工 1.39 有色金属 (0.54) 机械设备 1.37 农林牧渔 (0.25) 资料来源：万得，中银证券 中银晨会聚焦-20241206 证券研究报告——晨会聚焦 2024 年 12 月 6 日 ■重点关注 【电子】安集科技*余嫄嫄。公司发布 2024 年三季报，24 年前三季度实现营 收 13.12 亿元，同比增长 46.10%；实现归母净利润 3.93 亿元，同比提升 24.46%。其中 24Q3 实现营收 5.15 亿元，同比增长 59.29%，环比增长 22.95%； 实现归母净利润 1.59 亿元，同比增长 97.20%，环比增长 23.00%。 中银国际证券股份有限公司 具备证券投资 ...

强于大市 医药生物 | 证券研究报告 — 行业策略报告 2024 年 12 月 5 日 医药生物行业 2025 年度策略 2025 年医药生物板块的三点思路 整体而言，医药生物板块 2024 年整体承压，但是 2025 年依然值得期待。集采实施多年后，许多 品种已经逐步进入到价格平稳窗口期。考虑到我国庞大的人口基数，产品在集采降价后可及性往 往大幅提高。同时，伴随资金面因素的回暖，CXO 和科研服务的需求及医疗设备采购有望逐步 恢复。此外，创新仍然是医药生物板块中值得关注的点，有望给企业带来新的增量。 行情 ◼ 整体来看，医药行业 2024 年表现相对低迷，截止到 2024 年 11 月 26 日，申万医药生物板 块上半年下跌 11.46%，排名第 31 位，跑输沪深 300 指数 23.38pct。分子板块来看，截止到 2024 年 11 月 26 日，医药流通板块实现正向收益，其他医药行业的子板块普遍呈现负收益 率状态。从估值上来看，截止到 2024 年 11 月 26 日，医药生物板块的整体估值为 26.93x， 与 2021 年的估值水平相比仍然较低。 支撑评级的要点 ◼ 集采后的刚需板块仍具备稳健成 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 36.91 and an industry rating of "Outperform" [2][8]. Core Insights - The company experienced steady revenue growth in the first three quarters of 2024, with a year-on-year increase of 20.48%, while its net profit attributable to shareholders decreased by 28.03% [7][10]. - The report highlights the ongoing validation and introduction of the company's products as a positive factor for future performance [8][9]. Financial Summary - For the first three quarters of 2024, the company achieved revenue of RMB 784.03 million, up from RMB 650.74 million in the same period of 2023, reflecting a growth rate of 20.48% [10]. - The gross profit margin for the first three quarters of 2024 was 26.63%, down 2.79 percentage points year-on-year, while the net profit margin was 7.57%, down 5.09 percentage points year-on-year [8]. - The company’s earnings per share (EPS) for 2024 is projected to be RMB 0.71, with corresponding price-to-earnings (PE) ratios of 52.3, 38.1, and 25.0 for the years 2024, 2025, and 2026 respectively [8][12]. Market Outlook - The semiconductor materials market is expected to recover, with a projected compound annual growth rate (CAGR) of over 5% from 2023 to 2027, driven by increased investment in wafer fabrication and capacity expansion [8][9]. - The consumer electronics market is also anticipated to recover, with a projected growth of 4% in 2024, providing opportunities for the company to expand its market share in the packaging materials sector [8][9].

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The company has shown rapid growth in Q3 2024, with continuous expansion of new products. The orderly advancement of the company's platform layout is viewed positively, maintaining the "Buy" rating [4][5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 1.312 billion RMB, a year-on-year increase of 46.10%. The net profit attributable to the parent company was 393 million RMB, up 24.46% year-on-year. In Q3 2024, revenue reached 515 million RMB, representing a year-on-year growth of 59.29% and a quarter-on-quarter increase of 22.95%. The net profit for Q3 was 159 million RMB, with a year-on-year growth of 97.20% and a quarter-on-quarter increase of 23.00% [4][5] Product Development and Market Expansion - The growth in demand for polishing liquids is driven by the recovery of wafer fab utilization rates. The company has successfully launched multiple polishing liquids, including those for advanced processes, and has achieved mass production of several products using domestic grinding particles. New products have entered the growth phase, and the company has made significant technological breakthroughs in its polishing liquid products [4][5] Profitability Metrics - The gross margin for the first three quarters of 2024 was 58.56%, an increase of 2.52 percentage points year-on-year. The net profit margin was 29.92%, a decrease of 5.20 percentage points year-on-year. In Q3 2024, the gross margin was 59.86%, up 2.12 percentage points year-on-year and 2.81 percentage points quarter-on-quarter. The net profit margin for Q3 was 30.79%, an increase of 5.92 percentage points year-on-year [4][5] Earnings Forecast - The company has raised its profit forecast, expecting net profits attributable to the parent company to be 544 million RMB, 708 million RMB, and 867 million RMB for 2024, 2025, and 2026 respectively. The corresponding earnings per share are projected to be 4.21 RMB, 5.48 RMB, and 6.71 RMB, with price-to-earnings ratios of 36.3, 27.9, and 22.8 times [4][5]

市场指数 指数名称 收盘价 涨跌% 上证综指 3364.65 (0.42) 深证成指 10604.01 (1.02) 沪深 300 3930.56 (0.54) 中小 100 6474.54 (1.24) 创业板指 2213.41 (1.43) 行业表现（申万一级） 指数名称 涨跌% 指数名称 涨跌% 煤炭 2.19 传媒 (3.21) 石油石化 1.01 纺织服饰 (2.29) 家用电器 0.74 美容护理 (2.20) 机械设备 0.25 房地产 (2.15) 银行 0.13 电力设备 (2.12) 资料来源：万得，中银证券 中银晨会聚焦-20241205 证券研究报告——晨会聚焦 2024 年 12 月 5 日 ■重点关注 【基础化工】蓝晓科技*余嫄嫄。公司发布 2024 年三季报，2024 年前三季度 公司实现营收 18.92 亿元，同比增长 19.99%；实现归母净利润 5.96 亿元，同 比增长 15.10%。其中 24Q3 实现营收 5.97 亿元，同比增长 4.92%，环比下降 10.00%；实现归母净利润 1.92 亿元，同比增长 11.71%，环比下降 18.13%。 中银国际证券股份有限 ...

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 54.20 and a sector rating of "Outperform" [1]. Core Views - The report highlights that the company has shown steady growth in its performance for the first three quarters of 2024, although there was a quarter-on-quarter decline in Q3 2024. The report remains optimistic about the continuous development of the company's adsorption materials business, maintaining the "Buy" rating [1][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of RMB 1.892 billion, representing a year-on-year growth of 19.99%. The net profit attributable to the parent company was RMB 596 million, up 15.10% year-on-year. In Q3 2024, the revenue was RMB 597 million, a year-on-year increase of 4.92%, but a quarter-on-quarter decline of 10.00%. The net profit for Q3 2024 was RMB 192 million, reflecting a year-on-year growth of 11.71% and a quarter-on-quarter decline of 18.13% [4][5]. Business Segment Performance - The revenue from adsorption separation materials accounted for 77.19% of total revenue in the first three quarters of 2024, amounting to RMB 1.460 billion. The system device revenue was RMB 366 million, making up 19.36% of total revenue. The report indicates a continuous increase in the proportion of revenue from adsorption separation materials, showcasing strong customer loyalty and business resilience [4][5]. Profitability Metrics - The gross margin for the first three quarters of 2024 was 48.65%, an increase of 0.20 percentage points year-on-year. The net margin was 31.84%, down 1.21 percentage points year-on-year. The report notes that the Q3 2024 gross margin was 51.20%, up 1.77 percentage points year-on-year and 1.76 percentage points quarter-on-quarter [4][5]. Future Earnings Forecast - The report adjusts the earnings forecast for the company, projecting net profits attributable to the parent company of RMB 836 million, RMB 1.019 billion, and RMB 1.249 billion for 2024, 2025, and 2026 respectively. The corresponding price-to-earnings ratios are expected to be 32.9, 27.0, and 22.0 times [4][7].

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Industry Investment Rating - The report assigns a "Stronger than the Market" rating to the pharmaceutical and biotechnology industry [4] Core Views - The 2024 medical insurance negotiation results were announced, with a success rate of 76% and an average price reduction of 63% [4][28] - The medical insurance negotiations strongly support the development of innovative drugs, with 90 out of 91 newly added drugs being approved within the last 5 years [28] - Overseas expansion and commercial insurance payments are expected to bring new growth opportunities for the industry [29] Industry Performance - The Shenwan Pharmaceutical and Biological Index rose by 2.95% from November 25 to November 29, 2024, outperforming the CSI 300 Index by 1.63 percentage points [18] - All sub-sectors of the pharmaceutical and biological industry outperformed the CSI 300 Index during the same period [20] Valuation Performance - As of November 29, 2024, the price-to-earnings ratio (TTM) of the Shenwan Pharmaceutical and Biological sector was 27.57 times, showing a significant recovery compared to the valuation low in July-August 2024 [23] Individual Stock Performance - Top gainers from November 25 to November 29, 2024, included Huluwah (+49.64%), Hotgen Biotech (+21.78%), and Digital Human (+21.44%) [25] Investment Recommendations - The report recommends focusing on innovative medical devices and drugs, such as those from companies like Bairui Medical, Sanyou Medical, and Hengrui Pharmaceuticals [4] - Opportunities in traditional Chinese medicine, raw materials, CXO, medical services, vaccines, and retail pharmacies are also highlighted [4]