] y r t s u d n I _ e l b a T [ [ 联Ta 影bl 医e_ 疗T （itl 6e 8] 8 271）2023年报&2024年一季报点评 公 司 高端产品持续放量，国际市场高歌猛进 研 挖掘价值 投资成长 究 / [Table_Rank] 增持 医 （维持） 药 生 2024 年 05 月 20 日 物 / 证 [东Ta方bl财e_富Au证th券or研] 究所 券 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：何玮 研 究 证书编号：S1160517110001 报  业绩表现：2023年，公司实现营业收入114.11亿元，同比增长23.52%； 联系人：崔晓倩 告 实现归母净利润19.74亿元，同比增长19.21%；扣非归母净利16.65 电话：021-23586309 亿元，同比增长25.38%。2024Q1季度，公司实现营业收入23.5亿元， [相T对ab指le数_P表ic现Qu ote] 同比增长6.22%；实现归母净利润3.63亿元，同比增长10.2%；扣非 归母净利3亿元，同比增长8.52%。2024Q1同比增速放缓，主要系受 7% 0% 到招投标节奏放 ...

[ 食Ta 品bl 饮e_ 料T 行itl 业e] 专 题研究 行 业 研 日本保健品行业：国民健康为基，政策 究 挖掘价值 投资成长 / 激发活力 食 [Table_Rank] 品 饮 强于大市 （维持） 料 2024 年 05 月 17 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：高博文 券 [Table_Summary] 研 【投资要点】 证书编号：S1160521080001 究 联系人：崔晓静 报  三大类别万亿规模，政策推出于医疗支出占GDP 5%/6%/8%时点。当前 告 联系方式：021-23586305 日本保健食品行业规模超万亿日元，市场保持稳定。日本保健品按监 管政策分为三大类别，分别为 FOSHU（特定保健食品）、FNFC（营养 [相 T对 a指 bl数 e表 _现 Pi cQuote] 机能食品）、FFC（功能性标示食品）。其中 FOSHU推出于1991年，主 要目的为应对老龄化与饮食结构不平衡带来的国民健康问题，半数为 5.25% 0.10% 益生菌产品；FNFC推出于2001年，在原料使用上最严格，仅可使用 -5.05% 20种功能性成分；FFC推 ...

[商Ta贸bl零e_售Ti行tle业] 专题研究 行 业 研 美妆行业系列报告（一）：欧莱雅百年 究 挖掘价值 投资成长 / 美业，多品牌集团成长史 商 [Table_Rank] 贸 强于大市 零 （维持） 售 2024 年 05 月 17 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 券 [Table_Summary] 证券分析师：高博文 研 【投资要点】 证书编号：S1160521080001 究 证券分析师：陈子怡 报  全球最大的化妆品公司，业绩和估值的双重验证。欧莱雅创立于1909 告 证书编号：S1160522070002 年，1963 年在巴黎证券交易所上市，是全球最大的化妆品公司。从 联系人：班红敏 2000-2023 年销售收入从 126.7 亿上升至 411.8 亿欧元，CAGR 为 电话：021-23586475 5.3%；期间股价涨幅518%，CAGR为8.24%，同期CAC40、SBF120 指数分别上涨 36%和 51%。欧莱雅的成长不仅验证全球消费品牛股 [相 T对 a指 bl数 e表 _P现 i cQuote] 辈出潜力，也彰显出美业的长坡厚雪及公司优秀的多品 ...

] y r t s u d n I _ e l b a T [ [ 亿Ta 联bl 网e_ 络T （itl 3e 0] 0 628）2024年一季报点评 公 23年受海外大环境影响，全年仍派发约 司 研 17亿现金股利，24Q1下游需求恢复增长 挖掘价值 投资成长 究 / [Table_Rank] 增持 信 （维持） 息 技 2024 年 05 月 16 日 术 / 证 [东Ta方bl财e_富Au证th券or研] 究所 券 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：方科 研 究  公司发布 2024 年一季报：公司 1Q24 年实现营收 11.64 亿元（同比 证书编号：S1160522040001 报 联系人：马行川 +30.95%），归母净利润 5.69 亿元（同比+34.45%）。一季度公司业务 告 回升向好的势头进一步显现，从业务层面来看，目前经销商整体库存 电话：13651957314 量已回归至健康、合理的水平，同时下游需求恢复增长，使得三条产 [相T对ab指le数_P表ic现Qu ote] 联 系 方 式 ： 品线均得到较好的恢复。其中，会议产品、云办公终端增长较为明显。 02 ...

Investment Rating - The report assigns an "Accumulate" rating for Qibin Group, indicating a positive outlook for the stock [4][6]. Core Insights - Qibin Group reported a revenue of 3.857 billion yuan in Q1 2024, an increase of 726 million yuan year-on-year, with a net profit attributable to shareholders of 442 million yuan, reflecting a significant growth of 292.3% [2]. - The company aims to achieve a revenue target of 20.5 billion yuan for 2024, with the photovoltaic glass segment expected to contribute approximately 40% to total revenue [2]. - Qibin Group is positioned to enhance its cost control and profitability to reach or approach the levels of leading companies in the industry by Q4 2024 [2]. Summary by Sections Financial Performance - In Q1 2024, Qibin Group's revenue was 3.857 billion yuan, with a year-on-year increase of 726 million yuan. The net profit attributable to shareholders was 442 million yuan, up 292.3% year-on-year, and the non-recurring net profit was 416 million yuan, with a growth rate of 543% [2]. - For the full year 2023, the company reported a revenue of 15.68274 billion yuan, with a growth rate of 17.80% [7]. Business Segments - The photovoltaic glass segment is becoming a new growth driver for the company, with expectations of cost control and profitability improvements [2]. - The float glass segment contributed 1.6 billion yuan in revenue in Q1 2024, accounting for approximately 43% of the main business revenue, with a year-on-year increase in gross margin [2]. Production Capacity and Advantages - Qibin Group plans to increase its production capacity to 13,000 tons per day by September 2025, maintaining its position as the third-largest player in the industry [2]. - The company has established a 100% self-sufficiency rate for ultra-white silica sand, significantly reducing costs by over 100 yuan per ton compared to market prices [2]. - The company benefits from procurement advantages in soda ash and natural gas, ensuring stable supply and cost control [2]. Profitability Forecast - The forecast for net profit attributable to shareholders is 2.083 billion yuan for 2024, with expected growth rates of 18.97% and 47.60% for 2025 and 2026, respectively [7]. - The projected P/E ratios for 2024, 2025, and 2026 are 10, 7, and 6 times, respectively, indicating a favorable valuation [6][7].

] y r t s u d n I _ e l b a T [ [ 惠Ta 泰bl 医e_ 疗T （itl 6e 8] 8 617）2023年报及2024年一季报点评 公 司 核心业务持续增长，终端覆盖率再提升 研 挖掘价值 投资成长 究 / [Table_Rank] 增持 医 （维持） 药 生 2024 年 05 月 15 日 物 / 证 [东Ta方bl财e_富Au证th券or研] 究所 券 [【 Ta投 bl资 e_要 Su点 mm】 ar y] 证券分析师：何玮 研 究  销售规模扩大，业绩稳步增长。23全年公司实现收入16.50亿元，同 证书编号：S1160517110001 报 比+35.71%，归母净利润5.34亿元，同比+49.13%；24Q1收入4.55亿 联系人：殷明伦 告 元，同比+30.20%，归母净利润 1.40亿元，同比+36.48%。23 年公司 电话：（+86）18936221690 在电生理专注于核心策略产品的准入与增长，如期实现了从二维到三 [相T对ab指le数_P表ic现Qu ote] 维手术的升级，达成市场份额的抢占；血管介入类则持续加大市场推 广力度，加深渠道联动，实 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - Despite short-term pressure on business due to factors like a slowdown in bidding in Q1 2024, the company's core business continues to show comprehensive growth, and new businesses are expected to contribute additional growth in the second half of the year [7] - The company achieved a revenue of 462.22 million yuan in 2023, representing a year-on-year growth of 43.72%, and a net profit attributable to shareholders of 136.26 million yuan, up 45.22% year-on-year [1][8] Performance Summary - In 2023, the company reported operating revenue of 462.22 million yuan, a year-on-year increase of 43.72% - The net profit attributable to shareholders reached 136.26 million yuan, growing by 45.22% year-on-year - The first quarter of 2023 saw a revenue of 88 million yuan, a decrease of 8.24% year-on-year, and a net profit of 22 million yuan, down 27.69% year-on-year, primarily due to external factors like a slowdown in bidding [1] Product Performance - The revenue from magnetic stimulation products was 199.55 million yuan, up 46.59% year-on-year - Revenue from electrical stimulation products was 62.94 million yuan, growing by 6.8% - Electrophysiological products generated 64.78 million yuan, a 30.67% increase - Consumables and accessories revenue reached 76.18 million yuan, up 30.68% - Laser radiofrequency products saw a significant increase in revenue to 37.33 million yuan, up 476.5% [1] Research and Development - The company invested 58 million yuan in R&D in 2023, an increase of 31.83% year-on-year, with an R&D expense ratio of 12.47%, a decrease of 1.12 percentage points - The company applied for 36 new patents, including 16 invention patents, and received 47 new patent grants [1] Financial Metrics - The company's management expense ratio was 10.27%, down 1.59 percentage points year-on-year - The sales expense ratio was 26.75%, down 1.71 percentage points year-on-year - The sales gross margin was 71.76%, a decrease of 0.71 percentage points year-on-year, while the net profit margin was 29.48%, an increase of 0.31 percentage points year-on-year [1]

图表目录 图表 22： 国内手术动力装置整机市场规模测算.............................................. 15 图表 23： 国内手术动力装置耗材市场规模测算基础...................................... 16 图表 24： 国内手术动力装置耗材市场规模测算.............................................. 16 图表 25： 国内手术动力装置配件市场规模测算（万元）.............................. 17 图表 26：一次性耗材纳入医疗收费目录的具体过程........................................ 18 图表 27：一次性耗材与重复性耗材特点对比.................................................... 18 图表 28： 公司手术动力装置一次性耗材纳入医疗收费目录的省份情况...... 19 图表 29：2019-2022 耗材收入增长情况..................... ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3]. Core Views - The company reported a revenue of 16.547 billion yuan in 2023, a year-on-year increase of 0.86%, and a net profit attributable to shareholders of 2.659 billion yuan, a decrease of 10.01% year-on-year. For Q1 2024, the company achieved a revenue of 4.750 billion yuan, a year-on-year increase of 26.17%, but the net profit decreased by 20.45% year-on-year [2][5]. - The company plans to distribute a cash dividend of 3.7 yuan per 10 shares for the 2023 fiscal year and 2.1 yuan for Q1 2024, which is expected to boost investor confidence [2]. - Short-term performance is under pressure due to increased sales expenses, but profit release is anticipated as new games stabilize in operation [2][5]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 16.547 billion yuan, with a net profit of 2.659 billion yuan. The first quarter of 2024 saw a revenue of 4.750 billion yuan, marking a significant increase [2][6]. - The company expects revenues of 18.508 billion yuan in 2024, 20.252 billion yuan in 2025, and 22.179 billion yuan in 2026, with net profits projected at 3.012 billion yuan, 3.412 billion yuan, and 3.787 billion yuan respectively [5][6]. Product and Market Strategy - The company has a robust portfolio with eight products generating over 100 million yuan in monthly revenue. Key products include "Cloud City Song," "Call Me the Great Steward," and "Douluo Dalu: Soul Master Showdown" [2]. - The company is focusing on both self-developed and agency-based game offerings, with over 40 mobile game products in the pipeline, including self-developed titles like "Code Douluo MMO" and agency titles like "The Son-in-Law" [2][5]. Market Position - The company ranked among the top three Chinese mobile game publishers in overseas revenue in 2023 and is actively expanding its mini-game segment domestically [5].

[ 交Ta 运bl 设e_ 备T 行itl 业e] 动 态点评 行 业 研 动车组招标量超预期， 究 挖掘价值 投资成长 / 轨交行业基本面全面向上 交 [Table_Rank] 运 设 强于大市 （维持） 备 2024 年 05 月 14 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：周旭辉 券 [Table_Summary] 研 【事项】 证书编号：S1160521050001 究 联系人：付丹蕾 报 5月10日，国铁集团发布“时速350公里复兴号智能配置动车组采购 告  电话：021-23586313 项目招标公告”，招标范围包括时速 350 公里复兴号智能配置动车组 （8辆编组），数量132组；时速350公里复兴号智能配置高寒动车组 [相 T对 a指 bl数 e表 _现 Pi cQuote] （8辆编组），数量13组；时速350公里复兴号智能配置动车组（17 辆编组），数量20组（10列）。 10.00% 0.00% -10.00% 【评论】 -20.00% 5/15 7/15 9/15 11/15 1/1 ...