]yrtsudnI_elbaT[ [Table_ 【事项Summary 】 ] 中西药共通发展，中医药亦俱时效与速 效 近期，权威期刊《科学通报》（Science Bulletin）发表了中日友好医 院教授曹彬、中国科学院院士仝小林团队《评价散寒化湿颗粒与奈玛特 韦片、利托那韦片（Paxlovid,即 P 药）》对照治疗轻型/中型新型冠状 病毒感染有效性和安全性的随机、开放、多中心临床研究》的研究成果。 研究显示，散寒化湿颗（公司独家医保品种）粒在改善轻型/中型新型 冠状病毒感染患者相关症状至持续临床恢复的时间，显著缩短患者咳 嗽、咽痛、乏力的消失时间，显著缩短患者体温复常时间方面均优于 P 药。P 药在抗病毒效果上优于散寒化湿颗粒。 [Table_Rank] 增持（维持） -49.91% -38.82% -27.73% 2023.04.11 [Table_yemei] 康缘药业（600557）动态点评 【风险提示】 | --- | --- | --- | --- | --- | |-----------------------------------|--------|------------------- ...

]yrtsudnI_elbaT[ [Table_Title] 心脉医疗（688016）2024年一季报点评 在研管线顺利推进，研发降本，盈利能力进一步提升。公司 24Q1 销 售、管理、研发费用率分别为 7.42%、3.52%、6.48%，同比分别-1.36pct、 -1.10pct、-6.20pct；毛利率、净利率分别为 76.52%、51.07%，同比 分别+0.79pct、+7.81pct。公司优化研发团队结构，评估优化项目商 业化潜力，以期提高研发投入产出比，对处于早期预研阶段投入大、 不确定性高的项目，通过项目优先级调整，将更多精力先转移到短期 优先级更高的项目上，以实现更高效的经济效益。在研管线方面， Cratos@分支型主动脉覆膜支架系统已完成 NMPA 注册资料递交，在瑞 士完成海外上市前临床试验首例植入；Vflower@静脉支架系统、 L-REBOA@阻断球囊导管、Vewatch@腔静脉滤器均已完成 NMPA 注册资 料递交；Fishhawk@机械血栓切除导管已完成上市前临床试验；Aegis@ Ⅱ腹主动脉覆膜支架系统、膝下药物球囊扩张导管、TIPS 覆膜支架系 统处于上市前临床试验阶段；He ...

[Table_Title] 国防与装备行业专题研究 低空经济专题（一）：政策加速落地， 低空经济腾飞在即 2024 年 05 月 14 日 [Table_Summary] 【投资要点】 低空经济：多领域、跨行业、全链条。低空经济一般是指在垂直高度 1000 米以下、根据实际需要延伸至不超过 3000 米的低空空域范围内， 以民用有人驾驶和无人驾驶航空器为载体，以载人、载货及其他作业 等多场景低空飞行活动为牵引，带动相关领域融合发展的综合性经济 业态。低空经济涉及民用、警用和军用等多个领域，横贯一二三产业， 涵盖上中下游整个发展链条，具有"多领域、跨行业、全链条"特点， 已不是一个单纯从事民事飞行服务的经济形态，具有较强的综合性。 政策集中落地，低空空域改革为主线。2023 年 12 月 21 日，中国民用 航空局发布《国家空域基础分类方法》，为空域放开提供了切实的依 据，也让低空经济有了更加明确的发展空间。加大低空开放力度，划 分出非管制区。2024 年 1 月 1 日起，《无人驾驶航空器飞行管理暂行 条例》正式施行，标志着我国无人机产业将进入"有法可依"的发展 新阶段。2024 年"低空经济"首次被写入政府 ...

A股市场震荡上行格局没有改变 挖掘价值 投资成长 m²） | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 图表 1: 主要指数近期情况…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 3 | | | 图表 2: 申万一级行业近期表现…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 3 | | | 图表 3: 申万一级行业主力资金净流 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][18]. Core Views - The company has been deeply engaged in the seasoning and health food industry for 40 years, focusing on products like monosodium glutamate and chicken essence, while also expanding into compound seasonings and prepared dishes [4]. - The company is expected to achieve revenue of 2.684 billion, 3.308 billion, and 3.963 billion CNY for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 202 million, 271 million, and 352 million CNY [4]. - The company has shown significant growth in its main business, with a revenue increase of 27.83% in 2023 for its seasoning products, and a continued upward trend in 2024 [16]. Financial Summary - The company reported a revenue of 2.101 billion CNY in 2023, representing a growth of 24.23%, and a net profit of 130 million CNY, which is an increase of 181.43% [17]. - For the first quarter of 2024, the company achieved a revenue of 576 million CNY, up 26.45%, and a net profit of 49 million CNY, reflecting a growth of 134.54% [17]. - The gross margin and net margin for 2023 were 17.15% and 6.22% respectively, with significant improvements noted in the first quarter of 2024 [8][16]. Revenue Growth Projections - The company is projected to have a revenue growth rate of 27.75% in 2024, followed by 23.25% in 2025, and 19.82% in 2026 [12]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.11 CNY, 0.15 CNY, and 0.20 CNY respectively, with corresponding price-to-earnings (P/E) ratios of 38.03, 28.44, and 21.88 [4][12]. Market Performance - The company has a total market capitalization of approximately 7.427 billion CNY, with a 52-week high of 8.24 CNY and a low of 2.66 CNY [9]. - The stock has shown a 52-week increase of 46.29% [9]. Business Segments - The seasoning segment generated 1.890 billion CNY in revenue in 2023, with a notable increase in online and offline sales channels [16]. - The water business saw a remarkable revenue increase of 484.65% in 2023, indicating strong growth potential in this area [16]. Conclusion - The report indicates a positive outlook for the company, with strong revenue growth, improved profitability, and a solid market position in the seasoning and health food industry [4][16][17].

[ 信Ta 息bl 技e_ 术T 行itl 业e] 动 态点评 行 业 研 DeepSeek发布第二代MoE架构模型，API 究 挖掘价值 投资成长 / 调用成本降低 信 [Table_Rank] 息 技 强于大市 （维持） 术 2024 年 05 月 13 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：方科 券 [Table_Summary] 研 【事项】 证书编号：S1160522040001 究 电话：021-23586361 报  近日，DeepSeek团队开源了第二代MoE模型DeepSeek-V2，总体实现 告 了更多参数，能力更强，并在成本上有大幅降低。 [相 T对 a指 bl数 e表 _现 Pi cQuote]  在目前大模型主流榜单中，DeepSeek-V2均表现出色:在中文综合能力 20.84% 开源模型中亮眼，与 GPT-4-Turbo，文心4.0 等闭源模型在评测中处 10.54% 0.23% 于同一梯队；英文综合能力与目前最强的开源模型 LLaMA3-70B 同处 -10.07% 第一梯队，超过 MoE 开源模型 Mixtral 8x22B；而在知识、 ...

] y r t s u d n I _ e l b a T [ [ 中Ta 文bl 传e_ 媒T （itl 6e 0] 0 373）2023年报&2024年一季报点评 公 司 出版发行业务稳步提升，产业延伸布局 研 究 助力增长 挖掘价值 投资成长 / [Table_Rank] 传 增持 （首次） 媒 互 2024 年 05 月 13 日 联 网 / [东Ta方bl财e_富Au证th券or研] 究所 证 券 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：高博文 研 证书编号：S1160521080001 究 报  公司发布2023年报和2024年一季报。 证券分析师：陈子怡 告 证书编号：S1160522070002 2023 年，公司实现营业收入 100.84 亿元，同比下降 1.49%；实现归 证券分析师：潘琪 母净利润 19.67 亿元，同比增长 1.88%；实现扣非归母净利润 15.57 证书编号：S1160524040001 亿元，同比下降10.09%。 联系人：陈子怡 2024 年一季度，公司实现营业收入 21.61 亿元，同比下降 13.24%； 电话：021-23586305 受 ...

] y r t s u d n I _ e l b a T [ [ 科Ta 博bl 达e_ （Ti 6t 0l 3e 7] 8 6）2023年报&2024年一季报点评 公 经营业绩创新高， 司 研 域控等新业务打开成长空间 挖掘价值 投资成长 究 / [Table_Rank] 买入 交 （维持） 运 设 2024 年 05 月 13 日 备 / 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：周旭辉 研 究 证书编号：S1160521050001 报 联系人：付丹蕾 告  内生动力强劲，业绩增长创新高。2023年公司实现营业总收入46.25 亿元，同比+36.68%；归母净利润 6.09 亿元，同比+35.26%；扣非归 电话：021-23586313 母净利润5.73亿元，同比+32.54%。季度营收创新高，23年Q4公司 [相T对ab指le数_P表ic现Qu ote] 实现营收14.31亿元，同/环比+48.56%/+16.13%；24年Q1公司实现 51.54% 营收14.17亿元，同/环比+55.2%/-1.0%；归母净利润2.19 ...

] y r t s u d n I _ e l b a T [ [ 时Ta 代bl 电e_ 气T （itl 6e 8] 8 187）2024年一季报点评 公 Q1轨交业绩表现亮眼， 司 研 轨交+新兴装备双轮驱动业绩增长 挖掘价值 投资成长 究 / [Table_Rank] 买入 交 （维持） 运 设 2024 年 05 月 13 日 备 / 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：周旭辉 研 究 证书编号：S1160521050001 报 联系人：付丹蕾 告  公司盈利能力稳步向上。2024年Q1，公司实现营业收入39.25亿元， 电话：021-23586313 同比+27.22%；实现归母净利润 5.68 亿元，同比+30.44%；实现扣非 [相T对ab指le数_P表ic现Qu ote] 归母净利润4.61亿元，同比+44.85%。分业务来看，2024年Q1公司 轨交装备业务实现收入 21.2 亿元，同比大幅增长43.74%；新兴装备 18.22% 业务实现17.69亿元，同比+13.18%。2024年Q1公司毛利率为34.06 ...

Investment Rating - The report assigns a "增持" (Overweight) rating to the company, indicating a positive outlook for its stock performance relative to the market [4][13] Core Views - The company has a strong foothold in the oil and petrochemical sectors and is strategically expanding into the hydrogen energy industry, which is expected to become a second growth curve [4] - Revenue is projected to grow from 9 194 11 million yuan in 2024 to 11 043 42 million yuan in 2026, with a compound annual growth rate (CAGR) of 9 48% to 9 69% [4] - Net profit attributable to the parent company is expected to increase from 145 66 million yuan in 2024 to 318 97 million yuan in 2026, with a CAGR of 58 40% to 44 28% [4] - The company's EPS is forecasted to rise from 0 15 yuan in 2024 to 0 33 yuan in 2026, with a corresponding P/E ratio decreasing from 42x to 19x [4] Financial Performance - In 2023, the company achieved revenue of 8 398 01 million yuan, a year-on-year increase of 8 33%, and net profit attributable to the parent company of 91 96 million yuan, a year-on-year increase of 76 59% [4][11] - The gross margin for 2023 was 15 90%, with a net margin of 1 29%, showing an improvement of 0 42 percentage points year-on-year [11] - In Q1 2024, the company reported revenue of 1 672 million yuan and net profit attributable to the parent company of 25 million yuan, with a gross margin of 14 45% and a net margin of 1 85% [11] Business Segments - In 2023, the oil machinery equipment segment contributed 40 31% of total revenue, followed by drilling tools (9 42%), oil and gas steel pipes (23 34%), and other segments (10 92%) [11] - Domestic revenue accounted for 75 02% of total revenue, growing by 3 48% year-on-year, while international revenue grew by 78 25% to 8 97% of total revenue [11] Order Growth - The company secured new orders worth 9 5 billion yuan in 2023, an 18% increase year-on-year, with domestic orders growing by 8% and international orders doubling [12] - In the hydrogen energy sector, the company achieved orders worth 63 million yuan, a 209% increase year-on-year, and has been involved in the construction of 8 hydrogen refueling stations [12] Strategic Initiatives - The company is closely aligned with Sinopec's hydrogen energy strategy, having signed agreements to advance PEM electrolysis water equipment manufacturing and hydrogen production technologies [12] - The company aims to reduce costs and accelerate the commercialization of PEM electrolysis water hydrogen production products [12]