[ 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 ...

]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、 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [2]. Core Insights - The company reported a revenue of 10.084 billion yuan in 2023, a year-on-year decrease of 1.49%, while the net profit attributable to shareholders was 1.967 billion yuan, an increase of 1.88% [1][6]. - In Q1 2024, the company achieved a revenue of 2.161 billion yuan, down 13.24% year-on-year, and a net profit of 264 million yuan, down 38.32% year-on-year [1]. - The publishing business showed steady growth, with a sales revenue of 10.282 billion yuan in 2023, up 13.95% year-on-year [1][2]. Summary by Sections Financial Performance - In 2023, the company achieved a gross margin of 41.76%, with a net profit margin of 19.38%, reflecting a slight increase of 0.66 percentage points year-on-year [5][10]. - The company plans to distribute a cash dividend of 7.80 yuan per 10 shares, totaling 1.057 billion yuan [1]. Business Development - The company is actively pursuing new business models and technologies, including acquisitions of 100% of Jiangjiao Media and 51% of a university press, aiming to integrate AI and traditional publishing [2]. - The gaming segment is also expanding, with the launch of the product "Wilderness Maze" expected to contribute to revenue growth [2]. Future Projections - Revenue forecasts for 2024-2026 are 11.072 billion yuan, 11.799 billion yuan, and 12.120 billion yuan, respectively, with net profits projected at 1.777 billion yuan, 1.955 billion yuan, and 2.015 billion yuan [6][7]. - The report anticipates a gradual recovery in revenue growth rates, with a projected increase of 9.81% in 2024 [7].

Investment Rating - The investment rating for the company is "Buy" [5][6]. Core Insights - The company achieved record-high operating performance in 2023, with total revenue of 4.625 billion yuan, a year-on-year increase of 36.68%, and a net profit attributable to shareholders of 609 million yuan, up 35.26% year-on-year [2]. - The company is experiencing strong internal growth momentum, with significant contributions from new business areas such as domain control systems, which have accelerated revenue growth [2]. - The company has a robust pipeline of new projects, with 145 projects under development expected to generate over 250 million units in total lifecycle sales [2]. - The company is actively pursuing a globalization strategy, establishing its first overseas production base in Japan and expanding its market presence in Europe and North America [2]. Financial Performance Summary - In 2023, the company reported total revenue of 4.625 billion yuan, with a growth rate of 36.68% [7]. - The net profit attributable to shareholders for 2023 was 609 million yuan, reflecting a growth rate of 35.26% [7]. - The company forecasts revenue for 2024, 2025, and 2026 to be 6.419 billion yuan, 7.880 billion yuan, and 9.556 billion yuan, respectively, with year-on-year growth rates of 38.78%, 22.45%, and 21.58% [6][7]. - The projected net profit for the same years is 847 million yuan, 1.041 billion yuan, and 1.303 billion yuan, with corresponding growth rates of 39.03%, 22.91%, and 25.19% [6][7].

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company's performance in the rail transit equipment sector is strong, with a year-on-year revenue increase of 43.74% in Q1 2024, driven by the delivery of 55 train orders at the end of 2023. The overall passenger volume in the railway sector also saw a significant increase of 28.5% year-on-year [2][3] - The company is expected to benefit from the upward trend in the industry fundamentals and large-scale equipment updates, with a focus on maintenance and repair services as the railway industry undergoes significant equipment renewal [2] - The company has established an integrated industrial layout in the transportation and energy sectors, positioning itself for rapid growth in both rail transit and emerging equipment businesses [7] Summary by Sections Rail Transit Equipment - In Q1 2024, the rail transit equipment business generated revenue of 21.2 billion yuan, a substantial increase of 43.74% year-on-year. The growth is attributed to the delivery of train orders and an increase in passenger traffic [3] - The company is poised to benefit from the upcoming maintenance cycles and the national policy aimed at phasing out old diesel locomotives by 2027 [2] Emerging Equipment - The revenue from the new energy vehicle drive systems reached 375 million yuan in Q1 2024, reflecting a year-on-year growth of 10.82%. The company ranks sixth in the market share for drive systems and has secured orders from major clients [2] - The industrial converter segment achieved revenue of 298 million yuan, up 18.35% year-on-year, with significant orders in the photovoltaic inverter business, which has seen the company rise to a top-three position in the domestic market [2] Financial Performance - The company reported total revenue of 39.25 billion yuan in Q1 2024, a year-on-year increase of 27.22%. The net profit attributable to shareholders was 5.68 billion yuan, up 30.44% year-on-year [3] - The gross margin improved to 34.06%, an increase of 1.64 percentage points year-on-year, primarily due to adjustments in product mix [3] Future Outlook - The company is expected to see a compound annual growth rate (CAGR) in net profit of 21.12% for 2024-2026, with earnings per share (EPS) projected to reach 2.66 yuan, 3.19 yuan, and 3.65 yuan for the respective years [7][8]