Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for investment returns over the next six months [3][9][22]. Core Insights - The company is steadily advancing its commercialization efforts, with strong sales expectations for biosimilars and a rich pipeline of products that provide long-term growth potential. The company has a robust research and development capability, particularly in the ADC (Antibody-Drug Conjugate) field, which differentiates its market position [3][17]. - Revenue projections for 2024-2026 are adjusted to 368 million, 1.33 billion, and 2.44 billion yuan, reflecting growth rates of 188%, 261%, and 83% respectively [3][19]. Financial Data Summary - The company reported a revenue of 128 million yuan in 2023, a significant increase of 361% year-on-year, primarily driven by technology service income and sales from its product, Mylis [15][19]. - The company incurred a loss of 1.05 billion yuan in 2023, with a notable increase in sales, management, and R&D expenses due to commercialization efforts and clinical advancements [15][19]. - The projected operating income for 2024 is 368 million yuan, with a gross margin expected to decrease from 98.9% in 2023 to 90.0% in 2024 [19]. Pipeline and Product Development - The company has three biosimilar products approved for market, with ongoing efforts to expand into emerging markets. The product Mylis has already seen significant distribution and sales [15][17]. - The ADC pipeline is progressing well, with the Nectin-4 ADC showing promising results in clinical trials for multiple indications, including UC (Urothelial Carcinoma) and CC (Cervical Cancer) [15][17]. Market Position and Strategy - The company has established a comprehensive production system, with significant capacity for antibody and recombinant protein production, supporting its transition from R&D to commercial production [17]. - The company is actively pursuing market entry in various regions, including recent submissions for product approvals in Pakistan and Indonesia [15][17].

| --- | --- | |---------------------------------------------------------------------------------------|-------------------------------------------------| | 2024 年 04 月 12 日 \n新"国九条"有望提振市场 | 策略类●证券研究报告 \n事件点评 | | 投资要点 | | | 事件： 2024 年 4 月 12 日，国务院印发《加强监管防范风险推动资本市场高质量发 | 分析师 邓利军 SAC 执业证书编号： S0910523080001 | | 展的若干意见》。 | denglijun@huajinsc.cn | | 2004 年和 2014 年"国九条"出台均解决了当时资本市场的一些症结。（ 1）2004 | 相关报告 | | 年"国九条"主要解决了大量非流通股累积的股权分置等股市基础制度不完善的问 | 新股板块分化和高低切特征凸显，重视业绩 | | 题。一是 2004 年资本市场面临的背景是：大量非流通股长期累积、股权分置的矛 | 和性价比 ...

2024年04月13日 公司研究●证券研究报告 新产业（ ） 公司快报 300832.SZ 医药 | 医疗器械Ⅲ 公司业绩稳定增长，海外拓展持续完善 投资评级 增持-A(维持) 股价(2024-04-12) 65.81元 投资要点 事件：公司发布2023年年度报告，2023年实现营收39.30亿元（+29%，同比增 交易数据 速，下同）；归母净利润16.54亿元（+25%）；扣非归母净利润15.47亿元（+25%）； 总市值（百万元） 51,708.15 2023Q4单季度，公司实现营收10.22亿元（+36%），实现归母净利润4.67亿元 流通市值（百万元） 45,959.94 （+16%），实现扣非归母净利润4.46亿元（+15%）。 总股本（百万股） 785.72 流通股本（百万股） 698.37 国内大型医疗终端拓展成效显著，试剂收入及单机产出快速提升。2023年国内营 12个月价格区间 81.80/52.00 收26.01 亿元（+26%），其中国内仪器类业务收入随着大型发光仪器及流水线相 关产品销量的增加带动国内仪器类产品收入同比增长 34%，高于国内业务整体增 一年股价表现 速；国内试剂业务 ...

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Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [2][7]. Core Views - The company is expected to benefit from the accelerated construction of domestic satellite internet, supported by its leading technological innovation capabilities in radar and avionics [2][8]. - The revenue forecast for 2024-2026 is adjusted to 1.307 billion, 1.628 billion, and 2.004 billion yuan, reflecting year-on-year growth of 25.5%, 24.6%, and 23.1% respectively [2][3]. - The net profit attributable to shareholders is projected to be 61 million, 98 million, and 149 million yuan for the same period, with significant year-on-year growth rates of 85.8%, 61.5%, and 51.5% [2][3]. Financial Summary - The company achieved a revenue of 1.041 billion yuan in 2023, a year-on-year increase of 24.07%, and a net profit of 33 million yuan, up 319.1% from the previous year [7][8]. - The gross profit margin is expected to improve from 24.0% in 2023 to 30.4% by 2026, indicating enhanced profitability [3][11]. - Earnings per share (EPS) are projected to rise from 0.08 yuan in 2023 to 0.35 yuan in 2026, reflecting strong growth potential [3][11]. Business Segments - The radar and aerospace electronics business saw a significant revenue increase of 121.62% in 2023, driven by strong order growth and project delivery acceleration [7][8]. - The company's subsidiary, Huqing Ruida, reported a substantial increase in new orders, indicating a robust demand for its radar target and environment simulators [7][8]. - The refrigerator compressor parts business experienced a decline in revenue, but the overall market is expected to benefit from government policies promoting appliance upgrades [7][8].

Investment Rating - The investment rating for the company is "Buy-A" [1][9]. Core Views - The company has shown steady growth in its smart cable network business, achieving a revenue of 24.465 billion yuan in 2023, a year-on-year increase of 12.85%. However, the net profit attributable to shareholders decreased by 42.09% to 320 million yuan due to increased losses in the smart battery business [1][9]. - The smart battery segment reported a revenue of 590 million yuan in 2023, up 19.12% year-on-year, but faced a gross margin decline of 17.77%, primarily due to intensified competition in the lithium battery copper foil industry [1][9]. - The company has a robust order backlog, with over 23.631 billion yuan in orders received, reflecting a year-on-year increase of 21.63% [1][9]. Financial Performance - In 2023, the company achieved a net operating cash flow of 497 million yuan, a significant increase of 54.02% year-on-year [1]. - The company’s R&D investment reached 713 million yuan in 2023, representing a year-on-year growth of 7.26% [18]. - The projected net profits for 2024, 2025, and 2026 are expected to be 808 million yuan, 1.039 billion yuan, and 1.342 billion yuan, respectively, with corresponding EPS of 0.36 yuan, 0.47 yuan, and 0.60 yuan [9][10]. Business Segments - The smart cable network business generated 22.598 billion yuan in revenue in 2023, with a gross margin of 12.38%, down 0.75 percentage points year-on-year [1]. - The company is expanding its presence in the clean energy sector, participating in significant projects such as the first "wind-solar-fire-storage integrated" high-voltage transmission project in China [1]. - The smart airport business achieved a revenue of 1.222 billion yuan in 2023, despite a year-on-year decline of 14.87%, but the order intake increased by 151% [1][9].

2024年04月11日 行业研究●证券研究报告 粘胶 行业快报 粘胶长丝供给格局良好，国风需求提振价格 投资评级 领先大市-B首次 投资要点 首选股票 评级 事件：根据百川盈孚数据，截止4月10日，粘胶长丝市场价达43500元/吨，较 4月1日市场价43000元/吨上涨约500元/吨，较1月1日市场价42500元/吨 一年行业表现 上涨约1000元/吨。 粘胶长丝性能优良，应用于高端服装。粘胶长丝，又叫“人造丝”，是天然真 丝的替代品，是以棉浆粕、木浆粕或其他天然纤维为原料，经碱化、黄化等工序 制成纺丝原液，经湿法纺丝而制成。具备天然真丝的特点，质地轻薄、柔软、色 泽亮丽、抗静电、透气、吸湿和穿着舒适，在主要纺织纤维中含湿率最符合人体 皮肤的生理要求，与其他纤维结合可制出服装面料、里料、提花面料、电脑绣花 线等高档次织物，主要应用于高端服装和家用纺织品，同时也应用于医用和工业 领域。 资料来源：聚源 需求端出口稳定，国风潮拉动内需。根据百川盈孚数据，2023年国内粘胶长丝 升幅% 1M 3M 12M 产量为20.7万吨，表观消费量为11.7万吨，出口量为9万吨。出口方面，我国 相对收益 23.75 4. ...

公司快报/燃气Ⅲ 一、盈利预测核心假设 二、可比公司估值对比 资料来源：wind，华金证券研究所（可比公司数据来自 wind 一致预期，截止日期 2024 年 4 月 11 日，其中，东华能源 2023 年未披露年报，EPS/PE 采用 wind 一致预期） | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|-------------------------------------|------------------------------------------------ ...

= 事件点评 第二，严格上市公司持续监管，推动上市公司提升投资价值和加强投资者保护，加强信息 披露监管，严惩业绩造假，防范绕道减持，将减持与上市公司分红等"挂钩"，加强现金分红监 管，推动优质上市公司积极开展回购。当科创类企业日臻成熟，即将大规模向市场提供新模式、 新业态的产品和服务时，就需要多元化股权市场的不同层次之间具有持续畅通的沟通交互渠道。 每当资本市场出现较大幅度的调整时，市场上就会出现比较多的声音希望控制增量融资的节奏， 这种方式短期可以见效，但从经济高质量发展的长期目标来看，也将导致一定的长期股权资金预 期的模糊性和新的不确定性。新"国九条"在严格上市公司持续监管方面，明确要求应该围绕在 注册制已经着重强化的信息披露制度方面，大幅提升对上市公司欺诈上市、财务造假等侵害投资 者权益的违法行为的监管和惩处力度，由此有望通过令违法行为面临的惩处成本数倍、数十倍于 其潜在收益，对合法经营、聚焦主业、在创新研发领域久久为功的优质企业形成正面激励，也由 此可以切实维护全面注册制的制度严肃性从而彰显制度设计的长期科学性，从而可以既保证多元 化股权融资渠道的交互畅通性，稳定实现资本市场对经济高质量发展的保障能力 ...

Investment Rating - The report assigns an "Add-B" rating to the company, indicating a positive outlook for investment over the next six months [17][18]. Core Insights - The company achieved a revenue of 1.01576 billion yuan in 2023, reflecting a year-on-year growth of 1.35%, with a gross margin of 40.40%, an increase of 5.69 percentage points compared to the previous year [17][18]. - The growth is primarily driven by the expansion of the vehicle-mounted product segment, which has a higher gross margin, alongside improvements in other product lines such as asset management and industrial routers [17][18]. - The company is positioned for long-term growth, with projected revenues of 1.402 billion yuan and 1.906 billion yuan for 2024 and 2025, respectively, representing year-on-year growth rates of 38.0% and 36.0% [18]. Financial Performance Summary - Revenue and Profit Forecast: - 2023E: Revenue of 1.016 billion yuan, net profit of 146 million yuan [4]. - 2024E: Revenue of 1.402 billion yuan, net profit of 232 million yuan [4]. - 2025E: Revenue of 1.906 billion yuan, net profit of 308 million yuan [4]. - Gross Margin: - 2023E: 40.40% [4]. - 2024E: 41.30% [4]. - 2025E: 41.00% [4]. - Earnings Per Share (EPS): - 2023E: 0.32 yuan [4]. - 2024E: 0.51 yuan [4]. - 2025E: 0.67 yuan [4]. - Return on Equity (ROE): - 2023E: 8.2% [4]. - 2024E: 11.9% [4]. - 2025E: 14.0% [4]. Business Segment Analysis - Vehicle-mounted Business: - Expected revenue growth from 568 million yuan in 2023 to 1.113 billion yuan in 2025, with gross margins of 43.00%, 45.00%, and 44.50% respectively [6][18]. - Two-Wheeled Vehicle Business: - Revenue forecasted to grow from 145 million yuan in 2023 to 218 million yuan in 2025, with gross margins of 30.00%, 28.80%, and 29.50% respectively [6][18]. - Asset Tracking Business: - Anticipated revenue growth from 303 million yuan in 2023 to 575 million yuan in 2025, with gross margins of 40.52%, 39.58%, and 38.59% respectively [6][18].