Investment Rating - The investment rating for the company is "Buy" [1][2] Core Insights - The company is entering a rapid growth phase with continuous improvement in innovative drug sales, particularly in the HIV segment, which has shown significant revenue growth [4][15] - The company reported a revenue of 411 million yuan in 2023, representing a year-on-year increase of 68.44%, although it still posted a net loss of 76 million yuan [3][5] - The forecast for revenue from 2024 to 2026 is projected to be 567 million yuan, 817 million yuan, and 1.097 billion yuan, with respective growth rates of 37.9%, 44.0%, and 34.4% [2][5] Financial Summary - The company’s earnings per share (EPS) is expected to improve from -0.18 yuan in 2023 to 0.39 yuan by 2026, indicating a turnaround in profitability [5][6] - The projected net profit for 2024 is expected to be -35 million yuan, turning positive to 163 million yuan by 2026, reflecting a significant growth rate of 368.7% [5][6] - The company’s total assets are projected to grow from 1.747 billion yuan in 2023 to 2.275 billion yuan by 2026, indicating a strengthening financial position [6]

首创证券的销售人员、交易人员以及其他专业人士可能会依据不同假设和标准、采用不同的分析方法而口头或书 面发表与本报告意见及建议不一致的市场评论和/或交易观点。首创证券没有将此意见及建议向报告所有接收者 进行更新的义务。首创证券的自营部门以及其他投资业务部门可能独立做出与本报告中的意见或建议不一致的 投资决策。 本报告的版权仅为首创证券所有，未经书面许可任何机构和个人不得以任何形式转发、翻版、复制、刊登、发表 或引用。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|--------------------------------------------------------|-------|--------|---------|-------|---------|---------|-------|--------------------- ...

Core Views and Outlook - The report indicates that the market has shown a slight upward trend with major indices rising, while specific sectors like TMT have experienced a pullback. The real estate sector has surged following policy adjustments, with significant gains in agriculture, defense, real estate, non-ferrous metals, and coal industries, all exceeding 4% growth [2][4]. - The April social financing data remains weak, with both social financing and M1 showing negative growth. The rolling year-on-year growth rate of social financing is nearing a 21-year low, indicating persistent weak demand in the economy. However, the report suggests that the likelihood of further deterioration is low, and future improvements are more probable [2][4]. - The report maintains that the current market risk is limited, with the overall A-share index still below its October 2023 closing price. The potential for upward movement depends on the recovery speed of corporate earnings and improvements in market liquidity [2][4]. Index and Fund Market Review - The report notes that all three types of equity funds have seen an increase in net value, with ordinary equity funds, mixed equity funds, and flexible allocation funds showing median increases of 2.08%, 2.06%, and 1.46%, respectively. The threshold for the top 50% of public fund net values this year is 1.3% [10][11]. - Northbound capital has seen a net inflow of 4.842 billion yuan, with the food and beverage sector receiving over 4 billion yuan in net inflows. Other sectors such as pharmaceuticals, banking, and machinery have also seen increased investments, while sectors like automotive, media, and electric equipment experienced net outflows [14][15]. Risk Preference and Sector Heat - The report highlights that the sector heat index shows significant interest in sectors such as beauty care, agriculture, and non-bank financials, with scores of 97, 89, and 88, respectively. In contrast, sectors like automobiles and media have seen declines in interest [23]. - The report indicates that the overall market's PE valuation median has risen to 20.3 times, with a historical percentile of 23.3%, while the PB valuation median remains at 1.8 times, with a historical percentile of 13.8% [26]. Important Capital Behavior - The report details that the median PE valuation for major sectors varies, with beauty care at 33.8 times and coal at 9.9 times. The report also notes that the banking sector has a relatively low PE of 5.5 times, indicating potential undervaluation [27]. - The report provides insights into the changes in industry earnings forecasts, with real estate showing a significant increase of 94.74% in EPS forecast for 2024, despite a negative actual EPS for 2023 [28].

： s h u i n u 9 8 7 0 加 V 据 数 报 研 和 要 纪 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 调 研 手 一 多 更 ： s h u i n u 9 8 7 0 加 V 据 数 报 研 和 要 纪 ...

Investment Rating - The report assigns a "Buy" rating for the company [1][19]. Core Insights - The company achieved a revenue of 2.6 billion yuan in 2023, representing a year-on-year growth of 86.96%, and a net profit attributable to shareholders of 309 million yuan, which is a 108.18% increase year-on-year [19]. - The revenue growth is attributed to strong sales from key clients such as Li Auto and Seres, with Li Auto delivering 376,000 vehicles in 2023, a 182.2% increase year-on-year [19]. - The company has improved its profitability, with a gross margin of 28.14% in Q4 2023, and a net margin of 14.10%, benefiting from enhanced automation and cost control measures [19]. - The company has a well-structured supply chain and a strong client base, including Tier 1 suppliers and major automotive manufacturers, positioning it to benefit from the growth of core clients [19]. - Capacity expansion is underway, with a new production base in Changzhou set to launch a 9,000-ton die-casting machine in Q4 2024, and another base in Zhaoqing to enhance production capabilities [19]. - The company is expected to benefit from the lightweighting trend in the new energy vehicle sector, with projected revenues of 4.15 billion yuan, 5.57 billion yuan, and 6.98 billion yuan for 2024-2026, respectively [19]. Financial Summary - Revenue (billion yuan): 2023A: 2.6, 2024E: 4.15, 2025E: 5.57, 2026E: 6.98 [2]. - Net profit (billion yuan): 2023A: 0.31, 2024E: 0.46, 2025E: 0.63, 2026E: 0.81 [2]. - EPS (yuan/share): 2023A: 1.11, 2024E: 1.66, 2025E: 2.25, 2026E: 2.89 [2]. - PE Ratio: 2024E: 13.1, 2025E: 9.7, 2026E: 7.5 [2].

Investment Rating - The report assigns a "Buy" rating for the company [8]. Core Views - The raw material pharmaceutical segment is gradually releasing capacity, and the medical device business is expected to recover. In 2023, the company's raw material drug revenue was 956 million yuan (+9.60%), with potential for increased revenue and profitability due to capacity upgrades and the completion of the first phase of the Shandong raw material drug base project. The medical device revenue was 637 million yuan (+1.39%), primarily affected by a slowdown in procurement due to industry policy adjustments, but is expected to recover as procurement restarts [3]. - The company has made adjustments to its sales system, transitioning from a "line-based" to a "hospital-retail" model, which is anticipated to enhance growth in the generic drug market. In 2023, finished drug revenue was 2.326 billion yuan (+4.98%), with a notable increase in the second half of the year. The launch of the new insomnia drug, Didasinib capsules, in March 2024 is expected to contribute positively to performance [20]. Financial Summary - In 2023, the company achieved total revenue of 3.999 billion yuan (+5.79%) and a net profit attributable to shareholders of 619 million yuan (-6.55%). For Q1 2024, revenue was 1.061 billion yuan (+10.44%) with a net profit of 171 million yuan (+13.23%) [21]. - Revenue projections for 2024 to 2026 are 4.497 billion yuan, 4.995 billion yuan, and 5.531 billion yuan, with year-on-year growth rates of 12.5%, 11.1%, and 10.7%, respectively. Net profit attributable to shareholders is expected to be 687 million yuan, 777 million yuan, and 883 million yuan, with growth rates of 11.0%, 12.9%, and 13.8% [9][21]. - The company's earnings per share (EPS) is projected to increase from 0.72 yuan in 2023 to 1.03 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 16.7, 15.0, 13.3, and 11.7 for the respective years [21].

Investment Rating - The investment rating for the company is "Buy" [2][4]. Core Views - The company has shown steady growth in its patch products, with a significant increase in brand influence and sales performance. In 2023, the company achieved a revenue of 3.311 billion yuan, representing a year-on-year growth of 10.31%, and a net profit of 568 million yuan, up 22.09% [4]. - The core product, Tongluo Qutong Gao, has annual sales exceeding 1 billion yuan, and the "Two Tigers" series products maintain stable sales. The company is expected to continue benefiting from the aging population and the increasing number of orthopedic disease patients, indicating substantial long-term growth potential for its patch products [4]. - The company has optimized its expense ratio, with a sales expense ratio of 45.41% in 2023, down 2.68 percentage points from the previous year, reflecting improved marketing efficiency [4]. Financial Summary - In 2023, the company reported a revenue of 3.311 billion yuan, with a net profit of 568 million yuan. The revenue for Q1 2024 was 909 million yuan, showing a growth of 15.27% year-on-year, while the net profit was 190 million yuan, up 31.98% [4]. - The company forecasts revenues of 3.796 billion yuan, 4.297 billion yuan, and 4.856 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 682 million yuan, 787 million yuan, and 907 million yuan [5]. - The projected P/E ratios for 2024, 2025, and 2026 are 20.9, 18.1, and 15.7, respectively, based on the closing price on May 8 [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [26]. Core Views - The company's performance in 2023 declined due to multiple negative factors, including reduced demand for raw materials from downstream heparin formulation companies, leading to a provision for inventory impairment of 112 million yuan for heparin sodium raw materials. The raw material business revenue was 1.678 billion yuan, down 18.61%, with a gross margin of 26.10%, and heparin sodium sales volume decreased by 11.79%. The formulation product revenue was 400 million yuan, down 17.20%, primarily due to price declines following the centralized procurement of nadroparin calcium injection in March 2023. However, the nuclear medicine business performed well, with total revenue of 1.017 billion yuan, up 11.20%, driven by key products like 18F-FDG and Yunk injection [2][5]. Financial Summary - In 2023, the company achieved total revenue of 3.276 billion yuan, a decrease of 8.58%, and a net profit attributable to shareholders of 210 million yuan, down 31.75%. The first quarter of 2024 saw revenue of 647 million yuan, down 23.90%, but net profit attributable to shareholders increased by 28.38% to 64.33 million yuan [5][6]. - Revenue projections for 2024 to 2026 are 3.291 billion yuan, 3.616 billion yuan, and 4.009 billion yuan, with year-on-year growth rates of 0.5%, 9.9%, and 10.9%, respectively. Net profit attributable to shareholders is expected to be 305 million yuan, 364 million yuan, and 436 million yuan, with growth rates of 45.7%, 19.1%, and 19.9% [6][17]. Market Position and Future Outlook - The company is advancing its innovative nuclear medicine research, with several new products at various stages of development. Products like 99mTc-labeled tecfidera and sodium fluoride injection have submitted for market approval, while others are in clinical trials. The next 2-3 years are expected to see a concentration of product approvals, which could lead to rapid market expansion due to the established supply network [14].

[Table_Title] 融资成交占比持续回升 市场策略报告 · 证券研究报告 播图目录 请务必仔细阅读本报告最后都分的重要法律声明 本周融资净流出 79.27 亿,较上周走闲 15.29 亿元,融资成交占比回升至 8.55%左 右。累计融资净买入额与 2023年８月下旬相当。 资料来源: Wind, 商创证券 资料来源: Wind, 商创证券 资料来源:Wind, 商创证券 l 图 4 北向资金分行业流向 资料来源:Wind, 商创证券 图 9 周内净申购金额 本周共有 41 只股票解禁,合计市值 341.55 亿元,其中工业、日常消费和公用事业 等大类行业的解禁规模居前。个股来看，长源电力解禁市值超 65 亿元，占总股本比例 为 52.43%;佳禾食品、新益昌解禁市值超 45 亿元,占总股本比例 85.61%、69.20%。 资料来源:Wind, 商创证券 资料来源: Wind, 首创证券 图 10 ETF 跟踪指数标的净申购变化 | --- | --- | --- | --- | --- | --- | |----------------------|------------------------- ...

[Table_Title] 首创|五月金股 核心观点 [Table_Summary] ⚫ 回顾：我们 4 月观点认为随着主要增量资金的流入节奏放缓，市场或将 延续震荡整理的局面，4 月配置思路市场建议均衡配置以控制回撤风险， 适度提高低波动品种的配置比例。回顾 4 月市场，整体呈现先抑后扬走 势，指数层面，中证 500、红利指数与创业板指表现居前，涨幅超过 2%， 而微盘股指数、北证 50 与中证 2000 等小盘股指数再度出现大幅调整。 行业层面来看，家电、银行、基础化工与有色等大涨，综合、传媒、消 费者服务等行业大跌。截止 4 月 30 日，我们 4 月金股组合下跌 0.53%， 首创金股组合自 2023 年 1 月成立以来，累计组合收益 1.23%，相对沪 深 300 的超额收益为 8.13%，4 月组合中表现居前的有明阳电气、紫金 矿业、神州数码等。 ⚫ 外部环境缓解，权益市场受益。宏观层面，近期海外市场波动性明显提 升，主要受经济数据和事件驱动，首先是商品端油价大跌，一是 API 原 油库存超预期增加 500 万桶，另一方面市场对更广泛地缘政治冲突的担 忧缓解。4 月底公布的数据来看，美国 ECI ...