[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 ...

[Table_Rank] [Table_Title] 首创|五月金股 [Table_ReportDate] 市场策略报告 | 2024.5.6 [Table_Authors] 王仕进 策略首席分析师 SAC 执证编号：S0110522100001 wangshijin@sczq.com.cn ⚫ 业绩底再度确认，夯实市场安全边际。A 股 24 年一季报披露完毕，整 体净利润增速曲线延续了改善趋势，全 A 归母净利润增速中位数从18.3%回升至-14.6%，创近 11 个季度最好表现，也再度确认了 23Q3 是 本轮行情的业绩底部，据此我们维持当前位置市场下行风险不大的判 断，但进一步上行空间取决于企业盈利的恢复速度以及股市资金面的改 善程度。从行业净利润增速中位数来看，大多数行业延续了下滑局面， 仅汽车、家电轻纺、银行、食品饮料和电子等少数行业 Q1 利润正增长。 ⚫ 展望来看，内外环境均出现积极变化，市场风险偏好延续改善，5 月行 情值得期待。在近期北上资金大幅加仓以及内资风险偏好快速回归的带 动下，主要宽基指数已经接近超买区间，假期海外市场大涨带动下，预 计 5 月上旬市场会出现先扬后抑特征，但整体结构性 ...

图 32 优质企业债与国开债利差 (%) 6 风险提示 市场策略报告 证券研究报告 股票投资评级 买入 相对沪深 300 指数涨幅 15％以上 中性 相对沪深300指数涨幅－5％-5％之间 2. 投资建议的评级标准 行业指数）的涨跌幅相对同期的沪深 300 王仕进，策略首席分析师，上海财经大学经济学博士，7 年策略研究经验，2022 年 10 月加入首创证券研究发 展部。 免责声明 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。 评级说明 [Table_Title] 北上加速流入 核心观点 请务必仔细阅读本报告最后部分的重要法律声明 ⚫ 基金市场： ➢ 本周 ETF 基金整体上净申购。跟踪的主要指数标的中，本周净申购排 名靠前的为沪深 300ETF（63.3 亿元）、中证 500ETF（46.2 亿元）和中 证 1000ETF（29.2 亿元）。行业层 ...

图 指数 净申赎变化 | --- | --- | --- | --- | --- | --- | |----------------|---------------------|---------------------------------|----------------------------------|---------------------|---------------------| | 跟 踪 ETF | 本周净申购 （亿元） | 指 数 ETF \n上周净申购 （亿元） | 净申购变化 \n月度净申购 （亿元） | 季度净申购 （亿元） | 年度净申购 （亿元） | | 中 证 1000 | 45.9 | 29.2 | 52.1 | 383.8 | 300.6 | | 沪 深 300 | 38.1 | 63.3 | 59.0 | 1422.8 | 2656.9 | | 中 证 500 | 28.4 | 46.2 | 25.7 | 477.9 | 446.5 | | 上 证 50 | 16.4 | -4.4 | 13.9 | 104.5 | 268.1 | | 科 创 50 | 3.2 | ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The report highlights that the company is entering a phase of significant growth for its innovative drugs, with a clear trend of performance reversal [8] - The company reported a revenue of 4.068 billion yuan in 2023, a year-on-year increase of 6.03%, but a net loss attributable to shareholders of 551 million yuan, a decline of 388.19% [3][4] - In Q1 2024, the company achieved a revenue of 1.326 billion yuan, representing a substantial increase of 41.28%, and a net profit attributable to shareholders of 146 million yuan, an increase of 125.55% [3][4] Summary by Sections Financial Performance - In 2023, the company faced multiple negative factors leading to a significant decline in profits, including increased asset impairment losses and rising R&D expenses [9] - The company's proprietary products saw rapid growth, with domestic proprietary (including imported) product revenue reaching 2.010 billion yuan, up 21.72% [9] - The core innovative product, Yili Shu® (艾贝格司亭 α injection), received approvals and is expected to see rapid growth in both domestic and international markets in 2024 [9] Revenue and Profit Forecast - The company forecasts revenues of 5.333 billion yuan, 6.362 billion yuan, and 7.299 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 31.1%, 19.3%, and 14.7% [11] - The net profit attributable to shareholders is projected to be 507 million yuan, 763 million yuan, and 1.031 billion yuan for the same years, with significant growth rates [11] Market Position and Product Development - The company has successfully introduced new products into the market, including those that have been included in the national medical insurance catalog, which is expected to drive revenue growth [9] - The report indicates that the raw material pharmaceutical business remains resilient despite industry challenges, with revenue of 800 million yuan in 2023, a slight increase of 1.58% [9]

[Table_ReportDate] 市场策略报告 | 2024.05.06 [Table_Rank] 请务必仔细阅读本报告最后部分的重要法律声明 请务必仔细阅读本报告最后部分的重要法律声明 | --- | |----------------------| | 目录 | | 1 核心观点与展望 | | 2 指数与基金市场回顾 | | 3 风险偏好与板块热度 | | 4 重要资金行为 … | | 5 盈利与估值变化 | | | 握图目录 市场策略报告 · 证券研究报告 [Table_Title] 关注北上资金净流入持续性 核心观点 | --- | --- | --- | |---------------------------------------------------------------------------------------|---------|----------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of over 15% relative to the CSI 300 index [7]. Core Insights - The company has shown strong growth in its short drama business, achieving significant revenue increases and successfully turning a profit in 2023. The revenue for 2023 reached 6.84 billion yuan, a year-on-year increase of 8.3%, with net profit soaring to 400 million yuan, a remarkable growth of 337.8% [9]. - The company is expected to continue its revenue growth trajectory, with projected revenues of 7.09 billion yuan, 7.61 billion yuan, and 8.30 billion yuan for 2023, 2024, and 2025 respectively, reflecting year-on-year growth rates of 3.7%, 7.3%, and 9.1% [2][17]. - The company is focusing on optimizing its social product matrix and expanding its overseas market presence, particularly with its product "Waha" gaining traction in Vietnam [1]. Summary by Sections Financial Performance - The company achieved a gross margin of 41.4% in 2023, slightly higher than the previous year, with a sales expense ratio of 30.3% [23]. - The company’s content service revenue from short dramas reached 959 million yuan in 2023, showing substantial growth [9]. - The projected net profits for 2023, 2024, and 2025 are 420 million yuan, 490 million yuan, and 560 million yuan respectively, with growth rates of 8.0%, 16.6%, and 14.4% [2][17]. Business Segments - The short drama business is positioned as a key growth driver, with the company producing hundreds of micro-dramas and achieving over 10 billion total views [9]. - The live social business has shown signs of recovery, with a 25.5% quarter-on-quarter increase in revenue, despite a year-on-year decline of 10% [16]. Market Position - The company is recognized as a leader in the short drama sector, ranking third in the industry heat list for Q1 2024, following major competitors [9]. - The company’s strong promotional capabilities and comprehensive industry chain are expected to sustain its competitive edge and revenue generation [9].

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company has shown steady growth in anesthetic products, with a notable increase in sales from non-surgical departments [2][5] - The core subsidiary, Yichang Renfu, has demonstrated robust performance, with revenue growth driven by the expansion of anesthetic drugs across multiple departments [5] - The company is focusing on "core business concentration," which has led to improved operational quality and a reduction in financial asset volume [5][6] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 24.525 billion yuan, representing a year-on-year increase of 9.79%, while the net profit attributable to shareholders was 2.134 billion yuan, down 14.07% [5][7] - For Q1 2024, the company reported a revenue of 6.367 billion yuan, up 2.28%, but the net profit attributable to shareholders decreased by 26.89% [5][6] Product Performance - Sales revenue from anesthetic products reached approximately 6.7 billion yuan in 2023, a growth of about 16% year-on-year, with non-surgical departments seeing a significant increase of 39% [5] - The growth in surgical departments is attributed to the recovery of surgical volumes post-pandemic, while the rapid growth in non-surgical departments is linked to the expansion of anesthetic applications in areas such as endoscopy and ICU [5] Subsidiary Performance - Yichang Renfu reported a revenue of 8.060 billion yuan in 2023, up 14.97%, with a net profit of 2.429 billion yuan, an increase of 16.88% [5] - Epic Pharma showed significant improvement with a revenue of 1.058 billion yuan, up 20.92%, and a net profit of 115 million yuan, up 44.03% [5] - Xinjiang Weiyao achieved a revenue of 1.003 billion yuan, a growth of 37.17%, while Sanxia Pharmaceutical reported a revenue of 372 million yuan, down 9.41% [5] Future Outlook - Revenue projections for 2024-2026 are 26.327 billion yuan, 28.339 billion yuan, and 30.441 billion yuan, with year-on-year growth rates of 7.3%, 7.6%, and 7.4% respectively [7] - Net profit forecasts for the same period are 2.182 billion yuan, 2.610 billion yuan, and 3.025 billion yuan, with growth rates of 2.3%, 19.6%, and 15.9% respectively [7]

相关研究 [Table_OtherReport] 新里程（002019.SZ)点评：经营质量持 续改善，医疗服务业务稳健增长 新里程（002219.SZ)：盈利能力逐步提 升，外延式发展可期的综合医院"第一 股" [Table_Title] 业绩符合预期，医疗服务业务盈利能力持续提升 [Table_ReportDate] 新里程(002219)公司简评报告 | 2024.04.30 [Table_Rank] 评级： 买入 ⚫ 经营质量持续改善，增发事项稳步推进。公司 2023 年表观利润偏低主 要是由于：（1）确认股权激励费用，不含股权激励摊销费用，2023 年经 营产生的归属于上市公司股东的扣除非经常性损益的净利润为 1.87 亿 元（+104.48%）；（2）确认信用减值损失 1.12 亿元。2023 年经营活动产 生的现金流量净额为 2.90 亿元（+8.56%），期末资产负债率 63.25%，较 年初下降 5.54 个百分点，公司经营质量持续改善。公司同时公告，拟提 请股东大会授权董事会办理以简易程序向特定对象发行股票事项；向控 股股东的定向增发项目已向深交所递交材料。未来增发完成后，有望带 动控股股 ...

[Table_Title] 电力业务大幅扭亏，加速推动储能转型 [Table_ReportDate] 永泰能源(600157)公司简评报告 | 2024.04.29 [评Ta级ble：_R an增k]持 核心观点 [ Table_Authors] [Tabl e_Summary] 张飞 ⚫ 事件：公司发布2023年年度业绩报告，2023年实现营业收入301.20亿 行业分析师 元（-15.29%，经调整，下同）；实现归属于上市公司的净利润22.66亿 SAC执证编号：S0110523080001 元（+18.67%），扣非净利润23.59亿元（+41.73%）；实现基本每股收益 zhangfei@sczq.com.cn 电话：010-81152685 为0.102元（+18.74%）。2024年Q1业绩，实现营收73.21亿元（+3.58%）， 归母净利润4.67亿元（+11.41%），扣非净利润4.71亿元（+12.04%）。 [市T场ab指le数_C走ha势rt]（ 最近1年） ⚫ 煤炭板块 2023年量增价减盈利保持稳健，在建煤矿项目进展顺利。煤 0.1 永泰能源 沪深300 炭板块2023年实现营业收 ...