[Table_Title] 2 月民航运输规模创历史新高，免签国家增加推动国 际航线恢复 [ 交Ta 通bl 运e_ 输Rep o r 行tDa 业te 简] | 评报告 | 2024.03.18 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [T[⚫Ta balbel上_eS_周Sumu行mmm情aray回r]y ]顾 。上周沪深300指数上涨0.71%，交通运输（申万） 张功 指数上涨1.92%，在31个申万一级行业中排名第19。二级板块中， 交运行业首席分析师 航空机场周涨跌幅为+4.33%，航运港口的周涨跌幅为-0.45%，物流 SAC执证编号：S0110522030003 周涨跌幅为+4.37%，铁路公路周涨跌幅为-0.57%。 zhanggong1@sczq.com.cn ⚫ 《2024年第 11周（03月 11日至 03月 17 日）民航运行简报》： 张莹 全国民航执行客运航班量近 9.7万架次，日均航班量 13867架次， 交运行业研究助理 环比上周下降 0.1%，同比 2023 年上升 12.7%，同比 2019 年上升 zhangying2022@scz ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of over 15% relative to the CSI 300 index [35][63]. Core Views - The company has shown continuous growth in new order amounts, cumulative order amounts, and customer numbers, reflecting an improvement in market reputation and customer satisfaction [3][4]. - The company is actively pursuing self-initiated projects, with over 40 new research projects initiated in the first half of 2023, totaling more than 290 projects [3]. - The company is expanding its service range from generic drugs to innovative drugs, which is expected to enhance revenue from existing customers [3][4]. - The report highlights the robust growth potential of the company's CRO business, particularly in the context of the increasing demand for generic drugs due to an aging population and the expiration of patents for major innovative drugs [10][21]. Summary by Sections Company Overview - The company operates as a comprehensive CRO for drug development, focusing on both innovative and generic drug development, and has established a full-process integrated drug development service platform [22][25]. - The company has a strong pipeline of innovative drugs and improved generic drugs, with several projects already achieving external authorization [57]. Financial Performance - The company has experienced rapid revenue and profit growth, with a CAGR of 79.76% for revenue and 175.03% for net profit from 2017 to 2022 [27]. - For 2023, the company expects revenues of 9.54 billion yuan, with a year-on-year growth rate of 41.0%, and net profits of 1.94 billion yuan, reflecting a growth rate of 24.7% [11][35]. Market Trends - The report notes that the activity level in the generic drug sector is expected to remain high, driven by increasing demand and a growing number of new entrants in the market [10][21]. - The company is well-positioned to benefit from the ongoing trends in the pharmaceutical industry, including the increasing focus on high-quality generic drug development and the need for faster delivery and quality in drug research [10][21]. Research and Development - The company has made significant investments in R&D, focusing on areas such as peptide drugs, modified new drugs, and complex generics, which are expected to yield high-margin revenue streams in the future [3][22][25]. - The company has established collaborations with various enterprises for joint development projects, which are anticipated to contribute to revenue through profit-sharing agreements [57].

Investment Rating - Buy rating for the company [1] Core Views - The company has implemented price adjustments for its Guoyuan Kai series products, with price increases ranging from 8 to 20 RMB per bottle, effective from March 1, 2024 [2] - The company's Spring Festival sales performance was strong, driven by high consumption rates of its main products, including Sikai and Duikai [2] - The company's 2023 revenue is expected to reach 100.5 billion RMB, with a target to enter the 150 billion RMB revenue club by 2025, implying a CAGR of 22% [2] - The company's main products, Sikai and Duikai, have stable wholesale prices, with potential for slight increases following the price adjustments [2] Financial Projections - Revenue is projected to grow from 100.7 billion RMB in 2023 to 149.7 billion RMB in 2025 [2] - Net profit attributable to shareholders is expected to increase from 3.118 billion RMB in 2023 to 4.562 billion RMB in 2025 [2] - EPS is forecasted to rise from 2.49 RMB in 2023 to 3.64 RMB in 2025 [2] - The company's PE ratio is expected to decrease from 21.3x in 2023 to 14.5x in 2025 [2] Financial Performance - The company's revenue growth rate is projected to be 27.7% in 2023, 21.2% in 2024, and 22.6% in 2025 [3] - Net profit growth rate is expected to be 24.6% in 2023, 20.0% in 2024, and 22.0% in 2025 [3] - The company's gross margin is consistently projected at 76.6% from 2023 to 2025 [4] - ROE is forecasted to increase from 23.5% in 2023 to 23.9% in 2025 [4] Balance Sheet and Cash Flow - Total assets are expected to grow from 207.3 billion RMB in 2023 to 286.5 billion RMB in 2025 [4] - Cash flow from operating activities is projected to increase from 2.934 billion RMB in 2023 to 4.305 billion RMB in 2025 [4] - The company's debt ratio is expected to decrease from 36.0% in 2023 to 33.3% in 2025 [4]

[Table_Title] 无糖茶饮空间广阔，猪价近期延续上行 [Table_ReportDate] 农林牧渔&食品饮料 | 行业简评报告 | 2024.03.12 [评Ta级ble：_R a看nk好] 核心观点 [ Table_Authors] [Tabl e_Summary] 赵瑞 ⚫ 食品饮料：近日，娃哈哈推出多款全新的无糖茶饮产品，共有茉莉 分析师 花茶等四种独特口味，新品目前已在品牌直播间开启预售，在去年 SAC执证编号：S0110522120001 的销售工作会议上，娃哈哈即表示无糖茶系列为重点产品；康师傅 zhaorui@sczq.com.cn 在 2024 年继续发力无糖茶，推出无糖乌龙茶、无糖茉莉花茶，继 续丰富无糖茶饮矩阵。据欧睿数据，2022年中国无糖茶饮市场规模 为 73.8 亿元，随着无糖茶饮料在下沉市场以及泛消费人群的进一 [市Ta场bl指e数_Ch走ar势t]（ 最近1年） 步普及，预计到2027年，中国无糖茶饮市场规模将达到124亿元， 对应2022-2027年复合增长率为10.2%，保持较快增长趋势。国际 0.2 农林牧渔 沪深300 比较来看，2022 年中国即饮茶的无糖化 ...

[Table_Title] 2024 年“史上最火”春运收官，“探亲+旅游”二次出 游抬升行业热度 [ 交Ta 通bl 运e_ 输Rep o r 行tDa 业te 简] | 评报告 | 2024.03.12 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [⚫T abl2e0_2S4um年m春ar运y] 期间流动人数超84亿人次，自驾游人数增长体现出行 张功 方式的结构性调整。根据交通运输部公布，春运期间（1.26-3.5）40 交运行业首席分析师 天内累计有超过84亿人次出行，创历史新高；出行人次较2019年 SAC执证编号：S0110522030003 同期+182%，相较于 2023 年同期+77%。其中，铁路客运量预计完成 zhanggong1@sczq.com.cn 4.8 亿人次；公路人员流动量预计完成 78.3 亿人次，其中高速公路及 张莹 普通国省道非营业性小客车人员出行量预计完成67.2亿人次，在全社 交运行业研究助理 会跨区域人员流动量中占比约80%，公路营业性客运量预计完成11.1 zhangying2022@sczq.com.cn 亿人次；水路客运量预 ...

[Table_Title] 汽车周报：智能电动车&汽车出口成为两会焦点 [ 汽Ta 车bl e |_ R 行ep 业or 深tDa 度te 报] 告 | 2024.03.12 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [⚫T abl2e_0S24um年m两ar会y] ，众代表聚焦新能源智能网联车&汽车出口建言献策 岳清慧 3月4日-5日，全国政协和人大十四届会议开幕，代表们对智能新能源 汽车首席分析师 汽车行业痛点提出建议。 SAC执证编号：S0110521050003 1）新能源方面：吉利汽车李书福提出要加快明确换电站建设、高低压 yueqinghui@sczq.com.cn 箱变、土地及建设审批的相关规定，将其纳入国家市场管理规范体系内； 建立换电车型专属的公告认证体系，形成车电分离下的车与电池的分开 [市Ta场bl指e数_Ch走ar势t]（ 最近1年） 认证。电池回收方面，华晨宝马张涛提出从动力电池设计方面更易拆解。 回收，规范动力电池回收渠道和监管机制等建议。 0.2 汽车 沪深300 2）智能网联化和飞行汽车方面：全国人大代表、小鹏汽车何小鹏在智 0 1 2 ...

[Table_Title] AI 应用层投资价值凸现，继续看好全行业反弹机会 [ 传Ta 媒bl e |_ R 行ep 业or 简tDa 评te 报] 告 | 2024.3.12 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [T[Tabalbel _eS_Sumummmarayr]y ] 李甜露 ⚫ 【核心观点】AI大模型接连取得新进展，看好AI应用层投资价值。 联席首席分析师 Claude 3 Opus 在10项人工智能标准测试中超越了GPT-4，包括本 SAC执证编号：S0110516090001 科水平知识、小学数学、编程以及常识。 我们认为，国外大模型能 litianlu@sczq.com.cn 电话：86-10-8115 2690 力的不断突破，推动 AI 投资逻辑切换至应用层。当前 AIGC 行业 进展，大大提升其产业生产力价值，有望赋能以图片、视频为代表 辛迪 的多模态内容生产，加速内容制作端生产效率升级，叠加国内政策 分析师 和应用端均有所进展，不断释放积极信号。看好：a）优质IP 储备 SAC执证编号：S0110522110003 公司在AIGC技术加持 ...

免责声明 在法律许可的情况下，首创证券可能会持有本报告中提及公司所发行的证券头寸并进行交易，也可能为这些公司 提供或争取提供投资银行业务服务。因此，投资者应当考虑到首创证券及/或其相关人员可能存在影响本报告观 点客观性的潜在利益冲突。投资者请勿将本报告视为投资或其他决定的唯一信赖依据。 [Table_Title] 从普涨转向震荡 | --- | --- | --- | --- | |-------|----------------------------------------------------------------------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Title] 民航 2024 年春运维持高位运行，快递包裹量呈现良 好增长态势 [ 交Ta 通bl 运e_ 输Rep o r 行tDa 业te 简] | 评报告 | 2024.03.11 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [T[⚫Ta balbel上_eS_周Sumu行mmm情aray回r]y ]顾 。上周沪深300指数上涨0.20%，交通运输（申万） 张功 指数下跌0.14%，在31个申万一级行业中排名第15。二级板块中， 交运行业首席分析师 航空机场周涨跌幅为-1.67%，航运港口的周涨跌幅为+1.60%，物流 SAC执证编号：S0110522030003 周涨跌幅为-1.71%，铁路公路周涨跌幅为+1.28%。 zhanggong1@sczq.com.cn ⚫ 《2024年第 10周（03月04日至03月 10日）民航运行简报》： 张莹 全国民航执行客运航班量近 9.7万架次，日均航班量 13881架次， 交运行业研究助理 环比上周下降 8.8%，同比 2023 年上升 17.7%，同比 2019 年下降 zhangying2022@sczq ...

[Table_Title] 供需双弱价格短期承压，预计下行空间有限 [Table_ReportDate] 煤炭开采 | 行业简评报告 | 2024.03.11 [评Ta级bl：e_ R看an好k] 核心观点 [ Table_Authors] [ Table_Summary] 张飞 ⚫ 动力煤淡季需求继续偏弱，价格稳定中高位水平。供给方面，重要会 行业分析师 议期间各地安全检查趋严，主产区煤矿供给边际趋弱，预计短期内继 SAC执证编号： 续走弱。需求方面，进入3月份，全国大部分地区气温回升，开工率 S0110523080001 稳步提升中，当前电厂日耗较假期有所回升，但仍处在较低水平，预 zhangfei@sczq.com.cn 计随着开工率的提升日耗将继续抬升。受短期价格回调影响，发运继 电话：010-81152685 续倒挂，本周北方港口库存继续维持去化，截至 3 月 8 日，北方港 口库存合计2092万吨，周环比减少18万吨，跌幅0.85%；终端需求 [市Ta场bl指e_数Ch走ar势t]（ 最近1年） 耗煤探涨空间受限，预估整体保持平稳。进口方面，海关总署3月7 0.4 煤炭开采 沪深300 日公布的数 ...