[Table_ReportList] 相关研究 [Table_Pagehead2] 万联证券研究所 www.wlzq.cn 第2页共18页 万联证券研究所 www.wlzq.cn [Table_Pagehead] | --- | --- | |-----------|------------------------------------------------| | 年份 | 发展历程 | | 1993 | 公司组建，前身是抚州市中心血站 | | 2001 | 股份制改革 | | 2007 | 高特佳入主 | | 2012 | 于深交所上市 | | 2013-2017 | 收购天安药业、广东复大医药、南京新百，丹霞生物 | | 2021.11 | 华润医药正式控股 | | 2022.3 | 公司更名为"华润博雅生物制药集团股份有限公司" | | 2022.8 | 启动建设血液制品智能工厂 | | 2023.9 | 转让所持有复大医药75%的股权 | | 2023.10 | 转让所持有天安药业 89.681% 的股权 | [Table_Pagehead] 公司聚焦血制品产业，逐步剥离非血制品业务，2023年1 ...

5 月航空数据点评 证券研究报告|交通运输 强于大市(维持) ——交通运输行业快评报告 2024 年 06 月 24 日 3354 [行业核心观点: Table_Summary] 今年以来出入境签证等政策保持积极开放趋势,国际航班延 续修复态势,国内民航客运周转量维持增长,近期暑运将 至,根据航班管家预测今年暑运旅客运输量将达 1.35 亿人 次,同比增长 7%,根据航班管家预定数据显示,2024 年暑 运国内经济舱平均票价同比微降 3%,当前环境下公商务出行 支出虽有压缩,但是暑运期间因私出行需求旺盛,对票价具 有一定支撑,随着暑运需求放量,航空业投资关注度或将进 一步提升,维持行业"强于大市"评级。 投资要点: ⚫ 5 月航空业供需环比提升:2024 年 5 月民航总周转量实现 119.2 亿吨公里,同比增长 22.8%,环比增长 4.7%,其中国内航线同比 增长 8.2%,国际航线增长 66%,1-5 月民航总周转量同比增长 35.36%,客运量实现 2.92 亿人次,同比增长 26.5%,较 1-4 月 增速有所回落。从上市航空公司数据角度来看,六家上市航空公 司 5 月 RPK 和 ASK 同比分别 ...

风险因素：原材料价格波动、人民币汇率波动、出口不及预期、地产链相关政策落 地不及预期、数据统计偏误等。 千帆过尽，静待归来 行业核心观点： 分析师 潘云娇 执业证书编号 S0270522020001 ——2024 年中期房地产行业投资策略报告 城投债方面，（1）建议在化债重点区域挖掘高收益资产，短久期适度下沉进行化债 预期博弈。（2）建议选择优质区域继续下沉资质，并适度拉久期增厚收益。区域选择 上，可关注经济财政实力较强、产业优势突出以及平台市场化进程较快的省份，"省负 全责"原则下信用风险相对可控。期限选择上，建议拉久期至 3Y-5Y。 地产债方面，（1）基本面修复预期转好，经营稳健、资金充足、业务集中在核心城 市的高等级央国企有望率先受益。建议关注楼市复苏预期下央国企地产债估值修复机 会。（2）地产行业信用风险持续释放，民营房企信用扰动相对显著，预计下半年政策仍 将继续发力，建议适度关注政策预期博弈下高收益民企地产债的交易机会。 周期债方面，（1）钢铁债：产业集中度提升背景下，头部钢企盈利水平有望率先修 复，建议关注头部央国企主体。低利差环境下，仍以票息挖掘为主，久期建议控制在 3Y 以内。（2）煤价上行 ...

[Table_RightTitle] 证券研究报告|家用电器 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 5 月家电出口数据跟踪报告 (维持) 究 [Table_ReportType] [Table_ReportDate] ——家用电器行业跟踪报告 2024年06月21日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 全球制造业景气度回升，家电出口链有望持续受益，我国家电企业凭借 其在产业链中积累的优势，通过出海不断提升自身品牌价值，出口景气 家用电器 沪深300 20% 度延续有望推升行业收入增长，我们维持行业“强于大市”评级，建议 15% 行 持续关注经营稳健具有较高分红预期的龙头标的、出口链相关机会以及 10% 5% 业 具有第二增长曲线的相关个股。 0% -5% 跟 -10% -15% 踪 投资要点： -20% 报 ⚫ 家电出口保持较高景气度：根据海关总署数据显示，5 月家电出 告 口数量/出口金额（美元）分别同比增长 29.7%/19.6%，1-5 月累 数据来源：聚源，万联证券研究所 计同比 ...

Investment Rating - The investment rating for the company is "Buy" [4][9]. Core Insights - The company reported a revenue of 1.222 billion yuan in Q1 2024, a year-on-year decrease of 5.42%, while the net profit attributable to shareholders was 317 million yuan, an increase of 20.91% year-on-year [2][3]. - The company has a strong advantage in plasma collection, with 102 plasma collection stations across 16 provinces, contributing to approximately 20% of the total plasma collected in the domestic industry [3]. - The gross profit margin improved to 56.08% in Q1 2024, an increase of 10.08 percentage points year-on-year, driven by a higher proportion of factor products in the revenue mix [3]. - The company is positioned to benefit from new product launches in the recombinant coagulation factor and immunoglobulin sectors, with a robust pipeline of over ten products under development [3][9]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 1.222 billion yuan, down 5.42% year-on-year, while the net profit attributable to shareholders was 317 million yuan, up 20.91% year-on-year [2][3]. - The company’s gross profit margin reached 56.08%, reflecting a significant improvement in profitability [3]. Growth Drivers - The company has rapidly expanded its plasma collection stations, with 80 operational stations contributing to a substantial share of the industry’s plasma collection [3]. - The introduction of new products, particularly in the recombinant factor and immunoglobulin categories, is expected to enhance revenue structure and drive future growth [3][9]. Earnings Forecast - The forecast for the company’s net profit attributable to shareholders is 1.358 billion yuan for 2024, 1.639 billion yuan for 2025, and 1.992 billion yuan for 2026, with corresponding EPS of 0.69 yuan, 0.83 yuan, and 1.01 yuan respectively [4][9].

[Table_RightTitle] 证券研究报告|银行 [Table_Title] 行稳致远 [Table_IndustryRank] 强于大市(维持) [Table_ReportType] ——2024 年中期银行行业投资策略报告 2024 年 06 月 20 日 [Table_Summary] 投资要点： 行业经营继续承压：2024.1Q，42 家上市银行归母净利润增速转负， 除了收入端营收增速降幅扩大以外，成本端拨备计提降幅收窄是 主要影响因素，所得税率环比有所抬升，不过仍低于 2023 年同期。 [Table_Chart] 行业相对沪深 300 指数表现 银行 沪深300 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% 需求端尚未明显回升，汇率约束仍存：综合考虑当前的国内外宏 观经济环境、汇率因素、存款增长情况以及新增政府债等因素， 我们预计从银行本身的角度看，新增准备金的要求或低于此前的 预期。而利率方面，根据《国家发展改革委办公厅等关于做好2024 年降成本重点工作的通知》表述，推动贷款利率稳中有降，持续 发挥贷款市场报价利率（LPR）改革效能和存款利率市场化 ...

Investment Rating - The report gives a "Buy" rating for the company, Tian Tan Biological (600161) [5][10]. Core Viewpoints - The company, backed by a central enterprise, has strong capabilities in obtaining plasma station approvals, with a substantial reserve of new plasma stations established since 2021, indicating a potential revenue realization phase ahead. The blood products sector is characterized by high barriers to entry, and the company is expected to achieve steady growth through both organic growth and external expansion [2][3]. Summary by Sections 1. Company Background and Market Position - The company is a leading player in the blood products sector, with a strong central enterprise background. It operates under the umbrella of China National Pharmaceutical Group, managing six blood product enterprises and holding the largest production scale in the industry [16][21]. - The company has seen steady growth in performance, with total revenue increasing from 2.93 billion yuan in 2018 to 5.18 billion yuan in 2023, reflecting a five-year compound annual growth rate (CAGR) of 12.06% [21][23]. 2. Plasma Station Resources and Coverage - The company leads the industry with 15 types of blood products and has established 102 plasma collection stations across 16 provinces, with 80 currently operational. The company collected 2,415 tons of plasma in 2023, accounting for approximately 20% of the national total [3][41]. - The number of plasma stations has increased significantly since 2021, with a total of 24, 32, and 22 new stations established in 2021, 2022, and 2023, respectively [3][59]. 3. Growth Potential and Product Development - The company is expected to enhance its plasma collection efficiency and overall profitability as new plasma stations mature and high-margin products are developed. The current product mix leans towards lower-margin products, but the introduction of new high-margin products is anticipated to improve overall profitability [3][10]. - The company maintains a leading position in the research and development of recombinant coagulation factor products and immunoglobulin products, with a pipeline of over ten products under development, including high-concentration immunoglobulin and recombinant coagulation factors [3][67]. 4. Financial Forecast - The company forecasts revenues of 6.22 billion yuan, 7.33 billion yuan, and 8.63 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.36 billion yuan, 1.64 billion yuan, and 1.99 billion yuan [4][10]. - The earnings per share (EPS) are projected to be 0.69 yuan, 0.83 yuan, and 1.01 yuan for the same years, with price-to-earnings (PE) ratios of 43.85, 36.33, and 29.90 [4][10].

[Table_Summary] 投资要点: [Table_Title] 聚焦大健康产业，化妆品"5+N"战略升级 ⚫ 概况：原山东国资房企，剥离地产业务聚焦大健康产业。公司早前是山东 省国资委下的房地产企业，2018 年收购山东福瑞达医药集团有限公司， 实行"地产+医养"发展模式，2023 年，公司置出房地产业务，聚焦大健 康产业。目前，公司主要业务为化妆品、医药和原料。2023 年，公司化 妆品/医药/原料及添加剂收入占比分别为 52.76%/11.35%/7.67%。 ⚫ 医药业务：多领域布局，线上+线下全渠道模式。公司医药板块旗下拥有 施沛特、颈痛颗粒、小儿解感颗粒等多个知名品牌。2024Q1，公司医药板 块营业收入同比-23.25%，主因 23Q1 应急保供品导致基数较高以及 24Q1 业务调整，随着医药业务逐步打通线上产品链路以及业务调整结束，预计 医药业务将重回向上通道。 [Table_StockRank] 增持(首次) 1,016.57 1,016.57 -40% -35% -30% -25% -20% -15% -10% -5% 0% 5% 福瑞达 沪深300 [Table_ReportLis ...

[Table_MeetReportDate] 2024 年 06 月 21 日 星期五 核心观点 【重要新闻】 【国家金融监督管理总局针对部分信托公司、银行理财公司、保险资 管公司下发《资产管理产品信息披露管理办法(征求意见稿)》】意见 稿明确了信息披露的一般规定，对产品募集期的信息披露相关要求进 行具化，明确产品存续期信息披露规定，提及产品管理人要在每个季 度结束起十五个工作日内披露产品季度运作报告，在 8 月 31 日之前 披露产品的半年度运作报告，在每年 4 月 30 日之前披露上一年的年 度报告。 固本强基，推动资本市场高质量发展 行稳致远 聚焦大健康产业，化妆品"5+N"战略升级 央企血制品龙头，浆站获批能力强，研发布局夯实长期竞争力 213.63 0.05% Email: huangjj@wlzq.com.cn 万千财富，与您相连 [Table_Content] 核心观点 周四 A 股三大指数震荡下挫，上证指数跌 0.42%报 3005.44 点，深证成指跌 1.63%，创业 板指跌 1.44%。沪深两市成交额 0.72 万亿元，北向资金净流出 32.70 亿元。申万行业方 面，煤炭和石油石化上涨 ...

Group 1 - The core focus of the report emphasizes three key tasks for the high-quality development of the capital market: actively embracing new productive forces, enhancing the investment value of listed companies, and ensuring investor protection throughout the regulatory process [17][42]. - The report highlights the need for the capital market to enhance service coverage and precision for new productive forces, grow patient capital, and address innovation inclusivity through institutional mechanisms [3][42]. - It stresses the importance of improving the investment value of listed companies, particularly through mergers and acquisitions, to support innovation and strengthen industry integration [4][42]. Group 2 - The report outlines eight measures for deepening the reform of the Sci-Tech Innovation Board, focusing on supporting "hard technology" enterprises and optimizing the issuance and underwriting system [20][39]. - It indicates that the new rules will enhance the inclusivity of the system, allowing high-quality, unprofitable technology companies to list on the Sci-Tech Innovation Board [39][42]. - The report suggests that the reforms are expected to boost investor sentiment, increase trading activity, and attract long-term capital into the market [42]. Group 3 - The report provides data on R&D expenditures across various sectors, indicating a significant increase in R&D spending, particularly in the Sci-Tech Innovation Board, which saw a growth rate of 22.53% in 2023 [36]. - It emphasizes the need for companies to meet stricter criteria for R&D investment, including a minimum of 5% of revenue or a cumulative R&D investment of over 80 million yuan in the last three years [8][39]. - The report also notes the increasing importance of patent holdings and revenue growth rates as criteria for companies seeking to enhance their market position [8][39].