量子科技专题 量子应用逐步落地，关注政策支持 西南证券研究发展中心 通信研究团队 2024年5月 ...

[ T abl 2024 年e_StockInfo 05 月 28 日] 证券研究报告•2025 财年一季度财报点评 买入 （维持） 当前价：1064.69 美元 英 伟 达（NVDA.O）半导体 目标价：——美元 增长势头强劲，B 系列提前出货超预期 [Table_Summary 事件：公司 2025] 财年一季度收入 260.4亿美元，同比增长 262%；GAAP 净利 润 148.8 亿美元，同比增长 628%；Non-GAAP 净利润 152.4 亿美元，同比增 长 462%；GAAP 毛利率 78.4%，Non-GAAP 毛利率 78.9%。公司宣布对股票 进行"1 拆 10"。 数据中心持续高增长，B系列芯片提前至二季度供货，网络部件销售趋势强劲。 数据中心当季营收 226 亿美元，同比增长 428%，高于市场预期，占公司收入 比重达 86.8%。当季数据中心业务的增长主要是由于 Hopper架构 GPU出货量 的增加所贡献。公司表示，下一代 Blackwell 系列芯片开始生产，今年会产生收 入，产品将于 FY25Q2发货，且于 FY24H2增产并投放到数据中心。此外，网 络部件销售强劲增长，未 ...

[Table_ReportInfo] 2024 年 05 月 28 日 证券研究报告•宏观专题报告 宏观专题 美国居民消费年内该何去何从？ ——基于劳动力市场、家庭资产负债表和消费信心分析 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

请勿模仿 下面开始播放免责声明本次电话会议服务于西南研究所白银单客户不构成投资建议本公司不对投资者使用本次会议内容所导致的投资损失承担任何责任专家发言内容仅代表专家个人观点不代表本公司观点未经本公司事先说明即可 任何机构和个人不得以任何形式复制、刊载、转载、转发引用本次会议内容否则由此造成的一切后果即法律责任由该机构或个人承担本公司保留追究其法律责任的权利大家好欢迎参加西南医药2024年一季度血脂品行业跟踪汇报目前所有参会者均处于殡仪状态现在有请主讲人开始发言谢谢 好的 各位投资者 大家下午好我是新南医药团队的分析师王胤迪近期我们也是外发了2024年一季度血食品行业的跟踪报告包括了一季度的P先发的数据 那么今天很高兴在这里呢我将向各位投资者汇报一下我们这篇报告的主要的观点以及一些核心的数据那么在第一部分呢我想先快速的回复一下2024年一季度的学制品板块整体的业绩表现那么在我们外发的报告的这个第42页里面我们也是摘录了我们之前外发的这个学制品一季报总结的这个内容 那么从2024年1度来看呢其实整个血脂品板块的收入和利润都还是保持了一个稳健的运行的状态那么总体来说呢在我们纳入到样本的7家血脂品上市公司的这个收入端 ...

政策助力企业降成本，欧美经济表现走强 请务必阅读正文后的重要声明部分 7 1 宏观周报（5.20-5.24） （1）5 月 LPR 维持不变，后续货币政策仍有望稳健趋松 [Table_ReportInfo] 2024 年 05 月 24 日 证券研究报告•宏观定期报告 宏观周报（5.20-5.24） | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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Investment Rating - The report gives a "Hold" rating for Chang'an Minsheng Logistics (1292 HK) [44] Core Views - Chang'an Minsheng Logistics is a leading comprehensive logistics service provider in China's automotive logistics industry, with a strong client base and extensive service network [112][113] - The company benefits from the steady growth of its major client Chang'an Automobile, which achieved record sales in 2023 and is expanding internationally [26][27][29] - Chang'an Minsheng Logistics is driving green, smart, and digital transformation, expanding service boundaries through multimodal transport, smart parks, and customized logistics solutions [18][19][20][84] - The company's profitability has improved overall, with strong cost control capabilities and positive cash flow growth [36][43] Business Model and Competitive Advantages - The company has established long-term cooperative relationships with nearly 1,000 domestic and foreign enterprises in both automotive and non-automotive fields [3] - It has a comprehensive multimodal transport service network combining road, rail, and water transport, with stable transport capacity guaranteed by strategic partnerships [10] - The company has 28 branches, subsidiaries, joint ventures, and offices across China, enabling nationwide logistics services [15] - It has developed innovative logistics platforms like Cheyi Cloud and Boyu Hengtong Network Freight Platform to provide integrated supply chain services [19][31] Financial Performance - In 2023, the company achieved revenue of 7 969 billion yuan, up 3 22% YoY, and net profit attributable to shareholders of 56 447 million yuan, up 46 68% YoY [23] - The gross profit margin was 4 66%, down 0 52 percentage points YoY, while the period expense ratio decreased by 0 31 percentage points to 3 63% [36] - Operating cash flow increased significantly to 198 million yuan, indicating improving operational efficiency [36] Industry Outlook - China's automotive industry is expected to maintain steady growth, with 2023 production and sales reaching 30 161 million and 30 094 million units respectively, up 11 6% and 12% YoY [133][135] - Multimodal transport is becoming the main transportation mode for automotive logistics due to regulatory changes and environmental concerns [148][151] - The used car market is growing rapidly, with 2023 transaction volume reaching 18 413 million units, up 14 9% YoY [143][144] Growth Drivers - Chang'an Automobile's sales growth and international expansion will directly increase logistics service demand [29] - The rapid development of new energy vehicles creates new growth opportunities in NEV logistics, especially for battery transportation and storage [29] - The company's digital transformation and smart logistics solutions will enhance efficiency and expand service capabilities [18][19][84] Financial Forecasts - Revenue is expected to grow to 8 359 billion yuan in 2024, 8 836 billion yuan in 2025, and 9 393 billion yuan in 2026 [43] - Net profit attributable to shareholders is forecasted to reach 72 749 million yuan in 2024, 82 146 million yuan in 2025, and 90 586 million yuan in 2026 [43] - The PE ratio is estimated at 5x for 2024-2026, lower than the industry average of 17x [44]

重庆 | --- | --- | --- | --- | --- | --- | |-------|----------------------------|----------------------|--------------|-------------|----------------------| | 区域 | [Table_SalesPerson] 姓名 | 职务 | 座机 | 手机 | 邮箱 | | | 蒋诗烽 | 总经理助理、销售总监 | 021-68415309 | 18621310081 | jsf@swsc.com.cn | | | 崔露文 | 销售副总监 | 15642960315 | 15642960315 | clw@swsc.com.cn | | | 谭世泽 | 高级销售经理 | 13122900886 | 13122900886 | tsz@swsc.com.cn | | | 汪艺 | 高级销售经理 | 13127920536 | 13127920536 | wyyf@swsc.com.cn | | | 李煜 | 高级销售经理 | 18801732511 | 188017325 ...

Investment Rating - The report does not explicitly state an investment rating for the pharmaceutical industry. Core Insights - The A-share innovative drug sector experienced a decline of 5.11% this week, underperforming the CSI 300 index by 3.03%. Over the past six months, the A-share innovative drug sector has cumulatively decreased by 5.40%, lagging behind the CSI 300 index by 6.62% [2][18]. - The Hong Kong innovative drug sector fell by 7.33% this week, underperforming the Hang Seng index by 2.50%. In the last six months, the Hong Kong innovative drug sector has seen a cumulative decline of 11.97%, trailing the Hang Seng index by 15.82% [2][21]. - The XBI index dropped by 3.77% this week, with a cumulative decline of 5.17% over the past six months [2][23]. Summary by Sections 1. Market Performance - A total of 6 stocks rose while 56 stocks fell in the innovative drug sector this week. The top gainers were Heptares Therapeutics-B (+8.70%), Fuhong Hanlin-B (+4.78%), and Dongyao Pharmaceutical-B (+2.07%). The largest declines were seen in Kangfang Biotech-B (-23.92%), Rongchang Biotech-B (-17.10%), and Saint No Pharmaceutical-B (-16.20%) [2][17]. 2. New Drug Approvals - In May, 16 new drugs were approved for market in China, with 21 new indications also receiving approval. This week alone, 7 new drugs and 8 new indications were approved [3][24]. 3. Global Drug Development - In the U.S., 2 NDA applications were approved in May, and 2 BLA applications were approved this week. No new drugs were approved in Europe or Japan during this period [3][29][31][32]. 4. Key Drug Developments - The report highlights the approval of the PD-1/VEGF dual antibody, Iwosimab, by Kangfang Biotech for the treatment of advanced non-squamous non-small cell lung cancer, marking a significant milestone in immunotherapy [4][33]. 5. Clinical Trials - A total of 37 new clinical trials were publicly announced this week in China, including 22 Phase I trials, 10 Phase II trials, and 5 Phase III trials [24][26]. 6. Sales Performance - The report notes significant sales growth for GLP-1 receptor agonists, with the drug Tirzepatide achieving sales of $5.163 billion in 2023, reflecting a 970.1% increase [12][14]. 7. Drug Pipeline - The report details ongoing developments in the GLP-1RA drug pipeline, with multiple candidates in various stages of clinical trials, indicating a robust pipeline for diabetes and obesity treatments [9][10]. 8. Market Capitalization - The total market capitalization of the pharmaceutical industry is reported at 49,649.09 billion yuan, with a TTM P/E ratio of 32.0, significantly higher than the TTM P/E ratio of the CSI 300 at 12.0 [1].