[2T0a2b4l年e_I0n5d月ust1ry2In日fo ] 强于大市(维持) 证券研究报告•行业研究•国防军工 军工行业周报（5.6-5.12） 新型号发射踵事增华，运载火箭空间巨大 行情回顾： 西南证券研究发展中心 [上Ta周bl（e_5S月um6m日ar-y5]月 12日），SW军工板块报收1323.9点，上涨3.6 %，板块 [分Ta析bl师e_：Au刘th倩or倩] 排名第4。同期沪深300指数上涨0.2%，创业板指数下跌0.9%。 执业证号：S1250522070003 行业动态： 电话：15001276860 邮箱：lqqyf@swsc.com.cn 我国长征系列运载火箭家族增添新成员——长征六号丙，该运载火箭于5月 7 日在太原卫星发射中心点火起飞，以一箭四星的方式将海王星 01星、智星一 [行Ta业bl相e_对Qu指o数te表Pic现] 号 C星、宽幅光学卫星和高分视频卫星送到预定轨道，发射任务取得圆满成功。 国防军工 沪深300 长六丙火箭由航天八院抓总研制，是面向未来商业发射市场打造的新一代无 5% 毒、无污染液体运载火箭。 -3% C919申请 EASA适航证，C929进入详细设计 ...

[2T0a2b4l年e_I0n5d月ust1ry2In日fo ] 强于大市(维持) 证券研究报告•行业研究•国防军工 军工行业周报（5.6-5.12） 新型号发射踵事增华，运载火箭空间巨大 行情回顾： 西南证券研究发展中心 [上Ta周bl（e_5S月um6m日ar-y5]月 12日），SW军工板块报收1323.9点，上涨3.6 %，板块 [分Ta析bl师e_：Au刘th倩or倩] 排名第4。同期沪深300指数上涨0.2%，创业板指数下跌0.9%。 执业证号：S1250522070003 行业动态： 电话：15001276860 邮箱：lqqyf@swsc.com.cn 我国长征系列运载火箭家族增添新成员——长征六号丙，该运载火箭于5月 7 日在太原卫星发射中心点火起飞，以一箭四星的方式将海王星 01星、智星一 [行Ta业bl相e_对Qu指o数te表Pic现] 号 C星、宽幅光学卫星和高分视频卫星送到预定轨道，发射任务取得圆满成功。 国防军工 沪深300 长六丙火箭由航天八院抓总研制，是面向未来商业发射市场打造的新一代无 5% 毒、无污染液体运载火箭。 -3% C919申请 EASA适航证，C929进入详细设计 ...

Investment Rating - The investment rating for the company is not explicitly stated in the report, but it implies a neutral stance based on the performance expectations for the next six months [6][23]. Core Viewpoints - The company achieved steady revenue growth in 2023, with total revenue reaching 5.64 billion yuan, an increase of 3.2% year-on-year. However, net profit decreased by 29.1% to 600 million yuan [14][15]. - In Q1 2024, the company reported a revenue of 1.11 billion yuan, down 22.1% year-on-year, with net profit declining by 72% [14][7]. - The company is focusing on expanding its business and international market presence, leveraging its strong R&D capabilities and comprehensive sales network [8]. Summary by Sections Financial Performance - In 2023, the company's revenue from the formulation division was 3.07 billion yuan (+15.31%), while the bioprocess division saw a revenue drop to 1.33 billion yuan (-21.64%). The engineering division's revenue was 590 million yuan (-0.08%), and the food division generated 330 million yuan (+0.33%) [7]. - The company's gross margin for 2023 was 35.33%, a decrease of 3.72 percentage points year-on-year [7]. - Management, sales, and R&D expenses for 2023 were 340 million yuan, 550 million yuan, and 380 million yuan, respectively, reflecting year-on-year increases of 30.2%, 17.43%, and 14.03% [7]. Future Projections - For 2024, the company is projected to generate revenues of 4.89 billion yuan, a decrease of 13.34% compared to 2023. The net profit is expected to drop to 321.48 million yuan, a decline of 46.44% [10][15]. - The company anticipates a gradual recovery in revenue growth, with projections of 3.10% and 6.87% growth in 2025 and 2026, respectively [10]. Strategic Initiatives - The company is implementing the "M+E+C (AI)" strategy, focusing on the integration of drug manufacturing science and pharmaceutical machinery science, while continuing to push for internationalization [8]. - The company faces challenges in scaling and developing core technologies compared to leading foreign enterprises [8].

Investment Rating - The report assigns a "Hold" rating for the company, indicating that the stock is expected to perform within a range of -10% to 10% relative to the market index over the next six months [9]. Core Views - The company's conventional business continues to grow, while new products in various fields are poised for development. The revenue from conventional business is expected to see rapid growth despite fluctuations in related testing reagent sales impacting overall performance [2][35]. - In 2023, the company reported a revenue of 1.29 billion yuan, a year-on-year decrease of 64%, with a net profit attributable to the parent company of -70.96 million yuan, down 111.9% year-on-year. The first quarter of 2024 showed a slight revenue decline of 0.2% year-on-year, but net profit increased by 110.3% [11][12]. Summary by Sections Financial Performance - In 2023, the company achieved quarterly revenues of 300 million yuan in Q1, 270 million yuan in Q2, 300 million yuan in Q3, and 420 million yuan in Q4. The gross profit margin for 2023 was 71%, an increase of 2.2 percentage points year-on-year [2]. - The company recorded a net profit of -5.062 million yuan in Q1, -3.047 million yuan in Q2, 4.70 million yuan in Q3, and 5.43 million yuan in Q4 [2]. - The company expects to see improvements in profitability as revenue grows, despite a 1.4 billion yuan impairment loss recorded in 2023, primarily due to inventory write-downs related to testing reagents [2]. Revenue Forecast - The company forecasts revenues for 2024-2026 as follows: 1.29 billion yuan in 2024, 1.62 billion yuan in 2025, and 2.64 billion yuan in 2026, with respective growth rates of 25.85%, 27.46%, and 27.94% [12][13]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.19 yuan, 0.74 yuan, and 1.30 yuan, with corresponding price-to-earnings (PE) ratios of 152, 38, and 22 [12][13]. Product Development - The company has launched a series of Alzheimer's disease testing reagents and is collaborating with partners to promote these products. Additionally, the company is advancing its microfluidic testing product development and has completed key technology implementations [35][36]. - The company is expected to grow into a comprehensive life sciences platform enterprise, with a focus on multiple innovative product lines [35].

医药行业2024年5月投资月报 看好医药反弹 西南证券研究发展中心 2024年5月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 分析师：汤泰萌 执业证书：S1250522120001 电话：021-68416017 邮箱：ttm@swsc.com.cn 2024年5月投资观点 行情回顾：2024年1-4月，申万医药指数下跌10.17%，跑输沪深300指数15.8%，年初以来医药行业涨跌幅排名第29。 2024年4月申万医药指数上涨0.13%，跑输沪深300指数1.19%，月初以来行业涨跌幅排名第14。2024年1-4月，医药流通累 ...

Investment Rating - The report assigns a "Strong Buy" rating for the company, indicating that the stock is expected to outperform the market by more than 5% over the next six months [12][33]. Core Insights - The company reported a revenue of 6.85 billion yuan in 2023, a year-on-year increase of 6.3%, but the net profit attributable to shareholders decreased by 44.1% to 320 million yuan [1][14]. - In Q1 2024, the company experienced a revenue decline of 10.4% year-on-year, with a net loss of 20.87 million yuan, marking a 115.7% decrease compared to the previous year [1][14]. - The company is actively expanding its product offerings and has established several subsidiaries to enhance its industry chain, including high-end centrifuges and purification engineering [2]. Financial Performance - The company's gross profit margin for 2023 was 32.1%, with a net profit margin of 4.5% [14]. - The total assets of the company stood at 12.28 billion yuan, with a total market capitalization of 5.18 billion yuan [6]. - The company forecasts net profits of 200 million yuan, 230 million yuan, and 350 million yuan for 2024, 2025, and 2026, respectively [15][16]. Revenue and Growth Projections - The company expects a revenue decline of 8.97% in 2024, followed by a modest recovery in subsequent years with growth rates of 2.94% in 2025 and 9.58% in 2026 [16]. - The report highlights that the sales of sterile preparation solutions are projected to decrease by 25% in 2024, with a gradual recovery expected thereafter [8][18]. Industry Positioning - The company is enhancing its competitive position by diversifying its product lines and improving its service offerings across the pharmaceutical manufacturing sector [2][14]. - The report indicates that the overall industry outlook remains stable, with expectations of moderate growth in the coming years [12][23].

Investment Rating - The report suggests maintaining attention on the company due to its continuous growth and market potential [1][4]. Core Insights - The company achieved a significant revenue increase of 80.65% in 2023, reaching 690 million yuan, with a net profit of 194.5 million yuan, up 228.34% [1]. - The first quarter of 2024 saw a revenue decline of 16.03% to 160 million yuan, with a net profit drop of 54.10% to 34 million yuan [1]. - The company has a strong market presence in blood purification equipment, with a 22.92% market share in CRRT, ranking first in sales among domestic brands [1]. - The company is expanding its international market presence, achieving sales in 75 countries, with overseas revenue growing by 91.65% in 2023 [1]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 690.11 million yuan, with a year-on-year growth rate of 80.65% [6]. - The net profit attributable to the parent company was 194.50 million yuan, reflecting a growth rate of 228.34% [6]. - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, amounting to 70 million yuan, which is 36.94% of the net profit [1]. Market Position - The company has rapidly increased its market share in blood purification devices, with a revenue of 528 million yuan in 2023, up 118.48% year-on-year [21]. - The blood purification consumables segment generated 102 million yuan in revenue, a 32.99% increase from the previous year [1]. Research and Development - The company invested 38.03 million yuan in R&D in 2023, a 42.6% increase, resulting in the acquisition of multiple patents and medical device registrations [1]. - The gross margin improved to 54.07%, driven by the higher proportion of high-margin blood purification equipment sales [1]. Future Projections - The company forecasts profits of 250 million yuan, 350 million yuan, and 460 million yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 21, 15, and 11 [1][4]. - The blood purification equipment segment is expected to grow at rates of 3%, 21%, and 3% from 2024 to 2026, while consumables are projected to grow significantly [20].

[Table_StockInfo] 买入 2024年 04月 29日 （维持） 证券研究报告•2023年年报点评 当前价： 10.34元 天顺风能（002531） 电力设备 目标价： 13.09元（6个月） 海工产能布局完善，出海有望提速 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司ma2ry0]2 3年实现营业收入 77.3亿元，同比增长 14.7%；实现归母净利 [分Ta析bl师e_：Au韩th晨or ] 润 8亿元，同比增长26.5%；扣非归母净利润7.6亿元，同比增长20.4%。2024 年第一季度公司实现营收10.5亿元，同比下降22.7%；实现归母净利润1.5亿 执业证号：S1250520100002 电话：021-58351923 元，同比下降24.8%；扣非归母净利润1.5亿元，同比下降21.1%。 邮箱：hch@swsc.com.cn  盈利能力有所提升，研发投入持续增长。盈利端：2023年公司销售毛利率/净利 联系人：李昂 率分别为 22.8%/10.1%，同比增长 3.8pp/1pp；24Q1 毛利率/净利率分别为 30.4%/14.1%，分别同比+4.2pp/- ...

[Table_Summary 事件：中谷物流公布 ] 2023年年报以及 2024年一季报。2023年公司实现营业收 入 124.39亿元，较上年同期下滑 12.5%，其中水运业务收入 101.1亿元，较上 年同期下滑 17.9%，陆运业务收入 23.3 亿元，较上年同期增长 25.1%。2024 年一季度实现营收 27.9亿元，同比下降 8.2%。2023年全年公司实现归母净利 润 17.2亿元，归母净利率为 13.8%，较 22年下降 5.5pp。2024年一季度公司 实现归母净利 3.9 亿元，归母净利率为 14%。 盈利预测与投资建议：我们看好公司新增运力释放下，内贸业务量的持续提升， 预计公司 2024/25/26年归属母公司净利润分别为 17.6、18.3、19.9亿元，EPS 分别为 0.84元、0.87元、0.95元。选取航运物流板块公司进行对标，兼顾集运 和物流属性，同行可比公司 2024 年 PE 估值 12 倍，而中谷物流当前 PE 估值 11 倍，仍具性价比。首次覆盖，给予"持有"评级。 投资要点 西南证券研究发展中心 数据来源：聚源数据 1 内贸集装箱运输行业的民营龙头企业 表 1： ...

[2T0a2b4l年e_I0n5d月ust1ry2In日fo ] 强于大市(维持) 证券研究报告•行业研究•机械设备 轨交行业动态点评 24 年动车组首次招标超预期，轨交装备投资不断升温 投资要点 西南证券研究发展中心  国[T铁ab开le_启Su2m4m年a复ry]兴 号首次招标，金额约 300亿元，招标量超预期，装备投资 [分Ta析bl师e_：Au邰th桂or龙] 不断升温。5月11日，国铁发布公告，开启 24年机车车辆首次招标，分别招 执业证号：S1250521050002 标时速 350公里复兴号智能配置动车组（8辆编组）；时速 350公里复兴号智 电话：021-58351893 能配置高寒动车组（8辆编组）和时速350公里复兴号智能配置动车组（17辆 邮箱：tgl@swsc.com.cn 编组）132组、13组和 20组（10列），共计165标准组，以单列复兴号高速 动车组价格约1.80亿元计算，本次招标总金额约300亿元左右，招标量超预期， [行Ta业bl相e_对Qu指o数te表Pic现] 为 2017年以来年内高速动车组首次最大规模招标，且仅次于2018年10月182 组招标，超2019-20 ...