[2T0a2b4le年_I0n5du月str1y1In日fo ] 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业周报（5.6-5.10） 短期反弹，后续看估值和业绩匹配度 投资要点 西南证券研究发展中心  [行Ta情ble回_顾Su：m本m周ary医] 药生物指数上涨2.6%，跑赢沪深300指数 0.89个百分点， [分Ta析bl师e_：Au杜th向or阳] 行业涨跌幅排名第 12。2024 年初以来至今，医药行业下跌 7.4%，跑输沪深 执业证号：S1250520030002 300 指数 14.3 个百分点，行业涨跌幅排名第 25。本周医药行业估值水平 电话：021-68416017 (PE-TTM)为 28倍，相对全部A股溢价率为91.39% (+5.36pp)，相对剔除银行 邮箱：duxy@swsc.com.cn 后全部 A 股溢价率为 40.56% (+3.03pp)，相对沪深 300溢价率为 136.67% (+8.2pp)。本周相对表现最好的是原料药，上涨5.1%。 [行Ta业bl相e_对Qu指o数te表Pic现]  世界首例自体再生胰岛移植治愈糖尿病获成功。4月30日，中科 ...

Investment Rating - The investment rating for Sanofi Biologicals (300298) is to "Maintain Attention" [24][36]. Core Views - The report highlights the steady growth of the domestic blood glucose meter market, driven by increasing diabetes prevalence and patient awareness. The company is expected to strengthen its market leadership in both hospital and outpatient settings [4]. - The report anticipates a sales growth of 12% for blood glucose meters in both domestic and international markets from 2024 to 2026, with specific growth rates of 15%, 14%, and 13% for domestic sales and 5%, 5%, and 4% for international sales [4][6]. - The company achieved a revenue of 4.06 billion yuan in 2023, a 2.7% increase, while the net profit attributable to shareholders decreased by 36.3% to 280 million yuan. The first quarter of 2024 saw a revenue increase of 14.9% to 1.01 billion yuan, with a net profit increase of 35.5% [16][25]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 4.06 billion yuan, with a net profit of 280 million yuan, reflecting a decrease of 36.3%. The first quarter of 2024 showed a revenue of 1.01 billion yuan, up 14.9%, and a net profit of 80 million yuan, up 35.5% [16][25]. - The gross margin for 2023 was 54.1%, which decreased to 50.7% in the first quarter of 2024 due to production ramp-up and the impact of THI's consolidation [16][25]. Market Position and Growth - The company is expanding its Continuous Glucose Monitoring (CGM) product line, which achieved over 100 million yuan in sales in 2023. The CGM products are receiving positive feedback, and the company is actively pursuing international certifications [16][25]. - The report indicates that the company has established a presence in over 3,500 hospitals and has over 22 million users, with a retail market share of nearly 50% [16][25]. Future Projections - The forecast for net profit attributable to shareholders is 430 million yuan in 2024, 510 million yuan in 2025, and 680 million yuan in 2026, with corresponding PE ratios of 32, 27, and 20 [16][25]. - The report suggests that the company will continue to enhance its market share through product strength and global market expansion, particularly in the CGM segment [16][25].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 62.30 CNY over the next six months [1][11]. Core Insights - The company experienced significant revenue and profit declines in 2023, with total revenue of 2.83 billion CNY, down 30.1% year-on-year, and a net profit of 0.55 billion CNY, down 47.8% year-on-year. The first quarter of 2024 also showed a decline in revenue to 0.49 billion CNY, down 48.8% year-on-year, and a net profit of 0.073 billion CNY, down 75.6% year-on-year, which was below market expectations [2][10]. - The company is undergoing a transformation in its sales strategy, shifting from a model driven by channel expenses to one focused on sales performance, which is expected to improve the quality of channel construction [2][10]. - The gross profit margin has decreased, with 2023 and Q1 2024 margins at 78.4% and 71.1%, respectively, primarily due to a decline in product structure and increased sales and management expenses [2][10]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 2.83 billion CNY and a net profit of 0.55 billion CNY. The first quarter of 2024 saw revenue of 0.49 billion CNY and a net profit of 0.073 billion CNY, indicating significant declines in both periods [2][10]. - The revenue breakdown by product for 2023 shows declines across various series, with the highest drop in the Xiangquan series at 68.0% [2][10]. Market Strategy - The company is focusing on deepening channel reforms and enhancing brand value through new initiatives and collaborations, aiming to improve brand recognition and consumer engagement [2][10]. - The company plans to concentrate on core products and key markets, particularly in Hunan, while also expanding its presence in other provinces [2][10]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 1.78 CNY, 2.03 CNY, and 2.37 CNY, respectively, with corresponding price-to-earnings (PE) ratios of 29, 25, and 22 [3][10]. - The company expects to benefit from the recovery of mid-to-high-end business consumption and the ongoing national expansion strategy, which is anticipated to yield long-term growth despite short-term pressures [2][10].

2024 年 05月 12 日 证券研究报告"行业研究·医药生物 医药行业创新药周报 (5.6-5.12) 股票家餐 368 行业总市值 (亿元) 52,316.95 流通市值 (亿元) 51,271.09 行业市盈率 TTM 34.0 沪深 300 市盈率 TTM 12.2 强于大市(维持) 2024年5月第二周创新药周报 (附小专题血友病 RNAi疗法研发概况) A 股和港股创新药板块及 XBI 指数本周走势 2024年5月第2周,陆港两地创新药板块共计 38个股上涨，22个股下跌。其中 涨幅前三为再鼎医药(+26.56%)、药明巨诺-B (+26.56%)、百利天恒-U (+25.51%)。 跌幅前三为北海康成-B (-24.44%)、迪哲医药-U (-9.48%)、乐普生物书 (-9.05%)。 本周 A股创新药板块上涨 0.79%,跑输沪深 300指数 0.93pp,生物医药上涨 2.5%。 近 6 个月 A 股创新药累计下跌 2.51%,跑输沪深 300指数 4.05pp,生物医药累计 下跌 12.69%。 本周港股创新药板块上涨 7.76%,跑赢恒生指数 5.12pp,恒生医疗保健上涨 3.23 ...

Investment Rating - The investment rating for the company is "Hold" with a target price not specified for the next 6 months [20][46]. Core Views - The company reported a revenue of 4.06 billion yuan in 2023, with a year-on-year growth of 44.26%. The net profit attributable to the parent company was 284.40 million yuan, down 36.31% from the previous year [32][38]. - The Continuous Glucose Monitoring (CGM) segment is experiencing rapid growth, with sales exceeding 1 billion yuan in 2023. The company is actively pursuing international certifications and expanding its global market presence [32][34]. - The Blood Glucose Monitoring (BGM) segment showed stable growth, with a revenue increase of 10.1% in 2023, supported by extensive market coverage and partnerships [32][34]. - The company is increasing its R&D investments, which is expected to enhance gross margins in the future [32][34]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 4.85 billion yuan, 5.71 billion yuan, and 6.69 billion yuan, respectively, with growth rates of 19.50%, 17.70%, and 17.20% [35][38]. - The net profit forecast for 2024, 2025, and 2026 is 433.24 million yuan, 505.10 million yuan, and 677.78 million yuan, corresponding to growth rates of 52.34%, 16.59%, and 34.19% [35][38]. - The company's PE ratios for the next three years are projected to be 32, 27, and 20, indicating a decreasing trend [35][38]. Market Position and Competitiveness - The company has a significant market presence, covering over 3,500 hospitals and collaborating with more than 4,000 distributors and nearly 600 chain pharmacies [32][34]. - The CGM product "Sanofi Aikan" has received multiple certifications across various regions, enhancing its competitive edge in the market [32][34]. - The company is expected to gradually improve its domestic market share and expand its global footprint through product strength and strategic initiatives [32][34].

[Table_ReportInfo] 2024 年 05 月 12 日 证券研究报告•市场投资策略 估值周报（0506-0510） 请务必阅读正文后的重要声明部分 目 目 录 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

| --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------- ...

地产频迎政策暖风，日央行喊话汇率 | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------| | | | | 摘要 | 西南证券研究发展中心 | | [Table_Summary] 一周大事记 | [Table_Author] 分析师：叶凡 | | 国内：住房"以旧换新"持续推进，限购政策继续优化。 5 月 6 日， ...

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company's performance in 2023 met expectations, with a revenue of 2.61 billion yuan, representing a 52.3% increase, and a net profit attributable to shareholders of 340 million yuan, up 177.4% [2] - The first quarter of 2024 showed a revenue of 560 million yuan, a slight increase of 0.4%, and a net profit of 96 million yuan, reflecting a 95% year-on-year growth [2] - The company has successfully won bids for six insulin products in the recent procurement cycle, with expected price increases of 20%-30% [3] - The forecast for earnings per share (EPS) for 2024-2026 is 1.22 yuan, 2.04 yuan, and 2.38 yuan respectively, indicating strong growth potential [3] Summary by Sections Financial Performance - In 2023, the company achieved a gross margin of 73.3%, slightly down by 3 percentage points year-on-year, primarily due to changes in revenue structure [2] - The company's net profit margin for the year was 13%, an increase of 38.7 percentage points year-on-year [2] - The first quarter of 2024 saw a decline in revenue growth due to fluctuations in channel shipments ahead of the new procurement cycle [2][3] Revenue and Profit Forecast - Revenue is projected to grow from 2.61 billion yuan in 2023 to 3.78 billion yuan in 2024, with a growth rate of 45.04% [4] - The net profit attributable to shareholders is expected to rise from 340 million yuan in 2023 to 724 million yuan in 2024, reflecting a growth rate of 112.90% [4] - The company anticipates a continued increase in sales volume as new procurement prices are implemented starting June 2024 [3] Market Position and Strategy - The company is positioned as a leader in the domestic insulin market and is expected to benefit from both domestic procurement and international expansion into markets like Europe and the U.S. [3] - The company has submitted applications for three insulin products to the FDA, with expectations for approval and market entry in 2024 [7]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 6.55 yuan based on a 1x PB for 2024 [17][74]. Core Insights - The company is focusing on transforming into a supply chain integrated service provider, particularly in the steel, non-ferrous metals, rubber and plastics, and coal industries, aiming to enhance its supply chain capabilities through platforms like Zhongchu Steel Super and Zhongchu Easy Non-ferrous [1][16]. - Despite a 12.4% decline in revenue in 2023, the company improved its gross margin by 0.69 percentage points to 2.87% and net margin by 0.33 percentage points to 1.25% [2][39]. - The company aims to expand its Zhongchu Steel Super network to 25 outlets and establish significant industry influence in non-ferrous metals by 2025 [1][16]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 672.7 billion yuan, a decrease of 12.4% year-on-year, while net profit attributable to shareholders was 7.9 billion yuan, an increase of 22.8% [15][39]. - The first quarter of 2024 saw revenue of approximately 139.3 billion yuan, down 6.1% year-on-year, but net profit increased by 210.9% to about 2.7 billion yuan [15][39]. Business Segments - The company’s revenue from warehousing logistics, bulk commodity supply chain, and smart transportation was 23.7 billion yuan, 283.9 billion yuan, and 361.3 billion yuan respectively in 2023, with year-on-year changes of +5.3%, -31.1%, and +9.1% [40]. - The bulk commodity supply chain service revenue was 284 billion yuan in 2023, down 31%, but the gross margin increased by 0.25 percentage points [45]. Strategic Initiatives - The company is leveraging technology to enhance its supply chain services, including the development of the Zhongchu Intelligent Transportation platform, which achieved a revenue of 361.4 billion yuan in 2023, a 9.2% increase [30][66]. - The company has made significant progress in reducing financing costs, with financial expenses decreasing by 79.7% in 2023 [10]. Future Outlook - The company forecasts net profits of 9.5 billion yuan, 10.3 billion yuan, and 11.5 billion yuan for 2024, 2025, and 2026 respectively, indicating a positive growth trajectory [17][31].