X` 202[Table_ReportInfo] 4 年 05 月 11 日 证券研究报告•市场周评 北交所周报（5.6-5.10） 基础数据（ [Table_QuotePic] 5.6-5.10） 成分股个数 248 总市值（亿元） 3448.14 公司平均市值（亿元） 13.90 板块周交易金额（亿元） 223.04 平均周交易金额（亿元） 0.90 区间换手率（%） 19.69 北交所公司积极推出分红计划， 万达轴承或成"北交所 920 第一股" 摘要 西南证券研究发展中心 [Table_Summary] 周观点：本周，北交所整体表现较弱，但板块流动性领先市场，区间换手率 达到 19.69%。本周，北交所公司 2023年年度业绩说明会火热举行中，北交 所公司 2023年度积极分红，2023年年报期间，248家上市公司中有 218家 公司推出现金分红计划，占比 87.9%；盈利的 226家公司中有 217家公司拟 现金分红，占比高达 96.02%，现金分红总额达 58亿元，其中七成以上公司 现金分红比例超过 30%。同力股份 2023 年度权益分派预案为：公司目前总 股本为 4.53亿股，以未分配利润向全 ...

[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 ...

[2T0a2b4l年e_I0n5d月ust1ry2In日fo ] 强于大市(维持) 证券研究报告•行业研究•公用事业 公用事业与环保行业周报（5.6-5.12） 光伏电站并网装机高增，煤价小幅探涨 投资要点 西南证券研究发展中心  本[Ta周bl秦e_皇Su岛m动m力ar煤y]价 小幅上涨，预计后期逐渐企稳。截至 5月 10日，秦皇岛 [分Ta析bl师e_：Au池th天or惠] Q5500动力煤价格为860元/吨，周环比上涨2.4%。截至5月 2日，全国重点 执业证号：S1250522100001 电厂煤炭库存为10401万吨，周环比库存增加484万吨，增速达4.9%，库存 电话：13003109597 可用天数为25.7天，同比增长 2.8天；全国重点电厂日耗量为387万吨，较上 邮箱：cth@swsc.com.cn 周下降6.2%。 分析师：刘洋  全国光伏电站并网装机呈高增趋势。截至 3月底，全国光伏电站累计并网容量 执业证号：S1250523070005 电话：18019200867 659.5GW，同比增长 55.1%，其中集中式/分布式光伏累计并网容量 邮箱：ly21@swsc.com.cn ...

[2T0a2b4l年e_I0n5d月ust1ry2In日fo ] 强于大市(维持) 证券研究报告•行业研究•公用事业 公用事业与环保行业周报（5.6-5.12） 光伏电站并网装机高增，煤价小幅探涨 投资要点 西南证券研究发展中心  本[Ta周bl秦e_皇Su岛m动m力ar煤y]价 小幅上涨，预计后期逐渐企稳。截至 5月 10日，秦皇岛 [分Ta析bl师e_：Au池th天or惠] Q5500动力煤价格为860元/吨，周环比上涨2.4%。截至5月 2日，全国重点 执业证号：S1250522100001 电厂煤炭库存为10401万吨，周环比库存增加484万吨，增速达4.9%，库存 电话：13003109597 可用天数为25.7天，同比增长 2.8天；全国重点电厂日耗量为387万吨，较上 邮箱：cth@swsc.com.cn 周下降6.2%。 分析师：刘洋  全国光伏电站并网装机呈高增趋势。截至 3月底，全国光伏电站累计并网容量 执业证号：S1250523070005 电话：18019200867 659.5GW，同比增长 55.1%，其中集中式/分布式光伏累计并网容量 邮箱：ly21@swsc.com.cn ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry as of May 12, 2024 [1]. Core Insights - The report highlights the performance of the innovative drug sector in both A-shares and Hong Kong stocks, with 38 stocks rising and 22 falling during the week. Notable gainers include Zai Lab (+26.56%) and WuXi AppTec-B (+26.56%), while Beihai Kangcheng-B (-24.44%) and Dizhe Pharmaceutical-U (-9.48%) were among the biggest losers [2][19]. - A-shares in the innovative drug sector increased by 0.79%, underperforming the CSI 300 index by 0.93 percentage points, while the biopharmaceutical sector rose by 2.5%. Over the past six months, A-shares in the innovative drug sector have declined by 2.51%, lagging behind the CSI 300 index by 4.05 percentage points [2][20]. - The Hong Kong innovative drug sector saw a 7.76% increase, outperforming the Hang Seng Index by 5.12 percentage points. However, over the last six months, the sector has dropped by 4.77%, underperforming the Hang Seng Index by 11.23 percentage points [2][22]. - The XBI index in the US fell by 2.75% this week, but has seen a cumulative increase of 4.38% over the past six months [2][23]. Domestic Key Innovative Drug Progress - In May, eight new drugs were approved for market launch in China, with three new indications also receiving approval. This week alone, three new drugs were approved [3][24]. - The report details the approval of Fitusiran, a targeted siRNA therapy for hemophilia, which has been accepted for review by the NMPA, potentially allowing for its first launch in China [4]. Global Key Innovative Drug Transactions - The report notes 16 significant global transactions this week, including a licensing agreement between Shionogi & Co. and Maze Therapeutics for MZE001, a new candidate for Pompe disease treatment [5]. Summary of New Drug Approvals - The report lists several new drugs approved in May, including: - Anakinra by China National Pharmaceutical Group for non-small cell lung cancer [25]. - Carfilzomib by Amgen for multiple myeloma [27]. - Other notable approvals include drugs for HIV-1 infection and heart failure [27][29]. Market Overview - The total market capitalization of the pharmaceutical industry is approximately 523.17 billion yuan, with a circulating market value of about 512.71 billion yuan. The industry’s price-to-earnings ratio (TTM) stands at 34.0, compared to the CSI 300's TTM of 12.2 [7].

[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].