[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 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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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].

[2T0a2b4l年e_I0n5d月ust1ry2In日fo ] 强于大市(维持) 证券研究报告•行业研究•房地产 房地产行业周报（5.6-5.12） 重点城市限购逐步放开，“以旧换新”陆续实施 投资要点 西南证券研究发展中心 [T a5bl月e_S4u3m城m新a房ry]成 交面积同比-44.4%，环比-19.3%；14城二手房成交面积同比 [分Ta析bl师e_：Au池th天or惠] -26.2%，环比-31.2%。截至 5 月 10 日，5 月 43 城新房累计成交面积同比 执业证号：S1250522100001 -44.4%，环比 4月同期-19.3%；全年累计同比-37.3%。其中，一线城市 5月 电话：13003109597 累计成交同比-34.5%，环比 4月同期-11.9%，全年累计同比-32.1%。二线城市 邮箱：cth@swsc.com.cn 5月累计成交同比-45.2%，环比 4月同期-19.7%；全年累计同比-39.4%。三四 分析师：刘洋 线城市 5 月累计成交同比-51.7%，环比 4 月同期-26.3%；全年累计同比 执业证号：S1250523070005 -36.6%。5月14 ...

[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 机器人行业周报（0506-0512） 特斯拉首次展示 Optimus 在工厂工作， 均普智能与智元机器人战略合作 投资要点 西南证券研究发展中心  行[Ta情b回le_顾Su：m本m周ar（y] 5月6日-5月 12日）机器人指数跑输大盘。中证机器人指 数上涨0.6%，跑输沪深300指数约1.1个百分点，跑输创业板指约0.5个百分 [分Ta析bl师e_：Au邰th桂or龙] 点；国证机器人指数上涨 0.5%，跑输沪深 300指数约 1.2个百分点，跑输创 执业证号：S1250521050002 业板指约0.6个百分点。 电话：021-58351893  特斯拉更新 Optimus训练视频，可将电池精确插入托盘。特斯拉发布最新视 邮箱：tgl@swsc.com.cn 频，Optimus能够拾取从传送带上下来的电池单元并准确插入到托盘中。特斯 分析师：周鑫雨 拉使用端到端神经网络进行训练，在机器人的FSD上实时运行，并且可以从故 障中自主恢复；硬件端使用 2D相机、手部触觉传感器、力传感器；通 ...

海外科技公司2024Q1业绩总结-软件篇 资本开支持续增长，云业务增速逐步回升 西南证券研究发展中心 海外研究团队 2024年5月 ...

Core Insights - Major tech companies are increasing capital expenditures, indicating sustained demand in the computing power industry. In Q1 2024, capital expenditures for major overseas tech firms rose, with Microsoft at $14 billion, Amazon at $13.9 billion, Google at $12 billion, and Meta at $6.7 billion. Year-over-year growth rates showed Google at +91%, Microsoft at +79%, Amazon at +7%, and Meta at -5% [5][6][24] - Cloud business growth is recovering, with AI inference demand gradually materializing. In Q1 2024, Microsoft's Azure and other cloud revenues grew by 31% year-over-year, with AI inference contributing 7% to this growth. Comparatively, Microsoft's intelligent cloud revenue was $26.7 billion, Amazon AWS at $25 billion, and Google GCP at $9.6 billion [5][6][24] - Tech giants are enhancing organizational efficiency, leading to significant profit improvements. Google achieved an operating profit of $25.5 billion with a margin of 32%, exceeding market expectations. Amazon's net profit was $10.4 billion, surpassing expectations, while Meta's operating profit rose by 91% year-over-year [5][6][24] Capital Expenditure - The increase in capital expenditures reflects strong demand for computing power, with Microsoft, Amazon, Google, and Meta all raising their 2024 capital expenditure guidance, indicating continued high demand in the computing power supply chain [5][6][24] Cloud Business Performance - In Q1 2024, cloud business performance showed significant growth, with Microsoft leading in absolute revenue, followed by Amazon and Google. The growth rates for Google GCP were the highest at +28%, while Microsoft's intelligent cloud benefited from AI product competitiveness [5][6][24] Organizational Efficiency - Major tech companies are focusing on organizational optimization, with Amazon and Meta nearing optimization inflection points. Google's operating profit and net profit significantly exceeded market expectations, indicating effective cost management and operational efficiency [5][6][24]

主力产品持续放量，汉方并表贡献增量 请务必阅读正文后的重要声明部分 1 [Table_QuotePic] 相对指数表现 单位：万元 2023A 2024E 2025E 2026E [ T able_StockInfo] 2024 年 05 月 09 日 证券研究报告•2023年年报及 2024 年一季报点评 当前价：16.20 元 贵州三力（603439）医药生物 目标价：——元（6 个月） | --- | --- | --- | --- | --- | |----------------------------------|--------|---------------------------------|--------|--------| | [Table_MainProfit] 指标 / 年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | | 1634.98 2369.56 2934.81 3683.62 | | | | 增长率 | 36.10% | 44.93% | 23.85% | 25.51% | | 归属母公司净利润（百万元） | | 292 ...