Company Overview - The company is a leading player in the POCT (Point of Care Testing) field in China, ranking third in market share with approximately 10% [4] - It operates nine major technology platforms and six product lines, covering areas such as infectious diseases, chronic disease management, toxicology, and maternal-fetal health [4] - The company has a dual-core business model focusing on both B2B and B2C markets, with a strong presence in both domestic and international markets [4][6] - The company's overseas revenue share increased from 23% in 2018 to 49% in 2022, with products sold in over 150 countries and regions [1][2] Financial Performance - The company's gross margin improved significantly from 52% in 2022 to 63% in Q1-Q3 2023, driven by better cost control in its fluorescence and colloidal gold product lines [4] - In 2023H1, the company achieved revenue of 7.2 billion yuan in chronic disease management, a year-on-year increase of 40.3% [5] - The company's toxicology testing business generated revenue of 1.6 billion yuan in 2023H1, up 18.1% year-on-year [5] - The company's net profit for 2022 was 1.2 billion yuan, a decrease of 29% year-on-year, mainly due to the high base effect from the COVID-19 pandemic [123] Industry Analysis - The Chinese POCT market has grown at a compound annual growth rate (CAGR) of 20% over the past six years, with the market size expected to reach 23.14 billion yuan by 2025 [1][5] - The global POCT market is projected to grow at a CAGR of 11.7% from 2022 to 2032, reaching 35.3 billion USD in 2023 [54] - The domestic POCT market is dominated by foreign companies, with Abbott and Roche holding 17% and 14% market share respectively, while the company holds 10% [104][105] - The infectious disease POCT market in China is expected to grow at a CAGR of 9.8% from 2023 to 2027, reaching 4.1 billion USD by 2027 [138] Product and Technology - The company has developed a comprehensive product portfolio across nine technology platforms, including immunocolloidal gold, immunofluorescence, and molecular diagnostics [4][34] - In 2023H1, the company launched 81 new products and improvements across various platforms, including 20 in the colloidal gold platform and 26 in the chemiluminescence platform [95] - The company's strategic focus on chemiluminescence, molecular diagnostics, and pathology has led to significant growth in these areas, with active instrument installations and revenue increases [118] - The company has introduced new products in toxicology testing, such as hair and saliva-based drug tests, with expected sales growth of 17%, 16%, and 15% from 2023 to 2025 [42] Market Strategy - The company has established three major marketing systems: domestic, international, and its US subsidiary, which focuses on the North American market [6][35] - The company is enhancing its local production capabilities in the US to improve operational efficiency and reduce costs, particularly in the toxicology testing market [148] - The company is expanding its e-commerce channels and developing its own apps and websites to drive growth in its 2C business, particularly in toxicology and maternal-fetal health [40][148] - The company is strengthening its partnerships with major e-commerce platforms and exploring new media channels to boost sales in the maternal-fetal health segment [84] Future Outlook - The company is expected to achieve net profits of 5.1, 6.5, and 7.7 billion yuan in 2023, 2024, and 2025 respectively, driven by industry expansion and steady growth [21] - The company plans to continue its dual-circulation strategy, focusing on both domestic and international markets, with a particular emphasis on globalization and balanced development [27] - The company aims to strengthen its position in the global IVD market by leveraging its technological advantages and expanding its product portfolio [27][118] - The company is expected to benefit from the growing demand for POCT products in both developed and emerging markets, particularly in infectious disease and chronic disease management [5][54]

2023 年门店稳健扩张，零售业务净利率提升 四季度业绩短期承压，期间费率有所下降。公司紧跟外部行业市场和政策环境 变化， 聚焦高质量发展主线，坚持战略引领稳增长，转型创新求突破，加强费 用管控体系建设，全面降本增效，支撑盈利改善。2023Q1-Q4 营收分别为 186.9/197/182/189 亿 元 ， 同 比 +9%/+3.8%/-1.6%/+0.4% ； 归 母 净 利 润 3.6/4.7/3.6/4.1 亿元，同比+43.5%/+11%/-3.8%/-6.7%。2023 年公司毛利率为 12%(-0.16pp)，净利率为 2.6%(+0.2pp)。费用方面，2023 年公司销售费率为 7.1%(-0.12pp)；管理费率为 1.5%(-0.07pp)；财务费率为 0.3%(+0.01pp)。 国大药房加大门店拓展力度，积极创新线上下多渠道业务。截至 2023年末，国 大药房门店总数 10516家(其中直营门店 8528家，加盟店 1988家），较去年增 加 1203家，其中北部地区增加 838家。截至 2023年末，国大药房直营连锁门 店中已取得各类医保定点资格门店达 7736 家，占公司直营店总 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 11.26 billion yuan in 2023, representing a year-on-year growth of 32.4%, and a net profit attributable to shareholders of 2.04 billion yuan, up 41.6% year-on-year [2] - The company plans to distribute 25 yuan per 10 shares to all shareholders [2] - The company aims for a revenue and net profit growth rate of no less than 20% in 2024 [2][3] Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 2.62 billion yuan, a year-on-year increase of 40.9%, and a net profit of 380 million yuan, up 39.7% [2] - The gross profit margin for the year was 43.1%, an increase of 0.75 percentage points year-on-year [2] - The net profit margin improved to 18.1%, up 1.2 percentage points year-on-year [2] Revenue Structure - Revenue from the main product, Dongpeng Special Drink, was 10.34 billion yuan, growing by 26.5%, while other beverages generated 910 million yuan, a significant increase of 187% [2] - Revenue by region showed strong performance, with notable growth in the Southwest (64.7%) and North China (64.8%) [2] Cost and Profitability - The company experienced a decrease in raw material costs, contributing to an overall improvement in profitability [2] - The financial forecast estimates net profits of 2.66 billion yuan, 3.32 billion yuan, and 4.07 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 6.65 yuan, 8.30 yuan, and 10.19 yuan [3][11] Growth Strategy - The company is diversifying its product offerings with new launches in hydration drinks, electrolyte beverages, sugar-free tea, coffee, and pre-mixed cocktails [2] - The company has established nine production bases across China and is enhancing its production and sales coordination capabilities [2]

[Table_ReportInfo] 2024 年 04 月 12 日 证券研究报告•宏观简评报告 数据点评 基数和外需波动下，进出口表现偏弱 ——2024 年 1-3 月贸易数据点评 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------| | | | | | | | 摘要 | 西南证券研究发展中心 ...

[Table_Summary 事件：公司发布] 2023年年报，截至 2023年 12月 31日，公司尚未盈利且存在 累计未弥补亏损，2023年归母净利润-2.94亿元，扣非归母净利润-3.25亿元。 多项临床试验获批，在研管线加速推进。2023 年，公司研发投入金额 2.48 亿 元，相较于 2022 年研发投入基本持平。截至年报披露日，公司拥有 7 项创新 药在研项目，其中 4项产品正处于 NDA 评审和不同临床阶段（氘恩扎鲁胺软胶 囊、HP518、HP501及 HP537）。2023年初至今，公司共获得了 5项临床试验 批准，其中中国 3项，美国 2项。比如，公司已经开展并完成了 HP501 多项Ⅰ 期和Ⅱ期临床，正在积极推进临床Ⅱ/Ⅲ期试验。HP501用于治疗痛风相关的高 尿酸血症的Ⅱ期临床于 2023年 12月获 FDA 批准，HP501中国联合用药(联合 非布司他)的 IND申请于 2024年 4月获 NMPA批准。HP537片中国 IND于 2024 年 2 月获 NMPA 批准。 | --- | --- | --- | --- | --- | |------------------------ ...

第89届CMEF中国国际医疗博览会专题记录 从CMEF展览看脑机接口非侵入式发展方向 西南证券研究发展中心 2024年4月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 联系人：陈辰 电话：021-68416017 邮箱：chch@swsc.com.cn 脑机接口工作方 式及技术路线 ...

请务必阅读正文后的重要声明部分 北交所周报 (4.8-4.12) X` 202[Table_ReportInfo] 4 年 04 月 13 日 证券研究报告•市场周评 北交所周报（4.8-4.12） 新"国九条"发布，北交所完善退市制度 请务必阅读正文后的重要声明部分 北交所周报 (4.8-4.12) 图 目 | --- | --- | |----------------------------------------------|-------| | | | | 图 1: 板块周交易金额（亿元） | | | 图 2: 板块 PE(TIM, 中位数) . | | | 图 3: 本周行情回顾. | | | 图 4: 本周北交所股票涨幅前五 . | | | 图 5: 本周北交所股票跌 榆前五… | | | 图 6: 本周北交所各行业涨跌幅中位数, % | | | 图 7: 本周北交所各行业市盈率 TTM 中位数,倍 … | | 表 目 录 北交所周报（4.8-4.12） | --- | --- | |-------------------------------|-------| | | | | | | | | ...

[Table_StockInfo] 买入 2024年 04月 13日 （维持） 证券研究报告•2023年年报点评 当前价： 65.81元 新 产 业（300832） 医药生物 目标价： ——元（6个月） 海内外双轮驱动，业绩符合预期 投资要点 西南证券研究发展中心 Ta b事le_件S：um公m司a发ry]布 2023年年报，2023年收入 39.3亿元（+29.0%），归母净利润 [分Ta析bl师e_：Au杜th向or阳] 16.5亿元（+24.5%）；2023Q4收入 10.2亿元（+36.2%），归母净利润 4.7亿 执业证号：S1250520030002 元（+15.8%），四季度利润增速低于收入增速主要因 2022Q4 股权激励费用冲 电话：021-68416017 回，增高了约8千万元利润，造成去年同期利润基数较大。 邮箱：duxy@swsc.com.cn  2023年业绩保持高速增长。分地区来看，公司持续开拓国内和海外市场，实现 [T相ab对le指_Q数u表ot现eP ic] 海内外双高增长，2023年国内收入为 26.1亿元（+25.9%），海外收入为 13.2 新产业 沪深300 亿元（ ...

海工系列一 走向深海之路，海工景气回暖 西南证券研究发展中心 交通运输研究团队 2024年4月 核心观点  展望2024年国际油价，预计大概率宽幅震荡。美国能源信息署 （EIA）三月能源报告预测2024年 Brent原 油均价为87美元/桶，较上月预期82美元/桶上调5.6%。在OPEC自愿减产以及俄罗斯的额外自愿减产下， 全球石油供应将进一步收紧，未来为了保障能源安全，进一步的石油资源开采战略意义显著。 ...

[Table_ReportInfo] 2024 年 04 月 12 日 证券研究报告•宏观简评报告 数据点评 | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------- ...