构建国内外联动的仓储物流体系，物流效率较高。公司在国内通过自营和第三方合作方 式建设集货仓，在欧洲、北美、国内建设自营仓，辅之以平台仓、海外第三方合作仓，形成 "国内集货仓+境外海外仓"的双仓联动模式——即对于重要品类产品、单批次订单量小或 者具有明显季节属性的产品，公司结合前端的销售预测及销售计划，提前向供应商下单生产， 并在国内仓进行备货。在国内对订单按照数量多少和体积大小的差异进行配货，实现整柜拼 箱运输，既保证集装箱的利用率，同时确保准时装运，按时出港，有效提高库存周转，降低 了海外备货风险，缩短备货周期。 基于以上假设，我们预测公司 2023-2025 年分业务收入成本如下表： 公司研究报告 / 致欧科技（301376） 强于大市：未来 6 个月内，行业整体回报高于同期相关证券市场代表性指数 5%以上 公司研究报告 / 致欧科技（301376） 公司研究报告 / 致欧科技（301376） 基础数据 [Table_BaseData] 总股本(亿股) 4.01 流通 A 股(亿股) 0.36 52 周内股价区间(元) 18.5-29.43 总市值(亿元) 101.22 总资产(亿元) 50.73 每股净 ...

2024年 04月 14日 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业创新药周报（4.8-4.14） 2024 年 4 月第二周创新药周报 （附小专题靶向 Nectin-4 ADC 研发概况） A股和港股创新药板块及XBI指数本周走势 西南证券研究发展中心 202[4Ta年ble4_月Su第m二m周ar，y] 陆港两地创新药板块共计 27个股上涨，34个股下跌。其中 [分Ta析bl师e_：Au杜th向or阳] 涨幅前三为华领医药-B（+20.77%）、云顶新耀-B(+19.68%)、乐普生物- 执业证号：S1250520030002 B(+15.36%)。跌幅前三为创胜集团-B(-26.46%)、圣诺医药-B(-17.41%)、益方生 电话：021-68416017 物-U(-9.96%)。 邮箱：duxy@swsc.com.cn 本周 A 股创新药板块下跌 1.59%，跑赢沪深 300 指数 0.99pp，生物医药下跌 分析师：汤泰萌 3.53%。近 6个月 A股创新药累计下跌 1.47%，跑赢沪深 300指数 2.12pp，生 执业证号：S1250522120001 物医药累计下跌13. ...

Investment Rating - The report assigns a "Hold" rating for the company, with a current price of 170.55 CNY and no specified target price for the next six months [1]. Core Insights - The company achieved a revenue of 160 million CNY in 2023, representing a year-on-year growth of 15.9%. However, it reported a net loss attributable to shareholders of 120 million CNY [1]. - The quantum industry is still in its early stages, with high R&D investments leading to losses. The company's revenue has fluctuated around 200 million CNY over the past five years, with a slight increase in 2023 due to growth in quantum communication and computing sectors [1]. - The gross margin for 2023 was 47.5%, an increase of 9.9 percentage points year-on-year, indicating a stable high-margin level reflective of the high barriers in the quantum industry [1]. - The company maintained a high R&D expense ratio of 61.6% in 2023, with R&D expenses reaching 100 million CNY, which significantly impacted profitability [1]. Summary by Sections 1. Company Overview - The company, founded in 2009, focuses on the industrialization of quantum information technology, primarily developing quantum secure communication products and quantum computing instruments [21][50]. 2. Financial Analysis - In Q4 2023, the company reported a revenue of 80 million CNY, a decrease of 13.7% year-on-year, with a net loss of 40 million CNY [1]. - The overall sales level is gradually increasing but has not fully recovered to pre-pandemic levels. The net profit for 2023 decreased by 43.7% compared to the previous year [56]. 3. Revenue Breakdown - The revenue from quantum communication products showed significant growth, with a 64.2% increase in 2023, while quantum computing revenue grew by 44.2% [1]. - The company’s revenue from quantum precision measurement surged by 467.3% in 2023, indicating rapid expansion in this segment [1]. 4. Profitability and Cost Structure - The company’s gross margin improved to 47.5% in 2023, driven by increased revenue from quantum communication products [56]. - The comprehensive expense ratio decreased to 76.9% in 2023, down by 3.1 percentage points year-on-year, reflecting better cost management [1]. 5. Future Earnings Forecast - The company is expected to benefit from the ongoing development of the national quantum communication network, with projected revenues of 190 million CNY, 230 million CNY, and 290 million CNY for 2024, 2025, and 2026, respectively [1][61].

[Table_ReportInfo] 2024 年 04 月 14 日 证券研究报告•市场投资策略 估值周报（0408-0412） 表 目 | --- | --- | |---------------------------------------|-------| | | | | 表 1: A股主要指数 PE估值情况 | | | 表 2: A 股主要指数 PB(LF)估值情况 | | | 表 3: 港股及海外主要指数 PE估值情况 | | | 表 4：港股及海外主要指数 PB 估值情况… | | | 表 5: Ａ股各行业 PE 估值情况 … | | | 表 6: A股各行业 PB(LF)估值情况 | | | 表 7: A股热门板块 PE估值情况 | | | 袁 8: A股热门板块 PB(LF)估值情况 . | | 估值周报（0408-0412） 1 A 股主要指数估值 1.1 A 股主要指数 PE、PB 估值 A 股美股同步下跌，周期股强势 | --- | --- | |--------------------------------------------------------------------- ...

Investment Rating - The investment rating for Yunnan Baiyao is to "hold," indicating that the stock is expected to perform within a range of 10% to 20% relative to the market index over the next six months [16]. Core Insights - Yunnan Baiyao reported a total revenue of 39.11 billion yuan in 2023, a year-on-year increase of 7.2%, and a net profit attributable to shareholders of 4.09 billion yuan, up 36.4% year-on-year [2]. - The company has a robust dividend plan, proposing a dividend of 20.77 yuan per 10 shares, totaling 3.706 billion yuan, which represents 90.53% of the net profit for 2023 [2]. - The company is focusing on enhancing its innovation capabilities, particularly in nuclear medicine, with significant progress in its nuclear drug development pipeline [3]. Summary by Sections Financial Performance - In 2023, Yunnan Baiyao's industrial revenue reached 13.74 billion yuan, reflecting a growth of 7.58% year-on-year. The pharmaceutical segment generated 6.481 billion yuan, an increase of 8.16% [2]. - The gross profit margin for 2023 was 26.51%, with the industrial segment achieving a gross margin of 64.24% [3]. Business Segments - The pharmaceutical segment's revenue was 6.481 billion yuan, driven by aging population trends and recovery in sports demand, with key products like Yunnan Baiyao aerosol contributing over 1.7 billion yuan [2]. - The health products segment generated 6.422 billion yuan, benefiting from a focus on oral health and personal care products, maintaining a market share of 24.60% in oral care [2]. - The traditional Chinese medicine resources segment saw a revenue increase of 22.2%, reaching 1.71 billion yuan, driven by customer demand [2]. Future Outlook - The company forecasts net profits of 4.48 billion yuan, 4.98 billion yuan, and 5.46 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 20, 18, and 17 [8]. - Revenue growth is expected to continue at approximately 8% annually through 2026, with specific segments like the traditional Chinese medicine resources projected to grow at 20% annually [12].

大家居战略稳步推进，净利润增长靓丽 主品牌营收增长稳健，米兰纳品牌切入整家定制增长靓丽。分品牌来看，2023 年索菲亚品牌实现营业收入 105.5 亿元，同比+11.0%，整家战略带动客单价稳 步提升，成为索菲亚品牌收入增长的主要驱动力。2023 年索菲亚品牌客单价 19619 元，同比+6.3%。米兰纳品牌实现营业收入 4.7亿元，同比+47.2%，2023 年米兰纳正式进入整家定制赛道，推出了整家定制+门墙柜一体化产品，并加速 扩店实现较快收入增长。截至 2023年末米兰纳门店数量达到 514家，年内净开 176 家；米兰纳品牌客单价达 13934元，同比增长 6.6%。华鹤品牌实现营业收 入 1.6 亿元，同比-3.6%。分品类来看，2023 年定制衣柜及其配件营收为 94.1 亿元，同比+2.5%；定制橱柜及其配件营收为 12.4亿元，同比-2.2%；木门营收 为 5.9 亿元，同比+35.7%，整家战略增加品类连带销售，木门收入增长提速， 橱柜收入增速边际改善。 [Table_QuotePic] 相对指数表现 -26% -21% -15% -9% -3% 3% 23/4 23/6 23/8 23/1 ...

Investment Rating - The report maintains a "Buy" rating for ChuanTou Energy (600674) [1] Core Views - The company reported a revenue of 1.48 billion yuan in 2023, a year-on-year increase of 4%, and a net profit attributable to shareholders of 4.4 billion yuan, up 25% year-on-year [2] - Investment income significantly contributed to the company's performance, with net investment income reaching 4.81 billion yuan, a 23% increase year-on-year [2] - The company has a high dividend payout ratio, distributing 0.40 yuan per share, which corresponds to a payout ratio of 44.3% [2] - In Q1 2024, the company achieved a revenue of 260 million yuan, a 3% increase year-on-year, and a net profit of 1.27 billion yuan, up 12% year-on-year [2] - The company expects net profits for 2024-2026 to be 4.93 billion, 5.33 billion, and 5.75 billion yuan, respectively, with corresponding PE ratios of 16.7, 15.5, and 14.3 [2][3] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1,482.36 million yuan with a growth rate of 4.36% and a net profit of 4,400.14 million yuan, reflecting a growth rate of 25.17% [3] - The projected revenues for 2024-2026 are 1,646.04 million, 1,823.24 million, and 2,028.28 million yuan, with growth rates of 11.04%, 10.77%, and 11.25% respectively [3] Investment Income - The investment income from Yalong River Company increased by 600 million yuan year-on-year, while the investment income from Dadu River Company and China Nuclear Huineng increased by 150 million yuan and 120 million yuan respectively [2] Dividend Policy - The company has consistently maintained a high dividend payout ratio over the past few years, with ratios of 53.0%, 57.1%, and 50.8% from 2020 to 2022 [2] Q1 2024 Performance - The company reported a Q1 2024 revenue of 260 million yuan, a 3% increase year-on-year, and a net profit of 1.27 billion yuan, a 12% increase year-on-year [2] - The hydropower generation increased by 12.8% year-on-year, while the on-grid electricity price was 0.283 yuan/kWh, a 0.4% increase year-on-year [2] Profit Forecast - The forecasted net profits for 2024-2026 are 4,907.41 million, 5,325.65 million, and 5,750.33 million yuan, with corresponding PE ratios of 16.7, 15.5, and 14.3 [3]

2024年 04月 14日 强于大市(维持) [证T券a研bl究e报_告In•行d业u研st究r•y汽In车f o] 汽车行业周报（4.8-4.12） 3 月新能源渗透率达 37%，整车板块迎政策预期强化 投资要点 西南证券研究发展中心  行情回顾：上周，SW汽车板块下跌0.8%，沪深300下跌 2.6%。估值上，截 止[Ta4bl月e_S12um日m收ar盘y]， 汽车行业PE（TTM）为21倍，较前一周下跌0.1%。 分析师：郑连声 执业证号：S1250522040001  投资建议：3月节后消费恢复、新车上市叠加部分车企降价促销，乘用车产/销 电话：010-57758531 量分别达 225/223.6 万辆，环比分别增长 76.7%/67.8%，同比分别增长 邮箱：zlans@swsc.com.cn 4.7%/10.9%，市场表现整体符合预期。近期，商务部等14部门联合发布《推 动消费品以旧换新行动方案》，提出：力争到 2025年，实现国三及以下排放 联系人：冯安琪 标准乘用车加快淘汰，报废汽车回收量较 2023年增长 50%，到 2027年，报 电话：021-58351905 废汽车回收量较 2 ...

人民币汇率贬值叠加规模效应显现，盈利能力提升。2023 年，公司毛利率 19.87%，同比+4.71pp，受益于人民币汇率贬值及肉干产品毛利率改善，外销 毛利率+5.40pp；规模化生产下，主粮、肉粉产品毛利率改善，内销毛利率 +5.81pp。未来，伴随着公司产能持续释放，规模效应显现，盈利水平有望维持。 请务必阅读正文后的重要声明部分 1 the station of the sub 关键假设： 表 1：分业务收入及毛利率 | --- | --- | --- | --- | --- | --- | |--------------|--------|--------|-----------------------------|-------|-------| | 单位：百万元 | \n收入 | 2023A | 2024E \n9.4 9.9 10.4 10.9 | 2025E | 2026E | | 其他产品 | 增速 | -12.6% | 5.0% | 5.0% | 5.0% | | | 毛利率 | 6.9% | 6.9% | 6.9% | 6.9% | | | 收入 | | 696.3 850.2 103 ...

Investment Rating - The report gives a neutral 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 [31]. Core Insights - In 2023, the company achieved a revenue of 3.14 billion yuan, a year-on-year decline of 11.2%, and a net profit attributable to shareholders of 440 million yuan, down 7.4% [2][42]. - The pharmaceutical commercial segment saw a revenue of 1.09 billion yuan, down 19.7%, as the company transitions from a traditional pharmaceutical manufacturer to a provider of anal health solutions, enhancing its online and offline operations [3][8]. - The company operates six direct chain anal specialty hospitals and has signed contracts for 80 anal diagnosis and treatment centers, which are expected to drive future growth [9][47]. Summary by Sections Financial Performance - The company reported a revenue of 3.14 billion yuan in 2023, with a net profit of 440 million yuan and a non-recurring net profit of 350 million yuan, reflecting declines of 11.2%, 7.4%, and 23.6% respectively [2][42]. - The pharmaceutical industrial segment's revenue was 1.83 billion yuan, down 11.5%, primarily due to inventory adjustments and channel management [36][46]. Business Segments - The medical services segment grew by 33.3% in 2023, achieving a revenue of 350 million yuan, supported by improved operational quality and the establishment of anal treatment centers [47]. - The company is focusing on optimizing its product structure and pricing strategies in the pharmaceutical commercial segment, with projected revenue declines of -15%, -10%, and -8% from 2024 to 2026 [25][51]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 3.24 billion yuan, 3.5 billion yuan, and 3.86 billion yuan respectively, with net profits expected to be 510 million yuan, 590 million yuan, and 700 million yuan [37][51]. - The company is expected to maintain a PE ratio of 21, 18, and 15 for the respective years [51].