[ T able_StockInfo] 2024 年 04 月 12 日 证券研究报告•公司研究报告 买入 （首次） 当前价：11.49 元 中鼎股份（000887）汽车 目标价：19.26 元（6 个月） [Table_Summary 推荐逻辑：（]1）公司是国内非轮胎橡胶制品龙头企业，在空悬系统、NVH 系 统、冷却系统、密封系统等领域行业领先。（2）传统业务稳定增长，海外并购 项目国内落地成长。2023H1，KACO中国营业收入 3.4亿元，净利润 0.6亿元； 安徽威固实现营收 1.2亿元，同比增长 8%，净利润 0.2亿元，同比增长 42%。 （3）增量业务：细分领域行业领先，业务放量可期。截至 2023年 6月，AMK 中国已获订单总产值 78.4 亿元。2020 年以来，TFH 全球已公告订单生命周期 总产值为 61.0 亿元。2021 年以来，安徽望锦、四川望锦、成都望锦合计已公 告订单生命周期总产值约 144 亿元。 增量业务：细分领域行业领先，业务放量可期。（1）空悬模块：国内空气供给 单元龙头，在手订单充足。国产化下空悬系统单车价值下降，应用车型不断下 探，渗透率预计将快速提升。中鼎股份 ...

基药目录专题报告 关注基药目录品种前瞻 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 关注基药目录品种前瞻 1 2018版基药目录已经执行近6年，2024年有望发布新版基药目录。基药发展历史较长，我国已经发布5版 基药目录。2018年10月25日国家卫健委公布《国家基本药物目录（ 2018 年版）》，也是到目前为止最新 的一版基药目录，于2018年11月1日起在全国正式实行。2018版基药目录共包括 685 个品种，其中西药 417 种、中成药268 种。整体来看，进入基药目录的药品数量在不断增加，中成药占比持续提升。 进入基药有助于放量，独家品种更加受益。2019年，国务院办公厅发文部署短缺药保供稳价工作，其中提 到政府办基层医疗卫生机构、二级公立医院、三级公立医院基本药物配备品种数量占比原则上分别不低于 90%、 80%、 60%，推动各级医疗机构形成以基本药物为主导的"1+X"("1"为国家基本药物目录、 "X"为非基本药物，由各地根据实际确定)用药模式，优化和规范用药结构。18版基药 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][13][40] Core Views - The company achieved a revenue of 1.41 billion yuan in 2023, a year-on-year increase of 0.6%, and a net profit attributable to shareholders of 240 million yuan, up 7.2% year-on-year [1] - The company is expected to see net profits of 290 million yuan, 350 million yuan, and 410 million yuan from 2024 to 2026, with corresponding EPS of 0.73 yuan, 0.88 yuan, and 1.03 yuan, leading to dynamic PE ratios of 19x, 16x, and 14x respectively [2][14] - The successful issuance of convertible bonds raised 600 million yuan to enhance production capacity, and the employee stock ownership plan reflects confidence in future growth [4][31] Revenue and Profitability - The company reported a gross margin of 35.8% in 2023, an increase of 3.4 percentage points year-on-year, primarily due to lower raw material and energy costs, as well as price increases [13][20] - The sales expense ratio decreased by 0.5 percentage points to 11.9%, while the management expense ratio increased by 0.5 percentage points to 4.7% [13] - The net profit margin improved by 1 percentage point to 16.8% in 2023 [13] Product and Regional Performance - In 2023, the revenue from dairy beverages was 1.38 billion yuan, up 2%, while other products generated 30 million yuan, down 30.4% [6] - Revenue by region showed growth in Central and Southwest China, with East China experiencing a decline of 3.6% [6] Future Outlook - The company aims to expand its market presence, particularly in the breakfast and small dining channels, with projected revenue growth rates of 19.1%, 17.1%, and 13.7% from 2024 to 2026 [31][34] - The company has set ambitious performance targets for 2024 and 2025 as part of its employee stock ownership plan, indicating strong confidence in future growth [4][31]

Investment Rating - The report maintains a "Hold" rating for the company, with a target price of 9.21 RMB for the next 6 months [20] Core Views - The company is a leading domestic high-molecular material manufacturer, with accelerated overseas expansion and improved product structure due to the release of ultra-high voltage production capacity [4] - The company's high-molecular material sales are expected to grow by 19%/23%/16% year-over-year from 2024 to 2026, with average unit prices increasing by 3% annually due to higher voltage product mix [4] - The company's power product sales are projected to grow by 10%/9%/8% year-over-year from 2024 to 2026, driven by capacity expansion in northern bases [24] - The company's trade and other business, primarily charging pile operations and sales, is expected to grow by 44%/30%/15% year-over-year from 2024 to 2026, supported by the gradual improvement of its charging pile ecosystem [37] Financial Performance - In 2023, the company achieved revenue of 15.12 billion RMB, a 3% year-over-year increase, and net profit attributable to the parent company of 560 million RMB, a 35% year-over-year increase [32] - The company's gross profit margin and net profit margin in 2023 were 14.3% and 3.7%, respectively, up by 0.7 and 0.9 percentage points year-over-year [32] - The company's R&D expense ratio in 2023 was 4.2%, a slight increase of 0.04 percentage points year-over-year, indicating continued investment in R&D [32] Business Highlights - The company's high-molecular material business achieved revenue of 4.87 billion RMB in 2023, a 4.7% year-over-year increase, with a gross profit margin of 16.7%, up by 1.3 percentage points year-over-year [32] - Overseas sales of high-molecular materials grew by 35% year-over-year in 2023, reaching nearly 100,000 tons, with a cumulative growth of over 500% since the company's internationalization strategy was implemented in 2019 [32] - The company's ultra-high voltage production capacity is expected to contribute incremental growth in 2024, with the third-phase base officially launched [32] - The company's charging pile business achieved revenue of 503.9 million RMB in 2023, a 38.4% year-over-year increase, with a gross profit margin of 19.3%, up by 3.6 percentage points year-over-year [32] - The company's industrial intelligent cables achieved a breakthrough in exports to Europe and the US, with products meeting both American and European standards [32] Financial Forecast - The company's revenue is expected to reach 17.42 billion RMB, 20.18 billion RMB, and 22.71 billion RMB in 2024, 2025, and 2026, respectively, with year-over-year growth rates of 15.2%, 15.8%, and 12.6% [38] - Net profit attributable to the parent company is projected to grow by 37.9%, 28.5%, and 21.4% year-over-year from 2024 to 2026 [32] - The company's gross profit margin is expected to improve to 15.0%, 15.4%, and 15.7% in 2024, 2025, and 2026, respectively [38]

[Table_StockInfo] 买入 2024年 04月 11日 （维持） 证券研究报告•2023年报点评 当前价： 20.52元 西部矿业（601168） 有色金属 目标价： ——元（6个月） 玉龙铜矿扩建完成，量价齐升蓄势待发 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年度报告，全年实现营收427.5亿元，同比+6.2%；归母 [分Ta析bl师e_：Au黄th腾or飞] 净利润 27.9亿元，同比-18.4%；扣非归母净利润 25.6亿元，同比-22.0%。其 执业证号：S1250523070010 中 Q4实现归母净利润5.9亿元，环比-14.3%；Q4扣非归母净利润2.1亿元， 电话：13651914586 环比-75.7%。 邮箱：htengf@swsc.com.cn  行业层面：供需缺口呈放大趋势，长期铜价中枢上行。中美制造业库存增速底 [T相ab对le指_Q数u表ot现eP ic] 部回升，去库周期，向补库周期的切换有望带动需求周期性回升。美联储货币 西部矿业 沪深300 周期的切换有望带动美元指数和美债收益率向下，利于提振铜的金融属性。长 ...

[Table_ReportInfo] 2024 年 04 月 12 日 证券研究报告•宏观专题报告 宏观专题 请务必阅读正文后的重要声明部分 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains a "Hold" rating for Xuji Electric (000400) with a current price of 24.77 CNY [1]. Core Views - The company achieved a revenue of 17.06 billion CNY in 2023, representing a year-on-year growth of 13.5%, and a net profit attributable to shareholders of 1.01 billion CNY, up 28% [2][3]. - The company is positioned as a leading player in the domestic ultra-high voltage converter valve market, benefiting from increasing industry demand [2]. - The flexible direct current (DC) converter valve has a value approximately 2-3 times that of conventional DC, which will support the company's growth as the penetration rate of flexible DC increases [2]. - The company’s revenue from its smart electric meter business reached 3.48 billion CNY, growing 16.8% year-on-year, while its revenue from charging and swapping stations surged by 63.6% to 1.2 billion CNY [2]. - The overseas business saw significant growth, with revenue increasing by 98% to 150 million CNY, indicating a strong expansion into international markets [2]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 6.4 billion CNY, an 8.2% increase year-on-year, and a net profit of 230 million CNY, up 70.2% [2]. - The gross margin for 2023 was 18%, with a net margin of 7%, showing a slight improvement in net margin compared to the previous year [2]. - The company expects revenues for 2024-2026 to be 19.59 billion CNY, 22.56 billion CNY, and 24.93 billion CNY, respectively, with net profit growth rates of 16.1%, 28.1%, and 14.1% [2][3]. Business Segments - The direct current transmission system business generated 720 million CNY in revenue, a 3.1% increase, with expectations for significant growth in the coming years [2][6]. - The smart grid and ultra-high voltage core products are expected to continue driving growth, supported by the increasing demand for flexible DC and EPC projects [2][6]. - The company is actively expanding into data centers and hydrogen energy sectors, diversifying its business portfolio [2]. Market Position - Xuji Electric holds a leading market share in smart electric meters within the State Grid's collective procurement rankings [2]. - The company is well-positioned to capitalize on the growing demand for electric vehicle charging infrastructure, with a strong technological advantage in the sector [2][6].

[ T able_StockInfo] 2024 年 04 月 11 日 证券研究报告•2023 年年报点评 买入 （维持） 当前价：19.62 元 华明装备（002270）电力设备 目标价：——元（6 个月） 电网资本开支提升，分接开关龙头充分受益。根据国家能源局 2023年全国电力 工业统计数据显示，2023年国内电网工程完成投资 5275亿元，同比增长 5.4%， 其中变压器为核心设备之一。公司为国内唯一拥有两大全产业链生产基地的分 接开关制造企业，目前的出货量稳居国内第一、世界第二，国内 500kV 以下的 市场竞争中具有较强的领先地位。2023 年公司电力设备板块实现营收 16.3 亿 元，同比增长 20.4%，毛利率为 58.5%，同比增长 0.8pp，伴随国内网内外变压 器需求高景气，公司分接开关业务有望实现稳定增长。此外，尽管目前公司检 修服务业务处于起步阶段，但具备原厂配件、原厂检修的优势，未来检修业务 收入有望持续提升。 风险提示：原材料价格上涨的风险；海外市场开拓不及预期；检修业务进展不 及预期；国网投资不及预期的风险。 投资要点 西南证券研究发展中心 -22% 7% 36% 65% 9 ...

Investment Rating - The report assigns a "Buy" rating for Jiangzhong Pharmaceutical, indicating an expected increase in stock price relative to the market index over the next six months [84]. Core Insights - Jiangzhong Pharmaceutical has established a strong market position in the gastrointestinal medicine sector with its two major brands, "Jiangzhong" and "Lihuo," which have created a competitive moat [4]. - The company has shown a steady increase in profitability, with a focus on optimizing its business structure [12]. - The report highlights the growth potential in the gastrointestinal drug market, driven by an aging population and increasing prevalence of gastrointestinal disorders [36]. Company Overview - Jiangzhong Pharmaceutical was founded in 1996 and went public in 1999 through a restructuring process. The company specializes in the production, research, and sales of traditional Chinese medicine and health products [4]. - The company has developed well-known brands, including "Jiangzhong" and "Lihuo," and has a significant market presence in the gastrointestinal medicine category [4][40]. Financial Performance - The report indicates that Jiangzhong Pharmaceutical's revenue from non-prescription drugs is projected to grow at a compound annual growth rate (CAGR) of 15% from 2024 to 2026, while prescription drug revenue is expected to recover gradually [78]. - The company achieved a revenue of 6.5 billion yuan in its health products segment in 2023, marking a year-on-year growth of 49.96% [58]. Product Portfolio - Jiangzhong Pharmaceutical's product lineup includes key offerings in the gastrointestinal, respiratory, and nutritional supplement categories, with notable products like "Jiangzhong Jianwei Xiaoshi Pian" and "Lihuo Lactobacillus Tablets" leading in their respective markets [21][27]. - The company has a strong focus on research and development, with plans to enhance its product offerings in the gastrointestinal health sector [58]. Market Position - Jiangzhong Pharmaceutical ranks among the top players in the gastrointestinal medicine market, with its "Jiangzhong Jianwei Xiaoshi Pian" being the leading product in the digestive medicine category for 19 consecutive years [40]. - The company is also expanding its presence in the throat and cough medicine market, with products like "Fangfang Caoshanhu Tablets" gaining significant market share [52]. Future Outlook - The report anticipates continued growth in the gastrointestinal drug market, with the industry expected to reach a market size of 633.2 billion yuan by 2024 [36]. - Jiangzhong Pharmaceutical is well-positioned to capitalize on this growth, leveraging its strong brand recognition and expanding product portfolio [40].

[ T able_StockInfo] 2024 年 04 月 11 日 证券研究报告•2024Q1 业绩预告点评 买入 （维持） 当前价：27.98 元 华阳集团（002906）汽车 目标价：——元（6 个月） Q1 业绩超预期，规模效应成效显著 风险提示：竞争加剧的风险；新产品推广不及预期的风险；海外市场风险等。 [Table_QuotePic] 相对指数表现 -40% -28% -16% -4% 8% 20% 23/4 23/6 23/8 23/10 23/12 24/2 24/4 华阳集团 沪深300 请务必阅读正文后的重要声明部分 1 华阳集团（002906）2024Q1 业绩预告点评 分析师承诺 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，报告所采用的数据均 来自合法合规渠道，分析逻辑基于分析师的职业理解，通过合理判断得出结论，独立、客观地出具本报告。分析师承 诺不曾因，不因，也将不会因本报告中的具体推荐意见或观点而直接或间接获取任何形式的补偿。 研发投入增长，完成定增扩充产能。公司不断加大研发投入，23年研发费用 6.45 亿元，同比+24.8%，占营业收入比 ...