凯力唯实现强势增长，长效干扰素报产在即 凯力唯医保报销扩围加速放量，金舒喜集采执行节奏影响有待修复。2023年公 司实现营业收入 14.1亿元（+21.7%），23Q1-4季度间收入、利润同比加速增长， 24Q1 同比增速有所放缓，我们认为主要由于凯力唯基层直销项目周期特点叠加 金舒喜集采执行节奏滞后等因素所致，24Q2-3 凯力唯基层推广逐步转化为销 售、干扰素集采风险逐步出清，预计后续公司产品仍有望加速放量。从盈利能 力来看，2023年公司整体毛利率为 83.6%（-3.1pp），主要由于毛利率较低的化 药收入占比持续提升所致；净利率为 9.7%（+2.8pp），主要由于销售费用率、 管理费用率等明显下降。 产品梯队布局合理，成熟品种构筑稳健基本盘。除丙肝、乙肝治疗药物外，公 司还拥有多款商业化大单品，包括金舒喜（人干扰素α2b阴道泡腾片）、凯因益 生（人干扰素α2b 注射液）、安博司（吡非尼酮片）、凯因甘乐（复方甘草酸苷 胶囊）和甘毓（复方甘草酸苷片/注射液）等，成熟产品金舒喜、凯因益生市场 份额领先；金舒喜江西干扰素集采温和落地，有望保持现有份额；安博司竞争 格局良好，处于快速放量阶段。公司产品梯队布 ...

Investment Rating - The report maintains a "Hold" rating for Xue Tian Salt Industry (600929) with a current price of 6.07 CNY and a target price not specified for the next six months [3][22]. Core Views - The company reported a revenue of 6.262 billion CNY in 2023, a decrease of 2.77% year-on-year, and a net profit attributable to shareholders of 709 million CNY, down 7.86% year-on-year. Despite this, the company is optimizing its product structure and has seen a 31% increase in sales volume of 171,500 tons in its domestic market [3][20]. - The company is expanding its production capacity, which is expected to drive future growth. Several projects have been completed, including energy-saving upgrades and new production facilities, which are anticipated to significantly reduce production costs [3][20]. - The company has a strong commitment to shareholder returns, with a cash dividend of 2.00 CNY per 10 shares, totaling approximately 332 million CNY, which represents 46.82% of the net profit for the year [3][20]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 62.62 billion CNY, with a year-on-year decline of 2.77%. The net profit attributable to shareholders was 7.09 billion CNY, down 7.86% [3][4]. - The company’s product sales showed a positive trend, with high-end salt sales increasing by 33.8% year-on-year [3][20]. Production Capacity Expansion - The company has completed several key projects, including energy-saving upgrades and new production facilities, which are expected to enhance production efficiency and reduce costs significantly [3][20]. - The new production capacity is projected to contribute to revenue growth in the coming years [3][20]. Dividend Policy - The company has maintained a high dividend payout ratio, with a cash dividend of 2.00 CNY per 10 shares, reflecting a strong cash flow performance [3][20]. - The historical dividend payout ratios from 2020 to 2023 have been consistently high, averaging over 50% [3][20]. Earnings Forecast - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.52 CNY, 0.54 CNY, and 0.55 CNY, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 12, 11, and 11 [3][20].

Investment Rating - The report maintains a "Buy" rating for Nike, indicating an expected relative price increase of over 20% in the next six months [27]. Core Views - Nike's Q3 2024 revenue was $12.43 billion, flat year-over-year, with a slight decline in EPS to $0.77, aligning with market expectations. The company aims for a 1% revenue growth for the full fiscal year [2][8]. - The company is focusing on product innovation and has significantly improved inventory levels, with inventory down 13% year-over-year to $7.73 billion, the lowest since the pandemic [3][22]. - Gross margin improved to 44.8%, up 1.5 percentage points year-over-year, driven by strategic pricing and lower shipping costs [17][20]. Summary by Sections Financial Performance - Q3 2024 revenue was $12.43 billion, with Nike brand revenue at $11.95 billion (+2%) and Converse brand revenue at $0.5 billion (-19%). Net profit was $1.17 billion, down 5% [2][8]. - For the first three quarters of FY2024, total revenue reached $38.76 billion, a 1% increase year-over-year [2]. Channel Performance - Direct sales showed slight growth, with offline sales up 6% and online sales down 4%. Wholesale revenue increased by 3% [10]. - North America saw a 3% revenue increase, while EMEA experienced a 4% decline. Greater China grew by 6%, and APLA increased by 4% [14][15]. Product Performance - Footwear remains the primary revenue driver, with Q3 footwear revenue at $8.16 billion (+3%). Sports equipment saw a significant increase of 20% [12]. - The company plans to focus on the Air series, especially with new launches coinciding with the upcoming Olympics [3][12]. Margin and Cost Management - The gross margin for Q3 was 44.8%, reflecting improvements in supply chain efficiency and pricing strategies [17]. - Total expense ratio increased to 34%, with creative expenses rising by 1.4 percentage points [20]. Inventory Management - Inventory levels improved significantly, with a 13% decrease year-over-year, and inventory turnover days reduced to 101.6 days [22].

[Table_StockInfo] 2024 年 04 月 09 日 证券研究报告•2023 年年报点评 买入 （维持） 当前价：20.27 元 欧 科 亿（688308）机械设备 目标价：25.40 元（6 个月） 规模效应不足，期间费用率提升，净利率明显承压。2023年期间费用率为14.3%， 同比增加 2.9 个百分点，其中研发、销售费用率分别同比增加 1.2、2.0 个百分 点；Q4单季度为 23.6%，同比增加 13.4个百分点，环比增加 12.4个百分点， 同比增加主要系销售、研发费用率同比分别增加 6.0、8.3个百分点。2023年公 司净利率为 16.2%，同比减少 6.8个百分点；Q4单季度为 2.9%，同比减少 18.1 个百分点，环比减少 15.9 个百分点。 [Table_Summary] 事件：公司发布 2023 年年报，2023 年实现营收 10.3 亿元，同比下降 2.7%； 归母净利润为 1.7亿元，同比下降 31.4%。Q4单季度来看，实现营收 2.2亿元， 同比下降 13.3%，环比下降 18.4%；归母净利润为 0.06亿元，同比下降 88.0%， 环比下降 87.4%。 ...

[Table_Summary 事件：公司发布] 2023年年报，2023年公司实现营收 6.7亿元，同比降低 17.3%， 主要系公司自主品牌"北鼎 BUYDEEM"营收有所下滑，尤其是该品牌海外市 场渠道及运营模式等方面调整，对收入产生结构性影响；实现归母净利润 0.7 亿元，同比增长 51.9%；实现扣非净利润 0.6 亿元，同比增长 59.2%。单季度 来看，Q4公司实现营收 1.9亿元，同比降低 28.4％；实现归母净利润 0.2亿元， 同比降低 6.2%；实现扣非后归母净利润 0.2亿，同比降低 5.4%。2023年公司 现金分红 6526.8万元，业绩分红率达到 91.5%。 精进内功降费提效，渠道改革效果有待释放。公司于 2022年底在海外市场进行 了自主品牌"从直营到经销"的渠道变革，其影响致使公司 2023年海外市场有 所承压，国内市场也面临消费需求收缩的影响。但公司通过产品升级、效率提 升实现了盈利能力的明显改善，2024年公司前期改革成效有望得以进一步释放， 实现营收的高弹性恢复和盈利能力的进一步改善。 | --- | --- | --- | --- | --- | |--------- ...

Investment Rating - The report maintains a "Buy" rating for Jichuan Pharmaceutical (600566) [1] Core Views - The company's 2023 annual report shows a revenue of 9.66 billion yuan, an increase of 7.3%, and a net profit attributable to shareholders of 2.82 billion yuan, up by 30% [2] - The growth in profit exceeded expectations, driven by strong sales of key products and effective cost control in sales, management, and finance [2] - The company is focusing on multi-channel sales strategies, including hospitals and retail, and is enhancing its academic platform [2] - Business development (BD) is progressing steadily, with four new product agreements reached in 2023, aligning with the company's long-term strategic goals [3] - Profit forecasts for 2024-2026 project net profits of 3.05 billion, 3.41 billion, and 3.81 billion yuan, with growth rates of 8.1%, 11.8%, and 11.7% respectively [3] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 9.66 billion yuan, with a net profit of 2.82 billion yuan, reflecting a 30% increase [2][4] - The overall gross margin for 2023 was 81.5%, with a net profit margin of 29.3%, an increase of 5.1 percentage points [2] - Key product categories showed varied performance, with the heat-clearing and detoxifying category generating 3.38 billion yuan in revenue, up 17.7% [2] Business Development - The company has established a robust sales network across hospitals, OTC pharmacies, and grassroots medical institutions [2] - The focus on academic leadership and product lifecycle management is expected to enhance market penetration and sales growth [2] - The BD strategy aims to introduce at least four new products annually, with successful agreements already in place for 2023 [3] Profit Forecasts - The projected net profits for 2024, 2025, and 2026 are 3.05 billion, 3.41 billion, and 3.81 billion yuan, respectively, indicating a positive growth trajectory [3][12] - The company anticipates a stable average price for its products, with sales growth rates of 5.1%, 9.2%, and 11.1% for its industrial segment from 2024 to 2026 [9][10]

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[Table_StockInfo] 买入 2024年 04月 08日 （维持） 证券研究报告•2023年年报点评 当前价： 44.85元 中控技术（688777） 机械设备 目标价： ——元（6个月） 业绩维持高增，探索“AI+机器人”领域 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公ry布] 2023年年报，2023年公司实现营业收入 86.20亿元，同比增 [分Ta析bl师e_：Au邰th桂or龙] 长 30.13%；实现归母净利润 11.02亿元，同比增长 38.08%。2023Q4公司实 执业证号：S1250521050002 现营业收入 29.41亿元，同比增长 22.68%，环比增长 44.30%；实现归母净利 电话：021-58351893 润 4.08亿元，同比增长26.22%，环比增长123.52%。 邮箱：tgl@swsc.com.cn  公司仪器仪表和 S2B业务实现快速增长，前两大行业化工石化维持 20%以上增 分析师：周鑫雨 长。分业务看，2023年工业自动化及智能制造解决方案实现营收49.56亿元， 执业证号：S1250523070008 同比增长13 ...

[Table_StockInfo] 买入 2024年 04月 10日 （维持） 证券研究报告•2023年年报点评 当前价： 16.91元 上海医药（601607） 医药生物 目标价： ——元（6个月） 23 年收入稳健增长，创新管线步入收获期 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司ma发ry布] 2023年年报。2023年公司实现收入2603亿元（+12.2%）；归 [分Ta析bl师e_：Au杜th向or阳] 母净利润37.7亿元（-32.9%）；扣除一次性特殊损益后归母净利润为49.2 亿元 执业证号：S1250520030002 （+3%）。全年经营性现金流净流入52.3亿元（+10.3%）。 电话：021-68416017  医药商业：加速布局商业网络覆盖，持续巩固领先地位。2023年医药商业实现 邮箱：duxy@swsc.com.cn 收入 2340.4亿元（+14%）；实现利润33.5亿元（+7.7%）。2023年公司进一步 [T相ab对le指_Q数u表ot现eP ic] 完善医药流通网络，完成湖南润吉药业并购以及正大天晴商业板块并购，填补 湖南省生物制品以及苏州市、连 ...

分析师承诺 投资评级说明 | --- | --- | --- | |----------|-------|-----------------------------------------------------------------------------------------| | | | | | | | 买入：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅在 20% 以上 | | | | 持有：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅介于 10% 与 20% 之间 | | 公司评级 | | 中性：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅介于 -10% 与 10% 之间 | | | | 回避：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅介于 -20% 与 -10% 之间 | | | | 卖出：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅在 -20% 以下 | | | | | | --- | --- | --- | |----------|--------------------|----------------------------- ...