[ 2T 0a 2b 4l 年e_S 0t 4o 月ckI 0n 5f 日o] 证券研究报告•2023年报点评 当前价： 19.44元 华兰生物（002007） 医药生物 目标价： ——元（6个月） 业绩符合预期，浆量增长超预期 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年报，期间实现收入53.4亿元，同比+18.3%，实现归母 [分Ta析bl师e_：Au杜th向or阳] 净利润14.8亿元，同比+37.7%，扣非归母净利润12.7亿元，同比+41.8%。 执业证号：S1250520030002 电话：021-68416017  全年业绩符合预期。公司前各个季度收入分别为 8.8/7/23.3/14.3 亿元 邮箱：duxy@swsc.com.cn (+37.5%/-58.8%/+85.8%/+56.2)，归母净利润分别为 3.5/1.7/5.4/4.1 亿元 (+50.4%/-49.9%/+70.2%/135.9%)，扣非归母净利润分别为2.8/1.2/5.1/3.6亿元 分析师：王彦迪 (+27.4%/-50.5%/+71.9%/+167%)。季度间增速波 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 25.22 CNY over the next six months, based on a current price of 21.01 CNY [1]. Core Insights - The company reported a revenue of 11.54 billion CNY for 2023, reflecting a year-on-year growth of 12.4%. The net profit attributable to shareholders was 1.6 billion CNY, up 16.5% year-on-year. The adjusted Non-IFRS net profit was approximately 1.9 billion CNY, a growth of 3.8% [2][12]. - The revenue growth is primarily driven by stable performance in mature business segments, while new sectors show promising potential for future growth [2][17]. Summary by Sections 1. Business Performance - The company operates four main business segments: laboratory services, CMC (small molecule CDMO) services, clinical research services, and large molecule and cell & gene therapy services. 1. Laboratory Services: Generated 6.66 billion CNY in revenue, accounting for 57.7% of total revenue, with a gross margin of 44.3% [2][17]. 2. CMC Services: Achieved 2.71 billion CNY in revenue, representing 23.5% of total revenue, with a gross margin of 33.7% [2][17]. 3. Clinical Research Services: Revenue reached 1.74 billion CNY, up 24.7% year-on-year, with a gross margin of 17.1% [2][18]. 4. Large Molecule and Cell & Gene Therapy Services: Generated 0.43 billion CNY in revenue, a year-on-year increase of 21.1%, but with a negative gross margin of -8.3% [2][18]. 2. Financial Forecast and Valuation - The company is expected to achieve net profits of 1.73 billion CNY, 2.01 billion CNY, and 2.35 billion CNY for the years 2024, 2025, and 2026, respectively. The projected PE ratio for 2024 is 26 times [2][27]. - Revenue growth rates for 2024-2026 are forecasted at 10.6%, 14.0%, and 16.2%, respectively, with an overall gross margin improvement expected [2][26]. 3. Market Position and Competitive Advantage - The company is recognized as a leading player in the CRO industry, with a strong project experience, team size, and service range, which enhances its competitive edge [2][27]. - The company has a clear shareholding structure, with major shareholders holding 19.3% of the equity, and its subsidiaries cover the entire pharmaceutical outsourcing service chain [2][20].

Investment Rating - The report maintains a "Buy" rating for Tiantan Biological (600161) [1] Core Views - The company achieved a revenue of 5.18 billion yuan in 2023, representing a year-on-year growth of 21.6%, and a net profit attributable to shareholders of 1.11 billion yuan, up 26% year-on-year [3] - The fourth quarter showed some fluctuations in performance, with quarterly revenues of 1.29 billion, 1.4 billion, 1.33 billion, and 1.16 billion yuan, reflecting a growth of 83.3%, 18%, 30.2%, and a decline of 14.1% respectively [3] - The company collected 2,415 tons of plasma in 2023, exceeding expectations with an 18.7% year-on-year increase [3] - The report forecasts net profits for 2024, 2025, and 2026 to be 1.3 billion, 1.49 billion, and 1.77 billion yuan respectively, supported by rich plasma station resources and new product approvals [3] Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 5,180 million yuan with a growth rate of 21.57% [4] - The net profit attributable to shareholders was 1,109.89 million yuan, reflecting a growth rate of 25.98% [4] - The average revenue per quarter showed significant variation, with the fourth quarter experiencing a decline of 20.6% in net profit compared to the previous quarter [3] Plasma Collection and Operations - The company operated 79 plasma collection stations by the end of 2023, with a total of 102 approved stations [3][9] - The average plasma collection per station was 30.6 tons, with expectations for continued growth as new stations become operational [3] Future Projections - Revenue projections for 2024 to 2026 are estimated at 5,913 million, 7,012 million, and 8,407 million yuan respectively, with growth rates of 14.15%, 18.57%, and 19.90% [4] - The report anticipates a steady increase in net profit, with growth rates of 16.81%, 14.56%, and 19.49% for the same period [4] Market Position and Strategy - The company is focusing on expanding its blood source development and enhancing operational efficiency through various measures [3] - The report highlights the importance of new product approvals and the expansion of plasma collection capabilities as key drivers for future growth [3]

Investment Rating - The report maintains a "Buy" rating for Huayang Group (002906) with a current price of 27.42 CNY and a target price not specified for the next six months [1]. Core Insights - The company's performance met expectations, with significant growth in automotive electronics and a continuous expansion of customer base, particularly in the new energy vehicle sector [2][12]. - Revenue for automotive electronics reached 4.826 billion CNY in 2023, representing a year-on-year increase of 28.9%, with sales volume growing by 30.4% to 9.39 million units [2]. - The company has made substantial investments in research and development, with R&D expenses amounting to 645 million CNY in 2023, a 24.8% increase year-on-year, marking a historical high [3]. Summary by Sections Financial Performance - In 2023, Huayang Group achieved total revenue of 7.137 billion CNY, a year-on-year increase of 26.6%, and a net profit attributable to shareholders of 465 million CNY, up 22.2% [12]. - The gross margin for 2023 was 22.36%, an increase of 0.26 percentage points year-on-year, while the net margin was 6.58%, a decrease of 0.24 percentage points [12]. Business Segments - The precision casting segment reported revenue of 1.66 billion CNY in 2023, growing by 25.4% year-on-year, driven by increased sales of automotive intelligent components [13]. - The company is expanding its production capacity, with fixed asset investments reaching a historical high in 2023 to meet growing order demands [3]. Future Projections - The report forecasts that the company's earnings per share (EPS) will be 1.24 CNY in 2024, 1.52 CNY in 2025, and 1.84 CNY in 2026, with a compound annual growth rate (CAGR) for net profit attributable to shareholders of 27.5% [14][15]. - Revenue projections for automotive electronics are expected to grow from 4.826 billion CNY in 2023 to 6.258 billion CNY in 2024, reflecting a growth rate of 29.67% [9].

Investment Rating - The report initiates coverage with a "Hold" rating for the company [1][55]. Core Views - The company is a leading player in the natural gas sector in Henan Province, with steady revenue growth and a significant increase in gas installation business [25][36]. - The report highlights the company's stable pipeline business and the advantages of multiple gas sources, which contribute to its revenue stability [22][41]. - The company has maintained a high dividend payout ratio, reflecting its commitment to shareholder returns [26][40]. Financial Summary - The company achieved a revenue of 49.96 billion yuan in 2023, a year-on-year increase of 4.06%, and a net profit attributable to shareholders of 6.06 billion yuan, up 2.33% [25][19]. - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.95 yuan, 0.99 yuan, and 1.02 yuan, respectively [1][55]. - The return on equity (ROE) for 2023 was 16.58%, indicating strong profitability [25][55]. Business Segments - The pipeline natural gas business generated revenue of 23.22 billion yuan in 2023, a decline of 4.08%, while the city gas business saw revenue of 18.97 billion yuan, an increase of 1.62% [25][19]. - The gas installation business experienced significant growth, with revenue reaching 6.0 billion yuan, a year-on-year increase of 71.5% [19][25]. Market Position - The company has a strong regional advantage in the natural gas pipeline sector, with established infrastructure and a significant customer base in southern Henan [41][66]. - The report notes that the company has successfully expanded its operations through acquisitions, enhancing its market presence in the city gas sector [36][49].

[2T0a2b4le年_I0n4du月str0y5In日fo ] 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业周报（4.1-4.5） 胰岛素续约政策逐步温和化 投资要点 西南证券研究发展中心  行[T情ab回le_顾S：um本m周a医ry药] 生物指数上涨0.6%，跑输沪深300指数 0.3个百分点，行 [分Ta析bl师e_：Au杜th向or阳] 业涨跌幅排名第21。2024年初以来至今，医药行业下跌11.6%，跑输沪深300 执业证号：S1250520030002 指数 15.6个百分点，行业涨跌幅排名第31。本周医药行业估值水平(PE-TTM) 电话：021-68416017 为 26倍，相对全部A股溢价率为 83.0% (+0.9pp)，相对剔除银行后全部A股 邮箱：duxy@swsc.com.cn 溢价率为35.0% (+0.6pp)，相对沪深300溢价率为125.1% (+1.6pp)。本周相 对表现最好的是原料药，上涨2.8%。 [行Ta业bl相e_对Qu指o数te表Pic现]  胰岛素接续采购方案发布，看好国产龙头受益。近日国家组织药品联合采购办 5% 医药生物 沪深300 ...

| --- | --- | --- | |----------|--------------------|---------------------------------------------------------------------| | | | | | | | | | 行业评级 | 跟随大市：未来 6 | 个月内，行业整体回报介于同期相关证券市场代表性指数 -5% 与 5% 之间 | | | 弱于大市：未来 6 | 个月内，行业整体回报低于同期相关证券市场代表性指数 -5% 以下 | | | | | | | | | 本报告中的信息均来源于公开资料，本公司对这些信息的准确性、完整性或可靠性不作任何保证。本报告所载的 资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收入可 升可跌，过往表现不应作为日后的表现依据。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报 告，本公司不保证本报告所含信息保持在最新状态。同时，本公司对本报告所含信息可在不发出通知的情形下做出修 改，投资者应当自行关注相应的更新或修改。 本报告 须注明出处为"西南证券"， ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 6.85, based on a current price of HKD 5.62 [1][3]. Core Insights - The company reported a revenue of CNY 4.87 billion for 2023, a year-on-year increase of 5.2%, and a net profit of CNY 880 million, reflecting a significant year-on-year growth of 481.9% [2][13]. - The growth in vegetable products is notable, with a revenue increase of 25.1%, while the sales of seasoned noodle products faced pressure, declining by 6.2% [2][15]. - The company is actively exploring new channels, particularly in the snack wholesale sector, and has accelerated its product launches to seek new growth opportunities [3][28]. Revenue and Profitability - The company's revenue structure shows a gradual balance between seasoned noodle products and vegetable products, with the latter's revenue share increasing significantly [2][13]. - The gross profit margin improved to 47.7%, up by 5.4 percentage points year-on-year, driven by lower raw material costs and an increase in high-margin vegetable products [18][19]. - The adjusted net profit margin was 19.9%, reflecting a slight increase of 0.2 percentage points year-on-year [18][19]. Product Performance - For 2023, the revenue from seasoned noodle products was CNY 2.55 billion, while vegetable products generated CNY 2.12 billion [2][15]. - The sales volume for seasoned noodle products decreased by 17.4%, while vegetable products saw a 31.1% increase in sales volume [15][18]. - The company has optimized its product structure, leading to an increase in average prices for seasoned noodle products despite a decline in sales volume [15][18]. Market Position and Strategy - The company holds a leading position in the spicy snack market, with a market share of 6.2% as of 2022, significantly outperforming its closest competitors [9][31]. - The company is focusing on enhancing its presence in both domestic and overseas markets, with overseas revenue growing by 49.1% [19][21]. - The company plans to increase its revenue contribution from new product launches and snack wholesale channels, aiming for a double-digit revenue share from these segments by 2024 [3][28]. Financial Forecast - The forecast for net profit is CNY 1.05 billion for 2024, CNY 1.22 billion for 2025, and CNY 1.41 billion for 2026, with corresponding EPS of CNY 0.45, CNY 0.52, and CNY 0.60 [3][28]. - The company is expected to maintain a gross profit margin of around 48% to 49% over the next few years, with vegetable products continuing to drive profitability [28][29].

Domestic Insights - The official manufacturing PMI for March recorded 50.8%, an increase of 1.7 percentage points from February, ending five consecutive months of contraction[4] - The Caixin manufacturing PMI for March indicates synchronized expansion in supply and demand, with the production index reaching its highest in 10 months[4] - Employment index in March remained at the highest level in seven months but still slightly below the critical point, indicating some layoffs due to restructuring and cost control[4] - The raw material purchase price index fell below the critical point for the first time in eight months, reflecting cost reductions and intensified market competition[4] Policy and Economic Outlook - The National Development and Reform Commission is focusing on large-scale equipment upgrades and the replacement of consumer goods to stimulate consumption and investment[5] - The People's Bank of China emphasized the need to enhance the implementation of existing monetary policies to support the real economy[7] - The manufacturing sector is expected to maintain stable expansion due to the implementation of policies from the Two Sessions and ongoing consumer upgrades[4] International Developments - The Eurozone's manufacturing PMI for March was 46.1%, above market expectations but still at a three-month low, indicating continued contraction for 21 months[8] - The U.S. ISM manufacturing index unexpectedly rose to 50.3% in March, marking the first expansion since September 2022, indicating resilience in the U.S. manufacturing sector[22] - Japan's labor negotiations showed a slight decrease in wage increase expectations, with the annual wage increase adjusted from 5.25% to 5.24%[11] Market Trends - Brent crude oil prices increased by 5.99% week-on-week, while iron ore prices decreased by 4.99%[25] - The real estate market saw a significant decline, with property transaction area down 67.3% week-on-week, while passenger vehicle retail sales grew by 7% year-on-year[31]

Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of April 7, 2024 [1]. Core Insights - The automotive sector saw a 0.8% increase last week, with the Shanghai and Shenzhen 300 index rising by 0.9%. The automotive industry's PE (TTM) reached 21 times, up by 1.7% from the previous week [2][6]. - In March, wholesale sales of new energy passenger vehicles reached 820,000 units, marking a 33% year-on-year increase and an 84% month-on-month increase. The upcoming Beijing Auto Show is expected to catalyze further sales growth [2][20]. - The report highlights significant opportunities in the automotive sector due to policy catalysts and the increasing presence of companies like Xiaomi and Huawei in the automotive supply chain [2][21]. Summary by Sections 1. Market Review - The SW automotive index closed at 5594.43 points, up 0.8%. The passenger vehicle segment rose by 2%, while commercial vehicles showed mixed results [6][9]. 2. Industry News - In March, passenger vehicle wholesale reached 2.165 million units, a 9% year-on-year increase. Jiangsu province is implementing policies to support vehicle replacement and upgrades, with a projected demand of 900 billion yuan for equipment updates [20][21]. 3. Company News - Notable sales figures for March include: - BYD: 301,631 units, up 46.4% year-on-year - NIO: 11,866 units, up 14.3% year-on-year - Li Auto: 28,984 units, up 39.2% year-on-year [23][24]. 4. New Vehicle Launches - New models launched include: - Xiaomi SU7: Expected price between 215,900 to 299,900 yuan - BYD Seal: Expected price between 179,800 to 249,800 yuan [25][26]. 5. Sales Data from Europe and North America - In February, North American vehicle sales totaled 142.6 thousand units, a 9% year-on-year increase. European markets also showed positive trends, with Germany and France reporting increases in vehicle sales [27][28].