[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].

[ 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]