Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry as of March 30, 2024 [1]. Core Insights - The pharmaceutical sector has experienced a decline of 2.3% in the past week, underperforming the CSI 300 index by 2.1 percentage points, ranking 26th in industry performance. Year-to-date, the sector is down 12.1%, lagging behind the CSI 300 by 15.2 percentage points, ranking 32nd [2][11]. - The current valuation level for the pharmaceutical industry (PE-TTM) is 25 times, with a premium of 82.2% relative to the entire A-share market, a decrease of 1.5 percentage points. The premium relative to the CSI 300 is 123.5%, down 4.4 percentage points [2][11]. - The best-performing segment this week was offline pharmacies, which saw an increase of 2.3% [2][11]. Summary by Sections Investment Strategy and Key Stocks - The report emphasizes a continued positive outlook on AI in healthcare and bottoming stocks. It highlights the importance of digital healthcare management as emphasized by the National Health Commission [2][11]. - Recommended stocks include: - Growth Portfolio: Changchun High-tech (000661), Shandong Pharmaceutical Glass (600529), Hutchison China MediTech (0013), Sanofi (300298), Aikang Medical (1789), Sino Medical (688108), Zai Lab (688266), Shanghai Pharmaceuticals (601607) [12][16]. - Steady Portfolio: Hengrui Medicine (600276), Mindray Medical (300760), Shanghai Raas (002252), Enhua Pharmaceutical (002262), Taiji Group (600129), New Industry (300832), Kelun Pharmaceutical (002422), China Resources Sanjiu (000999), Yunnan Baiyao (000538), Jichuan Pharmaceutical (600566) [12][19]. - Sci-Tech Innovation Board Portfolio: Shouyao Holdings-U (688197), Xinmai Medical (688016), Pumen Technology (688389), Aohua Endoscopy (688212), Chunli Medical (688236), Xiangsheng Medical (688358), Borui Pharmaceutical (688166) [12][21]. - Hong Kong Stock Portfolio: CanSino Biologics (9926), Kelun Biotech-B (6990), CanSino-B (2162), Innovent Biologics (1801), Ascletis Pharma (2096) [12][24]. Market Performance - The pharmaceutical sector's performance in the secondary market shows a decline of 2.3% this week, underperforming the CSI 300 index by 2.1 percentage points, with a year-to-date decline of 12.1% [2][28]. - The report notes that the overall market capitalization of the pharmaceutical industry is approximately 494.22 billion yuan, with a circulating market capitalization of 484.45 billion yuan [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.00 CNY over the next six months [1][15]. Core Insights - In 2023, the company achieved a revenue of 1.145 billion CNY, representing a growth of 16.6%, and a net profit attributable to shareholders of 330 million CNY, which is an increase of 30.7% [1][3]. - The fourth quarter of 2023 saw a revenue of 340 million CNY, up 8.7%, and a net profit of 120 million CNY, reflecting a growth of 25.5% [1]. - The company’s profitability improved significantly due to the implementation of an equity incentive plan, with a notable increase in gross margin to 65.8%, up 7.3 percentage points [1][11]. Summary by Sections Financial Performance - The company’s quarterly revenues for 2023 were 280 million CNY in Q1, 280 million CNY in Q2, 250 million CNY in Q3, and 340 million CNY in Q4, with respective growth rates of 32.3%, 18.5%, 10.6%, and 8.7% [1]. - The annual net profit growth rate exceeded revenue growth, indicating improved profitability [1]. Business Segments - The IVD (In Vitro Diagnostics) and treatment rehabilitation products are driving growth, with significant contributions from the medical aesthetics sector [1][11]. - The company has enhanced its competitive position in both domestic and international markets, particularly in the biochemical immunology product line [1][11]. Research and Development - High investment in R&D has led to a rich product line, including new high-end diagnostic and medical aesthetic products launched in 2023 [1][11]. - The company is focusing on consumer health products, leveraging existing technologies to meet market demands [1]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 430 million CNY, 540 million CNY, and 620 million CNY, with corresponding PE ratios of 17, 13, and 12 times [1][3]. - The expected revenue growth rates for the same period are 22.6%, 21.1%, and 20.5% respectively [1][10].

[Table_StockInfo] 买入 2024年 03月 27日 （维持） 证券研究报告•2023年年报点评 当前价： 3.24港元 耐 世 特（1316.HK） 汽车 目标价： ——港元 营收创历史新高，盈利能力将触底反弹 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司ma发ry布] 2023年报，实现营收42.07亿美元，同比+9.6%，净利润3674 [分Ta析bl师e_：Au郑th连or声] 万美元，同比-37%，毛利率8.8%，同比-0.8pp，净利率1.07%，同比-0.63pp。 执业证号：S1250522040001 电话：010-57758531  营收创历史新高，亚太地区表现亮眼。根据标普统计，2023年全球整车制造商 邮箱：zlans@swsc.com.cn 汽车产量增加9.4%，公司营收增速与行业基本持平，保持稳健增长。其中，与 22年相比，由于美元兑人民币的升值幅度大于其兑欧元的贬值幅度，公司营收 联系人：冯安琪 受到外币换算的不利影响约41.4百万美元；23年获客户原材料涨价补偿同比减 电话：021-58351905 邮箱：faz@swsc.com.cn ...

[Table_StockInfo] 买入 2024年 03月 28日 （维持） 证券研究报告•2023年年报点评 当前价： 25.08元 海尔智家（600690） 家用电器 目标价： ——元（6个月） 持续引领高端白电，经营效率稳健提升 投资要点 西南证券研究发展中心 [T a事ble件_S：u公mm司a发ry布] 2023年年报，2023年公司实现营收 2614.3亿元，同比增长 [分Ta析bl师e_：Au龚th梦or泓] 7.3%；实现归母净利润166亿元，同比增长12.8%；实现扣非后归母净利润158.2 执业证号：S1250518090001 亿元，同比增长13.3%。单季度来看，Q4公司实现营收627.7亿元，同比增长 电话：023-63786049 6.8％；实现归母净利润 34.5亿元，同比增长 13.2%；实现扣非后归母净利润 邮箱：gmh@swsc.com.cn 31亿，同比增长13.2%。2023年公司分红率有所提升，现金分红 74.7亿元， 联系人：方建钊 现金分红比例同比提升9pp达到 45%，同时公司提出未来2025-2026年度现金 电话：18428374714 分红比例不低于5 ...

Investment Rating - The report maintains a "Hold" rating for the company [6][38]. Core Views - The company is a leading domestic gear machine tool manufacturer, contributing to the localization of high-end five-axis machine tools. It is expected to achieve a compound annual growth rate (CAGR) of 17% in revenue over the next three years [6][35]. - The company's 2023 annual report shows a decline in revenue and net profit, with a revenue of 3.761 billion yuan, down 8.29% year-on-year, and a net profit of 52.26 million yuan, down 81% year-on-year [7][29]. - The machine tool segment experienced a revenue decline of 17.83% to 1.781 billion yuan, while the parts segment grew by 7.28% to 1.392 billion yuan, with significant growth in main engine exports, which increased by 77% [17][34]. Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 3.761 billion yuan, a decrease of 8.29% year-on-year, and a net profit attributable to shareholders of 52.26 million yuan, down 81% year-on-year [7][29]. - The gross profit margin for 2023 was 17.7%, a decrease of 1.12 percentage points year-on-year, with machine tool gross margin at 16.72% and parts gross margin at 13.06% [8]. Revenue Forecast - The company forecasts net profits of 132 million yuan, 196 million yuan, and 277 million yuan for 2024, 2025, and 2026, respectively, with a revenue CAGR of 17% [6][11]. - The revenue from the machine tool segment is expected to grow at rates of 25.92%, 21.41%, and 18.34% from 2024 to 2026, while the parts segment is projected to grow at rates of 16.39%, 13.96%, and 13.48% [35][30]. Market Position - The company holds over 60% market share in the gear grinding machine segment and is accelerating the production of high-end machine tools [35]. - The overall machine tool industry in China saw a revenue decline of 7.2% in 2023, reflecting weak downstream demand [17].

Group 1 - The report indicates that the overall A-share market experienced a decline of 1.45%, with the PE(TTM) ratio decreasing by 0.07 to 16.76, while the PB(LF) ratio fell by 0.02 to 1.46 [48][51] - The report highlights that the major index, the Shanghai Composite Index, saw an increase of 0.49%, with its PE(TTM) rising by 0.17 to 10.06, indicating strong performance relative to other indices [51] - The report notes that the ChiNext Index experienced the largest decline of 3.96%, with its PE(TTM) dropping by 1.47 to 44.01, reflecting a significant pullback in technology stocks [25][51] Group 2 - In the industry analysis, the top five performing sectors included Oil & Gas (+4.08%), Non-ferrous Metals (+3.72%), Home Appliances (+2.1%), Utilities (+1.34%), and Textiles (+0.96%), while the worst-performing sectors were Media (-9.52%), Computers (-6.47%), Electronics (-4.43%), Telecommunications (-3.76%), and Social Services (-2.76%) [38] - The report indicates that the overall A-share equity risk premium increased by 0.03 percentage points to 3.56%, which is above the historical average, suggesting a heightened risk perception in the market [29][56] - The report also highlights that the popular sectors such as Green Energy (+1.51%) and Power Batteries (+0.98%) showed positive performance, while sectors like ChatGPT (-9.9%) and Cloud Computing (-7.16%) faced significant declines [46]

[Table_StockInfo] 买入 2024年 03月 27日 （维持） 证券研究报告•2023年报点评 当前价： 139.81元 星宇股份（601799） 汽车 目标价： ——元（6个月） 新项目放量，ASP 大幅提升 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，实现营收102.48亿元，同比+24.3%；归母净利润 [分Ta析bl师e_：Au郑th连or声] 11.02亿元，同比+17.1%，毛利率 21.2%，同比-1.4pp，净利率 10.8%，同比 执业证号：S1250522040001 -0.6pp。其中23Q4营收 30.1亿元，同比+31.9%，环比+7.1%；归母净利润3.21 电话：010-57758531 亿元，同比+71%，环比+1.8%；毛利率 20.5%，同比-0.8pp，环比-0.6pp；净 邮箱：zlans@swsc.com.cn 利率 10.6%，同比+2.4pp，环比-0.6pp；净利润同比增长显著主要由于22年同 联系人：冯安琪 期费用计提导致基数较低。 电话：021-58351905 邮箱：faz@swsc.co ...

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Insights - The company achieved a revenue of 220 million RMB in 2023, primarily from product sales and collaboration milestone income, with product sales contributing 194 million RMB [2] - The approval of new indications for the drug Olverembatin significantly expands the patient population and is expected to enhance its commercial performance, with sales volume increasing by 259% year-on-year and the number of hospitals gaining access rising by 567% [2] - The international progress of APG-2575 has accelerated, with multiple indications entering Phase III clinical trials, marking a significant milestone in its global registration process [2] - The pipeline continues to advance, showcasing the potential of first-in-class (FIC) and best-in-class (BIC) drugs, with notable efficacy and safety advantages observed in clinical trials [2] Revenue Forecast - The company is projected to achieve revenues of 340 million, 620 million, and 1.18 billion RMB for the years 2024, 2025, and 2026 respectively, driven by the growth of Olverembatin and APG-2575 [3][9] - The expected revenue from Olverembatin for 2024-2026 is estimated at 340 million, 570 million, and 970 million RMB, while APG-2575 is projected to generate 50 million and 210 million RMB in 2025 and 2026 respectively [9][10] - The revenue growth rates are forecasted at 55.41%, 79.83%, and 90.33% for the years 2024, 2025, and 2026 respectively [4][10]

Investment Rating - The report upgrades the investment rating to "Buy" with a target price of 12.90 CNY for the next six months [7][18]. Core Insights - The company achieved a revenue of 15.29 billion CNY in 2023, representing a year-on-year growth of 15.8%, and a net profit attributable to shareholders of 520 million CNY, up 41.1% year-on-year [1]. - The company has a strong focus on shareholder returns, with a dividend yield of 4.95% as of the end of 2023, and a cash dividend of 2.9 billion CNY, marking a 13.23% increase year-on-year [1]. - The company is positioned as a leader in the flat wire electromagnetic line sector, benefiting from high demand in the transformer industry, with a significant increase in orders for ultra-high voltage flat wires [1][17]. Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 4.31 billion CNY, a 19.7% increase year-on-year, and a net profit of 160 million CNY, up 54.1% year-on-year [1]. - The gross profit margin for 2023 was 11.3%, with a net profit margin of 3.9%, showing a slight improvement in net profit margin compared to the previous year [1]. Business Segments - The flat wire revenue reached 5 billion CNY in 2023, growing by 27% year-on-year, with a net profit increase of 27.5% [1]. - The cable segment generated revenue of 10.1 billion CNY, a 13% increase year-on-year, with a net profit growth of 41.6% [1]. Market Position and Strategy - The company is expected to benefit from the increasing concentration in the cable industry, with over 4,000 participants currently, indicating significant room for consolidation [1]. - The company has established strong relationships with major clients, enhancing its competitive position in the market [1]. Future Outlook - Revenue projections for 2024-2026 are estimated at 17.34 billion CNY, 19.68 billion CNY, and 22.25 billion CNY, respectively, with net profit growth rates of 20.6%, 13.6%, and 14.1% [1][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 373.71 billion yuan in 2023, representing a year-on-year growth of 8.1%. The net profit attributable to shareholders was 33.72 billion yuan, up 14.1% year-on-year, and the non-recurring net profit was 32.97 billion yuan, increasing by 15.3% [2][3] - The company achieved a record high in cash dividends, distributing 20.76 billion yuan, with a dividend payout ratio of 61.6% [2] - The company has a diversified global business layout, with approximately 200 subsidiaries, 33 R&D centers, and 40 major production bases across 200 countries and regions [2] Summary by Sections Revenue Performance - In Q4 2023, the company achieved a revenue of 81.33 billion yuan, a 10% increase year-on-year, and a net profit of 6 billion yuan, up 18.1% year-on-year [2] - The HVAC segment generated revenue of 161.11 billion yuan, growing by 7%, while consumer appliances reached 134.69 billion yuan, up 7.5%. The robotics and automation systems segment saw a significant increase of 24.5%, reaching 37.26 billion yuan [2] Profitability Metrics - The gross margin improved by 2.2 percentage points to 26.5% in 2023, with specific segments showing gross margins of 25.6% for HVAC, 33% for consumer appliances, and 23.7% for robotics and automation [2] - The net profit margin increased by 0.4 percentage points to 9.1%, indicating stable profitability [2] Earnings Forecast - The company is projected to have earnings per share (EPS) of 5.42 yuan, 6.03 yuan, and 6.44 yuan for the years 2024, 2025, and 2026, respectively [3][9] - The expected revenue for 2024 is 403.55 billion yuan, with a growth rate of 7.99% [3][10] Valuation Metrics - The price-to-earnings (PE) ratio is expected to decrease from 13 in 2023 to 10 in 2026, while the price-to-book (PB) ratio is projected to decline from 2.76 to 1.57 over the same period [3][10]