下游需求回暖，中高端离型膜放量在即 投资要点 西南证券研究发展中心 -42% -33% -24% -16% -7% 2% 洁美科技 沪深300 23/3 23/5 23/7 23/9 23/11 24/1 24/3 相关研究 [Table_Report] 2 财务分析: 纸带盈利稳定, 高研发投入布局新业务 3.2 竞争格局：纸带公司绝对龙头，塑料载带替代空间广阔 4 高型膜：国容战略启动增长新引擎 4.2 供给格局:日韩占据主导,国产替代可期 5.1 盈利预测 6 风险提示 . 目 请务必阅读正文后的重要声明部分 图 36: 公司 MLC 原厂大客户 … 公司研究报告/ 洁美科技 (002859) 诸务必阅读正文后的重要声明部分 1 公司概况:被动元器件封装材料龙头 图 1: 洁美科技发展历程 数据来源：公司官网，公司公告，西南证券整理 片式电子元器件 PCB 表面贴装设备 载带系统 表面贴装 数据来源：公司招股说明书，两南证券整理 1 2 财务分析：纸带盈利稳定，高研发投入布局新业务 图 3：公司 2014-2023 前 3Q 营收及增速 图 4：公司 2014-2023 前 3Q 归母净利润及增速 公司 ...

[Table_StockInfo] 买入 2024年 03月 21日 （维持） 证券研究报告•2023年年报点评 当前价： 9.00元 华能国际（600011） 公用事业 目标价： 10.96元（6个月） 分红提升回报股东，风光装机持续扩大 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年年报，全年实现营收 2544亿元，同比增长 3.1%；实 [分Ta析bl师e_：Au池th天or惠] 现归母净利润 85亿元，同比增长 214%；此外，公司公告 2024年利润分配派 执业证号：S1250522100001 发现金红利0.2元/股（含税），现金分红比例达57%。 电话：13003109597 邮箱：cth@swsc.com.cn  燃料成本下行和电量增长助力火电扭亏，4Q23减值较多拖累业绩。（1）电量： 2023年公司完成上网电量 4478.56亿千瓦时，同比增长 5.3%，受全国水电减 分析师：刘洋 发、大范围持续高温和寒潮影响，火电发挥顶峰保供作用，煤机/燃机发电量同 执业证号：S1250523070005 电话：18019200867 比分别+3.3%/+ ...

银发产业战略引领，深耕精品国药与三七产业链 投资要点 西南证券研究发展中心 数据来源：聚源数据 [Table_Report] 1. 昆药集团（600422）：华润赋能强化品 牌，聚焦昆中药与三七产业链 (2023-12-15) 2. 昆药集团（600422）：华润赋能强化品 牌，品种开发全面布局 (2023-12-13) 盈利预测 假设 2：考虑到华润入主，对于昆中药产品渠道进行拓宽，产品重新定位，昆中药核心产品、参 苓健脾胃颗粒、舒肝颗粒 2024-2026 年销量增速分别为 20%、20%和 20%。考虑到公司昆中药核心 产品的提价，毛利率有望持续提升。 相对估值 附表：财务预测与估值 [ T able_StockInfo] 2024 年 03 月 25 日 证券研究报告•2023 年年报点评 当前价：21.29 元 昆药集团（600422）医药生物 目标价：——元（6 个月） | --- | --- | --- | --- | --- | |----------------------------|--------|----------------------------------|--------| ...

Investment Rating - Buy (Maintained) with a target price of HKD 7.62 [1] Core Views - The company is entering a period of intensive product launches, with a strong pipeline of innovative drugs [2] - Revenue in 2023 reached RMB 6.61 billion (+4.5%), while net profit was RMB 710 million (-23.2%) [2] - The proportion of innovative drugs continues to rise, accounting for 72% of total revenue in 2023 [2] - The company has six innovative drugs in the commercialization stage, with several key products expected to be approved in 2024 [2] Revenue Breakdown by Segment - **Neurology**: Revenue of RMB 1.97 billion (-13.1%), accounting for 29.8% of total revenue [2] - **Oncology**: Revenue of RMB 1.58 billion (+10.2%), accounting for 23.9% of total revenue [2] - **Autoimmune**: Revenue of RMB 1.42 billion (+10.5%), accounting for 21.4% of total revenue [2] - **Other Segments**: Revenue of RMB 1.65 billion (+22.3%), accounting for 24.9% of total revenue [2] Key Product Developments - **Xianbixin Sublingual Tablets**: NDA accepted by NMPA in June 2023, expected to meet clinical needs for stroke treatment [2] - **Enlituo (CMAB009)**: Expected to be approved for colorectal cancer in H2 2024 [2] - **Suvizumab**: Submitted for NDA in March 2024 for recurrent ovarian cancer [2] - **ADC189**: Expected to submit NDA in 2024 [2] R&D Pipeline Progress - **Xianbixin for Cerebral Hemorrhage**: Phase II clinical trials ongoing with over 80 subjects enrolled [2] - **Daliresen**: Phase III clinical trials completed in March 2024, NDA expected in H2 2024 [2] - **Lederceptib**: Exclusive rights obtained for development, production, and commercialization in Greater China [2] Financial Forecasts - **Revenue**: Expected to reach RMB 7.56 billion, RMB 8.6 billion, and RMB 9.78 billion in 2024, 2025, and 2026 respectively [2][7] - **Net Profit**: Expected to grow to RMB 974.65 million, RMB 1.28 billion, and RMB 1.69 billion in 2024, 2025, and 2026 respectively [3] - **EPS**: Forecasted at RMB 0.37, RMB 0.49, and RMB 0.65 for 2024, 2025, and 2026 respectively [3] Valuation and Peer Comparison - The company's 2024 PE ratio is 13.2x, lower than the industry average of 17.4x [8] - Comparable companies include CSPC Pharmaceutical Group, Sino Biopharmaceutical, and Hansoh Pharmaceutical [9] - The company is valued at a 19x PE ratio, supporting the target price of HKD 7.62 [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of RMB 6.21 billion in 2023, representing a year-on-year growth of 36.2%, while the net loss attributable to shareholders decreased by 52.8% to RMB 1.03 billion [2] - Product revenue grew rapidly, with a 38.4% increase to RMB 5.73 billion, driven by strong sales of PD-1 monoclonal antibodies, particularly the product 达伯舒® (sintilimab injection) [2] - The company launched two innovative drugs in 2023 and received approval for multiple new indications, with four NDA and sNDA applications accepted by NMPA [3] - The company has a robust pipeline with several key products expected to progress in 2024, including the anticipated results from clinical trials for 玛仕度肽 (mazutide) and other significant candidates [3] Financial Summary - The company forecasts revenues of RMB 7.53 billion, RMB 9.53 billion, and RMB 12.23 billion for 2024, 2025, and 2026, respectively, with growth rates of 21.4%, 26.5%, and 28.3% [4] - The net profit attributable to shareholders is projected to improve significantly, with estimates of RMB -331.68 million in 2024, RMB 454.25 million in 2025, and RMB 1.17 billion in 2026, reflecting growth rates of 67.7%, 236.9%, and 158.6% [4] - The earnings per share (EPS) is expected to turn positive by 2025, reaching RMB 0.28, and further increasing to RMB 0.72 by 2026 [4]

[Table_StockInfo] 买入 2024年 03月 22日 （维持） 证券研究报告•2023年年报点评 当前价： 125.95元 长春高新（000661） 医药生物 目标价： 176.40元（6个月） 生长激素增长稳健，在研管线蓄势待发 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司ma发ry布] 2023年年报，实现营业收入145.7亿元，同比增长15.4%；实 [分Ta析bl师e_：Au杜th向or阳] 现归属于母公司股东净利润 45.3亿元，同比增长 9.5%；实现扣非后归母净利 执业证号：S1250520030002 润 45.2亿元，同比增长9.6%。 电话：021-68416017 邮箱：duxy@swsc.com.cn  生长激素增长稳健，非儿科产品收入占比提升。23年子公司金赛药业实现收入 110.8亿元（+8.5%），实现归母净利润 45.1亿元（+7%）。金赛儿科业务稳健 [相Tab对le指_Q数u表ot现eP ic] 增长，生长激素相关剂型积极响应地方集采，长效剂型收入占比持续提升。新 业务战略更加清晰、聚焦。金赛药儿科综合、女性健康、成人内分泌、皮科医 ...

[Table_StockInfo] 买入 2024年 03月 25日 （维持） 证券研究报告•2023年年报点评 当前价： 47.05元 东方电缆（603606） 电力设备 目标价： ——元（6个月） 业绩符合预期，海缆龙头量利齐升 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司ma2ry0]2 3年实现营业收入73.1亿元，同比增长4.3%；实现归母净利润 [分Ta析bl师e_：Au韩th晨or ] 10亿元，同比增长18.8%；扣非归母净利润9.7亿元，同比增长15.5%。2023 年第四季度公司实现营收19.6亿元，同比增长45.9%；实现归母净利润1.8亿 执业证号：S1250520100002 元，同比增长68.6%；扣非归母净利润1.7亿元，同比增长97%。 电话：021-58351923 邮箱：hch@swsc.com.cn  盈利能力持续提升，研发投入维持高位。盈利端：2023年公司销售毛利率/净利 率分别为 25.2%/13.7%，同比增长 2.8/1.7pp；单 Q4 毛利率/净利率分别为 联系人：李昂 22.5%/9.1%，分别环比+1.6/-3.3pp。费用端：公 ...

[Table_StockInfo] 2024 年 03 月 25 日 证券研究报告•2023 年年报点评 买入 （维持） 当前价：14.02 港元 建发国际集团（1908.HK）房地产 目标价：17.60 港元 深耕重点城市，权益销售稳步增长 [Table_Summary 营收增长显著，现金与负债状况良好。 ] 2023年公司实现营业收入 1344.3亿元， 同比增长 34.9%；归母净利润为 50.3 亿元，同比增长 2.0%；实现毛利 149.2 亿元，同比下降 2.0%；毛利率从 15.3%下降为 11.1%，主要由于房地产市场显 著下行，部分已交付项目毛利率下降并录得结转收入；每股盈利 2.61元，派付 末期股息每股 1.3港元，分红率同比提升 6个百分点至 52%，股息率约 10%。 公司现金流充足，2023 年实现物业开发现金回款金额 1843 亿元，回款比例提 升 2 个百分点至 98%。期末银行及手头现金达 541.6 亿元。三条红线仍维持绿 档水平，负债权益比率降低 22.7 个百分点至 93.2%，净负债权益比率降低 19 个百分点至 33.6%，存量有息负债平均融资成本，同比下降 58B ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance met expectations, with a revenue of 29.14 billion yuan in 2023, a year-on-year increase of 2.48%, and a net profit attributable to shareholders of 5.651 billion yuan, a year-on-year decrease of 10.3% [2] - The price spread of main products has improved, and with the expectation of further cost reductions, profitability is anticipated to continue improving [2] - The company is expanding its production capacity significantly, with new projects expected to release profit space [2] - A stock incentive plan has been implemented to boost confidence in future performance [2] - Earnings per share (EPS) forecasts for 2024-2026 are 1.16 yuan, 1.66 yuan, and 1.83 yuan, respectively, with corresponding dynamic PE ratios of 14x, 9x, and 9x [2][3] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 29.14 billion yuan and a net profit of 5.651 billion yuan [2] - The revenue growth rate for 2024 is projected at 30.77%, with net profit expected to grow by 50.19% [3] Production Capacity Expansion - The company has completed the construction of several key projects, including a coal-to-olefins project and an EVA production facility, which will significantly increase production capacity [2] - The olefins division's capacity is expected to grow by 75% following the commissioning of new projects [2] Stock Incentive Plan - A stock incentive plan was announced to motivate key personnel, aiming for substantial revenue growth over the next few years [2] Earnings Forecast - The company forecasts significant revenue growth from 38.1 billion yuan in 2024 to 62.62 billion yuan in 2026, with net profit increasing from 8.487 billion yuan to 13.449 billion yuan during the same period [3][9]

[Table_StockInfo] 买入 2024年 03月 23日 （维持） 证券研究报告•2023年年报点评 当前价： 19.88港元 万 物 云（2602.HK） 房地产 目标价： ——港元 蝶城布局持续落地，管理规模稳步增长 投资要点 西南证券研究发展中心 [T ab收le入_S结u构mm持a续ry优] 化，盈利能力稳定提升。2023年公司总收入331.8亿元，同比 [分Ta析bl师e_：Au池th天or惠] 增长 10.2%；毛利 48.1亿元，同比增长 13.7%；毛利率为 14.5%，同比提升 执业证号：S1250522100001 0.4个百分点；其中，2023年循环型业务收入为266.6亿元，同比增长14.2%， 电话：13003109597 占收入比例为80.4%，同比增加了2.8个百分点；2023年公司利润为20.4亿元， 邮箱：cth@swsc.com.cn 增长 28.3%，全年经营活动所得现金流净额为 25.9亿元；核心净利润为 23.4 分析师：刘洋 亿元，较2022年同口径金额增长29.8%。 执业证号：S1250523070005 电话：18019200867  实施多元 ...