深圳 地址：深圳市福田区益田路 6001 号太平金融大厦 22 楼 邮编：518038 | --- | --- | --- | --- | --- | --- | |-------|------------------------------|------------------------------------|---------------------------------------------|---------------------------------------------|--------------------------------------------------------| | | 王宇飞 \n路漫天 \n马冰竹 | 销售经理 \n销售经理 \n销售经理 | 18500981866 \n18610741553 \n13126590325 | 18500981866 \n18610741553 \n13126590325 | wangyuf@swsc.com \nlmtyf@swsc.com.cn \nmbz@swsc.com.cn | | | 郑 龑 | 广深销售负责人 | ...

数据开门红，制造业表现亮眼 数据点评 2024 年 1-2 月，受到内外需的提振，开年工业生产较快，但当前内外需依然偏弱，2 月 份我国制造业 PMI 为 49.1%，较 1 月回落 0.1 个百分点，连续 5 个月收缩，新订单指数为 49.0%，内外需都有所走弱，生产指数也从扩张区间跌至荣枯线下，录得 49.8%，下滑 1.5 个百分点。3 月，目前来看企业在节后复工复产进度相对偏慢，截至 3 月 12 日，百年建筑 调研全国 10094 个工地开复工率 75.4%，农历同比减少 10.7 个百分点，随着天气转暖对煤 炭等产品的需求或有所回落，此外，还需持续观察外需带动制造业生产的持续性。 2 天气转暖叠加政策发力，期待后续基建增速回升 [Table_ReportInfo] 2024 年 03 月 18 日 证券研究报告•宏观简评报告 数据点评 请务必阅读正文后的重要声明部分 2024 年 1-2 月，全国规模以上工业增加值同比增长 7%，高于 2023 年全年增速 2.4 个 百分点，企业生产活动保持活跃。采矿业、制造业和电力、热力、燃气及水生产和供应业增 加值分别增长 2.3%、7.7%和 7.9%，采 ...

2024年 03月 17日 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业创新药周报（3.11-3.17） 2024 年 3 月第三周创新药周报 （附小专题 THR-β靶点研发概况） A股和港股创新药板块及XBI指数本周走势 西南证券研究发展中心 202[4Ta年ble3_S月u第mm三a周ry，] 陆港两地创新药板块共计 54个股上涨，7个股下跌。其中 [分Ta析bl师e_：Au杜th向or阳] 涨幅前三为康诺亚-B（+31.05%）、荣昌生物-B(+25.45%)、首药控股 执业证号：S1250520030002 (+24.90%)。跌幅前三为云顶新耀-B(-10.02%)、圣诺医药-B(-6.85%)、创胜集团- 电话：021-68416017 B (-4.78%)。 邮箱：duxy@swsc.com.cn 本周 A股创新药板块上涨 11.88%，跑赢沪深 300指数 11.71pp，生物医药上涨 [行Ta业bl相e_对Qu指o数te表Pic现] 4.59%。近 6个月 A股创新药累计上涨 3.21%，跑赢沪深 300指数 7.85pp，生物 医药累计下跌5.3%。 医药生物 沪深300 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance above the market index over the next six months [3][26]. Core Insights - The company achieved a revenue of 4.21 billion yuan in 2023, representing a year-on-year growth of 15.7%, with a net profit attributable to shareholders of 520 million yuan, up 27.8% [1][17]. - The investment income for 2023 was 230 million yuan, a significant increase of 42.5% year-on-year, primarily driven by the performance of its subsidiary, Dapeng Pharmaceutical [3][17]. - The company has launched multiple new drugs, enhancing its research and promotion capabilities, with a focus on pediatric medications [3][17]. Financial Performance - Revenue growth is projected to continue, with estimates of 4.99 billion yuan in 2024, 5.87 billion yuan in 2025, and 6.88 billion yuan in 2026, reflecting growth rates of 18.33%, 17.73%, and 17.21% respectively [2][39]. - The net profit attributable to shareholders is expected to reach 620 million yuan in 2024, 747 million yuan in 2025, and 909 million yuan in 2026, with corresponding growth rates of 18.60%, 20.74%, and 21.76% [2][39]. - The company's gross margin for the pharmaceutical industry was reported at 77.75% in 2023, showing a slight increase from the previous year [17]. Product Performance - Key products such as Longmu Bone Strengthening Granules and Bian Tong Capsules have shown significant sales growth, with Bian Tong Capsules increasing by 44.6% year-on-year [17]. - The company has successfully introduced new drugs, including a pediatric cough syrup that addresses a common pediatric condition, which is expected to capture a significant market share [3][17]. Market Position and Outlook - The company is well-positioned in the market with a strong pipeline of new products and a focus on expanding its marketing efforts, particularly in the pediatric segment [3][17]. - The report anticipates continued demand for its products, particularly in the context of rising prices for natural medicinal materials, which may benefit the company's cultivated alternatives [3][17].

家电行业专题分析-LED照明 围绕欧美市场，关注周期性机会及细分赛道 西南证券研究发展中心 家电研究团队 2024年3月 核 心 观 点  投资逻辑：全球LED照明渗透率已经达到66%，中国出口照明产品中LED占比已提升至75%，过去驱动LED照明 行业高速发展的动力已经有所减弱，LED照明行业整体呈现出激烈竞争格局下的产能周期性。LED照明行业的投 资逻辑则需要围绕欧美等核心市场，关注周期性机会及细分赛道机会。 ...

请务必阅读正文后的重要声明部分 1 [Table_ReportInfo] 2024 年 03 月 15 日 证券研究报告•宏观简评报告 数据点评 居民数据更弱，企业表现较稳健 ——2024 年 2 月社融数据点评 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------| | 摘要 ...

[Table_ReportInfo] 2024 年 03 月 16 日 证券研究报告•市场投资策略 估值周报（0311-0315） 估值周报（0311-0315） | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Summary of Key Points Core Viewpoint - The overall market performance is strong, with the North Exchange showing resilience and recovery, as evidenced by 193 stocks rising and the North Exchange 50 Index increasing by approximately 2.7% compared to the opening on Monday, outperforming the market by about 2.0 percentage points [1][2]. Company Performance - Kangpu Chemical reported a record high in 2023, with operating revenue increasing by 26.22% year-on-year and net profit rising by 43.97% [1][3][64]. - The second new stock of the Year of the Dragon, Gebijia, has implemented a public offering with an issue price of 10 yuan per share, corresponding to a PE of 11X, resulting in a total market value of approximately 1.38 billion yuan post-listing [1][39]. - The company Jin Dayu from the New Third Board is expected to apply for listing on the North Exchange soon, following the rapid release of its 2023 annual review report [1][3]. Market Dynamics - The North Exchange's total market capitalization reached 380.95 billion yuan, with a weekly trading volume of 34.23 billion yuan and an average weekly trading amount of 1.4 million yuan, indicating a slight decline in liquidity compared to the previous week [2][27][30]. - The North Exchange's PE (TTM, median) is 22.1 times, which has increased by 0.7 times compared to the previous week [27][36]. Industry Insights - The environmental protection industry performed relatively well, with a median increase of 9.1% in the industry, while the non-ferrous metals sector showed a median decrease of -2.6% [45][46]. - The transportation industry has a median PE (TTM) of 125.4 times, reflecting a 4.6 times increase from the previous week, indicating a significant valuation shift [45][46]. Investment Recommendations - It is suggested to seize the opportunity for sector allocation, focusing on high-growth, undervalued stocks, leading companies in niche markets with valuation advantages, and quality, low-priced new stocks [1].

[2T0a2b4l年e_I0n3d月ust1ry7In日fo ] 强于大市(维持) 证券研究报告•行业研究•房地产 房地产行业周报（3.11-3.17） 杭州放开二手房限购，70 个大中城市房价延续跌势 投资要点 西南证券研究发展中心 [T ab3le月_S4u4m城m新ary房] 成交面积同比-49.5%，环比+75.6%；14城二手房成交面积同 [分Ta析bl师e_：Au池th天or惠] 比-30.5%，环比+161.8%。截至 3月15日，3月 44城新房累计成交面积同比 执业证号：S1250522100001 -49.5%，环比 2月同期+75.6%；全年累计同比-36.1%。其中，一线城市 3月 电话：13003109597 累计成交同比-38.2%，环比 2月同期+124.2%，全年累计同比-29.6%。二线城 邮箱：cth@swsc.com.cn 市 3月累计成交同比-53.7%，环比2月同期+68.4%；全年累计同比-40.5%。 分析师：刘洋 三四线城市 3月累计成交同比-47.0%，环比 2月同期+56.7%；全年累计同比 执业证号：S1250523070005 -29.8%。3月14城 ...

光伏银浆量利提升，正银龙头加速成长 投资要点 西南证券研究发展中心 | --- | --- | |------------------------------------|--------------| | | | | | | | | | | | | | 数据来源： Wind | | | 基础数据 | | | [Table_BaseData] 总股本 ( 亿股 ) | 1.66 | | 流通 A 股 ( 亿股 ) | 1.20 | | 52 周内股价区间 ( 元 ) | 35.30~102.90 | | 总市值 ( 亿元 ) | 92.98 | | 总资产 ( 亿元 ) | 73.37 | | 每股净资产 ( 元 ) | 29.65 | | | | 目 请务必阅读正文后的重要声明部分 目 表 表 1：公司核心技术团队成员拥有丰富的研发工作经历 公司研究报告/ 聚和材料 (688503) 全球光伏正银龙头,诞步完善很浆产业链布局。聚和材料成立于 2015年,初期聚焦多 晶硅电池正银领域，2017年公司将主要研发资源投入至单晶 PERC 电池正银领域，逐步突 破在双面氧化铝镜化层和选择性发射极上制备银浆的技术瓶颈 ...